N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT

COMPANIES

Investment Company Act file number 811-10385

Pacific Funds Series Trust

(Exact name of registrant as specified in charter)

700 Newport Center Drive, P.O. Box 7500

Newport Beach, CA 92660

(Address of principal executive offices) (Zip code)

Mark Karpe, Esq.

Pacific Life Insurance Company

700 Newport Center Drive

Newport Beach, CA 92660

(Name and address of agent for service)

Copies to:

Anthony H. Zacharski, Esq.

Dechert LLP

1095 Avenue of the Americas

New York, NY 10036

Registrant’s telephone number, including area code: 949-219-3224

Date of fiscal year end: March 31

Date of reporting period: April 1, 2022 – September 30, 2022

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

September 30, 2022

SEMI-ANNUAL REPORT

LOGO

PACIFIC FUNDS

SEMI-ANNUAL REPORT

AS OF SEPTEMBER 30, 2022


TABLE OF CONTENTS

Schedules of Investments			A-1

Financial Statements:

Statements of Assets and Liabilities			B-1

Statements of Operations			B-6

Statements of Changes in Net Assets			B-11

Statement of Cash Flows			B-19

Financial Highlights			B-20

Notes to Financial Statements			C-1

Disclosure of Fund Expenses			D-1

Where to Go for More Information			D-4

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

PACIFIC FUNDS^SM

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION CONSERVATIVE

Schedule of Investments

September 30, 2022 (Unaudited)


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.2%

Pacific Funds Core Income ‘P’		581,786		$5,393,157
Pacific Funds Floating Rate Income ‘P’		1,266,717		11,501,792
Pacific Funds High Income ‘P’		1,379,053		11,597,836
PF Inflation Managed Fund ‘P’		1,089,767		9,633,543
PF Managed Bond Fund ‘P’		7,243,889		65,122,565
PF Short Duration Bond Fund ‘P’		3,427,780		32,358,239
PF Emerging Markets Debt Fund ‘P’		632,354		4,179,862
PF Growth Fund ‘P’		44,479		978,991
PF Large-Cap Value Fund ‘P’		565,931		5,880,021
PF Small-Cap Value Fund ‘P’		70,700		565,597
PF Emerging Markets Fund ‘P’		192,625		1,552,556
PF International Small-Cap Fund ‘P’		110,253		692,391
PF International Value Fund ‘P’		113,003		771,810
PF Multi-Asset Fund ‘P’		3,214,398		23,368,674
PF Real Estate Fund ‘P’		246,866		3,167,288


Total Affiliated Mutual Funds (Cost $193,424,252)				176,764,322


TOTAL INVESTMENTS - 100.2% (Cost $193,424,252)				176,764,322


OTHER ASSETS & LIABILITIES, NET - (0.2%)				(386,717	)


NET ASSETS - 100.0%				$176,377,605

Notes to Schedule of Investments

(a)	As of September 30, 2022, the Fund’s composition as a percentage of net assets was as follows:


Affiliated Fixed Income Funds	79.3%
Affiliated Equity Funds	20.9%

	100.2%
Other Assets & Liabilities, Net	(0.2%	)

	100.0%

(b)	Fair Value Measurements

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


		Total Value at September 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$176,764,322		$176,764,322		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-1

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE

Schedule of Investments

September 30, 2022 (Unaudited)


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.2%

Pacific Funds Core Income ‘P’		742,767		$6,885,450
Pacific Funds Floating Rate Income ‘P’		1,304,309		11,843,129
Pacific Funds High Income ‘P’		1,746,324		14,686,584
PF Inflation Managed Fund ‘P’		813,631		7,192,496
PF Managed Bond Fund ‘P’		9,163,592		82,380,695
PF Short Duration Bond Fund ‘P’		2,408,723		22,738,349
PF Emerging Markets Debt Fund ‘P’		900,650		5,953,298
PF Growth Fund ‘P’		149,940		3,300,176
PF Large-Cap Value Fund ‘P’		1,175,897		12,217,568
PF Small-Cap Value Fund ‘P’		246,683		1,973,468
PF Emerging Markets Fund ‘P’		397,159		3,201,099
PF International Growth Fund ‘P’		114,185		593,761
PF International Small-Cap Fund ‘P’		151,951		954,251
PF International Value Fund ‘P’		572,920		3,913,042
PF Multi-Asset Fund ‘P’		7,469,799		54,305,440
PF Real Estate Fund ‘P’		336,295		4,314,665


Total Affiliated Mutual Funds (Cost $266,020,905)				236,453,471


TOTAL INVESTMENTS - 100.2% (Cost $266,020,905)				236,453,471


OTHER ASSETS & LIABILITIES, NET - (0.2%)				(457,838	)


NET ASSETS - 100.0%				$235,995,633

Notes to Schedule of Investments

(a)	As of September 30, 2022, the Fund’s composition as a percentage of net assets was as follows:


Affiliated Fixed Income Funds	64.3%
Affiliated Equity Funds	35.9%

	100.2%
Other Assets & Liabilities, Net	(0.2%	)

	100.0%

(b)	Fair Value Measurements

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


		Total Value at September 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$236,453,471		$236,453,471		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-2

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION MODERATE

Schedule of Investments

September 30, 2022 (Unaudited)


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%

Pacific Funds Core Income ‘P’		1,470,483		$13,631,374
Pacific Funds Floating Rate Income ‘P’		3,716,194		33,743,044
Pacific Funds High Income ‘P’		4,268,019		35,894,038
PF Inflation Managed Fund ‘P’		1,769,349		15,641,043
PF Managed Bond Fund ‘P’		18,181,714		163,453,608
PF Short Duration Bond Fund ‘P’		7,350,923		69,392,714
PF Emerging Markets Debt Fund ‘P’		1,762,325		11,648,967
PF Growth Fund ‘P’		1,515,452		33,355,103
PF Large-Cap Value Fund ‘P’		5,961,086		61,935,681
PF Small-Cap Growth Fund ‘P’		223,080		2,801,889
PF Small-Cap Value Fund ‘P’		1,183,078		9,464,628
PF Emerging Markets Fund ‘P’		1,310,686		10,564,131
PF International Growth Fund ‘P’		736,760		3,831,152
PF International Small-Cap Fund ‘P’		502,149		3,153,498
PF International Value Fund ‘P’		2,719,749		18,575,883
PF Multi-Asset Fund ‘P’		34,682,919		252,144,822
PF Real Estate Fund ‘P’		1,363,510		17,493,830


Total Affiliated Mutual Funds (Cost $839,601,197)				756,725,405


TOTAL INVESTMENTS - 100.1% (Cost $839,601,197)				756,725,405


OTHER ASSETS & LIABILITIES, NET - (0.1%)				(911,105	)


NET ASSETS - 100.0%				$755,814,300

Notes to Schedule of Investments

(a)	As of September 30, 2022, the Fund’s composition as a percentage of net assets was as follows:


Affiliated Equity Funds	54.7%
Affiliated Fixed Income Funds	45.4%

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

	100.0%

(b)	Fair Value Measurements

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


		Total Value at September 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$756,725,405		$756,725,405		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-3

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION GROWTH

Schedule of Investments

September 30, 2022 (Unaudited)


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%

Pacific Funds Core Income ‘P’		624,928		$5,793,082
Pacific Funds Floating Rate Income ‘P’		2,732,112		24,807,577
Pacific Funds High Income ‘P’		2,450,234		20,606,467
PF Inflation Managed Fund ‘P’		376,628		3,329,392
PF Managed Bond Fund ‘P’		7,558,086		67,947,198
PF Short Duration Bond Fund ‘P’		4,597,813		43,403,360
PF Emerging Markets Debt Fund ‘P’		1,000,058		6,610,381
PF Growth Fund ‘P’		774,681		17,050,731
PF Large-Cap Value Fund ‘P’		4,928,213		51,204,130
PF Small-Cap Growth Fund ‘P’		668,457		8,395,821
PF Small-Cap Value Fund ‘P’		1,404,295		11,234,357
PF Emerging Markets Fund ‘P’		1,863,669		15,021,172
PF International Growth Fund ‘P’		1,177,412		6,122,541
PF International Small-Cap Fund ‘P’		914,630		5,743,880
PF International Value Fund ‘P’		3,211,808		21,936,646
PF Multi-Asset Fund ‘P’		41,779,193		303,734,732
PF Real Estate Fund ‘P’		1,387,388		17,800,191


Total Affiliated Mutual Funds (Cost $721,466,858)				630,741,658


TOTAL INVESTMENTS - 100.1% (Cost $721,466,858)				630,741,658


OTHER ASSETS & LIABILITIES, NET - (0.1%)				(764,801	)


NET ASSETS - 100.0%				$629,976,857

Notes to Schedule of Investments

(a)	As of September 30, 2022, the Fund’s composition as a percentage of net assets was as follows:


Affiliated Equity Funds	72.7%
Affiliated Fixed Income Funds	27.4%

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

	100.0%

(b)	Fair Value Measurements

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


		Total Value at September 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$630,741,658		$630,741,658		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-4

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION AGGRESSIVE-GROWTH

Schedule of Investments

September 30, 2022 (Unaudited)


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%

Pacific Funds Floating Rate Income ‘P’		599,585		$5,444,233
Pacific Funds High Income ‘P’		322,314		2,710,664
PF Managed Bond Fund ‘P’		438,968		3,946,324
PF Short Duration Bond Fund ‘P’		1,205,410		11,379,068
PF Emerging Markets Debt Fund ‘P’		197,023		1,302,323
PF Growth Fund ‘P’		776,723		17,095,668
PF Large-Cap Value Fund ‘P’		2,148,926		22,327,342
PF Small-Cap Growth Fund ‘P’		644,753		8,098,096
PF Small-Cap Value Fund ‘P’		1,451,258		11,610,065
PF Emerging Markets Fund ‘P’		1,040,529		8,386,666
PF International Growth Fund ‘P’		1,284,256		6,678,129
PF International Small-Cap Fund ‘P’		730,870		4,589,865
PF International Value Fund ‘P’		1,083,164		7,398,008
PF Multi-Asset Fund ‘P’		17,123,042		124,484,515
PF Real Estate Fund ‘P’		546,012		7,005,334


Total Affiliated Mutual Funds (Cost $282,058,925)				242,456,300


TOTAL INVESTMENTS - 100.1% (Cost $282,058,925)				242,456,300


OTHER ASSETS & LIABILITIES, NET - (0.1%)				(269,178	)


NET ASSETS - 100.0%				$242,187,122

Notes to Schedule of Investments

(a)	As of September 30, 2022, the Fund’s composition as a percentage of net assets was as follows:


Affiliated Equity Funds	89.9%
Affiliated Fixed Income Funds	10.2%

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

	100.0%

(b)	Fair Value Measurements

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


		Total Value at September 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$242,456,300		$242,456,300		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-5

PACIFIC FUNDS

PACIFIC FUNDS^SM ULTRA SHORT INCOME

Schedule of Investments

September 30, 2022 (Unaudited)


	Principal Amount		Value
CORPORATE BONDS & NOTES - 56.4%

Basic Materials - 2.1%

Celanese US Holdings LLC 5.900% due 07/05/24		$500,000		$493,458
Glencore Funding LLC (Australia) 4.125% due 05/30/23 ~		247,000		245,775
Nucor Corp 3.950% due 05/23/25		200,000		194,058

				933,291

Communications - 2.9%

Charter Communications Operating LLC 4.432% (USD LIBOR + 1.650%) due 02/01/24 §		300,000		301,649
Cox Communications Inc 2.950% due 06/30/23 ~		200,000		197,151
Sprint Spectrum Co LLC 4.738% due 09/20/29 ~		379,375		374,143
Verizon Communications Inc 4.005% (USD LIBOR + 1.100%) due 05/15/25 §		400,000		402,281

				1,275,224

Consumer, Cyclical - 2.6%

7-Eleven Inc 0.625% due 02/10/23 ~		350,000		345,047
British Airways Pass-Through Trust ‘A’ (United Kingdom) 3.350% due 12/15/30 ~		75,570		63,326
4.625% due 12/20/25 ~		50,550		49,175
Daimler Trucks Finance North America LLC (Germany) 4.061% (SOFR + 1.000%) due 04/05/24 ~ §		500,000		498,690
Delta Air Lines Pass-Through Trust ‘AA’ 3.204% due 10/25/25		100,000		96,703
Hyatt Hotels Corp 3.375% due 07/15/23		100,000		99,008

				1,151,949

Consumer, Non-Cyclical - 3.8%

AmerisourceBergen Corp 0.737% due 03/15/23		66,000		64,951
Bayer US Finance II LLC (Germany) 4.303% (USD LIBOR + 1.010%) due 12/15/23 ~ §		250,000		249,212
Cigna Corp 3.750% due 07/15/23		300,000		297,922
Coca-Cola Europacific Partners PLC (United Kingdom) 0.500% due 05/05/23 ~		500,000		487,146
Constellation Brands Inc 3.600% due 05/09/24		100,000		97,899
Element Fleet Management Corp (Canada) 1.600% due 04/06/24 ~		200,000		188,344
Shire Acquisitions Investments Ireland DAC 2.875% due 09/23/23		300,000		293,547

				1,679,021

Energy - 4.2%

Enbridge Inc (Canada) 3.345% (SOFR + 0.630%) due 02/16/24 §		250,000		247,385
Energy Transfer LP 3.450% due 01/15/23		200,000		198,982
4.250% due 03/15/23		200,000		199,518
Enterprise Products Operating LLC 3.900% due 02/15/24		200,000		196,551
Kinder Morgan Energy Partners LP 3.450% due 02/15/23		266,000		264,807


	Principal Amount		Value
Kinder Morgan Inc 3.792% (USD LIBOR + 1.280%) due 01/15/23 §		$100,000		$100,096
MPLX LP 4.500% due 07/15/23		250,000		248,918
Sabine Pass Liquefaction LLC 5.625% due 04/15/23		400,000		400,275

				1,856,532

Financial - 24.4%

AerCap Ireland Capital DAC (Ireland) 1.150% due 10/29/23		350,000		332,677
Air Lease Corp 3.000% due 09/15/23		300,000		292,769
American Express Co 3.950% due 08/01/25		450,000		436,116
Bank of America Corp 3.004% due 12/20/23		300,000		298,444
3.183% (SOFR + 0.690%)
due 04/22/25 §		500,000		492,065
3.948% (USD LIBOR + 0.790%)
due 03/05/24 §		250,000		249,570
Citigroup Inc 4.042% (USD LIBOR + 1.100%) due 05/17/24 §		400,000		400,129
4.554% (SOFR + 1.528%)
due 03/17/26 §		250,000		250,123
5.610% due 09/29/26		50,000		49,759
HSBC Holdings PLC (United Kingdom) 3.961% (USD LIBOR + 1.000%) due 05/18/24 §		450,000		444,692
JPMorgan Chase & Co 3.673% (USD LIBOR + 0.890%) due 07/23/24 §		150,000		150,090
3.711% (SOFR + 0.920%)
due 02/24/26 §		850,000		837,118
Mitsubishi UFJ Financial Group Inc (Japan) 3.455% due 03/02/23		950,000		945,758
3.626% (USD LIBOR + 0.860%)
due 07/26/23 §		365,000		365,924
4.292% (SOFR + 1.385%)
due 09/12/25 §		500,000		499,974
Morgan Stanley 0.560% due 11/10/23		250,000		248,641
4.083% (USD LIBOR + 1.220%)
due 05/08/24 §		500,000		500,413
4.183% (USD LIBOR + 1.400%)
due 10/24/23 §		250,000		250,009
Nasdaq Inc 0.445% due 12/21/22		100,000		99,021
Reliance Standard Life Global Funding II 2.150% due 01/21/23 ~		150,000		148,767
Royal Bank of Canada (Canada) 3.970% due 07/26/24		300,000		294,879
Skandinaviska Enskilda Banken AB (Sweden) 3.402% (USD LIBOR + 0.320%) due 09/01/23 ~ §		500,000		497,532
Sumitomo Mitsui Financial Group Inc (Japan) 2.696% due 07/16/24		300,000		286,866
3.598% (USD LIBOR + 0.860%)
due 07/19/23 §		132,000		132,258
Svenska Handelsbanken AB (Sweden) 3.835% (SOFR + 0.910%) due 06/10/25 ~ §		250,000		248,597
The Goldman Sachs Group Inc 0.523% due 03/08/23		500,000		491,583
3.164% (SOFR + 0.700%)
due 01/24/25 §		500,000		491,189
The Toronto-Dominion Bank (Canada) 3.766% due 06/06/25		300,000		290,138
4.285% due 09/13/24		250,000		246,429


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-6

PACIFIC FUNDS

PACIFIC FUNDS ULTRA SHORT INCOME

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
UBS AG (Switzerland) 3.017% (SOFR + 0.360%) due 02/09/24 ~ §		$500,000		$497,499

				10,769,029

Industrial - 4.5%

Carlisle Cos Inc 0.550% due 09/01/23		300,000		288,072
DAE Funding LLC (United Arab Emirates) 1.550% due 08/01/24 ~		200,000		182,882
Graphic Packaging International LLC 0.821% due 04/15/24 ~		400,000		371,747
Parker-Hannifin Corp 3.650% due 06/15/24		200,000		195,758
Penske Truck Leasing Co LP 2.700% due 03/14/23 ~		200,000		197,927
4.125% due 08/01/23 ~		250,000		247,744
Siemens Financieringsmaatschappij NV (Germany) 3.362% (SOFR + 0.430%) due 03/11/24 ~ §		500,000		498,290

				1,982,420

Technology - 2.5%

Infor Inc 1.450% due 07/15/23 ~		325,000		313,697
International Business Machines Corp 4.000% due 07/27/25		350,000		343,429
Leidos Inc 2.950% due 05/15/23		143,000		141,308
Microchip Technology Inc 2.670% due 09/01/23		93,000		90,671
4.333% due 06/01/23		200,000		199,104

				1,088,209

Utilities - 9.4%

Alliant Energy Finance LLC 3.750% due 06/15/23 ~		300,000		296,303
American Electric Power Co Inc 3.262% (USD LIBOR + 0.480%) due 11/01/23 §		250,000		248,633
CenterPoint Energy Resources Corp 3.600% (USD LIBOR + 0.500%) due 03/02/23 §		172,000		171,617
DTE Energy Co 2.250% due 11/01/22		500,000		499,199
4.220% due 11/01/24		150,000		147,252
Duke Energy Progress LLC 3.375% due 09/01/23		135,000		133,406
Emera US Finance LP (Canada) 0.833% due 06/15/24		150,000		139,082
Eversource Energy 4.200% due 06/27/24		150,000		148,034
NextEra Energy Capital Holdings Inc 3.015% (SOFR + 0.400%) due 11/03/23 §		350,000		346,834
3.254% (USD LIBOR + 0.270%)
due 02/22/23 §		500,000		498,592
OGE Energy Corp 0.703% due 05/26/23		200,000		194,773
PPL Electric Utilities Corp 3.383% (SOFR + 0.330%) due 06/24/24 §		250,000		247,138
Southern California Edison Co 0.700% due 08/01/23		350,000		338,622
3.887% (SOFR + 0.830%)
due 04/01/24 §		200,000		196,973
Tampa Electric Co 3.875% due 07/12/24		150,000		147,334
Vistra Operations Co LLC 4.875% due 05/13/24 ~		300,000		292,614


	Principal Amount		Value
WEC Energy Group Inc 5.000% due 09/27/25		$100,000		$99,712

				4,146,118

Total Corporate Bonds & Notes (Cost $25,236,698)				24,881,793


SENIOR LOAN NOTES - 4.4%

Basic Materials - 0.5%

Asplundh Tree Expert LLC Term B 4.865% (USD LIBOR + 1.750%) due 09/04/27 §		245,000		239,886


Communications - 1.1%

Charter Communications Operating LLC Term B-2 4.870% (USD LIBOR + 1.750%) due 02/01/27 §		488,665		471,125


Consumer, Cyclical - 1.1%

Hilton Worldwide Finance LLC Term B-2 4.809% (USD LIBOR + 1.750%) due 06/21/26 §		250,000		242,031
SeaWorld Parks & Entertainment Inc Term B 6.125% (USD LIBOR + 3.000%) due 08/25/28 §		247,500		238,095

				480,126

Consumer, Non-Cyclical - 1.1%

United Rentals North America Inc Term B 4.865% (USD LIBOR + 1.750%) due 10/31/25 §		488,550		489,873


Financial - 0.3%

Avolon (US) LLC Term B-3 (Ireland) 4.764% (USD LIBOR + 1.750%) due 01/15/25 §		138,642		135,544


Industrial - 0.3%

GFL Environmental Inc Term B (Canada) 5.806% (USD LIBOR + 3.000%) due 05/31/25 §		124,040		122,938


Total Senior Loan Notes (Cost $1,970,379)				1,939,492


ASSET-BACKED SECURITIES - 25.4%

AmeriCredit Automobile Receivables Trust 0.760% due 12/18/25		300,000		288,702
1.480% due 01/21/25		250,000		248,214
2.050% due 01/20/26		160,402		158,834
4.200% due 12/18/25		175,000		174,233
CIFC Funding 2012-II-R Ltd (Cayman) 3.510% (USD LIBOR + 0.800%) due 01/20/28 ~ §		308,110		305,723
Ford Credit Auto Owner Trust 0.410% due 07/15/25		300,259		292,694
4.520% due 04/15/25		300,000		300,011
Greenwood Park CLO Ltd (Cayman) 3.522% (USD LIBOR + 1.010%) due 04/15/31 ~ §		250,000		245,413
3.542% (USD LIBOR + 1.030%)
due 04/15/31 ~ §		250,000		245,327


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-7

PACIFIC FUNDS

PACIFIC FUNDS ULTRA SHORT INCOME

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
Hilton Grand Vacations Trust 2.740% due 02/25/39 ~		$48,916		$45,981
Magnetite Ltd (Cayman) 3.312% (USD LIBOR + 0.800%) due 01/15/28 ~ §		229,321		225,845
3.492% (USD LIBOR + 0.980%)
due 04/15/31 ~ §		497,046		489,410
3.540% (USD LIBOR + 0.800%)
due 01/18/28 ~ §		748,221		738,747
3.785% (USD LIBOR + 0.880%)
due 11/15/28 ~ §		490,296		481,225
3.983% (USD LIBOR + 1.200%)
due 01/25/32 ~ §		250,000		245,963
Navient Private Education Refi Loan Trust 0.840% due 05/15/69 ~		97,410		85,776
1.060% due 10/15/69 ~		168,739		144,920
1.220% due 07/15/69 ~		160,073		144,373
1.310% due 01/15/69 ~		102,950		93,590
1.690% due 05/15/69 ~		104,744		94,171
3.190% due 02/18/42 ~		65,107		64,972
Navient Student Loan Trust 1.320% due 08/26/69 ~		115,756		98,153
3.464% (USD LIBOR + 0.380%)
due 03/25/67 ~ §		16,061		16,042
3.684% (USD LIBOR + 0.600%)
due 12/26/69 ~ §		120,898		117,795
Nelnet Student Loan Trust 3.683% (USD LIBOR + 0.690%) due 04/20/62 ~ §		196,159		191,485
Neuberger Berman Loan Advisers CLO 26 Ltd (Cayman) 3.660% (USD LIBOR + 0.920%) due 10/18/30 ~ §		450,000		443,012
Neuberger Berman Loan Advisers CLO 37 Ltd (Cayman) 3.680% (USD LIBOR + 0.970%) due 07/20/31 ~ §		300,000		294,050
OCP CLO Ltd (Cayman) 3.472% (USD LIBOR + 0.960%) due 07/15/30 ~ §		250,000		245,114
Palmer Square CLO Ltd (Cayman) 3.840% (USD LIBOR + 1.100%) due 07/16/31 ~ §		250,000		244,651
Palmer Square Loan Funding Ltd (Cayman) 3.312% (USD LIBOR + 0.800%) due 10/15/29 ~ §		217,614		215,046
3.378% (SOFR + 1.050%)
due 04/15/30 ~ §		475,588		469,715
3.610% (USD LIBOR + 0.900%)
due 04/20/29 ~ §		457,380		453,177
3.784% (USD LIBOR + 0.800%)
due 02/20/28 ~ §		391,058		385,974
3.784% (USD LIBOR + 0.800%)
due 05/20/29 ~ §		215,228		212,818
Santander Drive Auto Receivables Trust 0.590% due 09/15/25		190,793		189,834
2.760% due 03/17/25		447,474		445,566
3.980% due 01/15/25		400,000		397,582
4.370% due 05/15/25		350,000		348,888
SMB Private Education Loan Trust 2.340% due 09/15/34 ~		157,645		150,635
2.430% due 02/17/32 ~		49,200		47,463
2.700% due 05/15/31 ~		105,130		101,826


	Principal Amount		Value
Stratus CLO Ltd (Cayman) 3.510% (USD LIBOR + 0.800%) due 12/29/29 ~ §	$	231,275	$	228,453
Toyota Auto Receivables Owner Trust 3.830% due 08/15/25		400,000		397,626
Voya CLO Ltd (Cayman) 3.640% (USD LIBOR + 0.900%) due 01/18/29 ~ §		173,154		171,302
3.642% (USD LIBOR + 1.130%)
due 10/15/30 ~ §		250,000		246,455


Total Asset-Backed Securities (Cost $11,422,567)				11,226,786


U.S. TREASURY OBLIGATIONS - 5.5%

U.S. Treasury Notes - 5.5%

0.375% due 08/15/24		500,000		465,195
0.500% due 03/15/23		1,000,000		984,905
1.500% due 01/15/23		1,000,000		994,449


Total U.S. Treasury Obligations (Cost $2,450,608)				2,444,549


	Shares
SHORT-TERM INVESTMENTS - 7.9%

Money Market Fund - 3.4%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.790%		1,499,732		1,499,732


	Principal Amount
U.S. Treasury Bills - 4.5%

2.847% due 12/01/22		$2,000,000		1,990,486


Total Short-Term Investments (Cost $3,494,455)				3,490,218


TOTAL INVESTMENTS - 99.6% (Cost $44,574,707)				43,982,838


OTHER ASSETS & LIABILITIES, NET - 0.4%				159,882


NET ASSETS - 100.0%				$44,142,720

Notes to Schedule of Investments

(a)	As of September 30, 2022, the Fund’s composition as a percentage of net assets was as follows:


Corporate Bonds & Notes			56.4%
Asset-Backed Securities			25.4%
Short-Term Investments			7.9%
U.S. Treasury Obligations			5.5%
Senior Loan Notes			4.4%

			99.6%
Other Assets & Liabilities, Net			0.4%

			100.0%


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-8

PACIFIC FUNDS

PACIFIC FUNDS ULTRA SHORT INCOME

Schedule of Investments (Continued)

September 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 September 30, 2022:


		Total Value at September 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$24,881,793		$—		$24,881,793		$—
	Senior Loan Notes		1,939,492		—		1,939,492		—
	Asset-Backed Securities		11,226,786		—		11,226,786		—
	U.S. Treasury Obligations		2,444,549		—		2,444,549		—
	Short-Term Investments		3,490,218		1,499,732		1,990,486		—

	Total		$43,982,838		$1,499,732		$42,483,106		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-9

PACIFIC FUNDS

PACIFIC FUNDS^SM SHORT DURATION INCOME

Schedule of Investments

September 30, 2022 (Unaudited)


	Principal Amount		Value
CORPORATE BONDS & NOTES - 52.6%

Basic Materials - 0.8%

Anglo American Capital PLC (South Africa) 3.625% due 09/11/24 ~		$2,000,000		$1,935,785
Glencore Funding LLC (Australia)
4.125% due 03/12/24 ~		2,500,000		2,458,527
4.625% due 04/29/24 ~		3,830,000		3,795,346

				8,189,658

Communications - 1.4%

Charter Communications Operating LLC 4.500% due 02/01/24		5,000,000		4,945,621
Sprint Spectrum Co LLC 4.738% due 09/20/29 ~		7,807,500		7,699,825
T-Mobile USA Inc
2.250% due 02/15/26		1,675,000		1,501,101
2.625% due 04/15/26		100,000		90,739

				14,237,286

Consumer, Cyclical - 7.3%

American Airlines Pass-Through Trust ‘A’ 4.000% due 01/15/27		698,376		598,279
British Airways Pass-Through Trust ‘A’ (United Kingdom)
3.350% due 12/15/30 ~		2,569,388		2,153,091
4.625% due 12/20/25 ~		1,385,063		1,347,403
Brunswick Corp 0.850% due 08/18/24		1,950,000		1,797,250
Daimler Trucks Finance North America LLC (Germany) 1.125% due 12/14/23 ~		4,000,000		3,811,639
Delta Air Lines Inc 4.500% due 10/20/25 ~		6,000,000		5,827,534
Delta Air Lines Pass-Through Trust ‘AA’ 3.204% due 10/25/25		4,500,000		4,351,625
Dollar General Corp 4.250% due 09/20/24		1,750,000		1,730,204
DR Horton Inc 2.500% due 10/15/24		4,500,000		4,283,154
Ford Motor Credit Co LLC
2.300% due 02/10/25		2,500,000		2,218,543
2.700% due 08/10/26		1,775,000		1,474,386
3.375% due 11/13/25		4,200,000		3,716,776
5.584% due 03/18/24		1,300,000		1,276,282
General Motors Co 5.400% due 10/02/23		2,000,000		2,001,093
General Motors Financial Co Inc 1.700% due 08/18/23		2,900,000		2,814,820
Genting New York LLC 3.300% due 02/15/26 ~		1,800,000		1,539,382
Hyatt Hotels Corp 3.375% due 07/15/23		6,234,000		6,172,184
Hyundai Capital America 1.000% due 09/17/24 ~		3,750,000		3,428,928
Hyundai Capital Services Inc (South Korea) 2.125% due 04/24/25 ~		3,000,000		2,750,044
Kia Corp (South Korea) 2.375% due 02/14/25 ~		2,000,000		1,860,732
Las Vegas Sands Corp 3.200% due 08/08/24		3,000,000		2,830,258
Lennar Corp 4.500% due 04/30/24		5,000,000		4,910,700
Lowe’s Cos Inc 4.400% due 09/08/25		2,450,000		2,414,405
MGM Resorts International 6.000% due 03/15/23		2,800,000		2,804,396
Nordstrom Inc 2.300% due 04/08/24		2,300,000		2,141,691


	Principal Amount		Value
United Airlines Pass-Through Trust ‘B’ 3.650% due 07/07/27		$460,938		$404,740
US Airways Pass-Through Trust ‘A’ 3.950% due 05/15/27		476,255		422,912
Warnermedia Holdings Inc 3.638% due 03/15/25 ~		3,550,000		3,365,151

				74,447,602

Consumer, Non-Cyclical - 3.2%

Block Inc 2.750% due 06/01/26		750,000		645,346
Cintas Corp No 2 3.450% due 05/01/25		2,400,000		2,319,850
Constellation Brands Inc 3.600% due 05/09/24		2,200,000		2,153,784
Element Fleet Management Corp (Canada) 1.600% due 04/06/24 ~		7,300,000		6,874,570
Global Payments Inc 1.500% due 11/15/24		4,500,000		4,138,605
GSK Consumer Healthcare Capital UK PLC 3.125% due 03/24/25 ~		4,750,000		4,487,902
JDE Peet’s NV (Netherlands) 0.800% due 09/24/24 ~		3,000,000		2,747,964
McKesson Corp 1.300% due 08/15/26		1,500,000		1,296,832
Mondelez International Holdings Netherlands BV 4.250% due 09/15/25 ~		2,450,000		2,399,587
Suntory Holdings Ltd (Japan) 2.250% due 10/16/24 ~		5,600,000		5,232,359

				32,296,799

Energy - 1.2%

EQT Corp due 10/01/25 #		1,200,000		1,194,108
Kinder Morgan Inc 5.625% due 11/15/23 ~		2,355,000		2,356,844
MPLX LP 4.500% due 07/15/23		1,000,000		995,673
4.875% due 12/01/24		8,020,000		7,930,093

				12,476,718

Financial - 26.7%

AerCap Ireland Capital DAC (Ireland)
1.650% due 10/29/24		4,900,000		4,480,933
1.750% due 01/30/26		1,250,000		1,070,300
4.500% due 09/15/23		5,000,000		4,930,611
Air Lease Corp
3.000% due 09/15/23		2,432,000		2,373,378
3.375% due 07/01/25		1,200,000		1,119,203
American Express Co
2.250% due 03/04/25		1,000,000		938,249
3.950% due 08/01/25		4,650,000		4,506,532
ANZ New Zealand Int’l Ltd (New Zealand) 2.166% due 02/18/25 ~		1,650,000		1,543,039
Avolon Holdings Funding Ltd (Ireland)
2.125% due 02/21/26 ~		4,550,000		3,828,872
4.250% due 04/15/26 ~		2,650,000		2,379,099
Banco Santander SA (Spain) 2.746% due 05/28/25		3,000,000		2,746,422
Bank of America Corp
0.976% due 04/22/25		7,500,000		6,976,179
1.843% due 02/04/25		13,950,000		13,265,571
3.384% due 04/02/26		8,000,000		7,560,819
3.841% due 04/25/25		3,500,000		3,407,322
BOC Aviation Ltd (Singapore) 2.750% due 12/02/23 ~		5,000,000		4,869,491
Citigroup Inc
0.776% due 10/30/24		1,400,000		1,330,205
2.014% due 01/25/26		5,650,000		5,196,491


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-10

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
4.105% (USD LIBOR + 1.023%) due 06/01/24 §		$4,000,000		$4,005,564
4.140% due 05/24/25		3,750,000		3,668,291
5.610% due 09/29/26		1,000,000		995,178
Corebridge Financial Inc 3.500% due 04/04/25 ~		1,700,000		1,616,771
Credit Suisse AG (Switzerland) 1.000% due 05/05/23		3,500,000		3,412,755
GLP Capital LP REIT 3.350% due 09/01/24		4,425,000		4,200,526
HSBC Holdings PLC (United Kingdom)
0.732% due 08/17/24		4,050,000		3,862,437
0.976% due 05/24/25		2,500,000		2,298,665
1.162% due 11/22/24		4,000,000		3,781,609
4.180% due 12/09/25		3,000,000		2,871,567
JPMorgan Chase & Co
0.824% due 06/01/25		1,500,000		1,389,753
0.969% due 06/23/25		3,200,000		2,962,366
2.301% due 10/15/25		4,250,000		3,987,307
2.595% due 02/24/26		1,500,000		1,396,195
3.300% due 04/01/26		1,500,000		1,409,007
3.513% (USD LIBOR + 0.730%) due 04/23/24 §		700,000		698,910
3.900% due 07/15/25		2,000,000		1,935,602
4.080% due 04/26/26		4,000,000		3,853,776
Lloyds Banking Group PLC (United Kingdom) 4.716% due 08/11/26		1,700,000		1,634,560
MassMutual Global Funding II 4.150% due 08/26/25 ~		3,350,000		3,264,400
Metropolitan Life Global Funding I
2.800% due 03/21/25 ~		3,000,000		2,844,648
4.050% due 08/25/25 ~		7,000,000		6,792,860
Mitsubishi UFJ Financial Group Inc (Japan) 0.953% due 07/19/25		6,000,000		5,524,347
3.837% due 04/17/26		1,000,000		958,004
4.788% due 07/18/25		5,000,000		4,936,145
5.063% due 09/12/25		3,000,000		2,969,659
Mizuho Financial Group Inc (Japan) 1.241% due 07/10/24		5,000,000		4,838,499
Morgan Stanley
0.731% due 04/05/24		2,000,000		1,952,124
0.790% due 05/30/25		8,400,000		7,736,449
3.875% due 04/29/24		3,000,000		2,947,201
4.679% due 07/17/26		1,200,000		1,169,105
National Australia Bank Ltd (Australia) 3.777% (SOFR + 0.860%) due 06/09/25 ~ §		2,000,000		2,001,230
National Bank of Canada (Canada) 3.750% due 06/09/25		2,000,000		1,942,970
Nomura Holdings Inc (Japan) 5.099% due 07/03/25		3,500,000		3,447,297
Office Properties Income Trust REIT 2.650% due 06/15/26		4,000,000		3,003,093
OneMain Finance Corp 6.125% due 03/15/24		5,200,000		5,016,804
Pricoa Global Funding I 4.200% due 08/28/25 ~		2,000,000		1,949,316
Protective Life Global Funding 3.218% due 03/28/25 ~		2,500,000		2,374,188
Reliance Standard Life Global Funding II 2.500% due 10/30/24 ~		2,000,000		1,887,887
Royal Bank of Canada (Canada) 3.970% due 07/26/24		3,350,000		3,292,819
Santander Holdings USA Inc 4.260% due 06/09/25		500,000		482,804
Standard Chartered PLC (United Kingdom)
0.991% due 01/12/25 ~		3,000,000		2,812,401
1.319% due 10/14/23 ~		2,500,000		2,497,543
3.885% due 03/15/24 ~		1,500,000		1,485,569


	Principal Amount		Value
Sumitomo Mitsui Financial Group Inc (Japan)
1.402% due 09/17/26		$3,000,000		$2,562,926
1.474% due 07/08/25		4,000,000		3,601,354
2.348% due 01/15/25		2,500,000		2,343,786
2.448% due 09/27/24		600,000		567,558
Sumitomo Mitsui Trust Bank Ltd (Japan) 0.800% due 09/16/24 ~		3,850,000		3,530,623
Svenska Handelsbanken AB (Sweden) 3.835% (SOFR + 0.910%) due 06/10/25 ~ §		1,750,000		1,740,180
The Bank of New York Mellon Corp 4.414% due 07/24/26		1,900,000		1,857,863
The Goldman Sachs Group Inc
0.657% due 09/10/24		7,250,000		6,904,112
1.757% due 01/24/25		12,050,000		11,456,327
3.164% (SOFR + 0.700%) due 01/24/25 §		3,000,000		2,947,137
3.272% due 09/29/25		3,000,000		2,859,255
3.500% due 04/01/25		3,246,000		3,104,145
3.625% due 02/20/24		500,000		491,663
The Toronto-Dominion Bank (Canada)
3.766% due 06/06/25		850,000		822,058
4.285% due 09/13/24		3,500,000		3,450,000
Truist Financial Corp 4.260% due 07/28/26		7,000,000		6,811,475
UBS AG (Switzerland) 0.700% due 08/09/24 ~		5,000,000		4,622,228
UBS Group AG (Switzerland) 4.488% due 05/12/26 ~		3,750,000		3,616,163
VICI Properties LP REIT
3.500% due 02/15/25 ~		6,050,000		5,599,850
4.375% due 05/15/25		1,350,000		1,287,022
4.750% due 02/15/28		1,350,000		1,244,226

				272,050,868

Industrial - 4.4%

Amcor Flexibles North America Inc 4.000% due 05/17/25		4,800,000		4,639,199
Berry Global Inc 1.570% due 01/15/26		3,250,000		2,836,906
Canadian Pacific Railway Co (Canada) 1.350% due 12/02/24		1,200,000		1,110,566
DAE Funding LLC (United Arab Emirates) 1.550% due 08/01/24 ~		2,300,000		2,103,146
Graphic Packaging International LLC 0.821% due 04/15/24 ~		5,457,000		5,071,555
Penske Truck Leasing Co LP
2.700% due 11/01/24 ~		4,750,000		4,478,107
3.450% due 07/01/24 ~		2,300,000		2,214,470
4.125% due 08/01/23 ~		2,000,000		1,981,951
4.400% due 07/01/27 ~		2,300,000		2,160,836
Ryder System Inc 3.350% due 09/01/25		1,600,000		1,515,141
Silgan Holdings Inc 1.400% due 04/01/26 ~		2,950,000		2,521,489
TD SYNNEX Corp 1.250% due 08/09/24		4,800,000		4,417,006
Teledyne Technologies Inc 0.950% due 04/01/24		9,000,000		8,410,112
TK Elevator US Newco Inc (Germany) 5.250% due 07/15/27 ~		1,500,000		1,278,907

				44,739,391

Technology - 2.4%

DXC Technology Co 1.800% due 09/15/26		1,800,000		1,544,497
Fidelity National Information Services Inc 0.600% due 03/01/24		4,400,000		4,129,419
Infor Inc 1.450% due 07/15/23 ~		3,000,000		2,895,666


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-11

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
Microchip Technology Inc
0.972% due 02/15/24		$8,250,000		$7,778,843
0.983% due 09/01/24		3,750,000		3,454,863
NXP BV (China) 2.700% due 05/01/25		3,300,000		3,063,539
Qorvo Inc 1.750% due 12/15/24 ~		1,700,000		1,572,258

				24,439,085

Utilities - 5.2%

CenterPoint Energy Resources Corp 3.600% (USD LIBOR + 0.500%) due 03/02/23 §		862,000		860,079
Dominion Energy Inc 3.071% due 08/15/24		4,280,000		4,107,996
DPL Inc 4.125% due 07/01/25		600,000		552,953
DTE Energy Co 4.220% due 11/01/24		1,950,000		1,914,276
Emera US Finance LP (Canada) 0.833% due 06/15/24		3,857,000		3,576,260
Eversource Energy 4.200% due 06/27/24		1,700,000		1,677,722
NextEra Energy Capital Holdings Inc 4.450% due 06/20/25		1,200,000		1,180,454
NextEra Energy Operating Partners LP 4.250% due 07/15/24 ~		7,875,000		7,551,974
Sempra Energy 3.300% due 04/01/25		3,600,000		3,429,125
Southern California Edison Co
0.975% due 08/01/24		4,650,000		4,312,479
1.100% due 04/01/24		2,100,000		1,979,999
4.200% due 06/01/25		2,100,000		2,051,539
The AES Corp
1.375% due 01/15/26		4,350,000		3,751,733
3.300% due 07/15/25 ~		3,650,000		3,370,300
Virginia Electric and Power Co 3.750% due 05/15/27		2,000,000		1,890,488
Vistra Operations Co LLC
3.550% due 07/15/24 ~		4,250,000		4,052,878
4.875% due 05/13/24 ~		6,000,000		5,852,280
WEC Energy Group Inc 5.000% due 09/27/25		1,200,000		1,196,542

				53,309,077

Total Corporate Bonds & Notes (Cost $568,638,593)				536,186,484


SENIOR LOAN NOTES - 9.1%

Consumer, Cyclical - 2.0%

Carnival Corp Term B 6.127% (USD LIBOR + 3.250%) due 10/18/28 §		620,312		542,774
ClubCorp Holdings Inc Term B 6.424% (USD LIBOR + 2.750%) due 09/18/24 §		3,799,576		3,508,908
Hilton Grand Vacations Borrower LLC Term B 6.115% (USD LIBOR + 3.000%) due 08/02/28 §		1,977,022		1,914,829
Marriott Ownership Resorts Inc Term B 4.865% (USD LIBOR + 1.750%) due 08/31/25 §		1,819,096		1,740,875
Mileage Plus Holdings LLC Term B 8.777% (USD LIBOR + 5.250%) due 06/20/27 §		1,900,000		1,910,518
SeaWorld Parks & Entertainment Inc Term B 6.125% (USD LIBOR + 3.000%) due 08/25/28 §		4,455,000		4,285,710


	Principal Amount		Value
Stars Group Holdings BV Term B (Canada) 5.892% (USD LIBOR + 2.250%) due 07/21/26 §		$3,237,229		$3,137,415
United Airlines Inc Term B 6.533% (USD LIBOR + 3.750%) due 04/21/28 §		3,033,688		2,908,075

				19,949,104

Consumer, Non-Cyclical - 2.4%

Allied Universal Holdco LLC Term B 6.784% (USD LIBOR + 3.750%) due 05/14/28 §		2,475,000		2,183,027
CoreLogic Inc Term B 6.625% (USD LIBOR + 3.500%) due 06/02/28 §		3,465,000		2,627,624
Heartland Dental LLC Term B 7.084% (USD LIBOR + 4.000%) due 04/30/25 §		3,456,250		3,217,769
Mavis Tire Express Services Topco Corp 7.250% (SOFR + 4.000%) due 05/04/28 §		2,087,446		1,963,938
Pathway Vet Alliance LLC Term B 7.424% (USD LIBOR + 3.750%) due 03/31/27 §		2,930,920		2,597,527
PetVet Care Centers LLC Term B-3 6.615% (USD LIBOR + 3.500%) due 02/15/25 §		5,573,672		5,197,449
Spin Holdco Inc Term B 7.144% (USD LIBOR + 4.000%) due 03/04/28 §		2,456,250		2,163,546
Sunshine Luxembourg VII SARL Term B (Luxembourg) 7.424% (USD LIBOR + 3.750%) due 10/02/26 §		3,664,163		3,420,269
Wand NewCo 3 Inc Term B-1 6.115% (USD LIBOR + 3.000%) due 02/05/26 §		1,741,728		1,619,807

				24,990,956

Financial - 2.4%

Acrisure LLC Term B-1 6.615% (USD LIBOR + 3.500%) due 02/15/27 §		5,639		5,167
AssuredPartners Inc Term B 6.615% (USD LIBOR + 3.500%) due 02/13/27 §		7,055,500		6,688,614
Avolon (US) LLC Term B-3 (Ireland) 4.764% (USD LIBOR + 1.750%) due 01/15/25 §		6,029,412		5,894,690
HUB International Ltd Term B 5.766% (USD LIBOR + 3.000%) due 04/25/25 §		5,882,287		5,667,419
NFP Corp Term B 6.365% (USD LIBOR + 3.250%) due 02/13/27 §		3,092,894		2,910,222
USI Inc Term B 6.424% (USD LIBOR + 2.750%) due 05/16/24 §		3,343,038		3,261,899

				24,428,011

Industrial - 0.8%

Brown Group Holding LLC Term B 5.615% (USD LIBOR + 2.500%) due 06/07/28 §		231,095		220,118
Filtration Group Corp Term B 6.115% (USD LIBOR + 3.000%) due 03/29/25 §		5,149,291		4,958,340
Proampac PG Borrower LLC Term B 6.035% - 6.734% (USD LIBOR + 3.750%) due 11/03/25 §		2,708,888		2,540,712

				7,719,170


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-12

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
Technology - 1.5%

Applied Systems Inc Term B 6.674% (USD LIBOR + 3.000%) due 09/19/24 §		$1,940,082		$1,897,643
Epicor Software Corp Term C 6.365% (USD LIBOR + 3.250%) due 07/31/27 §		3,934,586		3,690,315
Sophia LP Term B 7.174% (USD LIBOR + 3.500%) due 10/07/27 §		1,203,419		1,159,795
Tempo Acquisition LLC Term B 6.034% (SOFR + 3.000%) due 08/31/28 §		2,724,559		2,660,701
UKG Inc 5.535% (USD LIBOR + 3.250%) due 05/03/26 §		6,642,357		6,299,864

				15,708,318

Total Senior Loan Notes (Cost $98,442,315)				92,795,559


ASSET-BACKED SECURITIES - 23.3%

AIMCO CLO 10 Ltd (Cayman) 3.819% (USD LIBOR + 1.060%) due 07/22/32 ~ §		2,700,000		2,633,543
AmeriCredit Automobile Receivables Trust
0.680% due 10/19/26		10,100,000		9,624,737
0.690% due 01/19/27		2,400,000		2,254,365
0.760% due 12/18/25		2,400,000		2,309,620
1.170% due 08/18/27		4,700,000		4,364,396
1.480% due 01/21/25		2,750,000		2,730,349
4.200% due 12/18/25		2,675,000		2,663,272
Atrium XIII (Cayman) 3.963% (USD LIBOR + 1.180%) due 11/21/30 ~ §		470,000		464,331
Buttermilk Park CLO Ltd (Cayman) 3.612% (USD LIBOR + 1.100%) due 10/15/31 ~ §		1,850,000		1,815,008
Carlyle Global Market Strategies CLO Ltd (Cayman) 3.819% (USD LIBOR + 1.050%) due 07/27/31 ~ §		495,916		487,050
CIFC Funding Ltd (Cayman)
3.608% (USD LIBOR + 0.870%) due 04/19/29 ~ §		1,452,999		1,431,824
3.740% (USD LIBOR + 1.000%) due 04/18/31 ~ §		500,000		490,395
Dryden 55 CLO Ltd (Cayman) 3.532% (USD LIBOR + 1.020%) due 04/15/31 ~ §		2,500,000		2,444,695
Dryden 58 CLO Ltd (Cayman) 3.740% (USD LIBOR + 1.000%) due 07/17/31 ~ §		3,148,000		3,089,257
Dryden 61 CLO Ltd (Cayman) 3.730% (USD LIBOR + 0.990%) due 01/17/32 ~ §		7,000,000		6,834,558
Dryden 64 CLO Ltd (Cayman) 3.710% (USD LIBOR + 0.970%) due 04/18/31 ~ §		2,000,000		1,970,292
Ford Credit Auto Owner Trust
0.700% due 10/15/26		10,550,000		9,637,895
0.790% due 08/15/26		2,650,000		2,428,139
1.190% due 01/15/26		2,050,000		1,954,077
2.040% due 08/15/31 ~		2,000,000		1,861,289
2.130% due 05/15/25		5,000,000		4,889,830
4.520% due 04/15/25		4,000,000		4,000,153
GM Financial Consumer Automobile Receivables Trust 0.750% due 05/17/27		800,000		730,763


	Principal Amount		Value
Hilton Grand Vacations Trust
2.740% due 02/25/39 ~		$195,665		$183,925
3.610% due 06/20/34 ~		661,585		624,890
4.300% due 01/25/37 ~		1,450,062		1,391,225
Hyundai Auto Receivables Trust 2.400% due 06/15/26		2,000,000		1,940,989
Magnetite Ltd (Cayman) 3.492% (USD LIBOR + 0.980%) due 04/15/31 ~ §		2,157,181		2,124,037
Magnetite XIV-R Ltd (Cayman) 3.860% (USD LIBOR + 1.120%) due 10/18/31 ~ §		3,000,000		2,935,930
Magnetite XV Ltd (Cayman) 3.793% (USD LIBOR + 1.010%) due 07/25/31 ~ §		1,500,000		1,470,068
Magnetite XVIII Ltd (Cayman) 3.785% (USD LIBOR + 0.880%) due 11/15/28 ~ §		2,941,774		2,887,351
Magnetite XXIX Ltd (Cayman) 3.502% (USD LIBOR + 0.990%) due 01/15/34 ~ §		3,300,000		3,201,452
MVW LLC
1.140% due 01/22/41 ~		1,266,182		1,142,618
1.740% due 10/20/37 ~		337,394		306,328
4.150% due 11/21/39 ~		907,972		872,532
Navient Private Education Loan Trust
2.460% due 11/15/68 ~		811,408		748,688
3.610% due 12/15/59 ~		615,373		600,388
Navient Private Education Refi Loan Trust
0.840% due 05/15/69 ~		827,988		729,096
1.060% due 10/15/69 ~		3,880,986		3,333,164
1.110% due 02/18/70 ~		2,047,962		1,732,442
1.170% due 09/16/69 ~		758,995		678,770
1.220% due 07/15/69 ~		800,366		721,866
1.310% due 01/15/69 ~		1,894,285		1,722,049
1.690% due 05/15/69 ~		3,885,279		3,496,674
2.120% due 01/15/69 ~		1,870,030		1,711,124
2.230% due 07/15/70 ~		5,695,542		5,047,765
2.640% due 05/15/68 ~		960,949		910,547
4.000% due 12/15/59 ~		522,730		503,258
4.160% due 10/15/70 ~		6,290,868		6,067,513
Navient Student Loan Trust
1.320% due 08/26/69 ~		3,434,104		2,911,885
3.390% due 12/15/59 ~		1,305,087		1,237,112
3.634% (USD LIBOR + 0.550%) due 02/25/70 ~ §		2,963,934		2,884,883
3.684% (USD LIBOR + 0.600%) due 12/26/69 ~ §		1,491,071		1,452,804
4.134% (USD LIBOR + 1.050%) due 06/25/69 ~ §		1,989,027		1,976,232
Nelnet Student Loan Trust
1.360% due 04/20/62 ~		2,753,173		2,427,499
3.683% (USD LIBOR + 0.690%) due 04/20/62 ~ §		2,314,675		2,259,521
Neuberger Berman Loan Advisers CLO 25 Ltd (Cayman) 3.670% (USD LIBOR + 0.930%) due 10/18/29 ~ §		2,650,000		2,613,987
Neuberger Berman Loan Advisers CLO 26 Ltd (Cayman) 3.660% (USD LIBOR + 0.920%) due 10/18/30 ~ §		5,550,000		5,463,817
Neuberger Berman Loan Advisers CLO 37 Ltd (Cayman) 3.680% (USD LIBOR + 0.970%) due 07/20/31 ~ §		4,700,000		4,606,788
OCP CLO Ltd (Cayman) 3.472% (USD LIBOR + 0.960%) due 07/15/30 ~ §		2,500,000		2,451,135


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-13

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
Palmer Square CLO Ltd (Cayman) 3.840% (USD LIBOR + 1.100%) due 07/16/31 ~ §		$2,250,000		$2,201,858
Palmer Square Loan Funding Ltd (Cayman)
3.312% (USD LIBOR + 0.800%) due 10/15/29 ~ §		6,093,185		6,021,274
3.610% (USD LIBOR + 0.900%) due 04/20/29 ~ §		2,744,282		2,719,060
3.784% (USD LIBOR + 0.800%) due 05/20/29 ~ §		7,317,765		7,235,795
3.912% (USD LIBOR + 1.400%) due 10/15/29 ~ §		1,250,000		1,213,410
4.110% (USD LIBOR + 1.400%) due 07/20/29 ~ §		1,000,000		970,921
4.334% (USD LIBOR + 1.350%) due 02/20/28 ~ §		2,950,000		2,888,562
4.884% (USD LIBOR + 1.900%) due 02/20/28 ~ §		1,200,000		1,167,240
Regatta XIV Funding Ltd (Cayman) 3.973% (USD LIBOR + 1.190%) due 10/25/31 ~ §		1,100,000		1,079,690
Santander Drive Auto Receivables Trust
0.500% due 04/15/25		2,431,522		2,427,306
0.590% due 09/15/25		3,004,985		2,989,884
0.750% due 02/17/26		3,750,000		3,689,622
0.880% due 06/15/26		1,850,000		1,804,688
0.900% due 06/15/26		4,000,000		3,897,552
0.950% due 09/15/27		2,100,000		2,029,076
1.260% due 02/16/27		5,000,000		4,777,890
3.400% due 12/15/26		3,000,000		2,946,953
4.050% due 07/15/25		4,450,000		4,429,927
4.110% due 08/17/26		1,050,000		1,038,774
4.130% due 08/16/27		1,800,000		1,753,867
4.430% due 03/15/27		2,900,000		2,839,206
4.490% due 11/16/26		2,100,000		2,082,637
4.720% due 06/15/27		3,100,000		3,056,872
SLC Student Loan Trust 3.413% (USD LIBOR + 0.120%) due 06/15/29 §		137,775		137,274
SMB Private Education Loan Trust
1.070% due 01/15/53 ~		2,724,208		2,321,773
1.290% due 07/15/53 ~		2,054,814		1,842,140
2.340% due 09/15/34 ~		2,865,167		2,737,759
2.430% due 02/17/32 ~		2,385,715		2,301,504
2.700% due 05/15/31 ~		1,842,020		1,784,138
2.880% due 09/15/34 ~		1,716,925		1,655,674
3.440% due 07/15/36 ~		1,073,827		1,024,147
3.500% due 02/15/36 ~		546,874		524,677
3.600% due 01/15/37 ~		1,504,318		1,445,373
3.630% due 11/15/35 ~		1,554,578		1,496,014
Stratus CLO Ltd (Cayman)
3.510% (USD LIBOR + 0.800%) due 12/29/29 ~ §		693,826		685,358
4.110% (USD LIBOR + 1.400%) due 12/29/29 ~ §		6,000,000		5,812,500


Total Asset-Backed Securities (Cost $247,865,496)				237,510,585


U.S. TREASURY OBLIGATIONS - 11.4%

U.S. Treasury Notes - 11.4%

0.375% due 08/15/24		15,000,000		13,955,859
0.375% due 09/15/24		6,000,000		5,566,641
0.500% due 02/28/26		7,500,000		6,619,629
0.750% due 11/15/24		4,000,000		3,717,188
1.250% due 08/31/24		5,000,000		4,726,758
1.375% due 08/31/23		10,000,000		9,739,455
1.500% due 09/30/24		10,000,000		9,481,836


	Principal Amount		Value
1.500% due 08/15/26		$10,000,000		$9,046,875
1.750% due 07/31/24		2,000,000		1,911,797
2.500% due 08/15/23		10,000,000		9,849,635
2.625% due 05/31/27		12,300,000		11,549,027
2.750% due 05/15/25		10,000,000		9,624,609
2.875% due 06/15/25		15,000,000		14,468,555
3.125% due 08/15/25		7,000,000		6,785,898


Total U.S. Treasury Obligations (Cost $120,745,680)				117,043,762


	Shares
SHORT-TERM INVESTMENT - 4.3%

Money Market Fund - 4.3%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.790%		43,473,420		43,473,420


Total Short-Term Investment (Cost $43,473,420)				43,473,420


TOTAL INVESTMENTS - 100.7% (Cost $1,079,165,504)				1,027,009,810


OTHER ASSETS & LIABILITIES, NET - (0.7%)				(7,434,640	)


NET ASSETS - 100.0%				$1,019,575,170

Notes to Schedule of Investments

(a)	As of September 30, 2022, the Fund’s composition as a percentage of net assets was as follows:


Corporate Bonds & Notes	52.6%
Asset-Backed Securities	23.3%
U.S. Treasury Obligations	11.4%
Senior Loan Notes	9.1%
Short-Term Investment	4.3%

	100.7%
Other Assets & Liabilities, Net	(0.7%	)

	100.0%


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-14

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

September 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 September 30, 2022:


		Total Value at September 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$536,186,484		$—		$536,186,484		$—
	Senior Loan Notes		92,795,559		—		92,795,559		—
	Asset-Backed Securities		237,510,585		—		237,510,585		—
	U.S. Treasury Obligations		117,043,762		—		117,043,762		—
	Short-Term Investment		43,473,420		43,473,420		—		—

	Total		$1,027,009,810		$43,473,420		$983,536,390		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-15

PACIFIC FUNDS

PACIFIC FUNDS^SM CORE INCOME

Schedule of Investments

September 30, 2022 (Unaudited)


	Principal Amount		Value
CORPORATE BONDS & NOTES - 49.0%

Basic Materials - 1.5%

Anglo American Capital PLC (South Africa)
2.625% due 09/10/30 ~		$7,550,000		$5,820,838
4.750% due 03/16/52 ~		2,750,000		2,113,571
Glencore Funding LLC (Australia) 2.625% due 09/23/31 ~		1,200,000		901,067
South32 Treasury Ltd (Australia) 4.350% due 04/14/32 ~		2,650,000		2,284,075

				11,119,551

Communications - 2.8%

AT&T Inc
3.500% due 09/15/53		4,865,000		3,249,669
3.850% due 06/01/60		2,800,000		1,884,052
Charter Communications Operating LLC
3.500% due 06/01/41		3,300,000		2,115,727
3.850% due 04/01/61		5,200,000		3,049,151
Expedia Group Inc 2.950% due 03/15/31		432,000		335,735
Rogers Communications Inc (Canada) 4.550% due 03/15/52 ~		2,500,000		1,998,998
T-Mobile USA Inc
2.250% due 02/15/26		2,325,000		2,083,619
2.625% due 04/15/26		100,000		90,739
3.375% due 04/15/29		1,600,000		1,384,800
5.200% due 01/15/33		2,150,000		2,058,287
Verizon Communications Inc 3.400% due 03/22/41		2,550,000		1,867,919

				20,118,696

Consumer, Cyclical - 7.3%

American Airlines Inc 5.750% due 04/20/29 ~		4,000,000		3,497,100
American Airlines Pass-Through Trust ‘A’ 2.875% due 01/11/36		2,200,000		1,793,556
American Airlines Pass-Through Trust ‘AA’ 3.600% due 03/22/29		2,145,493		1,927,187
American Airlines Pass-Through Trust ‘B’ 3.950% due 01/11/32		1,300,000		1,058,102
British Airways Pass-Through Trust ‘A’ (United Kingdom)
3.350% due 12/15/30 ~		2,175,667		1,823,161
4.625% due 12/20/25 ~		1,176,798		1,144,801
British Airways Pass-Through Trust ‘AA’ (United Kingdom) 3.300% due 06/15/34 ~		3,930,253		3,341,368
Continental Airlines Pass-Through Trust ‘A’ 4.000% due 04/29/26		2,016,961		1,907,056
Delta Air Lines Inc 4.500% due 10/20/25 ~		4,000,000		3,885,022
Delta Air Lines Pass-Through Trust ‘AA’ 3.625% due 01/30/29		1,200,072		1,083,468
Ferguson Finance PLC 4.250% due 04/20/27 ~		1,650,000		1,547,384
Ford Motor Credit Co LLC
2.300% due 02/10/25		1,675,000		1,486,424
2.700% due 08/10/26		2,225,000		1,848,174
3.375% due 11/13/25		2,475,000		2,190,243
4.542% due 08/01/26		1,725,000		1,538,382
Genting New York LLC 3.300% due 02/15/26 ~		2,000,000		1,710,424
Hilton Grand Vacations Borrower Escrow LLC 4.875% due 07/01/31 ~		2,850,000		2,179,595
Kohl’s Corp 3.375% due 05/01/31		3,000,000		1,857,825
Marriott International Inc
2.750% due 10/15/33		3,150,000		2,291,553
5.000% due 10/15/27		2,900,000		2,805,292


	Principal Amount		Value
McDonald’s Corp 4.600% due 09/09/32	$	1,350,000	$	1,290,804
New Red Finance Inc (Canada) 3.875% due 01/15/28 ~		4,000,000		3,487,580
Six Flags Entertainment Corp 4.875% due 07/31/24 ~		2,000,000		1,907,560
Spirit Airlines Pass-Through Trust ‘A’ 4.100% due 10/01/29		444,963		385,845
United Airlines Pass-Through Trust ‘A’ 2.900% due 11/01/29		1,266,278		1,022,050
United Airlines Pass-Through Trust ‘AA’ 4.150% due 02/25/33		966,509		871,207
US Airways Pass-Through Trust ‘A’ 4.625% due 12/03/26		1,690,815		1,530,458
Warnermedia Holdings Inc 5.050% due 03/15/42 ~		2,500,000		1,874,989

				53,286,610

Consumer, Non-Cyclical - 5.3%

AmerisourceBergen Corp 2.700% due 03/15/31		1,000,000		805,397
Amgen Inc 4.200% due 03/01/33		1,800,000		1,631,407
Anheuser-Busch InBev Finance Inc (Belgium) 4.000% due 01/17/43		2,000,000		1,553,338
Anheuser-Busch InBev Worldwide Inc (Belgium) 5.450% due 01/23/39		5,000,000		4,778,300
BAT Capital Corp (United Kingdom) 5.650% due 03/16/52		1,650,000		1,260,955
Block Inc
2.750% due 06/01/26		4,000,000		3,441,847
3.500% due 06/01/31		500,000		388,640
Centene Corp 2.450% due 07/15/28		1,750,000		1,427,755
Global Payments Inc 5.300% due 08/15/29		1,850,000		1,742,228
Imperial Brands Finance PLC (United Kingdom) 6.125% due 07/27/27 ~		1,100,000		1,085,599
JBS USA LUX SA
3.000% due 05/15/32 ~		1,500,000		1,110,818
6.500% due 12/01/52 ~		3,500,000		3,115,710
Keurig Dr Pepper Inc 4.500% due 04/15/52		2,250,000		1,779,232
Kraft Heinz Foods Co 4.375% due 06/01/46		4,500,000		3,507,939
Moody’s Corp 4.250% due 08/08/32		1,650,000		1,497,517
UnitedHealth Group Inc 4.750% due 05/15/52		2,750,000		2,465,784
Universal Health Services Inc
2.650% due 10/15/30 ~		4,450,000		3,298,493
2.650% due 01/15/32 ~		1,950,000		1,381,148
Viatris Inc 3.850% due 06/22/40		3,350,000		2,094,834

				38,366,941

Energy - 4.1%

Cheniere Corpus Christi Holdings LLC 2.742% due 12/31/39		4,150,000		3,002,154
Cheniere Energy Partners LP 4.500% due 10/01/29		3,500,000		3,089,433
Enbridge Inc (Canada) 7.375% due 01/15/83		4,200,000		4,055,727
Energy Transfer LP
5.000% due 05/15/44		4,000,000		3,097,421
6.500% due 11/15/26		1,650,000		1,441,447
Enterprise Products Operating LLC 3.300% due 02/15/53		1,850,000		1,208,519
Kinder Morgan Energy Partners LP 5.000% due 08/15/42		2,000,000		1,632,331


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-16

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
MPLX LP
4.950% due 03/14/52	$	1,750,000	$	1,373,768
5.200% due 12/01/47		1,200,000		974,953
6.875% due 02/15/23		3,000,000		2,962,500
Petroleos Mexicanos (Mexico) 6.350% due 02/12/48		2,100,000		1,131,963
Targa Resources Partners LP 4.000% due 01/15/32		5,750,000		4,753,697
The Williams Cos Inc 5.300% due 08/15/52		1,300,000		1,134,281

				29,858,194

Financial - 15.4%

ABN AMRO Bank NV (Netherlands) 3.324% due 03/13/37 ~		1,700,000		1,214,319
AerCap Ireland Capital DAC (Ireland) 3.300% due 01/30/32		3,100,000		2,335,163
Air Lease Corp
3.000% due 02/01/30		4,000,000		3,172,474
4.650% due 06/15/26		4,300,000		3,600,731
Assured Guaranty US Holdings Inc 3.600% due 09/15/51		2,150,000		1,409,294
Avolon Holdings Funding Ltd (Ireland)
2.750% due 02/21/28 ~		4,950,000		3,894,292
4.250% due 04/15/26 ~		1,350,000		1,211,994
Bank of America Corp
2.482% due 09/21/36		4,700,000		3,401,836
2.687% due 04/22/32		3,700,000		2,893,010
3.846% due 03/08/37		1,000,000		808,131
4.375% due 01/27/27		3,000,000		2,415,000
6.125% due 04/27/27		6,000,000		5,685,000
BNP Paribas SA (France) 4.625% due 02/25/31 ~		3,000,000		1,928,085
Broadstone Net Lease LLC REIT 2.600% due 09/15/31		2,750,000		2,028,443
Citigroup Inc 2.520% due 11/03/32		4,500,000		3,417,111
GLP Capital LP REIT 3.250% due 01/15/32		1,200,000		904,543
Hill City Funding Trust 4.046% due 08/15/41 ~		2,400,000		1,619,609
Host Hotels & Resorts LP REIT
2.900% due 12/15/31		4,400,000		3,235,217
3.500% due 09/15/30		1,500,000		1,198,145
HSBC Holdings PLC (United Kingdom) 4.700% due 03/09/31		3,150,000		2,244,900
JPMorgan Chase & Co
2.963% due 01/25/33		9,950,000		7,833,408
4.912% due 07/25/33		1,850,000		1,708,447
5.717% due 09/14/33		3,750,000		3,551,531
Liberty Mutual Group Inc 4.300% due 02/01/61 ~		5,650,000		3,569,342
LSEGA Financing PLC (United Kingdom) 3.200% due 04/06/41 ~		2,200,000		1,570,269
MetLife Inc 5.000% due 07/15/52		850,000		776,874
Morgan Stanley
2.484% due 09/16/36		5,700,000		4,092,823
2.943% due 01/21/33		4,700,000		3,721,377
OneMain Finance Corp
5.375% due 11/15/29		1,575,000		1,223,184
6.125% due 03/15/24		5,200,000		5,016,804
Teachers Insurance & Annuity Association of America 4.270% due 05/15/47 ~		3,000,000		2,445,502
The Goldman Sachs Group Inc
2.615% due 04/22/32		7,950,000		6,171,586
3.102% due 02/24/33		3,600,000		2,863,683
The Northwestern Mutual Life Insurance Co 3.625% due 09/30/59 ~		3,000,000		2,030,760


	Principal Amount		Value
The PNC Financial Services Group Inc 4.626% due 06/06/33	$	2,550,000	$	2,278,130
VICI Properties LP REIT
3.500% due 02/15/25 ~		2,300,000		2,128,869
3.750% due 02/15/27 ~		2,250,000		1,975,343
4.625% due 12/01/29 ~		5,500,000		4,783,625
Wells Fargo & Co
4.400% due 06/14/46		3,750,000		2,869,132
4.897% due 07/25/33		2,500,000		2,308,177

				111,536,163

Industrial - 3.5%

Allegion US Holding Co Inc
3.550% due 10/01/27		3,336,000		2,981,104
5.411% due 07/01/32		2,100,000		1,951,140
Berry Global Inc 4.875% due 07/15/26 ~		5,000,000		4,706,350
Flowserve Corp 2.800% due 01/15/32		7,000,000		5,020,232
Masco Corp 7.750% due 08/01/29		2,000,000		2,187,209
nVent Finance Sarl (United Kingdom) 2.750% due 11/15/31		2,300,000		1,715,904
The Weir Group PLC (United Kingdom) 2.200% due 05/13/26 ~		5,950,000		5,005,489
Waste Connections Inc 4.200% due 01/15/33		1,650,000		1,495,936

				25,063,364

Technology - 2.5%

Broadcom Inc
3.137% due 11/15/35 ~		5,000,000		3,514,001
3.187% due 11/15/36 ~		1,474,000		1,011,296
CGI Inc (Canada) 2.300% due 09/14/31		3,350,000		2,477,319
Kyndryl Holdings Inc 3.150% due 10/15/31		6,500,000		4,366,138
Oracle Corp
2.875% due 03/25/31		2,650,000		2,093,068
3.950% due 03/25/51		5,000,000		3,325,511
Skyworks Solutions Inc 3.000% due 06/01/31		1,300,000		985,223

				17,772,556

Utilities - 6.6%

AEP Texas Inc 4.700% due 05/15/32		1,600,000		1,475,837
Appalachian Power Co 4.500% due 08/01/32		1,050,000		946,333
CenterPoint Energy Houston Electric LLC 4.450% due 10/01/32		2,200,000		2,087,718
Dominion Energy Inc 4.350% due 01/15/27		3,150,000		2,688,080
DPL Inc
4.125% due 07/01/25		600,000		552,953
4.350% due 04/15/29		1,350,000		1,129,228
Duke Energy Progress NC Storm Funding LLC 2.387% due 07/01/39		5,350,000		4,042,589
FirstEnergy Corp 4.400% due 07/15/27		2,500,000		2,325,238
IPALCO Enterprises Inc 4.250% due 05/01/30		2,400,000		2,085,962
ITC Holdings Corp 4.950% due 09/22/27 ~		1,500,000		1,465,800
KeySpan Gas East Corp 3.586% due 01/18/52 ~		2,850,000		1,844,245
NextEra Energy Operating Partners LP 4.250% due 07/15/24 ~		6,925,000		6,640,942
NiSource Inc 5.000% due 06/15/52		700,000		612,993


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-17

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
NSTAR Electric Co
4.550% due 06/01/52	$	1,800,000	$	1,568,302
4.950% due 09/15/52		2,300,000		2,152,713
Ohio Edison Co 5.500% due 01/15/33 ~		1,400,000		1,381,602
PG&E Energy Recovery Funding LLC 2.280% due 01/15/38		2,400,000		1,812,071
Piedmont Natural Gas Co Inc 5.050% due 05/15/52		1,750,000		1,539,412
Sempra Energy 4.125% due 04/01/52		5,000,000		3,941,135
Sempra Global 3.250% due 01/15/32 ~		1,800,000		1,437,077
Southwestern Electric Power Co 3.250% due 11/01/51		1,600,000		1,020,532
Texas Electric Market Stabilization Funding N LLC 4.265% due 08/01/36 ~		1,950,000		1,875,411
The Brooklyn Union Gas Co 4.632% due 08/05/27 ~		3,725,000		3,511,634

				48,137,807

Total Corporate Bonds & Notes (Cost $436,869,827)				355,259,882


SENIOR LOAN NOTES - 13.1%

Consumer, Cyclical - 3.3%

Carnival Corp Term B 6.127% (USD LIBOR + 3.250%) due 10/18/28 §		735,647		643,691
ClubCorp Holdings Inc Term B 6.424% (USD LIBOR + 2.750%) due 09/18/24 §		4,769,688		4,404,807
Hilton Grand Vacations Borrower LLC Term B 6.115% (USD LIBOR + 3.000%) due 08/02/28 §		1,980,000		1,917,713
Marriott Ownership Resorts Inc Term B 4.865% (USD LIBOR + 1.750%) due 08/31/25 §		3,849,779		3,684,239
Mileage Plus Holdings LLC Term B 8.777% (USD LIBOR + 5.250%) due 06/20/27 §		1,900,000		1,910,518
SeaWorld Parks & Entertainment Inc Term B 6.125% (USD LIBOR + 3.000%) due 08/25/28 §		3,960,000		3,809,520
Stars Group Holdings BV Term B (Canada) 5.892% (USD LIBOR + 2.250%) due 07/21/26 §		4,455,826		4,318,440
United Airlines Inc Term B 6.533% (USD LIBOR + 3.750%) due 04/21/28 §		3,267,048		3,131,773

				23,820,701

Consumer, Non-Cyclical - 3.5%

Allied Universal Holdco LLC Term B 6.784% (USD LIBOR + 3.750%) due 05/14/28 §		2,475,000		2,183,027
CoreLogic Inc Term B 6.625% (USD LIBOR + 3.500%) due 06/02/28 §		4,207,500		3,190,686
Heartland Dental LLC Term B 7.084% (USD LIBOR + 4.000%) due 04/30/25 §		3,456,250		3,217,769
Mavis Tire Express Services Topco Corp 7.250% (SOFR + 4.000%) due 05/04/28 §		1,410,871		1,327,394
Medline Borrower LP Term B 6.365% (USD LIBOR + 3.250%) due 10/21/28 §		248,750		229,299


	Principal Amount		Value
Pathway Vet Alliance LLC Term B 7.424% (USD LIBOR + 3.750%) due 03/31/27 §	$	4,396,268	$	3,896,192
PetVet Care Centers LLC Term B-3 6.615% (USD LIBOR + 3.500%) due 02/15/25 §		4,596,379		4,286,124
Spin Holdco Inc Term B 7.144% (USD LIBOR + 4.000%) due 03/04/28 §		2,456,250		2,163,546
Sunshine Luxembourg VII SARL Term B (Luxembourg) 7.424% (USD LIBOR + 3.750%) due 10/02/26 §		3,664,163		3,420,269
Wand NewCo 3 Inc Term B-1 6.115% (USD LIBOR + 3.000%) due 02/05/26 §		1,741,728		1,619,807

				25,534,113

Financial - 2.5%

AssuredPartners Inc Term B 6.615% (USD LIBOR + 3.500%) due 02/13/27 §		4,133,125		3,918,202
HUB International Ltd Term B 5.766% (USD LIBOR + 3.000%) due 04/25/25 §		7,293,676		7,027,252
NFP Corp Term B 6.365% (USD LIBOR + 3.250%) due 02/13/27 §		3,589,078		3,377,100
USI Inc Term B 6.424% (USD LIBOR + 2.750%) due 05/16/24 §		3,792,656		3,700,605

				18,023,159

Industrial - 2.3%

Brown Group Holding LLC Term B 5.615% (USD LIBOR + 2.500%) due 06/07/28 §		231,095		220,118
Filtration Group Corp Term B 6.115% (USD LIBOR + 3.000%) due 03/29/25 §		7,093,766		6,830,708
Proampac PG Borrower LLC Term B 6.532% (USD LIBOR + 3.750%) due 11/03/25 §		2,708,888		2,540,712
TransDigm Inc
Term E 5.924% (USD LIBOR + 2.250%) due 05/30/25 §		1,856,158		1,785,650
Term F 5.924% (USD LIBOR + 2.250%) due 12/09/25 §		5,638,059		5,414,493

				16,791,681

Technology - 1.5%

Applied Systems Inc Term B 6.674% (USD LIBOR + 3.000%) due 09/19/24 §		1,940,082		1,897,643
Epicor Software Corp Term C 6.365% (USD LIBOR + 3.250%) due 07/31/27 §		2,226,708		2,088,467
Sophia LP Term B 7.174% (USD LIBOR + 3.500%) due 10/07/27 §		208,444		200,888
UKG Inc 5.535% (USD LIBOR + 3.250%) due 05/03/26 §		6,642,357		6,299,864

				10,486,862

Total Senior Loan Notes (Cost $100,724,198)				94,656,516


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-18

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value

MORTGAGE-BACKED SECURITIES - 3.8%

Fannie Mae - 3.8%

due 10/01/37 #	$	18,000,000	$	17,682,187
due 10/01/52 #		10,000,000		9,942,188

				27,624,375

Total Mortgage-Backed Securities (Cost $28,258,359)				27,624,375


ASSET-BACKED SECURITIES - 19.3%

Aimco CLO 11 Ltd (Cayman) 3.870% (USD LIBOR + 1.130%) due 10/17/34 ~ §		4,000,000		3,884,928
AmeriCredit Automobile Receivables Trust
0.760% due 12/18/25		2,450,000		2,357,737
0.890% due 10/19/26		2,450,000		2,267,301
1.410% due 08/18/27		3,500,000		3,198,380
1.480% due 02/18/26		1,000,000		956,684
Buttermilk Park CLO Ltd (Cayman) 3.612% (USD LIBOR + 1.100%) due 10/15/31 ~ §		1,600,000		1,569,737
Carlyle Global Market Strategies CLO Ltd (Cayman) 4.319% (USD LIBOR + 1.550%) due 07/27/31 ~ §		2,000,000		1,903,982
Dryden 53 CLO Ltd (Cayman) 3.912% (USD LIBOR + 1.400%) due 01/15/31 ~ §		1,500,000		1,431,948
Dryden 55 CLO Ltd (Cayman) 4.412% (USD LIBOR + 1.900%) due 04/15/31 ~ §		1,000,000		928,685
Dryden 58 CLO Ltd (Cayman)
4.240% (USD LIBOR + 1.500%) due 07/17/31 ~ §		2,000,000		1,897,500
4.540% (USD LIBOR + 1.800%) due 07/17/31 ~ §		2,000,000		1,855,072
Dryden 64 CLO Ltd (Cayman) 4.140% (USD LIBOR + 1.400%) due 04/18/31 ~ §		1,600,000		1,532,337
Flatiron CLO 19 Ltd (Cayman) 4.472% (USD LIBOR + 1.550%) due 11/16/34 ~ §		1,000,000		937,907
Ford Credit Auto Owner Trust
1.190% due 01/15/26		1,350,000		1,286,831
1.530% due 05/15/34 ~		1,050,000		913,969
2.040% due 12/15/26		1,000,000		960,122
2.040% due 08/15/31 ~		2,000,000		1,861,289
3.190% due 07/15/31 ~		4,000,000		3,848,337
3.880% due 11/15/34 ~		3,250,000		3,106,794
Hilton Grand Vacations Trust 3.610% due 06/20/34 ~		677,153		639,594
Madison Park Funding Ltd (Cayman) 4.112% (USD LIBOR + 1.600%) due 07/15/30 ~ §		2,600,000		2,504,395
Magnetite XIV-R Ltd (Cayman) 3.860% (USD LIBOR + 1.120%) due 10/18/31 ~ §		2,500,000		2,446,608
Magnetite XXIX Ltd (Cayman) 3.502% (USD LIBOR + 0.990%) due 01/15/34 ~ §		3,250,000		3,152,945
Magnetite XXV Ltd (Cayman) 3.983% (USD LIBOR + 1.200%) due 01/25/32 ~ §		615,000		605,068
MVW LLC 1.740% due 10/20/37 ~		337,394		306,328
Navient Private Education Loan Trust 2.460% due 11/15/68 ~		811,408		748,688


	Principal Amount		Value
Navient Private Education Refi Loan Trust
0.840% due 05/15/69 ~	$	730,577	$	643,320
1.170% due 09/16/69 ~		517,497		462,797
1.220% due 07/15/69 ~		800,366		721,866
1.310% due 01/15/69 ~		1,297,173		1,179,229
1.690% due 05/15/69 ~		4,189,763		3,766,827
2.640% due 05/15/68 ~		960,949		910,547
Navient Student Loan Trust
1.310% due 12/26/69 ~		1,773,165		1,458,893
1.320% due 08/26/69 ~		3,434,104		2,911,885
Neuberger Berman Loan Advisers CLO 25 Ltd (Cayman) 4.090% (USD LIBOR + 1.350%) due 10/18/29 ~ §		1,500,000		1,435,350
OneMain Financial Issuance Trust 4.130% due 05/14/35 ~		2,700,000		2,568,777
Palmer Square CLO Ltd (Cayman)
3.840% (USD LIBOR + 1.100%) due 07/16/31 ~ §		2,500,000		2,446,509
3.985% (USD LIBOR + 1.080%) due 11/15/31 ~ §		3,500,000		3,430,684
Palmer Square Loan Funding Ltd (Cayman)
3.912% (USD LIBOR + 1.400%) due 10/15/29 ~ §		9,700,000		9,416,061
4.110% (USD LIBOR + 1.400%) due 07/20/29 ~ §		4,500,000		4,369,146
4.234% (USD LIBOR + 1.250%) due 05/20/29 ~ §		6,000,000		5,815,827
4.510% (USD LIBOR + 1.800%) due 04/20/29 ~ §		750,000		728,269
4.884% (USD LIBOR + 1.900%) due 02/20/28 ~ §		1,200,000		1,167,240
Santander Drive Auto Receivables Trust
0.750% due 02/17/26		3,700,000		3,640,427
4.420% due 11/15/27		2,800,000		2,728,408
SLM Student Loan Trust 3.333% (USD LIBOR + 0.550%) due 10/25/64 ~ §		1,537,856		1,505,484
SMB Private Education Loan Trust
1.070% due 01/15/53 ~		3,891,725		3,316,819
1.290% due 07/15/53 ~		2,054,814		1,842,140
1.680% due 02/15/51 ~		2,712,528		2,429,137
2.230% due 09/15/37 ~		4,754,280		4,438,440
2.340% due 09/15/34 ~		1,157,532		1,106,059
2.430% due 02/17/32 ~		1,476,004		1,423,904
2.700% due 05/15/31 ~		786,228		761,522
2.820% due 10/15/35 ~		2,069,732		1,979,700
2.880% due 09/15/34 ~		3,528,625		3,402,740
3.440% due 07/15/36 ~		1,487,686		1,418,858
3.500% due 02/15/36 ~		2,860,150		2,744,063
3.548% (USD LIBOR + 0.730%) due 01/15/53 ~ §		835,255		802,869
3.600% due 01/15/37 ~		777,231		746,776
3.630% due 11/15/35 ~		1,052,524		1,012,874
4.480% due 05/16/50 ~		3,200,000		3,070,904
Sofi Professional Loan Program LLC 2.370% due 11/16/48 ~		1,093,159		1,024,770
SoFi Professional Loan Program Trust 2.540% due 05/15/46 ~		1,574,976		1,469,712
Stratus CLO Ltd (Cayman) 4.110% (USD LIBOR + 1.400%) due 12/29/29 ~ §		6,000,000		5,812,500
TIAA CLO IV Ltd (Cayman) 4.410% (USD LIBOR + 1.700%) due 01/20/32 ~ §		2,750,000		2,636,036


Total Asset-Backed Securities (Cost $147,916,785)				139,850,535


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-19

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value

U.S. TREASURY OBLIGATIONS - 14.2%

U.S. Treasury Bonds - 7.9%

1.125% due 05/15/40	$	14,500,000	$	9,071,563
1.250% due 05/15/50		9,000,000		5,041,582
1.375% due 08/15/50		3,250,000		1,883,730
1.750% due 08/15/41		10,000,000		6,843,555
1.875% due 11/15/51		7,000,000		4,632,305
2.000% due 08/15/51		5,000,000		3,417,578
2.250% due 08/15/46		2,550,000		1,838,490
2.250% due 02/15/52		17,000,000		12,356,875
2.500% due 02/15/46		3,500,000		2,660,273
2.500% due 05/15/46		3,000,000		2,276,719
2.750% due 11/15/47		2,000,000		1,601,641
2.875% due 05/15/52		5,000,000		4,194,531
3.000% due 11/15/44		2,000,000		1,672,500

				57,491,342


U.S. Treasury Notes - 6.3%

0.375% due 09/30/27		5,000,000		4,172,461
0.500% due 06/30/27		3,000,000		2,540,508
0.625% due 11/30/27		7,000,000		5,885,742
0.625% due 05/15/30		16,000,000		12,608,750
1.125% due 02/28/27		1,000,000		880,742
1.125% due 02/15/31		5,000,000		4,050,195
1.750% due 11/15/29		5,000,000		4,344,922
2.375% due 05/15/29		5,000,000		4,525,781
2.625% due 02/15/29		7,000,000		6,451,758

				45,460,859

Total U.S. Treasury Obligations (Cost $129,464,682)				102,952,201


	Shares		Value
SHORT-TERM INVESTMENT - 2.5%

Money Market Fund - 2.5%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.790%		18,212,973	$	18,212,973


Total Short-Term Investment (Cost $18,212,973)				18,212,973


TOTAL INVESTMENTS - 101.9% (Cost $861,446,824)				738,556,482


OTHER ASSETS & LIABILITIES, NET - (1.9%)				(13,572,293	)


NET ASSETS - 100.0%				$724,984,189

Notes to Schedule of Investments

(a)	As of September 30, 2022 the Fund’s composition as a percentage of net assets was as follows:


Corporate Bonds & Notes	49.0%
Asset-Backed Securities	19.3%
U.S. Treasury Obligations	14.2%
Senior Loan Notes	13.1%
Mortgage-Backed Securities	3.8%
Others (each less than 3.0%)	2.5%

	101.9%
Other Assets & Liabilities, Net	(1.9%	)

	100.0%

(b)	Fair Value Measurements

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


		Total Value at September 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$355,259,882		$—		$355,259,882		$—
	Senior Loan Notes		94,656,516		—		94,656,516		—
	Mortgage-Backed Securities		27,624,375		—		27,624,375		—
	Asset-Backed Securities		139,850,535		—		139,850,535		—
	U.S. Treasury Obligations		102,952,201		—		102,952,201		—
	Short-Term Investment		18,212,973		18,212,973		—		—

	Total		$738,556,482		$18,212,973		$720,343,509		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-20

PACIFIC FUNDS

PACIFIC FUNDS^SM ESG CORE BOND

Schedule of Investments

September 30, 2022 (Unaudited)


	Principal Amount		Value
CORPORATE BONDS & NOTES - 60.7%

Communications - 2.4%

Charter Communications Operating LLC 2.300% due 02/01/32		$250,000		$178,916
Sprint Spectrum Co LLC 4.738% due 09/20/29 ~		187,500		184,914
Verizon Communications Inc		50,000		33,478
2.850% due 09/03/41
3.400% due 03/22/41		250,000		183,129

				580,437

Consumer, Cyclical - 3.9%

Ferguson Finance PLC 3.250% due 06/02/30 ~		200,000		164,727
Lowe’s Cos Inc 4.450% due 04/01/62		250,000		187,380
Marriott International Inc 2.750% due 10/15/33		100,000		72,748
5.000% due 10/15/27		250,000		241,836
Meritage Homes Corp 3.875% due 04/15/29 ~		200,000		159,410
Warnermedia Holdings Inc 5.050% due 03/15/42 ~		150,000		112,499

				938,600

Consumer, Non-Cyclical - 10.4%

Amgen Inc 3.150% due 02/21/40		100,000		72,370
4.200% due 03/01/33		150,000		135,951
Anheuser-Busch InBev Worldwide Inc (Belgium) 3.750% due 07/15/42		500,000		381,101
Bristol-Myers Squibb Co 2.950% due 03/15/32		300,000		256,847
Cigna Corp 2.375% due 03/15/31		200,000		159,336
CVS Health Corp 1.750% due 08/21/30		300,000		229,937
HCA Inc 3.125% due 03/15/27 ~		100,000		88,668
Keurig Dr Pepper Inc 4.500% due 04/15/52		250,000		197,692
McKesson Corp 1.300% due 08/15/26		250,000		216,139
Moody’s Corp 4.250% due 08/08/32		200,000		181,517
Sysco Corp 3.150% due 12/14/51		150,000		95,231
Takeda Pharmaceutical Co Ltd (Japan) 2.050% due 03/31/30		200,000		158,389
UnitedHealth Group Inc 4.750% due 05/15/52		250,000		224,162
Zoetis Inc 2.000% due 05/15/30		100,000		79,551

				2,476,891

Energy - 2.6%

Cheniere Corpus Christi Holdings LLC 2.742% due 12/31/39		150,000		108,512
Enbridge Inc (Canada) 7.375% due 01/15/83		350,000		337,977
Kinder Morgan Energy Partners LP 5.000% due 08/15/42		200,000		163,233

				609,722

Financial - 24.4%

AerCap Ireland Capital DAC (Ireland) 3.300% due 01/30/32		250,000		188,320
Air Lease Corp 1.875% due 08/15/26		450,000		381,905


	Principal Amount		Value
American Tower Corp REIT 2.750% due 01/15/27	$	100,000	$	88,565
Bank of America Corp 2.482% due 09/21/36		350,000		253,328
3.846% due 03/08/37		300,000		242,439
Broadstone Net Lease LLC REIT 2.600% due 09/15/31		200,000		147,523
Citigroup Inc 2.520% due 11/03/32		250,000		189,839
3.057% due 01/25/33		250,000		197,163
Cooperatieve Rabobank UA (Netherlands) 1.980% due 12/15/27 ~		500,000		426,554
Equinix Inc REIT 3.900% due 04/15/32		250,000		212,777
GLP Capital LP REIT 3.250% due 01/15/32		100,000		75,379
Healthpeak Properties Inc REIT 1.350% due 02/01/27		150,000		127,225
HSBC Holdings PLC (United Kingdom) 2.099% due 06/04/26		250,000		224,089
JAB Holdings BV (Austria) 4.500% due 04/08/52 ~		250,000		161,208
MetLife Inc 5.000% due 07/15/52		100,000		91,397
Morgan Stanley 2.943% due 01/21/33		500,000		395,891
Nordea Bank Abp (Finland) 1.500% due 09/30/26 ~		350,000		298,740
PNC Bank NA 2.700% due 10/22/29		250,000		205,805
Sumitomo Mitsui Financial Group Inc (Japan) 2.472% due 01/14/29		500,000		410,750
Sun Communities Operating LP REIT 2.700% due 07/15/31		150,000		113,573
The Bank of New York Mellon Corp 4.596% due 07/26/30		50,000		47,444
The Goldman Sachs Group Inc 3.814% due 04/23/29		500,000		443,999
Truist Bank 2.636% due 09/17/29		250,000		233,112
Ventas Realty LP REIT 2.650% due 01/15/25		250,000		235,364
VICI Properties LP REIT 4.125% due 08/15/30 ~		200,000		167,447
4.625% due 12/01/29 ~		100,000		86,975
Weyerhaeuser Co REIT 4.000% due 11/15/29		200,000		180,182

				5,826,993

Industrial - 9.1%

Allegion US Holding Co Inc 3.550% due 10/01/27		200,000		178,723
Canadian National Railway Co (Canada) 3.850% due 08/05/32		500,000		456,799
Eaton Corp 4.150% due 03/15/33		100,000		90,494
Flowserve Corp 2.800% due 01/15/32		250,000		179,294
Keysight Technologies Inc 3.000% due 10/30/29		250,000		211,814
nVent Finance Sarl (United Kingdom) 2.750% due 11/15/31		250,000		186,511
Parker-Hannifin Corp 4.500% due 09/15/29		250,000		236,042
Ryder System Inc 3.350% due 09/01/25		200,000		189,393
The Weir Group PLC (United Kingdom) 2.200% due 05/13/26 ~		250,000		210,315
Waste Connections Inc 4.200% due 01/15/33		100,000		90,663


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-21

PACIFIC FUNDS

PACIFIC FUNDS ESG CORE BOND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
Waste Management Inc 4.150% due 04/15/32	$	150,000	$	138,965

				2,169,013

Technology - 4.6%

Broadcom Inc 3.187% due 11/15/36 ~		12,000		8,233
Dell International LLC 4.900% due 10/01/26		300,000		289,404
Fiserv Inc 3.500% due 07/01/29		250,000		217,764
Micron Technology Inc 2.703% due 04/15/32		250,000		182,265
Oracle Corp 2.300% due 03/25/28		300,000		251,044
Workday Inc 3.500% due 04/01/27		150,000		138,968

				1,087,678

Utilities - 3.3%

CenterPoint Energy Houston Electric LLC 4.450% due 10/01/32		150,000		142,344
Enel Finance International NV (Italy) 2.650% due 09/10/24 ~		200,000		189,462
ITC Holdings Corp 4.950% due 09/22/27 ~		150,000		146,580
NiSource Inc 5.000% due 06/15/52		150,000		131,356
NSTAR Electric Co 4.950% due 09/15/52		200,000		187,192

				796,934

Total Corporate Bonds & Notes (Cost $17,573,268)				14,486,268


MORTGAGE-BACKED SECURITIES - 3.1%

Fannie Mae - 1.8%

2.000% due 09/01/35		144,844		127,964
2.000% due 12/01/35		344,395		304,251

				432,215

Freddie Mac - 1.3%

2.000% due 12/01/35		346,705		306,288


Total Mortgage-Backed Securities (Cost $872,471)				738,503


ASSET-BACKED SECURITIES - 18.7%

Ford Credit Auto Owner Trust 0.700% due 10/15/26		450,000		411,095
1.530% due 05/15/34 ~		350,000		304,656
GM Financial Revolving Receivables Trust 1.170% due 06/12/34 ~		150,000		129,751
Magnetite Ltd (Cayman) 3.492% (USD LIBOR + 0.980%) due 04/15/31 ~ §		248,523		244,705
Magnetite XXVIII Ltd (Cayman) 3.840% (USD LIBOR + 1.130%) due 01/20/35 ~ §		250,000		241,349
Navient Private Education Refi Loan Trust 0.840% due 05/15/69 ~		146,115		128,664
Navient Student Loan Trust 1.310% due 12/26/69 ~		201,496		165,783
1.320% due 08/26/69 ~		173,635		147,230
OCP CLO Ltd (Cayman) 3.472% (USD LIBOR + 0.960%) due 07/15/30 ~ §		250,000		245,114
Palmer Square CLO Ltd (Cayman) 3.840% (USD LIBOR + 1.100%) due 07/16/31 ~ §		250,000		244,651


	Principal Amount		Value
Palmer Square Loan Funding Ltd (Cayman) 3.510% (USD LIBOR + 0.800%) due 07/20/29 ~ §	$	198,609	$	196,287
3.610% (USD LIBOR + 0.900%) due 04/20/29 ~ §		304,920		302,118
3.912% (USD LIBOR + 1.400%) due 10/15/29 ~ §		250,000		242,682
Santander Drive Auto Receivables Trust 0.590% due 09/15/25		190,793		189,834
0.750% due 02/17/26		750,000		737,924
4.370% due 05/15/25		400,000		398,729
SMB Private Education Loan Trust 1.070% due 01/15/53 ~		162,155		138,201


Total Asset-Backed Securities (Cost $4,725,868)				4,468,773


U.S. TREASURY OBLIGATIONS - 15.8%

U.S. Treasury Bonds - 4.9%

1.250% due 05/15/50		250,000		140,044
1.625% due 11/15/50		500,000		310,664
1.750% due 08/15/41		125,000		85,544
1.875% due 11/15/51		150,000		99,264
2.000% due 08/15/51		250,000		170,879
2.250% due 02/15/52		200,000		145,375
2.875% due 05/15/52		250,000		209,727

				1,161,497

U.S. Treasury Notes - 10.9%

0.375% due 11/30/25		1,500,000		1,330,166
0.875% due 11/15/30		1,000,000		796,953
2.625% due 05/31/27		500,000		469,473

				2,596,592

Total U.S. Treasury Obligations (Cost $4,520,861)				3,758,089


	Shares
SHORT-TERM INVESTMENT - 1.2%

Money Market Fund - 1.2%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.790%		294,915		294,915


Total Short-Term Investment (Cost $294,915)				294,915


TOTAL INVESTMENTS - 99.5% (Cost $27,987,383)				23,746,548


OTHER ASSETS & LIABILITIES, NET - 0.5%				116,232


NET ASSETS - 100.0%				$23,862,780

Notes to Schedule of Investments

(a)	As of September 30, 2022, the Fund’s composition as a percentage of net assets was as follows:


Corporate Bonds & Notes			60.7%
Asset-Backed Securities			18.7%
U.S. Treasury Obligations			15.8%
Mortgage-Backed Securities			3.1%
Others (each less than 3.0%)			1.2%

			99.5%
Other Assets & Liabilities, Net			0.5%

			100.0%


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-22

PACIFIC FUNDS

PACIFIC FUNDS ESG CORE BOND

Schedule of Investments (Continued)

September 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 September 30, 2022:


		Total Value at September 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$14,486,268		$—		$14,486,268		$—
	Mortgage-Backed Securities		738,503		—		738,503		—
	Asset-Backed Securities		4,468,773		—		4,468,773		—
	U.S. Treasury Obligations		3,758,089		—		3,758,089		—
	Short-Term Investment		294,915		294,915		—		—

	Total		$23,746,548		$294,915		$23,451,633		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-23

PACIFIC FUNDS

PACIFIC FUNDS^SM STRATEGIC INCOME

Schedule of Investments

September 30, 2022 (Unaudited)


	Shares		Value
COMMON STOCKS - 0.0%

Industrial - 0.0%

TNT Crane & Rigging Inc		4,054		$45,101


Total Common Stocks (Cost $1,516,777)				45,101


	Principal Amount
CORPORATE BONDS & NOTES - 75.1%

Basic Materials - 3.7%

Anglo American Capital PLC (South Africa)
2.625% due 09/10/30 ~		$4,450,000		3,430,825
2.875% due 03/17/31 ~		8,500,000		6,596,295
3.875% due 03/16/29 ~		750,000		645,342
Celanese US Holdings LLC
6.165% due 07/15/27		5,000,000		4,738,383
6.379% due 07/15/32		4,300,000		4,001,383
Glencore Funding LLC (Australia) 2.625% due 09/23/31 ~		9,000,000		6,757,999
JW Aluminum Continuous Cast Co 10.250% due 06/01/26 ~		710,000		728,780
Novelis Corp
3.250% due 11/15/26 ~		500,000		417,998
3.875% due 08/15/31 ~		7,679,000		5,744,276
South32 Treasury Ltd (Australia) 4.350% due 04/14/32 ~		6,000,000		5,171,490
SPCM SA (France)
3.125% due 03/15/27 ~		400,000		344,562
3.375% due 03/15/30 ~		5,000,000		3,914,125
TMS International Corp 6.250% due 04/15/29 ~		9,126,000		6,495,887

				48,987,345

Communications - 7.8%

AT&T Inc
2.250% due 02/01/32		2,475,000		1,874,393
2.300% due 06/01/27		4,000,000		3,501,941
4.350% due 03/01/29		5,500,000		5,147,654
CCO Holdings LLC
4.250% due 02/01/31 ~		750,000		576,555
4.250% due 01/15/34 ~		8,375,000		6,014,297
6.375% due 09/01/29 ~		2,500,000		2,299,850
Charter Communications Operating LLC
2.800% due 04/01/31		1,950,000		1,477,345
3.750% due 02/15/28		1,500,000		1,327,971
4.200% due 03/15/28		5,750,000		5,171,815
5.050% due 03/30/29		1,500,000		1,382,548
Comcast Corp
2.650% due 08/15/62		2,500,000		1,349,936
3.400% due 07/15/46		4,000,000		2,833,610
CSC Holdings LLC
3.375% due 02/15/31 ~		1,500,000		1,059,878
4.625% due 12/01/30 ~		4,400,000		3,000,030
5.750% due 01/15/30 ~		200,000		142,520
6.500% due 02/01/29 ~		2,725,000		2,410,985
Frontier Communications Holdings LLC 5.000% due 05/01/28 ~		4,250,000		3,654,448
GoTo Group Inc 5.500% due 09/01/27 ~		4,600,000		2,831,239
Rogers Communications Inc (Canada) 3.800% due 03/15/32 ~		8,000,000		6,924,736
Sirius XM Radio Inc 3.875% due 09/01/31 ~		7,775,000		6,046,773
Sprint Capital Corp 8.750% due 03/15/32		3,000,000		3,483,375


	Principal Amount		Value
T-Mobile USA Inc
2.400% due 03/15/29		$2,000,000		$1,634,554
2.625% due 02/15/29		175,000		144,845
2.875% due 02/15/31		75,000		60,540
3.375% due 04/15/29		2,050,000		1,774,275
3.500% due 04/15/31		1,125,000		947,160
3.750% due 04/15/27		7,000,000		6,469,123
3.875% due 04/15/30		6,000,000		5,325,762
4.375% due 04/15/40		3,900,000		3,185,514
5.200% due 01/15/33		1,700,000		1,627,483
Uber Technologies Inc 4.500% due 08/15/29 ~		11,525,000		9,709,812
Verizon Communications Inc
1.750% due 01/20/31		3,000,000		2,254,797
2.550% due 03/21/31		11,500,000		9,193,694

				104,839,458

Consumer, Cyclical - 10.6%

American Airlines Inc 5.750% due 04/20/29 ~		5,125,000		4,480,659
American Airlines Pass-Through Trust ‘A’
3.500% due 08/15/33		1,685,637		1,224,963
4.100% due 07/15/29		1,071,541		833,587
American Airlines Pass-Through Trust ‘AA’ 3.150% due 08/15/33		2,550,066		2,133,665
American Airlines Pass-Through Trust ‘B’ 5.250% due 07/15/25		730,968		697,129
British Airways Pass-Through Trust ‘AA’ (United Kingdom) 3.300% due 06/15/34 ~		2,484,643		2,112,359
CDI Escrow Issuer Inc 5.750% due 04/01/30 ~		7,650,000		6,693,062
Dornoch Debt Merger Sub Inc 6.625% due 10/15/29 ~		3,070,000		2,217,470
Ferguson Finance PLC 4.650% due 04/20/32 ~		7,000,000		6,173,315
Fertitta Entertainment LLC
4.625% due 01/15/29 ~		4,975,000		4,124,773
6.750% due 01/15/30 ~		5,000,000		3,809,400
Ford Motor Co 6.100% due 08/19/32		2,175,000		1,921,177
Ford Motor Credit Co LLC
2.900% due 02/10/29		7,500,000		5,694,150
3.375% due 11/13/25		400,000		353,979
4.000% due 11/13/30		400,000		312,892
4.125% due 08/17/27		3,500,000		3,020,045
4.950% due 05/28/27		1,600,000		1,431,888
Foundation Building Materials Inc 6.000% due 03/01/29 ~		4,855,000		3,552,754
General Motors Co
4.200% due 10/01/27		6,500,000		5,961,112
6.125% due 10/01/25		1,950,000		1,952,603
General Motors Financial Co Inc
4.350% due 01/17/27		5,000,000		4,641,041
5.100% due 01/17/24		1,000,000		996,959
Hilton Grand Vacations Borrower Escrow LLC
4.875% due 07/01/31 ~		5,775,000		4,416,547
5.000% due 06/01/29 ~		1,875,000		1,516,078
Hyatt Hotels Corp 6.000% due 04/23/30		5,450,000		5,290,448
Hyundai Capital America 1.650% due 09/17/26 ~		5,000,000		4,218,850
Kohl’s Corp 3.375% due 05/01/31		7,950,000		4,923,236
LBM Acquisition LLC 6.250% due 01/15/29 ~		4,000,000		2,718,560
Lowe’s Cos Inc 4.250% due 04/01/52		5,000,000		3,834,638
MajorDrive Holdings IV LLC 6.375% due 06/01/29 ~		8,050,000		5,560,538


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-24

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
Marriott International Inc
2.850% due 04/15/31	$	4,000,000	$	3,146,861
5.000% due 10/15/27		2,300,000		2,224,886
Midwest Gaming Borrower LLC 4.875% due 05/01/29 ~		4,625,000		3,817,013
New Red Finance Inc (Canada)
3.875% due 01/15/28 ~		5,000,000		4,359,475
4.000% due 10/15/30 ~		6,000,000		4,739,280
PetSmart Inc
4.750% due 02/15/28 ~		250,000		214,462
7.750% due 02/15/29 ~		6,150,000		5,507,571
SRS Distribution Inc
4.625% due 07/01/28 ~		2,750,000		2,365,522
6.125% due 07/01/29 ~		1,875,000		1,509,538
STL Holding Co LLC 7.500% due 02/15/26 ~		3,400,000		2,897,716
The Michaels Cos Inc 7.875% due 05/01/29 ~		5,900,000		3,415,245
United Airlines Pass-Through Trust ‘AA’ 4.150% due 02/25/33		2,319,622		2,090,897
Viking Cruises Ltd 7.000% due 02/15/29 ~		2,625,000		1,964,076
Viking Ocean Cruises Ship VII Ltd 5.625% due 02/15/29 ~		175,000		136,401
Warnermedia Holdings Inc
4.054% due 03/15/29 ~		6,000,000		5,189,300
4.279% due 03/15/32 ~		2,000,000		1,647,937

				142,044,057

Consumer, Non-Cyclical - 10.9%

Ahern Rentals Inc 7.375% due 05/15/23 ~		6,600,000		4,479,078
Allied Universal Holdco LLC 9.750% due 07/15/27 ~		7,950,000		6,545,440
AmerisourceBergen Corp 2.700% due 03/15/31		8,000,000		6,443,173
Anheuser-Busch InBev Worldwide Inc (Belgium) 4.750% due 01/23/29		9,325,000		9,093,546
APi Group DE Inc 4.750% due 10/15/29 ~		5,925,000		4,916,784
Avantor Funding Inc
3.875% due 11/01/29 ~		450,000		366,374
4.625% due 07/15/28 ~		3,375,000		3,011,006
Bausch Health Cos Inc
4.875% due 06/01/28 ~		1,500,000		969,570
6.125% due 02/01/27 ~		2,375,000		1,650,150
11.000% due 09/30/28 ~		224,392		181,758
14.000% due 10/15/30 ~		45,024		24,763
BC Ltd (Canada) 9.000% due 01/30/28 ~		126,584		126,268
Central Garden & Pet Co 4.125% due 04/30/31 ~		4,625,000		3,646,003
Cigna Corp 2.375% due 03/15/31		4,100,000		3,266,377
Community Health Systems Inc 5.625% due 03/15/27 ~		325,000		250,646
CoreLogic Inc 4.500% due 05/01/28 ~		4,225,000		2,879,168
Global Payments Inc
2.150% due 01/15/27		8,000,000		6,856,173
5.400% due 08/15/32		5,000,000		4,648,361
5.950% due 08/15/52		5,000,000		4,418,598
GSK Consumer Healthcare Capital US LLC 3.375% due 03/24/29 ~		8,000,000		6,985,651
HCA Inc 3.625% due 03/15/32 ~		7,000,000		5,672,977
JBS USA LUX SA
5.125% due 02/01/28 ~		700,000		657,401
5.750% due 04/01/33 ~		8,000,000		7,245,120


	Principal Amount		Value
Kraft Heinz Foods Co
4.375% due 06/01/46	$	5,500,000	$	4,287,481
5.200% due 07/15/45		6,975,000		6,081,384
Lamb Weston Holdings Inc
4.125% due 01/31/30 ~		1,275,000		1,081,092
4.375% due 01/31/32 ~		5,250,000		4,347,289
MPH Acquisition Holdings LLC
5.500% due 09/01/28 ~		900,000		744,192
5.750% due 11/01/28 ~		5,200,000		3,915,652
Nestle Holdings Inc 4.250% due 10/01/29 ~		5,000,000		4,843,348
Option Care Health Inc 4.375% due 10/31/29 ~		6,000,000		5,081,340
Performance Food Group Inc 4.250% due 08/01/29 ~		4,875,000		4,068,529
Sysco Corp
2.400% due 02/15/30		4,000,000		3,260,503
2.450% due 12/14/31		3,000,000		2,351,809
Tenet Healthcare Corp
4.250% due 06/01/29 ~		3,125,000		2,592,016
4.375% due 01/15/30 ~		1,825,000		1,527,269
6.125% due 10/01/28 ~		4,175,000		3,664,413
6.125% due 06/15/30 ~		425,000		390,416
The Hertz Corp 5.000% due 12/01/29 ~		5,900,000		4,396,857
US Foods Inc 4.625% due 06/01/30 ~		7,300,000		6,057,394
Viatris Inc 2.700% due 06/22/30		4,450,000		3,312,008

				146,337,377

Energy - 8.6%

Antero Midstream Partners LP 5.375% due 06/15/29 ~		7,400,000		6,548,482
Antero Resources Corp 7.625% due 02/01/29 ~		1,126,000		1,126,366
Archrock Partners LP
6.250% due 04/01/28 ~		2,025,000		1,784,106
6.875% due 04/01/27 ~		1,325,000		1,189,049
Callon Petroleum Co 7.500% due 06/15/30 ~		3,850,000		3,378,183
Cheniere Corpus Christi Holdings LLC 5.125% due 06/30/27		7,625,000		7,392,018
Cheniere Energy Partners LP 3.250% due 01/31/32		10,925,000		8,410,939
Chesapeake Energy Corp 6.750% due 04/15/29 ~		2,975,000		2,858,157
CQP Holdco LP 5.500% due 06/15/31 ~		5,225,000		4,430,016
Energy Transfer Operating LP
2.900% due 05/15/25		1,000,000		933,221
3.750% due 05/15/30		3,000,000		2,543,805
4.000% due 10/01/27		1,200,000		1,090,182
4.050% due 03/15/25		1,200,000		1,151,753
4.750% due 01/15/26		4,200,000		4,051,363
5.500% due 06/01/27		1,500,000		1,463,050
5.800% due 06/15/38		3,000,000		2,634,294
EnLink Midstream LLC 6.500% due 09/01/30 ~		4,625,000		4,527,135
EQM Midstream Partners LP
4.750% due 01/15/31 ~		9,625,000		7,662,463
5.500% due 07/15/28		1,250,000		1,071,075
6.000% due 07/01/25 ~		184,000		170,368
6.500% due 07/01/27 ~		1,750,000		1,619,701
7.500% due 06/01/27 ~		50,000		47,739
7.500% due 06/01/30 ~		50,000		47,328
Genesis Energy LP
7.750% due 02/01/28		2,750,000		2,395,773
8.000% due 01/15/27		750,000		659,040
ITT Holdings LLC 6.500% due 08/01/29 ~		3,500,000		2,723,174


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-25

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
MPLX LP
2.650% due 08/15/30	$	2,225,000	$	1,746,385
4.800% due 02/15/29		1,350,000		1,257,868
4.950% due 09/01/32		300,000		272,912
4.950% due 03/14/52		3,650,000		2,865,287
6.875% due 02/15/23		450,000		444,375
New Fortress Energy Inc 6.500% due 09/30/26 ~		3,875,000		3,586,041
Occidental Petroleum Corp
6.125% due 01/01/31		325,000		320,915
6.625% due 09/01/30		5,200,000		5,290,454
8.875% due 07/15/30		1,500,000		1,673,355
Tallgrass Energy Partners LP
6.000% due 12/31/30 ~		3,100,000		2,643,091
6.000% due 09/01/31 ~		2,275,000		1,927,824
Targa Resources Partners LP
4.000% due 01/15/32		5,850,000		4,836,370
5.000% due 01/15/28		650,000		602,651
5.500% due 03/01/30		4,000,000		3,598,980
6.500% due 07/15/27		500,000		495,314
Venture Global Calcasieu Pass LLC
3.875% due 08/15/29 ~		900,000		773,838
3.875% due 11/01/33 ~		6,560,000		5,113,094
4.125% due 08/15/31 ~		7,400,000		6,153,988

				115,511,522

Financial - 18.3%

AerCap Ireland Capital DAC (Ireland)
2.450% due 10/29/26		3,250,000		2,745,745
4.450% due 10/01/25		2,000,000		1,889,877
4.625% due 10/15/27		1,000,000		899,498
Air Lease Corp
1.875% due 08/15/26		750,000		636,508
3.125% due 12/01/30		3,500,000		2,760,703
3.750% due 06/01/26		1,500,000		1,372,939
4.650% due 06/15/26		2,750,000		2,302,793
Athene Holding Ltd
3.500% due 01/15/31		1,000,000		802,194
6.150% due 04/03/30		4,925,000		4,735,407
Avolon Holdings Funding Ltd (Ireland)
2.125% due 02/21/26 ~		6,450,000		5,427,742
2.750% due 02/21/28 ~		5,000,000		3,933,628
3.250% due 02/15/27 ~		3,200,000		2,683,910
3.950% due 07/01/24 ~		3,000,000		2,840,243
Bank of America Corp
1.922% due 10/24/31		1,000,000		741,152
2.087% due 06/14/29		7,300,000		5,937,929
2.482% due 09/21/36		4,250,000		3,076,128
2.592% due 04/29/31		7,500,000		5,955,485
2.651% due 03/11/32		5,000,000		3,896,691
2.687% due 04/22/32		1,450,000		1,133,747
2.972% due 02/04/33		6,000,000		4,697,977
6.125% due 04/27/27		5,000,000		4,737,500
Citigroup Inc
1.462% due 06/09/27		5,000,000		4,262,048
2.520% due 11/03/32		2,000,000		1,518,716
2.561% due 05/01/32		450,000		346,022
2.666% due 01/29/31		1,000,000		799,592
3.668% due 07/24/28		4,000,000		3,606,100
3.980% due 03/20/30		3,000,000		2,665,604
4.075% due 04/23/29		3,000,000		2,718,835
4.450% due 09/29/27		4,500,000		4,172,583
Corebridge Financial Inc 3.850% due 04/05/29 ~		5,000,000		4,412,894
GLP Capital LP REIT
4.000% due 01/15/31		2,925,000		2,394,759
5.300% due 01/15/29		9,000,000		8,222,506
Host Hotels & Resorts LP REIT
2.900% due 12/15/31		4,750,000		3,492,564
3.375% due 12/15/29		6,800,000		5,517,604


	Principal Amount		Value
3.500% due 09/15/30	$	1,500,000	$	1,198,145
HSBC Holdings PLC (United Kingdom)
2.206% due 08/17/29		4,500,000		3,486,971
4.700% due 03/09/31		3,000,000		2,138,000
Invitation Homes Operating Partnership LP REIT 2.700% due 01/15/34		9,000,000		6,363,112
Iron Mountain Inc REIT
4.500% due 02/15/31 ~		275,000		213,100
4.875% due 09/15/29 ~		4,175,000		3,435,858
5.000% due 07/15/28 ~		3,500,000		3,017,140
5.250% due 03/15/28 ~		575,000		505,175
5.250% due 07/15/30 ~		1,000,000		829,660
Iron Mountain Information Management Services Inc REIT 5.000% due 07/15/32 ~		900,000		697,939
JPMorgan Chase & Co
1.578% due 04/22/27		5,000,000		4,322,162
2.069% due 06/01/29		6,000,000		4,871,113
2.522% due 04/22/31		1,950,000		1,544,005
2.580% due 04/22/32		550,000		426,911
2.947% due 02/24/28		2,300,000		2,036,335
2.963% due 01/25/33		6,950,000		5,471,576
4.005% due 04/23/29		2,000,000		1,806,038
4.125% due 12/15/26		5,725,000		5,408,850
5.717% due 09/14/33		3,950,000		3,740,946
Liberty Mutual Group Inc 4.300% due 02/01/61 ~		3,950,000		2,495,381
Morgan Stanley
1.512% due 07/20/27		5,000,000		4,264,454
2.484% due 09/16/36		550,000		394,922
2.943% due 01/21/33		5,000,000		3,958,911
3.591% due 07/22/28		11,000,000		9,906,540
5.000% due 11/24/25		3,150,000		3,112,733
5.297% due 04/20/37		550,000		494,966
OneMain Finance Corp
3.875% due 09/15/28		3,175,000		2,343,563
4.000% due 09/15/30		800,000		562,652
5.375% due 11/15/29		4,775,000		3,708,384
7.125% due 03/15/26		3,425,000		3,092,627
The Charles Schwab Corp 5.000% due 06/01/27		5,000,000		4,506,250
The Goldman Sachs Group Inc
1.542% due 09/10/27		7,000,000		5,920,999
1.948% due 10/21/27		5,000,000		4,282,131
2.600% due 02/07/30		4,000,000		3,231,193
2.615% due 04/22/32		5,050,000		3,920,315
3.102% due 02/24/33		4,000,000		3,181,870
3.800% due 03/15/30		3,000,000		2,605,378
The PNC Financial Services Group Inc 4.626% due 06/06/33		6,900,000		6,164,351
VICI Properties LP REIT
4.625% due 12/01/29 ~		3,000,000		2,609,250
4.750% due 02/15/28		450,000		414,742
5.125% due 05/15/32		3,000,000		2,665,844
Wells Fargo & Co
2.393% due 06/02/28		4,500,000		3,864,682
3.196% due 06/17/27		5,000,000		4,557,846
3.526% due 03/24/28		1,450,000		1,314,718
3.908% due 04/25/26		1,900,000		1,817,298

				244,242,659

Industrial - 12.0%

ARD Finance SA (Luxembourg) 6.500% Cash or 7.250% PIK due 06/30/27 ~		3,768,194		2,587,732
Carrier Global Corp 2.722% due 02/15/30		4,450,000		3,677,583
Clydesdale Acquisition Holdings Inc
6.625% due 04/15/29 ~		3,150,000		2,872,831
8.750% due 04/15/30 ~		2,150,000		1,782,855


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-26

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
First Student Bidco Inc 4.000% due 07/31/29 ~	$	7,475,000	$	6,071,802
Flowserve Corp
2.800% due 01/15/32		5,050,000		3,621,739
3.500% due 10/01/30		7,050,000		5,809,266
GFL Environmental Inc (Canada)
3.500% due 09/01/28 ~		1,025,000		866,125
4.000% due 08/01/28 ~		875,000		731,058
4.375% due 08/15/29 ~		1,950,000		1,629,576
4.750% due 06/15/29 ~		2,375,000		2,004,357
Granite US Holdings Corp 11.000% due 10/01/27 ~		4,975,000		4,699,101
Hillenbrand Inc 3.750% due 03/01/31		6,375,000		4,937,724
Husky III Holding Ltd (Canada) 13.000% Cash or 13.750% PIK due 02/15/25 ~		2,050,000		1,933,386
LABL Inc
5.875% due 11/01/28 ~		4,475,000		3,632,691
6.750% due 07/15/26 ~		2,500,000		2,270,675
8.250% due 11/01/29 ~		1,975,000		1,439,263
Madison IAQ LLC
4.125% due 06/30/28 ~		1,875,000		1,508,772
5.875% due 06/30/29 ~		4,075,000		2,845,491
Masco Corp 7.750% due 08/01/29		4,110,000		4,494,714
Mauser Packaging Solutions Holding Co
5.500% due 04/15/24 ~		4,375,000		4,162,988
7.250% due 04/15/25 ~		6,700,000		5,903,270
nVent Finance Sarl (United Kingdom) 2.750% due 11/15/31		3,600,000		2,685,762
OT Merger Corp 7.875% due 10/15/29 ~		5,500,000		3,746,325
Owens-Brockway Glass Container Inc 5.375% due 01/15/25 ~		5,886,000		5,436,192
Penske Truck Leasing Co LP 3.350% due 11/01/29 ~		3,675,000		3,140,221
SPX FLOW Inc 8.750% due 04/01/30 ~		6,600,000		5,144,964
Standard Industries Inc
3.375% due 01/15/31 ~		6,673,000		4,707,134
4.375% due 07/15/30 ~		7,500,000		5,755,575
4.750% due 01/15/28 ~		4,443,000		3,764,354
TD SYNNEX Corp 2.650% due 08/09/31		5,000,000		3,734,169
Teledyne Technologies Inc
2.250% due 04/01/28		3,500,000		2,922,773
2.750% due 04/01/31		3,500,000		2,765,352
The Boeing Co 5.040% due 05/01/27		12,200,000		11,769,490
The Weir Group PLC (United Kingdom) 2.200% due 05/13/26 ~		6,800,000		5,720,559
Titan Acquisition Ltd (Canada) 7.750% due 04/15/26 ~		3,395,000		2,687,453
TK Elevator US Newco Inc (Germany) 5.250% due 07/15/27 ~		5,000,000		4,263,025
TransDigm Inc
4.625% due 01/15/29		675,000		545,073
4.875% due 05/01/29		4,475,000		3,624,750
5.500% due 11/15/27		675,000		588,576
TriMas Corp 4.125% due 04/15/29 ~		4,225,000		3,575,470
Vertiv Group Corp 4.125% due 11/15/28 ~		8,475,000		6,835,215
Vontier Corp 2.950% due 04/01/31		4,500,000		3,245,310
WRKCo Inc 3.000% due 06/15/33		5,175,000		4,009,629


				160,150,370


	Principal Amount		Value
Technology - 2.3%

Broadcom Inc
3.137% due 11/15/35 ~	$	2,700,000	$	1,897,560
3.187% due 11/15/36 ~		203,000		139,276
3.469% due 04/15/34 ~		2,000,000		1,504,161
4.150% due 11/15/30		1,589,000		1,377,661
4.926% due 05/15/37 ~		2,153,000		1,779,355
Entegris Escrow Corp
4.750% due 04/15/29 ~		5,375,000		4,746,526
5.950% due 06/15/30 ~		2,000,000		1,829,880
Kyndryl Holdings Inc 2.700% due 10/15/28		3,000,000		2,197,472
Open Text Corp (Canada) 3.875% due 12/01/29 ~		1,350,000		1,041,835
Open Text Holdings Inc (Canada) 4.125% due 12/01/31 ~		3,200,000		2,434,944
Oracle Corp 2.300% due 03/25/28		4,000,000		3,347,258
Rackspace Technology Global Inc 3.500% due 02/15/28 ~		2,700,000		1,788,804
Twilio Inc
3.625% due 03/15/29		750,000		606,724
3.875% due 03/15/31		7,750,000		6,099,808


				30,791,264

Utilities - 0.9%

IPALCO Enterprises Inc 4.250% due 05/01/30		4,000,000		3,476,603
Oncor Electric Delivery Co LLC 4.950% due 09/15/52 ~		3,700,000		3,505,545
Vistra Operations Co LLC 4.300% due 07/15/29 ~		6,000,000		5,120,385


				12,102,533

Total Corporate Bonds & Notes (Cost $1,197,959,646)				1,005,006,585


SENIOR LOAN NOTES - 20.0%

Communications - 0.4%

Clear Channel Outdoor Holdings Inc Term B 6.306% (USD LIBOR + 3.500%) due 08/21/26 §		6,563,425		5,877,002



Consumer, Cyclical - 2.5%

ClubCorp Holdings Inc Term B 6.424% (USD LIBOR + 2.750%) due 09/18/24 §		4,295,112		3,966,536
Fertitta Entertainment LLC Term B 7.034% (SOFR + 4.000%) due 01/27/29 §		2,959,664		2,753,310
Great Outdoors Group LLC Term B-2 6.865% (USD LIBOR + 3.750%) due 03/05/28 §		3,193,369		2,955,862
LBM Acquisition LLC Term B 7.121% (USD LIBOR + 3.750%) due 12/18/27 §		6,412,668		5,628,720
MIC Glen LLC (2nd Lien) 9.865% (USD LIBOR + 6.750%) due 07/21/29 §		1,750,000		1,675,625
SRS Distribution Inc Term B 6.306% (USD LIBOR + 3.500%) due 06/04/28 §		12,375,000		11,392,734
Tacala Investment Corp Term B 6.615% (USD LIBOR + 3.500%) due 02/05/27 §		3,829,646		3,590,294
(2nd Lien) 10.615% (USD LIBOR + 7.500%) due 02/05/28 ± §		1,500,000		1,380,000

				33,343,081


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-27

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
Consumer, Non-Cyclical - 5.4%

Allied Universal Holdco LLC Term B 6.784% (USD LIBOR + 3.750%) due 05/14/28 §	$	9,900,000	$	8,732,107
CoreLogic Inc Term B 6.625% (USD LIBOR + 3.500%) due 06/02/28 §		10,890,000		8,258,246
Heartland Dental LLC Term B 7.084% (USD LIBOR + 4.000%) due 04/30/25 §		8,640,625		8,044,422
Mavis Tire Express Services Topco Corp 7.250% (SOFR + 4.000%) due 05/04/28 §		7,900,000		7,432,581
Medline Borrower LP Term B 6.365% (USD LIBOR + 3.250%) due 10/21/28 §		4,228,750		3,898,087
Pathway Vet Alliance LLC Term B 7.424% (USD LIBOR + 3.750%) due 03/31/27 §		8,852,002		7,845,087
PetVet Care Centers LLC 5.865% (USD LIBOR + 2.750%) due 02/14/25 §		2,916,044		2,706,089
Term B 6.365% (USD LIBOR + 3.250%) due 02/14/25 §		2,938,776		2,720,204
Term B-3 6.615% (USD LIBOR + 3.500%) due 02/15/25 §		3,959,184		3,691,939
Spin Holdco Inc Term B 7.144% (USD LIBOR + 4.000%) due 03/04/28 §		5,895,000		5,192,510
Sunshine Luxembourg VII SARL Term B (Luxembourg) 7.424% (USD LIBOR + 3.750%) due 10/02/26 §		8,591,625		8,019,749
WCG Purchaser Corp Term B 7.115%-7.674% (USD LIBOR + 4.000%) due 01/08/27 §		5,939,394		5,590,455

				72,131,476

Energy - 1.1%

CQP Holdco LP Term B 7.424% (USD LIBOR + 3.750%) due 06/04/28 §		7,900,000		7,635,840
Traverse Midstream Partners LLC Term B 5.950% (SOFR + 4.250%) due 09/27/24 §		7,137,671		6,993,133

				14,628,973

Financial - 1.5%

AssuredPartners Inc Term B 6.615% (USD LIBOR + 3.500%) due 02/13/27 §		5,348,750		5,070,615
Deerfield Dakota Holding LLC Term B 6.784% (SOFR + 3.750%) due 04/09/27 §		8,868,954		8,431,049
USI Inc Term B 6.424% (USD LIBOR + 2.750%) due 05/16/24 §		6,239,713		6,088,269

				19,589,933

Industrial - 4.6%

Brand Industrial Services Inc 6.500%-7.033% (USD LIBOR + 4.250%) due 06/21/24 §		3,799,499		3,316,248
Dynasty Acquisition Co Inc 6.615% (USD LIBOR + 3.500%) due 04/08/26 §		3,707,761		3,429,679


	Principal Amount		Value
Engineered Machinery Holdings Inc 7.424% (USD LIBOR + 3.750%) due 05/21/28 §	$	3,787,071	$	3,649,790
Filtration Group Corp Term B 6.115% (USD LIBOR + 3.000%) due 03/29/25 §		5,872,041		5,654,288
LABL Inc Term B 8.115% (USD LIBOR + 5.000%) due 10/29/28 §		9,676,875		8,779,345
Madison IAQ LLC 6.815% (USD LIBOR + 3.250%) due 06/21/28 §		7,900,000		7,317,375
Mauser Packaging Solutions Holding Co Term B 5.814% (USD LIBOR + 3.250%) due 04/03/24 §		8,005,015		7,484,689
Pregis TopCo LLC 6.806% (USD LIBOR + 4.000%) due 08/01/26 §		3,465,000		3,313,406
Term B 6.806% (USD LIBOR + 4.000%) due 08/01/26 §		5,401,572		5,154,002
Pro Mach Group Inc Term B 7.115% (USD LIBOR + 4.000%) due 08/31/28 §		4,467,507		4,270,937
Proampac PG Borrower LLC Term B 6.035%-6.734% (USD LIBOR + 3.750%) due 11/03/25 §		7,634,137		7,160,187
Standard Aero Ltd 6.615% (USD LIBOR + 3.500%) due 04/08/26 §		1,993,420		1,843,913

				61,373,859

Technology - 4.2%

Applied Systems Inc Term B 6.674% (USD LIBOR + 3.000%) due 09/19/24 §		14,190,215		13,879,804
Epicor Software Corp Term C 6.365% (USD LIBOR + 3.250%) due 07/31/27 §		5,924,433		5,556,627
Finastra USA Inc Term B 6.871% (USD LIBOR + 3.500%) due 06/13/24 §		4,904,741		4,309,163
Peraton Corp Term B 6.865% (USD LIBOR + 3.750%) due 02/01/28 §		7,736,900		7,352,956
Polaris Newco LLC Term B 7.674% (USD LIBOR + 4.000%) due 06/04/28 §		7,920,000		7,328,970
Rackspace Technology Global Inc Term B 5.617% (USD LIBOR + 2.750%) due 02/09/28 §		4,925,000		3,535,224
RealPage Inc Term B 6.115% (USD LIBOR + 3.000%) due 04/22/28 §		6,930,000		6,503,375
UKG Inc 5.535% (USD LIBOR + 3.250%) due 05/03/26 §		8,868,000		8,410,748

				56,876,867

Utilities - 0.3%

PG&E Corp Term B 6.125% (USD LIBOR + 3.000%) due 06/23/25 §		4,154,375		3,988,200


Total Senior Loan Notes (Cost $289,790,345)				267,809,391


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-28

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value

ASSET-BACKED SECURITIES - 3.5%

Dryden 55 CLO Ltd (Cayman) 4.412% (USD LIBOR + 1.900%) due 04/15/31 ~ §	$	250,000	$	232,171
Dryden 58 CLO Ltd (Cayman) 4.240% (USD LIBOR + 1.500%) due 07/17/31 ~ §		1,500,000		1,423,125
4.540% (USD LIBOR + 1.800%)
due 07/17/31 ~ §		1,500,000		1,391,304
Dryden 61 CLO Ltd (Cayman) 4.140% (USD LIBOR + 1.400%) due 01/17/32 ~ §		1,500,000		1,428,695
4.490% (USD LIBOR + 1.750%)
due 01/17/32 ~ §		1,500,000		1,385,889
Dryden 64 CLO Ltd (Cayman) 4.140% (USD LIBOR + 1.400%) due 04/18/31 ~ §		2,600,000		2,490,048
Flatiron RR CLO 22 LLC 4.112% (USD LIBOR + 1.600%) due 10/15/34 ~ §		7,000,000		6,616,534
Madison Park Funding Ltd (Cayman) 4.112% (USD LIBOR + 1.600%) due 07/15/30 ~ §		2,000,000		1,926,458
4.362% (USD LIBOR + 1.850%)
due 07/15/30 ~ §		1,000,000		930,661
4.490% (USD LIBOR + 1.750%)
due 10/18/30 ~ §		2,650,000		2,543,392
Magnetite Xxx Ltd (Cayman) 4.383% (USD LIBOR + 1.600%) due 10/25/34 ~ §		6,550,000		6,149,030
Neuberger Berman Loan Advisers CLO 38 Ltd 4.360% (USD LIBOR + 1.650%) due 10/20/35 ~ §		5,000,000		4,729,377
Palmer Square Loan Funding Ltd (Cayman) 4.334% (USD LIBOR + 1.350%) due 02/20/28 ~ §		2,000,000		1,958,347
4.884% (USD LIBOR + 1.900%)
due 02/20/28 ~ §		1,000,000		972,700


	Principal Amount		Value
Rad CLO 12 Ltd (Cayman) 4.432% (USD LIBOR + 1.650%) due 10/30/34 ~ §	$	4,000,000	$	3,777,306
Sandstone Peak Ltd (Cayman) 4.312% (USD LIBOR + 1.800%) due 10/15/34 ~ §		9,000,000		8,489,598


Total Asset-Backed Securities (Cost $49,050,000)				46,444,635


	Shares
SHORT-TERM INVESTMENT - 0.1%

Money Market Fund - 0.1%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.790%		1,431,153		1,431,153


Total Short-Term Investment (Cost $1,431,153)				1,431,153


TOTAL INVESTMENTS - 98.7% (Cost $1,539,747,921)				1,320,736,865


OTHER ASSETS & LIABILITIES, NET - 1.3%				17,510,113


NET ASSETS - 100.0%				$1,338,246,978

Notes to Schedule of Investments

(a)	As of September 30, 2022, the Fund’s composition as a percentage of net assets was as follows:


Corporate Bonds & Notes			75.1%
Senior Loan Notes			20.0%
Asset-Backed Securities			3.5%
Others (each less than 3.0%)			0.1%

			98.7%
Other Assets & Liabilities, Net			1.3%

			100.0%

(b)	Fair Value Measurements

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


		Total Value at September 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$45,101		$—		$45,101		$—
	Corporate Bonds & Notes		1,005,006,585		—		1,005,006,585		—
	Senior Loan Notes		267,809,391		—		266,429,391		1,380,000
	Asset-Backed Securities		46,444,635		—		46,444,635		—
	Short-Term Investment		1,431,153		1,431,153		—		—

	Total		$1,320,736,865		$1,431,153		$1,317,925,712		$1,380,000


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-29

PACIFIC FUNDS

PACIFIC FUNDS^SM FLOATING RATE INCOME

Schedule of Investments

September 30, 2022 (Unaudited)


	Shares		Value
EXCHANGE-TRADED FUND - 1.1%

SPDR Bloomberg Short Term High Yield Bond		1,988,150		$47,278,207


Total Exchange-Traded Fund (Cost $52,968,324)				47,278,207


	Principal Amount
CORPORATE BONDS & NOTES - 7.2%

Communications - 1.8%

CSC Holdings LLC 6.500% due 02/01/29 ~		$13,500,000		11,944,328
Uber Technologies Inc 7.500% due 05/15/25 ~		13,000,000		12,986,610
7.500% due 09/15/27 ~		10,000,000		9,815,250
8.000% due 11/01/26 ~		40,470,000		40,463,322

				75,209,510

Consumer, Cyclical - 1.6%

American Airlines Inc 11.750% due 07/15/25 ~		16,000,000		16,734,720
Caesars Entertainment Inc 8.125% due 07/01/27 ~		7,125,000		6,821,546
Carnival Corp 9.875% due 08/01/27 ~		14,335,000		14,074,676
eG Global Finance PLC (United Kingdom) 6.750% due 02/07/25 ~		11,909,000		10,756,209
8.500% due 10/30/25 ~		2,000,000		1,751,298
Merlin Entertainments Ltd (United Kingdom) 5.750% due 06/15/26 ~		17,903,000		16,698,665

				66,837,114

Consumer, Non-Cyclical - 0.8%

Allied Universal Holdco LLC 4.625% due 06/01/28 ~		9,000,000		6,827,607
6.625% due 07/15/26 ~		24,327,000		21,725,714
CoreLogic Inc 4.500% due 05/01/28 ~		9,250,000		6,303,505

				34,856,826

Energy - 0.1%

Antero Midstream Partners LP 5.750% due 03/01/27 ~		4,827,000		4,474,253


Financial - 1.8%

Acrisure LLC 7.000% due 11/15/25 ~		22,071,000		20,207,104
AssuredPartners Inc 7.000% due 08/15/25 ~		44,066,000		40,775,988
HUB International Ltd 7.000% due 05/01/26 ~		19,170,000		18,211,500

				79,194,592

Industrial - 1.1%

Artera Services LLC 9.033% due 12/04/25 ~		5,000,000		4,031,850
TransDigm Inc 6.250% due 03/15/26 ~		32,323,000		31,407,936
8.000% due 12/15/25 ~		12,572,000		12,769,883

				48,209,669


Total Corporate Bonds & Notes (Cost $339,102,967)				308,781,964


	Principal Amount		Value

SENIOR LOAN NOTES - 84.6%

Basic Materials - 2.8%

Herens US Holdco Corp Term B 7.674% (USD LIBOR + 4.000%) due 07/03/28 §		$34,606,638		$31,124,345
Spa US HoldCo Inc Term B 7.424% (USD LIBOR + 3.750%) due 02/04/28 §		20,483,710		19,024,246
Vantage Specialty Chemicals Inc Term B 6.306% - 7.174% (USD LIBOR + 3.500%) due 10/28/24 §		39,192,955		37,919,183
Vibrantz Technologies Inc Term B 6.977% (SOFR + 4.250%) due 04/21/29 §		37,150,000		30,106,992

				118,174,766

Communications - 5.6%

Arches Buyer Inc 6.365% (USD LIBOR + 3.250%) due 12/06/27 §		35,270,027		31,919,374
CNT Holdings I Corp Term B 6.248% (SOFR + 3.500%) due 11/08/27 §		9,053,991		8,643,737
(2nd Lien) 9.498% (SOFR + 6.750%) due 11/06/28 §		37,820,111		36,023,656
Hunter US Bidco Inc Term B 7.924% (USD LIBOR + 4.250%) due 08/19/28 ± §		17,537,344		16,616,633
MH Sub I LLC 6.865% (USD LIBOR + 3.750%) due 09/15/24 §		28,963,154		27,659,812
Ping Identity Corp Term B 6.884% (SOFR + 3.850%) due 11/23/28 ± § ∞		29,310,294		29,200,380
Pug LLC Term B 6.615% (USD LIBOR + 3.500%) due 02/13/27 ± §		39,016,523		34,139,458
7.365% (USD LIBOR + 4.250%) due 02/13/27 ± §		20,435,811		18,085,693
Xplornet Communications Inc (Canada) (2nd Lien) 10.115% (USD LIBOR + 7.000%) due 10/01/29 ± §		10,500,000		9,213,750
Term B 7.115% (USD LIBOR + 4.000%) due 10/01/28 §		27,734,502		24,429,465

				235,931,958

Consumer, Cyclical - 11.6%

BCPE Empire Holdings Inc 7.115% (USD LIBOR + 4.000%) due 06/11/26 §		8,183,996		7,846,406
7.115% (USD LIBOR + 4.000%) due 06/11/26 ± §		4,689,605		4,513,745
7.759% (SOFR + 4.625%) due 06/11/26 §		14,186,855		13,796,716
Burgess Point Purchaser Corp Term B 8.414% (SOFR + 5.250%) due 07/25/29 §		2,750,000		2,542,031
Carnival Corp Term B 5.877% (USD LIBOR + 3.000%) due 06/30/25 §		26,896,627		24,610,414
6.127% (USD LIBOR + 3.250%) due 10/18/28 §		37,229,322		32,575,657


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-30

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
ClubCorp Holdings Inc Term B 6.424% (USD LIBOR + 2.750%) due 09/18/24 §		$61,325,289		$56,633,904
Fertitta Entertainment LLC Term B 7.034% (SOFR + 4.000%) due 01/27/29 §		43,605,329		40,565,079
First Brands Group LLC Term B 8.368% (SOFR + 5.000%) due 03/30/27 §		10,431,896		10,050,485
Great Outdoors Group LLC Term B-2 6.865% (USD LIBOR + 3.750%) due 03/05/28 §		47,958,838		44,391,899
Hunter Douglas Inc Term B (Netherlands) 6.340% (SOFR + 3.500%) due 02/25/29 §		36,267,220		30,029,258
MIC Glen LLC (2nd Lien) 9.865% (USD LIBOR + 6.750%) due 07/21/29 §		4,750,000		4,548,125
PetSmart LLC Term B 6.870% (USD LIBOR + 3.750%) due 02/12/28 § ∞		38,046,294		36,096,421
Playa Resorts Holding BV Term B 5.870% (USD LIBOR + 2.750%) due 04/27/24 §		62,372,374		60,345,272
Radwell International LLC 9.403% (SOFR + 5.850%) due 04/04/29 ± § f		44,202,300		43,649,771
SRS Distribution Inc Term B 6.177% (SOFR + 3.500%) due 06/04/28 §		8,049,774		7,430,948
6.306% (USD LIBOR + 3.500%) due 06/04/28 §		40,127,501		36,942,381
Sunset Debt Merger Sub Inc Term B 7.602% (USD LIBOR + 4.000%) due 10/06/28 §		24,621,263		19,327,691
Tecta America Corp 7.365% (USD LIBOR + 4.250%) due 04/09/28 §		12,996,839		12,411,981
United Airlines Inc Term B 6.533% (USD LIBOR + 3.750%) due 04/21/28 §		6,709,311		6,431,505

				494,739,689

Consumer, Non-Cyclical - 20.8%

Allied Universal Holdco LLC Term B 6.784% (USD LIBOR + 3.750%) due 05/14/28 §		44,350,255		39,118,300
Bausch + Lomb Corp Term B 6.098% (SOFR + 3.250%) due 05/10/27 §		38,653,125		36,003,762
CoreLogic Inc
(2nd Lien) 9.625% (USD LIBOR + 6.500%) due 06/04/29 §		23,802,823		17,971,132
Term B 6.625% (USD LIBOR + 3.500%) due 06/02/28 § ∞		32,046,717		24,302,083
Corgi BidCo Inc due 09/20/29 § ∞		29,500,000		27,693,125
Curium Bidco SARL Term B (Luxembourg) 6.250% (USD LIBOR + 4.000%) due 07/11/26 ± §		4,081,287		3,918,036
7.924% (USD LIBOR + 4.250%) due 12/09/27 ± §		17,849,952		16,868,204
Dermatology Intermediate Holdings III Inc 6.845% - 7.284% (SOFR + 4.250%) due 04/01/29 ± § f		10,477,884		10,006,379


	Principal Amount		Value
Eyecare Partners LLC 7.424% (USD LIBOR + 3.750%) due 11/15/28 ± §		$4,711,911		$4,276,059
7.621% (SOFR + 4.500%) due 11/15/28 ± §		3,250,000		3,038,750
Flynn America LP Term B 7.063% - 7.625% (USD LIBOR + 4.500%) due 07/29/28 §		10,303,125		9,221,297
Gainwell Acquisition Corp Term B 7.674% (USD LIBOR + 4.000%) due 10/01/27 §		43,699,736		41,769,649
Heartland Dental LLC 6.615% (USD LIBOR + 3.500%) due 04/30/25 §		52,010,689		48,077,381
Term B 7.084% (USD LIBOR + 4.000%) due 04/30/25 §		3,589,442		3,341,771
Mavis Tire Express Services Topco Corp 7.250% (SOFR + 4.000%) due 05/04/28 §		58,344,402		54,892,339
Midwest Veterinary Partners LLC 7.115% - 7.371% (USD LIBOR + 4.000%) due 04/30/28 ± §		58,337,084		54,836,859
Packaging Coordinators Midco Inc 7.424% (USD LIBOR + 3.750%) due 11/30/27 §		49,704,493		47,331,103
Pathway Vet Alliance LLC Term B 7.424% (USD LIBOR + 3.750%) due 03/31/27 § ∞		70,951,104		62,880,416
PECF USS Intermediate Holding III Corp Term B 7.365% (USD LIBOR + 4.250%) due 12/15/28 §		7,443,750		6,387,668
PetVet Care Centers LLC due 02/14/25 ∞		1,994,779		1,851,155
(2nd Lien) 9.365% (USD LIBOR + 6.250%) due 02/15/26 §		37,758,221		36,177,095
Term B-3 6.615% (USD LIBOR + 3.500%) due 02/15/25 § ∞		81,008,249		75,540,192
Precision Medicine Group LLC due 11/20/27 ± f		668,879		620,385
Term B 5.250% - 5.581% (USD LIBOR + 3.000%) due 11/20/27 ± §		17,272,344		16,020,099
Southern Veterinary Partners LLC 7.115% (USD LIBOR + 4.000%) due 10/05/27 §		52,769,922		50,065,463
(2nd Lien) 10.274% (USD LIBOR + 7.500%) due 10/05/28 ± §		1,000,000		930,000
Spin Holdco Inc Term B 7.144% (USD LIBOR + 4.000%) due 03/04/28 §		42,294,371		37,254,277
Sunshine Luxembourg VII SARL Term B (Luxembourg) 7.424% (USD LIBOR + 3.750%) due 10/02/26 §		89,529,710		83,570,434
Team Health Holdings Inc Term B 8.284% (SOFR + 5.250%) due 02/02/27 § ∞		38,503,055		33,064,499
VetCor Professional Practices LLC due 08/31/29 ± ∞		20,000,000		19,700,000
WCG Purchaser Corp Term B 7.115% - 7.674% (USD LIBOR + 4.000%) due 01/08/27 §		20,022,982		18,846,632

				885,574,544


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-31

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
Energy - 1.1%

Traverse Midstream Partners LLC Term B 5.950% (SOFR + 4.250%) due 09/27/24 §		$46,933,595		$45,983,190


Financial - 9.2%

Acrisure LLC Term B-1 6.615% (USD LIBOR + 3.500%) due 02/15/27 §		9,122,476		8,358,468
Term B-3 7.365% (USD LIBOR + 4.250%) due 02/15/27 ± §		41,362,023		38,983,707
Alliant Holdings Intermediate LLC
Term B 6.365% (USD LIBOR + 3.250%) due 05/10/25 §		5,827,180		5,586,809
Term B-4 6.493% (USD LIBOR + 3.500%) due 11/12/27 §		2,099,998		1,999,122
Apex Group Treasury LLC Term B due 07/27/28 ± ∞		13,546,283		13,241,492
6.557% (USD LIBOR + 3.750%) due 07/27/28 ± § ∞		44,079,157		42,095,595
AssuredPartners Inc 6.534% (SOFR + 3.500%) due 02/13/27 §		21,584,667		20,464,963
Term B 6.615% (USD LIBOR + 3.500%) due 02/13/27 §		21,721,663		20,581,927
Deerfield Dakota Holding LLC Term B 6.784% (SOFR + 3.750%) due 04/09/27 § ∞		40,534,610		38,533,213
(2nd Lien) 9.865% (USD LIBOR + 6.750%) due 04/14/28 ± §		48,640,838		47,303,215
HUB International Ltd
Term B 5.766% (USD LIBOR + 3.000%) due 04/25/25 § ∞		11,305,802		10,892,824
Term B-3 5.982% (USD LIBOR + 3.250%) due 04/25/25 § ∞		86,045,436		83,060,692
OneDigital Borrower LLC Term B 6.977% (SOFR + 4.250%) due 11/16/27 ± §		63,567,815		59,435,907

				390,537,934

Industrial - 15.5%

Artera Services LLC 6.924% (USD LIBOR + 3.250%) due 03/06/25 §		4,290,168		3,528,663
7.174% (USD LIBOR + 3.500%) due 03/06/25 §		14,083,609		11,572,037
ASP LS Acquisition Corp 7.377% (USD LIBOR + 4.500%) due 05/07/28 §		36,508,301		31,068,564
Brown Group Holding LLC Term B-2 6.784% (SOFR + 3.750%) due 07/01/29 §		19,000,000		18,447,822
Charter Next Generation Inc 6.556% (USD LIBOR + 3.750%) due 12/01/27 §		37,500,141		35,618,422
Clydesdale Acquisition Holdings Inc 7.309% (SOFR + 4.175%) due 04/13/29 § ∞		15,620,379		14,777,988
Crosby US Acquisition Corp Term B 7.834% (USD LIBOR + 4.750%) due 06/27/26 §		3,173,013		2,996,514


	Principal Amount		Value
Dynasty Acquisition Co Inc 6.615% (USD LIBOR + 3.500%) due 04/08/26 § ∞		$32,491,868		$30,054,978
Engineered Components & Systems LLC Term B 8.756% (USD LIBOR + 6.000%) due 08/02/28 ± §		9,428,750		8,344,444
Engineered Machinery Holdings Inc 7.424% (USD LIBOR + 3.750%) due 05/21/28 §		23,570,680		22,716,243
First Student Bidco Inc
Term B due 07/21/28 ∞		12,914,187		11,934,866
Term C due 07/21/28 ∞		4,799,610		4,435,641
Graham Packaging Co Inc 6.115% (USD LIBOR + 3.000%) due 08/04/27 §		7,762		7,391
KKR Apple Bidco LLC
(2nd Lien) due 09/23/29 ∞		12,846,094		12,300,135
Term B 7.064% (SOFR + 4.000%) due 09/23/28 §		8,800,000		8,651,500
Kloeckner Pentaplast of America Inc Term B (Luxembourg) 8.259% (SOFR + 4.750%) due 02/09/26 ± §		15,626,812		13,517,193
LABL Inc Term B 8.115% (USD LIBOR + 5.000%) due 10/29/28 §		50,124,991		45,475,898
LTI Holdings Inc Term B 6.365% (USD LIBOR + 3.250%) due 09/06/25 § ∞		40,466,967		37,600,570
Mauser Packaging Solutions Holding Co Term B 5.814% (USD LIBOR + 3.250%) due 04/03/24 § ∞		78,716,883		73,600,286
Pregis TopCo LLC 6.806% (USD LIBOR + 4.000%) due 08/01/26 §		4,946,717		4,730,298
Term B 6.806% (USD LIBOR + 4.000%) due 08/01/26 §		10,902,235		10,402,553
Pretium PKG Holdings Inc 6.277% - 7.168% (USD LIBOR + 4.000%) due 10/01/28 §		18,404,589		16,656,153
(2nd Lien) 9.027% - 9.918% (USD LIBOR + 6.750%) due 10/01/29 §		7,245,000		6,248,812
Pro Mach Group Inc Term B 7.115% (USD LIBOR + 4.000%) due 08/31/28 § ∞		39,822,899		38,070,692
Proampac PG Borrower LLC Term B 6.035% - 6.734% (USD LIBOR + 3.750%) due 11/03/25 § ∞		44,316,997		41,565,665
SPX FLOW Inc Term B 7.634% (SOFR + 4.500%) due 04/05/29 §		41,155,814		38,120,572
Standard Aero Ltd 6.615% (USD LIBOR + 3.500%) due 04/08/26 § ∞		17,443,715		16,135,436
Star US Bidco LLC Term B 7.365% (USD LIBOR + 4.250%) due 03/17/27 §		28,803,137		27,362,980
The Kenan Advantage Group Inc Term B-1 6.865% (USD LIBOR + 3.750%) due 03/24/26 §		11,058,665		10,516,791


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-32

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
USIC Holdings Inc
(2nd Lien) 9.615% (USD LIBOR + 6.500%) due 05/14/29 §		$13,603,964		$12,629,008
Term B 6.615% (USD LIBOR + 3.500%) due 05/14/28 §		32,905,105		30,930,799
WP CPP Holdings LLC Term B 6.560% (USD LIBOR + 3.750%) due 04/30/25 §		20,553,055		18,454,937

				658,473,851

Technology - 17.5%

Applied Systems Inc
(2nd Lien) 9.174% (USD LIBOR + 5.500%) due 09/19/25 § ∞		58,494,754		57,763,569
Term B 6.674% (USD LIBOR + 3.000%) due 09/19/24 § ∞		18,985,945		18,570,628
AthenaHealth Group Inc Term B 6.576% (SOFR + 3.500%) due 02/15/29 § f		42,409,149		38,104,620
Azalea Topco Inc Term B 6.884% (SOFR + 3.750%) due 07/25/26 ± §		10,447,500		9,546,403
Central Parent Inc 6.610% (SOFR + 4.500%) due 07/06/29 §		33,117,797		31,963,840
Epicor Software Corp
(2nd Lien) 10.865% (USD LIBOR + 7.750%) due 07/31/28 § ∞		83,609,592		81,895,595
Term C 6.365% (USD LIBOR + 3.250%) due 07/31/27 § ∞		12,948,674		12,144,781
Finastra USA Inc Term B 6.871% (USD LIBOR + 3.500%) due 06/13/24 § ∞		67,035,316		58,895,285
Mitnick Corporate Purchaser Inc 7.393% (SOFR + 4.850%) due 05/02/29 §		1,696,003		1,616,856
MRI Software LLC 9.174% (USD LIBOR + 5.500%) due 02/10/26 §		14,961,723		14,531,573
Peraton Corp
(2nd Lien) 10.568% (USD LIBOR + 7.750%) due 02/01/29 §		23,060,188		21,936,119
Term B 6.865% (USD LIBOR + 3.750%) due 02/01/28 §		34,972,068		33,236,579
Polaris Newco LLC Term B 7.674% (USD LIBOR + 4.000%) due 06/04/28 § ∞		74,747,124		69,169,120
Project Ruby Ultimate Parent Corp Term B 6.365% (USD LIBOR + 3.250%) due 03/10/28 §		19,084,987		17,880,247
RealPage Inc (2nd Lien) 9.615% (USD LIBOR + 6.500%) due 04/22/29 §		80,598,525		78,180,570
Sophia LP
(2nd Lien) 11.674% (USD LIBOR + 8.000%) due 10/07/28 §		27,912,930		27,843,148
Term B 7.174% (USD LIBOR + 3.500%) due 10/07/27 §		5,693,073		5,486,699


	Principal Amount		Value
Sovos Compliance LLC Term B 7.615% (USD LIBOR + 4.500%) due 08/12/28 § ∞		$64,335,829		$61,601,556
UKG Inc 5.535% (USD LIBOR + 3.250%) due 05/03/26 §		39,607,846		37,565,587
6.865% (USD LIBOR + 3.750%) due 05/03/26 § ∞		47,713,357		45,576,181
(2nd Lien) 7.535% (USD LIBOR + 5.250%) due 05/03/27 §		22,115,000		21,009,250

				744,518,206

Utilities - 0.5%

PG&E Corp Term B 6.125% (USD LIBOR + 3.000%) due 06/23/25 §		19,981,750		19,182,480


Total Senior Loan Notes (Cost $3,822,547,091)				3,593,116,618


	Shares
SHORT-TERM INVESTMENT - 6.9%

Money Market Fund - 6.9%

BlackRock Liquidity Funds T-Fund Portfolio
‘Institutional’ 2.790%		291,828,735		291,828,735


Total Short-Term Investment (Cost $291,828,735)				291,828,735


TOTAL INVESTMENTS - 99.8% (Cost $4,506,447,117)				4,241,005,524


OTHER ASSETS & LIABILITIES, NET - 0.2%				8,165,103


NET ASSETS - 100.0%				$4,249,170,627

Notes to Schedule of Investments

(a)	As of September 30, 2022, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Non-Cyclical			21.6%
Technology			17.5%
Industrial			16.6%
Consumer, Cyclical			13.2%
Financial			11.0%
Communications			7.4%
Short-Term Investment			6.9%
Others (each less than 3.0%)			5.6%

			99.8%
Other Assets & Liabilities, Net			0.2%

			100.0%


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-33

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

September 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 September 30, 2022:


		Total Value at September 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Exchange-Traded Fund		$47,278,207		$47,278,207		$—		$—
	Corporate Bonds & Notes		308,781,964		—		308,781,964		—
	Senior Loan Notes		3,593,116,618		—		3,075,014,461		518,102,157
	Short-Term Investment		291,828,735		291,828,735		—		—

	Total		$4,241,005,524		$339,106,942		$3,383,796,425		$518,102,157

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


	Senior Loan Notes
Value, Beginning of Period		$220,993,061
Purchases		112,160,015
Sales (Includes Paydowns)		(16,466,987	)
Accrued Discounts (Premiums)		25,398
Net Realized Gains (Losses)		2,859
Change in Net Unrealized Appreciation (Depreciation)		(12,382,516	)
Transfers In		246,811,994
Transfers Out		(33,041,667	)

Value, End of Period		$518,102,157

Change in Net Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of Period, if Applicable		($11,187,605	)

The table below shows transfers to/from Level 3:

Amount

Transferred

Level Transfer

Change in Fair Valuation Measurement Inputs

From

246,811,994

Vendor Price (Observable inputs)

Unobservable Single Broker Quote

33,041,667

Unobservable Single Broker Quote

Vendor Price (Observable inputs)

Additional information about Level 3 fair value measurements as of September 30, 2022 was as follows:

Value at

09/30/22

Valuation Technique(s)

Unobservable Input(s)

Single Input or
Range of Inputs

Weighted
Average

Senior Loan Notes

$19,700,000

IPO Purchase Price

N/A

98.50

N/A

All other significant unobservable inputs used to value Senior Loan Notes with the aggregate value of $498,402,157 were provided by a single broker quote.

Significant changes to a single broker quote or the IPO purchase price would have direct and proportional changes to the fair value of the security.


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-34

PACIFIC FUNDS

PACIFIC FUNDS^SM HIGH INCOME

Schedule of Investments

September 30, 2022 (Unaudited)


	Shares		Value
COMMON STOCKS - 0.0%

Industrial - 0.0%

TNT Crane & Rigging Inc		709		$7,888


Total Common Stocks (Cost $264,098)				7,888


EXCHANGE-TRADED FUNDS - 1.8%

iShares iBoxx High Yield Corporate Bond		12,830		915,934
SPDR Bloomberg High Yield Bond		10,405		914,079


Total Exchange-Traded Funds (Cost $1,998,524)				1,830,013


	Principal Amount
CORPORATE BONDS & NOTES - 87.3%

Basic Materials - 3.9%

Hecla Mining Co 7.250% due 02/15/28		$1,000,000		929,685
INEOS Quattro Finance 2 PLC (United Kingdom) 3.375% due 01/15/26 ~		600,000		500,376
JW Aluminum Continuous Cast Co 10.250% due 06/01/26 ~		80,000		82,116
Novelis Corp
3.875% due 08/15/31 ~		315,000		235,636
4.750% due 01/30/30 ~		550,000		452,391
Perenti Finance Pty Ltd (Australia) 6.500% due 10/07/25 ~		700,000		644,875
SPCM SA (France) 3.375% due 03/15/30 ~		550,000		430,554
TMS International Corp 6.250% due 04/15/29 ~		825,000		587,235

				3,862,868

Communications - 12.0%

CCO Holdings LLC
4.250% due 02/01/31 ~		340,000		261,372
4.750% due 03/01/30 ~		2,075,000		1,688,448
5.000% due 02/01/28 ~		100,000		86,397
5.375% due 06/01/29 ~		300,000		263,250
6.375% due 09/01/29 ~		275,000		252,983
Ciena Corp 4.000% due 01/31/30 ~		685,000		572,924
Clear Channel Outdoor Holdings Inc 5.125% due 08/15/27 ~		875,000		740,580
CommScope Inc 8.250% due 03/01/27 ~		635,000		525,609
CommScope Technologies LLC 6.000% due 06/15/25 ~		404,000		359,532
CSC Holdings LLC 3.375% due 02/15/31 ~		200,000		141,317
4.625% due 12/01/30 ~		200,000		136,365
6.500% due 02/01/29 ~		1,425,000		1,260,790
Frontier Communications Holdings Corp 5.000% due 05/01/28 ~		425,000		365,445
5.875% due 10/15/27 ~		125,000		112,314
GoTo Group Inc 5.500% due 09/01/27 ~		250,000		153,872
Lamar Media Corp
3.625% due 01/15/31		220,000		173,344
3.750% due 02/15/28		485,000		424,326
4.000% due 02/15/30		25,000		21,000
Level 3 Financing Inc
3.625% due 01/15/29 ~		195,000		144,690


	Principal Amount		Value
3.750% due 07/15/29 ~	$	75,000	$	55,110
4.625% due 09/15/27 ~		715,000		593,479
Lumen Technologies Inc
4.000% due 02/15/27 ~		425,000		357,839
4.500% due 01/15/29 ~		150,000		105,610
Outfront Media Capital LLC
4.250% due 01/15/29 ~		215,000		169,171
4.625% due 03/15/30 ~		50,000		39,025
5.000% due 08/15/27 ~		825,000		721,706
Sprint Capital Corp 8.750% due 03/15/32		675,000		783,759
T-Mobile USA Inc
2.625% due 02/15/29		50,000		41,384
2.875% due 02/15/31		25,000		20,180
3.375% due 04/15/29		275,000		238,012
3.500% due 04/15/31		225,000		189,432
Twitter Inc 5.000% due 03/01/30 ~		275,000		264,111
Uber Technologies Inc
4.500% due 08/15/29 ~		560,000		471,800
7.500% due 05/15/25 ~		125,000		124,871

				11,860,047

Consumer, Cyclical - 18.9%

Affinity Gaming 6.875% due 12/15/27 ~		510,000		416,739
American Airlines Inc 5.750% due 04/20/29 ~		705,000		616,364
American Airlines Pass-Through Trust ‘B’ 5.250% due 07/15/25		85,280		81,332
Aramark Services Inc 5.000% due 02/01/28 ~		215,000		191,952
Boyd Gaming Corp 4.750% due 06/15/31 ~		1,712,000		1,388,911
Caesars Entertainment Inc 8.125% due 07/01/27 ~		1,075,000		1,029,216
CDI Escrow Issuer Inc 5.750% due 04/01/30 ~		625,000		546,819
Cedar Fair LP
5.250% due 07/15/29		1,065,000		915,879
5.375% due 04/15/27		500,000		465,125
Clarios Global LP
6.250% due 05/15/26 ~		530,000		506,860
8.500% due 05/15/27 ~		250,000		239,200
Dornoch Debt Merger Sub Inc 6.625% due 10/15/29 ~		355,000		256,418
Empire Resorts Inc 7.750% due 11/01/26 ~		200,000		168,412
Fertitta Entertainment LLC
4.625% due 01/15/29 ~		485,000		402,114
6.750% due 01/15/30 ~		290,000		220,945
Ford Motor Co
3.250% due 02/12/32		1,625,000		1,173,339
4.750% due 01/15/43		635,000		422,304
6.100% due 08/19/32		170,000		150,161
Ford Motor Credit Co LLC 4.950% due 05/28/27		200,000		178,986
Foundation Building Materials Inc 6.000% due 03/01/29 ~		125,000		91,472
Hilton Grand Vacations Borrower Escrow LLC
4.875% due 07/01/31 ~		420,000		321,203
5.000% due 06/01/29 ~		300,000		242,572
Jacobs Entertainment Inc 6.750% due 02/15/29 ~		465,000		398,469
LBM Acquisition LLC 6.250% due 01/15/29 ~		750,000		509,730
LGI Homes Inc 4.000% due 07/15/29 ~		650,000		482,508
MajorDrive Holdings IV LLC 6.375% due 06/01/29 ~		770,000		531,878


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-35

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
Marriott Ownership Resorts Inc 4.750% due 01/15/28	$	675,000	$	565,965
Midwest Gaming Borrower LLC 4.875% due 05/01/29 ~		525,000		433,282
New Red Finance Inc (Canada)
3.500% due 02/15/29 ~		465,000		383,153
3.875% due 01/15/28 ~		100,000		87,190
4.000% due 10/15/30 ~		290,000		229,065
4.375% due 01/15/28 ~		510,000		442,606
NMG Holding Co Inc 7.125% due 04/01/26 ~		625,000		575,198
PetSmart Inc 7.750% due 02/15/29 ~		700,000		626,878
Royal Caribbean Cruises Ltd
due 01/15/29 # ~		325,000		316,885
11.625% due 08/15/27 ~		100,000		91,187
SeaWorld Parks & Entertainment Inc 5.250% due 08/15/29 ~		550,000		457,985
Six Flags Entertainment Corp 5.500% due 04/15/27 ~		915,000		805,200
SRS Distribution Inc
4.625% due 07/01/28 ~		445,000		382,785
6.000% due 12/01/29 ~		145,000		115,876
6.125% due 07/01/29 ~		75,000		60,381
STL Holding Co LLC 7.500% due 02/15/26 ~		550,000		468,748
The Michaels Cos Inc 7.875% due 05/01/29 ~		550,000		318,370
Viking Cruises Ltd 6.250% due 05/15/25 ~		440,000		382,527
Viking Ocean Cruises Ship VII Ltd 5.625% due 02/15/29 ~		50,000		38,972

				18,731,161

Consumer, Non-Cyclical - 16.2%

Ahern Rentals Inc 7.375% due 05/15/23 ~		1,591,000		1,079,729
Albertsons Cos Inc
3.500% due 03/15/29 ~		50,000		40,408
5.875% due 02/15/28 ~		1,450,000		1,340,641
Allied Universal Holdco LLC 9.750% due 07/15/27 ~		1,700,000		1,399,654
APi Group DE Inc 4.750% due 10/15/29 ~		525,000		435,664
Avantor Funding Inc
3.875% due 11/01/29 ~		50,000		40,708
4.625% due 07/15/28 ~		525,000		468,379
Bausch Health Cos Inc
4.875% due 06/01/28 ~		240,000		155,131
6.125% due 02/01/27 ~		75,000		52,110
11.000% due 09/30/28 ~		336,506		272,570
14.000% due 10/15/30 ~		66,670		36,669
BC Ltd (Canada) 9.000% due 01/30/28 ~		189,698		189,224
Central Garden & Pet Co 4.125% due 04/30/31 ~		590,000		465,112
Charles River Laboratories International Inc
3.750% due 03/15/29 ~		100,000		83,314
4.000% due 03/15/31 ~		100,000		80,770
4.250% due 05/01/28 ~		675,000		589,231
Community Health Systems Inc
4.750% due 02/15/31 ~		180,000		121,292
5.625% due 03/15/27 ~		75,000		57,842
6.125% due 04/01/30 ~		375,000		177,656
CoreLogic Inc 4.500% due 05/01/28 ~		650,000		442,949
DaVita Inc 3.750% due 02/15/31 ~		720,000		514,688
Garda World Security Corp (Canada)
6.000% due 06/01/29 ~		100,000		73,514


	Principal Amount		Value
9.500% due 11/01/27 ~	$	497,000	$	436,620
Lamb Weston Holdings Inc
4.125% due 01/31/30 ~		125,000		105,989
4.375% due 01/31/32 ~		425,000		351,923
LifePoint Health Inc 5.375% due 01/15/29 ~		100,000		69,914
MPH Acquisition Holdings LLC
5.500% due 09/01/28 ~		125,000		103,360
5.750% due 11/01/28 ~		625,000		470,631
Option Care Health Inc 4.375% due 10/31/29 ~		550,000		465,790
PECF USS Intermediate Holding III Corp 8.000% due 11/15/29 ~		390,000		285,975
Performance Food Group Inc 4.250% due 08/01/29 ~		550,000		459,014
Pilgrim’s Pride Corp
4.250% due 04/15/31 ~		275,000		220,078
5.875% due 09/30/27 ~		475,000		463,006
Post Holdings Inc 4.625% due 04/15/30 ~		750,000		617,629
RegionalCare Hospital Partners Holdings Inc 9.750% due 12/01/26 ~		450,000		403,394
Select Medical Corp 6.250% due 08/15/26 ~		810,000		763,142
Tenet Healthcare Corp
4.250% due 06/01/29 ~		300,000		248,834
4.375% due 01/15/30 ~		190,000		159,003
4.625% due 06/15/28 ~		75,000		65,633
4.875% due 01/01/26 ~		155,000		144,242
6.125% due 10/01/28 ~		195,000		171,152
6.250% due 02/01/27 ~		930,000		870,001
The Hertz Corp 5.000% due 12/01/29 ~		560,000		417,329
US Foods Inc 4.625% due 06/01/30 ~		725,000		601,591

				16,011,505

Energy - 11.6%

Antero Midstream Partners LP 5.375% due 06/15/29 ~		835,000		738,917
Archrock Partners LP
6.250% due 04/01/28 ~		100,000		88,104
6.875% due 04/01/27 ~		395,000		354,471
Buckeye Partners LP
4.125% due 03/01/25 ~		25,000		22,916
4.500% due 03/01/28 ~		440,000		375,025
Callon Petroleum Co 7.500% due 06/15/30 ~		125,000		109,681
Cheniere Energy Partners LP
3.250% due 01/31/32		535,000		411,886
4.000% due 03/01/31		375,000		315,184
Chesapeake Energy Corp 6.750% due 04/15/29 ~		485,000		465,952
CQP Holdco LP 5.500% due 06/15/31 ~		700,000		593,495
Endeavor Energy Resources LP 5.750% due 01/30/28 ~		825,000		786,518
EnLink Midstream LLC 6.500% due 09/01/30 ~		550,000		538,362
EQM Midstream Partners LP
4.750% due 01/15/31 ~		415,000		330,381
5.500% due 07/15/28		150,000		128,529
6.000% due 07/01/25 ~		28,000		25,926
6.500% due 07/01/27 ~		210,000		194,364
Genesis Energy LP
7.750% due 02/01/28		600,000		522,714
8.000% due 01/15/27		125,000		109,840
ITT Holdings LLC 6.500% due 08/01/29 ~		435,000		338,452
MPLX LP 6.875% due 02/15/23		550,000		543,125


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-36

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
New Fortress Energy Inc 6.500% due 09/30/26 ~	$	425,000	$	393,308
Occidental Petroleum Corp
6.125% due 01/01/31		490,000		483,841
6.625% due 09/01/30		250,000		254,349
8.500% due 07/15/27		125,000		134,058
8.875% due 07/15/30		675,000		753,010
Range Resources Corp 8.250% due 01/15/29		300,000		305,887
Tallgrass Energy Partners LP
6.000% due 12/31/30 ~		550,000		468,936
6.000% due 09/01/31 ~		250,000		211,849
Targa Resources Partners LP 4.000% due 01/15/32		425,000		351,360
6.500% due 07/15/27		50,000		49,531
USA Compression Partners LP 6.875% due 09/01/27		650,000		591,792
Venture Global Calcasieu Pass LLC
3.875% due 08/15/29 ~		125,000		107,477
3.875% due 11/01/33 ~		400,000		311,774
4.125% due 08/15/31 ~		125,000		103,952

				11,514,966

Financial - 4.4%

Iron Mountain Inc REIT
4.500% due 02/15/31 ~		75,000		58,118
4.875% due 09/15/29 ~		755,000		621,335
5.000% due 07/15/28 ~		75,000		64,653
5.250% due 03/15/28 ~		100,000		87,857
Iron Mountain Information Management Services Inc REIT 5.000% due 07/15/32 ~		125,000		96,936
OneMain Finance Corp
3.875% due 09/15/28		365,000		269,417
4.000% due 09/15/30		150,000		105,497
5.375% due 11/15/29		225,000		174,741
7.125% due 03/15/26		950,000		857,809
Park Intermediate Holdings LLC REIT 4.875% due 05/15/29 ~		720,000		584,323
The Howard Hughes Corp 5.375% due 08/01/28 ~		1,015,000		843,825
VICI Properties LP REIT
4.250% due 12/01/26 ~		200,000		180,780
4.625% due 12/01/29 ~		500,000		434,875

				4,380,166

Industrial - 16.1%

ARD Finance SA (Luxembourg) 6.500% Cash or 7.250% PIK due 06/30/27 ~		497,686		341,776
BWX Technologies Inc 4.125% due 04/15/29 ~		725,000		628,618
Cargo Aircraft Management Inc 4.750% due 02/01/28 ~		590,000		509,152
Clydesdale Acquisition Holdings Inc
6.625% due 04/15/29 ~		225,000		205,202
8.750% due 04/15/30 ~		225,000		186,578
First Student Bidco Inc 4.000% due 07/31/29 ~		950,000		771,667
GFL Environmental Inc (Canada)
3.500% due 09/01/28 ~		190,000		160,550
4.000% due 08/01/28 ~		75,000		62,662
4.375% due 08/15/29 ~		170,000		142,066
4.750% due 06/15/29 ~		75,000		63,296
5.125% due 12/15/26 ~		190,000		177,175
Granite US Holdings Corp 11.000% due 10/01/27 ~		675,000		637,566
Hillenbrand Inc 3.750% due 03/01/31		560,000		433,745


	Principal Amount		Value
Husky III Holding Ltd (Canada) 13.000% Cash or 13.750% PIK due 02/15/25 ~	$	150,000	$	141,467
LABL Inc
5.875% due 11/01/28 ~		315,000		255,709
6.750% due 07/15/26 ~		125,000		113,534
8.250% due 11/01/29 ~		170,000		123,886
Madison IAQ LLC
4.125% due 06/30/28 ~		190,000		152,889
5.875% due 06/30/29 ~		625,000		436,425
Mauser Packaging Solutions Holding Co 7.250% due 04/15/25 ~		1,015,000		894,301
OT Merger Corp 7.875% due 10/15/29 ~		590,000		401,879
Owens-Brockway Glass Container Inc 5.375% due 01/15/25 ~		500,000		461,790
Pentair Finance Sarl 5.900% due 07/15/32		850,000		804,661
Sensata Technologies BV
4.000% due 04/15/29 ~		150,000		124,454
5.875% due 09/01/30 ~		100,000		93,780
Sensata Technologies Inc
3.750% due 02/15/31 ~		75,000		59,236
4.375% due 02/15/30 ~		1,375,000		1,151,769
SPX FLOW Inc 8.750% due 04/01/30 ~		575,000		448,236
Standard Industries Inc
3.375% due 01/15/31 ~		75,000		52,905
4.375% due 07/15/30 ~		145,000		111,274
4.750% due 01/15/28 ~		1,375,000		1,164,976
Titan Acquisition Ltd (Canada) 7.750% due 04/15/26 ~		1,010,000		799,507
TK Elevator Holdco GmbH (Germany) 7.625% due 07/15/28 ~		625,000		524,691
TK Elevator US Newco Inc (Germany) 5.250% due 07/15/27 ~		325,000		277,097
TransDigm Inc
4.875% due 05/01/29		490,000		396,900
6.250% due 03/15/26 ~		340,000		330,375
TransDigm UK Holdings PLC 6.875% due 05/15/26		1,300,000		1,234,067
TriMas Corp 4.125% due 04/15/29 ~		560,000		473,908
Vertiv Group Corp 4.125% due 11/15/28 ~		710,000		572,626

				15,922,395

Technology - 2.7%

Entegris Escrow Corp
4.750% due 04/15/29 ~		470,000		415,045
5.950% due 06/15/30 ~		275,000		251,609
Entegris Inc
3.625% due 05/01/29 ~		150,000		118,965
4.375% due 04/15/28 ~		440,000		373,705
MSCI Inc 3.250% due 08/15/33 ~		675,000		522,322
Open Text Corp (Canada) 3.875% due 12/01/29 ~		170,000		131,194
Open Text Holdings Inc (Canada) 4.125% due 12/01/31 ~		335,000		254,908
Rackspace Technology Global Inc 3.500% due 02/15/28 ~		315,000		208,694
Twilio Inc
3.625% due 03/15/29		120,000		97,076
3.875% due 03/15/31		390,000		306,958

				2,680,476


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-37

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
Utilities - 1.5%

Calpine Corp 5.125% due 03/15/28 ~	$	590,000	$	507,955
NRG Energy Inc
3.625% due 02/15/31 ~		170,000		132,966
5.250% due 06/15/29 ~		250,000		219,257
Vistra Operations Co LLC
4.375% due 05/01/29 ~		75,000		62,549
5.000% due 07/31/27 ~		325,000		294,283
5.500% due 09/01/26 ~		170,000		157,904
5.625% due 02/15/27 ~		100,000		93,828

				1,468,742

Total Corporate Bonds & Notes (Cost $103,044,874)				86,432,326


SENIOR LOAN NOTES - 1.4%

Consumer, Cyclical - 0.5%

MIC Glen LLC (2nd Lien) 9.865% (USD LIBOR + 6.750%) due 07/21/29 §		250,000		239,375
Tacala Investment Corp Term B (2nd Lien) 10.615% (USD LIBOR + 7.500%) due 02/05/28 ± §		250,000		230,000

				469,375

Industrial - 0.9%

Dynasty Acquisition Co Inc 6.615% (USD LIBOR + 3.500%) due 04/08/26 §		630,839		583,526
Standard Aero Ltd 6.615% (USD LIBOR + 3.500%) due 04/08/26 §		339,161		313,724

				897,250

Total Senior Loan Notes (Cost $1,468,417)				1,366,625


ASSET-BACKED SECURITIES - 6.2%

Benefit Street Partners CLO Ltd (Cayman)
8.660% (USD LIBOR + 5.950%) due 04/20/31 ~ §		250,000		208,856
9.440% (USD LIBOR + 6.700%) due 01/17/32 ~ §		250,000		215,767
CarVal CLO III Ltd (Cayman) 9.150% (USD LIBOR + 6.440%) due 07/20/32 ~ §		525,000		457,739
CIFC Funding Ltd (Cayman) 10.140% (USD LIBOR + 7.400%) due 01/16/33 ~ §		550,000		485,536
Dryden CLO Fund (Cayman) 9.712% (USD LIBOR + 7.200%) due 04/15/31 ~ §		250,000		186,318
Fillmore Park CLO Ltd (Cayman) 7.912% (USD LIBOR + 5.400%) due 07/15/30 ~ §		250,000		209,115
Magnetite XXII Ltd (Cayman) 8.862% (USD LIBOR + 6.350%) due 04/15/31 ~ §		500,000		441,781
Magnetite XXIX Ltd (Cayman) 8.262% (USD LIBOR + 5.750%) due 01/15/34 ~ §		1,050,000		920,926
Magnetite XXXI Ltd (Cayman) 8.512% (USD LIBOR + 6.000%) due 07/15/34 ~ §		500,000		427,439


	Principal Amount		Value
Neuberger Berman Loan Advisers CLO Ltd (Cayman)
8.838% (USD LIBOR + 6.100%)
due 01/20/32 ~ §	$	850,000	$	755,050
8.910% (USD LIBOR + 6.200%)
due 01/20/31 ~ §		750,000		628,125
9.210% (USD LIBOR + 6.500%)
due 04/20/31 ~ §		500,000		435,235
OHA Credit Partners VII Ltd (Cayman) 9.234% (USD LIBOR + 6.250%) due 02/20/34 ~ §		250,000		212,831
Rad CLO 2 Ltd (Cayman)
8.512% (USD LIBOR + 6.000%)
due 10/15/31 ~ §		400,000		336,526
9.962% (USD LIBOR + 7.450%)
due 10/15/31 ~ §		250,000		190,196



Total Asset-Backed Securities (Cost $7,042,860)				6,111,440

	Shares
SHORT-TERM INVESTMENT - 2.1%

Money Market Fund - 2.1%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.790%		2,105,028		2,105,028


Total Short-Term Investment (Cost $2,105,028)				2,105,028


TOTAL INVESTMENTS - 98.8% (Cost $115,923,801)				97,853,320


OTHER ASSETS & LIABILITIES, NET - 1.2%				1,160,255


NET ASSETS - 100.0%				$99,013,575

Notes to Schedule of Investments

(a)	As of September 30, 2022, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Cyclical			19.4%
Industrial			17.0%
Consumer, Non-Cyclical			16.2%
Communications			12.0%
Energy			11.6%
Asset-Backed Securities			6.2%
Financial			4.4%
Basic Materials			3.9%
Others (each less than 3.0%)			8.1%

			98.8%
Other Assets & Liabilities, Net			1.2%

			100.0%


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-38

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

September 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 September 30, 2022:


		Total Value at September 30, 2022			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$7,888			$—		$7,888			$—
	Exchange-Traded Funds		1,830,013			1,830,013		—			—
	Corporate Bonds & Notes		86,432,326			—		86,432,326			—
	Senior Loan Notes		1,366,625			—		1,136,625			230,000
	Asset-Backed Securities		6,111,440			—		6,111,440			—
	Short-Term Investment		2,105,028			2,105,028		—			—

	Total Assets		97,853,320			3,935,041		93,688,279			230,000


Liabilities	Due to Custodian		(3,555	)		—		(3,555	)		—

	Total Liabilities		(3,555	)		—		(3,555	)		—

	Total		$97,849,765			$3,935,041		$93,684,724			$230,000


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-39

PACIFIC FUNDS

PACIFIC FUNDS^SM SMALL/MID-CAP

Schedule of Investments

September 30, 2022 (Unaudited)


	Shares		Value
COMMON STOCKS - 97.9%

Basic Materials - 3.5%

AdvanSix Inc		29,879		$959,116
Alcoa Corp		12,531		421,794
Arconic Corp *		63,053		1,074,423
Avient Corp		8,957		271,397
Celanese Corp		12,639		1,141,807

				3,868,537


Communications - 2.5%

Calix Inc *		22,723		1,389,284
Revolve Group Inc *		19,359		419,897
Ziff Davis Inc *		14,442		988,988

				2,798,169


Consumer, Cyclical - 11.5%

American Eagle Outfitters Inc		66,399		646,062
BJ’s Wholesale Club Holdings Inc *		21,939		1,597,379
Bloomin’ Brands Inc		56,080		1,027,946
Darden Restaurants Inc		8,918		1,126,522
Deckers Outdoor Corp *		4,499		1,406,432
Hilton Grand Vacations Inc *		27,094		891,122
KB Home		29,392		761,841
Kohl’s Corp		35,477		892,246
Lithia Motors Inc		5,686		1,219,931
Petco Health & Wellness Co Inc *		59,282		661,587
RH *		2,490		612,714
SeaWorld Entertainment Inc *		24,423		1,111,491
Steven Madden Ltd		27,601		736,119

				12,691,392


Consumer, Non-Cyclical - 21.6%

AdaptHealth Corp *		55,730		1,046,609
Amicus Therapeutics Inc *		83,663		873,442
Avantor Inc *		39,691		777,944
CareDx Inc *		32,348		550,563
Charles River Laboratories International Inc *		4,975		979,080
Deluxe Corp		2,623		43,673
Exact Sciences Corp *		14,103		458,206
FTI Consulting Inc *		5,479		907,925
Horizon Therapeutics PLC *		31,763		1,965,812
Iovance Biotherapeutics Inc *		56,573		541,969
Jazz Pharmaceuticals PLC *		12,371		1,648,931
Merit Medical Systems Inc *		20,875		1,179,646
Neurocrine Biosciences Inc *		13,707		1,455,820
NuVasive Inc *		20,207		885,269
Performance Food Group Co *		30,961		1,329,775
Prestige Consumer Healthcare Inc *		29,666		1,478,257
Progyny Inc *		23,668		877,136
Quanta Services Inc		22,242		2,833,408
Revance Therapeutics Inc *		13,920		375,840
Spectrum Brands Holdings Inc		24,972		974,657
Syneos Health Inc *		15,858		747,705
Textainer Group Holdings Ltd (China)		48,260		1,296,264
Ultragenyx Pharmaceutical Inc *		12,841		531,746

				23,759,677


Energy - 6.4%

Civitas Resources Inc		30,311		1,739,548
Diamondback Energy Inc		11,625		1,400,347
HF Sinclair Corp		20,573		1,107,650
Magnolia Oil & Gas Corp ‘A’		42,492		841,767
Pioneer Natural Resources Co		6,035		1,306,759
Sunnova Energy International Inc *		27,169		599,892

				6,995,963


	Shares		Value

Financial - 22.7%

Agree Realty Corp REIT		23,397		$1,581,169
Brixmor Property Group Inc REIT		101,574		1,876,072
Cadence Bank		78,997		2,007,314
Everest Re Group Ltd		6,198		1,626,603
First Industrial Realty Trust Inc REIT		34,094		1,527,752
Hancock Whitney Corp		49,770		2,279,964
Host Hotels & Resorts Inc REIT		88,148		1,399,790
James River Group Holdings Ltd		55,984		1,276,995
Lamar Advertising Co ‘A’ REIT		16,429		1,355,228
Mid-America Apartment Communities Inc REIT		11,140		1,727,480
Pinnacle Financial Partners Inc		24,996		2,027,176
Radian Group Inc		50,907		981,996
Stifel Financial Corp		26,685		1,385,218
Western Alliance Bancorp		26,712		1,756,047
Wintrust Financial Corp		26,840		2,188,802

				24,997,606


Industrial - 12.9%

Atkore Inc *		18,605		1,447,655
Coherent Corp *		23,493		818,731
EnPro Industries Inc		12,754		1,083,835
Evoqua Water Technologies Corp *		42,002		1,389,006
Generac Holdings Inc *		6,320		1,125,845
Graphic Packaging Holding Co		76,470		1,509,518
Great Lakes Dredge & Dock Corp *		92,935		704,447
Hillenbrand Inc		43,736		1,605,986
Jacobs Solutions Inc		11,844		1,284,956
Knight-Swift Transportation Holdings Inc		19,523		955,260
Littelfuse Inc		5,112		1,015,703
The Timken Co		21,666		1,279,161

				14,220,103


Technology - 12.6%

Amdocs Ltd		14,141		1,123,502
Box Inc ‘A’ *		62,222		1,517,595
CommVault Systems Inc *		17,039		903,748
DigitalOcean Holdings Inc *		14,068		508,839
Elastic NV *		14,178		1,017,130
KnowBe4 Inc ‘A’ *		61,822		1,286,516
Marvell Technology Inc		19,565		839,534
ON Semiconductor Corp *		25,811		1,608,800
Onto Innovation Inc *		15,438		988,804
SentinelOne Inc ‘A’ *		27,741		709,060
Silicon Laboratories Inc *		10,734		1,325,005
Sprout Social Inc ‘A’ *		16,970		1,029,740
ZoomInfo Technologies Inc ‘A’ *		24,216		1,008,838

				13,867,111

Utilities - 4.2%

NiSource Inc		62,440		1,572,864
Portland General Electric Co		40,459		1,758,348
The AES Corp		59,365		1,341,649

				4,672,861

Total Common Stocks (Cost $97,800,106)				107,871,419


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-40

PACIFIC FUNDS

PACIFIC FUNDS SMALL/MID-CAP

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Shares		Value
SHORT-TERM INVESTMENT - 2.5%

Money Market Fund - 2.5%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.790%		2,757,296		$2,757,296


Total Short-Term Investment (Cost $2,757,296)				2,757,296


TOTAL INVESTMENTS - 100.4% (Cost $100,557,402)				110,628,715


OTHER ASSETS & LIABILITIES, NET - (0.4%)				(475,974	)


NET ASSETS - 100.0%				$110,152,741

Notes to Schedule of Investments

(a)	As of September 30, 2022, the Fund’s composition by sector as a percentage of net assets was as follows:


Financial	22.7%
Consumer, Non-Cyclical	21.6%
Industrial	12.9%
Technology	12.6%
Consumer, Cyclical	11.5%
Energy	6.4%
Utilities	4.2%
Basic Materials	3.5%
Others (each less than 3.0%)	5.0%

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

	100.0%

(b)	Fair Value Measurements

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


		Total Value at September 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$107,871,419		$107,871,419		$—		$—
	Short-Term Investment		2,757,296		2,757,296		—		—

	Total		$110,628,715		$110,628,715		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-41

PACIFIC FUNDS

PACIFIC FUNDS^SM SMALL-CAP

Schedule of Investments

September 30, 2022 (Unaudited)


	Shares		Value
COMMON STOCKS - 97.3%

Basic Materials - 3.4%

AdvanSix Inc		4,464		$143,294
Arconic Corp *		5,696		97,060
Avient Corp		3,059		92,688
Kaiser Aluminum Corp		1,596		97,915

				430,957


Communications - 4.0%

Calix Inc *		2,824		172,659
Revolve Group Inc *		2,782		60,342
Viavi Solutions Inc *		9,326		121,704
Ziff Davis Inc *		2,267		155,244

				509,949


Consumer, Cyclical - 12.2%

American Eagle Outfitters Inc		8,173		79,523
Bally’s Corp *		4,130		81,609
BJ’s Restaurants Inc *		3,545		84,548
BJ’s Wholesale Club Holdings Inc *		2,234		162,658
Bloomin’ Brands Inc		6,824		125,084
Dave & Buster’s Entertainment Inc *		4,204		130,450
Deckers Outdoor Corp *		344		107,538
Hilton Grand Vacations Inc *		3,830		125,969
KB Home		4,162		107,879
Kohl’s Corp		3,113		78,292
Lithia Motors Inc		450		96,547
Petco Health & Wellness Co Inc *		10,074		112,426
SeaWorld Entertainment Inc *		3,251		147,953
Steven Madden Ltd		4,599		122,655

				1,563,131


Consumer, Non-Cyclical - 27.2%

Acadia Healthcare Co Inc *		1,570		122,743
AdaptHealth Corp *		8,917		167,461
Addus HomeCare Corp *		1,751		166,765
Alphatec Holdings Inc *		12,618		110,281
Amicus Therapeutics Inc *		10,203		106,519
AtriCure Inc *		2,771		108,346
Avid Bioservices Inc *		6,658		127,301
CareDx Inc *		4,289		72,999
Deluxe Corp		3,482		57,975
elf Beauty Inc *		4,564		171,698
FTI Consulting Inc *		500		82,855
Halozyme Therapeutics Inc *		4,669		184,612
Harmony Biosciences Holdings Inc *		5,162		228,625
Herc Holdings Inc		1,355		140,757
I3 Verticals Inc ‘A’ *		5,835		116,875
Iovance Biotherapeutics Inc *		6,020		57,672
LivaNova PLC *		1,599		81,181
Medpace Holdings Inc *		1,033		162,357
NuVasive Inc *		2,573		112,723
Performance Food Group Co *		3,100		133,145
Phathom Pharmaceuticals Inc *		6,731		74,580
Prestige Consumer Healthcare Inc *		3,280		163,443
Progyny Inc *		3,483		129,080
Protagonist Therapeutics Inc *		4,220		35,575
Revance Therapeutics Inc *		4,113		111,051
SP Plus Corp *		4,062		127,222
Spectrum Brands Holdings Inc		2,803		109,401
Textainer Group Holdings Ltd (China)		5,008		134,515
Ultragenyx Pharmaceutical Inc *		1,974		81,743

				3,479,500


	Shares		Value

Energy - 5.9%

Brigham Minerals Inc ‘A’		5,744		$141,704
Civitas Resources Inc		2,921		167,636
Earthstone Energy Inc ‘A’ *		8,334		102,675
Infrastructure and Energy Alternatives Inc *		4,302		58,249
Magnolia Oil & Gas Corp ‘A’		7,657		151,685
Oceaneering International Inc *		7,437		59,199
Sunnova Energy International Inc *		3,187		70,369

				751,517


Financial - 23.0%

Agree Realty Corp REIT		2,626		177,465
Blucora Inc *		6,843		132,344
Cadence Bank		7,239		183,943
DiamondRock Hospitality Co REIT		20,145		151,289
Enterprise Financial Services Corp		4,150		182,766
First Industrial Realty Trust Inc REIT		2,605		116,730
Hancock Whitney Corp		4,951		226,805
Home BancShares Inc		9,347		210,401
James River Group Holdings Ltd		6,493		148,105
NexPoint Residential Trust Inc REIT		3,186		147,225
Origin Bancorp Inc		2,323		89,366
Pinnacle Financial Partners Inc		1,553		125,948
Plymouth Industrial Inc REIT		6,871		115,501
Radian Group Inc		6,932		133,718
Seacoast Banking Corp of Florida		4,903		148,218
SITE Centers Corp REIT		14,414		154,374
Stifel Financial Corp		2,579		133,876
United Community Banks Inc		5,928		196,217
Veritex Holdings Inc		5,918		157,360

				2,931,651

Industrial - 10.0%

Atkore Inc *		2,390		185,966
Coherent Corp *		2,825		98,451
EnPro Industries Inc		1,857		157,808
Evoqua Water Technologies Corp *		4,267		141,110
Great Lakes Dredge & Dock Corp *		14,276		108,212
Hillenbrand Inc		5,755		211,324
Masonite International Corp *		1,225		87,330
MYR Group Inc *		1,761		149,209
Saia Inc *		713		135,470

				1,274,880


Technology - 8.7%

Box Inc ‘A’ *		8,753		213,486
Cohu Inc *		3,217		82,934
CommVault Systems Inc *		2,596		137,692
DigitalOcean Holdings Inc *		2,029		73,389
KnowBe4 Inc ‘A’ *		7,440		154,826
Onto Innovation Inc *		2,133		136,619
Silicon Laboratories Inc *		1,116		137,759
SiTime Corp *		857		67,471
Sprout Social Inc ‘A’ *		1,769		107,343

				1,111,519


Utilities - 2.9%

Portland General Electric Co		4,295		186,661
Unitil Corp		3,980		184,871

				371,532

Total Common Stocks (Cost $12,371,561)				12,424,636


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-42

PACIFIC FUNDS

PACIFIC FUNDS SMALL-CAP

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Shares		Value
SHORT-TERM INVESTMENT - 2.4%

Money Market Fund - 2.4%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.790%		305,842		$305,842


Total Short-Term Investment (Cost $305,842)				305,842


TOTAL INVESTMENTS - 99.7% (Cost $12,677,403)				12,730,478


OTHER ASSETS & LIABILITIES, NET - 0.3%				36,245


NET ASSETS - 100.0%				$12,766,723

Notes to Schedule of Investments

(a)	As of September 30, 2022, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Non-Cyclical			27.2%
Financial			23.0%
Consumer, Cyclical			12.2%
Industrial			10.0%
Technology			8.7%
Energy			5.9%
Communications			4.0%
Basic Materials			3.4%
Others (each less than 3.0%)			5.3%

			99.7%
Other Assets & Liabilities, Net			0.3%

			100.0%

(b)	Fair Value Measurements

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


		Total Value at September 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$12,424,636		$12,424,636		$—		$—
	Short-Term Investment		305,842		305,842		—		—

	Total		$12,730,478		$12,730,478		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-43

PACIFIC FUNDS

PACIFIC FUNDS^SM SMALL-CAP VALUE

Schedule of Investments

September 30, 2022 (Unaudited)


	Shares		Value
COMMON STOCKS - 96.9%

Basic Materials - 2.9%

AdvanSix Inc		7,895		$253,429
Arconic Corp *		9,792		166,856
Avient Corp		2,164		65,569

				485,854

Communications - 2.0%

Viavi Solutions Inc *		10,715		139,831
Ziff Davis Inc *		2,848		195,031

				334,862

Consumer, Cyclical - 7.6%

American Eagle Outfitters Inc		13,345		129,847
BJ’s Restaurants Inc *		4,901		116,889
Bloomin’ Brands Inc		8,083		148,161
Dana Inc		9,248		105,705
Dave & Buster’s Entertainment Inc *		3,686		114,377
Hilton Grand Vacations Inc *		4,186		137,677
KB Home		5,325		138,024
Petco Health & Wellness Co Inc *		11,082		123,675
SeaWorld Entertainment Inc *		2,700		122,877
Steven Madden Ltd		5,427		144,738

				1,281,970

Consumer, Non-Cyclical - 20.8%

Acadia Healthcare Co Inc *		2,586		202,174
AdaptHealth Corp *		11,743		220,534
Deluxe Corp		5,229		87,063
FTI Consulting Inc *		747		123,785
Halozyme Therapeutics Inc *		5,879		232,456
Harmony Biosciences Holdings Inc *		5,238		231,991
Herc Holdings Inc		1,734		180,128
Hostess Brands Inc *		16,216		376,860
LivaNova PLC *		1,729		87,781
Merit Medical Systems Inc *		3,722		210,330
Patterson Cos Inc		8,789		211,112
Performance Food Group Co *		3,226		138,557
Prestige Consumer Healthcare Inc *		5,044		251,343
Protagonist Therapeutics Inc *		3,691		31,115
Revance Therapeutics Inc *		3,675		99,225
SeaSpine Holdings Corp *		12,327		70,017
SP Plus Corp *		10,822		338,945
Spectrum Brands Holdings Inc		3,281		128,057
Textainer Group Holdings Ltd (China)		9,726		261,240

				3,482,713

Energy - 5.7%

Brigham Minerals Inc ‘A’		6,075		149,870
Civitas Resources Inc		2,841		163,045
Earthstone Energy Inc ‘A’ *		12,247		150,883
Infrastructure and Energy Alternatives Inc *		9,963		134,899
Magnolia Oil & Gas Corp ‘A’		7,006		138,789
Oceaneering International Inc *		15,558		123,842
Sunnova Energy International Inc *		4,148		91,588

				952,916

Financial - 38.2%

Agree Realty Corp REIT		3,766		254,506
Blucora Inc *		13,152		254,360
Brixmor Property Group Inc REIT		12,827		236,915
Cadence Bank		11,191		284,363
DiamondRock Hospitality Co REIT		31,272		234,853
Enterprise Financial Services Corp		6,181		272,211
First Bancorp		5,068		185,387
First Industrial Realty Trust Inc REIT		4,530		202,989
Hancock Whitney Corp		7,482		342,750
Healthcare Realty Trust Inc REIT		11,133		232,123


	Shares		Value
Home BancShares Inc		11,265		$253,575
Horizon Bancorp Inc		12,665		227,463
James River Group Holdings Ltd		11,250		256,613
NexPoint Residential Trust Inc REIT		3,749		173,241
Old Second Bancorp Inc		12,688		165,578
Origin Bancorp Inc		4,186		161,035
Piedmont Office Realty Trust Inc ‘A’ REIT		12,533		132,348
Pinnacle Financial Partners Inc		2,566		208,103
Plymouth Industrial Inc REIT		9,460		159,023
QCR Holdings Inc		5,400		275,076
Radian Group Inc		8,256		159,258
Seacoast Banking Corp of Florida		7,707		232,983
Selective Insurance Group Inc		4,132		336,345
SITE Centers Corp REIT		20,866		223,475
Stifel Financial Corp		3,582		185,942
United Community Banks Inc		9,895		327,525
Veritex Holdings Inc		8,340		221,761
WSFS Financial Corp		4,511		209,581

				6,409,382

Industrial - 12.2%

Atkore Inc *		2,712		211,021
Coherent Corp *		2,870		100,019
Crane Holdings Co		2,186		191,362
EnPro Industries Inc		2,579		219,163
Great Lakes Dredge & Dock Corp *		26,575		201,439
Hillenbrand Inc		7,511		275,804
Masonite International Corp *		1,809		128,964
MYR Group Inc *		2,514		213,011
The Timken Co		3,414		201,563
UFP Industries Inc		1,686		121,662
UFP Technologies Inc *		2,186		187,646

				2,051,654

Technology - 2.6%

Cohu Inc *		5,092		131,272
EverCommerce Inc *		19,830		216,742
Synaptics Inc *		936		92,673

				440,687

Utilities - 4.9%

Portland General Electric Co		8,625		374,842
Unitil Corp		9,551		443,644

				818,486

Total Common Stocks (Cost $16,376,990)				16,258,524


EXCHANGE-TRADED FUND - 0.8%

iShares Russell 2000 Value		1,096		141,308


Total Exchange-Traded Fund (Cost $139,794)				141,308


SHORT-TERM INVESTMENT - 2.4%

Money Market Fund - 2.4%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.790%		400,707		400,707


Total Short-Term Investment (Cost $400,707)				400,707


TOTAL INVESTMENTS - 100.1% (Cost $16,917,491)				16,800,539


OTHER ASSETS & LIABILITIES, NET - (0.1%)				(15,801	)


NET ASSETS - 100.0%				$16,784,738


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-44

PACIFIC FUNDS

PACIFIC FUNDS SMALL-CAP VALUE

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)

Notes to Schedule of Investments

(a)	As of September 30, 2022, the Fund’s composition by sector as a percentage of net assets was as follows:


Financial	38.2%
Consumer, Non-Cyclical	20.8%
Industrial	12.2%
Consumer, Cyclical	7.6%
Energy	5.7%
Utilities	4.9%
Others (each less than 3.0%)	10.7%

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

	100.0%

(b)	Fair Value Measurements

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


		Total Value at September 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$16,258,524		$16,258,524		$—		$—
	Exchange-Traded Fund		141,308		141,308		—		—
	Short-Term Investment		400,707		400,707		—		—

	Total		$16,800,539		$16,800,539		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-45

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments

September 30, 2022 (Unaudited)


	Principal Amount		Value
CORPORATE BONDS & NOTES - 0.3%

Financial - 0.3%

Avolon Holdings Funding Ltd (Ireland) 3.950% due 07/01/24 ~		$100,000		$94,675
Bank of America Corp 5.875% due 03/15/28		10,000		8,587

				103,262


Total Corporate Bonds & Notes (Cost $111,769)				103,262


MORTGAGE-BACKED SECURITIES - 3.4%

Collateralized Mortgage Obligations - Residential - 1.1%

Chevy Chase Funding LLC Mortgage-Backed Certificates 3.444% (USD LIBOR + 0.360%) due 03/25/35 ~ §		54,131		52,179
CHL Mortgage Pass-Through Trust 4.366% due 01/19/34 §		8,217		7,814
Credit Suisse Mortgage Trust 3.234% (USD LIBOR + 0.150%) due 09/29/36 ~ §		95,308		91,944
Fannie Mae REMICS
3.434% (USD LIBOR + 0.350%) due 07/25/37 §		9,126		9,006
3.464% (USD LIBOR + 0.380%) due 07/25/37 §		14,964		14,789
3.524% (USD LIBOR + 0.440%) due 05/25/36 §		7,356		7,295
3.529% (USD LIBOR + 0.445%) due 02/25/37 §		2,150		2,129
Government National Mortgage Association 3.858% (USD LIBOR + 0.150%) due 08/20/68 §		50,508		49,093
GSR Mortgage Loan Trust 3.231% due 09/25/35 §		4,194		4,049
JP Morgan Mortgage Trust 2.826% due 06/25/35 §		3,227		3,215
Merrill Lynch Mortgage Investors Trust 2.784% due 12/25/34 §		17,414		16,669
Towd Point Mortgage Funding PLC (United Kingdom) 2.832% (SONIA + 1.144%) due 10/20/51 ~ §		GBP 113,875		126,733
WaMu Mortgage Pass-Through Certificates Trust 3.824% (USD LIBOR + 0.740%) due 01/25/45 §		$15,924		15,400

				400,315

Fannie Mae - 2.3%

due 10/01/52 #		300,000		285,867
due 11/01/52 #		300,000		261,139
due 11/01/52 #		200,000		185,484
due 11/01/52 #		100,000		95,189

				827,679

Total Mortgage-Backed Securities (Cost $1,270,506)				1,227,994


ASSET-BACKED SECURITIES - 1.8%

Asset Backed Funding Corp Trust 3.684% (USD LIBOR + 0.600%) due 10/25/34 §		13,480		13,453
Freddie Mac Structured Pass-Through Certificates 3.364% (USD LIBOR + 0.280%) due 09/25/31 §		426		424


	Principal Amount		Value
Home Equity Asset Trust 3.939% (USD LIBOR + 0.855%) due 08/25/34 §		$12,349		$11,989
OZLM Ltd (Cayman) 3.870% (USD LIBOR + 1.160%) due 07/20/32 ~ §		100,000		97,016
Saxon Asset Securities Trust 3.394% (USD LIBOR + 0.310%) due 09/25/37 §		12,438		11,895
Shackleton CLO Ltd (Cayman) 3.630% (USD LIBOR + 0.920%) due 10/20/27 ~ §		118,719		117,916
THL Credit Wind River CLO Ltd (Cayman) 3.592% (USD LIBOR + 1.080%) due 04/15/31 ~ §		100,000		97,200
TICP CLO Ltd (Cayman) 3.550% (USD LIBOR + 0.840%) due 04/20/28 ~ §		179,377		177,572
Vibrant CLO VI Ltd (Cayman) 4.477% (USD LIBOR + 0.950%) due 06/20/29 ~ §		130,056		128,827


Total Asset-Backed Securities (Cost $662,203)				656,292


U.S. TREASURY OBLIGATIONS - 89.4%

U.S. Treasury Inflation Protected Securities - 89.4%

0.125% due 07/15/24 ^		1,497,312		1,446,331
0.125% due 10/15/24 ^		1,039,302		999,622
0.125% due 04/15/25 ^		688,212		652,950
0.125% due 10/15/25 ^		799,295		755,279
0.125% due 04/15/26 ^		564,875		527,697
0.125% due 07/15/26 ^		247,204		231,187
0.125% due 10/15/26 ^		1,192,664		1,111,414
0.125% due 01/15/30 ^		1,393,376		1,232,717
0.125% due 07/15/30 ^		924,448		814,528
0.125% due 01/15/31 ^		990,182		865,714
0.125% due 07/15/31 ^		331,626		289,397
0.125% due 01/15/32 ^		1,282,572		1,109,789
0.125% due 02/15/51 ^		227,596		143,201
0.125% due 02/15/52 ^		638,586		404,740
0.250% due 01/15/25 ^		437,808		419,050
0.250% due 07/15/29 ^		579,130		522,538
0.375% due 07/15/25 ^		505,987		483,656
0.375% due 01/15/27 ^		613,260		573,088
0.375% due 07/15/27 ^		2,192,236		2,046,271
0.500% due 04/15/24 ^		2,231,987		2,169,133
0.500% due 01/15/28 ^		2,558,386		2,375,554
0.625% due 04/15/23 ^		491,664		484,314
0.625% due 01/15/24 ^		274,270		267,862
0.625% due 01/15/26 ^		685,790		654,792
0.625% due 07/15/32 ^		407,884		370,424
0.625% due 02/15/43 ^		1,056,701		813,823
0.750% due 07/15/28 ^		4,024,823		3,784,239
0.750% due 02/15/42 ^		131,118		105,601
0.750% due 02/15/45 ^		717,157		554,054
0.875% due 01/15/29 ^		1,818,708		1,711,263
0.875% due 02/15/47 ^		521,628		409,850
1.000% due 02/15/46 ^		1,332,926		1,082,693
1.000% due 02/15/49 ^		47,096		38,428
1.375% due 02/15/44 ^		1,805,175		1,609,199
2.000% due 01/15/26 ^		316,461		315,559
2.125% due 02/15/41 ^		405,873		419,254
3.375% due 04/15/32 ^		98,480		112,356
3.875% due 04/15/29 ^		63,078		70,682


Total U.S. Treasury Obligations (Cost $38,097,881)				31,978,249


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-46

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value

FOREIGN GOVERNMENT BONDS & NOTES - 3.8%

French Republic Government Bond OAT (France)
0.100% due 03/01/26 ^ ~		EUR 111,125		$110,915
0.100% due 07/25/38 ^ ~		109,278		96,925
0.250% due 07/25/24 ^ ~		118,447		119,836
Italy Buoni Poliennali Del Tesoro (Italy)
0.400% due 05/15/30 ^ ~		112,848		96,489
1.400% due 05/26/25 ^ ~		614,220		601,139
United Kingdom Inflation-Linked Gilt (United Kingdom)
0.125% due 03/22/24 ^ ~		GBP 141,529		161,493
0.125% due 03/22/58 ^ ~		120,710		158,227


Total Foreign Government Bonds & Notes (Cost $1,507,188)				1,345,024


	Shares
SHORT-TERM INVESTMENTS - 3.7%

Money Market Fund - 0.4%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.790%		135,230		135,230


	Principal Amount
U.S. Treasury Bills - 3.3%

1.249% due 10/06/22		$1,200,000		1,199,755


Total Short-Term Investments (Cost $1,334,870)				1,334,985


	Value

TOTAL INVESTMENTS - 102.4% (Cost $42,984,417)		$36,645,806


DERIVATIVES - (0.8%)		(298,830	)


OTHER ASSETS & LIABILITIES, NET - (1.6%)		(555,952	)


NET ASSETS - 100.0%		$35,791,024

Notes to Schedule of Investments

(a)	As of September 30, 2022, the Fund’s composition as a percentage of net assets was as follows:


U.S. Treasury Obligations	89.4%
Foreign Government Bonds & Notes	3.8%
Short-Term Investments	3.7%
Mortgage-Backed Securities	3.4%
Others (each less than 3.0%)	2.1%

	102.4%
Derivatives	(0.8%	)
Other Assets & Liabilities, Net	(1.6%	)

	100.0%

(b)	The average amount of borrowings by the Fund on sale-buyback financing transactions during the six-month period ended September 30, 2022 was $1,963,832 at a weighted average interest rate of 0.633%.

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


Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Euribor		03/23		12		$2,948,223		$2,857,826		($90,397	)
Euro-Bund		12/22		6		856,707		814,363		(42,344	)
Long Gilt		12/22		1		122,676		107,635		(15,041	)
U.S. Treasury 5-Year Notes		12/22		14		1,541,181		1,505,109		(36,072	)
U.S. Treasury Ultra 10-Year Notes		12/22		9		1,128,880		1,066,360		(62,520	)

										(246,374	)


Short Futures Outstanding
Australia 3-Year Bonds		12/22		2		137,959		136,325		1,634
Euro-Bobl		12/22		5		601,011		586,805		14,206
Euro-BTP		12/22		6		688,401		658,476		29,925
Euro-Buxl		12/22		1		156,318		143,715		12,603
Euro-OAT		12/22		2		270,864		258,968		11,896
Euro-Schatz		12/22		24		2,542,780		2,520,649		22,131
Japan 10-Year Bonds		12/22		2		2,052,230		2,049,333		2,897
Short Euro-BTP		12/22		5		522,685		516,094		6,591
U.S. Treasury 2-Year Notes		12/22		13		2,713,327		2,670,078		43,249
U.S. Treasury 10-Year Notes		12/22		25		2,904,959		2,801,563		103,396
U.S. Treasury Long Bonds		12/22		6		799,763		758,438		41,325
U.S. Treasury Ultra 30-Year Bonds		12/22		1		150,399		137,000		13,399

										303,252


Total Futures Contracts										$56,878


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-47

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)

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


Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
EUR	43,000	USD	43,091	10/22	JPM		$—		($938	)
EUR	48,000	USD	46,097	10/22	JPM		959		—
EUR	36,000	USD	35,267	10/22	MSC		24		—
EUR	1,039,000	USD	996,132	10/22	SGN		22,419		—
GBP	12,000	USD	13,259	10/22	JPM		140		—
NZD	138,000	USD	84,178	10/22	JPM		—		(6,945	)
USD	1,109,986	EUR	1,103,000	10/22	SGN		28,694		—
USD	998,154	EUR	1,039,000	11/22	SGN		—		(22,437	)
USD	63,630	GBP	57,000	10/22	MSC		—		(19	)
USD	335,701	GBP	288,521	10/22	UBS		13,525		—
USD	62,236	GBP	57,000	11/22	JPM		—		(1,450	)
USD	26,964	JPY	3,903,000	10/22	MSC		—		(13	)
USD	83,277	NZD	136,000	10/22	JPM		7,164		—


Total Forward Foreign Currency Contracts							$72,925		($31,802	)

(e)	Purchased options outstanding as of September 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		$75
Call - 2-Year Interest Rate Swap		Pay		1-Day USD-SOFR		1.428%		01/31/23		MSC		500,000		2,554		18
Call - 2-Year Interest Rate Swap		Pay		1-Day USD-SOFR		1.410%		02/02/23		BRC		500,000		2,500		18
Call - 5-Year Interest Rate Swap		Pay		1-Day USD-SOFR		2.200%		04/26/23		GSC		600,000		6,405		1,208
Call - 5-Year Interest Rate Swap		Pay		1-Day USD-SOFR		2.200%		05/31/23		MSC		1,200,000		14,400		3,202

														33,789		4,521

Put - 30-Year Interest Rate Swap		Receive		6-Month EUR-LIBOR		0.190%		11/02/22		MSC		EUR 60,000		4,375		26,866
Put - 30-Year Interest Rate Swap		Receive		6-Month EUR-LIBOR		0.197%		11/04/22		BRC		200,000		14,957		89,266
Put - 30-Year Interest Rate Swap		Receive		3-Month USD-LIBOR		2.237%		11/17/23		DUB		$300,000		18,621		60,400

														37,953		176,532


Total Interest Rate Swaptions														$71,742		$181,053


Total Purchased Options														$71,742		$181,053

(f)	Premiums received and value of written options outstanding as of September 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 - CDX IG 38 5Y		1.350%		11/16/22	JPM		$100,000		$123		($117	)
Put - CDX IG 38 5Y		1.400%		11/16/22	GSC		200,000		226		(196	)
Put - CDX IG 38 5Y		1.400%		12/21/22	DUB		100,000		146		(208	)
Put - CDX IG 38 5Y		1.500%		12/21/22	GSC		100,000		152		(165	)

									$647		($686	)

Inflation Floor/Cap Options


Description	Initial Index		Floating Rate	Expiration Date		Counter- party		Notional Amount		Premium		Value
Cap - U.S. CPI Urban Consumers		233.92	Maximum of [0, Final Index/ Initial Index - (1 + 4.000%)¹⁰]		04/22/24		JPM		$1,900,000		$13,822		($5	)
Cap - U.S. CPI Urban Consumers		234.78	Maximum of [0, Final Index/ Initial Index - (1 + 4.000%)¹⁰]		05/16/24		JPM		200,000		1,390		—

											$15,212		($5	)

Interest Rate Swaptions


Description	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		($108	)
Call - 10-Year Interest Rate Swap	Receive	1-Day USD-SOFR		1.579%		01/31/23		MSC		100,000		2,337		(23	)
Call - 10-Year Interest Rate Swap	Receive	1-Day USD-SOFR		1.558%		02/02/23		BRC		100,000		2,287		(23	)
Call - 10-Year Interest Rate Swap	Receive	1-Day USD-SOFR		2.350%		04/26/23		GSC		400,000		7,899		(1,894	)
Call - 10-Year Interest Rate Swap	Receive	1-Day USD-SOFR		2.350%		05/31/23		MSC		600,000		13,073		(3,588	)

												33,895		(5,636	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-48

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


Description	Pay/Receive Floating Rate		Floating Rate Index		Exercise Rate		Expiration Date		Counter- party		Notional Amount		Premium		Value
Put - 10-Year Interest Rate Swap		Pay		6-Month EUR-LIBOR		0.000%		11/02/22		MSC		EUR 200,000		$4,851		($52,796	)
Put - 10-Year Interest Rate Swap		Pay		6-Month EUR-LIBOR		0.000%		11/04/22		BRC		600,000		14,726		(158,484	)
Put - 5-Year Interest Rate Swap		Pay		3-Month USD-LIBOR		2.340%		11/17/23		DUB		$1,300,000		16,380		(92,790	)

														35,957		(304,070	)


Total Interest Rate Swaptions														$69,852		($309,706	)


Total Written Options														$85,711		($310,397	)

(g)	Swap agreements outstanding as of September 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		($3,736	)		$—			($3,736	)
5.033%	U.S. CPI Urban Consumers	Z / Z		LCH		03/08/23		200,000		(2,254	)		—			(2,254	)
5.470%	U.S. CPI Urban Consumers	Z / Z		LCH		03/21/23		400,000		(1,900	)		—			(1,900	)
5.150%	U.S. CPI Urban Consumers	Z / Z		LCH		05/23/23		100,000		596			—			596
5.185%	U.S. CPI Urban Consumers	Z / Z		LCH		05/24/23		200,000		1,318			—			1,318
(0.526%)	3-Month EUR-LIBOR	A / Q		LCH		11/21/23		EUR 800,000		(24,822	)		—			(24,822	)
3.850%	GBP Retail Price	Z / Z		LCH		09/15/24		GBP 200,000		(24,383	)		—			(24,383	)
3.330%	GBP Retail Price	Z / Z		LCH		01/15/25		100,000		(16,174	)		2,815			(18,989	)
0.650%	6-Month EUR-LIBOR	A / S		LCH		04/12/27		EUR 100,000		(9,110	)		—			(9,110	)
0.650%	6-Month EUR-LIBOR	A / S		LCH		05/11/27		100,000		(9,336	)		—			(9,336	)
1.000%	6-Month EUR-LIBOR	A / S		LCH		05/13/27		100,000		(7,726	)		—			(7,726	)
2.335%	U.S. CPI Urban Consumers	Z / Z		LCH		02/05/28		$190,000		(15,210	)		338			(15,548	)
2.364%	U.S. CPI Urban Consumers	Z / Z		LCH		05/10/28		50,000		(3,765	)		—			(3,765	)
2.379%	U.S. CPI Urban Consumers	Z / Z		LCH		07/09/28		500,000		(36,894	)		(287	)		(36,607	)
3.593%	GBP Retail Price	Z / Z		LCH		11/15/28		GBP 45,000		(7,380	)		—			(7,380	)
2.165%	U.S. CPI Urban Consumers	Z / Z		LCH		04/16/29		$100,000		(9,985	)		—			(9,985	)
1.998%	U.S. CPI Urban Consumers	Z / Z		LCH		07/25/29		100,000		(11,141	)		—			(11,141	)
1.760%	U.S. CPI Urban Consumers	Z / Z		LCH		11/04/29		400,000		(54,060	)		(708	)		(53,352	)
3.400%	GBP Retail Price	Z / Z		LCH		06/15/30		GBP 200,000		(39,875	)		2,555			(42,430	)
3.475%	GBP Retail Price	Z / Z		LCH		08/15/30		200,000		(44,552	)		2,476			(47,028	)
1.380%	Eurostat Eurozone HICP	Z / Z		LCH		03/15/31		EUR 200,000		(32,523	)		(1,361	)		(31,162	)
3.566%	GBP Retail Price	Z / Z		LCH		03/15/36		GBP 190,000		(40,940	)		(907	)		(40,033	)
3.580%	GBP Retail Price	Z / Z		LCH		03/15/36		40,000		(8,530	)		(413	)		(8,117	)
2.488%	Eurostat Eurozone HICP	Z / Z		LCH		05/15/37		EUR 70,000		(558	)		60			(618	)
1.387%	Eurostat Eurozone HICP	Z / Z		LCH		08/15/49		20,000		(6,223	)		—			(6,223	)
2.421%	Eurostat Eurozone HICP	Z / Z		LCH		05/15/52		10,000		(285	)		—			(285	)
1.888%	3-Month USD-LIBOR	S / Q		LCH		11/21/53		$100,000		(24,912	)		—			(24,912	)

										($434,360	)		$4,568			($438,928	)


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		$10,141			$—			$10,141
2.263%	U.S. CPI Urban Consumers	Z / Z		LCH		04/27/23		60,000		4,717			—			4,717
2.263%	U.S. CPI Urban Consumers	Z / Z		LCH		05/09/23		120,000		9,492			—			9,492
2.281%	U.S. CPI Urban Consumers	Z / Z		LCH		05/10/23		180,000		13,756			—			13,756
1.030%	France CPI Ex Tobacco	Z / Z		LCH		03/15/24		EUR 140,000		10,080			(53	)		10,133
6.600%	GBP Retail Price	Z / Z		LCH		05/15/24		GBP 100,000		3,146			88			3,058
5.330%	GBP Retail Price	Z / Z		LCH		06/15/24		200,000		5,576			—			5,576
2.314%	U.S. CPI Urban Consumers	Z / Z		LCH		02/26/26		$200,000		18,603			—			18,603
2.419%	U.S. CPI Urban Consumers	Z / Z		LCH		03/05/26		100,000		8,795			—			8,795
2.768%	U.S. CPI Urban Consumers	Z / Z		LCH		05/13/26		100,000		6,747			—			6,747
2.690%	U.S. CPI Urban Consumers	Z / Z		LCH		06/01/26		100,000		6,932			—			6,932
4.735%	GBP Retail Price	Z / Z		LCH		12/15/26		GBP 200,000		18,301			(2,684	)		20,985
4.615%	GBP Retail Price	Z / Z		LCH		02/15/27		100,000		8,606			—			8,606
4.626%	GBP Retail Price	Z / Z		LCH		02/15/27		100,000		8,547			—			8,547
3.000%	Eurostat Eurozone HICP	Z / Z		LCH		05/15/27		EUR 100,000		856			50			806
1.798%	U.S. CPI Urban Consumers	Z / Z		LCH		08/25/27		$500,000		67,559			—			67,559
1.890%	U.S. CPI Urban Consumers	Z / Z		LCH		08/27/27		500,000		64,417			—			64,417
3.250%	3-Month NZD-Bank Bills	S / Q		CME		03/21/28		NZD 100,000		3,282			290			2,992
2.645%	U.S. CPI Urban Consumers	Z / Z		LCH		09/10/28		$100,000		4,403			—			4,403


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-49

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


Pay	Receive	Payment Frequency Pay Rate/ Receive Rate	Exchange		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
1.840%	3-Month USD-LIBOR	S / Q		LCH		11/21/28		$400,000		$35,347			$—			$35,347
2.359%	Eurostat Eurozone HICP	Z / Z		LCH		08/15/30		EUR 200,000		1,994			1,107			887
3.470%	GBP Retail Price	Z / Z		LCH		01/15/31		GBP 120,000		27,623			—			27,623
2.311%	U.S. CPI Urban Consumers	Z / Z		LCH		02/24/31		$200,000		17,847			94			17,753
4.300%	GBP Retail Price	Z / Z		LCH		01/15/32		GBP 100,000		9,318			157			9,161
2.720%	Eurostat Eurozone HICP	Z / Z		LCH		06/15/32		EUR 100,000		(2,198	)		(965	)		(1,233	)
4.130%	GBP Retail Price	Z / Z		LCH		09/15/32		GBP 100,000		3,551			9			3,542
2.000%	1-Day GBP-SONIA	A / A		LCH		03/15/53		300,000		94,185			92,786			1,399

										$461,623			$90,879			$370,744


Total Interest Rate Swaps										$27,263			$95,447			($68,184	)

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 0.375% due 07/15/23		SOFR + 6.000%	Z		MSC		10/06/22		$1,000,000		$1,919			$—		$1,919
U.S. Treasury Inflation Protected Securities 0.125% due 04/15/25		SOFR + 8.000%	Z		MSC		10/20/22		1,000,000		(46,094	)		—		(46,094	)
U.S. Treasury Inflation Protected Securities 0.250% due 01/15/25		SOFR + 8.000%	Z		MSC		10/20/22		500,000		(22,508	)		—		(22,508	)
U.S. Treasury Inflation Protected Securities 0.625% due 01/15/24		SOFR + 8.000%	Z		MSC		10/20/22		1,000,000		(27,060	)		—		(27,060	)
U.S. Treasury Inflation Protected Securities 0.125% due 07/15/31		SOFR + 7.000%	Z		MSC		01/20/23		1,000,000		(69,686	)		—		(69,686	)
U.S. Treasury Inflation Protected Securities 0.125% due 10/15/24		SOFR + 7.000%	Z		MSC		01/20/23		1,000,000		(35,874	)		—		(35,874	)

											($199,303	)		$—		($199,303	)


Total Swap Agreements											($172,040	)		$95,447		($267,487	)

Balances reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps


	Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
OTC Swap Agreements
Assets		$—			$1,919
Liabilities		—			(201,222	)
Centrally Cleared Swap Agreements (1)
Assets		102,825			373,891
Liabilities		(7,378	)		(442,075	)

		$95,447			($267,487	)

(1)

Includes cumulative value on centrally cleared swaps, as reported in the Schedule of Investments. Only variation margin is reported within the Statement of Assets and Liabilities.


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-50

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

September 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 September 30, 2022:


		Total Value at September 30, 2022			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$103,262			$—			$103,262			$—
	Mortgage-Backed Securities		1,227,994			—			1,227,994			—
	Asset-Backed Securities		656,292			—			656,292			—
	U.S. Treasury Obligations		31,978,249			—			31,978,249			—
	Foreign Government Bonds & Notes		1,345,024			—			1,345,024			—
	Short-Term Investments		1,334,985			135,230			1,199,755			—
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		72,925			—			72,925			—
	Interest Rate Contracts
	Futures		303,252			303,252			—			—
	Purchased Options		181,053			—			181,053			—
	Swaps		375,810			—			375,810			—

	Total Interest Rate Contracts		860,115			303,252			556,863			—

	Total Assets - Derivatives		933,040			303,252			629,788			—

	Total Assets		37,578,846			438,482			37,140,364			—


Liabilities	Due to Custodian		(9,159	)		—			(9,159	)		—
	Derivatives:
	Credit Contracts
	Written Options		(686	)		—			(686	)		—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(31,802	)		—			(31,802	)		—
	Interest Rate Contracts
	Futures		(246,374	)		(246,374	)		—			—
	Written Options		(309,711	)		—			(309,711	)		—
	Swaps		(643,297	)		—			(643,297	)		—

	Total Interest Rate Contracts		(1,199,382	)		(246,374	)		(953,008	)		—

	Total Liabilities - Derivatives		(1,231,870	)		(246,374	)		(985,496	)		—

	Total Liabilities		(1,241,029	)		(246,374	)		(994,655	)		—

	Total		$36,337,817			$192,108			$36,145,709			$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-51

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments

September 30, 2022 (Unaudited)


	Shares		Value
COMMON STOCKS - 0.0%

Financial - 0.0%

CBL & Associates Properties Inc REIT		2,876		$73,654


Total Common Stocks (Cost $40,014)				73,654


	Principal Amount
CORPORATE BONDS & NOTES - 26.3%

Basic Materials - 0.7%

Anglo American Capital PLC (South Africa)
3.625% due 09/11/24 ~		$465,000		450,070
4.750% due 04/10/27 ~		200,000		189,407
ArcelorMittal SA (Luxembourg) 7.000% due 10/15/39		80,000		75,377
Barrick Gold Corp (Canada) 5.250% due 04/01/42		30,000		27,414
Barrick North America Finance LLC (Canada) 5.700% due 05/30/41		90,000		85,687
CF Industries Inc 4.950% due 06/01/43		85,000		68,656
DuPont de Nemours Inc 5.319% due 11/15/38		55,000		50,008
Freeport-McMoRan Inc
4.625% due 08/01/30		20,000		17,566
5.400% due 11/14/34		40,000		35,612
5.450% due 03/15/43		170,000		142,131
Glencore Funding LLC (Australia) 2.500% due 09/01/30 ~		135,000		103,433
3.875% due 10/27/27 ~		10,000		9,142
4.000% due 03/27/27 ~		240,000		223,903
4.125% due 03/12/24 ~		150,000		147,512
International Flavors & Fragrances Inc
1.832% due 10/15/27 ~		200,000		164,077
3.468% due 12/01/50 ~		66,000		43,334
LYB International Finance III LLC 1.250% due 10/01/25		59,000		51,900
Nutrien Ltd (Canada) 5.000% due 04/01/49		30,000		26,608
OCP SA (Morocco) 5.125% due 06/23/51 ~		200,000		128,083
Orbia Advance Corp SAB de CV (Mexico) 2.875% due 05/11/31 ~		210,000		153,189
Southern Copper Corp (Peru) 6.750% due 04/16/40		210,000		217,372
Suzano Austria GmbH (Brazil)
3.125% due 01/15/32		50,000		36,059
3.750% due 01/15/31		240,000		188,396
Vale Overseas Ltd (Brazil) 6.875% due 11/21/36		48,000		45,643
Yamana Gold Inc (Canada) 4.625% due 12/15/27		90,000		82,091

				2,762,670

Communications - 2.6%

Alphabet Inc
0.800% due 08/15/27		30,000		25,342
1.100% due 08/15/30		30,000		23,241
1.900% due 08/15/40		30,000		19,307
2.050% due 08/15/50		20,000		11,812
Amazon.com Inc
1.500% due 06/03/30		30,000		23,700
2.100% due 05/12/31		40,000		32,505
2.500% due 06/03/50		320,000		200,775
3.300% due 04/13/27		30,000		28,361


	Principal Amount		Value
3.450% due 04/13/29	$	70,000	$	64,767
3.600% due 04/13/32		80,000		72,822
3.875% due 08/22/37		70,000		60,967
3.950% due 04/13/52		75,000		61,688
4.250% due 08/22/57		10,000		8,356
4.950% due 12/05/44		60,000		57,495
AT&T Inc
2.250% due 02/01/32		110,000		83,306
2.300% due 06/01/27		10,000		8,755
2.550% due 12/01/33		10,000		7,413
3.300% due 02/01/52		30,000		19,418
3.500% due 06/01/41		110,000		79,461
3.500% due 09/15/53		20,000		13,359
3.550% due 09/15/55		300,000		197,685
3.650% due 09/15/59		30,000		19,500
3.800% due 02/15/27		30,000		28,166
3.800% due 12/01/57		10,000		6,776
4.350% due 03/01/29		300,000		280,781
4.350% due 06/15/45		32,000		24,818
5.350% due 09/01/40		40,000		36,199
5.550% due 08/15/41		30,000		27,929
CCO Holdings LLC
4.250% due 01/15/34 ~		130,000		93,356
4.500% due 08/15/30 ~		10,000		7,933
4.500% due 05/01/32		980,000		749,171
4.750% due 02/01/32 ~		40,000		31,217
Charter Communications Operating LLC
2.250% due 01/15/29		300,000		235,254
3.500% due 06/01/41		40,000		25,645
3.500% due 03/01/42		20,000		12,736
3.700% due 04/01/51		225,000		136,941
4.400% due 04/01/33		360,000		298,717
4.908% due 07/23/25		190,000		185,447
5.125% due 07/01/49		40,000		29,422
5.375% due 05/01/47		10,000		7,761
5.750% due 04/01/48		10,000		8,098
6.384% due 10/23/35		20,000		18,385
6.834% due 10/23/55		30,000		27,396
Comcast Corp
2.800% due 01/15/51		312,000		192,190
2.937% due 11/01/56		27,000		16,163
3.150% due 03/01/26		30,000		28,286
3.250% due 11/01/39		185,000		136,326
3.300% due 04/01/27		20,000		18,576
3.375% due 08/15/25		20,000		19,214
3.400% due 04/01/30		30,000		26,420
3.450% due 02/01/50		40,000		28,051
3.969% due 11/01/47		230,000		176,544
3.999% due 11/01/49		61,000		46,867
4.000% due 08/15/47		20,000		15,533
4.000% due 03/01/48		10,000		7,718
4.150% due 10/15/28		130,000		122,872
4.250% due 10/15/30		200,000		185,588
4.950% due 10/15/58		10,000		8,625
5.650% due 06/15/35		20,000		20,036
CommScope Inc 6.000% due 03/01/26 ~		20,000		18,446
Corning Inc 5.750% due 08/15/40		20,000		19,560
Cox Communications Inc 2.950% due 10/01/50 ~		60,000		35,819
CSC Holdings LLC
4.500% due 11/15/31 ~		200,000		150,560
6.500% due 02/01/29 ~		300,000		265,430
Discovery Communications LLC 3.625% due 05/15/30		100,000		82,242
DISH DBS Corp
5.250% due 12/01/26 ~		40,000		32,845
5.875% due 11/15/24		40,000		35,757
7.750% due 07/01/26		10,000		7,685


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-52

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
Expedia Group Inc 3.800% due 02/15/28		$800,000		$711,609
Fox Corp 5.476% due 01/25/39		90,000		78,221
Paramount Global 4.000% due 01/15/26		50,000		47,270
Prosus NV (China) 3.832% due 02/08/51 ~		460,000		256,168
Sprint Capital Corp 8.750% due 03/15/32		70,000		81,279
Sprint Spectrum Co LLC 4.738% due 09/20/29 ~		281,250		277,371
Telefonica Emisiones SA (Spain) 5.213% due 03/08/47		150,000		114,496
Tencent Holdings Ltd (China) 3.840% due 04/22/51 ~		330,000		216,338
Time Warner Cable LLC
5.875% due 11/15/40		50,000		41,277
6.550% due 05/01/37		140,000		126,632
6.750% due 06/15/39		20,000		17,925
7.300% due 07/01/38		230,000		219,271
Time Warner Entertainment Co LP 8.375% due 07/15/33		20,000		21,377
T-Mobile USA Inc
2.250% due 02/15/26		10,000		8,962
2.625% due 02/15/29		50,000		41,384
2.875% due 02/15/31		490,000		395,530
3.375% due 04/15/29		30,000		25,965
3.500% due 04/15/25		130,000		124,368
3.500% due 04/15/31		50,000		42,096
3.750% due 04/15/27		10,000		9,242
3.875% due 04/15/30		290,000		257,412
United Group BV (Netherlands) 4.875% due 07/01/24 ~		EUR 600,000		549,476
Verizon Communications Inc
1.750% due 01/20/31		$70,000		52,612
2.100% due 03/22/28		10,000		8,446
2.355% due 03/15/32		155,000		119,011
2.550% due 03/21/31		260,000		207,857
2.625% due 08/15/26		20,000		18,191
2.650% due 11/20/40		106,000		69,334
2.875% due 11/20/50		50,000		30,710
3.150% due 03/22/30		50,000		42,604
3.850% due 11/01/42		20,000		15,378
4.000% due 03/22/50		30,000		22,997
4.125% due 08/15/46		30,000		23,839
4.329% due 09/21/28		5,000		4,708
4.400% due 11/01/34		90,000		79,411
4.500% due 08/10/33		550,000		496,524
4.862% due 08/21/46		20,000		17,325
5.500% due 03/16/47		30,000		28,778

				9,990,930

Consumer, Cyclical - 2.7%

7-Eleven Inc
0.950% due 02/10/26 ~		60,000		51,810
2.500% due 02/10/41 ~		49,000		30,516
Alimentation Couche-Tard Inc (Canada)
3.439% due 05/13/41 ~		85,000		58,151
3.625% due 05/13/51 ~		90,000		58,403
American Airlines Pass-Through Trust ‘A’ 3.650% due 12/15/29		133,560		100,916
American Airlines Pass-Through Trust ‘AA’ 3.200% due 12/15/29		258,958		225,750
American Airlines Pass-Through Trust ‘B’ 3.950% due 01/11/32		221,000		179,877
AutoZone Inc 3.625% due 04/15/25		100,000		96,324


	Principal Amount		Value
British Airways Pass-Through Trust ‘AA’ (United Kingdom) 3.800% due 03/20/33 ~		$369,306		$332,453
Costco Wholesale Corp 1.600% due 04/20/30		40,000		32,115
Delta Air Lines Inc
2.900% due 10/28/24		80,000		74,207
3.800% due 04/19/23		10,000		9,913
4.500% due 10/20/25 ~		70,000		67,988
4.750% due 10/20/28 ~		590,000		550,307
7.000% due 05/01/25 ~		170,000		171,278
Delta Air Lines Pass-Through Trust ‘A’ 2.500% due 12/10/29		122,892		103,150
Delta Air Lines Pass-Through Trust ‘B’ 4.250% due 01/30/25		87,740		85,708
Ford Motor Co 6.100% due 08/19/32		40,000		35,332
Ford Motor Credit Co LLC
1.355% due 02/07/25		EUR 300,000		261,529
3.250% due 09/15/25		300,000		267,073
3.375% due 11/13/25		$700,000		619,463
4.000% due 11/13/30		200,000		156,446
4.125% due 08/17/27		200,000		172,574
General Motors Co
5.150% due 04/01/38		20,000		16,133
5.950% due 04/01/49		20,000		16,742
6.250% due 10/02/43		40,000		34,850
General Motors Financial Co Inc
1.200% due 10/15/24		45,000		41,346
2.700% due 06/10/31		65,000		47,811
2.750% due 06/20/25		340,000		313,557
3.800% due 04/07/25		35,000		33,369
4.250% due 05/15/23		30,000		29,891
4.350% due 01/17/27		60,000		55,692
Hasbro Inc 3.900% due 11/19/29		50,000		43,802
Hilton Domestic Operating Co Inc
5.375% due 05/01/25 ~		20,000		19,597
5.750% due 05/01/28 ~		20,000		18,744
Hilton Worldwide Finance LLC 4.875% due 04/01/27		130,000		119,558
Hyundai Capital America
1.300% due 01/08/26 ~		40,000		34,642
2.650% due 02/10/25 ~		150,000		139,930
5.875% due 04/07/25 ~		300,000		300,772
JetBlue Pass-Through Trust ‘A’ 4.000% due 05/15/34		270,553		241,227
JetBlue Pass-Through Trust ‘B’ 7.750% due 05/15/30		109,654		105,391
Las Vegas Sands Corp
2.900% due 06/25/25		360,000		323,267
3.200% due 08/08/24		430,000		405,670
Lear Corp 2.600% due 01/15/32		25,000		18,538
Lennar Corp 4.500% due 04/30/24		35,000		34,375
Lowe’s Cos Inc 4.500% due 04/15/30		20,000		18,727
McDonald’s Corp
3.500% due 03/01/27		20,000		18,970
3.500% due 07/01/27		10,000		9,354
3.600% due 07/01/30		160,000		144,131
3.625% due 09/01/49		10,000		7,302
3.700% due 01/30/26		40,000		38,608
3.800% due 04/01/28		30,000		28,233
4.200% due 04/01/50		110,000		88,435
MDC Holdings Inc 2.500% due 01/15/31		40,000		26,777
Mileage Plus Holdings LLC 6.500% due 06/20/27 ~		142,500		139,741


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-53

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
New Red Finance Inc (Canada)
3.500% due 02/15/29 ~		$30,000		$24,720
3.875% due 01/15/28 ~		20,000		17,438
Newell Brands Inc
4.100% due 04/01/23		20,000		20,002
4.450% due 04/01/26		10,000		9,214
NIKE Inc
2.750% due 03/27/27		90,000		82,776
3.250% due 03/27/40		20,000		15,433
3.375% due 03/27/50		80,000		59,066
Nissan Motor Acceptance Co LLC
2.000% due 03/09/26 ~		300,000		254,035
2.750% due 03/09/28 ~		300,000		236,605
Nissan Motor Co Ltd (Japan) 3.522% due 09/17/25 ~		520,000		478,705
Nordstrom Inc 4.250% due 08/01/31		94,000		64,584
O’Reilly Automotive Inc 3.900% due 06/01/29		100,000		91,243
Sands China Ltd (Macao)
2.800% due 03/08/27		250,000		199,009
3.350% due 03/08/29		200,000		148,853
5.625% due 08/08/25		310,000		281,331
Spirit Loyalty Cayman Ltd 8.000% due 09/20/25 ~		270,000		271,928
Starbucks Corp 3.350% due 03/12/50		40,000		27,384
Target Corp 2.250% due 04/15/25		30,000		28,325
The Home Depot Inc
3.300% due 04/15/40		40,000		30,693
3.350% due 04/15/50		150,000		107,826
3.900% due 06/15/47		10,000		7,977
4.950% due 09/15/52		53,000		49,925
Tractor Supply Co 1.750% due 11/01/30		100,000		75,028
United Airlines Inc
4.375% due 04/15/26 ~		10,000		8,942
4.625% due 04/15/29 ~		80,000		66,398
United Airlines Pass-Through Trust ‘A’
3.100% due 04/07/30		80,023		61,945
3.700% due 09/01/31		206,324		162,493
United Airlines Pass-Through Trust ‘B’
3.650% due 04/07/27		224,323		197,801
3.650% due 07/07/27		147,500		129,517
VOC Escrow Ltd 5.000% due 02/15/28 ~		90,000		73,389
Walmart Inc
1.500% due 09/22/28		60,000		50,246
1.800% due 09/22/31		30,000		23,886
Warnermedia Holdings Inc
3.755% due 03/15/27 ~		20,000		17,919
4.054% due 03/15/29 ~		30,000		25,946
4.279% due 03/15/32 ~		220,000		181,273
5.050% due 03/15/42 ~		20,000		15,000
5.141% due 03/15/52 ~		150,000		109,309

				10,362,629

Consumer, Non-Cyclical - 3.0%

Abbott Laboratories
4.750% due 11/30/36		30,000		29,322
4.900% due 11/30/46		60,000		57,672
AbbVie Inc
2.950% due 11/21/26		270,000		247,627
3.200% due 11/21/29		390,000		341,740
3.600% due 05/14/25		70,000		67,257
3.750% due 11/14/23		10,000		9,894
3.800% due 03/15/25		360,000		348,987


	Principal Amount		Value
4.050% due 11/21/39		$100,000		$80,724
4.250% due 11/21/49		245,000		196,992
Aetna Inc 2.800% due 06/15/23		40,000		39,498
Altria Group Inc
2.450% due 02/04/32		220,000		155,594
3.400% due 02/04/41		120,000		75,914
3.875% due 09/16/46		20,000		12,691
4.400% due 02/14/26		181,000		174,354
4.800% due 02/14/29		6,000		5,545
5.800% due 02/14/39		40,000		35,025
5.950% due 02/14/49		210,000		174,456
6.200% due 02/14/59		12,000		10,451
Amgen Inc
2.770% due 09/01/53		43,000		25,169
4.663% due 06/15/51		11,000		9,280
Anheuser-Busch Cos LLC (Belgium)
3.650% due 02/01/26		150,000		144,236
4.900% due 02/01/46		160,000		139,429
Anheuser-Busch InBev Worldwide Inc (Belgium)
3.750% due 07/15/42		355,000		270,582
4.350% due 06/01/40		60,000		50,988
4.500% due 06/01/50		130,000		107,365
4.750% due 01/23/29		210,000		204,788
5.550% due 01/23/49		30,000		28,298
AstraZeneca PLC (United Kingdom) 6.450% due 09/15/37		35,000		37,889
Baptist Healthcare System Obligated Group
3.540% due 08/15/50		395,000		289,401
BAT Capital Corp (United Kingdom)
2.259% due 03/25/28		200,000		159,390
3.557% due 08/15/27		190,000		167,106
4.390% due 08/15/37		40,000		28,596
4.540% due 08/15/47		60,000		39,887
Bausch Health Cos Inc
5.000% due 02/15/29 ~		50,000		19,484
5.250% due 01/30/30 ~		250,000		93,889
6.250% due 02/15/29 ~		110,000		41,272
7.250% due 05/30/29 ~		50,000		19,235
Becton Dickinson and Co
3.363% due 06/06/24		50,000		48,627
3.734% due 12/15/24		14,000		13,534
4.685% due 12/15/44		29,000		24,856
Biogen Inc 2.250% due 05/01/30		34,000		26,829
Bon Secours Mercy Health Inc 3.205% due 06/01/50		125,000		86,347
Boston Scientific Corp 4.550% due 03/01/39		30,000		26,066
Bristol-Myers Squibb Co 2.350% due 11/13/40		25,000		16,742
4.550% due 02/20/48		90,000		79,536
Bunge Ltd Finance Corp 2.750% due 05/14/31		95,000		74,846
Cargill Inc 1.375% due 07/23/23 ~		40,000		38,978
Cigna Corp
3.750% due 07/15/23		66,000		65,543
4.125% due 11/15/25		40,000		38,892
4.375% due 10/15/28		270,000		255,219
4.900% due 12/15/48		110,000		95,257
Cintas Corp No 2 4.000% due 05/01/32		50,000		45,978
CommonSpirit Health 2.782% due 10/01/30		185,000		147,891
Constellation Brands Inc
3.600% due 05/09/24		50,000		48,950
4.350% due 05/09/27		50,000		48,035


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-54

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
CVS Health Corp
1.875% due 02/28/31		$30,000		$22,904
2.125% due 09/15/31		100,000		77,216
3.625% due 04/01/27		10,000		9,367
3.750% due 04/01/30		210,000		187,066
4.125% due 04/01/40		100,000		79,824
4.250% due 04/01/50		20,000		15,708
4.300% due 03/25/28		36,000		34,017
4.875% due 07/20/35		105,000		95,106
5.050% due 03/25/48		210,000		185,431
5.125% due 07/20/45		60,000		52,674
DH Europe Finance II Sarl 3.250% due 11/15/39		60,000		45,639
DP World PLC (United Arab Emirates) 5.625% due 09/25/48 ~		200,000		175,623
Elevance Health Inc
2.250% due 05/15/30		105,000		84,856
3.350% due 12/01/24		40,000		38,502
3.650% due 12/01/27		30,000		27,980
4.100% due 05/15/32		10,000		9,049
4.550% due 05/15/52		20,000		16,934
Gilead Sciences Inc
2.600% due 10/01/40		90,000		59,647
3.650% due 03/01/26		90,000		85,635
4.750% due 03/01/46		30,000		26,206
Global Payments Inc
3.200% due 08/15/29		122,000		101,818
5.400% due 08/15/32		300,000		278,902
HCA Inc
3.500% due 09/01/30		40,000		33,116
4.500% due 02/15/27		40,000		37,397
5.250% due 06/15/26		440,000		425,686
5.375% due 02/01/25		20,000		19,784
5.875% due 02/01/29		30,000		29,211
Humana Inc
3.150% due 12/01/22		50,000		49,950
3.950% due 03/15/27		40,000		37,559
4.625% due 12/01/42		20,000		17,171
4.800% due 03/15/47		20,000		17,486
Johnson & Johnson
0.950% due 09/01/27		80,000		67,809
3.625% due 03/03/37		30,000		25,986
Keurig Dr Pepper Inc 3.200% due 05/01/30		165,000		140,605
Kraft Heinz Foods Co
4.250% due 03/01/31		10,000		9,015
4.375% due 06/01/46		55,000		42,875
4.625% due 10/01/39		65,000		53,947
5.000% due 06/04/42		10,000		8,709
5.500% due 06/01/50		20,000		18,034
6.500% due 02/09/40		200,000		201,488
Mars Inc 3.200% due 04/01/30 ~		40,000		35,375
MedStar Health Inc 3.626% due 08/15/49		90,000		65,828
Merck & Co Inc 1.450% due 06/24/30		110,000		86,185
MidMichigan Health 3.409% due 06/01/50		55,000		38,450
Mondelez International Inc 1.500% due 05/04/25		90,000		82,359
PayPal Holdings Inc 1.650% due 06/01/25		40,000		36,867
PeaceHealth Obligated Group 3.218% due 11/15/50		115,000		77,255
PepsiCo Inc
2.250% due 03/19/25		10,000		9,468
2.625% due 03/19/27		60,000		55,130
2.875% due 10/15/49		20,000		14,080
Pfizer Inc 2.625% due 04/01/30		130,000		111,884


	Principal Amount		Value
Philip Morris International Inc 4.500% due 03/20/42		$30,000		$22,038
Piedmont Healthcare Inc 2.864% due 01/01/52		55,000		35,064
Prime Security Services Borrower LLC 5.750% due 04/15/26 ~		30,000		28,270
Quanta Services Inc 2.350% due 01/15/32		90,000		66,341
Regeneron Pharmaceuticals Inc 1.750% due 09/15/30		600,000		455,010
Reynolds American Inc (United Kingdom)
5.850% due 08/15/45		50,000		39,340
6.150% due 09/15/43		30,000		25,113
S&P Global Inc 2.700% due 03/01/29 ~		82,000		71,019
Smithfield Foods Inc 3.000% due 10/15/30 ~		100,000		77,342
Takeda Pharmaceutical Co Ltd (Japan) 2.050% due 03/31/30		225,000		178,187
Teva Pharmaceutical Finance Co BV (Israel) 2.950% due 12/18/22		260,000		258,058
Teva Pharmaceutical Finance Co LLC (Israel) 6.150% due 02/01/36		220,000		181,692
Teva Pharmaceutical Finance Netherlands III BV (Israel)
2.800% due 07/21/23		120,000		116,123
3.150% due 10/01/26		290,000		238,335
4.100% due 10/01/46		10,000		5,990
The Coca-Cola Co 2.500% due 03/15/51		20,000		12,500
The Procter & Gamble Co 2.800% due 03/25/27		10,000		9,313
Thermo Fisher Scientific Inc 2.000% due 10/15/31		85,000		67,085
Triton Container International Ltd (Bermuda) 2.050% due 04/15/26 ~		150,000		127,484
Tyson Foods Inc 3.550% due 06/02/27		75,000		69,596
United Rentals North America Inc
3.750% due 01/15/32		50,000		39,357
3.875% due 02/15/31		20,000		16,308
UnitedHealth Group Inc
2.000% due 05/15/30		30,000		24,178
2.300% due 05/15/31		20,000		16,127
2.375% due 10/15/22		10,000		9,993
3.250% due 05/15/51		230,000		160,295
3.750% due 07/15/25		80,000		77,834
3.875% due 08/15/59		50,000		37,388
4.000% due 05/15/29		100,000		93,279
4.200% due 05/15/32		60,000		55,783
4.250% due 06/15/48		60,000		49,890
4.450% due 12/15/48		10,000		8,559
Universal Health Services Inc 2.650% due 10/15/30 ~		42,000		31,132
University of Miami 4.063% due 04/01/52		20,000		16,461
Utah Acquisition Sub Inc 3.950% due 06/15/26		105,000		95,851
Viatris Inc 3.850% due 06/22/40		60,000		37,519
West Virginia United Health System Obligated Group 3.129% due 06/01/50		55,000		35,990

				11,570,810

Energy - 3.0%

Adani Green Energy UP Ltd (India) 6.250% due 12/10/24 ~		300,000		273,975
Apache Corp
4.750% due 04/15/43		40,000		29,916


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-55

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
5.100% due 09/01/40		$70,000		$56,669
5.250% due 02/01/42		10,000		8,168
5.350% due 07/01/49		70,000		55,252
Baker Hughes Holdings LLC 5.125% due 09/15/40		50,000		44,022
Boardwalk Pipelines LP 4.450% due 07/15/27		85,000		79,033
BP Capital Markets America Inc
2.772% due 11/10/50		225,000		140,184
2.939% due 06/04/51		55,000		35,044
3.000% due 02/24/50		130,000		84,697
3.633% due 04/06/30		200,000		179,886
Cameron LNG LLC 2.902% due 07/15/31 ~		10,000		8,253
3.302% due 01/15/35 ~		130,000		102,560
Cheniere Energy Inc 4.625% due 10/15/28		20,000		18,394
Cheniere Energy Partners LP
3.250% due 01/31/32		90,000		69,289
4.000% due 03/01/31		30,000		25,215
Chevron Corp 3.078% due 05/11/50		60,000		42,642
Chevron USA Inc 3.850% due 01/15/28		30,000		28,538
ConocoPhillips 6.500% due 02/01/39		10,000		10,867
Continental Resources Inc
2.268% due 11/15/26 ~		30,000		25,637
3.800% due 06/01/24		40,000		38,876
4.375% due 01/15/28		90,000		80,960
4.500% due 04/15/23		50,000		49,811
4.900% due 06/01/44		20,000		14,310
5.750% due 01/15/31 ~		370,000		335,258
Coterra Energy Inc
3.900% due 05/15/27 ~		205,000		190,268
4.375% due 03/15/29 ~		280,000		259,188
DCP Midstream Operating LP 6.450% due 11/03/36 ~		20,000		18,316
Devon Energy Corp
4.500% due 01/15/30		8,000		7,292
4.750% due 05/15/42		20,000		16,333
5.000% due 06/15/45		230,000		191,974
5.250% due 10/15/27		6,000		6,018
5.875% due 06/15/28		206,000		206,034
Diamondback Energy Inc 3.500% due 12/01/29		190,000		164,252
DT Midstream Inc 4.300% due 04/15/32 ~		70,000		60,325
Ecopetrol SA (Colombia) 5.875% due 05/28/45		220,000		133,558
Energy Transfer Operating LP
2.900% due 05/15/25		10,000		9,332
3.900% due 05/15/24		230,000		224,408
3.900% due 07/15/26		305,000		284,626
4.950% due 06/15/28		50,000		46,659
5.250% due 04/15/29		270,000		254,277
6.250% due 02/15/23		20,000		16,425
6.250% due 04/15/49		160,000		142,414
6.750% due 05/15/25		20,000		17,356
7.125% due 05/15/30		10,000		8,240
Eni SPA (Italy) 4.000% due 09/12/23 ~		200,000		197,598
Enterprise Products Operating LLC
3.950% due 01/31/60		30,000		20,776
4.150% due 10/16/28		100,000		93,068
4.200% due 01/31/50		90,000		68,991
4.800% due 02/01/49		10,000		8,259
4.850% due 03/15/44		10,000		8,418
7.550% due 04/15/38		220,000		240,430


	Principal Amount		Value
EOG Resources Inc
3.900% due 04/01/35		$30,000		$25,700
4.375% due 04/15/30		30,000		28,611
4.950% due 04/15/50		30,000		27,972
EQT Corp
3.625% due 05/15/31 ~		80,000		66,815
3.900% due 10/01/27		280,000		255,380
5.000% due 01/15/29		40,000		37,402
Exxon Mobil Corp
2.995% due 08/16/39		180,000		133,844
3.043% due 03/01/26		140,000		132,419
3.482% due 03/19/30		220,000		200,144
4.114% due 03/01/46		50,000		41,437
4.327% due 03/19/50		30,000		25,652
Flex Intermediate Holdco LLC
3.363% due 06/30/31 ~		45,000		35,082
4.317% due 12/30/39 ~		35,000		24,930
Gray Oak Pipeline LLC 2.600% due 10/15/25 ~		300,000		269,196
3.450% due 10/15/27 ~		125,000		110,757
HF Sinclair Corp
2.625% due 10/01/23 ~		35,000		33,891
5.875% due 04/01/26 ~		63,000		61,828
KazMunayGas National Co JSC (Kazakhstan) 5.375% due 04/24/30 ~		200,000		159,013
Kinder Morgan Energy Partners LP 5.500% due 03/01/44		10,000		8,332
Kinder Morgan Inc 4.300% due 06/01/25		50,000		48,813
4.300% due 03/01/28		130,000		121,886
5.050% due 02/15/46		30,000		24,597
5.200% due 03/01/48		50,000		41,920
5.550% due 06/01/45		30,000		26,222
Midwest Connector Capital Co LLC 3.900% due 04/01/24 ~		500,000		483,344
MPLX LP
4.500% due 04/15/38		305,000		246,214
4.700% due 04/15/48		60,000		45,879
4.800% due 02/15/29		120,000		111,811
NGPL PipeCo LLC 3.250% due 07/15/31 ~		50,000		39,221
Occidental Petroleum Corp
5.550% due 03/15/26		90,000		90,220
6.450% due 09/15/36		310,000		310,763
Petrobras Global Finance BV (Brazil)
5.299% due 01/27/25		415,000		413,209
5.500% due 06/10/51		160,000		113,862
6.900% due 03/19/49		230,000		191,866
Petroleos Mexicanos (Mexico) 6.875% due 08/04/26		220,000		198,429
Phillips 66 Co 3.550% due 10/01/26 ~		100,000		93,340
Pioneer Natural Resources Co
1.125% due 01/15/26		20,000		17,507
1.900% due 08/15/30		135,000		103,414
2.150% due 01/15/31		30,000		23,155
Range Resources Corp
4.875% due 05/15/25		10,000		9,440
5.000% due 03/15/23		63,000		62,878
Reliance Industries Ltd (India) 3.625% due 01/12/52 ~		310,000		194,890
Sabine Pass Liquefaction LLC 5.625% due 03/01/25		200,000		200,020
Schlumberger Holdings Corp 3.900% due 05/17/28 ~		40,000		36,121
Shell International Finance BV (Netherlands)
2.875% due 05/10/26		20,000		18,650
3.125% due 11/07/49		50,000		34,369
4.375% due 05/11/45		280,000		235,968
4.550% due 08/12/43		50,000		43,468


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-56

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
Southwestern Energy Co
4.750% due 02/01/32		$30,000		$25,209
5.375% due 03/15/30		170,000		153,545
Targa Resources Corp
4.200% due 02/01/33		20,000		16,688
5.200% due 07/01/27		121,000		116,582
Targa Resources Partners LP
4.000% due 01/15/32		10,000		8,267
4.875% due 02/01/31		90,000		77,549
5.000% due 01/15/28		30,000		27,815
5.500% due 03/01/30		20,000		17,995
6.500% due 07/15/27		10,000		9,906
6.875% due 01/15/29		10,000		9,846
Tennessee Gas Pipeline Co LLC 2.900% due 03/01/30 ~		30,000		24,600
The Williams Cos Inc
3.750% due 06/15/27		90,000		83,120
7.500% due 01/15/31		190,000		204,247
TransCanada PipeLines Ltd (Canada) 6.200% due 10/15/37		55,000		54,214
Transcontinental Gas Pipe Line Co LLC 7.850% due 02/01/26		30,000		31,885
Venture Global Calcasieu Pass LLC 3.875% due 11/01/33 ~		40,000		31,177
Western Midstream Operating LP
3.350% due 02/01/25		30,000		28,004
3.555% (USD LIBOR + 1.100%) due 01/13/23 §		20,000		19,854
4.300% due 02/01/30		60,000		51,450
4.500% due 03/01/28		30,000		27,193
4.650% due 07/01/26		50,000		46,852
5.300% due 03/01/48		117,000		96,474
5.500% due 08/15/48		60,000		48,648
5.500% due 02/01/50		50,000		40,443

				11,243,735

Financial - 10.5%

AerCap Ireland Capital DAC (Ireland)
2.450% due 10/29/26		430,000		363,283
3.150% due 02/15/24		150,000		144,170
AIB Group PLC (Ireland) 4.263% due 04/10/25 ~		200,000		191,841
Air Lease Corp
3.000% due 09/15/23		555,000		541,622
3.375% due 07/01/25		60,000		55,960
Alexandria Real Estate Equities Inc REIT 1.875% due 02/01/33		100,000		70,412
American Express Co
3.375% due 05/03/24		60,000		58,539
4.050% due 05/03/29		80,000		73,712
American Homes 4 Rent LP REIT 4.250% due 02/15/28		200,000		184,489
American International Group Inc
2.500% due 06/30/25		150,000		140,093
4.375% due 06/30/50		140,000		112,471
American Tower Corp REIT
1.500% due 01/31/28		135,000		108,147
2.950% due 01/15/51		41,000		24,689
3.100% due 06/15/50		64,000		40,022
Athene Global Funding 2.500% due 01/14/25 ~		215,000		200,734
Australia & New Zealand Banking Group Ltd (Australia) 4.400% due 05/19/26 ~		205,000		194,920
Avolon Holdings Funding Ltd (Ireland)
2.125% due 02/21/26 ~		45,000		37,868
2.528% due 11/18/27 ~		523,000		409,865
4.250% due 04/15/26 ~		365,000		327,687


	Principal Amount		Value
Banco Santander SA (Spain) 3.848% due 04/12/23		$200,000		$198,583
Bank of America Corp
2.572% due 10/20/32		475,000		363,812
2.592% due 04/29/31		330,000		262,041
2.676% due 06/19/41		420,000		272,215
2.972% due 02/04/33		100,000		78,300
3.004% due 12/20/23		155,000		154,196
3.419% due 12/20/28		203,000		180,511
3.500% due 04/19/26		50,000		47,020
3.550% due 03/05/24		90,000		89,313
3.593% due 07/21/28		100,000		90,414
3.705% due 04/24/28		370,000		337,121
3.841% due 04/25/25		90,000		87,617
3.974% due 02/07/30		240,000		213,932
4.083% due 03/20/51		80,000		60,506
4.200% due 08/26/24		90,000		88,602
4.250% due 10/22/26		650,000		618,252
4.330% due 03/15/50		20,000		15,819
4.376% due 04/27/28		335,000		314,317
4.450% due 03/03/26		90,000		86,814
4.571% due 04/27/33		190,000		170,436
Bank of Ireland Group PLC (Ireland) 6.253% due 09/16/26 ~		300,000		293,776
Bank of Montreal (Canada)
1.850% due 05/01/25		100,000		92,113
3.803% due 12/15/32		60,000		52,105
Barclays PLC (United Kingdom)
4.972% due 05/16/29		200,000		180,263
5.088% due 06/20/30		300,000		261,200
5.304% due 08/09/26		200,000		192,287
7.250% due 03/15/23 ~		GBP 200,000		215,202
7.750% due 09/15/23		$300,000		277,875
Berkshire Hathaway Finance Corp
3.850% due 03/15/52		150,000		115,154
4.250% due 01/15/49		130,000		108,492
BNP Paribas SA (France)
1.904% due 09/30/28 ~		900,000		727,539
2.159% due 09/15/29 ~		200,000		156,673
2.219% due 06/09/26 ~		200,000		179,987
2.824% due 01/26/41 ~		350,000		207,879
4.375% due 03/01/33 ~		250,000		216,176
BPCE SA (France) 1.652% due 10/06/26 ~		295,000		256,453
Brixmor Operating Partnership LP REIT
2.250% due 04/01/28		70,000		56,615
2.500% due 08/16/31		25,000		18,254
Brookfield Finance Inc (Canada) 3.500% due 03/30/51		115,000		72,813
Brown & Brown Inc 2.375% due 03/15/31		220,000		164,605
Capital One Financial Corp 3.800% due 01/31/28		170,000		153,902
Carlyle Finance LLC 5.650% due 09/15/48 ~		150,000		133,442
Citigroup Inc
3.057% due 01/25/33		340,000		268,142
3.785% due 03/17/33		180,000		151,119
4.075% due 04/23/29		570,000		516,579
4.400% due 06/10/25		170,000		165,428
4.412% due 03/31/31		75,000		67,394
4.658% due 05/24/28		40,000		38,046
4.910% due 05/24/33		110,000		101,357
5.500% due 09/13/25		490,000		489,750
5.950% due 01/30/23		140,000		138,687
5.950% due 05/15/25		70,000		63,441
6.675% due 09/13/43		70,000		71,525
8.125% due 07/15/39		130,000		154,016
Cooperatieve Rabobank UA (Netherlands)
3.758% due 04/06/33 ~		250,000		206,996
4.375% due 08/04/25		510,000		487,827
4.655% due 08/22/28 ~		300,000		283,311
Corebridge Financial Inc
3.650% due 04/05/27 ~		135,000		123,484
3.850% due 04/05/29 ~		25,000		22,064


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-57

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
Credit Agricole SA (France) 1.247% due 01/26/27 ~		$250,000		$213,053
Credit Suisse AG (Switzerland)
3.700% due 02/21/25		250,000		234,892
4.750% due 08/09/24		300,000		292,942
Credit Suisse Group AG (Switzerland)
2.193% due 06/05/26 ~		250,000		217,587
3.869% due 01/12/29 ~		300,000		245,119
4.194% due 04/01/31 ~		420,000		330,873
4.282% due 01/09/28 ~		250,000		212,601
6.537% due 08/12/33 ~		400,000		360,007
9.750% due 06/23/27 ~		230,000		226,177
Crown Castle Inc REIT 3.100% due 11/15/29		100,000		84,119
Danske Bank AS (Denmark)
4.298% due 04/01/28 ~		300,000		267,398
5.375% due 01/12/24 ~		400,000		398,035
Deutsche Bank AG (Germany)
2.625% due 12/16/24 ~		GBP 200,000		200,990
3.961% due 11/26/25		$300,000		280,283
4.273% (USD LIBOR + 1.230%) due 02/27/23 §		300,000		300,005
6.119% due 07/14/26		300,000		291,598
Diversified Healthcare Trust REIT 9.750% due 06/15/25		300,000		272,004
Empower Finance LP (Canada) 3.075% due 09/17/51 ~		115,000		70,749
Equinix Inc REIT 2.000% due 05/15/28		109,000		89,330
F&G Global Funding 1.750% due 06/30/26 ~		45,000		39,223
Federation des Caisses Desjardins du Quebec (Canada) 4.400% due 08/23/25 ~		400,000		387,098
G City Europe Ltd (Poland) 4.250% due 09/11/25 ~		EUR 800,000		678,936
Goodman US Finance Three LLC REIT (Australia) 3.700% due 03/15/28 ~		$200,000		181,403
Healthcare Realty Holdings LP REIT 2.000% due 03/15/31		200,000		147,207
Healthpeak Properties Inc REIT 2.125% due 12/01/28		79,000		64,771
Host Hotels & Resorts LP REIT 4.000% due 06/15/25		200,000		190,124
HSBC Holdings PLC (United Kingdom)
2.871% due 11/22/32		200,000		145,970
4.762% due 03/29/33		210,000		172,685
4.950% due 03/31/30		230,000		211,659
5.210% due 08/11/28		200,000		187,188
Hudson Pacific Properties LP REIT 4.650% due 04/01/29		800,000		711,817
ING Groep NV (Netherlands) 4.625% due 01/06/26 ~		700,000		673,909
Intercontinental Exchange Inc
4.600% due 03/15/33		150,000		139,995
4.950% due 06/15/52		30,000		26,730
Intesa Sanpaolo SPA (Italy)
3.375% due 01/12/23 ~		220,000		218,807
5.017% due 06/26/24 ~		370,000		345,266
JPMorgan Chase & Co
2.083% due 04/22/26		590,000		537,904
2.522% due 04/22/31		160,000		126,688
3.109% due 04/22/51		30,000		19,021
3.509% due 01/23/29		150,000		132,888
4.203% due 07/23/29		170,000		154,940
4.452% due 12/05/29		70,000		64,168
4.586% due 04/26/33		260,000		234,334
4.950% due 06/01/45		50,000		41,889
Jyske Realkredit AS (Denmark) 1.500% due 10/01/53		DKK 884,519		84,966


	Principal Amount		Value
KKR Group Finance Co II LLC 5.500% due 02/01/43 ~		$30,000		$27,237
Life Storage LP REIT 2.400% due 10/15/31		75,000		56,401
Lloyds Banking Group PLC (United Kingdom)
3.985% (AUD Bank Bill + 1.400%) due 03/07/25 §		AUD 800,000		505,890
4.375% due 03/22/28		$500,000		455,243
Macquarie Group Ltd (Australia) 1.340% due 01/12/27 ~		185,000		158,528
Mastercard Inc 3.850% due 03/26/50		60,000		48,470
MetLife Inc 4.125% due 08/13/42		110,000		89,237
Mitsubishi UFJ Financial Group Inc (Japan) 5.063% due 09/12/25		228,000		225,694
Mizuho Financial Group Inc (Japan)
3.261% due 05/22/30		300,000		252,107
5.414% due 09/13/28		240,000		234,912
Morgan Stanley
2.188% due 04/28/26		240,000		220,304
2.475% due 01/21/28		810,000		708,812
2.699% due 01/22/31		80,000		64,942
3.622% due 04/01/31		230,000		199,008
3.737% due 04/24/24		100,000		98,977
3.772% due 01/24/29		10,000		9,007
4.431% due 01/23/30		10,000		9,205
4.457% due 04/22/39		150,000		127,279
MPT Operating Partnership LP REIT 2.550% due 12/05/23		GBP 700,000		726,598
National Retail Properties Inc REIT 3.500% due 10/15/27		$200,000		179,193
NatWest Group PLC (United Kingdom)
4.445% due 05/08/30		200,000		175,771
4.892% due 05/18/29		200,000		182,348
New York Life Global Funding 0.950% due 06/24/25 ~		40,000		35,883
New York Life Insurance Co 3.750% due 05/15/50 ~		150,000		111,372
Northwestern Mutual Global Funding 1.700% due 06/01/28 ~		50,000		41,653
Nykredit Realkredit AS (Denmark) 1.500% due 10/01/53 ~		DKK 1,195,810		108,294
Office Properties Income Trust REIT
2.400% due 02/01/27		$90,000		64,926
4.500% due 02/01/25		50,000		44,493
Omega Healthcare Investors Inc REIT 3.375% due 02/01/31		900,000		687,305
Physicians Realty LP REIT 2.625% due 11/01/31		30,000		22,804
Principal Life Global Funding II 1.250% due 06/23/25 ~		20,000		17,989
Public Storage REIT
1.950% due 11/09/28		38,000		31,681
2.250% due 11/09/31		32,000		25,226
Royal Bank of Canada (Canada)
1.150% due 06/10/25		90,000		81,317
1.600% due 04/17/23		50,000		49,310
Sabra Health Care LP REIT 3.200% due 12/01/31		50,000		36,806
Santander Holdings USA Inc
3.450% due 06/02/25		700,000		656,055
4.500% due 07/17/25		100,000		95,741
Scentre Group Trust 1 REIT (Australia) 3.625% due 01/28/26 ~		220,000		206,103
Societe Generale SA (France)
1.792% due 06/09/27 ~		300,000		250,060
4.250% due 04/14/25 ~		200,000		190,335
Spirit Realty LP REIT 3.400% due 01/15/30		800,000		650,961


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-58

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
Standard Chartered PLC (United Kingdom)
1.456% due 01/14/27 ~		$500,000		$423,851
3.702% (SOFR + 0.930%) due 11/23/25 ~ §		300,000		294,910
Sumitomo Mitsui Financial Group Inc (Japan) 2.472% due 01/14/29		300,000		246,450
Teachers Insurance & Annuity Association of America
3.300% due 05/15/50 ~		50,000		34,230
4.900% due 09/15/44 ~		40,000		35,175
6.850% due 12/16/39 ~		18,000		19,656
The Bank of New York Mellon Corp 1.600% due 04/24/25		30,000		27,742
The Bank of Nova Scotia (Canada) 4.588% due 05/04/37		100,000		84,015
The Goldman Sachs Group Inc
1.948% due 10/21/27		360,000		308,313
2.383% due 07/21/32		330,000		249,198
2.640% due 02/24/28		320,000		278,005
3.615% due 03/15/28		50,000		45,554
3.850% due 07/08/24		70,000		68,466
4.017% due 10/31/38		120,000		95,052
4.223% due 05/01/29		220,000		200,266
4.250% due 10/21/25		540,000		521,780
5.150% due 05/22/45		240,000		201,003
6.250% due 02/01/41		110,000		109,539
The Norinchukin Bank (Japan) 2.080% due 09/22/31 ~		300,000		229,564
The Toronto-Dominion Bank (Canada) 1.150% due 06/12/25		270,000		242,933
UBS Group AG (Switzerland)
1.494% due 08/10/27 ~		200,000		168,255
7.000% due 01/31/24 ~		250,000		237,175
UDR Inc REIT
1.900% due 03/15/33		30,000		20,839
2.100% due 08/01/32		200,000		144,714
Visa Inc
3.150% due 12/14/25		80,000		76,449
4.300% due 12/14/45		140,000		122,239
Wells Fargo & Co
2.188% due 04/30/26		80,000		73,132
2.393% due 06/02/28		600,000		515,291
2.879% due 10/30/30		110,000		90,522
3.000% due 10/23/26		380,000		344,846
3.350% due 03/02/33		50,000		40,614
3.584% due 05/22/28		100,000		90,567
4.400% due 06/14/46		30,000		22,953
4.478% due 04/04/31		560,000		512,899
4.611% due 04/25/53		70,000		56,975
4.750% due 12/07/46		110,000		88,237
4.900% due 11/17/45		50,000		41,035
5.013% due 04/04/51		620,000		536,828
5.375% due 11/02/43		80,000		69,542
Westpac Banking Corp (Australia) 3.133% due 11/18/41		53,000		34,015
WP Carey Inc REIT
2.250% due 04/01/33		55,000		39,205
2.400% due 02/01/31		75,000		57,665

				40,262,840

Industrial - 1.2%

3M Co
2.375% due 08/26/29		60,000		49,249
3.050% due 04/15/30		10,000		8,515
3.700% due 04/15/50		190,000		138,674
Ball Corp 3.125% due 09/15/31		50,000		37,797
Carrier Global Corp
2.700% due 02/15/31		10,000		8,053
2.722% due 02/15/30		10,000		8,264
3.577% due 04/05/50		10,000		6,941


	Principal Amount		Value
CSX Corp 3.800% due 11/01/46		$70,000		$53,609
Eaton Corp 4.150% due 11/02/42		20,000		16,494
GE Capital International Funding Co Unlimited Co 4.418% due 11/15/35		200,000		179,444
General Dynamics Corp
3.500% due 05/15/25		10,000		9,739
4.250% due 04/01/40		10,000		8,786
4.250% due 04/01/50		30,000		26,108
General Electric Co 6.750% due 03/15/32		17,000		18,387
Graphic Packaging International LLC 1.512% due 04/15/26 ~		95,000		83,218
Kansas City Southern 4.700% due 05/01/48		47,000		40,465
L3Harris Technologies Inc
1.800% due 01/15/31		80,000		59,953
5.054% due 04/27/45		40,000		35,465
Lockheed Martin Corp
3.900% due 06/15/32		50,000		46,419
4.150% due 06/15/53		150,000		125,913
4.500% due 05/15/36		30,000		27,544
Martin Marietta Materials Inc 3.450% due 06/01/27		40,000		37,020
Masco Corp 2.000% due 10/01/30		125,000		94,287
Norfolk Southern Corp 3.050% due 05/15/50		80,000		52,364
Northrop Grumman Corp
3.250% due 01/15/28		325,000		296,120
5.250% due 05/01/50		80,000		76,635
Otis Worldwide Corp
2.056% due 04/05/25		30,000		27,783
3.112% due 02/15/40		85,000		60,175
Raytheon Technologies Corp
3.750% due 11/01/46		170,000		128,440
4.125% due 11/16/28		130,000		121,571
4.500% due 06/01/42		30,000		25,751
Republic Services Inc 2.500% due 08/15/24		50,000		47,780
TD SYNNEX Corp 2.650% due 08/09/31		400,000		298,734
Textron Inc 2.450% due 03/15/31		700,000		538,038
The Boeing Co
1.433% due 02/04/24		90,000		85,548
2.196% due 02/04/26		315,000		279,824
3.100% due 05/01/26		465,000		425,045
3.200% due 03/01/29		90,000		75,260
3.250% due 02/01/35		290,000		205,279
3.550% due 03/01/38		20,000		13,735
3.750% due 02/01/50		260,000		169,976
5.150% due 05/01/30		390,000		361,227
Union Pacific Corp 2.150% due 02/05/27		10,000		8,939
2.400% due 02/05/30		120,000		100,480
3.750% due 07/15/25		70,000		68,328
3.750% due 02/05/70		40,000		28,080
3.839% due 03/20/60		90,000		67,140

				4,682,596

Technology - 1.0%

Activision Blizzard Inc 1.350% due 09/15/30		58,000		44,096
Analog Devices Inc 2.800% due 10/01/41		20,000		14,188
Apple Inc
2.450% due 08/04/26		140,000		129,218
3.450% due 02/09/45		140,000		110,820


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-59

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
Broadcom Inc
2.450% due 02/15/31 ~		$500,000		$377,519
3.137% due 11/15/35 ~		300,000		210,840
3.187% due 11/15/36 ~		26,000		17,838
3.469% due 04/15/34 ~		300,000		225,624
CGI Inc (Canada)
1.450% due 09/14/26		300,000		259,742
2.300% due 09/14/31		90,000		66,555
Dell International LLC 6.200% due 07/15/30		60,000		58,480
Intel Corp
1.600% due 08/12/28		130,000		107,445
4.750% due 03/25/50		50,000		43,281
KLA Corp
3.300% due 03/01/50		50,000		35,254
4.650% due 07/15/32		97,000		93,262
Leidos Inc 2.300% due 02/15/31		35,000		25,975
Marvell Technology Inc 2.950% due 04/15/31		30,000		23,307
Microchip Technology Inc
0.972% due 02/15/24		32,000		30,172
0.983% due 09/01/24		40,000		36,852
Microsoft Corp
2.525% due 06/01/50		250,000		164,285
2.675% due 06/01/60		5,000		3,161
2.921% due 03/17/52		10,000		7,075
3.041% due 03/17/62		25,000		17,147
3.300% due 02/06/27		90,000		85,860
3.450% due 08/08/36		10,000		8,785
NVIDIA Corp
2.850% due 04/01/30		30,000		25,758
3.500% due 04/01/40		70,000		54,557
3.500% due 04/01/50		60,000		44,111
3.700% due 04/01/60		40,000		28,747
NXP BV (China)
2.500% due 05/11/31		85,000		64,006
3.250% due 05/11/41		90,000		59,227
Oracle Corp
1.650% due 03/25/26		110,000		96,480
2.875% due 03/25/31		190,000		150,069
2.950% due 04/01/30		20,000		16,145
Renesas Electronics Corp (Japan) 1.543% due 11/26/24 ~		300,000		274,758
Roper Technologies Inc 1.750% due 02/15/31		100,000		73,870
Take-Two Interactive Software Inc 3.700% due 04/14/27		79,000		73,457
Texas Instruments Inc 1.750% due 05/04/30		20,000		16,054
VMware Inc
1.400% due 08/15/26		100,000		85,644
4.700% due 05/15/30		165,000		148,658
Workday Inc
3.500% due 04/01/27		102,000		94,498
3.700% due 04/01/29		50,000		44,903
3.800% due 04/01/32		80,000		69,532
Xilinx Inc 2.375% due 06/01/30		153,000		126,394

				3,743,649

Utilities - 1.6%

Alabama Power Co 1.450% due 09/15/30		400,000		306,739
Alexander Funding Trust 1.841% due 11/15/23 ~		200,000		187,261
APA Infrastructure Ltd 4.200% due 03/23/25 ~		40,000		38,346
Atmos Energy Corp 2.850% due 02/15/52		60,000		38,078


	Principal Amount		Value
Berkshire Hathaway Energy Co 2.850% due 05/15/51		$100,000		$61,743
Consolidated Edison Co of New York Inc
3.350% due 04/01/30		20,000		17,599
3.950% due 04/01/50		10,000		7,724
Consumers Energy Co 3.250% due 08/15/46		45,000		32,753
Duke Energy Carolinas LLC 2.850% due 03/15/32		300,000		248,895
Duke Energy Corp 4.500% due 08/15/32		100,000		90,567
Duke Energy Ohio Inc 3.650% due 02/01/29		20,000		18,300
Duquesne Light Holdings Inc 2.775% due 01/07/32 ~		60,000		46,027
Edison International 5.750% due 06/15/27		70,000		68,650
Emera US Finance LP (Canada) 4.750% due 06/15/46		100,000		78,814
Enel Finance International NV (Italy) 2.650% due 09/10/24 ~		400,000		378,924
Entergy Arkansas LLC
2.650% due 06/15/51		45,000		27,298
3.050% due 06/01/23		300,000		297,345
Entergy Louisiana LLC 2.900% due 03/15/51		50,000		31,757
Evergy Inc 2.900% due 09/15/29		130,000		107,575
Eversource Energy 4.600% due 07/01/27		91,000		87,968
Fells Point Funding Trust 3.046% due 01/31/27 ~		135,000		120,451
Fortis Inc (Canada) 3.055% due 10/04/26		135,000		122,955
Indiana Michigan Power Co 3.250% due 05/01/51		45,000		30,168
ITC Holdings Corp
2.950% due 05/14/30 ~		65,000		53,452
4.950% due 09/22/27 ~		84,000		82,085
Jersey Central Power & Light Co 4.300% due 01/15/26 ~		125,000		120,110
JSW Hydro Energy Ltd (India) 4.125% due 05/18/31 ~		276,000		216,969
New York State Electric & Gas Corp 2.150% due 10/01/31 ~		300,000		232,889
NextEra Energy Capital Holdings Inc 5.000% due 07/15/32		185,000		176,892
NRG Energy Inc
2.000% due 12/02/25 ~		80,000		70,725
2.450% due 12/02/27 ~		90,000		73,814
OGE Energy Corp 0.703% due 05/26/23		35,000		34,085
Pacific Gas and Electric Co
1.700% due 11/15/23		345,000		331,026
2.100% due 08/01/27		20,000		16,195
2.500% due 02/01/31		30,000		21,866
2.950% due 03/01/26		50,000		44,165
3.150% due 01/01/26		200,000		179,889
3.250% due 02/16/24		115,000		111,069
3.300% due 08/01/40		10,000		6,422
3.450% due 07/01/25		85,000		79,140
3.500% due 08/01/50		20,000		12,220
3.750% due 08/15/42		33,000		20,988
PacifiCorp 4.150% due 02/15/50		80,000		64,558
PG&E Wildfire Recovery Funding LLC
4.263% due 06/01/38		30,000		27,243
5.099% due 06/01/54		65,000		62,003
5.212% due 12/01/49		40,000		37,953
Public Service Co of Oklahoma 3.150% due 08/15/51		120,000		77,569


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-60

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
ReNew Wind Energy AP2 (India) 4.500% due 07/14/28 ~		$400,000		$300,456
San Diego Gas & Electric Co 2.950% due 08/15/51		100,000		65,218
Southern California Edison Co
1.200% due 02/01/26		95,000		83,713
3.700% due 08/01/25		300,000		288,625
4.125% due 03/01/48		60,000		44,756
Southern Co Gas Capital Corp 3.950% due 10/01/46		75,000		55,199
Southern Power Co 5.150% due 09/15/41		70,000		61,432
Union Electric Co 3.900% due 04/01/52		51,000		40,197
Virginia Electric and Power Co 6.350% due 11/30/37		90,000		92,802
Vistra Operations Co LLC 4.875% due 05/13/24 ~		92,000		89,735
Xcel Energy Inc 4.600% due 06/01/32		200,000		185,701

				5,907,098


Total Corporate Bonds & Notes (Cost $119,920,585)				100,526,957


SENIOR LOAN NOTES - 2.2%

Basic Materials - 0.0%

Asplundh Tree Expert LLC Term B 4.865% (USD LIBOR + 1.750%) due 09/04/27 §		76,753		75,150


Communications - 0.2%

Altice France SA Term B-12 (France) 6.200% (USD LIBOR + 3.688%) due 01/31/26 ± §		237,227		215,877
Charter Communications Operating LLC
Term B-1 4.870% (USD LIBOR + 1.750%) due 04/30/25 §		213,503		210,167
Term B-2 4.870% (USD LIBOR + 1.750%) due 02/01/27 §		196,706		189,645
CSC Holdings LLC
Term B 5.068% (SOFR + 2.250%) due 01/15/26 ± §		49,361		46,276
Term B-5 5.318% (SOFR + 2.500%) due 04/15/27 §		29,250		27,446
Nexstar Media Inc Term B-4 5.615% (USD LIBOR + 2.500%) due 09/18/26 §		152,093		150,398
Zayo Group Holdings Inc Term B 6.115% (USD LIBOR + 3.000%) due 03/09/27 §		90,000		75,632

				915,441

Consumer, Cyclical - 0.4%

Air Canada Term B (Canada) 6.421% (USD LIBOR + 3.500%) due 08/11/28 §		109,725		104,467
Alterra Mountain Co Term B 6.615% (USD LIBOR + 3.500%) due 08/17/28 §		77,200		75,029
Caesars Resort Collection LLC Term B-1 6.615% (USD LIBOR + 3.500%) due 07/20/25 §		39,239		38,806


	Principal Amount		Value
Clarios Global LP Term B 6.365% (USD LIBOR + 3.250%) due 04/30/26 §		$163,011		$154,725
Entain Holdings Gibraltar Ltd Term B-4 6.174% (USD LIBOR + 2.500%) due 03/16/27 §		49,425		48,313
Great Outdoors Group LLC Term B-2 6.865% (USD LIBOR + 3.750%) due 03/05/28 §		49,129		45,475
Harbor Freight Tools USA Inc Term B 5.865% (USD LIBOR + 2.750%) due 10/19/27 §		117,998		107,231
Hunter Douglas Inc Term B (Netherlands) 6.340% (SOFR + 3.500%) due 02/25/29 §		349,125		289,076
Nascar Holdings LLC Term B 5.615% (USD LIBOR + 2.500%) due 10/18/26 §		173,948		171,556
PCI Gaming Authority Term B 5.615% (USD LIBOR + 2.500%) due 05/31/26 §		32,362		31,463
Petco Health & Wellness Co Inc Term B 6.924% (USD LIBOR + 3.250%) due 03/04/28 §		52,784		50,092
Scientific Games International Inc Term B 5.906% (SOFR + 3.000%) due 04/14/29 §		199,500		194,429
Station Casinos LLC Term B-1 5.370% (USD LIBOR + 2.250%) due 02/08/27 §		118,134		113,458
UFC Holdings LLC Term B-3 5.520% (USD LIBOR + 2.750%) due 04/29/26 §		224,473		216,056

				1,640,176

Consumer, Non-Cyclical - 0.5%

AlixPartners LLP Term B 5.865% (USD LIBOR + 2.750%) due 02/04/28 §		246,250		237,139
Eyecare Partners LLC 7.424% (SOFR + 3.750%) due 02/20/27 §		48,826		44,391
Froneri US Inc Term B 5.365% (USD LIBOR + 2.250%) due 01/31/27 §		206,012		194,874
Gainwell Acquisition Corp Term B 7.674% (USD LIBOR + 4.000%) due 10/01/27 §		186,897		178,642
Garda World Security Corp Term B (Canada) 7.240% (USD LIBOR + 4.250%) due 10/30/26 §		34,353		32,492
Global Medical Response Inc Term B 6.814% (USD LIBOR + 4.250%) due 10/02/25 §		128,324		111,898
Horizon Therapeutics USA Inc Term B-2 4.875% (USD LIBOR + 1.750%) due 03/15/28 §		32,485		31,297
ICON Luxembourg SARL Term B (Luxembourg) 5.938% (USD LIBOR + 2.250%) due 07/01/28 §		178,883		175,045
Medline Borrower LP Term B 6.365% (USD LIBOR + 3.250%) due 10/21/28 §		228,850		210,955
Phoenix Guarantor Inc Term B 6.615% (USD LIBOR + 3.500%) due 03/05/26 §		78,800		74,860
Phoenix Newco Inc 6.365% (USD LIBOR + 3.250%) due 11/15/28 §		69,650		66,625


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-61

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
PRA Health Sciences Inc Term B 5.938% (USD LIBOR + 2.250%) due 07/01/28 §		$44,569		$43,613
Triton Water Holdings Inc Term B 7.174% (USD LIBOR + 3.500%) due 03/31/28 §		227,125		204,129
Verscend Holding Corp Term B 7.115% (USD LIBOR + 4.000%) due 08/27/25 § ∞		278,190		271,467

				1,877,427

Diversified - 0.0%

First Eagle Holdings Inc Term B 6.174% (USD LIBOR + 2.500%) due 02/02/27 §		27,976		26,521


Financial - 0.6%

Allspring Buyer LLC Term B 6.688% (USD LIBOR + 3.000%) due 11/01/28 §		128,355		124,879
AmWINS Group Inc Term B 5.365% (USD LIBOR + 2.250%) due 02/19/28 §		216,152		207,119
Asurion LLC
Term B-7 6.115% (USD LIBOR + 3.000%) due 11/03/24 §		145,262		136,274
Term B-8 6.365% (USD LIBOR + 3.250%) due 12/23/26 §		196,028		166,624
Term B-9 6.365% (USD LIBOR + 3.250%) due 07/31/27 §		59,100		49,940
Avolon (US) LLC Term B-5 (Ireland) 5.264% (USD LIBOR + 2.250%) due 12/01/27 §		49,125		47,979
Deerfield Dakota Holding LLC Term B 6.784% (SOFR + 3.750%) due 04/09/27 §		225,316		214,191
FleetCor Technologies Operating Co LLC Term B-4 4.865% (USD LIBOR + 1.750%) due 04/30/28 §		128,376		124,124
Focus Financial Partners LLC Term B-3 5.115% (USD LIBOR + 2.000%) due 07/03/24 §		77,497		75,753
Jane Street Group LLC Term B 5.865% (USD LIBOR + 2.750%) due 01/26/28 §		195,569		187,991
Qatar National Bank QPSC (Qatar) due 11/06/23 ∞		600,000		598,500
The Edelman Financial Engines Center LLC Term B 6.615% (USD LIBOR + 3.500%) due 04/07/28 §		57,917		53,247
VFH Parent LLC Term B 6.118% (SOFR + 3.000%) due 01/13/29 §		90,000		86,287

				2,072,908

Industrial - 0.3%

Ali Group North America Corp Term B 5.149% (SOFR + 2.000%) due 07/22/29 §		218,133		211,226
Brookfield WEC Holdings Inc Term B 5.865% (USD LIBOR + 2.750%) due 08/01/25 §		39,300		37,673


	Principal Amount		Value
Brown Group Holding LLC Term B 5.615% (USD LIBOR + 2.500%) due 06/07/28 §		$148,395		$141,346
Coherent Corp Term B 5.314% (USD LIBOR + 2.750%) due 07/01/29 §		120,000		116,500
Energizer Holdings Inc 5.313% (USD LIBOR + 2.250%) due 12/22/27 §		39,400		37,775
Quikrete Holdings Inc Term B 5.740% (USD LIBOR + 2.625%) due 01/31/27 §		245,581		236,448
Term B-1 6.115% (USD LIBOR + 3.000%) due 03/18/29 §		119,400		115,221
TransDigm Inc Term F 5.924% (USD LIBOR + 2.250%) due 12/09/25 §		9,823		9,434
XPO Logistics Inc Term B 4.383% (USD LIBOR + 1.750%) due 02/23/25 §		215,000		209,826

				1,115,449

Technology - 0.2%

Cloudera Inc Term B 6.865% (USD LIBOR + 3.750%) due 10/08/28 §		89,550		79,588
Dcert Buyer Inc 6.903% (SOFR + 4.000%) due 10/16/26 §		205,045		196,111
Magenta Buyer LLC 7.870% (USD LIBOR + 4.750%) due 07/27/28 §		147,628		133,603
Peraton Corp Term B due 02/01/28 ∞		249,355		236,981

				646,283


Total Senior Loan Notes (Cost $8,796,494)				8,369,355


MORTGAGE-BACKED SECURITIES - 38.3%

Collateralized Mortgage Obligations - Commercial - 5.3%

1211 Avenue of the Americas Trust 3.901% due 08/10/35 ~		900,000		849,188
ACRE Commercial Mortgage CLO Ltd (Cayman) 3.823% (USD LIBOR + 0.830%) due 12/18/37 ~ §		300,546		297,955
4.393% (USD LIBOR + 1.400%) due 12/18/37 ~ §		180,000		172,468
Ashford Hospitality Trust 3.818% (USD LIBOR + 1.000%) due 06/15/35 ~ §		600,000		581,966
BAMLL Commercial Mortgage Securities Trust 4.227% due 08/10/38 ~ §		300,000		272,624
BAMLL Re-REMIC Trust 2.031% due 11/26/47 ~ §		190,000		175,724
5.809% due 08/10/45 ~ §		936,028		280,808
BBCMS Trust (IO) 1.424% due 07/15/54 §		1,937,004		144,509
BDS CLO LLC 4.597% (SOFR + 2.137%) due 08/19/38 ~ §		300,000		299,133
Benchmark Mortgage Trust 3.458% due 03/15/55		300,000		262,918
BPR Trust 4.068% (USD LIBOR + 1.250%) due 02/15/29 ~ §		320,000		310,876


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-62

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
BX Commercial Mortgage Trust 3.667% due 03/11/44 ~ §		$230,000		$172,305
Citigroup Commercial Mortgage Trust 3.778% due 09/10/58		700,000		669,779
Commercial Mortgage Trust 2.398% due 01/10/38 ~ §		300,000		257,516
3.545% due 02/10/36 ~		1,000,000		917,535
4.441% due 02/10/48 §		90,000		82,874
CSMC Trust
2.257% due 08/15/37 ~		978,834		886,864
4.373% due 09/15/37 ~		830,000		588,590
5.842% (USD LIBOR + 3.024%) due 12/15/22 ~ §		427,140		426,558
6.557% (USD LIBOR + 3.739%) due 09/16/25 ~ §		560,000		539,715
DBGS Mortgage Trust 3.843% due 04/10/37 ~		900,000		782,838
Fannie Mae
1.764% due 11/25/31 §		300,000		238,459
2.151% due 04/25/32 §		1,050,000		855,144
3.273% due 02/25/29		30,000		27,857
3.610% due 02/25/31		70,000		65,660
3.700% due 01/25/36		100,000		91,645
Fannie Mae (IO) 2.348% due 01/25/31 §		4,917,131		523,995
FHLMC Multifamily Structured Pass Through Certificates
1.306% due 10/25/30 §		2,700,000		210,010
1.981% due 12/25/31 §		400,000		322,669
2.400% due 03/25/32		400,000		333,938
FHLMC Multifamily Structured Pass-Through Certificates (IO) 1.290% due 11/25/30 §		3,235,000		249,078
1.467% due 12/25/29 §		1,490,000		101,463
Freddie Mac Multiclass Certificates (IO) 2.608% due 10/27/28 §		2,670,000		323,159
Freddie Mac Multifamily Structured Credit Risk 4.081% (SOFR + 1.800%) due 07/25/41 ~ §		365,229		341,539
Freddie Mac Multifamily WI Certificates 3.710% due 11/25/32		290,000		270,205
Freedom 7.540% (USD LIBOR + 4.400%) due 03/25/23 ~ §		216,250		214,066
FREMF Mortgage Trust
3.690% due 01/25/26 ~ §		350,000		319,239
4.009% due 01/25/50 ~ §		415,000		391,112
4.067% due 12/25/46 ~ §		300,000		295,511
4.703% (USD LIBOR + 2.150%) due 01/25/26 ~ §		121,578		119,641
FRR Re-REMIC Trust 0.422% due 10/27/46 ~ §		100,000		95,696
Government National Mortgage Association 1.450% due 01/16/63		300,152		243,238
2.849% due 11/16/47 §		39,321		36,056
Government National Mortgage Association (IO) 0.323% due 01/16/53 §		3,891,634		34,726
0.432% due 04/16/47 §		2,181,632		24,044
0.640% due 02/16/61 §		691,515		39,134
GS Mortgage Securities Corp II 4.618% (USD LIBOR + 1.800%) due 09/15/31 ~ §		1,029,248		875,051
6.246% (SOFR + 3.400%) due 08/15/39 ~ §		300,000		301,146
HavenPark MHC 3.700% due 08/01/32		343,000		336,904
JP Morgan Chase Commercial Mortgage Securities Trust 6.939% (USD LIBOR + 4.000%) due 01/16/37 ~ §		68,709		63,449


	Principal Amount		Value
7.068% (USD LIBOR + 4.250%) due 12/15/36 ~ §		$280,000		$163,854
9.568% (USD LIBOR + 6.750%) due 12/15/36 ~ §		280,000		152,463
JPMDB Commercial Mortgage Securities Trust 4.009% due 03/15/50 §		180,000		155,140
Lofts 4.410% due 07/01/33 ±		482,000		472,813
ML-CFC Commercial Mortgage Trust 5.450% due 08/12/48 §		22,646		11,300
Morgan Stanley Capital I Trust 2.428% due 04/05/42 ~ §		400,000		312,047
PFP Ltd CLO (Cayman)
4.339% (USD LIBOR + 1.400%) due 04/14/38 ~ §		261,987		248,110
5.321% (SOFR + 2.274%) due 08/19/35 ~ §		300,000		299,437
Pralle Mead 4.550% due 09/01/32 ±		500,000		496,565
SLG Office Trust 2.585% due 07/15/41 ~		235,000		188,882
TTAN 3.668% (USD LIBOR + 0.850%) due 03/15/38 ~ §		398,731		385,312
Villas at Cordoba 4.510% due 09/01/32 ±		500,000		493,750
Waterfall Commercial Mortgage Trust 4.104% due 09/14/22 ~ §		59,054		55,859
Wells Fargo Commercial Mortgage Trust 3.968% (USD LIBOR + 1.150%) due 02/15/40 ~ §		199,985		190,969
Wells Fargo Commercial Mortgage Trust (IO) 1.334% due 03/15/50 §		4,061,695		162,948
1.674% due 08/15/54 §		1,291,627		117,325

				20,223,351

Collateralized Mortgage Obligations - Residential - 6.0%

Ajax Mortgage Loan Trust 2.239% due 06/25/66 ~		231,255		213,744
Alternative Loan Trust 3.044% due 06/25/37 §		50,874		42,103
3.424% (USD LIBOR + 0.340%) due 07/25/46 §		816		4,010
3.504% (USD LIBOR + 0.420%) due 05/25/35 §		155,589		140,413
American Home Mortgage Investment Trust 6.700% due 06/25/36		1,311,679		240,547
Anchor Mortgage Trust 2.600% due 10/25/26 ~		340,000		317,825
Banc of America Funding Trust 3.261% due 05/25/35 §		8,694		8,433
Bayview Financing Trust 5.700% (USD LIBOR + 3.000%) due 11/10/22 ~ §		113,652		114,561
BCAP LLC Trust 4.690% due 03/26/37 ~		15,399		14,975
Bear Stearns Adjustable Rate Mortgage Trust 2.702% due 01/25/35 §		94,198		95,308
3.363% due 08/25/33 §		12,131		11,687
4.129% due 10/25/36 §		2,501		2,276
Bear Stearns ALT-A Trust 2.999% due 05/25/35 §		8,784		8,328
3.542% due 11/25/36 §		35,684		20,324
Cascade MH Asset Trust 2.708% due 02/25/46 ~		284,000		220,974
CFMT LLC 0.946% due 12/26/30 ~ §		167,264		162,659
1.374% due 02/25/31 ~ §		665,000		621,437
Chase Mortgage Finance Trust 3.094% due 02/25/37 §		75,723		74,155
3.710% due 09/25/36 §		33,263		28,456


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-63

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
ChaseFlex Trust 3.384% (USD LIBOR + 0.300%) due 08/25/37 §		$211,819		$185,657
Chevy Chase Funding LLC 2.702% due 05/25/35 ~ §		529,240		418,171
3.334% (USD LIBOR + 0.250%) due 08/25/35 ~ §		7,725		7,121
Citigroup Mortgage Loan Trust Inc 3.790% (UST + 2.150%) due 09/25/35 §		2,351		2,290
Countrywide Home Loan Mortgage Pass Through Trust 3.724% (USD LIBOR + 0.640%) due 03/25/35 §		5,364		4,854
Credit Suisse First Boston Mortgage Securities Corp 6.000% due 11/25/35		23,643		17,987
CSMC Trust
1.538% due 02/25/66 ~ §		303,947		264,947
1.668% due 09/27/60 ~ §		478,543		451,630
2.000% due 01/25/60 ~ §		411,873		359,477
Downey Saving &Loan Association Mortgage LoanTrust 3.173% (USD LIBOR + 0.180%) due 04/19/47 §		69,542		75,842
Eurosail-UK PLC (United Kingdom) 3.174% (SONIA + 1.069%) due 06/13/45 ~ §		GBP 384,517		426,210
Fannie Mae 2.000% due 08/25/50		$300,000		237,236
3.500% due 09/25/45		128,089		110,520
3.500% due 11/25/57		713,525		678,527
4.625% (US PRIME - 1.625%) due 11/25/23 §		8,366		8,265
5.500% due 04/25/35		233,191		242,331
Fannie Mae (IO) 2.500% due 01/25/49		860,160		125,820
2.916% (6.000% - USD LIBOR) due 11/25/45 §		849,589		85,264
3.016% (6.100% - USD LIBOR) due 09/25/46 §		234,476		15,271
4.000% due 03/25/43		118,200		18,062
4.000% due 04/25/43		460,350		77,940
Fannie Mae Connecticut Avenue Securities 7.084% (USD LIBOR + 4.000%) due 05/25/30 §		450,000		456,479
Freddie Mac REMICS 3.000% due 08/15/48		49,052		44,304
4.000% due 04/25/52		100,000		91,205
8.000% due 04/15/30		36,240		38,711
Freddie Mac REMICS (IO)
2.000% due 10/25/50		87,615		12,086
2.500% due 05/25/49		281,219		39,047
2.500% due 09/25/50		153,911		23,702
3.500% due 04/15/43		138,250		22,279
4.000% due 04/15/43		42,104		2,169
Freddie Mac Stacr Remic Trust Debt Notes 5.384% (USD LIBOR + 2.300%) due 01/25/50 ~ §		160,000		146,928
Freddie Mac Strips (IO) 3.282% (6.100% - USD LIBOR) due 08/15/44 §		111,967		12,165
Government National Mortgage Association 1.968% (USD LIBOR + 0.750%) due 04/20/67 §		426,368		419,601
2.657% (USD LIBOR + 0.300%) due 05/20/68 §		217,870		216,746
2.666% (USD LIBOR + 1.280%) due 02/20/71 §		573,612		572,125
2.807% (USD LIBOR + 0.450%) due 07/20/70 §		231,842		225,469
2.857% (USD LIBOR + 0.500%) due 06/20/69 §		128,119		126,413
2.957% (USD LIBOR + 0.600%) due 07/20/65 §		549,351		543,963


	Principal Amount		Value
3.157% (USD LIBOR + 0.800%) due 06/20/66 §		$430,007		$428,024
3.157% (USD LIBOR + 0.800%) due 07/20/66 §		746,659		743,512
3.637% (USD LIBOR + 1.280%) due 01/20/71 §		801,314		803,534
4.143% due 09/20/66 §		541,598		553,283
Government National Mortgage Association (IO)
1.332% due 03/20/71 §		7,540,797		315,245
2.500% due 08/20/50		163,791		23,407
2.500% due 09/20/50		84,905		12,625
2.500% due 10/20/50		172,422		23,596
3.136% (6.150% - USD LIBOR) due 02/20/46 §		752,860		88,002
3.161% (6.100% - USD LIBOR) due 10/16/46 §		157,361		22,101
4.000% due 11/20/44		352,249		62,390
4.500% due 11/16/45		148,434		30,770
Great Hall Mortgages PLC (United Kingdom) 3.657% (USD LIBOR + 0.130%) due 06/18/39 ~ §		119,946		118,119
GS Mortgage-Backed Securities Corp Trust 2.000% due 12/25/60 ~ §		620,000		522,977
GSR Mortgage Loan Trust
6.000% due 11/25/35		390,817		193,489
6.000% due 07/25/37		199,933		142,149
HarborView Mortgage Loan Trust
3.244% (USD LIBOR + 0.320%) due 05/25/38 §		153,764		126,142
3.333% (USD LIBOR + 0.340%) due 12/19/36 §		85,831		73,335
3.374% due 08/19/36 §		77,512		62,977
3.433% (USD LIBOR + 0.440%) due 05/19/35 §		137,874		125,156
3.524% due 02/25/36 §		36,408		14,375
JP Morgan Mortgage Trust
3.082% due 07/25/35 §		6,114		6,133
3.500% due 10/25/48 ~ §		201,115		180,119
5.750% due 01/25/36		10,503		5,425
Ludgate Funding PLC (United Kingdom) 3.490% (GBP LIBOR + 0.160%) due 01/01/61 ~ §		GBP 352,213		369,649
Merrill Lynch Mortgage Investors Trust 2.689% due 11/25/35 §		$153,047		143,143
Metlife Securitization Trust 3.750% due 03/25/57 ~ §		468,589		443,936
Mortgage Repurchase Agreement Financing Trust 4.637% (SOFR + 2.000%) due 03/30/25 ~ §		190,000		190,000
New Residential Mortgage Loan Trust
2.492% due 09/25/59 ~ §		68,665		63,229
3.500% due 12/25/57 ~ §		400,648		386,121
OBX Trust 3.734% (USD LIBOR + 0.650%) due 06/25/57 ~ §		415,414		403,638
PRPM LLC 2.115% due 01/25/26 ~ §		257,308		239,949
Radnor RE Ltd (Bermuda) 4.981% (SOFR + 2.700%) due 12/27/33 ~ §		590,000		571,213
RALI Trust 6.000% due 03/25/37		573,360		461,927
Reperforming Loan REMIC Trust 3.424% (USD LIBOR + 0.340%) due 06/25/35 ~ §		16,490		15,696
3.424% (USD LIBOR + 0.340%) due 01/25/36 ~ §		94,341		90,325
Seasoned Credit Risk Transfer Trust
3.250% due 11/25/61		186,910		169,437
3.500% due 05/25/57		257,398		245,402
3.500% due 06/25/57		274,477		260,576
4.250% due 09/25/60 ~		620,000		538,503
Towd Point Mortgage Funding PLC (United Kingdom)
2.588% (SONIA + 0.900%) due 07/20/45 ~ §		GBP 1,067,985		1,192,270


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-64

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
2.832% (SONIA + 1.144%) due 10/20/51 ~ §		GBP 683,248		$760,397
2.885% (SONIA + 0.900%) due 05/20/45 ~ §		1,066,702		1,188,214
Towd Point Mortgage Trust
3.000% due 04/25/60 ~ §		$240,000		185,411
3.250% due 10/25/57 ~ §		180,000		159,728
3.407% due 10/25/53 ~ §		300,000		261,597
4.000% due 11/25/47 ~		153,450		146,793
Two 6.140% (USD LIBOR + 3.000%) due 03/25/23 ~ §		750,000		755,625
WaMu Mortgage Pass-Through Certificates Trust 3.208% due 02/25/37 §		80,297		74,484

				23,143,177

Fannie Mae - 21.3%

due 10/01/52 #		6,400,000		5,260,840
due 10/01/52 #		8,900,000		8,480,727
due 10/01/52 #		2,450,000		2,208,367
due 11/01/52 #		7,000,000		6,811,911
due 11/01/52 #		11,100,000		9,662,135
due 11/01/52 #		11,900,000		11,036,320
due 11/01/52 #		4,500,000		4,048,799
0.970% due 07/01/27		1,167,914		997,389
1.090% due 04/01/28		506,000		424,517
1.275% due 04/01/30		729,704		586,821
1.370% due 03/01/30		655,068		534,403
1.410% due 12/01/30		1,210,000		955,911
1.440% due 01/01/31		1,142,000		900,829
1.460% due 12/01/30		715,000		567,328
1.500% due 01/01/51 - 03/01/51		188,326		145,201
1.560% due 01/01/31		500,000		398,588
1.754% due 03/01/32 §		449,959		358,773
1.870% due 05/01/31		350,000		285,465
2.000% due 12/01/41 - 03/01/52		2,163,531		1,773,957
2.010% due 01/01/32		350,000		284,960
2.140% due 12/01/33		250,000		201,756
2.149% due 02/01/32 §		219,312		181,384
2.160% due 12/01/33		300,000		242,576
2.304% (US FED + 1.200%) due 10/01/44 §		4,837		4,916
2.320% (USD LIBOR + 1.610%) due 11/01/32 §		12,315		12,092
2.500% due 09/01/36 - 09/01/61		8,587,021		7,267,440
2.550% due 10/01/30		160,000		140,538
2.810% due 04/01/25		30,000		28,732
2.930% due 06/01/30		76,582		69,579
3.000% due 09/01/28 - 07/01/60		7,873,787		6,995,059
3.160% due 05/01/29		38,234		35,332
3.250% due 05/01/29		58,771		54,913
3.450% due 03/01/29		38,474		36,395
3.486% (UST + 2.360%) due 11/01/34 §		12,838		13,241
3.500% due 12/01/34 - 09/01/61		3,505,543		3,193,699
3.610% due 01/01/37		453,532		423,336
3.620% due 05/01/32		497,477		463,704
3.961% (COFI + 1.928%) due 12/01/36 §		685		698
4.000% due 06/01/25 - 08/01/59		2,082,060		1,964,570
4.043% (UST + 2.043%) due 09/01/35 §		6,595		6,545
4.140% due 07/01/32		660,000		641,201
4.500% due 06/01/24 - 09/01/57		2,254,633		2,178,229
5.000% due 02/01/35 - 01/01/59		681,992		675,491
5.500% due 06/01/23 - 05/01/58		974,872		1,002,348
6.000% due 02/01/33 - 07/01/41		114,871		120,231

				81,677,246


	Principal Amount		Value

Freddie Mac - 2.2%

1.500% due 10/01/41 - 11/01/41		$427,767		$342,469
2.000% due 09/01/41 - 04/01/51		728,246		608,761
2.500% due 07/01/50 - 01/01/52		1,221,432		1,034,898
2.850% due 03/01/33		1,288,425		1,119,038
2.878% (USD LIBOR + 1.619%) due 11/01/47 §		126,912		122,341
2.905% (UST + 2.250%) due 11/01/31 §		714		702
3.000% due 09/01/32 - 02/01/52		812,794		723,221
3.009% (USD LIBOR + 1.628%) due 11/01/48 §		344,285		327,169
3.090% (USD LIBOR + 1.621%) due 02/01/50 §		206,363		198,483
3.250% (UST + 2.250%) due 04/01/32 §		4,755		4,703
3.480% (USD LIBOR + 1.734%) due 06/01/35 §		19,606		19,983
3.500% due 04/01/33 - 06/01/46		674,364		628,111
3.586% (USD LIBOR + 1.345%) due 09/01/35 §		2,474		2,496
4.000% due 11/01/33 - 07/01/49		2,612,144		2,476,396
4.120% (USD LIBOR + 1.870%) due 09/01/35 §		5,669		5,610
4.500% due 11/01/44 - 09/01/50		141,771		137,843
5.000% due 08/01/48 - 07/01/52		328,814		323,692
5.500% due 04/01/38 - 05/01/40		252,532		260,468
6.000% due 03/01/23		317		323

				8,336,707

Government National Mortgage Association - 3.5%

due 09/20/52 - 10/20/52 #		2,043,000		1,814,956
due 10/20/52 #		2,800,000		2,547,820
2.000% due 12/20/50		284,675		236,216
2.500% due 01/20/51 - 10/20/51		1,667,837		1,434,140
2.816% due 07/20/71 §		256,740		226,928
2.935% due 10/20/70 §		346,835		308,565
3.000% due 09/15/42 - 04/20/52		2,107,961		1,866,768
3.091% due 12/20/71 §		289,568		259,149
3.500% due 01/20/46 - 02/20/52		2,161,279		1,977,418
4.000% due 11/20/47 - 08/20/52		1,076,555		1,010,743
4.500% due 06/20/48 - 06/20/52		603,637		589,196
4.741% (UST + 1.734%) due 10/20/71 §		252,897		260,585
4.820% (UST + 1.834%) due 08/20/71 §		246,779		255,532
5.000% due 10/15/38 - 06/20/52		710,686		705,201

				13,493,217

Total Mortgage-Backed Securities (Cost $162,608,553)				146,873,698


ASSET-BACKED SECURITIES - 9.3%

ACE Securities Corp Home Equity Loan Trust 4.059% (USD LIBOR + 0.975%) due 07/25/35 §		89,221		88,858
American Homes 4 Rent Trust 5.885% due 04/17/52 ~		300,000		295,452
AmeriCredit Automobile Receivables Trust 1.210% due 12/18/26		540,000		487,044
Ameriquest Mortgage Securities Inc
3.954% (USD LIBOR + 0.870%) due 10/25/35 §		250,000		244,268
5.139% (USD LIBOR + 2.055%) due 11/25/34 §		362,404		309,786
AMSR Trust
2.006% due 11/17/37 ~		365,000		323,377


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-65

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
2.327% due 10/17/38 ~		$128,000		$108,186
2.751% due 06/17/38 ~ §		350,000		283,401
4.000% due 10/17/39 ~		250,000		204,954
Aqua Finance Trust 3.970% due 07/17/46 ~		210,000		192,311
Ares XL CLO Ltd (Cayman) 3.382% (USD LIBOR + 0.870%) due 01/15/29 ~ §		255,906		252,753
Argent Securities Inc
3.904% (USD LIBOR + 0.820%) due 02/25/34 §		376,156		352,732
4.209% (USD LIBOR + 1.125%) due 11/25/34 §		410,097		405,094
Asset-Backed Funding Certificates Trust 3.784% (USD LIBOR + 0.700%) due 06/25/34 §		37,041		34,638
Avoca CLO XVII DAC (Netherlands) 0.820% (EUR LIBOR + 0.820%) due 10/15/32 ~ §		EUR 300,000		283,221
Bear Stearns Asset-Backed Securities I Trust
3.324% (USD LIBOR + 0.240%) due 12/25/36 §		$1,224,819		1,072,103
4.089% (USD LIBOR + 1.005%) due 06/25/35 §		156,877		154,570
Benefit Street Partners CLO XVI Ltd (Cayman) 3.770% (USD LIBOR + 1.030%) due 01/17/32 ~ §		400,000		389,068
Business Jet Securities LLC
2.918% due 04/15/36 ~		239,895		204,078
2.981% due 11/15/35 ~		362,103		330,726
Capital One Multi-Asset Execution Trust 3.398% (USD LIBOR + 0.580%) due 07/15/27 §		300,000		300,078
Carlyle Global Market Strategies CLO Ltd 3.872% (USD LIBOR + 0.950%) due 08/14/30 ~ §		300,000		295,760
Cars Net Lease Mortgage Notes 3.100% due 12/15/50 ~		99,125		86,768
CBAM Ltd CLO (Cayman) 3.760% (USD LIBOR + 1.020%) due 04/17/31 ~ §		800,000		785,827
Citibank Credit Card Issuance Trust
3.672% (USD LIBOR + 0.620%) due 04/22/26 §		200,000		200,066
3.808% (USD LIBOR + 0.610%) due 08/07/27 §		100,000		99,990
Citigroup Mortgage Loan Trust 3.759% (USD LIBOR + 0.675%) due 11/25/45 ~ §		36,334		36,277
CLNC Ltd CLO (Cayman) 4.383% (SOFR + 1.364%) due 08/20/35 ~ §		622,299		615,147
College Ave Student Loans LLC 3.060% due 07/26/55 ~		390,000		329,381
Continental Finance Credit Card ABS Master Trust 2.240% due 12/15/28 ~		370,000		341,234
Countrywide Asset-Backed Certificates
3.224% (USD LIBOR + 0.140%) due 07/25/37 §		221,198		202,562
3.684% (USD LIBOR + 0.600%) due 06/25/36 §		156,077		154,716
Credit Acceptance Auto Loan Trust 1.640% due 06/17/30 ~		665,000		592,615
Crossroads Asset Trust 1.120% due 06/20/25 ~		116,000		112,351
DataBank Issuer 2.060% due 02/27/51 ~		250,000		215,117
Discover Card Execution Note Trust 3.418% (USD LIBOR + 0.600%) due 12/15/26 §		300,000		300,024


	Principal Amount		Value
Dividend Solar Loans LLC 3.670% due 08/22/39 ~		$175,064		$158,102
Dryden 36 Senior Loan Fund (Cayman) 3.532% (USD LIBOR + 1.020%) due 04/15/29 ~ §		278,843		275,949
Enterprise Fleet Financing LLC 4.380% due 07/20/29 ~		300,000		296,002
Exeter Automobile Receivables Trust
5.300% due 09/15/27		160,000		156,749
6.760% due 09/15/28		400,000		396,596
First Franklin Mortgage Loan Trust 3.204% (USD LIBOR + 0.120%) due 11/25/36 §		486,828		451,966
FirstKey Homes Trust
2.389% due 08/17/38 ~		300,000		251,026
2.668% due 10/19/37 ~		500,000		447,406
4.500% due 07/17/39 ~		350,000		304,580
FMC GMSR Issuer Trust
3.620% due 07/25/26 ~ §		300,000		238,476
3.650% due 02/25/24 ~ §		630,000		609,336
3.850% due 10/25/26 ~ §		210,000		170,043
4.450% due 01/25/26 ~ §		500,000		430,806
FORT CRE Issuer LLC CLO 4.132% (SOFR + 1.850%) due 02/23/39 ~ §		300,000		288,419
Foundation Finance Trust 1.270% due 05/15/41 ~		165,843		148,774
Freddie Mac Structured Pass-Through Certificates 3.089% due 11/25/27		200,000		186,117
Freed ABS Trust 5.790% due 08/20/29 ~		240,000		237,498
Gallatin CLO VIII Ltd (Cayman) 3.602% (USD LIBOR + 1.090%) due 07/15/31 ~ §		300,000		293,296
Gallatin CLO IX Ltd (Cayman) 3.782% (USD LIBOR + 1.050%) due 01/21/28 ~ §		261,099		260,001
Genesis Sales Finance Master Trust 2.240% due 09/22/25 ~		500,000		479,219
GLS Auto Receivables Issuer Trust
0.870% due 12/16/24 ~		26,264		26,227
1.140% due 11/17/25 ~		145,000		142,042
1.640% due 10/15/26 ~		75,000		71,451
Goldentree Loan Management US CLO 2 Ltd (Cayman) 3.620% (USD LIBOR + 0.910%) due 11/20/30 ~ §		400,000		391,400
GSAA Home Equity Trust
3.284% (USD LIBOR + 0.200%) due 03/25/37 §		372,802		121,680
4.134% (USD LIBOR + 1.050%) due 06/25/35 §		270,000		225,694
6.000% due 10/25/37		136,458		117,973
Hildene Community Funding CDO Ltd CLO (Cayman) 2.600% due 11/01/35 ~		280,000		258,371
Home Equity Asset Trust 3.984% (USD LIBOR + 0.900%) due 11/25/34 §		24,269		24,240
Jamestown CLO XV Ltd (Cayman) 3.852% (USD LIBOR + 1.340%) due 04/15/33 ~ §		1,100,000		1,071,219
JP Morgan Mortgage Acquisition Trust 3.384% (USD LIBOR + 0.300%) due 01/25/37 §		160,000		154,100
KKR CLO 18 Ltd (Cayman) 3.680% (USD LIBOR + 0.940%) due 07/18/30 ~ §		300,000		294,247
KREF Ltd CLO 4.474% (SOFR + 1.450%) due 02/17/39 ~ §		300,000		288,750


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-66

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
Lendmark Funding Trust
1.900% due 11/20/31 ~		$450,000		$378,946
2.470% due 11/20/31 ~		100,000		79,302
6.600% due 07/20/32 ~		400,000		385,343
LFT CRE Ltd CLO (Cayman) 4.768% (USD LIBOR + 1.950%) due 06/15/39 ~ §		250,000		242,287
LoanCore Issuer Ltd CLO (Cayman) 3.948% (USD LIBOR + 1.130%) due 05/15/28 ~ §		6,113		6,145
LP LMS 3.228% due 10/15/28 ~		135,504		134,858
Madison Park Euro Funding XIV DAC CLO (Ireland) 0.800% (EUR LIBOR + 0.800%) due 07/15/32 ~ §		EUR 300,000		282,350
Madison Park Funding Ltd CLO (Cayman) 3.262% (USD LIBOR + 0.750%) due 04/15/29 ~ §		$288,777		284,446
Magnetite XVIII Ltd CLO (Cayman) 3.785% (USD LIBOR + 0.880%) due 11/15/28 ~ §		294,177		288,735
Mariner Finance Issuance Trust 2.960% due 07/20/32 ~		344,150		337,944
Marlette Funding Trust 1.810% due 12/15/31 ~		400,000		350,072
Mastr Asset-Backed Securities Trust 3.304% (USD LIBOR + 0.220%) due 10/25/36 §		568,247		193,151
Merrill Lynch Mortgage Investors Trust 3.404% (USD LIBOR + 0.320%) due 04/25/37 §		315,846		159,653
MF1 Ltd CLO (Cayman) 3.634% (SOFR + 1.350%) due 02/19/37 ~ §		300,000		287,198
National Collegiate Student Loan Trust 3.444% (USD LIBOR + 0.360%) due 01/26/32 §		1,000,000		753,226
Navient Student Loan Trust 4.234% (USD LIBOR + 1.150%) due 07/26/66 ~ §		133,768		132,982
New Century Home Equity Loan Trust 3.804% (USD LIBOR + 0.720%) due 10/25/35 §		547,405		535,291
NRZ Excess Spread-Collateralized Notes
3.104% due 07/25/26 ~		337,924		295,881
3.844% due 12/25/25 ~		220,289		201,580
Oak Street Investment Grade Net Lease Fund 1.850% due 11/20/50 ~		193,606		170,584
OneMain Financial Issuance Trust 3.450% due 09/14/35 ~		120,000		99,027
Oportun Funding XIV LLC 1.210% due 03/08/28 ~		105,000		97,542
Option One Mortgage Loan Trust 3.214% (USD LIBOR + 0.130%) due 07/25/37 §		727,286		474,176
OZLM VIII Ltd CLO (Cayman) 3.720% (USD LIBOR + 0.980%) due 10/17/29 ~ §		277,873		274,945
Pagaya AI Debt Selection Trust 1.180% due 11/15/27 ~		209,278		204,562
Pagaya AI Technology in Housing Trust 4.250% due 08/25/25 ~		400,000		375,971
Palmer Square European Loan Funding DAC CLO (Ireland) 0.720% (EUR LIBOR + 0.720%) due 10/15/31 ~ §		EUR 297,878		285,665
PNMAC GMSR Issuer Trust 6.531% (SOFR + 4.250%) due 05/25/27 ~ §		$150,000		143,317
PRET LLC 2.487% due 10/25/51 ~ §		358,026		334,014


	Principal Amount		Value
Progress Residential Trust 2.106% due 04/17/38 ~		$565,000		$475,555
Rad CLO 5 Ltd (Cayman) 3.903% (USD LIBOR + 1.120%) due 07/24/32 ~ §		600,000		585,315
RASC Trust 3.424% (USD LIBOR + 0.340%) due 04/25/37 §		174,893		166,230
Regional Management Issuance Trust
1.680% due 03/17/31 ~		198,000		177,190
3.040% due 03/17/31 ~		191,000		160,602
Santander Consumer Auto Receivables Trust 1.570% due 01/15/27 ~		100,000		91,044
Santander Drive Auto Receivables Trust
3.980% due 01/15/25		300,000		298,187
4.140% due 02/16/27		210,000		207,578
SBA Small Business Investment Cos 3.548% due 09/10/28		122,175		114,974
SCF Equipment Leasing LLC 1.540% due 10/21/30 ~		345,000		301,152
Securitized Asset-Backed Receivables LLC Trust 3.214% (USD LIBOR + 0.130%) due 05/25/37 §		50,634		39,887
3.364% (USD LIBOR + 0.280%) due 05/25/36 §		139,416		79,065
Sierra Timeshare Receivables Funding LLC 1.350% due 09/20/38 ~		196,053		182,284
SMB Private Education Loan Trust
2.310% due 01/15/53 ~		150,000		131,541
3.648% (USD LIBOR + 0.830%) due 09/15/37 ~ §		438,857		430,573
Structured Asset Investment Loan Trust 3.804% (USD LIBOR + 0.720%) due 07/25/35 §		173,806		167,094
STWD Ltd CLO (Cayman) 4.116% (SOFR + 1.194%) due 07/15/38 ~ §		618,089		614,118
Sunnova Helios II Issuer LLC 5.320% due 06/20/46 ~		159,958		137,193
TRTX Issuer Ltd CLO (Cayman) 4.186% (SOFR + 1.264%) due 10/15/34 ~ §		151,636		151,864
United Auto Credit Securitization Trust 1.140% due 06/10/26 ~		450,000		430,935
United States Small Business Administration
2.690% due 07/01/44		45,115		39,231
2.980% due 04/01/39		45,315		41,951
Upstart Securitization Trust 0.870% due 03/20/31 ~		55,690		55,285
US Auto Funding Trust 5.130% due 12/15/25 ~		300,000		284,867
VCAT LLC 2.289% due 12/26/50 ~		318,041		305,735
Venture XXVIII CLO Ltd (Cayman) 3.700% (USD LIBOR + 0.990%) due 07/20/30 ~ §		300,000		295,453
VOLT XCII LLC 1.893% due 02/27/51 ~		119,726		109,279
VOLT XCIII LLC 1.893% due 02/27/51 ~		435,345		406,161
VOLT XCIV LLC 2.240% due 02/27/51 ~		288,157		268,571
Wachovia Mortgage Loan Trust 3.774% (USD LIBOR + 0.690%) due 10/25/35 §		764,675		694,925
Westlake Automobile Receivables Trust 5.480% due 09/15/27 ~		290,000		281,452


Total Asset-Backed Securities (Cost $36,773,666)				35,466,772


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-67

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value

U.S. TREASURY OBLIGATIONS - 16.8%

U.S. Treasury Bonds - 9.3%

1.125% due 08/15/40		$460,000		$285,218
1.250% due 05/15/50		1,414,000		792,089
1.375% due 08/15/50		1,745,000		1,011,418
1.625% due 11/15/50		400,000		248,531
1.750% due 08/15/41		2,655,000		1,816,964
1.875% due 02/15/41		1,400,000		992,387
1.875% due 02/15/51		4,340,000		2,874,911
1.875% due 11/15/51		1,030,000		681,611
2.000% due 11/15/41		225,000		161,178
2.000% due 02/15/50		960,000		660,112
2.000% due 08/15/51		765,000		522,889
2.250% due 05/15/41		1,015,000		767,891
2.250% due 08/15/46		50,000		36,049
2.250% due 02/15/52		1,680,000		1,221,150
2.375% due 02/15/42		1,330,000		1,019,736
2.375% due 05/15/51		1,380,000		1,033,059
2.875% due 05/15/43		1,700,000		1,402,633
2.875% due 08/15/45		1,300,000		1,061,887
2.875% due 05/15/52		3,165,000		2,655,138
3.000% due 05/15/42		600,000		510,914
3.000% due 08/15/48		300,000		253,975
3.000% due 08/15/52		610,000		526,602
3.125% due 02/15/43		102,000		87,764
3.125% due 08/15/44		1,800,000		1,539,914
3.250% due 05/15/42		11,440,000		10,156,575
3.375% due 08/15/42		1,200,000		1,087,312
3.375% due 05/15/44		900,000		803,707
3.500% due 02/15/39		150,000		142,969
3.625% due 02/15/44		69,000		64,194
3.875% due 08/15/40		320,000		314,775
4.250% due 05/15/39		400,000		417,391
4.625% due 02/15/40		400,000		435,336

				35,586,279

U.S. Treasury Notes - 7.5%

0.250% due 07/31/25		2,000,000		1,788,008
0.500% due 02/28/26		940,000		829,660
0.500% due 10/31/27		1,675,000		1,402,551
0.625% due 10/15/24		100,000		92,971
0.875% due 06/30/26		194,000		171,796
0.875% due 09/30/26		166,300		146,338
1.250% due 03/31/28		540,000		465,729
1.375% due 11/15/31		88,500		71,929
1.500% due 02/15/30		95,000		80,654
1.875% due 02/28/29		700,000		616,273
2.500% due 08/15/23		900,000		886,467
2.625% due 05/31/27		6,775,000		6,361,354
2.625% due 07/31/29		10,000		9,191
2.750% due 04/30/27		40,000		37,758
2.750% due 07/31/27		1,270,000		1,196,082
2.750% due 05/31/29		3,755,000		3,478,215
2.875% due 10/31/23		1,000,000		985,078
2.875% due 04/30/29		1,340,000		1,251,225
2.875% due 05/15/32		6,580,000		6,084,958
3.125% due 08/31/27		605,000		580,422
3.125% due 08/31/29		1,625,000		1,542,607
3.250% due 06/30/29		700,000		669,197

				28,748,463

Total U.S. Treasury Obligations (Cost $75,736,043)				64,334,742


FOREIGN GOVERNMENT BONDS & NOTES - 3.4%

Argentine Republic Government International (Argentina)
0.500% due 07/09/30		417,100		84,246
1.000% due 07/09/29		18,460		3,573
3.500% due 07/09/41		250,000		53,790
Brazilian Government (Brazil)
4.750% due 01/14/50		510,000		348,774
5.625% due 02/21/47		300,000		232,155


	Principal Amount		Value
Chile Government International (Chile)
2.550% due 01/27/32		$200,000		$157,376
3.500% due 01/31/34		300,000		245,902
China Government (China)
3.310% due 11/30/25 ~		CNY 2,000,000		286,495
3.380% due 11/21/24 ~		500,000		71,541
3.390% due 05/21/25 ~		1,000,000		143,086
Colombia Government (Colombia)
4.125% due 02/22/42		$200,000		114,212
5.625% due 02/26/44		200,000		133,125
Indonesia Government (Indonesia) 4.350% due 01/11/48		200,000		157,937
Indonesia Treasury (Indonesia)
6.500% due 02/15/31		IDR 11,033,000,000		686,644
7.000% due 05/15/27		9,084,000,000		596,863
7.500% due 06/15/35		1,622,000,000		106,728
Israel Government (Israel) 4.125% due 01/17/48		$600,000		513,063
Japanese Government CPI Linked (Japan) 0.100% due 03/10/26 ^		JPY 141,392,615		1,020,903
Kenya Government International (Kenya) 6.300% due 01/23/34 ~		$380,000		234,226
Mexican Bonos (Mexico)
7.750% due 11/23/34		MXN 4,240,000		181,714
7.750% due 11/13/42		66,400,000		2,737,469
8.000% due 11/07/47		14,560,000		610,187
8.500% due 05/31/29		2,780,000		130,157
Mexico Government (Mexico)
2.659% due 05/24/31		$200,000		153,837
4.125% due 01/21/26		200,000		194,323
4.350% due 01/15/47		300,000		212,668
Panama Government (Panama)
2.252% due 09/29/32		300,000		211,975
4.500% due 04/16/50		200,000		139,839
Peru Government (Peru) 6.150% due 08/12/32		PEN 3,000,000		622,156
Peruvian Government (Peru)
5.625% due 11/18/50		$30,000		28,376
6.350% due 08/12/28 ~		PEN 1,800,000		411,271
6.550% due 03/14/37		$150,000		154,246
Romanian Government International (Romania) 3.000% due 02/27/27 ~		300,000		254,239
Russian Federal (Russia) 6.900% due 05/23/29		RUB 34,809,000		190,813
7.000% due 08/16/23		26,040,000		142,744
7.050% due 01/19/28		107,902,000		591,489
7.250% due 05/10/34		5,970,000		32,726
7.650% due 04/10/30		39,790,000		218,118
7.700% due 03/16/39		65,580,000		359,492
State of Israel (Israel) 3.375% due 01/15/50		$200,000		148,623


Total Foreign Government Bonds & Notes (Cost $18,692,854)				12,917,101


MUNICIPAL BONDS - 0.2%

New York State Urban Development Corp 1.346% due 03/15/26		700,000		628,373
Regents of the University of California Medical Center Pooled Revenue ‘N’ 3.706% due 05/15/20		120,000		77,290
State of California 7.625% due 03/01/40		180,000		223,732


Total Municipal Bonds (Cost $1,123,246)				929,395


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-68

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value

SHORT-TERM INVESTMENTS - 17.2%

Corporate Notes - 0.2%

Pacific Gas and Electric Co 3.840% (SOFR + 1.150%) due 11/14/22 §		$300,000		$299,349
Southern California Edison Co 3.335% (SOFR + 0.470%) due 12/02/22 §		300,000		299,764

				599,113

Foreign Government Issues - 0.3%

Bank of Israel Bill - Makam (Israel) (12.208%) due 10/07/22		ILS 3,400,000		955,766
1.788% due 03/02/23		1,300,000		361,831

				1,317,597


	Shares

Money Market Fund - 6.1%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.790%		23,353,181		23,353,181


	Principal Amount

U.S. Cash Management Bills - 0.1%

2.285% due 10/25/22 ‡		$200,000		199,691


U.S. Government Agency Issues - 0.1%

Federal Farm Credit Bank 1.739% due 10/07/22		530,000		529,825


U.S. Treasury Bills - 10.4%

1.249% due 10/06/22 ‡		358,000		357,927
2.344% due 10/27/22 ‡		500,000		499,144
2.782% due 12/15/22		12,000,000		11,931,641
2.906% due 12/08/22		27,300,000		27,152,540

				39,941,252


Total Short-Term Investments (Cost $66,038,347)				65,940,659


	Value

TOTAL INVESTMENTS - 113.7% (Cost $489,729,802)		$435,432,333


TOTAL SECURITIES SOLD SHORT - (0.5%) (PROCEEDS $1,814,895)		(1,741,822	)


DERIVATIVES - (0.7%)		(2,555,175	)


OTHER ASSETS & LIABILITIES, NET - (12.5%)		(48,086,784	)


NET ASSETS - 100.0%		$383,048,552

Notes to Schedule of Investments

(a)	As of September 30, 2022, the Fund’s composition as a percentage of net assets was as follows:


Mortgage-Backed Securities	38.3%
Corporate Bonds & Notes	26.2%
Short-Term Investments	17.2%
U.S. Treasury Obligations	16.8%
Asset-Backed Securities	9.3%
Foreign Government Bonds & Notes	3.4%
Others (each less than 3.0%)	2.5%

	113.7%
Securities Sold Short	(0.5%	)
Derivatives	(0.7%	)
Other Assets & Liabilities, Net	(12.5%	)

	100.0%

(b)	As of September 30, 2022, investments with a total aggregate value of $667,429 were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts, forward foreign currency contracts, option contracts and swap agreements.

(c)	The average amount of borrowings by the Fund on sale-buyback financing transactions during the six-month period ended September 30, 2022 was $1,152,083 at a weighted average interest rate of 0.560%.

(d)	Securities sold short outstanding as of September 30, 2022 were as follows:


Description	Principal Amount		Value
Mortgage-Backed Securities - (0.5%)

Fannie Mae
due 10/13/52 #		$600,000		($485,953	)
due 11/14/52 #		1,500,000		(1,255,869	)


Total Securities Sold Short (Proceeds $1,814,895)				($1,741,822	)

(e)	Open futures contracts outstanding as of September 30, 2022 were as follows:


Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
AUD FX		12/22		21		$1,412,159		$1,347,255		($64,904	)
Australia 10-Year Bonds		12/22		16		1,231,647		1,198,617		(33,030	)
EUR FX		12/22		20		2,551,210		2,465,375		(85,835	)
Euribor		12/22		8		1,946,499		1,916,096		(30,403	)
Euro-Bobl		12/22		9		1,081,221		1,056,249		(24,972	)
Eurodollar		12/22		152		36,978,132		36,217,800		(760,332	)
Eurodollar		03/23		14		3,327,488		3,335,325		7,837
Eurodollar		06/23		18		4,345,341		4,290,075		(55,266	)
Eurodollar		09/23		8		1,980,992		1,908,400		(72,592	)
Eurodollar		12/23		1		242,165		238,775		(3,390	)
Euro-OAT		12/22		6		812,939		776,905		(36,034	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-69

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
GBP FX		12/22		3		$219,894		$209,644		($10,250	)
JPY FX		12/22		11		973,000		957,481		(15,519	)
Long Gilt		12/22		8		932,644		861,083		(71,561	)
MXN FX		12/22		64		1,568,125		1,568,320		195
SOFR		09/23		18		4,344,575		4,302,675		(41,900	)
SOFR		03/25		48		11,631,848		11,557,800		(74,048	)
U.S. Treasury 2-Year Notes		12/22		11		2,295,749		2,259,297		(36,452	)
U.S. Treasury 5-Year Notes		12/22		1,047		116,400,219		112,668,185		(3,732,034	)
U.S. Treasury 10-Year Notes		12/22		77		8,953,199		8,628,812		(324,387	)
U.S. Treasury Long Bonds		12/22		75		10,181,952		9,480,469		(701,483	)
U.S. Treasury Ultra Long Bonds		12/22		118		17,408,760		16,166,000		(1,242,760	)

										(7,409,120	)


Short Futures Outstanding
Euro-Bund		12/22		32		4,503,644		4,343,268		160,376
Euro-Buxl		12/22		3		471,460		431,144		40,316
Euro-OAT		12/22		2		270,864		258,968		11,896
Japan 10-Year Bonds		12/22		6		6,151,641		6,148,000		3,641
SOFR		03/24		132		31,730,901		31,604,100		126,801
U.S. Treasury 2-Year Notes		12/22		168		35,007,352		34,505,625		501,727
U.S. Treasury 10-Year Notes		12/22		512		59,898,926		57,376,000		2,522,926
U.S. Treasury Ultra 10-Year Notes		12/22		5		629,915		592,422		37,493

										3,405,176


Total Futures Contracts										($4,003,944	)

(f)	Forward foreign currency contracts outstanding as of September 30, 2022 were as follows:


Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
AUD	2,483,594	USD	1,701,483	10/22	CIT		$—		($112,506	)
AUD	661,217	USD	446,292	10/22	JPM		—		(23,252	)
BRL	2,860,385	USD	542,356	10/22	DUB		—		(12,613	)
BRL	2,860,385	USD	529,054	10/22	JPM		688		—
BRL	2,860,385	USD	539,787	01/23	JPM		—		(20,903	)
CAD	6,083,713	USD	4,695,469	10/22	CIT		—		(291,517	)
CAD	396,195	USD	300,864	10/22	MSC		—		(14,061	)
CLP	5,854,149	USD	6,038	10/22	SCB		4		—
CLP	5,854,149	USD	6,396	12/22	SCB		—		(431	)
CNH	7,543,990	USD	1,058,954	10/22	JPM		—		(2,011	)
CNH	7,140,000	USD	991,391	10/22	MSC		8,951		—
DKK	1,830,000	USD	240,287	10/22	HSB		982		—
EUR	308,000	USD	316,116	10/22	CIT		—		(13,887	)
EUR	204,000	USD	203,443	10/22	MSC		—		(3,265	)
EUR	73,000	USD	73,715	10/22	UBS		—		(2,152	)
EUR	2,885,000	USD	2,795,983	10/22	UBS		32,238		—
GBP	759,600	USD	915,683	10/22	GSC		—		(67,221	)
GBP	126,000	USD	145,812	11/22	DUB		—		(5,025	)
GBP	926,000	USD	1,083,224	11/22	SCB		—		(48,545	)
GBP	136,000	USD	160,602	11/22	UBS		—		(8,641	)
GBP	154,000	USD	166,705	12/22	GSC		5,493		—
GBP	154,000	USD	165,581	12/22	JPM		6,617		—
GBP	247,950	USD	274,840	12/22	MSC		2,410		—
IDR	5,087,280,000	USD	335,351	10/22	JPM		—		(2,618	)
INR	17,463,858	USD	218,845	10/22	JPM		—		(4,843	)
INR	17,463,858	USD	211,728	01/23	MSC		29		—
JPY	344,631,896	USD	2,547,400	10/22	BNP		—		(162,222	)
JPY	54,800,000	USD	387,494	11/22	DUB		—		(7,071	)
JPY	33,400,000	USD	234,539	11/22	HSB		—		(2,675	)
MXN	67,000	USD	3,276	10/22	UBS		46		—
MXN	67,000	USD	3,256	02/23	HSB		—		(7	)
NOK	5,947,656	EUR	574,718	10/22	BNP		—		(17,649	)
PEN	393,275	USD	100,711	12/22	BRC		—		(2,790	)
PEN	227,622	USD	57,831	03/23	DUB		—		(1,554	)
USD	73,577	AUD	105,890	10/22	JPM		5,841		—
USD	431,137	AUD	620,638	10/22	SCB		34,126		—
USD	100,441	AUD	146,472	10/22	UBS		6,746		—
USD	529,054	BRL	2,860,385	10/22	DUB		—		(688	)
USD	550,603	BRL	2,860,384	10/22	JPM		20,861		—
USD	292,741	CAD	373,580	10/22	CIT		22,305		—
USD	1,045,500	CAD	1,380,971	10/22	GSC		45,826		—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-70

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


Currency Purchased		Currency Sold		Settlement Month	Counterparty		Unrealized Appreciation		Unrealized Depreciation
USD	332,695	CAD	434,040	10/22		MSC		$18,494		$—
USD	6,492	CLP	5,854,149	10/22		SCB		450		—
USD	12,519	CLP	11,430,000	10/22		UBS		760		—
USD	947,244	CNH	6,340,000	10/22		CIT		58,985		—
USD	1,245,742	CNH	8,343,990	10/22		JPM		76,716		—
USD	1,061,577	CNH	7,543,990	01/23		JPM		2,060		—
USD	994,014	CNH	7,140,000	01/23		MSC		—		(8,764	)
USD	248,211	DKK	1,845,000	10/22		BRC		4,965		—
USD	240,773	DKK	1,830,000	11/22		HSB		—		(988	)
USD	2,596,723	EUR	2,558,538	10/22		BNP		86,125		—
USD	2,893,441	EUR	2,894,000	10/22		HSB		56,397		—
USD	63,714	EUR	64,000	10/22		SCB		973		—
USD	2,801,644	EUR	2,885,000	11/22		UBS		—		(32,241	)
USD	330,088	GBP	307,000	10/22		GSC		—		(12,826	)
USD	879,877	GBP	728,000	11/22		HSB		66,436		—
USD	4,128,508	GBP	3,401,148	11/22		JPM		328,188		—
USD	58,880	GBP	55,000	11/22		RBS		—		(2,575	)
USD	131,496	GBP	119,000	11/22		SCB		—		(1,470	)
USD	1,886,205	GBP	1,553,437	11/22		SCB		150,451		—
USD	252,986	GBP	228,000	12/22		GSC		—		(1,956	)
USD	22,084	GBP	20,000	12/22		MSC		—		(279	)
USD	788	IDR	11,870,000	10/22		CIT		12		—
USD	539,315	IDR	8,089,980,000	10/22		JPM		10,189		—
USD	333,483	IDR	5,087,280,000	01/23		JPM		2,945		—
USD	752,233	ILS	2,399,860	10/22		DUB		78,885		—
USD	315,428	ILS	1,000,000	10/22		HSB		34,850		—
USD	380,156	ILS	1,289,375	03/23		DUB		14,170		—
USD	213,887	INR	17,463,858	10/22		MSC		—		(115	)
USD	65,115	JPY	8,780,239	10/22		CIT		4,387		—
USD	303,691	JPY	40,968,735	10/22		GSC		20,411		—
USD	285,394	JPY	40,000,353	11/22		DUB		7,710		—
USD	412,563	JPY	58,600,000	11/22		HSB		5,760		—
USD	3,329	MXN	67,000	10/22		HSB		7		—
USD	2,888,185	MXN	60,465,948	10/22		MSC		—		(104,207	)
USD	85,178	PEN	353,082	11/22		SCB		—		(2,773	)
USD	1,483,258	PEN	5,906,482	12/22		HSB		12,623		—
ZAR	4,736,125	USD	282,740	10/22		MSC		—		(21,503	)


Total Forward Foreign Currency Contracts								$1,236,112		($1,017,844	)

(g)	Purchased options outstanding as of September 30, 2022 were as follows:

Foreign Currency Options


Description	Exercise Price		Expiration Date		Counter- party		Notional Amount		Cost		Value
Put - JPY versus USD		JPY 131.55		10/05/22		GSC		$747,640		$11,654		$4
Put - JPY versus USD		131.39		10/06/22		CIT		221,983		3,329		4
Put - JPY versus USD		131.50		10/06/22		GSC		248,048		3,787		4
Put - CAD versus USD		CAD 1.27		10/07/22		MSC		281,000		2,062		—
Put - CAD versus USD		1.27		10/11/22		CIT		684,000		5,193		—
Put - CAD versus USD		1.27		10/14/22		GSC		412,000		3,113		1

										$29,138		$13

Options on Futures


Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Cost		Value
Call - JPY-FX (10/22)		$71.00		10/07/22		CME		1		$88,750		$1,315		$87
Call - U.S. Treasury 5-Year Notes (11/22)		111.50		10/21/22		CME		7		780,500		3,161		219
Call - U.S. Treasury 10-Year Notes (11/22)		112.50		10/21/22		CME		2		225,000		2,175		1,781
Call - U.S. Treasury 30-Year Bonds (11/22)		126.00		10/21/22		CME		2		252,000		3,519		4,500
Call - U.S. Treasury 30-Year Bonds (11/22)		130.00		10/21/22		CME		7		910,000		13,168		4,922
Call - U.S. Treasury 30-Year Bonds (11/22)		131.00		10/21/22		CME		1		131,000		1,845		516
Call - U.S. Treasury 5-Year Notes (12/22)		111.75		11/25/22		CME		2		223,500		2,082		188

												$27,265		$12,213


Total Purchased Options												$56,403		$12,226


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-71

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)

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

Foreign Currency Options


Description	Exercise Price		Expiration Date		Counter- party		Notional Amount		Premium		Value
Put - GBP versus USD		$1.20		10/24/22		JPM		$703,013		$6,851		($1,001	)
Put - GBP versus USD		1.21		10/27/22		CIT		671,777		6,634		(928	)
Put - GBP versus USD		1.08		12/22/22		JPM		286,000		10,367		(17,606	)
Put - GBP versus USD		1.08		12/22/22		GSC		281,000		10,013		(15,844	)
Put - GBP versus USD		1.12		12/22/22		MSC		569,000		12,270		(19,177	)

										$46,135		($54,556	)

Interest Rate Swaptions

Description

Pay/Receive
Floating Rate

Floating Rate Index

Exercise
Rate

Expiration
Date

Counter-
party

Notional
Amount

Premium

Value

Call -1-Year Interest Rate Swap

Receive

1-Day USD-SOFR

2.993%

10/11/23

MSC

$2,800,000

$18,914

($7,427

)

Put -1-Year Interest Rate Swap

Pay

1-Day USD-SOFR

2.993%

10/11/23

MSC

2,800,000

18,914

(36,568

)

Total Interest Rate Swaptions

$37,828

($43,995

)

Options on Futures


Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Premium		Value
Call - AUD-FX (10/22)		$64.50		10/07/22		CME		2		$129,000		$795		($920	)
Call - U.S. Treasury 5-Year Notes (10/22)		107.75		10/07/22		CME		3		323,250		1,393		(1,078	)
Call - U.S. Treasury 5-Year Notes (10/22)		108.00		10/07/22		CME		7		756,000		2,199		(1,859	)
Call - U.S. Treasury 10-Year Notes (10/22)		112.00		10/07/22		CME		10		1,120,000		3,889		(7,500	)
Call - U.S. Treasury 10-Year Notes (10/22)		112.50		10/07/22		CME		2		225,000		981		(1,031	)
Call - U.S. Treasury 30-Year Bonds (10/22)		127.50		10/07/22		CME		2		255,000		1,387		(1,594	)
Call - U.S. Treasury 30-Year Bonds (10/22)		128.00		10/07/22		CME		1		128,000		498		(641	)
Call - U.S. Treasury 5-Year Notes (11/22)		108.50		10/21/22		CME		3		325,500		1,799		(961	)
Call - U.S. Treasury 5-Year Notes (11/22)		109.00		10/21/22		CME		12		1,308,000		3,628		(2,437	)
Call - U.S. Treasury 5-Year Notes (11/22)		109.25		10/21/22		CME		31		3,386,750		13,267		(4,844	)
Call - U.S. Treasury 5-Year Notes (11/22)		109.50		10/21/22		CME		3		328,500		1,026		(375	)
Call - U.S. Treasury 5-Year Notes (11/22)		110.00		10/21/22		CME		9		990,000		3,141		(703	)
Call - U.S. Treasury 5-Year Notes (11/22)		110.25		10/21/22		CME		20		2,205,000		7,825		(1,250	)
Call - U.S. Treasury 5-Year Notes (11/22)		110.50		10/21/22		CME		8		884,000		2,939		(438	)
Call - U.S. Treasury 10-Year Notes (11/22)		111.00		10/21/22		CME		3		333,000		3,448		(5,203	)
Call - U.S. Treasury 5-Year Notes (11/22)		111.00		10/21/22		CME		8		888,000		3,408		(313	)
Call - U.S. Treasury 10-Year Notes (11/22)		111.50		10/21/22		CME		4		446,000		4,524		(5,687	)
Call - U.S. Treasury 5-Year Notes (11/22)		112.00		10/21/22		CME		6		672,000		2,005		(141	)
Call - U.S. Treasury 10-Year Notes (11/22)		112.75		10/21/22		CME		5		563,750		4,663		(3,906	)
Call - U.S. Treasury 10-Year Notes (11/22)		113.00		10/21/22		CME		18		2,034,000		15,422		(12,375	)
Call - U.S. Treasury 10-Year Notes (11/22)		114.00		10/21/22		CME		10		1,140,000		5,670		(4,062	)
Call - U.S. Treasury 10-Year Notes (11/22)		114.50		10/21/22		CME		3		343,500		2,292		(891	)
Call - U.S. Treasury 10-Year Notes (11/22)		115.00		10/21/22		CME		9		1,035,000		5,922		(2,109	)
Call - U.S. Treasury 10-Year Notes (11/22)		115.50		10/21/22		CME		3		346,500		2,151		(516	)
Call - U.S. Treasury 10-Year Notes (11/22)		116.00		10/21/22		CME		33		3,828,000		20,208		(4,641	)
Call - U.S. Treasury 10-Year Notes (11/22)		116.50		10/21/22		CME		16		1,864,000		7,738		(1,750	)
Call - U.S. Treasury 10-Year Notes (11/22)		117.50		10/21/22		CME		4		470,000		2,181		(250	)
Call - U.S. Treasury 10-Year Notes (11/22)		118.00		10/21/22		CME		5		590,000		3,007		(234	)
Call - U.S. Treasury 10-Year Notes (11/22)		119.00		10/21/22		CME		8		952,000		3,095		(375	)
Call - U.S. Treasury 10-Year Notes (11/22)		120.00		10/21/22		CME		6		720,000		1,568		(187	)
Call - U.S. Treasury 10-Year Notes (11/22)		121.00		10/21/22		CME		6		726,000		2,177		(187	)
Call - U.S. Treasury 10-Year Notes (11/22)		122.00		10/21/22		CME		4		488,000		1,181		(62	)
Call - U.S. Treasury 30-Year Bonds (11/22)		128.00		10/21/22		CME		4		512,000		3,931		(5,250	)
Call - U.S. Treasury 30-Year Bonds (11/22)		132.00		10/21/22		CME		14		1,848,000		15,648		(5,250	)
Call - U.S. Treasury 30-Year Bonds (11/22)		133.00		10/21/22		CME		1		133,000		1,748		(266	)
Call - U.S. Treasury 30-Year Bonds (11/22)		134.00		10/21/22		CME		2		268,000		2,747		(406	)
Call - U.S. Treasury 30-Year Bonds (11/22)		135.00		10/21/22		CME		2		270,000		2,356		(281	)
Call - Euro-Bund (11/22)		EUR 137.00		10/21/22		EUX		2		EUR 274,000		3,526		(5,782	)
Call - Euro-Bund (11/22)		138.00		10/21/22		EUX		2		276,000		2,546		(4,626	)
Call - U.S. Treasury 30-Year Bonds (11/22)		$144.00		10/21/22		CME		2		$288,000		1,028		(62	)
Call - Euro-Bund (11/22)		EUR 145.00		10/21/22		EUX		4		EUR 580,000		5,836		(1,411	)
Call - JPY-FX (11/22)		$71.00		11/04/22		CME		2		$177,500		1,995		(1,450	)
Call - U.S. Treasury 5-Year Notes (12/22)		109.00		11/25/22		CME		12		1,308,000		4,573		(5,719	)
Call - U.S. Treasury 5-Year Notes (12/22)		109.25		11/25/22		CME		31		3,386,750		9,149		(12,594	)
Call - U.S. Treasury 5-Year Notes (12/22)		110.00		11/25/22		CME		18		1,980,000		5,055		(4,641	)
Call - U.S. Treasury 10-Year Notes (12/22)		113.00		11/25/22		CME		5		565,000		5,304		(6,172	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-72

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Premium		Value
Call - U.S. Treasury 10-Year Notes (12/22)		$114.00		11/25/22		CME		4		$456,000		$2,962		($3,438	)
Call - U.S. Treasury 10-Year Notes (12/22)		115.00		11/25/22		CME		5		575,000		3,741		(2,969	)
Call - U.S. Treasury 10-Year Notes (12/22)		117.00		11/25/22		CME		1		117,000		186		(281	)
Call - U.S. Treasury 10-Year Notes (12/22)		118.00		11/25/22		CME		1		118,000		123		(203	)
Call - U.S. Treasury 30-Year Bonds (12/22)		130.00		11/25/22		CME		2		260,000		2,715		(3,281	)
Call - Euro-Bund (12/22)		EUR 138.00		11/25/22		EUX		2		EUR 276,000		4,800		(6,841	)
Call - Euro-Bund (12/22)		140.00		11/25/22		EUX		2		280,000		4,163		(4,959	)
Call - Eurodollar (12/22)		$96.50		12/19/22		CME		24		$5,790,000		15,850		(1,500	)
Call - Eurodollar (12/22)		97.00		12/19/22		CME		169		40,982,500		132,420		(7,394	)
Call - Eurodollar (12/22)		99.00		12/19/22		CME		2		495,000		646		(13	)

												368,475		(153,309	)

Put - U.S. Treasury 5-Year Notes (10/22)		107.00		10/07/22		CME		3		321,000		557		(820	)
Put - U.S. Treasury 5-Year Notes (11/22)		107.00		10/21/22		CME		5		535,000		3,132		(2,500	)
Put - U.S. Treasury 5-Year Notes (11/22)		108.00		10/21/22		CME		5		540,000		2,413		(4,922	)
Put - U.S. Treasury 10-Year Notes (11/22)		111.00		10/21/22		CME		3		333,000		2,401		(2,016	)
Put - U.S. Treasury 10-Year Notes (11/22)		111.50		10/21/22		CME		8		892,000		7,533		(6,875	)
Put - U.S. Treasury 10-Year Notes (11/22)		112.00		10/21/22		CME		2		224,000		1,653		(2,156	)
Put - U.S. Treasury 10-Year Notes (11/22)		114.00		10/21/22		CME		4		456,000		4,462		(9,375	)
Put - U.S. Treasury 30-Year Bonds (11/22)		129.00		10/21/22		CME		2		258,000		2,871		(7,125	)
Put - Euro-Bund (11/22)		EUR 140.00		10/21/22		EUX		4		EUR 560,000		5,288		(11,565	)

												30,310		(47,354	)


Total Options on Futures												$398,785		($200,663	)

Options on Securities


Description	Exercise Price		Expiration Date		Counter- party		Notional Amount		Premium		Value
Put - Fannie Mae 4.500% due 11/14/52		$99.41		11/07/22		JPM		$1,200,000		$9,375		($52,322	)


Total Written Options										$492,123		($351,536	)

(i)	Swap agreements outstanding as of September 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 09/30/22 (2)		Notional Amount (3)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Colombia Government		Q		1.000%		06/20/27		MSC		3.068%		$500,000		($41,670	)		($28,267	)		($13,403	)


							Exchange
AT&T Inc		Q		1.000%		06/20/23		ICE		0.872%		300,000		366			430			(64	)
Rolls-Royce PLC		Q		1.000%		12/20/24		ICE		2.996%		EUR 800,000		(32,464	)		(4,034	)		(28,430	)
Boeing Co		Q		1.000%		06/20/25		ICE		1.736%		$400,000		(7,276	)		(5,621	)		(1,655	)
Apache Corp		Q		1.000%		06/20/26		ICE		2.278%		220,000		(9,206	)		(11,403	)		2,197
General Electric Co		Q		1.000%		06/20/26		ICE		1.259%		400,000		(3,382	)		2,736			(6,118	)
Apache Corp		Q		1.000%		12/20/26		ICE		2.426%		524,000		(27,245	)		(15,568	)		(11,677	)
Boeing Co		Q		1.000%		12/20/26		ICE		1.957%		300,000		(10,525	)		(1,695	)		(8,830	)
Stellantis N.V.		Q		5.000%		12/20/26		ICE		2.343%		EUR 300,000		30,206			68,879			(38,673	)
Verizon Communications Inc		Q		1.000%		06/20/27		ICE		1.373%		$300,000		(4,551	)		(788	)		(3,763	)
British Telecommunications PLC		Q		1.000%		06/20/28		ICE		1.805%		EUR 300,000		(11,903	)		(1,477	)		(10,426	)

														(75,980	)		31,459			(107,439	)


Total Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection														($117,650	)		$3,192			($120,842	)

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 HY 38 5Y		Q		5.000%		06/20/27		ICE		$2,178,000		$45,973		$22,207		$23,766
CDX iTraxx Main 38 5Y		Q		1.000%		12/20/27		ICE		EUR 400,000		6,061		3,649		2,412
CDX HY 39 5Y		Q		5.000%		12/20/27		ICE		$484,000		19,124		19,811		(687	)

												$71,158		$45,667		$25,491


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-73

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)

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


Referenced Obligation	Payment Frequency		Fixed Deal Receive Rate		Expiration Date		Exchange		Notional Amount (3)		Value (5)			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CDX IG 38 5Y		Q		1.000%		06/20/27		ICE		$32,511,000		$18,135			$307,828			($289,693	)
CDX IG 39 5Y		Q		1.000%		12/20/27		ICE		17,884,000		(55,920	)		(7,028	)		(48,892	)
CDX iTraxx Main 38 5Y		Q		5.000%		12/20/27		ICE		EUR 1,500,000		(75,663	)		(52,231	)		(23,432	)

												($113,448	)		$248,569			($362,017	)


Total Credit Default Swaps												($159,940	)		$297,428			($457,368	)

(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)
0.000%		1-Day JPY-TONAR		A / A		LCH		03/17/24		JPY 1,300,000,000		($7,742	)		$19,440			($27,182	)
0.820%		3-Month USD-LIBOR		S / Q		CME		06/04/24		$1,644,000		(58,495	)		—			(58,495	)
12.200%		Brazil CETIP Interbank		Z / Z		CME		01/02/25		BRL 6,000,000		8,887			—			8,887
12.233%		Brazil CETIP Interbank		Z / Z		CME		01/02/25		9,400,000		14,641			—			14,641
12.275%		Brazil CETIP Interbank		Z / Z		CME		01/02/25		11,400,000		19,909			—			19,909
(0.068%)		1-Day JPY-TONAR		S / S		LCH		09/18/26		JPY 120,000,000		(9,467	)		—			(9,467	)
(0.097%)		1-Day JPY-TONAR		S / S		LCH		09/24/26		82,000,000		(7,164	)		106			(7,270	)
3.370%		U.S. CPI Urban Consumers		Z / Z		LCH		11/18/26		$2,264,000		(27,525	)		35,125			(62,650	)
11.980%		Brazil CETIP Interbank		Z / Z		CME		01/04/27		BRL 5,200,000		6,484			—			6,484
0.300%		1-Day JPY-TONAR		S / S		LCH		03/20/28		JPY 166,000,000		487			24,874			(24,387	)
7.450%		28-Day MXN TIIE		L / L		CME		07/18/29		MXN 36,630,000		(161,619	)		25,626			(187,245	)
1.750%		6-Month EUR-LIBOR		A / S		LCH		03/15/33		EUR 4,700,000		(564,863	)		(41,520	)		(523,343	)
0.750%		1-Day GBP-SONIA		A / A		LCH		03/16/52		GBP 500,000		(279,345	)		(110,908	)		(168,437	)

												($1,065,812	)		($47,257	)		($1,018,555	)

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		$62,576			($12,824	)		$75,400
1.520%	1-Day USD-SOFR	A / A	CME		11/20/26		2,574,000		151,671			(4,070	)		155,741
0.710%	1-Day USD-SOFR	A / A	CME		05/15/27		94,000		12,505			214			12,291
1.130%	1-Day USD-SOFR	A / A	CME		08/15/28		3,533,000		487,825			21,151			466,674
1.220%	1-Day USD-SOFR	A / A	CME		08/15/28		1,931,000		257,469			(125	)		257,594
2.850%	1-Day USD-SOFR	A / A	CME		02/15/29		1,491,000		69,261			(2,177	)		71,438
3.270%	1-Day USD-SOFR	A / A	CME		04/30/29		2,855,000		70,069			(39,026	)		109,095
1.733%	1-Day USD-SOFR	A / A	CME		10/20/31		1,646,000		102,211			9,257			92,954
2.000%	1-Day USD-SOFR	A / A	CME		03/18/32		853,000		103,718			6,914			96,804
0.800%	1-Day JPY-TONAR	S / S	LCH		10/22/38		JPY 10,000,000		(216	)		—			(216	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-74

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


Pay	Receive		Payment Frequency Pay Rate/ Receive Rate		Exchange		Expiration Date		Notional Amount		Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
0.785%		1-Day JPY-TONAR		S / S		LCH		11/12/38		JPY 13,260,000		$10		$46		($36	)
0.500%		1-Day JPY-TONAR		A / A		LCH		03/15/42		103,000,000		54,267		29,385		24,882
0.662%		1-Day JPY-TONAR		A / A		LCH		04/19/42		6,000,000		1,960		—		1,960
0.560%		1-Day USD-SOFR		A / A		CME		07/20/45		$805,000		347,051		12,421		334,630
0.641%		1-Day JPY-TONAR		S / S		CME		05/09/46		JPY 187,300,000		161,611		250		161,361
1.520%		1-Day USD-SOFR		A / A		CME		02/15/47		$1,797,000		501,351		11,244		490,107
1.729%		1-Day USD-SOFR		A / A		CME		02/15/47		140,000		34,050		—		34,050
1.650%		1-Day USD-SOFR		A / A		CME		08/15/47		2,281,000		591,536		253,988		337,548
2.510%		1-Day USD-SOFR		A / A		CME		02/15/48		285,000		33,027		1,870		31,157
2.600%		1-Day USD-SOFR		A / A		CME		02/15/48		854,000		83,884		58,702		25,182
3.050%		1-Day USD-SOFR		A / A		CME		02/15/48		556,000		12,786		17,140		(4,354	)
2.500%		1-Day USD-SOFR		A / A		CME		04/21/52		549,000		57,235		512		56,723
0.800%		1-Day JPY-TONAR		A / A		LCH		06/15/52		JPY 194,000,000		110,348		736		109,612
1.750%		1-Day USD-SOFR		A / A		CME		12/21/52		$1,900,000		467,998		368,789		99,209
2.000%		1-Day GBP-SONIA		A / A		LCH		03/15/53		GBP 1,200,000		376,740		370,812		5,928

												$4,150,943		$1,105,209		$3,045,734


Total Interest Rate Swaps												$3,085,131		$1,057,952		$2,027,179


Total Swap Agreements												$2,925,191		$1,355,380		$1,569,811

Balances reported in the Statement of Assets and Liabilities for Over the Counter (OTC) Swaps and Centrally Cleared Swaps


	Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
OTC Swap Agreements
Assets		$—			$—
Liabilities		(28,267	)		(13,403	)
Centrally Cleared Swap Agreements (1)
Assets		1,694,142			3,128,636
Liabilities		(310,495	)		(1,545,422	)

		$1,355,380			$1,569,811

(1)

Includes cumulative value on centrally cleared swaps, as reported in the Schedule of Investments. Only variation margin is reported within the Statement of Assets and Liabilities.


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-75

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)

(j)	Fair Value Measurements

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


		Total Value at September 30, 2022			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$73,654			$73,654			$—			$—
	Corporate Bonds & Notes		100,526,957			—			100,526,957			—
	Senior Loan Notes		8,369,355			—			8,107,202			262,153
	Mortgage-Backed Securities
	Collateralized Mortgage Obligations – Commercial		20,223,351			—			18,760,223			1,463,128
	Collateralized Mortgage Obligations - Residential		23,143,177			—			23,143,177			—
	Fannie Mae		81,677,246			—			81,677,246			—
	Freddie Mac		8,336,707			—			8,336,707			—
	Government National Mortgage Association		13,493,217			—			13,493,217			—

	Total Mortgage-Backed Securities		146,873,698			—			145,410,570			1,463,128

	Asset-Backed Securities		35,466,772			—			35,466,772			—
	U.S. Treasury Obligations		64,334,742			—			64,334,742			—
	Foreign Government Bonds & Notes		12,917,101			—			12,917,101			—
	Municipal Bonds		929,395			—			929,395			—
	Short-Term Investments		65,940,659			23,353,181			42,587,478			—
	Derivatives:
	Credit Contracts
	Swaps		28,375			—			28,375			—
	Foreign Currency Contracts
	Futures		195			195			—			—
	Forward Foreign Currency Contracts		1,236,112			—			1,236,112			—
	Purchased Options		100			—			100			—

	Total Foreign Currency Contracts		1,236,407			195			1,236,212			—

	Interest Rate Contracts
	Futures		3,413,013			3,413,013			—			—
	Purchased Options		12,126			—			12,126			—
	Swaps		3,100,261			—			3,100,261			—

	Total Interest Rate Contracts		6,525,400			3,413,013			3,112,387			—

	Total Assets - Derivatives		7,790,182			3,413,208			4,376,974			—

	Total Assets		443,222,515			26,840,043			414,657,191			1,725,281


Liabilities	Due to Custodian		(300,480	)		—			(300,480	)		—
	Sale-buyback Financing Transactions		(1,104,697	)		—			(1,104,697	)		—
	Securities Sold Short
	Mortgaged-Backed Securities		(1,741,822	)		—			(1,741,822	)		—
	Derivatives:
	Credit Contracts
	Swaps		(485,743	)		—			(485,743	)		—
	Foreign Currency Contracts
	Futures		(176,508	)		(176,508	)		—			—
	Forward Foreign Currency Contracts		(1,017,844	)		—			(1,017,844	)		—
	Written Options		(56,926	)		—			(56,926	)		—

	Total Foreign Currency Contracts		(1,251,278	)		(176,508	)		(1,074,770	)		—

	Interest Rate Contracts
	Futures		(7,240,644	)		(7,240,644	)		—			—
	Written Options		(294,610	)		—			(294,610	)		—
	Swaps		(1,073,082	)		—			(1,073,082	)		—

	Total Interest Rate Contracts		(8,608,336	)		(7,240,644	)		(1,367,692	)		—

	Total Liabilities - Derivatives		(10,345,357	)		(7,417,152	)		(2,928,205	)		—

	Total Liabilities		(13,492,356	)		(7,417,152	)		(6,075,204	)		—

	Total		$429,730,159			$19,422,891			$408,581,987			$1,725,281


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-76

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments

September 30, 2022 (Unaudited)


	Principal Amount		Value
CORPORATE BONDS & NOTES - 49.5%

Basic Materials - 1.3%

ArcelorMittal SA (Luxembourg) 3.600% due 07/16/24		$110,000		$107,290
Celanese US Holdings LLC
5.900% due 07/05/24		485,000		478,655
6.050% due 03/15/25		410,000		400,898
Celulosa Arauco y Constitucion SA (Chile) 4.500% due 08/01/24		200,000		195,126
Ecolab Inc 1.650% due 02/01/27		100,000		87,923
LYB International Finance III LLC 1.250% due 10/01/25		276,000		242,786
Nucor Corp
2.000% due 06/01/25		130,000		120,138
3.950% due 05/23/25		100,000		97,029
POSCO (South Korea) 2.375% due 11/12/22 ~		450,000		448,981
The Sherwin-Williams Co
4.050% due 08/08/24		75,000		73,813
4.250% due 08/08/25		110,000		107,476
Westlake Corp 0.875% due 08/15/24		50,000		46,677

				2,406,792

Communications - 3.0%

Charter Communications Operating LLC 4.908% due 07/23/25		1,015,000		990,678
Cox Communications Inc 3.150% due 08/15/24 ~		495,000		474,265
KT Corp (South Korea) 4.000% due 08/08/25 ~		450,000		435,466
NBN Co Ltd (Australia) 1.450% due 05/05/26 ~		250,000		218,373
NTT Finance Corp (Japan)
4.142% due 07/26/24 ~		200,000		197,427
4.239% due 07/25/25 ~		200,000		196,123
Rogers Communications Inc (Canada) 3.200% due 03/15/27 ~		310,000		283,481
SES SA (Luxembourg) 3.600% due 04/04/23 ~		98,000		96,844
Sky Ltd (United Kingdom) 3.750% due 09/16/24 ~		930,000		908,048
The Walt Disney Co 1.750% due 01/13/26		180,000		163,154
T-Mobile USA Inc
2.250% due 02/15/26		290,000		259,892
3.500% due 04/15/25		190,000		181,768
Verizon Communications Inc
0.850% due 11/20/25		300,000		263,264
1.450% due 03/20/26		330,000		291,748
2.625% due 08/15/26		390,000		354,723

				5,315,254

Consumer, Cyclical - 4.9%

American Airlines Pass-Through Trust ’B’ 3.700% due 04/15/27		113,159		98,999
AutoZone Inc 3.625% due 04/15/25		275,000		264,891
Brunswick Corp 0.850% due 08/18/24		320,000		294,933
Daimler Trucks Finance North America LLC (Germany) 1.625% due 12/13/24 ~		300,000		276,954
General Motors Co
4.875% due 10/02/23		330,000		328,823
5.400% due 10/02/23		420,000		420,230


	Principal Amount		Value
General Motors Financial Co Inc 2.900% due 02/26/25	$	420,000	$	392,845
Genuine Parts Co 1.750% due 02/01/25		100,000		92,415
Hasbro Inc 3.000% due 11/19/24		560,000		537,514
Hyatt Hotels Corp 1.300% due 10/01/23		150,000		144,363
Hyundai Capital America
0.800% due 01/08/24 ~		240,000		225,917
0.875% due 06/14/24 ~		100,000		92,446
1.000% due 09/17/24 ~		120,000		109,726
2.375% due 02/10/23 ~		270,000		267,679
2.850% due 11/01/22 ~		121,000		120,832
Hyundai Capital Services Inc (South Korea) 2.125% due 04/24/25 ~		200,000		183,336
Lowe’s Cos Inc
3.350% due 04/01/27		60,000		55,656
4.400% due 09/08/25		310,000		305,496
Marriott International Inc 3.600% due 04/15/24		580,000		566,707
Nissan Motor Co Ltd (Japan) 3.043% due 09/15/23 ~		660,000		641,968
Nordstrom Inc 2.300% due 04/08/24		40,000		37,247
QVC Inc 4.850% due 04/01/24		365,000		344,060
Ross Stores Inc 4.600% due 04/15/25		920,000		912,219
Stellantis Finance US Inc 1.711% due 01/29/27 ~		400,000		333,426
Toyota Motor Credit Corp
3.650% due 08/18/25		410,000		397,326
3.950% due 06/30/25		295,000		288,171
United Airlines Pass-Through Trust ’B’ 3.500% due 11/01/29		69,785		57,929
Volkswagen Group of America Finance LLC (Germany) 3.950% due 06/06/25 ~		400,000		384,690
Warnermedia Holdings Inc 3.755% due 03/15/27 ~		700,000		627,164

				8,803,962

Consumer, Non-Cyclical - 6.4%

AbbVie Inc
2.600% due 11/21/24		865,000		823,800
2.950% due 11/21/26		520,000		476,911
3.200% due 05/14/26		50,000		46,800
AmerisourceBergen Corp 3.400% due 05/15/24		470,000		460,295
Anheuser-Busch Cos LLC (Belgium) 3.650% due 02/01/26		120,000		115,388
Astrazeneca Finance LLC (United Kingdom) 1.200% due 05/28/26		380,000		333,408
BAT International Finance PLC (United Kingdom)
1.668% due 03/25/26		420,000		363,522
4.448% due 03/16/28		360,000		321,440
Bayer US Finance II LLC (Germany) 3.875% due 12/15/23 ~		200,000		196,350
Becton Dickinson and Co
3.363% due 06/06/24		190,000		184,782
3.734% due 12/15/24		116,000		112,136
Cardinal Health Inc
3.200% due 03/15/23		210,000		208,835
3.500% due 11/15/24		540,000		522,405
Cargill Inc 3.500% due 04/22/25 ~		140,000		135,184
Coca-Cola Europacific Partners PLC (United Kingdom) 0.800% due 05/03/24 ~		665,000		620,732


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-77

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
Constellation Brands Inc 3.600% due 05/09/24	$	245,000	$	239,853
CSL Finance PLC (Australia) 3.850% due 04/27/27 ~		70,000		66,336
CVS Health Corp
2.875% due 06/01/26		130,000		120,512
3.000% due 08/15/26		100,000		92,390
HCA Inc 3.125% due 03/15/27 ~		260,000		230,538
Health Care Service Corp 1.500% due 06/01/25 ~		380,000		346,007
HPHT Finance 19 Ltd (Hong Kong) 2.875% due 11/05/24 ~		500,000		477,352
Humana Inc
1.350% due 02/03/27		40,000		33,741
3.850% due 10/01/24		225,000		219,533
4.500% due 04/01/25		450,000		444,072
Imperial Brands Finance PLC (United Kingdom)
3.125% due 07/26/24 ~		400,000		382,924
4.250% due 07/21/25 ~		200,000		191,970
JDE Peet’s NV (Netherlands) 0.800% due 09/24/24 ~		300,000		274,796
Mondelez International Holdings Netherlands BV 4.250% due 09/15/25 ~		200,000		195,885
Mondelez International Inc
2.125% due 03/17/24		200,000		192,180
2.625% due 03/17/27		190,000		170,531
Nestle Holdings Inc 4.000% due 09/12/25 ~		305,000		300,571
PeaceHealth Obligated Group 1.375% due 11/15/25		80,000		71,408
PerkinElmer Inc 0.850% due 09/15/24		560,000		519,782
Perrigo Finance Unlimited Co 3.900% due 12/15/24		510,000		477,001
Royalty Pharma PLC 0.750% due 09/02/23		380,000		364,068
S&P Global Inc 2.450% due 03/01/27 ~		500,000		448,890
Shire Acquisitions Investments Ireland DAC 2.875% due 09/23/23		110,000		107,634
Triton Container International Ltd (Bermuda) 0.800% due 08/01/23 ~		400,000		381,853
UnitedHealth Group Inc 3.700% due 05/15/27		220,000		209,577
Viatris Inc 1.650% due 06/22/25		105,000		93,462

				11,574,854

Diversified - 0.3%

CK Hutchison International 19 Ltd (United Kingdom) 3.250% due 04/11/24 ~		500,000		489,018


Energy - 4.4%

Aker BP ASA (Norway) 3.000% due 01/15/25 ~		460,000		431,338
Canadian Natural Resources Ltd (Canada) 2.050% due 07/15/25		520,000		474,584
Cheniere Corpus Christi Holdings LLC
5.875% due 03/31/25		370,000		371,821
7.000% due 06/30/24		580,000		590,236
Devon Energy Corp 8.250% due 08/01/23		140,000		143,339
Enbridge Inc (Canada)
2.150% due 02/16/24		275,000		264,460
2.500% due 01/15/25		310,000		291,359
2.500% due 02/14/25		150,000		141,040


	Principal Amount		Value
Energy Transfer LP
2.900% due 05/15/25	$	120,000	$	111,987
4.250% due 03/15/23		300,000		299,277
4.250% due 04/01/24		204,000		199,802
5.875% due 01/15/24		745,000		746,952
Eni SPA (Italy) 4.000% due 09/12/23 ~		540,000		533,515
Gray Oak Pipeline LLC
2.000% due 09/15/23 ~		90,000		87,032
2.600% due 10/15/25 ~		180,000		161,517
Sabine Pass Liquefaction LLC
5.625% due 04/15/23		615,000		615,423
5.625% due 03/01/25		275,000		275,027
5.750% due 05/15/24		410,000		411,720
Saudi Arabian Oil Co (Saudi Arabia) 1.250% due 11/24/23 ~		500,000		480,975
Schlumberger Finance Canada Ltd 1.400% due 09/17/25		140,000		127,193
Schlumberger Holdings Corp
3.750% due 05/01/24 ~		630,000		617,959
4.000% due 12/21/25 ~		150,000		144,745
The Williams Cos Inc 3.700% due 01/15/23		375,000		374,735

				7,896,036

Financial - 21.0%

AerCap Ireland Capital DAC (Ireland)
1.650% due 10/29/24		350,000		320,067
4.125% due 07/03/23		300,000		297,751
4.500% due 09/15/23		390,000		384,592
4.875% due 01/16/24		300,000		295,342
AIB Group PLC (Ireland) 4.750% due 10/12/23 ~		400,000		394,846
Air Lease Corp 2.250% due 01/15/23		225,000		223,141
American Express Co
2.250% due 03/04/25		440,000		412,829
3.375% due 05/03/24		220,000		214,644
3.950% due 08/01/25		495,000		479,728
American International Group Inc 2.500% due 06/30/25		400,000		373,581
American Tower Corp REIT 2.400% due 03/15/25		170,000		157,995
Athene Global Funding
1.716% due 01/07/25 ~		430,000		393,473
2.514% due 03/08/24 ~		630,000		602,273
Avolon Holdings Funding Ltd (Ireland)
2.125% due 02/21/26 ~		325,000		273,491
2.875% due 02/15/25 ~		250,000		226,395
3.950% due 07/01/24 ~		130,000		123,077
Banco Bilbao Vizcaya Argentaria SA (Spain) 0.875% due 09/18/23		800,000		769,093
Banco Santander SA (Spain) 3.892% due 05/24/24		400,000		389,651
Bank of America Corp
0.976% due 04/22/25		300,000		279,047
1.734% due 07/22/27		210,000		180,368
1.843% due 02/04/25		225,000		213,961
3.384% due 04/02/26		300,000		283,531
3.841% due 04/25/25		150,000		146,028
Bank of Ireland Group PLC (Ireland) 4.500% due 11/25/23 ~		890,000		875,375
Bank of Montreal (Canada)
3.700% due 06/07/25		280,000		269,354
4.250% due 09/14/24		390,000		384,011
Banque Federative du Credit Mutuel SA (France)
0.650% due 02/27/24 ~		590,000		555,914
0.998% due 02/04/25 ~		300,000		270,296
Barclays PLC (United Kingdom)
1.007% due 12/10/24		400,000		376,715
5.304% due 08/09/26		205,000		197,094


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-78

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
BDO Unibank Inc (Philippines) 2.950% due 03/06/23 ~	$	400,000	$	397,880
BPCE SA (France) 5.700% due 10/22/23 ~		800,000		791,383
Brighthouse Financial Global Funding
0.600% due 06/28/23 ~		275,000		266,496
1.000% due 04/12/24 ~		240,000		224,186
Brixmor Operating Partnership LP REIT 3.650% due 06/15/24		475,000		459,074
Canadian Imperial Bank of Commerce (Canada) 3.945% due 08/04/25		960,000		927,763
Capital One Financial Corp
2.636% due 03/03/26		270,000		251,097
3.500% due 06/15/23		130,000		129,155
3.900% due 01/29/24		175,000		172,575
4.985% due 07/24/26		215,000		210,310
Citigroup Inc
0.981% due 05/01/25		250,000		231,808
3.106% due 04/08/26		275,000		257,946
4.140% due 05/24/25		200,000		195,642
CNO Global Funding
1.650% due 01/06/25 ~		300,000		275,621
1.750% due 10/07/26 ~		600,000		519,823
Cooperatieve Rabobank UA (Netherlands) 3.875% due 08/22/24		550,000		539,172
Corebridge Financial Inc 3.500% due 04/04/25 ~		170,000		161,677
Credicorp Ltd (Peru) 2.750% due 06/17/25 ~		500,000		457,068
Credit Suisse Group AG (Switzerland) 6.373% due 07/15/26 ~		280,000		270,772
Crown Castle Inc REIT
1.050% due 07/15/26		300,000		253,770
2.900% due 03/15/27		210,000		186,697
Danske Bank AS (Denmark)
3.773% due 03/28/25 ~		400,000		384,935
5.375% due 01/12/24 ~		560,000		557,249
EMG SUKUK Ltd (United Arab Emirates) 4.564% due 06/18/24 ~		500,000		488,718
Equitable Financial Life Global Funding
1.100% due 11/12/24 ~		250,000		230,310
1.400% due 07/07/25 ~		510,000		459,761
First American Financial Corp 4.600% due 11/15/24		465,000		457,974
HSBC Holdings PLC (United Kingdom)
1.162% due 11/22/24		400,000		378,161
2.099% due 06/04/26		430,000		385,434
Jackson Financial Inc 1.125% due 11/22/23		280,000		267,832
Jackson National Life Global Funding 1.750% due 01/12/25 ~		300,000		275,981
JPMorgan Chase & Co
0.824% due 06/01/25		280,000		259,421
3.324% (SOFR + 0.885%) due 04/22/27 §		175,000		169,903
4.080% due 04/26/26		680,000		655,142
KeyCorp 3.878% due 05/23/25		80,000		77,953
LeasePlan Corp NV (Netherlands) 2.875% due 10/24/24 ~		400,000		375,650
LSEGA Financing PLC (United Kingdom) 0.650% due 04/06/24 ~		400,000		374,621
Marsh & McLennan Cos Inc 3.875% due 03/15/24		175,000		172,678
MassMutual Global Funding II 4.150% due 08/26/25 ~		200,000		194,890
Metropolitan Life Global Funding I 4.050% due 08/25/25 ~		695,000		674,434
Mitsubishi UFJ Financial Group Inc (Japan)
0.953% due 07/19/25		440,000		405,119
5.063% due 09/12/25		200,000		197,977


	Principal Amount		Value
Morgan Stanley
0.731% due 04/05/24	$	375,000	$	366,023
1.164% due 10/21/25		210,000		191,507
2.630% due 02/18/26		260,000		242,452
3.620% due 04/17/25		580,000		563,605
NatWest Markets PLC (United Kingdom)
2.375% due 05/21/23 ~		485,000		475,222
3.479% due 03/22/25 ~		250,000		237,314
Northwestern Mutual Global Funding 4.350% due 09/15/27 ~		220,000		212,712
Park Aerospace Holdings Ltd (Ireland) 4.500% due 03/15/23 ~		185,000		183,946
Protective Life Global Funding 3.218% due 03/28/25 ~		300,000		284,903
Public Storage REIT 2.925% (SOFR + 0.470%) due 04/23/24 §		140,000		139,341
QNB Finance Ltd (Qatar) 3.500% due 03/28/24 ~		480,000		466,949
Royal Bank of Canada (Canada) 3.970% due 07/26/24		935,000		919,040
Santander Holdings USA Inc 2.490% due 01/06/28		190,000		158,688
SBA Tower Trust REIT
1.631% due 05/15/51 ~		70,000		59,760
1.884% due 07/15/50 ~		70,000		61,634
2.836% due 01/15/50 ~		500,000		468,196
3.448% due 03/15/48 ~		320,000		317,117
Simon Property Group LP REIT
2.000% due 09/13/24		130,000		122,886
3.375% due 10/01/24		250,000		242,788
Standard Chartered PLC (United Kingdom)
1.822% due 11/23/25 ~		400,000		363,082
3.950% due 01/11/23 ~		390,000		387,908
Synchrony Financial 4.250% due 08/15/24		535,000		522,104
The Bank of New York Mellon Corp 4.414% due 07/24/26		245,000		239,567
The Charles Schwab Corp 2.450% due 03/03/27		490,000		440,429
The Goldman Sachs Group Inc
0.925% due 10/21/24		410,000		389,308
1.757% due 01/24/25		300,000		285,220
3.500% due 04/01/25		270,000		258,201
4.482% due 08/23/28		215,000		201,974
The Toronto-Dominion Bank (Canada) 4.285% due 09/13/24		465,000		458,357
The Western Union Co 2.850% due 01/10/25		480,000		454,687
Truist Financial Corp 3.288% (SOFR + 0.400%) due 06/09/25 §		200,000		196,006
UBS AG (Switzerland) 0.700% due 08/09/24 ~		500,000		462,223
UBS Group AG (Switzerland) 4.490% due 08/05/25 ~		515,000		502,610
US Bancorp 4.548% due 07/22/28		385,000		371,349
Wells Fargo & Co
2.188% due 04/30/26		190,000		173,688
3.908% due 04/25/26		230,000		219,989
4.540% due 08/15/26		275,000		266,191
Willis North America Inc 3.600% due 05/15/24		180,000		174,895
WP Carey Inc REIT
4.000% due 02/01/25		245,000		237,178
4.600% due 04/01/24		315,000		312,279

				37,619,049


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-79

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
Industrial - 2.6%

Amcor Flexibles North America Inc 4.000% due 05/17/25	$	215,000	$	207,798
Amphenol Corp 2.050% due 03/01/25		225,000		210,773
Boral Finance Pty Ltd (Australia) 3.000% due 11/01/22 ~		35,000		35,000
Canadian Pacific Railway Co (Canada)
1.350% due 12/02/24		325,000		300,778
1.750% due 12/02/26		150,000		131,485
Carrier Global Corp 2.242% due 02/15/25		120,000		112,242
DAE Funding LLC (United Arab Emirates) 1.550% due 08/01/24 ~		200,000		182,882
GATX Corp 4.350% due 02/15/24		375,000		370,514
John Deere Capital Corp 4.050% due 09/08/25		250,000		246,133
Martin Marietta Materials Inc 4.250% due 07/02/24		760,000		749,160
Otis Worldwide Corp 2.056% due 04/05/25		290,000		268,565
Parker-Hannifin Corp 3.650% due 06/15/24		410,000		401,304
Penske Truck Leasing Co LP
2.700% due 03/14/23 ~		95,000		94,015
3.450% due 07/01/24 ~		265,000		255,146
Republic Services Inc 2.500% due 08/15/24		255,000		243,676
SMBC Aviation Capital Finance DAC (Ireland)
3.550% due 04/15/24 ~		400,000		384,785
4.125% due 07/15/23 ~		530,000		523,967

				4,718,223

Technology - 2.6%

CDW LLC 5.500% due 12/01/24		80,000		79,663
Fidelity National Information Services Inc
0.600% due 03/01/24		200,000		187,701
4.500% due 07/15/25		100,000		97,930
Fiserv Inc 2.750% due 07/01/24		475,000		455,961
Fortinet Inc 1.000% due 03/15/26		190,000		163,702
International Business Machines Corp 4.000% due 07/27/25		1,350,000		1,324,654
Marvell Technology Inc 4.200% due 06/22/23		140,000		139,630
Microchip Technology Inc
0.972% due 02/15/24		320,000		301,725
0.983% due 09/01/24		270,000		248,750
2.670% due 09/01/23		410,000		399,733
NXP BV (China)
2.700% due 05/01/25		125,000		116,043
3.875% due 06/18/26		110,000		102,796
4.400% due 06/01/27		30,000		28,344
4.875% due 03/01/24		230,000		227,454
Qorvo Inc 1.750% due 12/15/24 ~		130,000		120,231
Roper Technologies Inc 2.350% due 09/15/24		200,000		190,239
Skyworks Solutions Inc 0.900% due 06/01/23		45,000		43,674
Take-Two Interactive Software Inc
3.300% due 03/28/24		235,000		229,173
3.550% due 04/14/25		60,000		57,636
Workday Inc 3.500% due 04/01/27		100,000		92,645

				4,607,684


	Principal Amount		Value
Utilities - 3.0%

Alexander Funding Trust 1.841% due 11/15/23 ~	$	240,000	$	224,713
APT Pipelines Ltd (Australia) 4.200% due 03/23/25 ~		545,000		522,463
DTE Energy Co 4.220% due 11/01/24 §		365,000		358,313
Enel Finance International NV (Italy)
1.375% due 07/12/26 ~		400,000		338,402
2.650% due 09/10/24 ~		275,000		260,510
Eversource Energy 4.200% due 06/27/24		265,000		261,527
Israel Electric Corp Ltd (Israel) 5.000% due 11/12/24 ~		500,000		488,495
NextEra Energy Capital Holdings Inc
1.875% due 01/15/27		320,000		278,122
4.450% due 06/20/25		180,000		177,068
NRG Energy Inc 3.750% due 06/15/24 ~		260,000		250,092
Pacific Gas and Electric Co 3.500% due 06/15/25		270,000		243,703
Sempra Energy 3.300% due 04/01/25		130,000		123,829
Southern California Gas Co 2.950% due 04/15/27		180,000		164,542
The AES Corp 3.300% due 07/15/25 ~		310,000		286,245
Vistra Operations Co LLC
3.550% due 07/15/24 ~		1,200,000		1,144,342
5.125% due 05/13/25 ~		220,000		213,286

				5,335,652

Total Corporate Bonds & Notes (Cost $91,904,446)				88,766,524


MORTGAGE-BACKED SECURITIES - 14.5%

Collateralized Mortgage Obligations - Commercial - 5.1%

BAMLL Commercial Mortgage Securities Trust 3.490% due 04/14/33 ~		130,000		119,750
Bank 2019-BNK 19 2.263% due 08/15/61		59,869		56,116
Bank 2019-BNK 24 2.056% due 11/15/62		48,012		46,729
BCP Trust 3.617% (USD LIBOR + 0.799%) due 06/15/38 ~ §		70,000		67,169
BFLD Trust 4.158% (USD LIBOR + 1.340%) due 10/15/34 ~ §		515,000		498,941
BIG Commercial Mortgage Trust 5.186% (SOFR + 2.340%) due 02/15/39 ~ §		485,000		457,788
BPR Trust 3.968% (USD LIBOR + 1.150%) due 09/15/38 ~ §		105,000		99,614
BX Commercial Mortgage Trust
3.738% (USD LIBOR + 0.920%) due 10/15/36 ~ §		75,543		74,463
4.218% (USD LIBOR + 1.400%) due 06/15/38 ~ §		99,248		93,520
4.960% (SOFR + 2.115%) due 06/15/27 ~ §		400,000		395,969
5.986% (SOFR + 3.141%) due 06/15/27 ~ §		100,000		98,959
BX Trust 4.464% (USD LIBOR + 1.646%) due 10/15/36 ~ §		75,000		69,956
CGDB Commercial Mortgage Trust 4.468% (USD LIBOR + 1.650%) due 11/15/36 ~ §		350,000		336,510


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-80

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
Citigroup Commercial Mortgage Trust
3.251% due 05/10/35 ~	$	500,000	$	487,342
4.149% due 01/10/36 ~		330,000		322,176
Commercial Mortgage Trust
3.221% due 10/10/48		36,761		36,721
3.926% due 03/10/48 §		65,000		60,849
4.048% due 12/10/47		225,000		215,231
4.701% due 03/10/47		195,000		190,002
4.820% due 02/10/47 §		650,000		630,914
4.854% due 08/10/47 ~ §		100,000		91,304
Credit Suisse Mortgage Capital Certificates 3.798% (USD LIBOR + 0.980%) due 05/15/36 ~ §		257,000		253,645
CSAIL Commercial Mortgage Trust 2.360% due 06/15/52		65,876		63,977
Extended Stay America Trust
3.898% (USD LIBOR + 1.080%) due 07/15/38 ~ §		114,297		110,893
4.518% (USD LIBOR + 1.700%) due 07/15/38 ~ §		114,297		110,114
Great Wolf Trust 4.451% (USD LIBOR + 1.633%) due 12/15/36 ~ §		145,000		138,527
GS Mortgage Securities Corp Trust
4.418% (USD LIBOR + 1.600%) due 05/15/26 ~ §		100,000		93,697
4.818% (USD LIBOR + 2.000%) due 05/15/26 ~ §		235,000		218,220
GS Mortgage Securities Trust
3.430% due 08/10/50		545,000		501,052
3.978% due 11/10/49 §		510,000		453,271
JP Morgan Chase Commercial Mortgage Securities Trust
4.418% (USD LIBOR + 1.350%) due 09/15/29 ~ §		380,000		368,763
4.588% (USD LIBOR + 1.770%) due 10/15/33 ~ §		205,000		195,199
4.668% (USD LIBOR + 1.600%) due 09/15/29 ~ §		120,000		115,901
4.988% (USD LIBOR + 2.170%) due 10/15/33 ~ §		165,000		155,526
KIND Trust 4.568% (USD LIBOR + 1.750%) due 08/15/38 ~ §		129,067		120,530
KKR Industrial Portfolio Trust
3.818% (USD LIBOR + 1.000%) due 12/15/37 ~ §		75,000		71,193
4.068% (USD LIBOR + 1.250%) due 12/15/37 ~ §		75,000		71,021
LUXE Trust 3.868% (USD LIBOR + 1.050%) due 10/15/38 ~ §		475,000		459,877
MHC Commercial Mortgage Trust 3.619% (USD LIBOR + 0.801%) due 04/15/38 ~ §		465,000		448,318
MHC Trust 3.918% (USD LIBOR + 1.100%) due 05/15/23 ~ §		90,000		85,890
Morgan Stanley Capital I Trust 3.283% due 11/10/36 ~ §		255,000		221,142
New Orleans Hotel Trust 4.107% (USD LIBOR + 1.289%) due 04/15/32 ~ §		284,757		270,455
Shelter Growth CRE Issuer Ltd (Cayman) 3.898% (USD LIBOR + 1.080%) due 09/15/36 ~ §		51,272		50,213
SLIDE Fund Trust 4.918% (USD LIBOR + 2.100%) due 06/15/31 ~ §		118,717		114,649

				9,142,096


	Principal Amount		Value
Collateralized Mortgage Obligations - Residential - 6.0%

Angel Oak Mortgage Trust
1.068% due 05/25/66 ~ §	$	57,086	$	48,801
1.115% due 01/25/66 ~ §		24,062		20,522
1.579% due 05/25/65 ~ §		36,279		32,519
1.691% due 04/25/65 ~ §		15,925		14,686
Barclays Mortgage Loan Trust 1.747% due 09/25/51 ~ §		140,294		123,060
Bayview MSR Opportunity Master Fund Trust 2.500% due 06/25/51 ~ §		113,921		98,933
BINOM Securitization Trust 2.625% due 06/25/56 ~ §		82,197		71,937
CIM Trust 4.500% due 03/25/62 ~ §		455,000		435,982
COLT Mortgage Loan Trust
1.167% due 06/25/66 ~ §		71,461		59,705
1.419% due 09/27/66 ~ §		80,871		64,447
1.506% due 04/27/65 ~ §		15,923		15,115
Connecticut Avenue Securities Trust
3.281% (SOFR + 1.000%) due 12/25/41 ~ §		46,167		45,316
3.481% (SOFR + 1.200%) due 01/25/42 ~ §		172,404		168,887
4.181% (SOFR + 1.900%) due 04/25/42 ~ §		104,069		102,336
4.281% (SOFR + 2.000%) due 03/25/42 ~ §		59,684		59,025
4.381% (SOFR + 2.100%) due 03/25/42 ~ §		89,650		88,639
4.781% (SOFR + 2.500%) due 09/25/42 ~ §		375,000		375,197
4.855% (SOFR + 2.550%) due 07/25/42 ~ §		213,029		212,129
5.031% (SOFR + 2.750%) due 05/25/42 ~ §		36,482		36,469
5.255% (SOFR + 2.950%) due 06/25/42 ~ §		187,588		187,712
Deephaven Residential Mortgage Trust
0.899% due 04/25/66 ~ §		59,564		50,594
0.973% due 05/25/65 ~ §		32,941		31,279
1.260% due 04/25/66 ~ §		59,564		51,333
Eagle RE Ltd 3.831% (SOFR + 1.550%) due 04/25/34 ~ §		150,000		148,928
Ellington Financial Mortgage Trust
0.797% due 02/25/66 ~ §		39,218		33,213
0.931% due 06/25/66 ~ §		66,196		55,433
1.241% due 09/25/66 ~ §		83,804		67,884
1.291% due 06/25/66 ~ §		66,196		55,192
1.550% due 09/25/66 ~ §		83,804		67,316
Fannie Mae Connecticut Avenue Securities
4.284% (USD LIBOR + 1.200%) due 01/25/30 §		7,361		7,356
4.434% (USD LIBOR + 1.350%) due 09/25/29 §		4,428		4,401
Finance of America HECM Buyout 4.000% due 12/25/24 ~ §		446,299		436,322
Flagstar Mortgage Trust
3.500% due 10/25/49 ~ §		32,199		29,790
3.934% (USD LIBOR + 0.850%) due 03/25/50 ~ §		59,374		56,255
4.000% due 09/25/48 ~ §		26,850		26,229
Freddie Mac STACR REMIC Trust
2.981% (SOFR + 0.700%) due 08/25/33 ~ §		216,913		216,062
2.981% (SOFR + 0.700%) due 12/25/33 ~ §		130,008		128,588
3.131% (SOFR + 0.850%) due 09/25/41 ~ §		728,152		702,644


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-81

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
3.231% (SOFR + 0.950%) due 12/25/41 ~ §	$	113,345	$	108,069
3.581% (SOFR + 1.300%) due 02/25/42 ~ §		370,758		364,344
3.781% (SOFR + 1.500%) due 10/25/41 ~ §		100,000		90,973
4.081% (SOFR + 1.800%) due 11/25/41 ~ §		45,000		40,448
4.281% (SOFR + 2.000%) due 04/25/42 ~ §		115,134		114,042
4.381% (SOFR + 2.100%) due 03/25/42 ~ §		202,835		201,657
4.435% (SOFR + 2.150%) due 09/25/42 ~ §		105,000		104,418
4.481% (SOFR + 2.200%) due 05/25/42 ~ §		259,902		257,733
4.581% (SOFR + 2.300%) due 08/25/42 ~ §		180,815		178,943
4.934% (USD LIBOR + 1.850%) due 02/25/50 ~ §		91,993		90,629
5.231% (SOFR + 2.950%) due 06/25/42 ~ §		79,514		79,601
6.184% (USD LIBOR + 3.100%) due 03/25/50 ~ §		92,508		92,538
Freddie Mac Structured Agency Credit Risk Debt Notes
3.081% (SOFR + 0.800%) due 08/25/33 ~ §		19,310		19,199
4.931% (SOFR + 2.650%) due 07/25/42 ~ §		109,952		109,491
Freddie Mac Whole Loan Securities Trust 3.857% due 05/25/47 ~ §		13,889		13,598
Galton Funding Mortgage Trust
2.832% due 01/25/60 ~ §		145,000		118,352
3.339% due 10/25/59 ~ §		140,000		132,373
3.500% due 11/25/57 ~ §		18,153		16,658
4.000% due 02/25/59 ~ §		15,232		14,759
GS Mortgage-Backed Securities Corp Trust 2.500% due 10/25/51 ~ §		186,459		160,388
GS Mortgage-Backed Securities Trust
1.964% due 07/25/44 ~ §		2,424		2,420
2.500% due 01/25/52 ~ §		91,742		79,303
2.500% due 06/25/52 ~ §		222,444		192,285
Hundred Acre Wood Trust 2.500% due 07/25/51 ~ §		120,983		105,599
Imperial Fund Mortgage Trust 1.516% due 09/25/56 ~ §		76,658		61,903
Mello Mortgage Capital Acceptance 2.500% due 10/25/51 ~ §		98,549		85,188
Metlife Securitization Trust 3.000% due 04/25/55 ~ §		47,889		45,725
New Residential Mortgage Loan Trust
1.650% due 05/24/60 ~ §		21,265		19,602
2.500% due 06/25/51 ~ §		83,928		72,549
2.500% due 09/25/51 ~ §		206,388		178,406
2.710% due 11/25/59 ~ §		77,787		70,873
NLT Trust
1.162% due 08/25/56 ~ §		223,235		188,386
1.520% due 08/25/56 ~ §		90,153		75,745
OBX Trust
1.054% due 07/25/61 ~ §		76,612		61,498
1.072% due 02/25/66 ~ §		48,071		42,006
2.500% due 05/25/51 ~ §		131,122		113,278
3.000% due 05/25/60 ~ §		28,690		25,623
3.500% due 12/25/49 ~ §		23,710		21,677
3.500% due 02/25/60 ~ §		84,201		75,757
3.834% (USD LIBOR + 0.750%) due 02/25/60 ~ §		37,393		36,191
4.034% (USD LIBOR + 0.950%) due 02/25/60 ~ §		19,176		18,609
4.284% (USD LIBOR + 1.200%) due 06/25/59 ~ §		41,410		40,030


	Principal Amount		Value
Oceanview Mortgage Trust 2.500% due 12/25/51 ~ §	$	105,182	$	90,921
PSMC Trust
2.500% due 03/25/51 ~ §		190,734		165,443
2.500% due 05/25/51 ~ §		146,753		127,484
Sequoia Mortgage Trust
4.000% due 06/25/48 ~ §		32,592		30,863
4.000% due 08/25/48 ~ §		12,251		12,067
4.500% due 08/25/48 ~ §		2,042		2,012
SG Residential Mortgage Trust
1.381% due 05/25/65 ~ §		31,104		27,376
2.703% due 09/25/59 ~ §		5,872		5,707
3.166% due 03/27/62 ~ §		100,812		90,933
Starwood Mortgage Residential Trust
0.943% due 05/25/65 ~ §		45,211		42,294
1.162% due 08/25/56 ~ §		65,993		56,277
2.408% due 02/25/50 ~ §		111,364		107,775
Towd Point Mortgage Trust
2.750% due 10/25/56 ~ §		7,561		7,457
2.750% due 04/25/57 ~ §		16,568		16,430
3.750% due 05/25/58 ~ §		51,043		49,054
3.750% due 09/25/62 ~ §		460,000		432,705
UWM Mortgage Trust 2.500% due 09/25/51 ~ §		39,693		34,420
Verus Securitization Trust
0.918% due 02/25/64 ~ §		49,862		45,825
1.052% due 01/25/66 ~ §		42,760		37,042
1.977% due 03/25/60 ~ §		19,334		18,938
2.692% due 11/25/59 ~ §		81,511		78,641
2.724% due 01/25/60 ~		102,048		98,726
3.100% due 11/25/59 ~ §		78,003		74,893
3.117% due 07/25/59 ~ §		77,920		76,783
3.288% due 01/25/67 ~ §		161,446		134,732
4.910% due 06/25/67 ~		327,131		317,060
Vista Point Securitization Trust 2.496% due 04/25/65 ~ §		29,327		27,755
Wells Fargo Mortgage Backed Securities Trust 2.500% due 12/25/50 ~ §		156,438		135,149

				10,695,864

Fannie Mae - 2.1%

2.000% due 10/01/50		57,743		47,156
2.500% due 07/01/51 - 02/01/52		540,431		456,107
3.000% due 09/01/28 - 06/01/52		612,752		551,246
3.500% due 11/01/47 - 01/01/52		402,077		366,768
4.000% due 07/01/52		424,958		395,353
4.500% due 05/01/41 - 08/01/52		1,081,109		1,037,114
5.000% due 09/01/25 - 08/01/52		256,747		255,773
5.500% due 05/01/44		349,480		361,245
6.000% due 11/01/35 - 02/01/49		214,514		227,945

				3,698,707

Freddie Mac - 0.2%

2.500% due 01/01/52		52,521		44,438
3.000% due 05/01/31		155,503		147,393
4.000% due 02/01/50		86,699		81,690
4.500% due 09/01/37		53,707		52,916
5.000% due 12/01/41		44,318		43,797
7.000% due 03/01/39		20,749		21,689
7.500% due 06/01/38		20,968		22,033

				413,956

Government National Mortgage Association - 1.1%

due 10/20/52 #		1,232,000		1,149,011
3.000% due 09/20/47 - 11/20/47		372,741		334,908
4.000% due 10/20/50		93,972		88,577
5.000% due 01/20/48 - 12/20/48		301,752		298,507
5.500% due 09/15/45 - 02/20/49		137,340		144,303

				2,015,306

Total Mortgage-Backed Securities (Cost $27,409,136)				25,965,929


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-82

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value

ASSET-BACKED SECURITIES - 12.5%

AmeriCredit Automobile Receivables Trust
0.890% due 10/19/26	$	115,000	$	106,424
0.970% due 02/18/26		85,000		83,041
1.060% due 08/18/26		260,000		244,681
1.210% due 12/18/26		65,000		58,626
1.290% due 06/18/27		140,000		126,247
1.590% due 10/20/25		165,000		160,022
1.800% due 12/18/25		160,000		150,760
Amur Equipment Finance Receivables LLC
2.800% due 03/20/25 ~		330,000		326,794
5.300% due 06/21/28 ~		245,000		244,128
Applebee’s Funding LLC 4.194% due 06/05/49 ~		257,400		244,691
Arbor Realty Commercial Real Estate Notes Ltd
3.888% (USD LIBOR + 1.070%) due 08/15/34 ~ §		150,000		144,542
4.168% (USD LIBOR + 1.350%) due 11/15/36 ~ §		110,000		108,881
ARI Fleet Lease Trust 2.060% due 11/15/28 ~		190,000		184,428
Avis Budget Rental Car Funding AESOP LLC
3.330% due 03/20/24 ~		260,000		258,960
4.950% due 03/20/25 ~		100,000		97,930
Blackbird Capital Aircraft Lease Securitization Ltd 2.487% due 12/16/41 ~		69,351		63,313
BRE Grand Islander Timeshare Issuer LLC 3.280% due 09/26/33 ~		168,266		157,925
BSPRT Issuer Ltd (Cayman) 3.785% (SOFR + 1.500%) due 02/15/37 ~ §		185,000		180,246
Capital One Prime Auto Receivables Trust 3.690% due 12/15/27		400,000		384,470
CarMax Auto Owner Trust
0.850% due 06/15/26		277,000		255,280
2.340% due 11/17/25		105,000		101,509
4.980% due 02/15/28		195,000		188,903
Cedar Funding XIV CLO Ltd (Cayman) 3.612% (USD LIBOR + 1.100%) due 07/15/33 ~ §		255,000		248,823
CIFC Funding Ltd (Cayman)
3.562% (USD LIBOR + 1.050%) due 07/15/33 ~ §		290,000		282,823
3.833% (USD LIBOR + 1.050%) due 04/24/30 ~ §		498,710		492,544
CNH Equipment Trust 3.010% due 04/15/24		4,017		4,016
Dryden 86 CLO Ltd (Cayman) 3.840% (USD LIBOR + 1.100%) due 07/17/34 ~ §		250,000		242,775
Elara HGV Timeshare Issuer LLC
2.690% due 03/25/30 ~		21,209		20,429
2.730% due 04/25/28 ~		61,542		60,514
Exeter Automobile Receivables Trust
0.690% due 01/15/26		225,000		220,695
3.020% due 06/15/28		165,000		149,182
3.850% due 07/17/28		130,000		124,906
5.980% due 12/15/28		230,000		220,682
FirstKey Homes Trust 2.241% due 08/17/37 ~		505,000		451,612
Ford Credit Auto Lease Trust 4.180% due 10/15/25		190,000		185,743
Ford Credit Auto Owner Trust
1.740% due 04/15/33 ~		115,000		101,029
2.040% due 12/15/26		185,000		177,623
GM Financial Automobile Leasing Trust
2.560% due 07/22/24		95,000		94,419
4.330% due 05/20/26		1,135,000		1,110,292
5.130% due 08/20/26		615,000		602,125


	Principal Amount		Value
GM Financial Consumer Automobile Receivables Trust 1.050% due 05/18/26	$	85,000	$	79,522
GMF Floorplan Owner Revolving Trust
1.030% due 08/15/25 ~		205,000		197,751
1.480% due 08/15/25 ~		270,000		260,782
Hilton Grand Vacations Trust
2.660% due 12/26/28 ~		32,951		32,436
2.960% due 12/26/28 ~		13,730		13,408
Hyundai Auto Lease Securitization Trust 4.480% due 08/17/26 ~		330,000		326,136
Hyundai Auto Receivables Trust 1.600% due 12/15/26		150,000		140,943
John Deere Owner Trust 3.800% due 05/15/29		200,000		193,391
JPMorgan Chase Bank NA
0.875% due 09/25/28 ~		424,933		410,585
0.889% due 12/26/28 ~		824,278		793,277
0.969% due 12/26/28 ~		165,892		159,109
Madison Park Funding Ltd (Cayman)
3.582% (USD LIBOR + 1.070%) due 07/15/33 ~ §		250,000		244,088
3.700% (USD LIBOR + 0.990%) due 04/20/32 ~ §		470,000		459,016
MF1 Ltd (Cayman) 4.073% (USD LIBOR + 1.080%) due 10/16/36 ~ §		110,000		105,490
MVW LLC 2.730% due 10/20/37 ~		44,283		40,546
MVW Owner Trust
2.420% due 12/20/34 ~		121,398		118,728
2.890% due 11/20/36 ~		125,171		118,621
Navient Private Education Loan Trust 2.460% due 11/15/68 ~		158,225		145,994
Navient Private Education Refi Loan Trust
0.940% due 07/15/69 ~		95,832		82,493
1.170% due 09/16/69 ~		34,500		30,853
1.220% due 07/15/69 ~		120,055		108,280
2.230% due 07/15/70 ~		202,100		179,114
2.400% due 10/15/68 ~		52,391		48,564
2.640% due 05/15/68 ~		172,971		163,898
OCP CLO Ltd (Cayman)
3.830% (USD LIBOR + 1.120%) due 07/20/29 ~ §		397,327		392,909
4.062% (USD LIBOR + 1.550%) due 07/15/30 ~ §		250,000		241,336
Octane Receivables Trust
1.210% due 09/20/28 ~		62,627		59,925
4.900% due 05/22/28 ~		100,000		96,029
5.110% due 02/22/28 ~		562,557		558,779
Palmer Square CLO Ltd (Cayman) 3.985% (USD LIBOR + 1.080%) due 11/15/31 ~ §		250,000		245,049
Progress Residential Trust
2.078% due 06/17/37 ~		485,000		444,581
3.077% due 06/17/37 ~		250,000		230,178
4.451% due 07/20/39 ~		245,000		232,941
Santander Bank Auto Credit-Linked Notes Series
5.587% due 08/16/32 ~		365,000		365,402
5.916% due 08/16/32 ~		250,000		250,362
Santander Bank NA 1.833% due 12/15/31 ~		155,022		149,498
Santander Drive Auto Receivables Trust
1.010% due 01/15/26		115,948		114,617
1.640% due 11/16/26		475,000		459,872
1.670% due 10/15/27		70,000		64,877
2.560% due 04/17/28		200,000		189,331
3.760% due 07/16/29		185,000		177,040
4.740% due 10/16/28		340,000		331,309
4.960% due 11/15/28		460,000		451,906
5.000% due 11/15/29		655,000		645,227


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-83

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
Santander Retail Auto Lease Trust
1.140% due 03/20/26 ~	$	255,000	$	240,014
2.520% due 11/20/24 ~		465,000		457,370
3.850% due 03/22/27 ~		30,000		28,835
Sierra Timeshare Receivables Funding LLC
1.340% due 11/20/37 ~		43,511		40,390
3.510% due 07/20/37 ~		43,733		41,004
SMB Private Education Loan Trust
1.290% due 07/15/53 ~		67,627		60,627
3.600% due 01/15/37 ~		72,709		69,860
4.318% (USD LIBOR + 1.500%) due 04/15/32 ~ §		116,799		116,730
Symphony CLO XXIII Ltd (Cayman) 3.532% (USD LIBOR + 1.020%) due 01/15/34 ~ §		250,000		244,850
Symphony Static CLO I Ltd (Cayman) 4.233% (USD LIBOR + 1.450%) due 10/25/29 ~ §		250,000		242,579
Synchrony Credit Card Master Note Trust 3.870% due 05/15/26		150,000		148,726
Toyota Auto Receivables Owner Trust 3.770% due 02/15/28		190,000		184,877
Tricon American Homes Trust
3.198% due 03/17/38 ~		200,000		181,527
3.473% due 01/17/36 ~		765,000		743,230
World Omni Auto Receivables Trust
1.640% due 08/17/26		120,000		115,131
3.680% due 09/15/28		350,000		336,488
World Omni Select Auto Trust
0.840% due 06/15/26		280,000		270,974
1.250% due 10/15/26		140,000		133,297


Total Asset-Backed Securities (Cost $23,105,865)				22,472,735


U.S. TREASURY OBLIGATIONS - 22.7%

U.S. Treasury Notes - 22.7%

0.375% due 08/15/24		250,000		232,598
1.750% due 03/15/25		1,595,000		1,502,166
2.750% due 05/15/25		3,130,000		3,012,503
3.000% due 06/30/24		35,765,000		34,990,324
3.250% due 08/31/24		935,000		918,199


Total U.S. Treasury Obligations (Cost $41,564,210)				40,655,790


	Principal Amount		Value

FOREIGN GOVERNMENT BONDS & NOTES - 0.3%

Korea Hydro & Nuclear Power Co Ltd (South Korea) 4.250% due 07/27/27 ~	$	490,000	$	472,553


Total Foreign Government Bonds & Notes (Cost $486,694)				472,553


MUNICIPAL BONDS - 0.1%

Golden State Tobacco Securitization Corp 1.711% due 06/01/24		100,000		94,758
Long Island Power Authority 0.764% due 03/01/23		75,000		73,900


Total Municipal Bonds (Cost $175,000)				168,658


SHORT-TERM INVESTMENTS - 0.0%

Corporate Notes - 0.0%

Pacific Gas and Electric Co 3.820% (SOFR + 1.150%) due 11/14/22 §		25,000		24,946


Total Short-Term Investments (Cost $25,000)				24,946


TOTAL INVESTMENTS - 99.6% (Cost $184,670,351)				178,527,135


DERIVATIVES - (0.0%)				(39,634	)


OTHER ASSETS & LIABILITIES, NET - 0.4%				711,112


NET ASSETS - 100.0%				$179,198,613

Notes to Schedule of Investments

(a)	As of September 30, 2022, the Fund’s composition as a percentage of net assets was as follows:


Corporate Bonds & Notes	49.5%
U.S. Treasury Obligations	22.7%
Mortgage-Backed Securities	14.5%
Asset-Backed Securities	12.5%
Others (each less than 3.0%)	0.4%

	99.6%
Derivatives	(0.0%	)
Other Assets & Liabilities, Net	0.4%

	100.0%

(b)	Open futures contracts outstanding as of September 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		12/22		105		$21,825,892		$21,566,016		($259,876	)


Short Futures Outstanding
U.S. Treasury 5-Year Notes		12/22		34		3,781,578		3,655,266		126,312
U.S. Treasury 10-Year Notes		12/22		23		2,646,584		2,577,438		69,146
U.S. Treasury Ultra 10-Year Notes		12/22		9		1,091,143		1,066,359		24,784

										220,242


Total Futures Contracts										($39,634	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-84

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)

(c)	Fair Value Measurements

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


		Total Value at September 30, 2022			Level 1 Quoted Price			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$88,766,524			$—			$88,766,524		$—
	Mortgage-Backed Securities		25,965,929			—			25,965,929		—
	Asset-Backed Securities		22,472,735			—			22,472,735		—
	U.S. Treasury Obligations		40,655,790			—			40,655,790		—
	Foreign Government Bonds & Notes		472,553			—			472,553		—
	Municipal Bonds		168,658			—			168,658		—
	Short-Term Investments		24,946			—			24,946		—
	Derivatives:
	Interest Rate Contracts
	Futures		220,242			220,242			—		—

	Total Assets		178,747,377			220,242			178,527,135		—

Liabilities	Derivatives:
	Interest Rate Contracts
	Futures		(259,876	)		(259,876	)		—		—

	Total Liabilities		(259,876	)		(259,876	)		—		—

	Total		$178,487,501			($39,634	)		$178,527,135		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-85

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments

September 30, 2022 (Unaudited)


	Principal Amount		Value
CORPORATE BONDS & NOTES - 31.2%

Azerbaijan - 2.0%

International Bank of Azerbaijan OJSC 3.500% due 09/01/24 ~		$250,000		$240,000
SOCAR Turkey Enerji AS via Steas Funding 1 DAC 7.230% due 03/17/26 ~		130,000		128,799
Southern Gas Corridor CJSC 6.875% due 03/24/26 ~		237,000		234,291

				603,090

Brazil - 1.8%

CSN Inova Ventures 6.750% due 01/28/28 ~		200,000		173,241
MC Brazil Downstream Trading SARL 7.250% due 06/30/31 ~		300,000		226,239
Rede D’or Finance SARL 4.500% due 01/22/30 ~		164,000		133,518

				532,998

China - 2.9%

Country Garden Holdings Co Ltd 2.700% due 07/12/26 ~		200,000		63,150
Kaisa Group Holdings Ltd 9.950% due 07/23/25 ~		200,000		22,106
Logan Group Co Ltd 5.750% due 01/14/25 ~		250,000		41,000
Powerlong Real Estate Holdings Ltd 6.950% due 07/23/23 ~		200,000		33,367
Prosus NV 3.257% due 01/19/27 ~		425,000		356,322
Sunac China Holdings Ltd 6.800% due 10/20/24 * ~ Y		200,000		29,626
Tencent Holdings Ltd 3.925% due 01/19/38 ~		400,000		310,986

				856,557

Colombia - 0.1%

Empresas Publicas de Medellin ESP 8.375% due 11/08/27 ~		COP 151,000,000		24,908


Czech Republic - 0.9%

Energo-Pro AS 8.500% due 02/04/27 ~		$300,000		279,959


Ghana - 1.4%

Kosmos Energy Ltd 7.125% due 04/04/26 ~		300,000		246,550
7.500% due 03/01/28 ~		225,000		177,038

				423,588

Hong Kong - 0.7%

Melco Resorts Finance Ltd 5.625% due 07/17/27 ~		325,000		220,975


India - 0.7%

Adani Electricity Mumbai Ltd 3.949% due 02/12/30 ~		275,000		208,203


Israel - 5.3%

Bank Hapoalim BM 3.255% (UST + 2.155%) due 01/21/32 ~		425,000		355,244
Energean Israel Finance Ltd 5.375% due 03/30/28 ~		350,000		298,375


	Principal Amount		Value
ICL Group Ltd 6.375% due 05/31/38 ~		$250,000		$239,593
Leviathan Bond Ltd 5.750% due 06/30/23 ~		150,000		148,350
6.125% due 06/30/25 ~		250,000		236,250
6.500% due 06/30/27 ~		325,000		299,813

				1,577,625

Macau - 0.3%

Studio City Finance Ltd 5.000% due 01/15/29 ~		200,000		89,159


Malaysia - 2.3%

1MDB Global Investments Ltd 4.400% due 03/09/23 ~		700,000		670,625


Mexico - 4.2%

Banco Mercantil del Norte SA 5.875% (UST + 4.643%) due 01/24/27 ~		250,000		204,875
Cemex SAB de CV 5.125% (UST + 4.534%) due 06/08/26 ~		200,000		161,751
Comision Federal de Electricidad 5.000% due 09/29/36 ~		237,000		198,538
Petroleos Mexicanos 5.350% due 02/12/28		275,000		209,660
5.950% due 01/28/31		150,000		101,552
6.625% due 06/15/35		75,000		47,980
6.700% due 02/16/32		200,000		140,630
6.840% due 01/23/30		250,000		186,764

				1,251,750

Nigeria - 0.9%

IHS Holding Ltd 5.625% due 11/29/26 ~		325,000		258,781


South Africa - 3.1%

Sasol Financing USA LLC 4.375% due 09/18/26		225,000		196,638
5.500% due 03/18/31		350,000		264,817
Stillwater Mining Co 4.000% due 11/16/26 ~		325,000		269,392
4.500% due 11/16/29 ~		250,000		186,310

				917,157

Supranational - 0.8%

Africa Finance Corp 2.875% due 04/28/28 ~		300,000		243,990


Ukraine - 0.2%

NPC Ukrenergo 6.875% due 11/09/28 ~		275,000		53,679


United Arab Emirates - 1.5%

Galaxy Pipeline Assets Bidco Ltd 2.160% due 03/31/34 ~		554,796		457,298


United Kingdom - 1.2%

Standard Chartered PLC 7.750% (UST + 4.976%) due 08/15/27 ~		375,000		340,200


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-86

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
Venezuela - 0.9%

Petroleos de Venezuela SA 5.375% due 04/12/27 * ~ Y		$113,000		$2,684
8.500% due 10/27/22 * ~ Y		1,360,500		244,890
9.000% due 11/17/22 * ~ Y		239,354		5,684
9.750% due 05/17/35 * ~ Y		306,278		7,274
12.750% due 02/17/23 * ~ Y		117,000		2,779

				263,311

Total Corporate Bonds & Notes (Cost $12,548,442)				9,273,853


CONVERTIBLE CORPORATE BONDS & NOTES - 1.3%

United Arab Emirates - 1.3%

Abu Dhabi National Oil Co 0.700% due 06/04/24 ~		400,000		374,000


Total Convertible Corporate Bonds & Notes (Cost $378,971)				374,000


FOREIGN GOVERNMENT BONDS & NOTES - 57.0%

Angola - 2.0%

Angolan Government International 8.750% due 04/14/32 ~		625,000		465,094
9.125% due 11/26/49 ~		200,000		135,322

				600,416

Argentina - 1.3%

Argentine Republic Government International 0.500% due 07/09/30 §		500,000		100,991
1.500% due 07/09/35 §		1,125,000		204,912
3.500% due 07/09/41 §		250,000		53,790
3.875% due 01/09/38 §		150,000		35,413

				395,106

Bahamas - 0.6%

Bahamas Government International 6.000% due 11/21/28 ~		300,000		183,005


Brazil - 5.9%

Brazil Notas do Tesouro Nacional ‘F’ 10.000% due 01/01/27		BRL 9,100,000		1,597,101
Brazilian Government International 5.000% due 01/27/45		$200,000		145,845

				1,742,946

Colombia - 2.1%

Colombia Government International 3.000% due 01/30/30		200,000		143,716
5.625% due 02/26/44		450,000		299,530
6.125% due 01/18/41		250,000		184,581

				627,827

Czech Republic - 2.6%

Czech Republic Government 1.000% due 06/26/26 ~		CZK 9,300,000		316,322
1.250% due 02/14/25		6,200,000		221,962
2.400% due 09/17/25 ~		6,200,000		226,039

				764,323

Dominican Republic - 1.8%

Dominican Republic International 4.500% due 01/30/30 ~		$150,000		118,681
4.875% due 09/23/32 ~		250,000		188,890
6.000% due 02/22/33 ~		275,000		224,512

				532,083


	Principal Amount		Value
El Salvador - 1.2%

El Salvador Government International 6.375% due 01/18/27 ~		$350,000		$132,337
7.625% due 09/21/34 ~		108,000		35,429
7.625% due 02/01/41 ~		300,000		99,271
7.650% due 06/15/35 ~		125,000		42,664
8.625% due 02/28/29 ~		150,000		55,462

				365,163

Indonesia - 4.3%

Indonesia Treasury 7.000% due 02/15/33		IDR 9,800,000,000		626,428
8.375% due 03/15/34		9,200,000,000		642,172

				1,268,600

Iraq - 2.2%

Iraq International 5.800% due 01/15/28 ~		$790,625		651,746


Ivory Coast - 2.3%

Ivory Coast Government International 4.875% due 01/30/32 ~		EUR 900,000		593,841
5.875% due 10/17/31 ~		125,000		88,960

				682,801

Malaysia - 2.1%

Malaysia Government 3.899% due 11/16/27		MYR 2,900,000		619,773


Mexico - 6.3%

Mexican Bonos 7.750% due 11/23/34		MXN 32,300,000		1,384,283
Mexico Government International 4.350% due 01/15/47		$200,000		141,779
4.875% due 05/19/33		400,000		352,394

				1,878,456

Nigeria - 0.7%

Nigeria Government International 7.143% due 02/23/30 ~		300,000		196,740


Oman - 2.0%

Oman Government International 6.500% due 03/08/47 ~		200,000		157,228
6.750% due 01/17/48 ~		525,000		422,696

				579,924

Poland - 2.1%

Republic of Poland Government 2.500% due 07/25/26		PLN 1,500,000		254,857
7.263% due 07/25/24		2,000,000		355,161

				610,018

Romania - 2.5%

Romania Government 4.850% due 07/25/29		RON 1,000,000		160,600
5.000% due 02/12/29		825,000		135,135
Romanian Government International 1.375% due 12/02/29 ~		EUR 100,000		64,963
2.000% due 04/14/33 ~		425,000		248,038
2.750% due 04/14/41 ~		150,000		75,821
2.875% due 04/13/42 ~		125,000		63,384

				747,941

Saudi Arabia - 1.6%

Saudi Government International 4.500% due 10/26/46 ~		$550,000		465,763


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-87

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
Senegal - 1.5%

Senegal Government International 4.750% due 03/13/28 ~		EUR 100,000		$79,428
5.375% due 06/08/37 ~		100,000		59,221
6.250% due 05/23/33 ~		$250,000		188,633
6.750% due 03/13/48 ~		200,000		125,272

				452,554

South Africa - 5.9%

Republic of South Africa Government 8.875% due 02/28/35		ZAR 24,624,000		1,113,114
Republic of South Africa Government International 5.000% due 10/12/46		$350,000		214,217
5.375% due 07/24/44		200,000		130,670
5.750% due 09/30/49		200,000		129,190
7.300% due 04/20/52		225,000		172,194

				1,759,385

South Korea - 1.0%

Korea International 2.000% due 06/19/24		300,000		287,702


Sri Lanka - 1.1%

Sri Lanka Government International 6.200% due 05/11/27 * ~ Y		200,000		51,082
6.350% due 06/28/24 * ~ Y		200,000		51,508
6.825% due 07/18/26 * ~ Y		200,000		52,663
6.850% due 11/03/25 * ~ Y		675,000		181,926

				337,179

Tunisia - 1.5%

Tunisian Republic 5.625% due 02/17/24 ~		EUR 100,000		65,703
5.750% due 01/30/25 ~		$200,000		120,223
6.375% due 07/15/26 ~		EUR 475,000		269,784

				455,710

Ukraine - 1.1%

State Agency of Roads of Ukraine 6.250% due 06/24/30 ~		$700,000		132,264
Ukraine Government International 6.876% due 05/21/31 ~		300,000		56,197
6.880% due 08/01/41 ~ §		75,000		21,398
7.750% due 09/01/26 ~		125,000		26,438
7.750% due 09/01/27 ~		200,000		40,738
7.750% due 09/01/28 ~		250,000		52,719

				329,754

Uzbekistan - 0.6%

Republic of Uzbekistan International 4.750% due 02/20/24 ~		200,000		188,899


Venezuela - 0.4%

Venezuela Government International 7.750% due 10/13/22 * ~ Y		85,000		5,950
8.250% due 10/13/24 * ~ Y		166,100		12,457
9.000% due 05/07/23 * ~ Y		73,000		5,475
9.250% due 09/15/27 * Y		252,000		20,286
9.250% due 05/07/28 * ~ Y		121,000		9,741
11.750% due 10/21/26 * ~ Y		768,700		59,574
12.750% due 08/23/23 * ~ Y		211,000		15,825

				129,308


	Principal Amount		Value
Zambia - 0.3%

Zambia Government International 8.500% due 04/14/24 * ~ Y		$200,000		$96,857


Total Foreign Government Bonds & Notes (Cost $21,888,946)				16,949,979


SHORT-TERM INVESTMENT - 6.7%

Money Market Fund - 6.7%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.790%		1,999,209		1,999,209


Total Short-Term Investment (Cost $1,999,209)				1,999,209


TOTAL INVESTMENTS - 96.2% (Cost $36,815,568)				28,597,041


DERIVATIVES - 0.8%				227,450


OTHER ASSETS & LIABILITIES, NET - 3.0%				893,962


NET ASSETS - 100.0%				$29,718,453

Notes to Schedule of Investments

(a)	As of September 30, 2022, the Fund’s composition as a percentage of net assets was as follows:


Foreign Government Bonds & Notes			57.0%
Corporate Bonds & Notes			31.2%
Short-Term Investment			6.7%
Others (each less than 3.0%)			1.3%

			96.2%
Derivatives			0.8%
Other Assets & Liabilities, Net			3.0%

			100.0%

(b)	As of September 30, 2022, the Fund’s composition by country of risk as a percentage of net assets was as follows:


Mexico			10.5%
South Africa			9.0%
Brazil			7.7%
United States (Includes Short-Term Investment)			6.7%
Israel			5.3%
Malaysia			4.4%
Indonesia			4.3%
Czech Republic			3.5%
Others (each less than 3.0%)			44.8%

			96.2%
Derivatives			0.8%
Other Assets & Liabilities, Net			3.0%

			100.0%

(c)	Investments with a total aggregate value of $856,281 or 2.9% of the Fund’s net assets were in default as of September 30, 2022.


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-88

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)

(d)	Open futures contracts outstanding as of September 30, 2022 were as follows:


Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Euro-Bund		12/22		10		$1,421,537		$1,357,271		($64,266	)


Short Futures Outstanding
Euro-Schatz		12/22		58		6,162,554		6,091,569		70,985


Total Futures Contracts										$6,719

(e)	Forward foreign currency contracts outstanding as of September 30, 2022 were as follows:


Currency Purchased		Currency Sold		Settlement Month	Counterparty		Unrealized Appreciation		Unrealized Depreciation
BRL	1,600,000	USD	297,149	10/22		CIT		$—		($2,043	)
BRL	1,600,000	USD	294,985	10/22		CIT		120		—
BRL	1,600,000	USD	297,950	10/22		JPM		—		(2,844	)
CZK	19,200,000	EUR	778,971	10/22		JPM		—		(1,201	)
EUR	50,000	USD	48,230	10/22		CIT		818		—
EUR	50,000	USD	49,636	10/22		JPM		—		(586	)
EUR	890,000	USD	865,710	10/22		JPM		7,736		—
IDR	10,100,000,000	USD	679,206	10/22		CIT		—		(20,096	)
MXN	17,950,000	USD	882,414	10/22		JPM		5,420		—
THB	23,000,000	USD	619,409	10/22		CIT		—		(9,022	)
USD	1,357,014	BRL	7,100,000	10/22		CIT		47,482		—
USD	307,271	CNH	2,200,000	10/22		JPM		—		(971	)
USD	933,136	CNH	6,650,000	10/22		JPM		1,402		—
USD	753,817	CZK	19,200,000	10/22		JPM		—		(9,515	)
USD	24,230	EUR	25,000	10/22		JPM		—		(295	)
USD	2,976,968	EUR	2,952,309	10/22		JPM		80,258		—
USD	669,584	IDR	10,100,000,000	10/22		JPM		10,474		—
USD	891,643	MXN	17,950,000	10/22		JPM		3,807		—
USD	625,865	PLN	3,000,000	10/22		JPM		22,718		—
USD	1,130,073	ZAR	20,300,000	10/22		JPM		10,660		—


Total Forward Foreign Currency Contracts								$190,895		($46,573	)

(f)	Swap agreements outstanding as of September 30, 2022 were as follows:

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


Referenced Obligation	Payment Frequency		Fixed Deal Pay Rate		Expiration Date		Counterparty		Implied Credit Spread at 09/30/22 (2)		Notional Amount (3)		Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
South Africa Government		Q		1.000%		06/20/27		GSC		3.250%		$1,400,000		$125,798		$105,503		$20,295
Turkey Government		Q		1.000%		06/20/27		GSC		7.675%		1,400,000		326,709		309,483		17,226

														452,507		414,986		37,521


							Exchange
South Africa Government		Q		1.000%		12/20/27		ICE		3.402%		1,400,000		145,557		116,287		29,270
Turkey Government		Q		1.000%		12/20/27		ICE		7.700%		1,400,000		351,580		344,308		7,272

														497,137		460,595		36,542


Total Credit Default Swaps on Corporate and Sovereign Issues - Buy Protection														$949,644		$875,581		$74,063

Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection (4)


Referenced Obligation	Payment Frequency		Fixed Deal Receive Rate		Expiration Date		Counterparty		Implied Credit Spread at 09/30/22 (2)		Notional Amount (3)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
South Africa Government		Q		1.000%		06/20/27		GSC		3.250%		$1,400,000		($125,798	)		($97,517	)		($28,281	)
Turkey Government		Q		1.000%		06/20/27		GSC		7.675%		1,400,000		(326,709	)		(319,768	)		(6,941	)

														(452,507	)		(417,285	)		(35,222	)


							Exchange
South Africa Government		Q		1.000%		12/20/27		ICE		3.402%		1,400,000		(145,558	)		(139,278	)		(6,280	)
Turkey Government		Q		1.000%		12/20/27		ICE		7.700%		350,000		(90,636	)		(90,742	)		106
Turkey Government		Q		1.000%		12/20/27		ICE		7.700%		275,000		(69,060	)		(68,705	)		(355	)

														(305,254	)		(298,725	)		(6,529	)


Total Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection														($757,761	)		($716,010	)		($41,751	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-89

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)

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

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

5.000%

06/20/27

ICE

EUR 1,500,000

$51,799

$11,923

$39,876

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

Referenced Obligation

Payment
Frequency

Fixed Deal
Receive Rate

Expiration
Date

Exchange

Notional
Amount (3)

Value (5)

Upfront
Premiums
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

CDX iTraxx Main 37 5Y

5.000%

06/20/27

ICE

EUR 750,000

($25,898

)

($27,826

)

$1,928

Total Credit Default Swaps

$217,784

$143,668

$74,116

(1)

(2)

(3)

(4)

(5)

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)
5.870%		1-Day INR-OIS		S / S		LCH		06/15/24		INR 100,000,000		($19,524	)		($4,917	)		($14,607	)
11.770%		1-Day BZD-OIS		Z / Z		LCH		01/02/25		BRL 11,493,594		3,857			—			3,857
6.678%		1-Day INR-OIS		S / S		LCH		09/21/27		INR 167,000,000		(20,814	)		26,621			(47,435	)

												($36,481	)		$21,704			($58,185	)

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		$35,728		$1,549		$34,179
6.678%		1-Day INR-OIS		S / S		LCH		09/21/27		211,000,000		26,299		—		26,299

												$62,027		$1,549		$60,478


Total Interest Rate Swaps												$25,546		$23,253		$2,293


Total Swap Agreements												$243,330		$166,921		$76,409


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-90

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)

Balances reported in the Statement of Assets and Liabilities for Over the Counter (OTC) Swaps and Centrally Cleared Swaps


	Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
OTC Swap Agreements
Assets		$414,986			$37,521
Liabilities		(417,285	)		(35,222	)
Centrally Cleared Swap Agreements (1)
Assets		500,688			142,787
Liabilities		(331,468	)		(68,677	)

		$166,921			$76,409

(1)

Includes cumulative value on centrally cleared swaps, as reported in the Schedule of Investments. Only variation margin is reported within the Statement of Assets and Liabilities.

(g)	Fair Value Measurements

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


		Total Value at September 30, 2022			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$9,273,853			$—			$9,273,853			$—
	Convertible Corporate Bonds & Notes		374,000			—			374,000			—
	Foreign Government Bonds & Notes		16,949,979			—			16,949,979			—
	Short-Term Investment		1,999,209			1,999,209			—			—
	Derivatives:
	Credit Contracts
	Swaps		115,973			—			115,973			—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		190,895			—			190,895			—
	Interest Rate Contracts
	Futures		70,985			70,985			—			—
	Swaps		64,335			—			64,335			—

	Total Interest Rate Contracts		135,320			70,985			64,335			—

	Total Assets - Derivatives		442,188			70,985			371,203			—

	Total Assets		29,039,229			2,070,194			26,969,035			—


Liabilities	Due to Custodian		(12,550	)		—			(12,550	)		—
	Derivatives:
	Credit Contracts
	Swaps		(41,857	)		—			(41,857	)		—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(46,573	)		—			(46,573	)		—
	Interest Rate Contracts
	Futures		(64,266	)		(64,266	)		—			—
	Swaps		(62,042	)		—			(62,042	)		—

	Total Interest Rate Contracts		(126,308	)		(64,266	)		(62,042	)		—

	Total Liabilities - Derivatives		(214,738	)		(64,266	)		(150,472	)		—

	Total Liabilities		(227,288	)		(64,266	)		(163,022	)		—

	Total		$28,811,941			$2,005,928			$26,806,013			$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-91

PACIFIC FUNDS

PF GROWTH FUND

Schedule of Investments

September 30, 2022 (Unaudited)


	Shares		Value
COMMON STOCKS - 97.2%

Basic Materials - 1.8%

Air Products and Chemicals Inc		1,035		$240,875
The Sherwin-Williams Co		5,197		1,064,086

				1,304,961

Communications - 15.3%

Alphabet Inc ‘A’ *		41,369		3,956,945
Alphabet Inc ‘C’ *		13,373		1,285,814
Amazon.com Inc *		45,449		5,135,737
Bumble Inc ‘A’ *		3,416		73,410
Charter Communications Inc ‘A’ *		593		179,887
Match Group Inc *		6,690		319,447
Shopify Inc ‘A’ (Canada) *		1,150		30,981

				10,982,221

Consumer, Cyclical - 3.8%

Chipotle Mexican Grill Inc *		341		512,441
Dollar Tree Inc *		2,642		359,576
Hilton Worldwide Holdings Inc		6,445		777,396
Lululemon Athletica Inc *		1,342		375,169
LVMH Moet Hennessy Louis Vuitton SE (France)		251		147,983
NIKE Inc ‘B’		2,471		205,390
O’Reilly Automotive Inc *		539		379,106

				2,757,061

Consumer, Non-Cyclical - 24.1%

Abbott Laboratories		13,212		1,278,393
Becton Dickinson and Co		2,793		622,364
Block Inc *		2,587		142,259
Boston Scientific Corp *		32,224		1,248,036
Colgate-Palmolive Co		12,331		866,253
CoStar Group Inc *		10,626		740,101
Danaher Corp		7,796		2,013,629
Edwards Lifesciences Corp *		8,187		676,492
Equifax Inc		3,262		559,205
Gartner Inc *		1,041		288,034
ICON PLC *		3,067		563,653
Regeneron Pharmaceuticals Inc *		321		221,127
STERIS PLC		1,791		297,807
The Estee Lauder Cos Inc ‘A’		4,712		1,017,321
Thermo Fisher Scientific Inc		3,580		1,815,740
TransUnion		6,125		364,376
UnitedHealth Group Inc		2,472		1,248,459
Verisk Analytics Inc		6,945		1,184,331
Vertex Pharmaceuticals Inc *		4,284		1,240,389
Zoetis Inc		5,992		888,554

				17,276,523

Energy - 1.2%

EOG Resources Inc		3,883		433,848
Hess Corp		4,185		456,123

				889,971

Financial - 12.9%

American Express Co		2,509		338,489
American Tower Corp REIT		4,267		916,125
Aon PLC ‘A’		4,079		1,092,642
Arthur J Gallagher & Co		1,772		303,402
CME Group Inc		4,775		845,796
Equinix Inc REIT		335		190,561
Mastercard Inc ‘A’		8,488		2,413,478
The Charles Schwab Corp		14,775		1,061,879
Visa Inc ‘A’		11,783		2,093,250

				9,255,622


	Shares		Value
Industrial - 4.1%

AMETEK Inc		6,555		$743,403
Canadian Pacific Railway Ltd (Canada)		9,234		616,092
Johnson Controls International PLC		7,780		382,932
Vulcan Materials Co		7,357		1,160,272

				2,902,699

Technology - 34.0%

Adobe Inc *		5,732		1,577,446
Apple Inc		28,218		3,899,728
Applied Materials Inc		3,610		295,767
ASML Holding NV (Netherlands)		1,414		587,305
Atlassian Corp PLC ‘A’ *		1,133		238,598
Autodesk Inc *		2,156		402,741
Black Knight Inc *		3,114		201,569
Cadence Design Systems Inc *		4,603		752,268
Electronic Arts Inc		5,797		670,771
Intuit Inc		4,663		1,806,073
Lam Research Corp		1,523		557,418
Microsoft Corp		36,985		8,613,806
MSCI Inc		3,215		1,356,055
NVIDIA Corp		10,015		1,215,721
Salesforce Inc *		4,608		662,815
ServiceNow Inc *		1,991		751,822
Synopsys Inc *		1,763		538,614
Take-Two Interactive Software Inc *		1,934		210,806
Veeva Systems Inc ‘A’ *		461		76,010

				24,415,333

Total Common Stocks (Cost $30,269,025)				69,784,391


SHORT-TERM INVESTMENT - 2.9%

Money Market Fund - 2.9%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.790%		2,105,380		2,105,380


Total Short-Term Investment (Cost $2,105,380)				2,105,380


TOTAL INVESTMENTS - 100.1% (Cost $32,374,405)				71,889,771


OTHER ASSETS & LIABILITIES, NET - (0.1%)				(105,781	)


NET ASSETS - 100.0%				$71,783,990

Notes to Schedule of Investments

(a)	As of September 30, 2022, the Fund’s composition by sector as a percentage of net assets was as follows:


Technology	34.0%
Consumer, Non-Cyclical	24.1%
Communications	15.3%
Financial	12.9%
Industrial	4.1%
Consumer, Cyclical	3.8%
Others (each less than 3.0%)	5.9%

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

	100.0%


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-92

PACIFIC FUNDS

PF GROWTH FUND

Schedule of Investments (Continued)

September 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 September 30, 2022:


		Total Value at September 30, 2022			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Basic Materials		$1,304,961			$1,304,961		$—			$—
	Communications		10,982,221			10,982,221		—			—
	Consumer, Cyclical		2,757,061			2,609,078		147,983			—
	Consumer, Non-Cyclical		17,276,523			17,276,523		—			—
	Energy		889,971			889,971		—			—
	Financial		9,255,622			9,255,622		—			—
	Industrial		2,902,699			2,902,699		—			—
	Technology		24,415,333			24,415,333		—			—

	Total Common Stocks		69,784,391			69,636,408		147,983			—

	Short-Term Investment		2,105,380			2,105,380		—			—

	Total Assets		71,889,771			71,741,788		147,983			—


Liabilities	Due to Custodian		(149,808	)		—		(149,808	)		—

	Total Liabilities		(149,808	)		—		(149,808	)		—

	Total		$71,739,963			$71,741,788		($1,825	)		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-93

PACIFIC FUNDS

PF LARGE-CAP VALUE FUND

Schedule of Investments

September 30, 2022 (Unaudited)


	Shares		Value
COMMON STOCKS - 96.1%

Basic Materials - 3.5%

Air Products and Chemicals Inc		13,292		$3,093,447
PPG Industries Inc		20,306		2,247,671

				5,341,118

Communications - 10.5%

Alphabet Inc ‘A’ *		29,360		2,808,284
Charter Communications Inc ‘A’ *		7,574		2,297,573
Cisco Systems Inc		84,248		3,369,920
Comcast Corp ‘A’		70,627		2,071,490
DISH Network Corp ‘A’ *		118,200		1,634,706
Motorola Solutions Inc		17,667		3,956,878

				16,138,851

Consumer, Cyclical - 1.7%

The Home Depot Inc		9,333		2,575,348


Consumer, Non-Cyclical - 14.6%

Amgen Inc		8,682		1,956,923
Becton Dickinson and Co		8,933		1,990,540
Elevance Health Inc		8,867		4,027,746
Haleon PLC ADR (United Kingdom) *		228,000		1,388,520
Johnson & Johnson		20,653		3,373,874
Merck & Co Inc		20,454		1,761,499
PepsiCo Inc		15,115		2,467,675
UnitedHealth Group Inc		10,907		5,508,471

				22,475,248

Energy - 10.1%

Chevron Corp		28,705		4,124,047
ConocoPhillips		73,422		7,514,008
Enterprise Products Partners LP		161,673		3,844,584

				15,482,639

Financial - 23.8%

American Express Co		33,021		4,454,863
American Tower Corp REIT		13,200		2,834,040
Bank of America Corp		184,522		5,572,564
Berkshire Hathaway Inc ‘B’ *		9,689		2,587,157
JPMorgan Chase & Co		48,314		5,048,813
Marsh & McLennan Cos Inc		16,040		2,394,612
The Bank of New York Mellon Corp		45,536		1,754,047
The Charles Schwab Corp		40,227		2,891,114
The Progressive Corp		21,344		2,480,386
The Travelers Cos Inc		14,079		2,156,903
US Bancorp		34,641		1,396,725
Visa Inc ‘A’		17,141		3,045,099

				36,616,323

Industrial - 21.0%

Deere & Co		17,413		5,814,026
Honeywell International Inc		10,936		1,825,984
Illinois Tool Works Inc		12,886		2,327,856
Martin Marietta Materials Inc		6,090		1,961,528
Northrop Grumman Corp		8,474		3,985,492
Otis Worldwide Corp		25,922		1,653,823


	Shares		Value
Raytheon Technologies Corp		63,850		$5,226,761
TE Connectivity Ltd (Switzerland)		44,075		4,864,117
United Parcel Service Inc ‘B’		18,303		2,956,667
Vertiv Holdings Co		171,600		1,667,952

				32,284,206

Technology - 4.3%

Apple Inc		5,323		735,639
Intel Corp		62,273		1,604,775
Microsoft Corp		6,578		1,532,016
Oracle Corp		24,903		1,520,826
QUALCOMM Inc		10,269		1,160,192

				6,553,448

Utilities - 6.6%

Edison International		47,476		2,686,192
Sempra Energy		49,720		7,455,017

				10,141,209

Total Common Stocks (Cost $95,038,586)				147,608,390


SHORT-TERM INVESTMENT - 3.8%

Money Market Fund - 3.8%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.790%		5,819,651		5,819,651


Total Short-Term Investment (Cost $5,819,651)				5,819,651


TOTAL INVESTMENTS - 99.9% (Cost $100,858,237)				153,428,041


OTHER ASSETS & LIABILITIES, NET - 0.1%				86,462


NET ASSETS - 100.0%				$153,514,503

Notes to Schedule of Investments

(a)	As of September 30, 2022, the Fund’s composition by sector as a percentage of net assets was as follows:


Financial			23.8%
Industrial			21.0%
Consumer, Non-Cyclical			14.6%
Communications			10.5%
Energy			10.1%
Utilities			6.6%
Technology			4.3%
Short-Term Investment			3.8%
Basic Materials			3.5%
Others (each less than 3.0%)			1.7%

			99.9%
Other Assets & Liabilities, Net			0.1%

			100.0%

(b)	Fair Value Measurements

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


		Total Value at September 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$147,608,390		$147,608,390		$—		$—
	Short-Term Investment		5,819,651		5,819,651		—		—

	Total		$153,428,041		$153,428,041		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-94

PACIFIC FUNDS

PF SMALL-CAP GROWTH FUND

Schedule of Investments

September 30, 2022 (Unaudited)


	Shares		Value
COMMON STOCKS - 97.0%

Basic Materials - 5.2%

Axalta Coating Systems Ltd *		15,685		$330,326
Element Solutions Inc		21,489		349,626
Ingevity Corp *		5,493		333,041

				1,012,993

Communications - 2.7%

Open Lending Corp ‘A’ *		13,923		111,941
Q2 Holdings Inc *		7,617		245,267
Vivid Seats Inc ‘A’		22,272		170,604

				527,812

Consumer, Cyclical - 15.2%

Brunswick Corp		4,064		265,989
Five Below Inc *		1,948		268,181
Funko Inc ‘A’ *		629		12,718
Genius Sports Ltd (United Kingdom) *		24,317		89,243
JetBlue Airways Corp *		18,744		124,273
Leslie’s Inc *		20,293		298,510
Manchester United PLC ‘A’ (United Kingdom)		25,070		332,679
Methode Electronics Inc		5,498		204,251
Ollie’s Bargain Outlet Holdings Inc *		4,299		221,828
On Holding AG ‘A’ (Switzerland) *		7,138		114,565
Penn Entertainment Inc *		9,529		262,143
Petco Health & Wellness Co Inc *		17,828		198,961
Skechers USA Inc ‘A’ *		9,839		312,093
Visteon Corp *		2,197		233,014

				2,938,448

Consumer, Non-Cyclical - 24.8%

Abcam PLC (United Kingdom) *		12,752		190,409
Adaptive Biotechnologies Corp *		5,080		36,170
Allovir Inc *		5,191		40,957
Annexon Inc *		5,054		31,234
BioAtla Inc *		3,303		25,433
Bioxcel Therapeutics Inc *		2,782		32,883
Boyd Group Services Inc (Canada)		1,654		208,284
Bright Horizons Family Solutions Inc *		2,108		121,526
Bruker Corp		4,241		225,027
Certara Inc *		17,165		227,951
Collegium Pharmaceutical Inc *		5,154		82,567
Envista Holdings Corp *		7,064		231,770
European Wax Center Inc ‘A’		10,400		191,880
Guardant Health Inc *		1,268		68,256
Harmony Biosciences Holdings Inc *		2,504		110,902
HealthEquity Inc *		3,463		232,610
Immunocore Holdings PLC ADR (United Kingdom) *		2,236		104,958
Lyell Immunopharma Inc *		6,562		48,099
Maravai LifeSciences Holdings Inc ‘A’ *		7,269		185,578
MaxCyte Inc *		15,244		99,086
Neurocrine Biosciences Inc *		1,076		114,282
Nuvei Corp (Canada) *		5,630		152,291
Oatly Group AB ADR *		19,500		51,285
Optinose Inc *		12,116		44,345
Oxford Nanopore Technologies PLC (United Kingdom) *		17,229		48,598
Paylocity Holding Corp *		551		133,111
Payoneer Global Inc *		24,811		150,107
Prelude Therapeutics Inc *		3,188		21,073
PROCEPT BioRobotics Corp *		2,169		89,927
Recursion Pharmaceuticals Inc ‘A’ *		5,658		60,201
Remitly Global Inc *		20,051		222,967
Ritchie Bros Auctioneers Inc (Canada)		4,286		267,789
Sabre Corp *		29,762		153,274
Sana Biotechnology Inc *		5,080		30,480
Silk Road Medical Inc *		2,088		93,960


	Shares		Value
SpringWorks Therapeutics Inc *		2,767		$78,942
Syneos Health Inc *		6,664		314,208
The Duckhorn Portfolio Inc *		12,916		186,378
Twist Bioscience Corp *		2,003		70,586

				4,779,384

Energy - 3.6%

ChampionX Corp		20,287		397,016
Magnolia Oil & Gas Corp ‘A’		15,270		302,499

				699,515

Financial - 11.4%

Big Yellow Group PLC REIT (United Kingdom)		7,867		93,103
First Interstate BancSystem Inc ‘A’		6,451		260,298
Focus Financial Partners Inc ‘A’ *		6,745		212,535
GCM Grosvenor Inc ‘A’		18,411		145,263
Hamilton Lane Inc ‘A’		5,777		344,367
Pacific Premier Bancorp Inc		1,459		45,171
Prosperity Bancshares Inc		3,959		263,986
STAG Industrial Inc REIT		9,163		260,504
Umpqua Holdings Corp		10,335		176,625
United Community Banks Inc		4,650		153,915
WisdomTree Investments Inc		52,690		246,589

				2,202,356

Industrial - 14.5%

Advanced Energy Industries Inc		4,617		357,402
AeroVironment Inc *		1,238		103,200
Cactus Inc ‘A’		6,068		233,193
CryoPort Inc *		6,057		147,549
Gerresheimer AG (Germany)		3,684		179,874
GFL Environmental Inc (Canada)		12,130		306,768
Hydrofarm Holdings Group Inc *		9,844		19,097
Knight-Swift Transportation Holdings Inc		5,130		251,011
Kratos Defense & Security Solutions Inc *		5,994		60,899
Littelfuse Inc		1,065		211,605
Saia Inc *		638		121,220
Sensata Technologies Holding PLC		9,283		346,070
The AZEK Co Inc *		20,581		342,056
Trex Co Inc *		2,512		110,377

				2,790,321

Technology - 19.6%

ACV Auctions Inc ‘A’ *		24,988		179,664
Alkami Technology Inc *		15,070		226,803
CACI International Inc ‘A’ *		922		240,697
Corsair Gaming Inc *		7,238		82,151
Definitive Healthcare Corp *		6,997		108,733
DoubleVerify Holdings Inc *		8,955		244,919
Everbridge Inc *		3,085		95,265
ExlService Holdings Inc *		2,927		431,323
Expensify Inc ‘A’ *		6,951		103,431
Five9 Inc *		2,017		151,235
Keywords Studios PLC (Ireland)		10,891		277,827
nCino Inc *		3,027		103,251
Outset Medical Inc *		4,227		67,336
Paycor HCM Inc *		6,305		186,376
Procore Technologies Inc *		3,868		191,389
Rapid7 Inc *		5,242		224,882
TaskUS Inc ‘A’ (Philippines) *		13,063		210,314
Thoughtworks Holding Inc *		22,271		233,623
WNS Holdings Ltd ADR (India) *		5,060		414,110

				3,773,329

Total Common Stocks (Cost $23,068,904)				18,724,158


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-95

PACIFIC FUNDS

PF SMALL-CAP GROWTH FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Shares		Value
SHORT-TERM INVESTMENT - 4.1%

Money Market Fund - 4.1%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.790%		783,634		$783,634


Total Short-Term Investment (Cost $783,634)				783,634


TOTAL INVESTMENTS - 101.1% (Cost $23,852,538)				19,507,792


OTHER ASSETS & LIABILITIES, NET - (1.1%)				(208,785	)


NET ASSETS - 100.0%				$19,299,007

Notes to Schedule of Investments

(a)	As of September 30, 2022, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Non-Cyclical	24.8%
Technology	19.6%
Consumer, Cyclical	15.2%
Industrial	14.5%
Financial	11.4%
Basic Materials	5.2%
Short-Term Investment	4.1%
Energy	3.6%
Others (each less than 3.0%)	2.7%

	101.1%
Other Assets & Liabilities, Net	(1.1%	)

	100.0%

(b)	Fair Value Measurements

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


		Total Value at September 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Basic Materials		$1,012,993		$1,012,993		$—		$—
	Communications		527,812		527,812		—		—
	Consumer, Cyclical		2,938,448		2,938,448		—		—
	Consumer, Non-Cyclical		4,779,384		4,540,377		239,007		—
	Energy		699,515		699,515		—		—
	Financial		2,202,356		2,109,253		93,103		—
	Industrial		2,790,321		2,610,447		179,874		—
	Technology		3,773,329		3,495,502		277,827		—

	Total Common Stocks		18,724,158		17,934,347		789,811		—

	Short-Term Investment		783,634		783,634		—		—

	Total		$19,507,792		$18,717,981		$789,811		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-96

PACIFIC FUNDS

PF SMALL-CAP VALUE FUND

Schedule of Investments

September 30, 2022 (Unaudited)


	Shares		Value
COMMON STOCKS - 99.8%

Basic Materials - 4.1%

AdvanSix Inc		10,920		$350,532
ATI Inc *		17,750		472,327
HB Fuller Co		6,330		380,433
Innospec Inc		2,680		229,596

				1,432,888

Communications - 2.8%

A10 Networks Inc		25,966		344,569
Casa Systems Inc *		54,862		171,718
Criteo SA ADR (France) *		16,921		457,375

				973,662

Consumer, Cyclical - 17.2%

Alaska Air Group Inc *		7,980		312,417
Blue Bird Corp *		22,183		185,228
Citi Trends Inc *		11,848		183,762
Dana Inc		27,120		309,982
Dine Brands Global Inc		6,350		403,606
Genesco Inc *		7,380		290,182
H&E Equipment Services Inc		11,745		332,853
Hilton Grand Vacations Inc *		8,740		287,459
IMAX Corp *		24,060		339,727
KB Home		15,320		397,094
MillerKnoll Inc		3,547		55,333
Papa John’s International Inc		5,106		357,471
REV Group Inc		39,040		430,611
Sally Beauty Holdings Inc *		35,792		450,979
Six Flags Entertainment Corp *		16,910		299,307
Taylor Morrison Home Corp *		21,108		492,239
The Goodyear Tire & Rubber Co *		47,050		474,735
The Shyft Group Inc		19,277		393,829

				5,996,814

Consumer, Non-Cyclical - 10.5%

Acadia Healthcare Co Inc *		7,190		562,114
Adtalem Global Education Inc *		12,950		472,028
Herc Holdings Inc		4,680		486,158
Integra LifeSciences Holdings Corp *		9,420		399,031
Korn Ferry		5,952		279,446
Nomad Foods Ltd (United Kingdom) *		27,274		387,291
Pediatrix Medical Group Inc *		25,100		414,401
Syneos Health Inc *		6,600		311,190
The Hain Celestial Group Inc *		21,429		361,722

				3,673,381

Energy - 4.3%

Helmerich & Payne Inc		12,960		479,131
HF Sinclair Corp		9,289		500,120
Magnolia Oil & Gas Corp ‘A’		25,640		507,928

				1,487,179

Financial - 37.6%

1st Source Corp		8,784		406,699
Associated Banc-Corp		26,272		527,542
Bank of Marin Bancorp		7,488		224,266
BankUnited Inc		16,488		563,395
Berkshire Hills Bancorp Inc		20,160		550,368
Broadstone Net Lease Inc REIT		26,680		414,340
Carter Bankshares Inc *		18,572		299,009
Cousins Properties Inc REIT		10,876		253,955
First BanCorp		44,350		606,708
HarborOne Bancorp Inc		33,735		452,724
Heritage Financial Corp		19,730		522,253
Independence Realty Trust Inc REIT		28,856		482,761
Independent Bank Group Inc		6,139		376,873
Moelis & Co ‘A’		12,150		410,792


	Shares		Value
National Storage Affiliates Trust REIT		8,086		$336,216
NETSTREIT Corp REIT		20,540		365,817
Pacific Premier Bancorp Inc		16,809		520,407
Physicians Realty Trust REIT		32,411		487,461
Premier Financial Corp		14,620		375,734
Sandy Spring Bancorp Inc		9,613		338,954
Selective Insurance Group Inc		7,235		588,929
STAG Industrial Inc REIT		13,372		380,166
Stifel Financial Corp		5,255		272,787
Synovus Financial Corp		11,920		447,119
Texas Capital Bancshares Inc *		9,821		579,734
The Hanover Insurance Group Inc		3,830		490,776
TriCo Bancshares		11,019		491,998
Umpqua Holdings Corp		20,030		342,313
Webster Financial Corp		10,403		470,216
WSFS Financial Corp		11,337		526,717

				13,107,029

Industrial - 15.1%

ArcBest Corp		7,930		576,749
Arcosa Inc		9,164		523,997
Belden Inc		6,604		396,372
Cactus Inc ‘A’		8,620		331,267
Dycom Industries Inc *		4,080		389,762
Fluor Corp *		6,248		155,513
Great Lakes Dredge & Dock Corp *		36,309		275,222
Ichor Holdings Ltd *		15,220		368,476
Kirby Corp *		4,970		302,027
Masonite International Corp *		5,297		377,623
O-I Glass Inc *		10,721		138,837
Spirit AeroSystems Holdings Inc ‘A’		9,450		207,144
Star Bulk Carriers Corp (Greece)		20,370		356,068
Terex Corp		12,017		357,386
TTM Technologies Inc *		39,966		526,752

				5,283,195

Technology - 5.6%

ACI Worldwide Inc *		16,455		343,909
Change Healthcare Inc *		22,610		621,549
CommVault Systems Inc *		6,079		322,430
Kulicke & Soffa Industries Inc (Singapore)		5,130		197,659
MagnaChip Semiconductor Corp (South Korea) *		28,232		289,096
Unisys Corp *		21,480		162,174

				1,936,817

Utilities - 2.6%

IDACORP Inc		5,850		579,209
Southwest Gas Holdings Inc		4,570		318,757

				897,966

Total Common Stocks (Cost $30,752,043)				34,788,931


SHORT-TERM INVESTMENT - 0.4%

Money Market Fund - 0.4%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.790%		125,954		125,954


Total Short-Term Investment (Cost $125,954)				125,954


TOTAL INVESTMENTS - 100.2% (Cost $30,877,997)				34,914,885


OTHER ASSETS & LIABILITIES, NET - (0.2%)				(52,308	)


NET ASSETS - 100.0%				$34,862,577


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-97

PACIFIC FUNDS

PF SMALL-CAP VALUE FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)

Notes to Schedule of Investments

(a)	As of September 30, 2022, the Fund’s composition by sector as a percentage of net assets was as follows:


Financial	37.6%
Consumer, Cyclical	17.2%
Industrial	15.1%
Consumer, Non-Cyclical	10.5%
Technology	5.6%
Energy	4.3%
Basic Materials	4.1%
Others (each less than 3.0%)	5.8%

	100.2%
Other Assets & Liabilities, Net	(0.2%	)

	100.0%

(b)	Fair Value Measurements

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


		Total Value at September 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$34,788,931		$34,788,931		$—		$—
	Short-Term Investment		125,954		125,954		—		—

	Total		$34,914,885		$34,914,885		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-98

PACIFIC FUNDS

PF EMERGING MARKETS FUND

Schedule of Investments

September 30, 2022 (Unaudited)


	Shares		Value
WARRANTS - 0.0%

Switzerland - 0.0%

Cie Financiere Richemont SA Exercise @ CHF 67.00 Exp 11/22/23 *		30,788		$13,729


Total Warrants (Cost $0)				13,729


PREFERRED STOCKS - 1.7%

Brazil - 1.7%

Banco Bradesco SA		173,359		637,601


Total Preferred Stocks (Cost $565,816)				637,601


COMMON STOCKS - 94.4%

Belgium - 0.2%

Anheuser-Busch InBev SA		1,877		85,022


Brazil - 5.1%

Ambev SA		220,300		635,047
Lojas Renner SA		65,188		337,399
NU Holdings Ltd ‘A’ *		64,567		284,095
Vale SA ADR		47,679		635,084
WEG SA		15,843		94,130

				1,985,755

Chile - 0.4%

Antofagasta PLC		9,839		120,565
Banco Santander Chile		1,029,701		35,975

				156,540

China - 25.8%

BeiGene Ltd ADR *		3,543		477,667
Brii Biosciences Ltd *		64,000		42,943
H World Group Ltd		3,100		10,563
H World Group Ltd ADR		41,337		1,386,443
JD.com Inc ADR		1,080		54,324
Meituan ‘B’ * ~		62,600		1,315,630
MicroTech Medical Hangzhou Co Ltd ‘H’ * ~		13,000		12,011
NetEase Inc ADR		17,660		1,335,096
New Horizon Health Ltd * ~		20,000		36,736
Silergy Corp		15,000		195,629
Sunny Optical Technology Group Co Ltd		16,400		155,859
Tencent Holdings Ltd		13,881		468,849
Wuxi Biologics Cayman Inc * ~		77,500		461,346
Yum China Holdings Inc		47,833		2,263,936
Zai Lab Ltd ADR *		11,481		392,650
ZTO Express Cayman Inc		3,913		94,611
ZTO Express Cayman Inc ADR		53,340		1,281,760

				9,986,053

France - 5.9%

Kering SA		1,103		489,234
L’Oreal SA		79		25,260
Pernod Ricard SA		8,491		1,557,709
TotalEnergies SE		4,196		196,853

				2,269,056


Hong Kong - 1.9%

AIA Group Ltd		89,400		744,336


	Shares		Value
India - 22.7%

Housing Development Finance Corp Ltd		109,698		$3,060,523
Infosys Ltd		48,889		838,070
Kotak Mahindra Bank Ltd		100,957		2,240,689
Oberoi Realty Ltd		23,719		265,730
Tata Consultancy Services Ltd		49,244		1,804,738
Zee Entertainment Enterprises Ltd		182,571		574,851

				8,784,601

Indonesia - 0.8%

P.T. Bank Central Asia Tbk		563,400		314,512


Italy - 1.6%

Ermenegildo Zegna NV		8,149		87,602
PRADA SPA		115,900		537,474

				625,076

Japan - 0.1%

Daiichi Sankyo Co Ltd		1,400		39,131


Mexico - 8.3%

America Movil SAB de CV ‘L’ ADR		27,327		450,076
Fomento Economico Mexicano SAB de CV		27,631		173,308
Grupo Mexico SAB de CV ‘B’		467,040		1,577,401
Sitios Latinoamerica SAB de CV *		27,327		12,443
Wal-Mart de Mexico SAB de CV		286,952		1,007,776

				3,221,004

Peru - 0.7%

Credicorp Ltd		2,115		259,722


Philippines - 1.4%

SM Investments Corp		41,727		513,926
SM Prime Holdings Inc		24,153		12,377

				526,303

Russia - 0.0%

Novatek PJSC GDR ± W		24,056		—
Polyus PJSC ± W		3,489		—
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 - 1.0%

FirstRand Ltd		112,083		374,162


South Korea - 7.8%

Coupang Inc *		5,697		94,969
LG Chem Ltd		2,058		759,887
LG H&H Co Ltd		160		70,131
NAVER Corp		2,443		325,447
Samsung Biologics Co Ltd * ~		1,169		654,371
Samsung Electronics Co Ltd		30,390		1,115,898

				3,020,703

Switzerland - 1.9%

Cie Financiere Richemont SA ‘A’		7,623		719,576


Taiwan - 8.7%

MediaTek Inc		46,000		793,795
Taiwan Semiconductor Manufacturing Co Ltd		193,995		2,571,480

				3,365,275


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-99

PACIFIC FUNDS

PF EMERGING MARKETS FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Shares		Value

United Kingdom - 0.1%

AstraZeneca PLC ADR		660		$36,194


Total Common Stocks (Cost $32,069,465)				36,513,021


SHORT-TERM INVESTMENT - 3.5%

Money Market Fund - 3.5%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.790%		1,369,014		1,369,014


Total Short-Term Investment (Cost $1,369,014)				1,369,014


TOTAL INVESTMENTS - 99.6% (Cost $34,004,295)				38,533,365


OTHER ASSETS & LIABILITIES, NET - 0.4%				171,011


NET ASSETS - 100.0%				$38,704,376

Notes to Schedule of Investments

(a)	As of September 30, 2022, the Fund’s composition by sector as a percentage of net assets was as follows:


Technology			21.9%
Financial			21.3%
Consumer, Cyclical			17.7%
Consumer, Non-Cyclical			13.5%
Communications			8.5%
Basic Materials			8.0%
Industrial			4.7%
Short-Term Investment			3.5%
Others (each less than 3.0%)			0.5%

			99.6%
Other Assets & Liabilities, Net			0.4%

			100.0%

(b)	As of September 30, 2022, the Fund’s composition by country of risk as a percentage of net assets was as follows:


China			25.8%
India			22.7%
Taiwan			8.7%
Mexico			8.3%
South Korea			7.8%
Brazil			6.8%
France			5.9%
United States (Includes Short-Term Investment)			3.5%
Others (each less than 3.0%)			10.1%

			99.6%
Other Assets & Liabilities, Net			0.4%

			100.0%

(c)	Fair Value Measurements

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


		Total Value at September 30, 2022			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Warrants		$13,729			$13,729		$—			$—
	Preferred Stocks		637,601			637,601		—			—
	Common Stocks
	Belgium		85,022			—		85,022			—
	Brazil		1,985,755			1,985,755		—			—
	Chile		156,540			35,975		120,565			—
	China		9,986,053			7,191,876		2,794,177			—
	France		2,269,056			—		2,269,056			—
	Hong Kong		744,336			—		744,336			—
	India		8,784,601			—		8,784,601			—
	Indonesia		314,512			—		314,512			—
	Italy		625,076			87,602		537,474			—
	Japan		39,131			—		39,131			—
	Mexico		3,221,004			3,221,004		—			—
	Peru		259,722			259,722		—			—
	Philippines		526,303			—		526,303			—
	South Africa		374,162			—		374,162			—
	South Korea		3,020,703			94,969		2,925,734			—
	Switzerland		719,576			—		719,576			—
	Taiwan		3,365,275			—		3,365,275			—
	United Kingdom		36,194			36,194		—			—

	Total Common Stocks		36,513,021			12,913,097		23,599,924			—

	Short-Term Investment		1,369,014			1,369,014		—			—

	Total Assets		38,533,365			14,933,441		23,599,924			—

Liabilities	Due to Custodian		(12,321	)		—		(12,321	)		—

	Total Liabilities		(12,321	)		—		(12,321	)		—

	Total		$38,521,044			$14,933,441		$23,587,603			$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-100

PACIFIC FUNDS

PF INTERNATIONAL GROWTH FUND

Schedule of Investments

September 30, 2022 (Unaudited)


	Shares		Value
COMMON STOCKS - 95.7%

Canada - 7.7%

Barrick Gold Corp		7,430		$115,165
CAE Inc *		7,655		117,428
Canadian Imperial Bank of Commerce		2,616		114,499
Canadian Pacific Railway Ltd		6,913		461,467
Suncor Energy Inc		9,140		257,391
Thomson Reuters Corp		2,612		268,130

				1,334,080

China - 0.3%

Zai Lab Ltd *		17,100		58,215


Denmark - 3.0%

Novo Nordisk AS ‘B’		5,160		514,028


France - 12.4%

Airbus SE		1,839		158,522
BNP Paribas SA		7,192		303,785
Dassault Systemes SE		2,470		85,277
EssilorLuxottica SA		2,159		293,457
L’Oreal SA		1,634		522,459
LVMH Moet Hennessy Louis Vuitton SE		842		496,422
Teleperformance		1,068		270,934

				2,130,856

Germany - 3.0%

adidas AG		926		106,454
Deutsche Boerse AG		1,745		286,052
Deutsche Telekom AG		7,220		122,897

				515,403

Hong Kong - 2.8%

AIA Group Ltd		57,348		477,474


Ireland - 1.2%

CRH PLC		6,553		210,691


Israel - 1.1%

Nice Ltd ADR *		1,010		190,122


Italy - 1.5%

Intesa Sanpaolo SPA		161,707		267,304


Japan - 12.7%

Daiichi Sankyo Co Ltd		8,900		248,763
Hoya Corp		3,170		305,457
Keyence Corp		1,160		383,450
MonotaRO Co Ltd		5,146		78,965
Nidec Corp		2,300		128,745
Olympus Corp		22,089		424,942
Recruit Holdings Co Ltd		10,300		296,698
Shiseido Co Ltd		5,740		201,171
Sony Group Corp		1,750		112,726

				2,180,917

Netherlands - 4.2%

Adyen NV * ~		166		207,029
Argenx SE *		593		211,035
ASML Holding NV		724		299,938

				718,002

Portugal - 2.8%

EDP - Energias de Portugal SA		109,473		475,114


	Shares		Value
Spain - 4.9%

Amadeus IT Group SA *		5,257		$243,728
Cellnex Telecom SA ~		3,477		107,254
Iberdrola SA		23,710		221,076
Industria de Diseno Textil SA		12,798		264,108

				836,166

Sweden - 2.9%

Atlas Copco AB ‘A’		29,202		271,414
Sandvik AB		16,760		228,465

				499,879

Switzerland - 4.5%

Alcon Inc		2,832		164,498
Givaudan SA		40		120,840
Straumann Holding AG		900		82,314
TE Connectivity Ltd		3,687		406,898

				774,550

United Kingdom - 16.4%

3i Group PLC		13,621		163,553
Ashtead Group PLC		1,877		84,296
Burberry Group PLC		7,316		146,141
Compass Group PLC		13,828		275,349
Diageo PLC		12,877		542,038
Dr. Martens PLC		22,459		55,028
Haleon PLC *		66,030		205,879
Linde PLC		1,797		486,507
London Stock Exchange Group PLC		5,582		471,394
RELX PLC		4,310		105,318
Rentokil Initial PLC		54,458		288,653

				2,824,156

United States - 14.3%

Accenture PLC ‘A’		929		239,032
Atlassian Corp PLC ‘A’ *		493		103,821
ICON PLC *		1,689		310,404
Nestle SA		7,253		784,465
Roche Holding AG		1,563		508,808
Schlumberger NV		11,020		395,618
SolarEdge Technologies Inc *		483		111,795

				2,453,943

Total Common Stocks (Cost $17,930,972)				16,460,900


SHORT-TERM INVESTMENT - 2.7%

Money Market Fund - 2.7%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.790%		470,742		470,742


Total Short-Term Investment (Cost $470,742)				470,742


TOTAL INVESTMENTS - 98.4% (Cost $18,401,714)				16,931,642


OTHER ASSETS & LIABILITIES, NET - 1.6%				284,021


NET ASSETS - 100.0%				$17,215,663


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-101

PACIFIC FUNDS

PF INTERNATIONAL GROWTH FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)

Notes to Schedule of Investments

(a)	As of September 30, 2022, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Non-Cyclical			36.6%
Industrial			16.2%
Financial			12.1%
Consumer, Cyclical			8.5%
Technology			5.8%
Energy			4.4%
Basic Materials			4.2%
Utilities			4.1%
Communications			3.8%
Others (each less than 3.0%)			2.7%

			98.4%
Other Assets & Liabilities, Net			1.6%

			100.0%

(b)	As of September 30, 2022, the Fund’s composition by country of risk as a percentage of net assets was as follows:


United States (Includes Short-Term Investment)			17.0%
United Kingdom			16.4%
Japan			12.7%
France			12.4%
Canada			7.7%
Spain			4.9%
Switzerland			4.5%
Netherlands			4.2%
Denmark			3.0%
Germany			3.0%
Others (each less than 3.0%)			12.6%

			98.4%
Other Assets & Liabilities, Net			1.6%

			100.0%

(c)	Fair Value Measurements

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


		Total Value at September 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Canada		$1,334,080		$1,334,080		$—		$—
	China		58,215		—		58,215		—
	Denmark		514,028		—		514,028		—
	France		2,130,856		—		2,130,856		—
	Germany		515,403		—		515,403		—
	Hong Kong		477,474		—		477,474		—
	Ireland		210,691		—		210,691		—
	Israel		190,122		190,122		—		—
	Italy		267,304		—		267,304		—
	Japan		2,180,917		—		2,180,917		—
	Netherlands		718,002		—		718,002		—
	Portugal		475,114		—		475,114		—
	Spain		836,166		—		836,166		—
	Sweden		499,879		—		499,879		—
	Switzerland		774,550		406,898		367,652		—
	United Kingdom		2,824,156		205,879		2,618,277		—
	United States		2,453,943		1,160,670		1,293,273		—

	Total Common Stocks		16,460,900		3,297,649		13,163,251		—

	Short-Term Investment		470,742		470,742		—		—

	Total		$16,931,642		$3,768,391		$13,163,251		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-102

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments

September 30, 2022 (Unaudited)


	Shares		Value
COMMON STOCKS - 96.8%

Australia - 3.9%

EBOS Group Ltd		4,358		$91,740
GUD Holdings Ltd		20,095		95,336
Imdex Ltd		66,113		74,990
Inghams Group Ltd		114,761		174,678
Nanosonics Ltd *		27,038		59,629
Servcorp Ltd		34,476		73,262
SomnoMed Ltd *		21,500		20,216

				589,851

Austria - 1.9%

Mayr Melnhof Karton AG		1,010		130,070
Strabag SE		1,000		37,830
Wienerberger AG		6,200		124,445

				292,345

Belgium - 1.4%

Econocom Group SA		34,300		85,049
Fagron		10,800		132,682

				217,731

Brazil - 1.8%

Hypera SA		19,184		158,220
YDUQS Participacoes SA		40,449		108,727

				266,947

Canada - 2.3%

CCL Industries Inc ‘B’		2,100		101,796
ECN Capital Corp		11,500		38,046
Open Text Corp		5,000		132,153
The North West Co Inc		3,500		81,055

				353,050

China - 4.4%

Best Pacific International Holdings Ltd		201,870		33,175
Far East Horizon Ltd		206,643		139,311
Precision Tsugami China Corp Ltd		76,178		75,502
Qingdao Port International Co Ltd ‘H’ ~		231,901		99,134
Shenzhen YUTO Packaging Technology Co Ltd ‘A’		32,420		137,204
TravelSky Technology Ltd ‘H’		91,890		140,645
Xingda International Holdings Ltd		236,000		46,435

				671,406

Denmark - 1.0%

Spar Nord Bank AS		13,700		152,889


Finland - 2.0%

Huhtamaki Oyj		3,900		124,031
Kamux Corp		9,100		46,930
Nanoform Finland PLC *		8,100		24,966
Rovio Entertainment Oyj ~		18,800		104,525

				300,452

France - 4.3%

Altarea SCA REIT		1,100		137,043
Antin Infrastructure Partners SA		3,900		81,719
ARGAN SA REIT		800		61,878
Elior Group SA * ~		31,900		58,148
Lectra		2,300		63,710
Maisons du Monde SA ~		9,700		76,197
Thermador Groupe		1,500		99,818
Vicat SA		3,200		71,865

				650,378

Germany - 5.4%

DIC Asset AG		9,900		74,954
DWS Group GmbH & Co KGaA ~		2,400		57,130


	Shares		Value
JOST Werke AG ~		2,500		$87,165
Norma Group SE		4,200		56,569
Rheinmetall AG		640		98,539
Stabilus SE		1,600		70,346
Synlab AG		6,800		84,088
Takkt AG		7,500		69,180
Talanx AG		6,100		216,005

				813,976

Greece - 0.7%

Mytilineos SA		7,300		99,700


Hong Kong - 1.7%

ASMPT Ltd		19,468		118,014
Sino Land Co Ltd		63,892		84,039
WH Group Ltd ~		75,000		47,170

				249,223

Hungary - 1.1%

Richter Gedeon Nyrt		9,215		157,835


Indonesia - 1.0%

P.T. Avia Avian Tbk		1,447,424		75,490
P.T. Selamat Sempurna Tbk		889,000		75,841

				151,331

Ireland - 2.4%

AerCap Holdings NV *		1,997		84,533
Dalata Hotel Group PLC *		27,700		76,564
Irish Residential Properties REIT PLC ◇		103,300		116,628
Mincon Group PLC		76,069		83,870

				361,595

Italy - 1.3%

Banca Generali SPA		4,300		119,254
Recordati Industria Chimica e Farmaceutica SPA		2,200		80,517

				199,771

Japan - 20.7%

Amano Corp		6,000		100,815
ASKUL Corp		8,900		91,613
Capcom Co Ltd		5,200		130,923
Dexerials Corp		4,200		94,027
Dip Corp		3,300		83,830
GMO internet group Inc		8,200		143,937
Inaba Denki Sangyo Co Ltd		5,000		94,251
Isuzu Motors Ltd		10,600		117,209
Kamigumi Co Ltd		1,000		18,463
Lixil Corp		6,200		90,971
Maruwa Co Ltd		1,200		128,027
Meitec Corp		6,200		98,098
MINEBEA MITSUMI Inc		6,900		102,078
Mitani Corp		6,300		60,405
NSD Co Ltd		8,900		151,499
PALTAC Corp		5,200		160,024
Park24 Co Ltd *		2,500		32,453
Persol Holdings Co Ltd		9,300		172,035
Renesas Electronics Corp *		29,700		248,982
Roland Corp		4,500		138,010
S Foods Inc		7,200		151,092
San-Ai Obbli Co Ltd		18,000		138,592
Ship Healthcare Holdings Inc		9,500		178,457
SUMCO Corp		8,000		93,208
TIS Inc		5,800		153,988
TKC Corp		1,400		33,176
Tsuruha Holdings Inc		2,300		134,664

				3,140,827


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-103

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Shares		Value
Mexico - 1.9%

Bolsa Mexicana de Valores SAB de CV		89,278		$149,835
Gruma SAB de CV ‘B’		13,058		124,346
Grupo Comercial Chedraui SA de CV		5,300		15,700

				289,881

Netherlands - 1.3%

Acomo NV		6,100		111,458
Arcadis NV		2,700		87,875

				199,333

Norway - 0.9%

Europris ASA ~		26,400		132,035



Peru - 0.5%

Intercorp Financial Services Inc		3,733		74,884


Philippines - 1.8%

Century Pacific Food Inc		370,887		142,345
Robinsons Land Corp		472,603		132,402

				274,747

Singapore - 2.5%

HRnetgroup Ltd		161,465		82,885
Mapletree Industrial Trust REIT		75,267		124,552
The Hour Glass Ltd		84,269		122,718
Wing Tai Holdings Ltd		46,000		48,662

				378,817

South Korea - 1.6%

Hyundai Marine & Fire Insurance Co Ltd		3,184		64,824
Soulbrain Co Ltd		1,000		122,886
Vitzrocell Co Ltd		7,200		54,640

				242,350

Spain - 3.6%

Cia de Distribucion Integral Logista Holdings SA		9,300		169,482
CIE Automotive SA		5,100		105,604
Grupo Catalana Occidente SA		5,900		148,189
Indra Sistemas SA		5,300		40,358
Prosegur Cia de Seguridad SA		33,900		51,376
Viscofan SA		400		21,866

				536,875

Sweden - 1.6%

Dustin Group AB ~		13,700		54,008
Granges AB		13,500		86,574
Hexpol AB		10,000		82,019
Nordnet AB publ		2,100		23,779

				246,380

Taiwan - 3.4%

International Games System Co Ltd		15,310		172,603
Sporton International Inc		17,529		129,545
Test Research Inc		41,916		81,724
Tripod Technology Corp		25,091		73,548
Yageo Corp		7,520		63,476

				520,896

Thailand - 0.7%

Star Petroleum Refining PCL		388,053		108,733


United Kingdom - 13.6%

Ashtead Technology Holdings PLC *		39,400		106,021
B&M European Value Retail SA		25,065		85,252
Biffa PLC ~		10,551		48,537
Bodycote PLC		11,312		58,757
Grainger PLC		52,385		134,177


	Shares		Value
Harbour Energy PLC		21,551		$106,994
Hiscox Ltd		13,100		128,528
Hyve Group PLC *		16,594		9,297
Informa PLC		17,510		100,085
J D Wetherspoon PLC *		18,928		84,286
JET2 PLC *		8,860		67,817
John Wood Group PLC *		70,424		99,454
Lancashire Holdings Ltd		28,417		156,764
LSL Property Services PLC		32,835		96,054
On the Beach Group PLC * ~		55,850		62,439
Pets at Home Group PLC		22,800		66,471
Premier Foods PLC		70,000		74,485
Rathbones Group PLC		2,500		45,778
Reach PLC		59,329		45,874
Sabre Insurance Group PLC ~		68,059		73,711
Savills PLC		9,294		81,584
Tate & Lyle PLC		22,076		166,449
Vistry Group PLC		9,124		60,004
WH Smith PLC *		7,602		100,229

				2,059,047

United States - 6.1%

Adient PLC *		4,100		113,775
Adtalem Global Education Inc *		4,100		149,445
Antero Resources Corp *		6,065		185,164
GCC SAB de CV		25,203		149,382
GrafTech International Ltd		15,872		68,408
Impro Precision Industries Ltd ~		123,179		30,725
Ovintiv Inc		2,600		119,600
RHI Magnesita NV		6,000		112,146

				928,645


Total Common Stocks (Cost $18,898,863)				14,661,930


EXCHANGE-TRADED FUND - 2.4%

iShares MSCI India		8,900		362,942


Total Exchange-Traded Fund (Cost $397,826)				362,942


TOTAL INVESTMENTS - 99.2% (Cost $19,296,689)				15,024,872


OTHER ASSETS & LIABILITIES, NET - 0.8%				119,013


NET ASSETS - 100.0%				$15,143,885


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-104

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)

Notes to Schedule of Investments

(a)	As of September 30, 2022, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Non-Cyclical			21.5%
Industrial			20.2%
Financial			18.3%
Consumer, Cyclical			16.6%
Technology			9.9%
Energy			5.3%
Communications			3.1%
Others (each less than 3.0%)			4.3%

			99.2%
Other Assets & Liabilities, Net			0.8%

			100.0%

(b)	As of September 30, 2022, the Fund’s composition by country of risk as a percentage of net assets was as follows:


Japan			20.7%
United Kingdom			13.6%
United States			6.1%
Germany			5.4%
China			4.4%
France			4.3%
Australia			3.9%
Spain			3.6%
Taiwan			3.4%
Others (each less than 3.0%)			33.8%

			99.2%
Other Assets & Liabilities, Net			0.8%

			100.0%

(c)	Restricted securities as of September 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)	$166,793		$116,628		0.8%

(d)	Fair Value Measurements

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


		Total Value at September 30, 2022			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Australia		$589,851			$20,216		$569,635			$—
	Austria		292,345			37,830		254,515			—
	Belgium		217,731			—		217,731			—
	Brazil		266,947			266,947		—			—
	Canada		353,050			353,050		—			—
	China		671,406			108,677		562,729			—
	Denmark		152,889			—		152,889			—
	Finland		300,452			24,966		275,486			—
	France		650,378			181,537		468,841			—
	Germany		813,976			—		813,976			—
	Greece		99,700			—		99,700			—
	Hong Kong		249,223			—		249,223			—
	Hungary		157,835			—		157,835			—
	Indonesia		151,331			—		151,331			—
	Ireland		361,595			285,031		76,564			—
	Italy		199,771			—		199,771			—
	Japan		3,140,827			—		3,140,827			—
	Mexico		289,881			289,881		—			—
	Netherlands		199,333			—		199,333			—
	Norway		132,035			—		132,035			—
	Peru		74,884			74,884		—			—
	Philippines		274,747			142,345		132,402			—
	Singapore		378,817			—		378,817			—
	South Korea		242,350			—		242,350			—
	Spain		536,875			21,866		515,009			—
	Sweden		246,380			—		246,380			—
	Taiwan		520,896			—		520,896			—
	Thailand		108,733			—		108,733			—
	United Kingdom		2,059,047			743,398		1,315,649			—
	United States		928,645			785,774		142,871			—

	Total Common Stocks		14,661,930			3,336,402		11,325,528			—

	Exchange-Traded Fund		362,942			362,942		—			—

	Total Assets		15,024,872			3,699,344		11,325,528			—

Liabilities	Due to Custodian		(45,420	)		—		(45,420	)		—

	Total Liabilities		(45,420	)		—		(45,420	)		—

	Total		$14,979,452			$3,699,344		$11,280,108			$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-105

PACIFIC FUNDS

PF INTERNATIONAL VALUE FUND

Schedule of Investments

September 30, 2022 (Unaudited)


	Shares		Value
PREFERRED STOCKS - 0.8%

Germany - 0.8%

Henkel AG & Co KGaA		6,856		$407,158


Total Preferred Stocks (Cost $490,524)				407,158


COMMON STOCKS - 96.2%

Argentina - 0.2%

YPF SA ADR *		14,765		91,691


Austria - 1.1%

ams-OSRAM AG *		26,029		162,023
Erste Group Bank AG		19,154		419,897

				581,920

Belgium - 0.8%

Ageas SA		10,854		395,864


Brazil - 2.0%

Atacadao SA		40,032		143,153
Cia de Saneamento Basico do Estado de Sao Paulo		41,002		377,157
Telefonica Brasil SA		40,671		304,975
Ultrapar Participacoes SA		96,352		209,160

				1,034,445

Burkina Faso - 0.4%

Endeavour Mining PLC		12,343		227,676


Canada - 2.1%

ARC Resources Ltd		20,391		244,896
Barrick Gold Corp		32,601		505,293
Cameco Corp		10,665		282,729
Kinross Gold Corp		22,939		86,250

				1,119,168

China - 0.6%

Dongfeng Motor Group Co Ltd ‘H’		609,672		325,906


Finland - 1.6%

Nokia OYJ		133,285		572,200
Wartsila OYJ Abp		43,071		275,134

				847,334

France - 13.0%

AXA SA		36,841		804,346
BNP Paribas SA		13,775		581,846
Carrefour SA		33,343		462,437
Cie de Saint-Gobain		17,441		623,614
Dassault Aviation SA		2,126		241,877
Engie SA		69,039		794,631
Orange SA		52,624		475,960
Renault SA *		14,217		384,656
Rexel SA		14,728		220,725
SCOR SE		14,380		207,897
Societe Generale SA		25,492		504,132
TotalEnergies SE		32,878		1,542,458

				6,844,579

Germany - 4.2%

CECONOMY AG		33,939		39,431
Continental AG		5,517		244,808
Daimler Truck Holding AG *		24,318		549,768
Fresenius SE & Co KGaA		22,975		489,717
HeidelbergCement AG		13,159		519,835
Mercedes-Benz Group AG		7,131		360,593

				2,204,152


	Shares		Value

Hong Kong - 1.3%

CK Asset Holdings Ltd		89,613		$537,982
WH Group Ltd ~		255,308		160,573

				698,555

India - 0.8%

Canara Bank		94,475		263,315
Oil & Natural Gas Corp Ltd		105,839		163,951

				427,266

Indonesia - 0.9%

P.T. Bank Mandiri Persero Tbk		735,232		451,462


Ireland - 1.3%

AIB Group PLC		123,651		300,917
Bank of Ireland Group PLC		60,774		389,804

				690,721

Italy - 4.4%

Assicurazioni Generali SPA		32,068		437,867
BPER Banca		150,129		230,088
Eni SPA		77,385		822,502
UniCredit SPA		79,682		806,707

				2,297,164

Japan - 26.9%

Alfresa Holdings Corp		17,724		206,565
Alps Alpine Co Ltd		22,350		161,565
Benesse Holdings Inc		1,459		21,723
Dai-ichi Life Holdings Inc		32,581		518,048
DeNA Co Ltd		16,907		214,223
Eisai Co Ltd		3,588		192,529
Fuji Media Holdings Inc		10,855		79,724
Hino Motors Ltd		63,273		261,595
Honda Motor Co Ltd		37,788		820,218
Inpex Corp		41,048		382,858
Isuzu Motors Ltd		43,058		476,111
Japan Airlines Co Ltd *		26,778		479,540
JGC Holdings Corp		23,972		297,418
Kirin Holdings Co Ltd		27,202		419,067
Makita Corp		17,391		337,478
Mitsubishi Estate Co Ltd		40,232		530,104
Mitsubishi Heavy Industries Ltd		6,460		214,855
Mitsubishi UFJ Financial Group Inc		143,003		647,822
MS&AD Insurance Group Holdings Inc		20,634		546,445
Nikon Corp		27,004		255,918
Nippon Television Holdings Inc		20,869		167,222
Nissan Motor Co Ltd		101,618		327,477
Nomura Holdings Inc		48,845		161,818
Ono Pharmaceutical Co Ltd		23,649		552,411
Resona Holdings Inc		182,648		668,393
Shimamura Co Ltd		2,031		171,879
Stanley Electric Co Ltd		18,413		289,095
Subaru Corp		29,072		439,346
Sumitomo Electric Industries Ltd		45,883		465,782
Sumitomo Heavy Industries Ltd		13,769		255,024
Sumitomo Mitsui Financial Group Inc		15,393		426,717
Sumitomo Mitsui Trust Holdings Inc		20,077		570,984
Sumitomo Rubber Industries Ltd		21,087		167,896
T&D Holdings Inc		67,048		637,294
Taiheiyo Cement Corp		13,631		192,489
Takeda Pharmaceutical Co Ltd		18,484		479,989
THK Co Ltd		18,254		315,152
Tsuruha Holdings Inc		4,792		280,570
Yamato Holdings Co Ltd		34,204		513,656

				14,147,000

Luxembourg - 0.4%

RTL Group SA		6,541		206,967


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-106

PACIFIC FUNDS

PF INTERNATIONAL VALUE FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Shares		Value

Malaysia - 0.5%

CIMB Group Holdings Bhd		255,418		$281,624


Mexico - 0.1%

America Movil SAB de CV ‘L’ ADR		1,730		28,493
Sitios Latinoamerica SAB de CV *		3,134		1,427

				29,920

Netherlands - 6.4%

ABN AMRO Bank NV ~		45,403		406,828
ING Groep NV		45,051		386,016
Koninklijke Philips NV		39,590		609,547
PostNL NV		47,153		78,884
Shell PLC		76,067		1,887,065

				3,368,340

Norway - 0.1%

Norsk Hydro ASA		12,971		69,601


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		20,430

				20,430


South Africa - 1.4%

Anglo American PLC		15,773		473,598
MTN Group Ltd		11,636		76,774
Old Mutual Ltd		351,541		188,912

				739,284

South Korea - 4.7%

Coway Co Ltd		7,211		269,666
Hankook Tire & Technology Co Ltd		8,338		203,518
Hyundai Mobis Co Ltd		2,833		373,966
KB Financial Group Inc		16,032		484,143
KT Corp ADR		46,005		562,181
Shinhan Financial Group Co Ltd		24,047		558,591

				2,452,065

Spain - 0.8%

CaixaBank SA		132,789		427,697


Sweden - 1.0%

SKF AB ‘B’		39,454		528,550


Switzerland - 7.2%

Adecco Group AG		18,015		497,206
Holcim Ltd		12,736		521,928
Novartis AG		15,360		1,171,000
The Swatch Group AG		2,290		514,331
UBS Group AG		74,849		1,085,907

				3,790,372

Taiwan - 1.6%

Catcher Technology Co Ltd		72,846		394,470
Hon Hai Precision Industry Co Ltd		132,132		423,102

				817,572

Thailand - 1.0%

Kasikornbank PCL		109,584		422,365
Kasikornbank PCL NVDR		33,360		126,763

				549,128


	Shares		Value

Turkey - 0.7%

Turk Telekomunikasyon AS		294,126		$170,065
Turkcell Iletisim Hizmetleri AS		162,995		173,217

				343,282

United Kingdom - 8.7%

Babcock International Group PLC *		62,813		193,962
BP PLC		298,509		1,426,393
BT Group PLC		256,025		344,175
Centrica PLC *		77,246		60,615
easyJet PLC *		89,748		292,836
J Sainsbury PLC		139,499		270,151
Kingfisher PLC		80,972		197,104
Land Securities Group PLC REIT		36,727		212,218
Marks & Spencer Group PLC *		47,388		51,691
Standard Chartered PLC		120,691		754,869
The British Land Co PLC REIT		53,465		207,089
WPP PLC		71,707		591,955

				4,603,058


Total Common Stocks (Cost $58,049,542)				50,612,793


EXCHANGE-TRADED FUND - 0.8%

iShares Core MSCI EAFE		7,892		415,672


Total Exchange-Traded Fund (Cost $433,696)				415,672


SHORT-TERM INVESTMENT - 1.4%

Money Market Fund - 1.4%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.790%		754,803		754,803


Total Short-Term Investment (Cost $754,803)				754,803


TOTAL INVESTMENTS - 99.2% (Cost $59,728,565)				52,190,426


OTHER ASSETS & LIABILITIES, NET - 0.8%				406,938


NET ASSETS - 100.0%				$52,597,364

Notes to Schedule of Investments

(a)	As of September 30, 2022, the Fund’s composition by sector as a percentage of net assets was as follows:


Financial			31.5%
Consumer, Cyclical			15.8%
Energy			12.9%
Consumer, Non-Cyclical			11.8%
Industrial			11.7%
Communications			7.2%
Basic Materials			3.1%
Others (each less than 3.0%)			5.2%

			99.2%
Other Assets & Liabilities, Net			0.8%

			100.0%


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-107

PACIFIC FUNDS

PF INTERNATIONAL VALUE FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)

(b)	As of September 30, 2022, the Fund’s composition by country of risk as a percentage of net assets was as follows:


Japan			26.9%
France			13.0%
United Kingdom			8.7%
Switzerland			7.2%
Netherlands			6.4%
Germany			5.0%
South Korea			4.7%
Italy			4.4%
Others (each less than 3.0%)			22.9%

			99.2%
Other Assets & Liabilities, Net			0.8%

			100.0%

(c)	Fair Value Measurements

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


		Total Value at September 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Preferred Stocks		$407,158		$—		$407,158		$—
	Common Stocks
	Argentina		91,691		91,691		—		—
	Austria		581,920		—		581,920		—
	Belgium		395,864		—		395,864		—
	Brazil		1,034,445		1,034,445		—		—
	Burkina Faso		227,676		227,676		—		—
	Canada		1,119,168		1,119,168		—		—
	China		325,906		—		325,906		—
	Finland		847,334		—		847,334		—
	France		6,844,579		—		6,844,579		—
	Germany		2,204,152		—		2,204,152		—
	Hong Kong		698,555		—		698,555		—
	India		427,266		—		427,266		—
	Indonesia		451,462		—		451,462		—
	Ireland		690,721		—		690,721		—
	Italy		2,297,164		—		2,297,164		—
	Japan		14,147,000		—		14,147,000		—
	Luxembourg		206,967		—		206,967		—
	Malaysia		281,624		—		281,624		—
	Mexico		29,920		29,920		—		—
	Netherlands		3,368,340		—		3,368,340		—
	Norway		69,601		—		69,601		—
	Russia		20,430		20,430		—		—
	South Africa		739,284		—		739,284		—
	South Korea		2,452,065		562,181		1,889,884		—
	Spain		427,697		—		427,697		—
	Sweden		528,550		—		528,550		—
	Switzerland		3,790,372		—		3,790,372		—
	Taiwan		817,572		—		817,572		—
	Thailand		549,128		—		549,128		—
	Turkey		343,282		—		343,282		—
	United Kingdom		4,603,058		—		4,603,058		—

	Total Common Stocks		50,612,793		3,085,511		47,527,282		—

	Exchange-Traded Fund		415,672		415,672		—		—
	Short-Term Investment		754,803		754,803		—		—

	Total		$52,190,426		$4,255,986		$47,934,440		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-108

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments

September 30, 2022 (Unaudited)


	Principal Amount		Value
CORPORATE BONDS & NOTES - 65.3%

Basic Materials - 0.5%

Glencore Funding LLC (Australia) 4.125% due 03/12/24 ~		$1,600,000		$1,573,457
4.625% due 04/29/24 ~		2,000,000		1,981,904
Nucor Corp 3.950% due 05/23/25		500,000		485,144

				4,040,505

Communications - 3.2%

AT&T Inc 4.416% (USD LIBOR + 1.180%) due 06/12/24 §		7,750,000		7,781,642
Charter Communications Operating LLC 4.432% (USD LIBOR + 1.650%) due 02/01/24 §		500,000		502,748
eBay Inc 1.900% due 03/11/25		2,500,000		2,322,654
NTT Finance Corp (Japan) 0.583% due 03/01/24 ~		4,000,000		3,773,924
Sprint Spectrum Co LLC 4.738% due 09/20/29 ~		4,903,125		4,835,505
Verizon Communications Inc 0.750% due 03/22/24		5,000,000		4,729,299

				23,945,772

Consumer, Cyclical - 2.3%

Brunswick Corp 0.850% due 08/18/24		2,500,000		2,304,167
Delta Air Lines Inc 4.500% due 10/20/25 ~		3,000,000		2,913,767
Dollar General Corp 4.250% due 09/20/24		1,750,000		1,730,204
DR Horton Inc 2.500% due 10/15/24		2,000,000		1,903,624
General Motors Financial Co Inc 1.050% due 03/08/24		2,000,000		1,875,837
1.200% due 10/15/24		2,350,000		2,159,182
Hyatt Hotels Corp 1.300% due 10/01/23		2,500,000		2,406,043
Lowe’s Cos Inc 4.400% due 09/08/25		1,250,000		1,231,839
Marriott International Inc 3.600% due 04/15/24		1,000,000		977,081

				17,501,744

Consumer, Non-Cyclical - 7.4%

AmerisourceBergen Corp 0.737% due 03/15/23		686,000		675,096
Baxter International Inc 1.322% due 11/29/24		4,650,000		4,297,015
Bayer US Finance II LLC (Germany) 4.303% (USD LIBOR + 1.010%) due 12/15/23 ~ §		3,200,000		3,189,913
Cintas Corp No 2 3.450% due 05/01/25		1,000,000		966,604
Coca-Cola Europacific Partners PLC (United Kingdom) 0.800% due 05/03/24 ~		5,000,000		4,667,156
Constellation Brands Inc 3.600% due 05/09/24		1,400,000		1,370,590
Element Fleet Management Corp (Canada) 1.600% due 04/06/24 ~		4,000,000		3,766,888
Elevance Health Inc 2.375% due 01/15/25		1,200,000		1,133,692
General Mills Inc 3.750% (USD LIBOR + 1.010%) due 10/17/23 §		4,000,000		4,020,991


	Principal Amount		Value
Gilead Sciences Inc 0.750% due 09/29/23		$2,812,000		$2,700,294
Global Payments Inc 1.500% due 11/15/24		750,000		689,767
Hormel Foods Corp 0.650% due 06/03/24		2,350,000		2,199,164
Humana Inc 0.650% due 08/03/23		2,800,000		2,704,702
4.500% due 04/01/25		500,000		493,413
JDE Peet’s NV (Netherlands) 0.800% due 09/24/24 ~		1,500,000		1,373,982
Keurig Dr Pepper Inc 0.750% due 03/15/24		3,000,000		2,827,851
McKesson Corp 1.300% due 08/15/26		1,000,000		864,555
Mondelez International Holdings Netherlands BV 0.750% due 09/24/24 ~		2,000,000		1,834,998
4.250% due 09/15/25 ~		1,250,000		1,224,279
Mondelez International Inc 2.125% due 03/17/24		1,500,000		1,441,350
PerkinElmer Inc 0.550% due 09/15/23		2,700,000		2,584,244
Royalty Pharma PLC 0.750% due 09/02/23		1,500,000		1,437,112
Suntory Holdings Ltd (Japan) 2.250% due 10/16/24 ~		5,100,000		4,765,184
Thermo Fisher Scientific Inc 1.215% due 10/18/24		3,200,000		2,978,532
Zimmer Biomet Holdings Inc 1.450% due 11/22/24		1,750,000		1,619,794

				55,827,166

Energy - 1.2%

Enbridge Inc (Canada) 2.500% due 02/14/25		1,250,000		1,175,331
Energy Transfer LP 3.600% due 02/01/23		3,400,000		3,386,159
4.250% due 03/15/23		1,519,000		1,515,340
EQT Corp due 10/01/25 #		600,000		597,054
Kinder Morgan Inc 3.792% (USD LIBOR + 1.280%) due 01/15/23 §		1,000,000		1,000,953
5.625% due 11/15/23 ~		915,000		915,716
Sabine Pass Liquefaction LLC 5.750% due 05/15/24		200,000		200,839

				8,791,392

Financial - 34.9%

AerCap Ireland Capital DAC (Ireland) 1.150% due 10/29/23		3,300,000		3,136,666
AIG Global Funding 0.650% due 06/17/24 ~		1,000,000		929,694
American Express Co 2.250% due 03/04/25		1,500,000		1,407,373
3.375% due 05/03/24		2,400,000		2,341,567
ANZ New Zealand Int’l Ltd (New Zealand) 2.166% due 02/18/25 ~		1,650,000		1,543,039
Athene Global Funding 0.950% due 01/08/24 ~		4,550,000		4,285,784
Avolon Holdings Funding Ltd (Ireland) 3.950% due 07/01/24 ~		600,000		568,049
Banco Santander SA (Spain) 2.706% due 06/27/24		2,900,000		2,770,625
2.746% due 05/28/25		1,250,000		1,144,342
Bank of America Corp 1.843% due 02/04/25		7,500,000		7,132,027
3.384% due 04/02/26		3,000,000		2,835,307
3.841% due 04/25/25		3,500,000		3,407,322


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-109

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
Canadian Imperial Bank of Commerce (Canada) 0.450% due 06/22/23		$3,000,000		$2,914,203
Citigroup Inc 0.776% due 10/30/24		1,200,000		1,140,175
0.981% due 05/01/25		2,100,000		1,947,191
1.678% due 05/15/24		600,000		587,298
2.014% due 01/25/26		3,600,000		3,311,039
4.042% (USD LIBOR + 1.100%) due 05/17/24 §		2,800,000		2,800,905
Citizens Bank NA 4.592% (USD LIBOR + 0.950%) due 03/29/23 §		2,000,000		1,999,859
Cooperatieve Rabobank UA (Netherlands) 0.375% due 01/12/24		2,000,000		1,890,912
Corebridge Financial Inc 3.500% due 04/04/25 ~		1,650,000		1,569,219
Credit Suisse AG (Switzerland) 0.495% due 02/02/24		3,000,000		2,796,337
1.000% due 05/05/23		1,750,000		1,706,378
Danske Bank AS (Denmark) 0.976% due 09/10/25 ~		3,150,000		2,854,453
F&G Global Funding
0.900% due 09/20/24 ~		2,000,000		1,821,408
Fifth Third Bank NA 1.800% due 01/30/23		2,000,000		1,981,396
GLP Capital LP REIT 3.350% due 09/01/24		1,000,000		949,272
HSBC Holdings PLC (United Kingdom) 0.732% due 08/17/24		2,650,000		2,527,273
0.976% due 05/24/25		3,500,000		3,218,131
1.162% due 11/22/24		3,600,000		3,403,448
3.961% (USD LIBOR + 1.000%) due 05/18/24 §		2,300,000		2,272,869
JPMorgan Chase & Co 0.824% due 06/01/25		2,500,000		2,316,255
0.969% due 06/23/25		2,350,000		2,175,488
2.595% due 02/24/26		5,500,000		5,119,383
3.673% (USD LIBOR + 0.890%) due 07/23/24 §		700,000		700,420
MassMutual Global Funding II 0.600% due 04/12/24 ~		10,000,000		9,370,580
4.150% due 08/26/25 ~		1,650,000		1,607,839
Metropolitan Life Global Funding I 0.400% due 01/07/24 ~		2,000,000		1,890,356
4.050% due 08/25/25 ~		5,000,000		4,852,043
Mid-America Apartments LP REIT 4.300% due 10/15/23		2,000,000		1,986,539
Mitsubishi UFJ Financial Group Inc (Japan) 0.848% due 09/15/24		4,350,000		4,150,780
0.953% due 07/19/25		7,000,000		6,445,071
3.837% due 04/17/26		2,000,000		1,916,007
Mizuho Financial Group Inc (Japan) 1.241% due 07/10/24		3,000,000		2,903,099
Morgan Stanley 0.529% due 01/25/24		4,000,000		3,935,455
0.731% due 04/05/24		3,000,000		2,928,186
0.790% due 05/30/25		2,900,000		2,670,917
4.083% (USD LIBOR + 1.220%) due 05/08/24 §		700,000		700,578
New York Life Global Funding 0.400% due 10/21/23 ~		1,650,000		1,583,376
3.600% due 08/05/25 ~		7,000,000		6,781,448
Nomura Holdings Inc (Japan) 5.099% due 07/03/25		2,000,000		1,969,884
Principal Life Global Funding II 0.750% due 08/23/24 ~		2,000,000		1,839,364
Protective Life Global Funding 0.781% due 07/05/24 ~		2,500,000		2,313,436
3.218% due 03/28/25 ~		1,250,000		1,187,094


	Principal Amount		Value
Reliance Standard Life Global Funding II 2.150% due 01/21/23 ~		$2,100,000		$2,082,737
Royal Bank of Canada (Canada) 0.500% due 10/26/23		4,500,000		4,315,454
0.650% due 07/29/24		7,500,000		6,972,124
0.750% due 10/07/24		12,000,000		11,026,936
1.600% due 01/21/25		4,000,000		3,707,915
Skandinaviska Enskilda Banken AB (Sweden) 0.550% due 09/01/23 ~		5,000,000		4,810,550
3.402% (USD LIBOR + 0.320%) due 09/01/23 ~ §		6,500,000		6,467,921
Societe Generale SA (France) 2.226% due 01/21/26 ~		1,900,000		1,714,157
Standard Chartered PLC (United Kingdom) 1.214% due 03/23/25 ~		2,900,000		2,720,167
1.319% due 10/14/23 ~		2,000,000		1,998,034
3.885% due 03/15/24 ~		1,000,000		990,379
Sumitomo Mitsui Financial Group Inc (Japan) 1.402% due 09/17/26		8,000,000		6,834,469
3.538% (USD LIBOR + 0.800%) due 10/16/23 §		7,500,000		7,501,760
The Bank of Nova Scotia (Canada) 0.650% due 07/31/24		7,500,000		6,930,886
1.450% due 01/10/25		5,000,000		4,599,678
The Goldman Sachs Group Inc 0.657% due 09/10/24		4,400,000		4,190,082
1.757% due 01/24/25		5,750,000		5,466,712
The Toronto-Dominion Bank (Canada) 1.450% due 01/10/25		7,000,000		6,487,398
3.378% (USD LIBOR + 0.640%) due 07/19/23 §		4,500,000		4,501,375
UBS AG (Switzerland) 0.450% due 02/09/24 ~		5,000,000		4,705,100
1.375% due 01/13/25 ~		9,000,000		8,285,462
UBS Group AG (Switzerland) 1.008% due 07/30/24 ~		1,500,000		1,447,766
Ventas Realty LP REIT 2.650% due 01/15/25		1,650,000		1,553,402
VICI Properties LP REIT 4.375% due 05/15/25		1,850,000		1,763,698
Wells Fargo & Co 1.654% due 06/02/24		1,750,000		1,709,383
3.908% due 04/25/26		3,250,000		3,108,535
Westpac Banking Corp (Australia) 1.019% due 11/18/24		4,200,000		3,896,675

				264,325,914

Industrial - 4.7%

Amcor Flexibles North America Inc 4.000% due 05/17/25		3,200,000		3,092,799
Berry Global Inc 0.950% due 02/15/24		2,850,000		2,679,681
Canadian Pacific Railway Co (Canada) 1.350% due 12/02/24		1,200,000		1,110,566
Carlisle Cos Inc 0.550% due 09/01/23		2,400,000		2,304,579
Graphic Packaging International LLC 0.821% due 04/15/24 ~		1,950,000		1,812,265
Jabil Inc 1.700% due 04/15/26		1,000,000		869,862
Parker-Hannifin Corp 3.650% due 06/15/24		1,250,000		1,223,489
Penske Truck Leasing Co LP 1.200% due 11/15/25 ~		2,000,000		1,739,671
2.700% due 11/01/24 ~		1,000,000		942,760
Ryder System Inc 2.500% due 09/01/24		3,000,000		2,865,908
Siemens Financieringsmaatschappij NV (Germany) 0.650% due 03/11/24 ~		6,200,000		5,844,533


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-110

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
TD SYNNEX Corp 1.250% due 08/09/24		$3,800,000		$3,496,797
Teledyne Technologies Inc 0.950% due 04/01/24		7,000,000		6,541,198
The Boeing Co 4.508% due 05/01/23		1,500,000		1,495,178

				36,019,286

Technology - 3.2%

CGI Inc (Canada) 1.450% due 09/14/26		2,000,000		1,731,612
DXC Technology Co 1.800% due 09/15/26		1,000,000		858,054
Fidelity National Information Services Inc 0.600% due 03/01/24		4,000,000		3,754,018
Hewlett Packard Enterprise Co 1.450% due 04/01/24		1,000,000		949,908
Infor Inc 1.450% due 07/15/23 ~		2,700,000		2,606,100
Microchip Technology Inc 0.972% due 02/15/24		4,950,000		4,667,306
Oracle Corp 1.650% due 03/25/26		1,800,000		1,578,763
2.500% due 04/01/25		5,450,000		5,083,189
Qorvo Inc 1.750% due 12/15/24 ~		1,200,000		1,109,829
VMware Inc 4.500% due 05/15/25		2,350,000		2,297,841

				24,636,620

Utilities - 7.9%

American Electric Power Co Inc 0.750% due 11/01/23		2,450,000		2,347,589
1.000% due 11/01/25		500,000		438,554
Black Hills Corp 1.037% due 08/23/24		2,500,000		2,310,978
CenterPoint Energy Resources Corp 3.600% (USD LIBOR + 0.500%) due 03/02/23 §		490,000		488,908
Consolidated Edison Inc 0.650% due 12/01/23		3,500,000		3,334,541
Consumers Energy Co 0.350% due 06/01/23		4,000,000		3,884,163
Dominion Energy Inc 3.071% due 08/15/24		1,000,000		959,812
DTE Energy Co 1.050% due 06/01/25		1,000,000		896,177
4.220% due 11/01/24		1,400,000		1,374,352
Emera US Finance LP (Canada) 0.833% due 06/15/24		2,550,000		2,364,393
Evergy Inc 2.450% due 09/15/24		4,176,000		3,953,602
Eversource Energy 4.200% due 06/27/24		1,650,000		1,628,377
Mississippi Power Co 3.355% (SOFR + 0.300%) due 06/28/24 §		1,900,000		1,862,163
NextEra Energy Capital Holdings Inc 4.255% due 09/01/24		1,000,000		986,319
4.450% due 06/20/25		1,250,000		1,229,639
Oncor Electric Delivery Co LLC 2.750% due 06/01/24		1,800,000		1,744,562
Pacific Gas and Electric Co 3.250% due 02/16/24		3,000,000		2,897,455
Public Service Enterprise Group Inc 0.800% due 08/15/25		2,800,000		2,465,314
0.841% due 11/08/23		5,200,000		4,961,378
Sempra Energy 3.300% due 04/01/25		2,100,000		2,000,323


	Principal Amount		Value
Southern California Edison Co 0.700% due 08/01/23		$4,550,000		$4,402,094
1.100% due 04/01/24		1,300,000		1,225,714
Tampa Electric Co 3.875% due 07/12/24		1,200,000		1,178,673
The AES Corp 3.300% due 07/15/25 ~		3,000,000		2,770,110
Virginia Electric and Power Co 3.750% due 05/15/27		1,350,000		1,276,080
Vistra Operations Co LLC 4.875% due 05/13/24 ~		3,600,000		3,511,368
WEC Energy Group Inc 0.800% due 03/15/24		2,500,000		2,354,381
5.000% due 09/27/25		550,000		548,415
Xcel Energy Inc 0.500% due 10/15/23		650,000		619,640

				60,015,074


Total Corporate Bonds & Notes (Cost $522,828,516)				495,103,473


SENIOR LOAN NOTES - 0.8%

Communications - 0.2%

Charter Communications Operating LLC Term B-2 4.870% (USD LIBOR + 1.750%) due 02/01/27 §		1,984,655		1,913,420


Consumer, Cyclical - 0.3%

Hilton Worldwide Finance LLC Term B-2 4.809% (USD LIBOR + 1.750%) due 06/21/26 §		2,000,000		1,936,250


Consumer, Non-Cyclical - 0.3%

United Rentals North America Inc Term B 4.865% (USD LIBOR + 1.750%) due 10/31/25 §		1,984,496		1,989,870


Total Senior Loan Notes (Cost $5,926,437)				5,839,540


ASSET-BACKED SECURITIES - 8.5%

Capital One Prime Auto Receivables Trust 3.740% due 09/15/25		4,850,000		4,818,607
Chase Auto Owner Trust 3.860% due 10/27/25 ~		1,500,000		1,489,382
Ford Credit Auto Owner Trust 3.440% due 02/15/25		1,750,000		1,736,718
GM Financial Consumer Automobile Receivables Trust 3.500% due 09/16/25		2,175,000		2,154,065
Honda Auto Receivables Owner Trust 3.810% due 03/18/25		1,700,000		1,689,811
John Deere Owner Trust 3.730% due 06/16/25		1,700,000		1,685,678
Magnetite Ltd (Cayman) 3.492% (USD LIBOR + 0.980%) due 04/15/31 ~ §		1,655,164		1,629,734
3.540% (USD LIBOR + 0.800%) due 01/18/28 ~ §		9,106,699		8,991,386
OCP CLO Ltd (Cayman) 3.472% (USD LIBOR + 0.960%) due 07/15/30 ~ §		4,000,000		3,921,817


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-111

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)


	Principal Amount		Value
Palmer Square Loan Funding Ltd (Cayman) 3.312% (USD LIBOR + 0.800%) due 10/15/29 ~ §		$435,227		$430,091
3.378% (SOFR + 1.050%) due 04/15/30 ~ §		9,036,181		8,924,593
3.510% (USD LIBOR + 0.800%) due 07/20/29 ~ §		6,951,305		6,870,034
3.784% (USD LIBOR + 0.800%) due 02/20/28 ~ §		2,189,923		2,161,454
3.997% (USD LIBOR + 1.000%) due 11/25/28 ~ §		676,515		671,334
4.084% (SOFR + 1.560%) due 01/15/31 ~ §		3,000,000		2,977,412
Santander Drive Auto Receivables Trust 2.760% due 03/17/25		397,754		396,058
3.980% due 01/15/25		3,000,000		2,981,867
4.050% due 07/15/25		3,750,000		3,733,084
4.370% due 05/15/25		3,100,000		3,090,148
SMB Private Education Loan Trust 2.430% due 02/17/32 ~		442,801		427,171
2.700% due 05/15/31 ~		673,910		652,733
Stratus CLO Ltd (Cayman) 3.510% (USD LIBOR + 0.800%) due 12/29/29 ~ §		925,102		913,810
Toyota Auto Receivables Owner Trust 3.830% due 08/15/25		2,100,000		2,087,539


Total Asset-Backed Securities (Cost $64,982,683)				64,434,526


U.S. TREASURY OBLIGATIONS - 36.2%

U.S. Treasury Notes - 36.2%

0.125% due 11/30/22 ‡		87,000,000		86,579,917
0.125% due 02/28/23 ‡		10,000,000		9,850,589
0.375% due 08/15/24		54,500,000		50,706,289
0.500% due 03/15/23 ‡		5,000,000		4,924,523
1.375% due 10/15/22		25,000,000		24,989,073
1.375% due 08/31/23		30,000,000		29,218,365
1.500% due 01/15/23 ‡		30,000,000		29,833,482
1.750% due 06/30/24 ‡		10,000,000		9,576,172
1.750% due 07/31/24 ‡		10,000,000		9,558,984
2.625% due 02/28/23 ‡		2,100,000		2,090,773
2.750% due 05/15/25 ‡		2,500,000		2,406,152
2.875% due 06/15/25 ‡		15,000,000		14,468,555


Total U.S. Treasury Obligations (Cost $276,487,770)				274,202,874


	Shares		Value

SHORT-TERM INVESTMENTS - 6.8%

Money Market Fund - 1.9%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.790%		14,274,230		$14,274,230


	Principal Amount
U.S. Treasury Bills - 4.9%

2.344% due 10/27/22		$22,000,000		21,962,325
3.771% due 03/16/23 ‡		6,000,000		5,899,240
3.843% due 07/13/23 ‡		10,000,000		9,708,844

				37,570,409


Total Short-Term Investments (Cost $51,908,211)				51,844,639


TOTAL INVESTMENTS - 117.6% (Cost $922,133,617)				891,425,052


DERIVATIVES - (17.4%)				(131,596,018	)


OTHER ASSETS & LIABILITIES, NET - (0.2%)				(1,898,817	)


NET ASSETS - 100.0%				$757,930,217

Notes to Schedule of Investments

(a)	As of September 30, 2022, the Fund’s composition as a percentage of net assets was as follows:


Corporate Bonds & Notes	65.3%
U.S. Treasury Obligations	36.2%
Asset-Backed Securities	8.5%
Short-Term Investments	6.8%
Others (each less than 3.0%)	0.8%

	117.6%
Derivatives	(17.4%	)
Other Assets & Liabilities, Net	(0.2%	)

	100.0%

(b)	As of September 30, 2022, investments with a total aggregate value of $126,451,242 were fully or partially segregated with the broker(s)/ custodian as collateral for open futures and swap agreements.


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-112

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments (Continued)

September 30, 2022 (Unaudited)

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

Short Futures Outstanding

Expiration
Month

Number of
Contracts

Notional
Amount

Value

Unrealized
Appreciation
(Depreciation)

S&P 500 E-Mini Index

12/22

$9,127,360

$9,003,750

$123,610

(d)	Swap agreements outstanding as of September 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)
Russell 1000 Growth Index		1-Day U.S. Fed Funds + 0.410%		Z		CIT		11/18/22		$31,658,636		($7,869,471	)		$—		($7,869,471	)
Russell 1000 Value Index		1-Day U.S. Fed Funds + 0.430%		Z		CIT		11/18/22		115,781,392		(16,207,358	)		—		(16,207,358	)
Russell Mid-Cap Growth Index		1-Day U.S. Fed Funds + 0.300%		Z		CIT		11/18/22		52,656,949		(16,805,548	)		—		(16,805,548	)
MSCI EAFE Index		1-Day U.S. Fed Funds + 0.010%		Z		JPM		11/18/22		56,169,131		(14,508,541	)		—		(14,508,541	)
Russell 1000 Growth Index		1-Day U.S. Fed Funds + 0.380%		Z		BOA		03/28/23		76,833,921		(17,699,465	)		—		(17,699,465	)
Russell Mid-Cap Value Index		1-Day U.S. Fed Funds + 0.400%		Z		CIT		03/28/23		46,475,970		(7,780,965	)		—		(7,780,965	)
MSCI EAFE Index		1-Day U.S. Fed Funds - 0.070%		Z		JPM		03/28/23		48,829,835		(10,797,607	)		—		(10,797,607	)
MSCI EAFE Index		1-Day U.S. Fed Funds + 0.060%		Z		SGN		03/28/23		8,354,435		(2,355,790	)		—		(2,355,790	)
Russell 1000 Growth Index		1-Day U.S. Fed Funds + 0.470%		Z		SGN		03/28/23		42,416,146		(8,560,494	)		—		(8,560,494	)
Russell 1000 Value Index		1-Day U.S. Fed Funds + 0.490%		Z		SGN		03/28/23		49,515,270		(7,103,882	)		—		(7,103,882	)
Russell Mid-Cap Growth Index		1-Day U.S. Fed Funds + 0.470%		Z		SGN		03/28/23		5,139,668		(1,429,309	)		—		(1,429,309	)
Russell 1000 Value Index		1-Day U.S. Fed Funds + 0.320%		Z		BOA		06/23/23		35,777,733		(2,166,779	)		—		(2,166,779	)
MSCI EAFE Index		1-Day U.S. Fed Funds - 0.040%		Z		BRC		06/23/23		8,800,107		(876,050	)		—		(876,050	)
Russell 1000 Growth Index		1-Day U.S. Fed Funds + 0.300%		Z		BRC		06/23/23		61,123,408		(1,151,917	)		—		(1,151,917	)
Russell Mid-Cap Growth Index		1-Day U.S. Fed Funds + 0.160%		Z		SGN		06/23/23		29,309,215		286,061			—		286,061
Russell Mid-Cap Value Index		1-Day U.S. Fed Funds + 0.190%		Z		SGN		06/23/23		15,179,515		(1,018,138	)		—		(1,018,138	)
MSCI EAFE Index		1-Day U.S. Fed Funds - 0.050%		Z		BOA		09/21/23		19,343,139		(1,839,337	)		—		(1,839,337	)
Russell 1000 Growth Index		1-Day U.S. Fed Funds + 0.320%		Z		BOA		09/21/23		65,967,984		(5,949,549	)		—		(5,949,549	)
Russell 1000 Value Index		1-Day U.S. Fed Funds + 0.330%		Z		BOA		09/21/23		88,664,860		(8,053,269	)		—		(8,053,269	)
Russell Mid-Cap Value Index		1-Day U.S. Fed Funds + 0.225%		Z		SGN		09/21/23		80,834,095		(8,416,751	)		—		(8,416,751	)

												($140,304,159	)		$—		($140,304,159	)


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		$2,544,014			$—		$2,544,014
Russell Mid-Cap Growth Index		1-Day U.S. Fed Funds + 0.250%		Z		CIT		03/28/23		3,633,841		797,552			—		797,552
Russell Mid-Cap Value Index		1-Day U.S. Fed Funds + 0.280%		Z		CIT		03/28/23		8,453,749		1,606,231			—		1,606,231
Russell 1000 Value Index		1-Day U.S. Fed Funds + 0.390%		Z		SGN		03/28/23		18,401,777		3,229,065			—		3,229,065
Russell Mid-Cap Growth Index		1-Day U.S. Fed Funds + 0.200%		Z		GSC		09/21/23		4,412,280		407,669			—		407,669

												$8,584,531			$—		$8,584,531


Total Swap Agreements												($131,719,628	)		$—		($131,719,628	)

Balances reported in the Statement of Assets and Liabilities for Over the Counter (OTC) Swaps


	Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
OTC Swap Agreements
Assets		$—		$8,870,592
Liabilities		—		(140,590,220	)

		$—		($131,719,628	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-113

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments (Continued)

September 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 September 30, 2022:


		Total Value at September 30, 2022			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$495,103,473			$—		$495,103,473			$—
	Senior Loan Notes		5,839,540			—		5,839,540			—
	Asset-Backed Securities		64,434,526			—		64,434,526			—
	U.S. Treasury Obligations		274,202,874			—		274,202,874			—
	Short-Term Investments		51,844,639			14,274,230		37,570,409			—
	Derivatives:
	Equity Contracts
	Futures		123,610			123,610		—			—
	Swaps		8,870,592			—		8,870,592			—

	Total Equity Contracts		8,994,202			123,610		8,870,592			—

	Total Assets - Derivatives		8,994,202			123,610		8,870,592			—

	Total Assets		900,419,254			14,397,840		886,021,414			—


Liabilities	Derivatives:
	Equity Contracts
	Swaps		(140,590,220	)		—		(140,590,220	)		—

	Total Liabilities		(140,590,220	)		—		(140,590,220	)		—

	Total		$759,829,034			$14,397,840		$745,431,194			$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-114

PACIFIC FUNDS

PF REAL ESTATE FUND

Schedule of Investments

September 30, 2022 (Unaudited)


	Shares		Value
COMMON STOCKS - 99.0%

Consumer, Cyclical - 1.8%

Marriott Vacations Worldwide Corp		6,117		$745,418
Travel + Leisure Co		5,016		171,146

				916,564

Financial - 97.2%

Agree Realty Corp REIT		11,005		743,718
Alexandria Real Estate Equities Inc REIT		13,966		1,957,893
American Assets Trust Inc REIT		5,680		146,090
American Homes 4 Rent ‘A’ REIT		57,077		1,872,696
American Tower Corp REIT		7,584		1,628,285
Apartment Income REIT Corp		26,477		1,022,542
Apple Hospitality REIT Inc		30,148		423,881
AvalonBay Communities Inc REIT		15,124		2,785,690
Brandywine Realty Trust REIT		9,849		66,481
Broadstone Net Lease Inc REIT		43,807		680,323
Cousins Properties Inc REIT		31,570		737,159
CubeSmart REIT		36,129		1,447,328
DiamondRock Hospitality Co REIT		54,042		405,855
Digital Realty Trust Inc REIT		5,615		556,896
Equinix Inc REIT		4,677		2,660,465
Equity LifeStyle Properties Inc REIT		24,567		1,543,790
Equity Residential REIT		7,610		511,544
Essex Property Trust Inc REIT		9,070		2,197,026
Extra Space Storage Inc REIT		14,935		2,579,424
First Industrial Realty Trust Inc REIT		27,170		1,217,488
Healthcare Realty Trust Inc REIT		27,142		565,911
InvenTrust Properties Corp REIT		11,757		250,777
Invitation Homes Inc REIT		62,138		2,098,400
Kilroy Realty Corp REIT		21,658		912,018
Medical Properties Trust Inc REIT		41,972		497,788
NETSTREIT Corp REIT		18,364		327,063
Park Hotels & Resorts Inc REIT		893		10,055
Prologis Inc REIT		30,785		3,127,756
Public Storage REIT		4,071		1,192,029
Regency Centers Corp REIT		27,638		1,488,306
Rexford Industrial Realty Inc REIT		27,067		1,407,484
Sabra Health Care REIT Inc		49,698		652,038
Simon Property Group Inc REIT		6,257		561,566
STORE Capital Corp REIT		33,221		1,040,814
Sun Communities Inc REIT		15,079		2,040,641
Terreno Realty Corp REIT		19,750		1,046,552


	Shares		Value
Ventas Inc REIT		56,382		$2,264,865
VICI Properties Inc REIT		83,408		2,489,729
Welltower Inc REIT		18,989		1,221,372

				48,379,738


Total Common Stocks (Cost $53,087,484)				49,296,302


SHORT-TERM INVESTMENT - 0.1%

Money Market Fund - 0.1%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.790%		47,768		47,768


Total Short-Term Investment (Cost $47,768)				47,768


TOTAL INVESTMENTS - 99.1% (Cost $53,135,252)				49,344,070


OTHER ASSETS & LIABILITIES, NET - 0.9%				439,112


NET ASSETS - 100.0%				$49,783,182

Notes to Schedule of Investments

(a)	As of September 30, 2022, the Fund’s composition by property sector as a percentage of net assets was as follows:


REITS-Apartments			21.1%
REITS-Diversified			16.9%
REITS-Warehouse/Industrial			13.7%
REITS-Storage			10.5%
REITS-Health Care			10.4%
REITS-Office Property			7.4%
REITS-Manufactured Homes			7.2%
REITS-Shopping Centers			3.6%
REITS-Single Tenant			3.6%
Others (each less than 3.0%)			4.6%

			99.0%
Short-Term Investment			0.1%
Other Assets & Liabilities, Net			0.9%

			100.0%

(b)	Fair Value Measurements

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


		Total Value at September 30, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$49,296,302		$49,296,302		$—		$—
	Short-Term Investment		47,768		47,768		—		—

	Total		$49,344,070		$49,344,070		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on A-116

A-115

PACIFIC FUNDS

Schedule of Investments (Continued)

Explanation of Symbols and Terms

September 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 September 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 futures contracts, forward foreign currency contracts, option contracts and/or swap agreements as of September 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 September 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 September 30, 2022.
W		The values of these investments were determined by a valuation committee established under the Valuation Policy. The Board of Trustees (“Board”) has designated Pacific Life Fund Advisors LLC (“PLFA”) as its “valuation designee” for fair valuation determinations, and PLFA’s Valuation Oversight Committee values the Funds’ investments in accordance with the Valuation Policy. 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 Board.

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:

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
IDR		Indonesian Rupiah
ILS		Israeli Shekel
INR		Indian Rupee
JPY		Japanese Yen
MXN		Mexican Peso
MYR		Malaysian Ringgit
NOK		Norwegian Krone
NZD		New Zealand Dollar
PEN		Peruvian Nuevo Sol
PLN		Polish Zloty
RON		Romanian leu
RUB		Russian Ruble
THB		Thai Baht
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
UST		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

Notes:

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

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


See Notes to Financial Statements

A-116

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

SEPTEMBER 30, 2022 (Unaudited)


		Pacific Funds Portfolio Optimization
		Conservative			Moderate- Conservative			Moderate		Growth		Aggressive- Growth
ASSETS
Investments in affiliated mutual funds, at value			$176,764,322			$236,453,471			$756,725,405		$630,741,658		$242,456,300
Cash			80,165			166,027			238,079		130,424		14,760
Receivables:
	Fund shares sold		120,213			21,592			450,489		181,611		47,175
	Securities sold		267,620			167,172			—		366,338		73,351
	Due from adviser		12,618			13,715			24,586		22,303		13,957
Prepaid expenses and other assets			457			647			2,161		1,859		741
Total Assets			177,245,395			236,822,624			757,440,720		631,444,193		242,606,284
LIABILITIES
Payables:
	Fund shares redeemed		571,272			469,404			539,282		718,230		173,190
	Securities purchased		141,488			164,740			510,714		262,645		43,716
	Accrued advisory fees		30,372			40,972			132,212		111,175		43,005
	Accrued administration fees		22,779			30,729			99,159		83,382		32,254
	Accrued custodian and portfolio accounting fees		19,078			19,168			19,960		19,766		19,177
	Accrued legal, audit and tax service fees		9,083			12,210			39,292		32,641		12,544
	Accrued trustees’ fees and deferred compensation		6,956			8,746			24,630		17,598		5,590
	Accrued distribution and service fees		53,886			64,114			208,553		178,563		69,189
	Accrued other		12,876			16,908			52,618		43,336		20,497
Total Liabilities			867,790			826,991			1,626,420		1,467,336		419,162
NET ASSETS			$176,377,605			$235,995,633			$755,814,300		$629,976,857		$242,187,122
NET ASSETS CONSIST OF:
Paid-in capital			$189,852,423			$248,093,425			$730,362,363		$603,351,196		$227,400,380
Undistributed/accumulated earnings (deficit)			(13,474,818	)		(12,097,792	)		25,451,937		26,625,661		14,786,742
NET ASSETS			$176,377,605			$235,995,633			$755,814,300		$629,976,857		$242,187,122
Class A Shares:
	Net Assets		$142,077,923			$209,887,261			$658,474,358		$548,726,268		$207,319,736
	Shares of beneficial interest outstanding		15,117,609			21,293,024			59,930,759		47,609,579		16,107,992
	Net Asset Value per share*		$9.40			$9.86			$10.99		$11.53		$12.87
	Sales Charge		0.55			0.57			0.64		0.67		0.75
	Maximum offering price per share		$9.95			$10.43			$11.63		$12.20		$13.62
Class C Shares:
	Net Assets		$27,102,263			$21,279,195			$74,199,362		$65,231,343		$26,156,998
	Shares of beneficial interest outstanding		2,985,619			2,230,479			6,958,176		5,875,757		2,137,904
	Net Asset Value per share*		$9.08			$9.54			$10.66		$11.10		$12.23
Class I-2 Shares (formerly Advisor Class Shares):
	Net Assets		$7,197,419			$4,829,177			$23,140,580		$16,019,246		$8,710,388
	Shares of beneficial interest outstanding		760,246			485,770			2,089,783		1,377,401		671,115
	Net Asset Value per share		$9.47			$9.94			$11.07		$11.63		$12.98

Investments in affiliated mutual funds, at cost			$193,424,252			$266,020,905			$839,601,197		$721,466,858		$282,058,925

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

See Notes to Financial Statements

B-1

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

SEPTEMBER 30, 2022 (Unaudited)


		Pacific Funds Ultra Short Income			Pacific Funds Short Duration Income			Pacific Funds Core Income			Pacific Funds ESG Core Bond			Pacific Funds Strategic Income			Pacific Funds Floating Rate Income
ASSETS
Investments, at value (excluding derivatives)			$43,982,838			$1,027,009,810			$738,556,482			$23,746,548			$1,320,736,865			$4,241,005,524
Cash			962			221,592			273,485			—			744,974			11,254,447
Foreign currency held, at value			—			—			—			—			4,822			—
Receivables:
	Dividend and interest		209,616			5,230,055			5,278,729			166,798			15,376,839			19,127,000
	Fund shares sold		1,291			3,659,555			2,833,988			—			3,179,728			12,716,823
	Securities sold		—			2,023,334			10,775,397			—			4,864,296			204,649,651
	Due from adviser		11,062			103,581			101,346			11,271			145,595			496,117
Prepaid expenses and other assets			32,068			43,928			20,803			61			45,838			170,690
Total Assets			44,237,837			1,038,291,855			757,840,230			23,924,678			1,345,098,957			4,489,420,252
LIABILITIES
Payables:
	Fund shares redeemed		59,070			6,933,262			3,506,231			—			5,037,299			23,375,420
	Securities purchased		—			10,960,972			28,314,943			—			—			210,779,322
	Income distributions		17			58,149			362,168			—			562,340			2,466,427
	Accrued advisory fees		9,915			337,121			310,665			7,656			683,064			2,191,362
	Accrued administration fees		5,949			126,629			93,199			3,022			172,830			539,498
	Accrued custodian and portfolio accounting fees		16,199			141,518			137,538			21,983			186,353			403,015
	Accrued legal, audit and tax service fees		1,494			45,102			37,538			1,126			62,197			173,034
	Accrued trustees’ fees and deferred compensation		41			903			843			25			1,397			3,540
	Accrued distribution and service fees		—			58,205			42,669			—			76,372			150,363
	Accrued other (1)		2,432			54,824			50,247			28,086			70,127			167,644
Total Liabilities			95,117			18,716,685			32,856,041			61,898			6,851,979			240,249,625
NET ASSETS			$44,142,720			$1,019,575,170			$724,984,189			$23,862,780			$1,338,246,978			$4,249,170,627
NET ASSETS CONSIST OF:
Paid-in capital			$44,835,314			$1,077,306,273			$873,620,835			$28,966,427			$1,570,654,376			$4,661,670,142
Undistributed/accumulated earnings (deficit)			(692,594	)		(57,731,103	)		(148,636,646	)		(5,103,647	)		(232,407,398	)		(412,499,515	)
NET ASSETS			$44,142,720			$1,019,575,170			$724,984,189			$23,862,780			$1,338,246,978			$4,249,170,627
Class A Shares:
	Net Assets					$149,113,651			$97,806,693						$109,492,593			$261,691,815
	Shares of beneficial interest outstanding					15,172,479			10,591,873						11,276,963			28,829,181
	Net Asset Value per share*					$9.83			$9.23						$9.71			$9.08
	Sales Charge					0.30			0.41						0.43			0.28
	Maximum offering price per share					$10.13			$9.64						$10.14			$9.36
Class C Shares:
	Net Assets					$32,308,038			$25,551,727						$62,298,630			$112,953,693
	Shares of beneficial interest outstanding					3,293,533			2,765,661						6,432,924			12,461,264
	Net Asset Value per share*					$9.81			$9.24						$9.68			$9.06
Class I Shares:
	Net Assets		$12,904,862			$192,412,629			$92,238,264			$13,339,289			$139,343,830			$1,876,823,264
	Shares of beneficial interest outstanding		1,315,859			19,604,138			9,979,412			1,622,345			14,443,670			206,472,480
	Net Asset Value per share		$9.81			$9.81			$9.24			$8.22			$9.65			$9.09
Class P Shares:
	Net Assets								$31,718,022									$87,424,503
	Shares of beneficial interest outstanding								3,419,964									9,621,353
	Net Asset Value per share								$9.27									$9.09
Class I-2 Shares (formerly Advisor Class Shares):
	Net Assets		$31,237,858			$645,740,852			$477,669,483			$10,523,491			$1,027,111,925			$1,910,277,352
	Shares of beneficial interest outstanding		3,185,394			65,677,816			51,602,499			1,279,974			105,763,535			209,717,155
	Net Asset Value per share		$9.81			$9.83			$9.26			$8.22			$9.71			$9.11

Investments, at cost (excluding derivatives)			$44,574,707			$1,079,165,504			$861,446,824			$27,987,383			$1,539,747,921			$4,506,447,117
Foreign currency held, at cost			–			–			–			–			6,640			–

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

(1)	Accrued other for Pacific Funds ESG Core Bond includes $25,964 of accrued registration expenses.

See Notes to Financial Statements

B-2

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

SEPTEMBER 30, 2022 (Unaudited)


		Pacific Funds High Income			Pacific Funds Small/Mid-Cap		Pacific Funds Small-Cap			Pacific Funds Small-Cap Value		PF Inflation Managed Fund			PF Managed Bond Fund
ASSETS
Investments, at value (excluding derivatives)			$97,853,320			$110,628,715		$12,730,478			$16,800,539		$36,645,806			$435,432,333
Cash			—			3,149		—			—		—			—
Cash (segregated for derivative instruments)			—			—		—			—		214,000			3,173,749
Foreign currency held, at value			603			—		—			—		58,829			1,673,598
Receivables:
	Dividend and interest		1,647,336			91,579		11,877			19,802		50,768			2,325,763
	Fund shares sold		4,946			63,111		12,547			7,487		1,857			19,313
	Securities sold		—			1,430,304		99,767			—		578,067			36,618,515
	Variation margin on futures contracts		—			—		—			—		24,513			—
	Variation margin on swap agreements		—			—		—			—		7,390			3,365,775
	Swap agreements		—			—		—			—		2,096			—
	Due from adviser		23,490			8,766		7,938			7,780		6,043			40,107
Forward foreign currency contracts appreciation			—			—		—			—		72,925			1,236,112
Outstanding purchased options, at value			—			—		—			—		181,053			12,226
Swap agreements appreciation			—			—		—			—		1,919			—
Prepaid expenses and other assets			27,391			881		76			43		55			1,145
Total Assets			99,557,086			112,226,505		12,862,683			16,835,651		37,845,321			483,898,636
LIABILITIES
Payables:
	Fund shares redeemed		91,563			880,009		10,116			1,436		24,409			229,562
	Securities purchased		325,000			1,021,306		55,393			15,986		1,432,006			94,787,161
	Securities sold short, at value		—			—		—			—		—			1,741,822
	Sale-buyback financing transactions		—			—		—			—		—			1,104,697
	Swap agreements		—			—		—			—		—			167,025
	Variation margin on futures contracts		—			—		—			—		—			427,177
	Due to brokers		—			—		—			—		—			270,000
	Due to custodian		3,555			—		—			—		9,159			300,480
	Income distributions		743			—		—			—		—			—
	Accrued advisory fees		54,626			76,606		8,454			11,219		12,376			122,255
	Accrued administration fees		13,656			15,321		1,691			2,244		4,641			46,722
	Accrued custodian and portfolio accounting fees		37,074			38,800		12,353			11,992		21,975			180,330
	Accrued legal, audit and tax service fees		6,143			9,143		893			833		1,623			18,582
	Accrued trustees’ fees and deferred compensation		132			187		20			18		3,010			19,424
	Accrued distribution and service fees		2,015			9,075		809			1,004		—			—
	Accrued other (1)		9,004			23,317		6,231			6,181		1,677			23,797
Forward foreign currency contracts depreciation			—			—		—			—		31,802			1,017,844
Outstanding options written, at value			—			—		—			—		310,397			351,536
Swap premiums received			—			—		—			—		—			28,267
Swap agreements depreciation			—			—		—			—		201,222			13,403
Total Liabilities			543,511			2,073,764		95,960			50,913		2,054,297			100,850,084
NET ASSETS			$99,013,575			$110,152,741		$12,766,723			$16,784,738		$35,791,024			$383,048,552
NET ASSETS CONSIST OF:
Paid-in capital			$126,396,659			$66,287,447		$14,845,257			$16,572,087		$47,162,996			$472,892,139
Undistributed/accumulated earnings (deficit)			(27,383,084	)		43,865,294		(2,078,534	)		212,651		(11,371,972	)		(89,843,587	)
NET ASSETS			$99,013,575			$110,152,741		$12,766,723			$16,784,738		$35,791,024			$383,048,552
Class A Shares:
	Net Assets		$5,469,780			$15,055,063		$1,520,151			$2,425,451
	Shares of beneficial interest outstanding		642,482			1,206,918		132,944			248,916
	Net Asset Value per share*		$8.51			$12.47		$11.43			$9.74
	Sales Charge		0.38			0.55		0.51			0.43
	Maximum offering price per share		$8.89			$13.02		$11.94			$10.17
Class C Shares:
	Net Assets		$977,797			$6,432,899		$541,823			$503,725
	Shares of beneficial interest outstanding		115,026			542,863		49,391			53,354
	Net Asset Value per share*		$8.50			$11.85		$10.97			$9.44
Class I Shares:
	Net Assets		$746,422
	Shares of beneficial interest outstanding		88,645
	Net Asset Value per share		$8.42
Class P Shares:
	Net Assets		$85,568,884										$35,791,024			$383,048,552
	Shares of beneficial interest outstanding		10,165,944										4,049,375			42,586,250
	Net Asset Value per share		$8.42										$8.84			$8.99
Class R6 Shares:
	Net Assets					$764,541		$1,297,679			$1,038,964
	Shares of beneficial interest outstanding					56,923		115,529			104,751
	Net Asset Value per share					$13.43		$11.23			$9.92
Class I-2 Shares (formerly Advisor Class Shares):
	Net Assets		$6,250,692			$87,900,238		$9,407,070			$12,816,598
	Shares of beneficial interest outstanding		732,689			6,974,252		803,534			1,301,123
	Net Asset Value per share		$8.53			$12.60		$11.71			$9.85


Investments, at cost (excluding derivatives)			$115,923,801			$100,557,402		$12,677,403			$16,917,491		$42,984,417			$489,729,802
Outstanding purchased options, at cost			—			—		—			—		71,742			56,403
Foreign currency held, at cost			788			—		—			—		72,372			1,713,824
Proceeds from securities sold short			—			—		—			—		—			1,814,895
Premiums received from outstanding options written			—			—		—			—		85,711			492,123

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

(1)	Accrued other for Pacific Funds Small-Cap Value includes $3,208 of accrued registration expenses.

See Notes to Financial Statements

B-3

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

SEPTEMBER 30, 2022 (Unaudited)


		PF Short Duration Bond Fund			PF Emerging Markets Debt Fund			PF Growth Fund			PF Large-Cap Value Fund		PF Small-Cap Growth Fund			PF Small-Cap Value Fund
ASSETS
Investments, at value (excluding derivatives)			$178,527,135			$28,597,041			$71,889,771			$153,428,041		$19,507,792			$34,914,885
Cash			1,806,334			—			148,718			—		—			—
Cash (segregated for derivative instruments)			114,950			—			—			—		—			—
Foreign currency held, at value			3,102			180,049			—			—		—			—
Receivables:
	Dividend and interest		1,142,007			454,128			13,346			301,992		10,822			24,901
	Fund shares sold		7,891			1,393			4,735			7,707		464			1,393
	Securities sold		—			234,522			—			—		91,180			42,497
	Variation margin on futures contracts		7,906			359,990			—			—		—			—
	Variation margin on swap agreements		—			167,772			—			—		—			—
	Due from adviser		8,653			6,142			8,196			8,930		4,872			6,102
Forward foreign currency contracts appreciation			—			190,895			—			—		—			—
Swap premiums paid			—			414,986			—			—		—			—
Swap agreements appreciation			—			37,521			—			—		—			—
Prepaid expenses and other assets			164			139			400			370		165			307
Total Assets			181,618,142			30,644,578			72,065,166			153,747,040		19,615,295			34,990,085
LIABILITIES
Payables:
	Fund shares redeemed		106,634			18,014			31,240			74,101		11,986			19,733
	Securities purchased		2,182,116			202,972			—			—		260,335			40,798
	Swap agreements		—			16,373			—			—		—			—
	Due to brokers		—			100,000			—			—		—			—
	Due to custodian		—			12,550			149,808			—		—			—
	Accrued advisory fees		59,902			18,840			36,920			83,614		11,916			28,024
	Accrued administration fees		22,463			3,845			10,069			19,296		2,979			5,605
	Accrued custodian and portfolio accounting fees		36,807			52,925			29,365			27,450		21,246			20,982
	Accrued legal, audit and tax service fees		3,374			829			6,060			6,744		1,922			4,056
	Accrued trustees’ fees and deferred compensation		3,983			48			6,129			10,038		2,473			1,156
	Accrued other		4,250			649			11,585			11,294		3,431			7,154
	Forward foreign currency contracts depreciation		—			46,573			—			—		—			—
	Swap premiums received		—			417,285			—			—		—			—
Swap agreements depreciation			—			35,222			—			—		—			—
Total Liabilities			2,419,529			926,125			281,176			232,537		316,288			127,508
NET ASSETS			$179,198,613			$29,718,453			$71,783,990			$153,514,503		$19,299,007			$34,862,577
NET ASSETS CONSIST OF:
Paid-in capital			$185,211,172			$48,178,686			($4,685,210	)		$89,240,025		$35,792,312			$20,063,288
Undistributed/accumulated earnings (deficit)			(6,012,559	)		(18,460,233	)		76,469,200			64,274,478		(16,493,305	)		14,799,289
NET ASSETS			$179,198,613			$29,718,453			$71,783,990			$153,514,503		$19,299,007			$34,862,577
Class P Shares:
	Shares of beneficial interest outstanding		18,990,648			4,492,410			3,261,275			14,780,052		1,536,290			4,356,014
	Net Asset Value per share		$9.44			$6.62			$22.01			$10.39		$12.56			$8.00


Investments, at cost (excluding derivatives)			$184,670,351			$36,815,568			$32,374,405			$100,858,237		$23,852,538			$30,877,997
Foreign currency held, at cost			3,529			147,386			149,288			—		—			—

See Notes to Financial Statements

B-4

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

SEPTEMBER 30, 2022 (Unaudited)


		PF Emerging Markets Fund		PF International Growth Fund			PF International Small-Cap Fund			PF International Value Fund			PF Multi-Asset Fund			PF Real Estate Fund
ASSETS
Investments, at value (excluding derivatives)			$38,533,365		$16,931,642			$15,024,872			$52,190,426			$891,425,052			$49,344,070
Cash			—		8,870			—			24,965			25,357,332			3,787
Foreign currency held, at value			343,590		2,943			35,260			32,987			—			—
Receivables:
	Dividend and interest		51,424		388,188			221,487			555,927			3,153,200			267,769
	Fund shares sold		1,393		511			464			2,368			31,570			2,321
	Securities sold		91,890		7,205			33,669			110,928			—			581,098
	Variation margin on futures contracts		—		—			—			—			263,750			—
	Due from adviser		20,060		5,762			3,872			12,772			37,936			5,037
Swap agreements appreciation			—		—			—			—			8,870,592			—
Prepaid expenses and other assets			294		136			48			378			2,391			—
Total Assets			39,042,016		17,345,257			15,319,672			52,930,751			929,141,823			50,204,082
LIABILITIES
Payables:
	Fund shares redeemed		23,169		9,416			10,032			27,458			146,185			29,165
	Securities purchased		—		—			61,311			218,181			29,882,916			331,837
	Due to custodian		12,321		—			45,420			—			—			—
	Accrued advisory fees		29,038		12,387			11,312			31,562			238,564			33,936
	Accrued administration fees		5,445		2,266			2,033			7,284			102,242			6,787
	Accrued custodian and portfolio accounting fees		99,082		38,270			40,059			31,830			157,228			13,222
	Accrued legal, audit and tax service fees		3,431		572			1,741			2,530			40,435			2,015
	Accrued trustees’ fees and deferred compensation		2,961		4,633			33			5,642			907			1,139
	Accrued foreign capital gains tax		157,831		58,497			—			—			—			—
	Accrued other		4,362		3,553			3,846			8,900			52,909			2,799
Swap agreements depreciation			—		—			—			—			140,590,220			—
Total Liabilities			337,640		129,594			175,787			333,387			171,211,606			420,900
NET ASSETS			$38,704,376		$17,215,663			$15,143,885			$52,597,364			$757,930,217			$49,783,182
NET ASSETS CONSIST OF:
Paid-in capital			$33,973,745		$21,284,080			$27,387,573			$64,744,758			$952,091,763			$53,071,262
Undistributed/accumulated earnings (deficit)			4,730,631		(4,068,417	)		(12,243,688	)		(12,147,394	)		(194,161,546	)		(3,288,080	)
NET ASSETS			$38,704,376		$17,215,663			$15,143,885			$52,597,364			$757,930,217			$49,783,182
Class P Shares:
	Shares of beneficial interest outstanding		4,804,668		3,312,612			2,409,854			7,700,643			104,269,351			3,880,071
	Net Asset Value per share		$8.06		$5.20			$6.28			$6.83			$7.27			$12.83

Investments, at cost (excluding derivatives)			$34,004,295		$18,401,714			$19,296,689			$59,728,565			$922,133,617			$53,135,252
Foreign currency held, at cost			353,638		2,943			35,364			33,594			–			–

See Notes to Financial Statements

B-5

PACIFIC FUNDS

STATEMENTS OF OPERATIONS

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2022 (Unaudited)


		Pacific Funds Portfolio Optimization
		Conservative			Moderate- Conservative			Moderate			Growth			Aggressive- Growth
INVESTMENT INCOME
Dividends from affiliated mutual fund investments			$921,856			$965,262			$2,262,006			$1,447,450			$238,471
Total Investment Income			921,856			965,262			2,262,006			1,447,450			238,471

EXPENSES
Advisory fees			198,699			267,778			865,731			724,407			279,586
Administration fees			149,024			200,833			649,298			543,305			209,690
Portfolio accounting fees			27,439			27,469			27,732			27,662			27,452
Shareholder report expenses			5,467			7,300			23,541			19,573			7,513
Distribution fees
	Class C		118,851			95,323			328,564			286,118			113,848
Service fees
	Class A		198,047			295,884			939,208			787,252			299,326
	Class C		39,617			31,775			109,522			95,373			37,949
Registration fees			27,421			27,049			31,631			32,876			28,075
Legal, audit and tax service fees			9,220			12,307			39,609			32,927			12,633
Trustees’ fees			2,080			2,735			8,726			7,243			2,761
Other			3,677			4,544			12,367			10,495			4,666
Total Expenses			779,542			972,997			3,035,929			2,567,231			1,023,499
Adviser Expense Reimbursement			(75,304	)		(81,404	)		(143,606	)		(130,776	)		(83,100	)
Net Expenses			704,238			891,593			2,892,323			2,436,455			940,399
NET INVESTMENT INCOME (LOSS)			217,618			73,669			(630,317	)		(989,005	)		(701,928	)

NET REALIZED AND UNREALIZED LOSS
Net Realized Gain (Loss) On:
	Investment security transactions in affiliated mutual funds		(4,763,718	)		(6,886,520	)		(27,204,767	)		(13,014,295	)		(9,989,954	)
	Net Realized Gain (Loss)		(4,763,718	)		(6,886,520	)		(27,204,767	)		(13,014,295	)		(9,989,954	)

Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities in affiliated mutual fund investments		(22,725,221	)		(37,226,792	)		(139,350,322	)		(143,885,576	)		(56,252,118	)
	Change in Net Unrealized Appreciation (Depreciation)		(22,725,221	)		(37,226,792	)		(139,350,322	)		(143,885,576	)		(56,252,118	)
NET GAIN (LOSS)			(27,488,939	)		(44,113,312	)		(166,555,089	)		(156,899,871	)		(66,242,072	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			($27,271,321	)		($44,039,643	)		($167,185,406	)		($157,888,876	)		($66,944,000	)

See Notes to Financial Statements

B-6

PACIFIC FUNDS

STATEMENTS OF OPERATIONS (Continued)

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2022 (Unaudited)


		Pacific Funds Ultra Short Income			Pacific Funds Short Duration Income			Pacific Funds Core Income			Pacific Funds ESG Core Bond			Pacific Funds Strategic Income			Pacific Funds Floating Rate Income
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$19,860			$181,109			$168,653			$4,215			$424,165			$4,157,036
Interest, net of foreign taxes withheld (1)			408,918			12,595,933			14,151,341			287,877			34,427,692			125,989,213
Total Investment Income			428,778			12,777,042			14,319,994			292,092			34,851,857			130,146,249

EXPENSES
Advisory fees			47,008			2,034,065			2,008,826			47,788			4,334,256			14,119,902
Administration fees			28,204			762,774			602,648			18,864			1,083,564			3,258,439
Custodian fees and expenses			641			18,463			19,280			—			19,807			57,750
Portfolio accounting fees			20,752			166,119			156,591			18,553			239,038			557,922
Shareholder report expenses			864			26,056			22,591			682			38,814			106,039
Distribution fees
	Class C		—			134,837			113,274			—			261,038			427,963
Service fees
	Class A		—			201,810			139,009			—			150,015			344,208
	Class C		—			44,945			37,758			—			87,013			142,654
Registration fees			18,097			55,830			44,196			41,656			85,919			117,400
Legal, audit and tax service fees			1,507			45,074			37,381			1,155			65,677			190,887
Trustees’ fees			749			22,587			19,432			589			33,485			92,176
Interest expense			—			587			—			—			—			378,089
Other			1,131			12,618			11,487			1,071			16,491			38,263
Total Expenses			118,953			3,525,765			3,212,473			130,358			6,415,117			19,831,692
Advisory Fee Waiver			—			(1,791	)		—			—			(55,252	)		(877,165	)
Adviser Expense Reimbursement			(58,783	)		(647,910	)		(677,370	)		(69,995	)		(909,105	)		(2,830,051	)
Net Expenses			60,170			2,876,064			2,535,103			60,363			5,450,760			16,124,476
NET INVESTMENT INCOME (LOSS)			368,608			9,900,978			11,784,891			231,729			29,401,097			114,021,773

NET REALIZED AND UNREALIZED LOSS
Net Realized Gain (Loss) On:
	Investment security transactions		(14,445	)		(4,368,304	)		(19,595,703	)		(387,980	)		(19,304,199	)		(30,716,472	)
	Net Realized Gain (Loss)		(14,445	)		(4,368,304	)		(19,595,703	)		(387,980	)		(19,304,199	)		(30,716,472	)

Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities		(395,707	)		(29,108,496	)		(77,422,540	)		(2,336,866	)		(160,294,132	)		(238,931,390	)
	Foreign currencies		—			—			—			—			(506	)		—
	Change in Net Unrealized Appreciation (Depreciation)		(395,707	)		(29,108,496	)		(77,422,540	)		(2,336,866	)		(160,294,638	)		(238,931,390	)
NET GAIN (LOSS)			(410,152	)		(33,476,800	)		(97,018,243	)		(2,724,846	)		(179,598,837	)		(269,647,862	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			($41,544	)		($23,575,822	)		($85,233,352	)		($2,493,117	)		($150,197,740	)		($155,626,089	)

Foreign taxes withheld on dividends and interest			$279			$24,576			$5,347			$618			$12,354			$–

(1)	Interest income for Pacific Funds Floating Rate Income includes $10,186,265 of payment-in-kind income.

See Notes to Financial Statements

B-7

PACIFIC FUNDS

STATEMENTS OF OPERATIONS (Continued)

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2022 (Unaudited)


		Pacific Funds High Income			Pacific Funds Small/Mid-Cap			Pacific Funds Small-Cap			Pacific Funds Small-Cap Value			PF Inflation Managed Fund			PF Managed Bond Fund
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$33,530			$1,290,644			$113,385			$180,688			$1,787			$77,203
Interest, net of foreign taxes withheld			3,969,940			—			—			—			1,951,260			5,708,633
Total Investment Income			4,003,470			1,290,644			113,385			180,688			1,953,047			5,785,836

EXPENSES
Advisory fees			392,753			622,051			63,840			71,886			80,928			772,197
Administration fees			98,188			124,410			12,768			14,377			30,348			289,574
Custodian fees and expenses			2,416			4,549			291			239			2,644			31,762
Portfolio accounting fees			46,004			42,879			16,817			16,518			26,490			188,718
Shareholder report expenses			3,645			5,047			534			512			932			11,400
Distribution fees
	Class C		4,152			29,366			2,404			2,236			—			—
Service fees
	Class A		7,686			21,850			2,152			3,590			—			—
	Class C		1,384			9,789			801			746			—			—
Registration fees			31,823			35,570			30,622			30,613			49			782
Legal, audit and tax service fees			6,161			8,394			893			868			1,674			18,790
Trustees’ fees			3,147			4,347			460			442			450			3,879
Interest expense			—			7,860			34			—			6,964			3,494
Other			3,094			8,774			2,329			2,286			349			4,757
Total Expenses			600,453			924,886			133,945			144,313			150,828			1,325,353
Advisory Fee Waiver			—			—			—			—			—			(14,479	)
Adviser Expense Reimbursement			(158,325	)		(68,533	)		(48,433	)		(47,281	)		(32,589	)		(260,088	)
Net Expenses			442,128			856,353			85,512			97,032			118,239			1,050,786
NET INVESTMENT INCOME (LOSS)			3,561,342			434,291			27,873			83,656			1,834,808			4,735,050

NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions, net of foreign capital gains tax withheld		(4,855,826	)		7,138,361			(1,521,435	)		(62,889	)		(446,029	)		(22,275,282	)
	Closed short positions		—			—			—			—			—			48,345
	Foreign currency transactions		—			—			—			—			(23,949	)		(316,543	)
	Forward foreign currency contract transactions		—			—			—			—			278,680			242,448
	Futures contract transactions		—			—			—			—			525,674			(7,341,296	)
	Purchased option transactions		—			—			—			—			—			(603,689	)
	Swap transactions		—			—			—			—			(46,167	)		2,023,041
	Written option transactions		—			—			—			—			2,074			1,727,954
	Net Realized Gain (Loss)		(4,855,826	)		7,138,361			(1,521,435	)		(62,889	)		290,283			(26,495,022	)

Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities, net of deferred foreign capital gains tax		(13,703,598	)		(46,686,186	)		(3,351,655	)		(4,201,072	)		(6,339,942	)		(25,712,691	)
	Short positions		—			—			—			—			—			69,213
	Foreign currencies		(64	)		—			—			—			(15,204	)		(83,929	)
	Forward foreign currency contracts		—			—			—			—			1,316			446,020
	Futures contracts		—			—			—			—			(60,656	)		(657,318	)
	Purchased options		—			—			—			—			63,752			(46,777	)
	Swaps		—			—			—			—			(216,949	)		259,169
	Written options		—			—			—			—			(129,409	)		80,422
	Change in Net Unrealized Appreciation (Depreciation)		(13,703,662	)		(46,686,186	)		(3,351,655	)		(4,201,072	)		(6,697,092	)		(25,645,891	)
NET GAIN (LOSS)			(18,559,488	)		(39,547,825	)		(4,873,090	)		(4,263,961	)		(6,406,809	)		(52,140,913	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			($14,998,146	)		($39,113,534	)		($4,845,217	)		($4,180,305	)		($4,572,001	)		($47,405,863	)

Foreign taxes withheld on dividends and interest			$17			$2,672			$—			$—			$—			$6,617

See Notes to Financial Statements

B-8

PACIFIC FUNDS

STATEMENTS OF OPERATIONS (Continued)

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2022 (Unaudited)


		PF Short Duration Bond Fund			PF Emerging Markets Debt Fund			PF Growth Fund			PF Large-Cap Value Fund			PF Small-Cap Growth Fund			PF Small-Cap Value Fund
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$19,473			$19,900			$342,048			$1,587,836			$140,642			$602,637
Interest, net of foreign taxes withheld			1,905,788			1,255,082			10,520			—			4,871			—
Total Investment Income			1,925,261			1,274,982			352,568			1,587,836			145,513			602,637

EXPENSES
Advisory fees			258,622			142,652			310,019			496,801			110,162			265,233
Administration fees			96,983			27,258			84,551			114,646			27,541			53,047
Custodian fees and expenses			2,890			16,502			3,329			2,238			2,781			1,468
Portfolio accounting fees			42,959			31,124			34,328			34,737			23,543			28,722
Shareholder report expenses			2,066			1,235			3,591			4,096			1,156			2,555
Registration fees			135			85			262			255			86			170
Legal, audit and tax service fees			3,408			2,004			5,987			6,916			1,927			4,179
Trustees’ fees			726			1,059			1,217			1,579			385			865
Interest expense			—			166			117			—			—			11
Other			840			1,522			5,255			5,492			1,577			3,350
Total Expenses			408,629			223,607			448,656			666,760			169,158			359,600
Advisory Fee Waiver			—			(9,086	)		—			—			—			—
Adviser Expense Reimbursement			(53,024	)		(53,531	)		(53,969	)		(55,313	)		(31,455	)		(41,309	)
Net Expenses			355,605			160,990			394,687			611,447			137,703			318,291
NET INVESTMENT INCOME (LOSS)			1,569,656			1,113,992			(42,119	)		976,389			7,810			284,346

NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions, net of foreign capital gains tax withheld		(547,944	)		(3,065,289	)		26,205,968			1,047,674			(9,960,834	)		3,869,643
	Foreign currency transactions		—			(95,312	)		(2,101	)		—			(3,425	)		—
	Forward foreign currency contract transactions		—			94,319			—			—			—			—
	Futures contract transactions		(34,831	)		140,826			—			—			—			—
	Swap transactions		—			510,604			—			—			—			—
	Net Realized Gain (Loss)		(582,775	)		(2,414,852	)		26,203,867			1,047,674			(9,964,259	)		3,869,643

Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities, net of deferred foreign capital gains tax		(4,393,771	)		(4,636,274	)		(60,970,473	)		(31,643,174	)		843,733			(19,251,924	)
	Foreign currencies		(399	)		(10,367	)		(538	)		—			(500	)		—
	Forward foreign currency contracts		—			14,851			—			—			—			—
	Futures contracts		(45,325	)		(33,330	)		—			—			—			—
	Swaps		—			(64,106	)		—			—			—			—
	Change in Net Unrealized Appreciation (Depreciation)		(4,439,495	)		(4,729,226	)		(60,971,011	)		(31,643,174	)		843,233			(19,251,924	)
NET GAIN (LOSS)			(5,022,270	)		(7,144,078	)		(34,767,144	)		(30,595,500	)		(9,121,026	)		(15,382,281	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			($3,452,614	)		($6,030,086	)		($34,809,263	)		($29,619,111	)		($9,113,216	)		($15,097,935	)

Foreign taxes withheld on dividends and interest			$2,876			$7,094			$2,127			$—			$—			$2,998

See Notes to Financial Statements

B-9

PACIFIC FUNDS

STATEMENTS OF OPERATIONS (Continued)

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2022 (Unaudited)


		PF Emerging Markets Fund			PF International Growth Fund Fund			PF International Small-Cap Fund			PF International Value Fund			PF Multi-Asset Fund			PF Real Estate Fund
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$577,079			$304,773			$814,319			$1,720,949			$84,039			$1,004,008
Interest, net of foreign taxes withheld			—			126			2,305			—			6,722,392			—
Total Investment Income			577,079			304,899			816,624			1,720,949			6,806,431			1,004,008

EXPENSES
Advisory fees			239,143			100,932			148,888			221,722			1,576,959			259,530
Administration fees			44,839			17,811			26,274			51,167			675,839			43,255
Custodian fees and expenses			62,045			13,911			15,701			9,411			15,663			363
Portfolio accounting fees			33,924			23,812			27,101			34,886			183,429			18,801
Shareholder report expenses			2,099			809			1,089			1,342			24,522			1,042
Registration fees			173			69			58			59			1,638			46
Legal, audit and tax service fees			3,325			1,228			2,066			2,578			40,809			2,023
Trustees’ fees			538			167			955			793			21,108			629
Interest expense			—			181			71			—			—			202
Other			25,477			7,145			6,713			18,796			12,410			1,592
Total Expenses			411,563			166,065			228,916			340,754			2,552,377			327,483
Advisory Fee Waiver			—			(3,562	)		(2,638	)		—			—			(43,255	)
Adviser Expense Reimbursement			(127,581	)		(47,141	)		(36,165	)		(67,866	)		(254,523	)		(24,496	)
Net Expenses			283,982			115,362			190,113			272,888			2,297,854			259,732
NET INVESTMENT INCOME (LOSS)			293,097			189,537			626,511			1,448,061			4,508,577			744,276

NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions, net of foreign capital gains tax withheld		4,864,860			(1,685,944	)		(8,682,951	)		(1,751,430	)		(2,463,054	)		(328,584	)
	Foreign currency transactions		(76,540	)		(15,141	)		(35,535	)		(36,099	)		—			—
	Futures contract transactions		—			—			—			—			8,127,261			—
	Swap transactions		—			—			—			—			(57,787,589	)		—
	Net Realized Gain (Loss)		4,788,320			(1,701,085	)		(8,718,486	)		(1,787,529	)		(52,123,382	)		(328,584	)

Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities, net of deferred foreign capital gains tax		(18,799,170	)		(4,409,044	)		(1,084,156	)		(13,070,648	)		(12,882,234	)		(14,779,659	)
	Foreign currencies		8,453			(36,312	)		(25,353	)		(33,346	)		—			—
	Futures contracts		—			—			—			—			325,968			—
	Swaps		—			—			—			—			(169,437,782	)		—
	Change in Net Unrealized Appreciation (Depreciation)		(18,790,717	)		(4,445,356	)		(1,109,509	)		(13,103,994	)		(181,994,048	)		(14,779,659	)
	NET GAIN (LOSS)		(14,002,397	)		(6,146,441	)		(9,827,995	)		(14,891,523	)		(234,117,430	)		(15,108,243	)
	NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		($13,709,300	)		($5,956,904	)		($9,201,484	)		($13,443,462	)		($229,608,853	)		($14,363,967	)

	Foreign taxes withheld on dividends and interest		$77,798			$51,523			$92,661			$264,356			$18,221			$–
	Foreign capital gains tax withheld		199,277			–			–			–			–			–
	Change in deferred foreign capital gains tax		(375,893	)		–			–			(245	)		–			–

See Notes to Financial Statements

B-10

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS


		Pacific Funds Portfolio Optimization Conservative						Pacific Funds Portfolio Optimization Moderate-Conservative						Pacific Funds Portfolio Optimization Moderate
		Six-Month Period Ended September 30, 2022 (1)			Year Ended March 31, 2022			Six-Month Period Ended September 30, 2022 (1)			Year Ended March 31, 2022			Six-Month Period Ended September 30, 2022 (1)			Year Ended March 31, 2022
OPERATIONS
Net Investment income (loss)			$217,618			$3,432,777			$73,669			$3,521,566			($630,317	)		$6,510,947
Net realized gain (loss)			(4,763,718	)		14,179,761			(6,886,520	)		35,611,356			(27,204,767	)		176,694,430
Change in net unrealized appreciation (depreciation)			(22,725,221	)		(22,006,844	)		(37,226,792	)		(40,959,311	)		(139,350,322	)		(169,675,188	)
Net Increase (Decrease) in Net Assets Resulting from Operations			(27,271,321	)		(4,394,306	)		(44,039,643	)		(1,826,389	)		(167,185,406	)		13,530,189

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		—			(7,677,228	)		—			(18,850,216	)		—			(75,252,094	)
	Class C		—			(1,508,664	)		—			(2,320,317	)		—			(9,814,220	)
	Class I-2 (formerly Advisor Class)		—			(418,591	)		—			(501,441	)		—			(3,114,477	)
Net Decrease from Dividends and Distributions to Shareholders			—			(9,604,483	)		—			(21,671,974	)		—			(88,180,791	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		7,243,368			20,005,012			7,420,082			24,665,231			18,141,508			62,675,467
	Class C		1,669,624			8,756,080			966,898			3,463,072			3,470,194			12,530,807
	Class I-2 (formerly Advisor Class)		988,486			8,665,357			201,344			2,375,761			2,812,572			15,060,458
Dividends and distribution reinvestments
	Class A		—			7,555,755			—			18,642,570			—			74,404,804
	Class C		—			1,503,913			—			2,307,590			—			9,788,698
	Class I-2 (formerly Advisor Class)		—			409,297			—			487,913			—			3,069,437
Cost of shares repurchased
	Class A		(17,603,874	)		(33,724,677	)		(21,188,543	)		(43,762,576	)		(60,099,722	)		(124,825,579	)
	Class C		(7,947,670	)		(16,868,772	)		(6,928,616	)		(17,222,441	)		(18,992,169	)		(50,552,425	)
	Class I-2 (formerly Advisor Class)		(6,250,206	)		(6,327,843	)		(1,141,459	)		(1,701,668	)		(4,966,667	)		(21,329,257	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(21,900,272	)		(10,025,878	)		(20,670,294	)		(10,744,548	)		(59,634,284	)		(19,177,590	)
NET INCREASE (DECREASE) IN NET ASSETS			(49,171,593	)		(24,024,667	)		(64,709,937	)		(34,242,911	)		(226,819,690	)		(93,828,192	)

NET ASSETS
Beginning of Year or Period			225,549,198			249,573,865			300,705,570			334,948,481			982,633,990			1,076,462,182
End of Year or Period			$176,377,605			$225,549,198			$235,995,633			$300,705,570			$755,814,300			$982,633,990

(1)	Unaudited.

See Notes to Financial Statements

B-11

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


		Pacific Funds Portfolio Optimization Growth						Pacific Funds Portfolio Optimization Aggressive-Growth						Pacific Funds Ultra Short Income
		Six-Month Period Ended September 30, 2022 (1)			Year Ended March 31, 2022			Six-Month Period Ended September 30, 2022 (1)			Year Ended March 31, 2022			Six-Month Period Ended September 30, 2022 (1)			Year Ended March 31, 2022
OPERATIONS
Net Investment income (loss)			($989,005	)		$3,394,670			($701,928	)		$145,724			$368,608			$201,511
Net realized gain (loss)			(13,014,295	)		168,551,356			(9,989,954	)		82,337,570			(14,445	)		(68,021	)
Change in net unrealized appreciation (depreciation)			(143,885,576	)		(150,308,340	)		(56,252,118	)		(72,647,519	)		(395,707	)		(292,063	)
Net Increase (Decrease) in Net Assets Resulting from Operations			(157,888,876	)		21,637,686			(66,944,000	)		9,835,775			(41,544	)		(158,573	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		—			(76,104,352	)		—			(29,294,306	)
	Class C		—			(10,150,661	)		—			(3,908,728	)
	Class I														(119,379	)		(139,837	)
	Class I-2 (formerly Advisor Class)		—			(2,302,750	)		—			(1,569,808	)		(248,290	)		(208,704	)
Net Decrease from Dividends and Distributions to Shareholders			—			(88,557,763	)		—			(34,772,842	)		(367,669	)		(348,541	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		13,296,290			48,047,353			6,363,855			18,672,050
	Class C		3,746,539			8,746,595			1,313,547			4,664,511
	Class I														—			—
	Class I-2 (formerly Advisor Class)		2,638,286			6,961,646			869,799			3,233,965			14,770,829			2,317,124
Dividends and distribution reinvestments
	Class A		—			75,492,712			24			29,102,535
	Class C		—			10,105,205			—			3,904,491
	Class I														119,379			139,837
	Class I-2 (formerly Advisor Class)		—			2,177,836			—			1,553,384			248,290			208,339
Cost of shares repurchased
	Class A		(39,602,522	)		(96,731,257	)		(12,500,240	)		(31,737,446	)
	Class C		(11,046,936	)		(38,715,743	)		(3,078,341	)		(14,330,969	)
	Class I														—			—
	Class I-2 (formerly Advisor Class)		(2,509,066	)		(7,653,163	)		(800,822	)		(7,539,871	)		(2,114,424	)		(2,071,912	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(33,477,409	)		8,431,184			(7,832,178	)		7,522,650			13,024,074			593,388
NET INCREASE (DECREASE) IN NET ASSETS			(191,366,285	)		(58,488,893	)		(74,776,178	)		(17,414,417	)		12,614,861			86,274

NET ASSETS
Beginning of Year or Period			821,343,142			879,832,035			316,963,300			334,377,717			31,527,859			31,441,585
End of Year or Period			$629,976,857			$821,343,142			$242,187,122			$316,963,300			$44,142,720			$31,527,859

(1)	Unaudited.

See Notes to Financial Statements

B-12

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


		Pacific Funds Short Duration Income						Pacific Funds Core Income						Pacific Funds ESG Core Bond
		Six-Month Period Ended September 30, 2022 (1)			Year Ended March 31, 2022			Six-Month Period Ended September 30, 2022 (1)			Year Ended March 31, 2022			Six-Month Period Ended September 30, 2022 (1)			Year Ended March 31, 2022
OPERATIONS
Net Investment income (loss)			$9,900,978			$15,175,236			$11,784,891			$23,114,633			$231,729			$293,036
Net realized gain (loss)			(4,368,304	)		4,456,495			(19,595,703	)		5,283,479			(387,980	)		(411,247	)
Change in net unrealized appreciation (depreciation)			(29,108,496	)		(37,853,242	)		(77,422,540	)		(57,532,082	)		(2,336,866	)		(1,191,228	)
Net Increase (Decrease) in Net Assets Resulting from Operations			(23,575,822	)		(18,221,511	)		(85,233,352	)		(29,133,970	)		(2,493,117	)		(1,309,439	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		(1,382,696	)		(4,066,243	)		(1,532,121	)		(6,149,263	)
	Class C		(177,168	)		(601,474	)		(302,319	)		(1,387,600	)
	Class I		(1,971,817	)		(3,741,285	)		(1,594,332	)		(5,558,014	)		(131,075	)		(175,208	)
	Class P								(496,861	)		(1,921,641	)
	Class I-2 (formerly Advisor Class)		(6,429,985	)		(17,809,112	)		(8,018,394	)		(32,230,826	)		(104,035	)		(140,089	)
Net Decrease from Dividends and Distributions to Shareholders			(9,961,666	)		(26,218,114	)		(11,944,027	)		(47,247,344	)		(235,110	)		(315,297	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		24,332,644			54,066,803			5,524,005			34,288,441
	Class C		2,919,641			6,250,383			839,523			3,956,398
	Class I		62,707,373			68,799,128			8,354,224			55,006,519			296,819			4,825,391
	Class P								3,236,418			613,503
	Class I-2 (formerly Advisor Class)		222,322,031			397,785,487			127,477,362			250,242,191			—			—
Dividends and distribution reinvestments
	Class A		1,118,733			3,223,177			1,415,415			5,604,739
	Class C		173,352			589,726			279,815			1,279,623
	Class I		1,971,650			3,740,884			1,502,391			5,204,582			131,075			175,208
	Class P								496,861			1,921,641
	Class I-2 (formerly Advisor Class)		6,364,772			17,531,844			6,207,445			24,654,705			104,035			140,089
Cost of shares repurchased
	Class A		(45,485,290	)		(80,196,055	)		(23,545,418	)		(62,828,327	)
	Class C		(9,520,362	)		(16,612,634	)		(7,716,465	)		(20,821,980	)
	Class I		(37,264,442	)		(36,709,897	)		(23,562,771	)		(39,837,090	)		(101,007	)		(1,668,835	)
	Class P								(3,018,395	)		(10,685,252	)
	Class I-2 (formerly Advisor Class)		(184,681,102	)		(542,266,356	)		(217,384,917	)		(399,986,442	)		—			—
Net Increase (Decrease) in Net Assets from Capital Share Transactions			44,959,000			(123,797,510	)		(119,894,507	)		(151,386,749	)		430,922			3,471,853
NET INCREASE (DECREASE) IN NET ASSETS			11,421,512			(168,237,135	)		(217,071,886	)		(227,768,063	)		(2,297,305	)		1,847,117

NET ASSETS
Beginning of Year or Period			1,008,153,658			1,176,390,793			942,056,075			1,169,824,138			26,160,085			24,312,968
End of Year or Period			$1,019,575,170			$1,008,153,658			$724,984,189			$942,056,075			$23,862,780			$26,160,085

(1)	Unaudited.

See Notes to Financial Statements

B-13

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


		Pacific Funds Strategic Income						Pacific Funds Floating Rate Income						Pacific Funds High Income
		Six-Month Period Ended September 30, 2022 (1)			Year Ended March 31, 2022			Six-Month Period Ended September 30, 2022 (1)			Year Ended March 31, 2022			Six-Month Period Ended September 30, 2022 (1)			Year Ended March 31, 2022
OPERATIONS
Net Investment income (loss)			$29,401,097			$40,697,691			$114,021,773			$104,754,929			$3,561,342			$7,740,135
Net realized gain (loss)			(19,304,199	)		19,602,422			(30,716,472	)		15,781,557			(4,855,826	)		4,372,551
Change in net unrealized appreciation (depreciation)			(160,294,638	)		(89,029,111	)		(238,931,390	)		(45,242,229	)		(13,703,662	)		(12,176,508	)
Net Increase (Decrease) in Net Assets Resulting from Operations			(150,197,740	)		(28,728,998	)		(155,626,089	)		75,294,257			(14,998,146	)		(63,822	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		(2,257,626	)		(4,896,474	)		(6,800,954	)		(8,085,632	)		(161,402	)		(343,229	)
	Class C		(1,063,362	)		(2,411,593	)		(2,423,308	)		(2,663,094	)		(25,328	)		(63,949	)
	Class I		(3,079,408	)		(1,494,498	)		(50,978,120	)		(51,912,830	)		(10,389	)		(3,949	)
	Class P								(2,142,907	)		(412,927	)		(3,199,308	)		(6,925,276	)
	Class I-2 (formerly Advisor Class)		(22,306,491	)		(44,510,973	)		(50,490,626	)		(41,380,821	)		(203,757	)		(402,344	)
Net Decrease from Dividends and Distributions to Shareholders			(28,706,887	)		(53,313,538	)		(112,835,915	)		(104,455,304	)		(3,600,184	)		(7,738,747	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		16,209,473			77,501,261			58,835,366			167,903,051			799,840			2,692,863
	Class C		4,193,795			28,612,611			23,752,776			43,390,442			55,126			177,294
	Class I		47,485,147			149,535,103			568,810,373			1,145,075,192			710,295			29,861
	Class P								43,096,287			43,955,526			151,634			2,614,594
	Class I-2 (formerly Advisor Class)		302,933,135			898,938,253			855,085,428			1,449,607,976			14,394,808			18,328,335
Dividends and distribution reinvestments
	Class A		1,914,460			4,101,204			6,704,333			7,824,984			158,651			337,407
	Class C		947,477			2,109,232			2,400,889			2,599,828			23,743			61,111
	Class I		3,077,230			1,492,899			38,006,191			37,869,697			10,360			3,893
	Class P								2,142,907			412,927			3,199,308			6,925,276
	Class I-2 (formerly Advisor Class)		19,570,565			38,071,594			48,436,723			39,696,140			203,757			401,007
Cost of shares repurchased
	Class A		(28,512,979	)		(44,087,791	)		(67,805,119	)		(62,861,307	)		(1,419,926	)		(3,365,390	)
	Class C		(12,874,642	)		(20,217,748	)		(15,332,322	)		(24,013,248	)		(228,935	)		(811,126	)
	Class I		(35,406,165	)		(18,952,136	)		(449,688,736	)		(349,771,424	)		(1,300	)		(4,905	)
	Class P								(6,834,542	)		(1,175,828	)		(35,462,259	)		(14,812,467	)
	Class I-2 (formerly Advisor Class)		(403,690,637	)		(456,469,723	)		(650,605,346	)		(413,872,820	)		(14,094,001	)		(15,441,294	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(84,153,141	)		660,634,759			457,005,208			2,086,641,136			(31,498,899	)		(2,863,541	)
NET INCREASE (DECREASE) IN NET ASSETS			(263,057,768	)		578,592,223			188,543,204			2,057,480,089			(50,097,229	)		(10,666,110	)

NET ASSETS
Beginning of Year or Period			1,601,304,746			1,022,712,523			4,060,627,423			2,003,147,334			149,110,804			159,776,914
End of Year or Period			$1,338,246,978			$1,601,304,746			$4,249,170,627			$4,060,627,423			$99,013,575			$149,110,804

(1)	Unaudited.

See Notes to Financial Statements

B-14

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


		Pacific Funds Small/Mid-Cap						Pacific Funds Small-Cap						Pacific Funds Small-Cap Value
		Six-Month Period Ended September 30, 2022 (1)			Year Ended March 31, 2022			Six-Month Period Ended September 30, 2022 (1)			Year Ended March 31, 2022			Six-Month Period Ended September 30, 2022 (1)			Year Ended March 31, 2022
OPERATIONS
Net Investment income (loss)			$434,291			($599,939	)		$27,873			($31,975	)		$83,656			$44,059
Net realized gain (loss)			7,138,361			49,847,006			(1,521,435	)		738,950			(62,889	)		2,054,409
Change in net unrealized appreciation (depreciation)			(46,686,186	)		(54,854,996	)		(3,351,655	)		(1,529,710	)		(4,201,072	)		(809,440	)
Net Increase (Decrease) in Net Assets Resulting from Operations			(39,113,534	)		(5,607,929	)		(4,845,217	)		(822,735	)		(4,180,305	)		1,289,028

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		—			(1,346,523	)		—			(103,138	)		—			(38,925	)
	Class C		—			(655,137	)		—			(39,953	)		—			(11,270	)
	Class R6		—			—			—			—			—			(2,362	)
	Class I-2 (formerly Advisor Class)		—			(18,391,064	)		—			(973,814	)		—			(222,752	)
Net Decrease from Dividends and Distributions to Shareholders			—			(20,392,724	)		—			(1,116,905	)		—			(275,309	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		915,708			2,550,228			57,090			199,509			441,698			929,116
	Class C		170,780			634,737			25,068			203,959			56,444			132,407
	Class R6		—			2,174,573			—			1,721,811			—			1,445,939
	Class I-2 (formerly Advisor Class)		5,466,106			36,329,682			542,607			13,563,062			878,245			1,873,942
Dividends and distribution reinvestments
	Class A		—			1,342,290			—			103,138			—			38,925
	Class C		—			652,758			—			37,886			—			11,270
	Class R6		—			—			—			—			—			2,362
	Class I-2 (formerly Advisor Class)		—			18,249,608			—			973,813			—			222,752
Cost of shares repurchased
	Class A		(1,228,811	)		(5,345,847	)		(34,026	)		(847,217	)		(368,837	)		(304,250	)
	Class C		(1,167,906	)		(1,911,244	)		(85,514	)		(173,506	)		(176,610	)		(222,893	)
	Class R6		(35,275	)		(2,684,111	)		(18,296	)		(1,723,657	)		(17,672	)		(1,374,589	)
	Class I-2 (formerly Advisor Class)		(69,635,183	)		(159,728,442	)		(5,021,749	)		(6,574,375	)		(397,252	)		(1,135,938	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(65,514,581	)		(107,735,768	)		(4,534,820	)		7,484,423			416,016			1,619,043
NET INCREASE (DECREASE) IN NET ASSETS			(104,628,115	)		(133,736,421	)		(9,380,037	)		5,544,783			(3,764,289	)		2,632,762

NET ASSETS
Beginning of Year or Period			214,780,856			348,517,277			22,146,760			16,601,977			20,549,027			17,916,265
End of Year or Period			$110,152,741			$214,780,856			$12,766,723			$22,146,760			$16,784,738			$20,549,027

(1)	Unaudited.

See Notes to Financial Statements

B-15

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	PF Inflation Managed Fund						PF Managed Bond Fund						PF Short Duration Bond Fund
	Six-Month Period Ended September 30, 2022 (1)			Year Ended March 31, 2022			Six-Month Period Ended September 30, 2022 (1)			Year Ended March 31, 2022			Six-Month Period Ended September 30, 2022 (1)			Year Ended March 31, 2022
OPERATIONS
Net Investment income (loss)		$1,834,808			$2,032,761			$4,735,050			$9,199,463			$1,569,656			$1,124,579
Net realized gain (loss)		290,283			578,851			(26,495,022	)		(8,150,083	)		(582,775	)		(563,087	)
Change in net unrealized appreciation (depreciation)		(6,697,092	)		(1,491,191	)		(25,645,891	)		(26,462,924	)		(4,439,495	)		(3,197,732	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(4,572,001	)		1,120,421			(47,405,863	)		(25,413,544	)		(3,452,614	)		(2,636,240	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		—			(1,116,614	)		—			(11,378,319	)		—			(1,203,868	)
Net Decrease from Dividends and Distributions to Shareholders		—			(1,116,614	)		—			(11,378,319	)		—			(1,203,868	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		53,814			15,138,607			43,286,462			7,620,859			121,777,864			2,804,448
Dividends and distribution reinvestments - Class P		—			1,116,614			—			11,378,319			—			1,203,868
Cost of shares repurchased - Class P		(4,025,950	)		(4,905,545	)		(36,936,705	)		(120,421,844	)		(11,748,823	)		(25,074,753	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(3,972,136	)		11,349,676			6,349,757			(101,422,666	)		110,029,041			(21,066,437	)
NET INCREASE (DECREASE) IN NET ASSETS		(8,544,137	)		11,353,483			(41,056,106	)		(138,214,529	)		106,576,427			(24,906,545	)

NET ASSETS
Beginning of Year or Period		44,335,161			32,981,678			424,104,658			562,319,187			72,622,186			97,528,731
End of Year or Period		$35,791,024			$44,335,161			$383,048,552			$424,104,658			$179,198,613			$72,622,186

	PF Emerging Markets Debt Fund						PF Growth Fund						PF Large-Cap Value Fund
	Six-Month Period Ended September 30, 2022 (1)			Year Ended March 31, 2022			Six-Month Period Ended September 30, 2022 (1)			Year Ended March 31, 2022			Six-Month Period Ended September 30, 2022 (1)			Year Ended March 31, 2022
OPERATIONS
Net Investment income (loss)		$1,113,992			$2,621,026			($42,119	)		($555,078	)		$976,389			$1,541,321
Net realized gain (loss)		(2,414,852	)		(2,414,354	)		26,203,867			22,289,529			1,047,674			15,322,723
Change in net unrealized appreciation (depreciation)		(4,729,226	)		(1,051,026	)		(60,971,011	)		(5,249,979	)		(31,643,174	)		5,505,490
Net Increase (Decrease) in Net Assets Resulting from Operations		(6,030,086	)		(844,354	)		(34,809,263	)		16,484,472			(29,619,111	)		22,369,534

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		—			(3,023,723	)		—			(22,120,344	)		—			(18,711,066	)
Net Decrease from Dividends and Distributions to Shareholders		—			(3,023,723	)		—			(22,120,344	)		—			(18,711,066	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		50,177			1,396,564			6,823,385			17,674,129			31,601,727			12,103,309
Dividends and distribution reinvestments - Class P		—			3,023,723			—			22,120,344			—			18,711,066
Cost of shares repurchased - Class P		(7,239,475	)		(19,092,586	)		(58,821,884	)		(54,749,885	)		(12,649,970	)		(41,827,903	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(7,189,298	)		(14,672,299	)		(51,998,499	)		(14,955,412	)		18,951,757			(11,013,528	)
NET INCREASE (DECREASE) IN NET ASSETS		(13,219,384	)		(18,540,376	)		(86,807,762	)		(20,591,284	)		(10,667,354	)		(7,355,060	)

NET ASSETS
Beginning of Year or Period		42,937,837			61,478,213			158,591,752			179,183,036			164,181,857			171,536,917
End of Year or Period		$29,718,453			$42,937,837			$71,783,990			$158,591,752			$153,514,503			$164,181,857

(1)	Unaudited.

See Notes to Financial Statements

B-16

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	PF Small-Cap Growth Fund						PF Small-Cap Value Fund						PF Emerging Markets Fund
	Six-Month Period Ended September 30, 2022 (1)			Year Ended March 31, 2022			Six-Month Period Ended September 30, 2022 (1)			Year Ended March 31, 2022			Six-Month Period Ended September 30, 2022 (1)			Year Ended March 31, 2022
OPERATIONS
Net Investment income (loss)		$7,810			($268,276	)		$284,346			$482,053			$293,097			$1,874,574
Net realized gain (loss)		(9,964,259	)		3,569,842			3,869,643			18,647,202			4,788,320			1,329,138
Change in net unrealized appreciation (depreciation)		843,233			(12,618,790	)		(19,251,924	)		(16,078,447	)		(18,790,717	)		(35,843,685	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(9,113,216	)		(9,317,224	)		(15,097,935	)		3,050,808			(13,709,300	)		(32,639,973	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		—			(8,541,961	)		—			(13,139,200	)		—			(15,375,604	)
Net Decrease from Dividends and Distributions to Shareholders		—			(8,541,961	)		—			(13,139,200	)		—			(15,375,604	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		79,254			6,159,445			145,115			1,543,398			116,144			3,882,070
Dividends and distribution reinvestments - Class P		—			8,541,961			—			13,139,200			—			15,375,604
Cost of shares repurchased - Class P		(21,631,518	)		(10,433,023	)		(47,507,055	)		(24,180,494	)		(35,595,762	)		(25,131,681	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(21,552,264	)		4,268,383			(47,361,940	)		(9,497,896	)		(35,479,618	)		(5,874,007	)
NET INCREASE (DECREASE) IN NET ASSETS		(30,665,480	)		(13,590,802	)		(62,459,875	)		(19,586,288	)		(49,188,918	)		(53,889,584	)

NET ASSETS
Beginning of Year or Period		49,964,487			63,555,289			97,322,452			116,908,740			87,893,294			141,782,878
End of Year or Period		$19,299,007			$49,964,487			$34,862,577			$97,322,452			$38,704,376			$87,893,294

	PF International Growth Fund						PF International Small-Cap Fund						PF International Value Fund
	Six-Month Period Ended September 30, 2022 (1)			Year Ended March 31, 2022			Six-Month Period Ended September 30, 2022 (1)			Year Ended March 31, 2022			Six-Month Period Ended September 30, 2022 (1)			Year Ended March 31, 2022
OPERATIONS
Net Investment income (loss)		$189,537			$366,819			$626,511			$726,730			$1,448,061			$1,114,552
Net realized gain (loss)		(1,701,085	)		17,859,377			(8,718,486	)		13,387,897			(1,787,529	)		2,374,005
Change in net unrealized appreciation (depreciation)		(4,445,356	)		(20,000,716	)		(1,109,509	)		(14,392,178	)		(13,103,994	)		(700,843	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(5,956,904	)		(1,774,520	)		(9,201,484	)		(277,551	)		(13,443,462	)		2,787,714

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		—			(20,851,939	)		—			(11,214,934	)		—			(904,797	)
Net Decrease from Dividends and Distributions to Shareholders		—			(20,851,939	)		—			(11,214,934	)		—			(904,797	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		1,448,855			1,934,946			69,164			25,940,487			1,356,225			42,852,913
Dividends and distribution reinvestments - Class P		—			20,851,939			—			11,214,934			—			904,797
Cost of shares repurchased - Class P		(14,438,377	)		(12,889,617	)		(34,568,877	)		(3,725,917	)		(12,040,199	)		(3,345,538	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(12,989,522	)		9,897,268			(34,499,713	)		33,429,504			(10,683,974	)		40,412,172
NET INCREASE (DECREASE) IN NET ASSETS		(18,946,426	)		(12,729,191	)		(43,701,197	)		21,937,019			(24,127,436	)		42,295,089

NET ASSETS
Beginning of Year or Period		36,162,089			48,891,280			58,845,082			36,908,063			76,724,800			34,429,711
End of Year or Period		$17,215,663			$36,162,089			$15,143,885			$58,845,082			$52,597,364			$76,724,800

(1)	Unaudited.

See Notes to Financial Statements

B-17

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	PF Multi-Asset Fund						PF Real Estate Fund
	Six-Month Period Ended September 30, 2022 (1)			Year Ended March 31, 2022			Six-Month Period Ended September 30, 2022 (1)			Year Ended March 31, 2022
OPERATIONS
Net Investment income (loss)		$4,508,577			$4,530,345			$744,276			$379,810
Net realized gain (loss)		(52,123,382	)		212,594,679			(328,584	)		4,203,651
Change in net unrealized appreciation (depreciation)		(181,994,048	)		(138,102,461	)		(14,779,659	)		2,037,656
Net Increase (Decrease) in Net Assets Resulting from Operations		(229,608,853	)		79,022,563			(14,363,967	)		6,621,117

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		–			(373,547,120	)		–			(300,499	)
Net Decrease from Dividends and Distributions to Shareholders		–			(373,547,120	)		–			(300,499	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		15,146,021			40,267,725			9,570,485			33,473,105
Dividends and distribution reinvestments - Class P		–			373,547,120			–			300,499
Cost of shares repurchased - Class P		(81,802,785	)		(168,704,096	)		(4,810,103	)		(6,438,759	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(66,656,764	)		245,110,749			4,760,382			27,334,845
NET INCREASE (DECREASE) IN NET ASSETS		(296,265,617	)		(49,413,808	)		(9,603,585	)		33,655,463

NET ASSETS
Beginning of Year or Period		1,054,195,834			1,103,609,642			59,386,767			25,731,304
End of Year or Period		$757,930,217			$1,054,195,834			$49,783,182			$59,386,767

(1)	Unaudited.

See Notes to Financial Statements

B-18

PACIFIC FUNDS

STATEMENT OF CASH FLOWS (1)

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2022 (Unaudited)


		Pacific Funds Floating Rate Income

CASH FLOWS FROM OPERATING ACTIVITIES (2):
Net increase (decrease) in net assets from operations			($155,626,089	)
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities:
	Purchases of long-term securities		(1,381,879,829	)
	Proceeds from disposition of long-term securities		1,097,226,602
	Proceeds (purchases) of short-term securities, net		331,470,180
	(Increase) decrease in dividends and interest receivable		(6,807,936	)
	(Increase) decrease in receivable for securities sold		(112,434,295	)
	(Increase) decrease in receivable due from adviser		(24,034	)
	(Increase) decrease in prepaid expenses and other assets		50,598
	Increase (decrease) in payable for securities purchased		(413,026,138	)
	Increase (decrease) in accrued advisory fees		194,288
	Increase (decrease) in accrued administration fees		51,756
	Increase (decrease) in accrued custodian and portfolio accounting fees		189,491
	Increase (decrease) in accrued legal, audit and tax service fees		(41,703	)
	Increase (decrease) in accrued trustees’ fees and deferred compensation		3,484
	Increase (decrease) in distribution and service fees		130,907
	Increase (decrease) in accrued other		16,195
	Change in net unrealized (appreciation) depreciation on investment securities		238,931,390
	Net realized (gain) loss on investment security transactions		30,716,472
	Net amortization on investments		(574,896	)
Net cash provided by (used in) operating activities			(371,433,557	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from shares sold			1,571,351,394
Payment of shares redeemed			(1,177,458,996	)
Payment of dividends and distributions to shareholders			(14,634,764	)
Net cash provided by (used in) financing activities			379,257,634

NET INCREASE (DECREASE) IN CASH AND FOREIGN CURRENCY			7,824,077

CASH AND FOREIGN CURRENCY:
Beginning of Period			3,430,370
End of Period			$11,254,447

(1)

Information on financial transactions which have been settled through the receipt or disbursement of cash is presented in the Statement of Cash Flows. The cash amounts shown in the Statement of Cash Flows are the amount included within the Statements of Assets and Liabilities and include cash and foreign currency, if any, but does not include any short-term investments. The Pacific Funds Floating Rate Income Fund has not met the exemption criteria under the Financial Accounting Standards Board Accounting Standards Codification Topic 230, Statement of Cash Flows, and therefore includes a Statement of Cash Flows. All other funds have met the exemption criteria.

(2)	Interest paid by the Pacific Funds Floating Rate Income Fund was $378,089.

See Notes to Financial Statements

B-19

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS

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


Fund			Selected Per Share Data																				Ratios to Average Net Assets									Supplemental Data
			Investment Operations									Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Portfolio Optimization Conservative (6)

Class A
4/1/2022 - 9/30/2022 (7)		$10.77		$0.02			($1.39	)		($1.37	)		$—			$—			$—			$9.40		0.68	%		0.60	%		0.33	%		(12.72	%)		$142,078		12	%
4/1/2021 - 3/31/2022		11.46		0.18			(0.39	)		(0.21	)		(0.28	)		(0.20	)		(0.48	)		10.77		0.67	%		0.60	%		1.53	%		(2.13	%)		174,061		20	%
4/1/2020 - 3/31/2021		9.83		0.16			1.80			1.96			(0.33	)		—			(0.33	)		11.46		0.67	%		0.60	%		1.47	%		19.96	%		191,406		37	%
4/1/2019 - 3/31/2020		10.23		0.17			(0.35	)		(0.18	)		(0.20	)		(0.02	)		(0.22	)		9.83		0.68	%		0.60	%		1.60	%		(1.95	%)		159,186		22	%
4/1/2018 - 3/31/2019		11.24		0.20			(0.04	)		0.16			(0.21	)		(0.96	)		(1.17	)		10.23		0.68	%		0.60	%		1.83	%		1.88	%		121,012		30	%
4/1/2017 - 3/31/2018		10.98		0.25			0.26			0.51			(0.25	)		—			(0.25	)		11.24		0.68	%		0.60	%		2.18	%		4.60	%		131,023		30	%
Class C
4/1/2022 - 9/30/2022 (7)		$10.44		($0.02	)		($1.34	)		($1.36	)		$—			$—			$—			$9.08		1.43	%		1.35	%		(0.42	%)		(13.03	%)		$27,102		12	%
4/1/2021 - 3/31/2022		11.14		0.09			(0.38	)		(0.29	)		(0.21	)		(0.20	)		(0.41	)		10.44		1.42	%		1.35	%		0.78	%		(2.85	%)		37,841		20	%
4/1/2020 - 3/31/2021		9.59		0.08			1.74			1.82			(0.27	)		—			(0.27	)		11.14		1.42	%		1.35	%		0.72	%		18.96	%		46,869		37	%
4/1/2019 - 3/31/2020		9.97		0.09			(0.35	)		(0.26	)		(0.10	)		(0.02	)		(0.12	)		9.59		1.43	%		1.35	%		0.86	%		(2.72	%)		46,909		22	%
4/1/2018 - 3/31/2019		11.00		0.11			(0.03	)		0.08			(0.15	)		(0.96	)		(1.11	)		9.97		1.43	%		1.35	%		1.08	%		1.13	%		111,233		30	%
4/1/2017 - 3/31/2018		10.76		0.16			0.26			0.42			(0.18	)		—			(0.18	)		11.00		1.43	%		1.35	%		1.43	%		3.89	%		137,036		30	%
Class I-2
4/1/2022 - 9/30/2022 (7)		$10.84		$0.03			($1.40	)		($1.37	)		$—			$—			$—			$9.47		0.43	%		0.35	%		0.58	%		(12.64	%)		$7,197		12	%
4/1/2021 - 3/31/2022		11.52		0.21			(0.39	)		(0.18	)		(0.30	)		(0.20	)		(0.50	)		10.84		0.42	%		0.35	%		1.78	%		(1.84	%)		13,647		20	%
4/1/2020 - 3/31/2021		9.88		0.19			1.80			1.99			(0.35	)		—			(0.35	)		11.52		0.42	%		0.35	%		1.72	%		20.17	%		11,299		37	%
4/1/2019 - 3/31/2020		10.26		0.20			(0.35	)		(0.15	)		(0.21	)		(0.02	)		(0.23	)		9.88		0.43	%		0.35	%		1.85	%		(1.68	%)		6,994		22	%
4/1/2018 - 3/31/2019		11.26		0.22			(0.03	)		0.19			(0.23	)		(0.96	)		(1.19	)		10.26		0.43	%		0.35	%		2.08	%		2.26	%		6,893		30	%
4/1/2017 - 3/31/2018		11.00		0.28			0.25			0.53			(0.27	)		—			(0.27	)		11.26		0.43	%		0.35	%		2.43	%		4.79	%		8,135		30	%
Pacific Funds Portfolio Optimization Moderate-Conservative (6)

Class A
4/1/2022 - 9/30/2022 (7)		$11.62		$0.01			($1.77	)		($1.76	)		$—			$—			$—			$9.86		0.66	%		0.60	%		0.12	%		(15.15	%)		$209,887		10	%
4/1/2021 - 3/31/2022		12.52		0.15			(0.20	)		(0.05	)		(0.29	)		(0.56	)		(0.85	)		11.62		0.65	%		0.60	%		1.14	%		(0.83	%)		262,457		19	%
4/1/2020 - 3/31/2021		9.95		0.15			2.74			2.89			(0.32	)		—			(0.32	)		12.52		0.66	%		0.60	%		1.25	%		29.06	%		283,474		28	%
4/1/2019 - 3/31/2020		10.70		0.17			(0.66	)		(0.49	)		(0.22	)		(0.04	)		(0.26	)		9.95		0.67	%		0.60	%		1.55	%		(4.94	%)		231,749		20	%
4/1/2018 - 3/31/2019		12.58		0.18			(0.06	)		0.12			(0.20	)		(1.80	)		(2.00	)		10.70		0.68	%		0.60	%		1.55	%		1.91	%		199,827		45	%
4/1/2017 - 3/31/2018		12.21		0.25			0.53			0.78			(0.27	)		(0.14	)		(0.41	)		12.58		0.67	%		0.60	%		1.95	%		6.36	%		227,420		30	%
Class C
4/1/2022 - 9/30/2022 (7)		$11.29		($0.03	)		($1.72	)		($1.75	)		$—			$—			$—			$9.54		1.41	%		1.35	%		(0.63	%)		(15.50	%)		$21,279		10	%
4/1/2021 - 3/31/2022		12.20		0.05			(0.18	)		(0.13	)		(0.22	)		(0.56	)		(0.78	)		11.29		1.41	%		1.35	%		0.39	%		(1.54	%)		31,538		19	%
4/1/2020 - 3/31/2021		9.72		0.06			2.66			2.72			(0.24	)		—			(0.24	)		12.20		1.41	%		1.35	%		0.50	%		28.06	%		45,349		28	%
4/1/2019 - 3/31/2020		10.44		0.09			(0.66	)		(0.57	)		(0.11	)		(0.04	)		(0.15	)		9.72		1.42	%		1.35	%		0.80	%		(5.63	%)		48,929		20	%
4/1/2018 - 3/31/2019		12.34		0.09			(0.06	)		0.03			(0.13	)		(1.80	)		(1.93	)		10.44		1.43	%		1.35	%		0.80	%		1.11	%		136,522		45	%
4/1/2017 - 3/31/2018		12.00		0.15			0.52			0.67			(0.19	)		(0.14	)		(0.33	)		12.34		1.42	%		1.35	%		1.20	%		5.60	%		174,766		30	%
Class I-2
4/1/2022 - 9/30/2022 (7)		$11.70		$0.02			($1.78	)		($1.76	)		$—			$—			$—			$9.94		0.41	%		0.35	%		0.37	%		(15.04	%)		$4,829		10	%
4/1/2021 - 3/31/2022		12.60		0.18			(0.20	)		(0.02	)		(0.32	)		(0.56	)		(0.88	)		11.70		0.40	%		0.35	%		1.39	%		(0.64	%)		6,710		19	%
4/1/2020 - 3/31/2021		10.00		0.18			2.76			2.94			(0.34	)		—			(0.34	)		12.60		0.41	%		0.35	%		1.50	%		29.44	%		6,126		28	%
4/1/2019 - 3/31/2020		10.75		0.20			(0.67	)		(0.47	)		(0.24	)		(0.04	)		(0.28	)		10.00		0.42	%		0.35	%		1.80	%		(4.67	%)		5,659		20	%
4/1/2018 - 3/31/2019		12.62		0.21			(0.06	)		0.15			(0.22	)		(1.80	)		(2.02	)		10.75		0.42	%		0.35	%		1.80	%		2.10	%		7,701		45	%
4/1/2017 - 3/31/2018		12.24		0.28			0.53			0.81			(0.29	)		(0.14	)		(0.43	)		12.62		0.42	%		0.35	%		2.20	%		6.62	%		5,196		30	%
Pacific Funds Portfolio Optimization Moderate (6)

Class A
4/1/2022 - 9/30/2022 (7)		$13.33		($0.00	)(8)		($2.34	)		($2.34	)		$—			$—			$—			$10.99		0.63	%		0.60	%		(0.08	%)		(17.55	%)		$658,474		12	%
4/1/2021 - 3/31/2022		14.35		0.10			0.11			0.21			(0.36	)		(0.87	)		(1.23	)		13.33		0.63	%		0.60	%		0.68	%		0.92	%		845,027		20	%
4/1/2020 - 3/31/2021		10.60		0.12			4.06			4.18			(0.32	)		(0.11	)		(0.43	)		14.35		0.64	%		0.60	%		0.95	%		39.61	%		897,486		27	%
4/1/2019 - 3/31/2020		12.01		0.17			(0.95	)		(0.78	)		(0.19	)		(0.44	)		(0.63	)		10.60		0.66	%		0.60	%		1.38	%		(7.24	%)		714,447		19	%
4/1/2018 - 3/31/2019		14.26		0.16			0.04			0.20			(0.23	)		(2.22	)		(2.45	)		12.01		0.66	%		0.60	%		1.17	%		2.49	%		652,731		41	%
4/1/2017 - 3/31/2018		13.67		0.20			0.94			1.14			(0.24	)		(0.31	)		(0.55	)		14.26		0.66	%		0.60	%		1.40	%		8.36	%		690,689		36	%


See Notes to Financial Statements		See explanation of references on B-30

B-20

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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


Fund			Selected Per Share Data																				Ratios to Average Net Assets									Supplemental Data
			Investment Operations									Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Portfolio Optimization Moderate (Continued) (6)

Class C
4/1/2022 - 9/30/2022 (7)		$12.98		($0.05	)		($2.27	)		($2.32	)		$—			$—			$—			$10.66		1.39	%		1.35	%		(0.83	%)		(17.87	%)		$74,199		12	%
4/1/2021 - 3/31/2022		14.03		(0.01	)		0.11			0.10			(0.28	)		(0.87	)		(1.15	)		12.98		1.38	%		1.35	%		(0.07	%)		0.14	%		107,229		20	%
4/1/2020 - 3/31/2021		10.39		0.03			3.96			3.99			(0.24	)		(0.11	)		(0.35	)		14.03		1.39	%		1.35	%		0.20	%		38.56	%		143,244		27	%
4/1/2019 - 3/31/2020		11.77		0.08			(0.94	)		(0.86	)		(0.08	)		(0.44	)		(0.52	)		10.39		1.41	%		1.35	%		0.63	%		(7.97	%)		142,846		19	%
4/1/2018 - 3/31/2019		14.04		0.05			0.06			0.11			(0.16	)		(2.22	)		(2.38	)		11.77		1.41	%		1.35	%		0.42	%		1.78	%		381,170		41	%
4/1/2017 - 3/31/2018		13.50		0.09			0.92			1.01			(0.16	)		(0.31	)		(0.47	)		14.04		1.41	%		1.35	%		0.65	%		7.47	%		465,913		36	%
Class I-2
4/1/2022 - 9/30/2022 (7)		$13.41		$0.01			($2.35	)		($2.34	)		$—			$—			$—			$11.07		0.38	%		0.35	%		0.17	%		(17.45	%)		$23,141		12	%
4/1/2021 - 3/31/2022		14.42		0.14			0.11			0.25			(0.39	)		(0.87	)		(1.26	)		13.41		0.38	%		0.35	%		0.93	%		1.17	%		30,378		20	%
4/1/2020 - 3/31/2021		10.64		0.16			4.07			4.23			(0.34	)		(0.11	)		(0.45	)		14.42		0.39	%		0.35	%		1.20	%		39.99	%		35,732		27	%
4/1/2019 - 3/31/2020		12.05		0.20			(0.96	)		(0.76	)		(0.21	)		(0.44	)		(0.65	)		10.64		0.41	%		0.35	%		1.63	%		(7.07	%)		21,729		19	%
4/1/2018 - 3/31/2019		14.29		0.19			0.04			0.23			(0.25	)		(2.22	)		(2.47	)		12.05		0.41	%		0.35	%		1.42	%		2.75	%		26,959		41	%
4/1/2017 - 3/31/2018		13.69		0.24			0.94			1.18			(0.27	)		(0.31	)		(0.58	)		14.29		0.41	%		0.35	%		1.65	%		8.54	%		23,088		36	%
Pacific Funds Portfolio Optimization Growth (6)

Class A
4/1/2022 - 9/30/2022 (7)		$14.33		($0.01	)		($2.79	)		($2.80	)		$—			$—			$—			$11.53		0.64	%		0.60	%		(0.20	%)		(19.54	%)		$548,726		13	%
4/1/2021 - 3/31/2022		15.50		0.07			0.39			0.46			(0.40	)		(1.23	)		(1.63	)		14.33		0.64	%		0.60	%		0.46	%		2.22	%		712,010		19	%
4/1/2020 - 3/31/2021		10.59		0.11			5.19			5.30			(0.23	)		(0.16	)		(0.39	)		15.50		0.64	%		0.60	%		0.80	%		50.27	%		743,213		28	%
4/1/2019 - 3/31/2020		12.77		0.19			(1.45	)		(1.26	)		(0.22	)		(0.70	)		(0.92	)		10.59		0.66	%		0.60	%		1.45	%		(11.24	%)		544,605		18	%
4/1/2018 - 3/31/2019		15.46		0.12			0.13			0.25			(0.21	)		(2.73	)		(2.94	)		12.77		0.66	%		0.60	%		0.84	%		2.92	%		529,247		53	%
4/1/2017 - 3/31/2018		14.61		0.18			1.30			1.48			(0.23	)		(0.40	)		(0.63	)		15.46		0.66	%		0.60	%		1.14	%		10.10	%		555,328		39	%
Class C
4/1/2022 - 9/30/2022 (7)		$13.86		($0.06	)		($2.70	)		($2.76	)		$—			$—			$—			$11.10		1.39	%		1.35	%		(0.95	%)		(19.91	%)		$65,231		13	%
4/1/2021 - 3/31/2022		15.06		(0.04	)		0.38			0.34			(0.31	)		(1.23	)		(1.54	)		13.86		1.39	%		1.35	%		(0.29	%)		1.51	%		89,501		19	%
4/1/2020 - 3/31/2021		10.33		0.01			5.03			5.04			(0.15	)		(0.16	)		(0.31	)		15.06		1.39	%		1.35	%		0.05	%		48.99	%		116,482		28	%
4/1/2019 - 3/31/2020		12.45		0.09			(1.41	)		(1.32	)		(0.10	)		(0.70	)		(0.80	)		10.33		1.41	%		1.35	%		0.70	%		(11.81	%)		100,768		18	%
4/1/2018 - 3/31/2019		15.18		0.01			0.13			0.14			(0.14	)		(2.73	)		(2.87	)		12.45		1.42	%		1.35	%		0.08	%		2.12	%		271,000		53	%
4/1/2017 - 3/31/2018		14.38		0.06			1.28			1.34			(0.14	)		(0.40	)		(0.54	)		15.18		1.41	%		1.35	%		0.39	%		9.29	%		317,342		39	%
Class I-2
4/1/2022 - 9/30/2022 (7)		$14.44		$0.00	(8)		($2.81	)		($2.81	)		$—			$—			$—			$11.63		0.39	%		0.35	%		0.05	%		(19.46	%)		$16,019		13	%
4/1/2021 - 3/31/2022		15.60		0.11			0.39			0.50			(0.43	)		(1.23	)		(1.66	)		14.44		0.39	%		0.35	%		0.71	%		2.46	%		19,833		19	%
4/1/2020 - 3/31/2021		10.65		0.14			5.23			5.37			(0.26	)		(0.16	)		(0.42	)		15.60		0.39	%		0.35	%		1.05	%		50.62	%		20,137		28	%
4/1/2019 - 3/31/2020		12.82		0.22			(1.45	)		(1.23	)		(0.24	)		(0.70	)		(0.94	)		10.65		0.41	%		0.35	%		1.70	%		(10.98	%)		14,485		18	%
4/1/2018 - 3/31/2019		15.51		0.16			0.12			0.28			(0.24	)		(2.73	)		(2.97	)		12.82		0.41	%		0.35	%		1.09	%		3.12	%		19,458		53	%
4/1/2017 - 3/31/2018		14.64		0.22			1.31			1.53			(0.26	)		(0.40	)		(0.66	)		15.51		0.41	%		0.35	%		1.39	%		10.42	%		16,280		39	%
Pacific Funds Portfolio Optimization Aggressive-Growth (6)

Class A
4/1/2022 - 9/30/2022 (7)		$16.37		($0.03	)		($3.47	)		($3.50	)		$—			$—			$—			$12.87		0.66	%		0.60	%		(0.43	%)		(21.38	%)		$207,320		12	%
4/1/2021 - 3/31/2022		17.62		0.02			0.63			0.65			(0.52	)		(1.38	)		(1.90	)		16.37		0.65	%		0.60	%		0.12	%		2.80	%		270,691		15	%
4/1/2020 - 3/31/2021		11.38		0.09			6.70			6.79			(0.21	)		(0.34	)		(0.55	)		17.62		0.66	%		0.60	%		0.56	%		60.05	%		275,818		31	%
4/1/2019 - 3/31/2020		14.25		0.19			(1.89	)		(1.70	)		(0.23	)		(0.94	)		(1.17	)		11.38		0.67	%		0.60	%		1.31	%		(13.66	%)		191,505		19	%
4/1/2018 - 3/31/2019		17.03		0.10			0.25			0.35			(0.25	)		(2.88	)		(3.13	)		14.25		0.68	%		0.60	%		0.61	%		3.39	%		193,470		55	%
4/1/2017 - 3/31/2018		15.79		0.12			1.81			1.93			(0.20	)		(0.49	)		(0.69	)		17.03		0.68	%		0.60	%		0.74	%		12.17	%		189,903		41	%
Class C
4/1/2022 - 9/30/2022 (7)		$15.62		($0.08	)		($3.31	)		($3.39	)		$—			$—			$—			$12.23		1.41	%		1.35	%		(1.18	%)		(21.70	%)		$26,157		12	%
4/1/2021 - 3/31/2022		16.92		(0.11	)		0.60			0.49			(0.41	)		(1.38	)		(1.79	)		15.62		1.40	%		1.35	%		(0.63	%)		2.04	%		35,333		15	%
4/1/2020 - 3/31/2021		10.97		(0.03	)		6.45			6.42			(0.13	)		(0.34	)		(0.47	)		16.92		1.41	%		1.35	%		(0.19	%)		58.83	%		43,705		31	%
4/1/2019 - 3/31/2020		13.76		0.08			(1.82	)		(1.74	)		(0.11	)		(0.94	)		(1.05	)		10.97		1.42	%		1.35	%		0.56	%		(14.25	%)		35,339		19	%
4/1/2018 - 3/31/2019		16.59		(0.02	)		0.24			0.22			(0.17	)		(2.88	)		(3.05	)		13.76		1.43	%		1.35	%		(0.14	%)		2.57	%		85,434		55	%
4/1/2017 - 3/31/2018		15.43		(0.00	)(8)		1.75			1.75			(0.10	)		(0.49	)		(0.59	)		16.59		1.43	%		1.35	%		(0.01	%)		11.39	%		97,877		41	%


See Notes to Financial Statements		See explanation of references on B-30

B-21

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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


Fund			Selected Per Share Data																				Ratios to Average Net Assets									Supplemental Data
			Investment Operations									Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Portfolio Optimization Aggressive-Growth (Continued) (6)

Class I-2
4/1/2022 - 9/30/2022 (7)		$16.48		($0.01	)		($3.49	)		($3.50	)		$—			$—			$—			$12.98		0.41	%		0.35	%		(0.18	%)		(21.24	%)		$8,710		12	%
4/1/2021 - 3/31/2022		17.72		0.07			0.62			0.69			(0.55	)		(1.38	)		(1.93	)		16.48		0.40	%		0.35	%		0.37	%		3.02	%		10,940		15	%
4/1/2020 - 3/31/2021		11.44		0.12			6.74			6.86			(0.24	)		(0.34	)		(0.58	)		17.72		0.41	%		0.35	%		0.81	%		60.35	%		14,855		31	%
4/1/2019 - 3/31/2020		14.29		0.23			(1.89	)		(1.66	)		(0.25	)		(0.94	)		(1.19	)		11.44		0.42	%		0.35	%		1.56	%		(13.34	%)		9,606		19	%
4/1/2018 - 3/31/2019		17.07		0.14			0.23			0.37			(0.27	)		(2.88	)		(3.15	)		14.29		0.43	%		0.35	%		0.86	%		3.57	%		10,860		55	%
4/1/2017 - 3/31/2018		15.82		0.17			1.80			1.97			(0.23	)		(0.49	)		(0.72	)		17.07		0.43	%		0.35	%		0.99	%		12.48	%		10,067		41	%
Pacific Funds Ultra Short Income (6)

Class I
4/1/2022 - 9/30/2022 (7)		$9.92		$0.10			($0.12	)		($0.02	)		($0.09	)		$—			($0.09	)		$9.81		0.63	%		0.32	%		1.96	%		(0.21	%)		$12,905		20	%
4/1/2021 - 3/31/2022		10.07		0.06			(0.10	)		(0.04	)		(0.07	)		(0.04	)		(0.11	)		9.92		0.66	%		0.32	%		0.62	%		(0.42	%)		12,929		75	%
4/1/2020 - 3/31/2021		9.65		0.12			0.44			0.56			(0.12	)		(0.02	)		(0.14	)		10.07		0.70	%		0.32	%		1.16	%		5.81	%		12,993		96	%
6/28/2019 - 3/31/2020		10.00		0.17			(0.35	)		(0.18	)		(0.17	)		(0.00	)(8)		(0.17	)		9.65		0.87	%		0.32	%		2.27	%		(1.81	%)		12,273		81	%
Class I-2
4/1/2022 - 9/30/2022 (7)		$9.92		$0.10			($0.12	)		($0.02	)		($0.09	)		$—			($0.09	)		$9.81		0.63	%		0.32	%		1.96	%		(0.21	%)		$31,238		20	%
4/1/2021 - 3/31/2022		10.07		0.06			(0.10	)		(0.04	)		(0.07	)		(0.04	)		(0.11	)		9.92		0.66	%		0.32	%		0.62	%		(0.42	%)		18,598		75	%
4/1/2020 - 3/31/2021		9.65		0.12			0.44			0.56			(0.12	)		(0.02	)		(0.14	)		10.07		0.69	%		0.32	%		1.16	%		5.81	%		18,449		96	%
6/28/2019 - 3/31/2020		10.00		0.17			(0.35	)		(0.18	)		(0.17	)		(0.00	)(8)		(0.17	)		9.65		0.97	%		0.32	%		2.27	%		(1.81	%)		12,401		81	%
Pacific Funds Short Duration Income (6)

Class A
4/1/2022 - 9/30/2022 (7)		$10.16		$0.09			($0.33	)		($0.24	)		($0.09	)		$—			($0.09	)		$9.83		0.87	%		0.75	%		1.76	%		(2.39	%)		$149,114		27	%
4/1/2021 - 3/31/2022		10.57		0.12			(0.31	)		(0.19	)		(0.12	)		(0.10	)		(0.22	)		10.16		0.87	%		0.75	%		1.14	%		(1.85	%)		174,444		60	%
4/1/2020 - 3/31/2021		10.05		0.16			0.52			0.68			(0.16	)		—			(0.16	)		10.57		0.88	%		0.75	%		1.50	%		6.78	%		204,761		76	%
4/1/2019 - 3/31/2020		10.30		0.24			(0.25	)		(0.01	)		(0.24	)		—			(0.24	)		10.05		0.99	%		0.75	%		2.33	%		(0.13	%)		154,309		56	%
4/1/2018 - 3/31/2019		10.24		0.26			0.05			0.31			(0.25	)		—			(0.25	)		10.30		1.03	%		0.75	%		2.57	%		3.11	%		118,935		50	%
4/1/2017 - 3/31/2018		10.32		0.21			(0.09	)		0.12			(0.20	)		—			(0.20	)		10.24		1.04	%		0.75	%		2.03	%		1.18	%		94,197		76	%
Class C
4/1/2022 - 9/30/2022 (7)		$10.14		$0.05			($0.33	)		($0.28	)		($0.05	)		$—			($0.05	)		$9.81		1.62	%		1.50	%		1.01	%		(2.76	%)		$32,308		27	%
4/1/2021 - 3/31/2022		10.55		0.04			(0.31	)		(0.27	)		(0.04	)		(0.10	)		(0.14	)		10.14		1.62	%		1.50	%		0.39	%		(2.59	%)		39,891		60	%
4/1/2020 - 3/31/2021		10.03		0.08			0.52			0.60			(0.08	)		—			(0.08	)		10.55		1.63	%		1.50	%		0.75	%		6.00	%		51,385		76	%
4/1/2019 - 3/31/2020		10.28		0.16			(0.25	)		(0.09	)		(0.16	)		—			(0.16	)		10.03		1.74	%		1.50	%		1.58	%		(0.87	%)		48,816		56	%
4/1/2018 - 3/31/2019		10.22		0.19			0.05			0.24			(0.18	)		—			(0.18	)		10.28		1.78	%		1.50	%		1.82	%		2.35	%		46,167		50	%
4/1/2017 - 3/31/2018		10.30		0.13			(0.09	)		0.04			(0.12	)		—			(0.12	)		10.22		1.79	%		1.50	%		1.28	%		0.43	%		44,337		76	%
Class I
4/1/2022 - 9/30/2022 (7)		$10.14		$0.10			($0.33	)		($0.23	)		($0.10	)		$—			($0.10	)		$9.81		0.62	%		0.45	%		2.06	%		(2.24	%)		$192,413		27	%
4/1/2021 - 3/31/2022		10.56		0.15			(0.32	)		(0.17	)		(0.15	)		(0.10	)		(0.25	)		10.14		0.62	%		0.48	%		1.40	%		(1.69	%)		171,154		60	%
4/1/2020 - 3/31/2021		10.03		0.18			0.54			0.72			(0.19	)		—			(0.19	)		10.56		0.63	%		0.50	%		1.75	%		7.16	%		141,974		76	%
4/1/2019 - 3/31/2020		10.29		0.27			(0.26	)		0.01			(0.27	)		—			(0.27	)		10.03		0.63	%		0.50	%		2.58	%		0.03	%		106,402		56	%
4/1/2018 - 3/31/2019		10.22		0.29			0.06			0.35			(0.28	)		—			(0.28	)		10.29		0.63	%		0.50	%		2.82	%		3.47	%		83,436		50	%
4/1/2017 - 3/31/2018		10.30		0.24			(0.09	)		0.15			(0.23	)		—			(0.23	)		10.22		0.64	%		0.50	%		2.28	%		1.43	%		4,329		76	%
Class I-2
4/1/2022 - 9/30/2022 (7)		$10.16		$0.10			($0.33	)		($0.23	)		($0.10	)		$—			($0.10	)		$9.83		0.62	%		0.50	%		2.01	%		(2.26	%)		$645,741		27	%
4/1/2021 - 3/31/2022		10.58		0.15			(0.32	)		(0.17	)		(0.15	)		(0.10	)		(0.25	)		10.16		0.62	%		0.50	%		1.39	%		(1.70	%)		622,664		60	%
4/1/2020 - 3/31/2021		10.05		0.18			0.54			0.72			(0.19	)		—			(0.19	)		10.58		0.63	%		0.50	%		1.75	%		7.14	%		778,271		76	%
4/1/2019 - 3/31/2020		10.31		0.27			(0.26	)		0.01			(0.27	)		—			(0.27	)		10.05		0.73	%		0.50	%		2.58	%		0.02	%		717,804		56	%
4/1/2018 - 3/31/2019		10.24		0.29			0.06			0.35			(0.28	)		—			(0.28	)		10.31		0.78	%		0.50	%		2.82	%		3.46	%		483,476		50	%
4/1/2017 - 3/31/2018		10.32		0.24			(0.09	)		0.15			(0.23	)		—			(0.23	)		10.24		0.79	%		0.50	%		2.28	%		1.43	%		272,268		76	%


See Notes to Financial Statements		See explanation of references on B-30

B-22

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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


Fund			Selected Per Share Data																			Ratios to Average Net Assets									Supplemental Data
			Investment Operations								Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)		Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Core Income (6)

Class A
4/1/2022 - 9/30/2022 (7)		$10.41		$0.13		($1.17	)		($1.04	)		($0.14	)		$—			($0.14	)		$9.23		0.98	%		0.85	%		2.72	%		(10.06	%)		$97,807		52	%
4/1/2021 - 3/31/2022		11.18		0.20		(0.52	)		(0.32	)		(0.21	)		(0.24	)		(0.45	)		10.41		0.97	%		0.85	%		1.83	%		(3.11	%)		127,727		82	%
4/1/2020 - 3/31/2021		10.60		0.22		0.66			0.88			(0.22	)		(0.08	)		(0.30	)		11.18		0.98	%		0.85	%		1.95	%		8.29	%		160,701		102	%
4/1/2019 - 3/31/2020		10.52		0.29		0.08			0.37			(0.29	)		—			(0.29	)		10.60		1.09	%		0.85	%		2.70	%		3.51	%		140,650		70	%
4/1/2018 - 3/31/2019		10.45		0.33		0.07			0.40			(0.33	)		—			(0.33	)		10.52		1.13	%		0.85	%		3.22	%		3.99	%		82,136		93	%
4/1/2017 - 3/31/2018		10.51		0.28		(0.06	)		0.22			(0.28	)		—			(0.28	)		10.45		1.12	%		0.85	%		2.62	%		2.05	%		132,006		91	%
Class C
4/1/2022 - 9/30/2022 (7)		$10.41		$0.10		($1.17	)		($1.07	)		($0.10	)		$—			($0.10	)		$9.24		1.73	%		1.60	%		1.97	%		(10.31	%)		$25,552		52	%
4/1/2021 - 3/31/2022		11.18		0.12		(0.53	)		(0.41	)		(0.12	)		(0.24	)		(0.36	)		10.41		1.72	%		1.60	%		1.08	%		(3.84	%)		35,731		82	%
4/1/2020 - 3/31/2021		10.60		0.14		0.66			0.80			(0.14	)		(0.08	)		(0.22	)		11.18		1.73	%		1.60	%		1.20	%		7.48	%		53,990		102	%
4/1/2019 - 3/31/2020		10.52		0.21		0.08			0.29			(0.21	)		—			(0.21	)		10.60		1.84	%		1.60	%		1.95	%		2.73	%		58,397		70	%
4/1/2018 - 3/31/2019		10.46		0.26		0.06			0.32			(0.26	)		—			(0.26	)		10.52		1.88	%		1.60	%		2.47	%		3.11	%		81,309		93	%
4/1/2017 - 3/31/2018		10.51		0.20		(0.05	)		0.15			(0.20	)		—			(0.20	)		10.46		1.87	%		1.60	%		1.87	%		1.38	%		101,156		91	%
Class I
4/1/2022 - 9/30/2022 (7)		$10.42		$0.15		($1.18	)		($1.03	)		($0.15	)		$—			($0.15	)		$9.24		0.73	%		0.55	%		3.02	%		(9.91	%)		$92,238		52	%
4/1/2021 - 3/31/2022		11.19		0.24		(0.53	)		(0.29	)		(0.24	)		(0.24	)		(0.48	)		10.42		0.72	%		0.55	%		2.13	%		(2.81	%)		118,420		82	%
4/1/2020 - 3/31/2021		10.61		0.25		0.67			0.92			(0.26	)		(0.08	)		(0.34	)		11.19		0.73	%		0.55	%		2.25	%		8.61	%		107,857		102	%
4/1/2019 - 3/31/2020		10.53		0.33		0.07			0.40			(0.32	)		—			(0.32	)		10.61		0.73	%		0.55	%		3.00	%		3.81	%		60,355		70	%
4/1/2018 - 3/31/2019		10.46		0.36		0.08			0.44			(0.37	)		—			(0.37	)		10.53		0.73	%		0.55	%		3.52	%		4.30	%		26,394		93	%
4/1/2017 - 3/31/2018		10.52		0.31		(0.06	)		0.25			(0.31	)		—			(0.31	)		10.46		0.72	%		0.55	%		2.92	%		2.35	%		4,339		91	%
Class P
4/1/2022 - 9/30/2022 (7)		$10.45		$0.15		($1.18	)		($1.03	)		($0.15	)		$—			($0.15	)		$9.27		0.73	%		0.55	%		3.02	%		(9.88	%)		$31,718		52	%
4/1/2021 - 3/31/2022		11.23		0.24		(0.54	)		(0.30	)		(0.24	)		(0.24	)		(0.48	)		10.45		0.72	%		0.55	%		2.13	%		(2.88	%)		34,896		82	%
4/1/2020 - 3/31/2021		10.64		0.26		0.67			0.93			(0.26	)		(0.08	)		(0.34	)		11.23		0.73	%		0.55	%		2.25	%		8.68	%		46,122		102	%
4/1/2019 - 3/31/2020		10.56		0.33		0.08			0.41			(0.33	)		—			(0.33	)		10.64		0.73	%		0.55	%		3.00	%		3.80	%		31,831		70	%
4/1/2018 - 3/31/2019		10.49		0.37		0.07			0.44			(0.37	)		—			(0.37	)		10.56		0.73	%		0.55	%		3.52	%		4.29	%		40,570		93	%
4/1/2017 - 3/31/2018		10.55		0.31		(0.07	)		0.24			(0.30	)		—			(0.30	)		10.49		0.72	%		0.60	%		2.87	%		2.29	%		66,750		91	%
Class I-2
4/1/2022 - 9/30/2022 (7)		$10.43		$0.15		($1.17	)		($1.02	)		($0.15	)		$—			($0.15	)		$9.26		0.73	%		0.55	%		3.02	%		(9.81	%)		$477,669		52	%
4/1/2021 - 3/31/2022		11.21		0.24		(0.54	)		(0.30	)		(0.24	)		(0.24	)		(0.48	)		10.43		0.72	%		0.55	%		2.13	%		(2.89	%)		625,283		82	%
4/1/2020 - 3/31/2021		10.62		0.26		0.67			0.93			(0.26	)		(0.08	)		(0.34	)		11.21		0.73	%		0.55	%		2.25	%		8.70	%		801,154		102	%
4/1/2019 - 3/31/2020		10.54		0.33		0.08			0.41			(0.33	)		—			(0.33	)		10.62		0.84	%		0.55	%		3.00	%		3.81	%		679,287		70	%
4/1/2018 - 3/31/2019		10.48		0.36		0.07			0.43			(0.37	)		—			(0.37	)		10.54		0.88	%		0.55	%		3.52	%		4.19	%		393,645		93	%
4/1/2017 - 3/31/2018		10.53		0.31		(0.05	)		0.26			(0.31	)		—			(0.31	)		10.48		0.87	%		0.55	%		2.92	%		2.45	%		388,730		91	%
Pacific Funds ESG Core Bond (6)

Class I
4/1/2022 - 9/30/2022 (7)		$9.17		$0.08		($0.95	)		($0.87	)		($0.08	)		$—			($0.08	)		$8.22		1.04	%		0.48	%		1.84	%		(9.51	%)		$13,339		22	%
4/1/2021 - 3/31/2022		9.70		0.10		(0.52	)		(0.42	)		(0.11	)		—			(0.11	)		9.17		1.01	%		0.48	%		1.06	%		(4.37	%)		14,534		51	%
12/14/2020 - 3/31/2021		10.00		0.03		(0.30	)		(0.27	)		(0.03	)		—			(0.03	)		9.70		0.97	%		0.48	%		0.88	%		(2.73	%)		12,156		26	%
Class I-2
4/1/2022 - 9/30/2022 (7)		$9.17		$0.08		($0.95	)		($0.87	)		($0.08	)		$—			($0.08	)		$8.22		1.04	%		0.48	%		1.84	%		(9.51	%)		$10,523		22	%
4/1/2021 - 3/31/2022		9.70		0.10		(0.52	)		(0.42	)		(0.11	)		—			(0.11	)		9.17		1.01	%		0.48	%		1.06	%		(4.37	%)		11,626		51	%
12/14/2020 - 3/31/2021		10.00		0.03		(0.30	)		(0.27	)		(0.03	)		—			(0.03	)		9.70		0.97	%		0.48	%		0.88	%		(2.73	%)		12,156		26	%


See Notes to Financial Statements		See explanation of references on B-30

B-23

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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


Fund			Selected Per Share Data																			Ratios to Average Net Assets									Supplemental Data
			Investment Operations								Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)		Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Strategic Income (6)

Class A
4/1/2022 - 9/30/2022 (7)		$10.96		$0.20		($1.25	)		($1.05	)		($0.20	)		$—			($0.20	)		$9.71		1.07	%		0.94	%		3.89	%		(9.68	%)		$109,493		20	%
4/1/2021 - 3/31/2022		11.52		0.33		(0.47	)		(0.14	)		(0.32	)		(0.10	)		(0.42	)		10.96		1.07	%		0.94	%		2.85	%		(1.30	%)		134,612		40	%
4/1/2020 - 3/31/2021		9.72		0.40		1.79			2.19			(0.39	)		—			(0.39	)		11.52		1.08	%		0.95	%		3.57	%		22.82	%		104,659		86	%
4/1/2019 - 3/31/2020		10.60		0.43		(0.88	)		(0.45	)		(0.43	)		—			(0.43	)		9.72		1.19	%		0.95	%		3.94	%		(4.58	%)		71,510		98	%
4/1/2018 - 3/31/2019		10.71		0.47		(0.11	)		0.36			(0.47	)		—			(0.47	)		10.60		1.23	%		0.95	%		4.43	%		3.43	%		61,503		99	%
4/1/2017 - 3/31/2018		10.68		0.40		0.02			0.42			(0.39	)		—			(0.39	)		10.71		1.23	%		0.95	%		3.70	%		3.95	%		71,948		94	%
Class C
4/1/2022 - 9/30/2022 (7)		$10.93		$0.16		($1.25	)		($1.09	)		($0.16	)		$—			($0.16	)		$9.68		1.82	%		1.66	%		3.17	%		(10.04	%)		$62,299		20	%
4/1/2021 - 3/31/2022		11.49		0.25		(0.47	)		(0.22	)		(0.24	)		(0.10	)		(0.34	)		10.93		1.82	%		1.64	%		2.15	%		(1.99	%)		78,497		40	%
4/1/2020 - 3/31/2021		9.69		0.32		1.80			2.12			(0.32	)		—			(0.32	)		11.49		1.83	%		1.65	%		2.87	%		22.04	%		72,157		86	%
4/1/2019 - 3/31/2020		10.58		0.35		(0.89	)		(0.54	)		(0.35	)		—			(0.35	)		9.69		1.94	%		1.65	%		3.24	%		(5.35	%)		63,134		98	%
4/1/2018 - 3/31/2019		10.69		0.39		(0.11	)		0.28			(0.39	)		—			(0.39	)		10.58		1.98	%		1.65	%		3.73	%		2.73	%		58,634		99	%
4/1/2017 - 3/31/2018		10.66		0.32		0.02			0.34			(0.31	)		—			(0.31	)		10.69		1.98	%		1.65	%		3.00	%		3.25	%		57,389		94	%
Class I
4/1/2022 - 9/30/2022 (7)		$10.89		$0.22		($1.25	)		($1.03	)		($0.21	)		$—			($0.21	)		$9.65		0.82	%		0.64	%		4.19	%		(9.51	%)		$139,344		20	%
4/1/2021 - 3/31/2022		11.45		0.36		(0.46	)		(0.10	)		(0.36	)		(0.10	)		(0.46	)		10.89		0.82	%		0.64	%		3.15	%		(1.02	%)		142,365		40	%
4/1/2020 - 3/31/2021		9.66		0.42		1.80			2.22			(0.43	)		—			(0.43	)		11.45		0.84	%		0.65	%		3.87	%		23.23	%		13,842		86	%
4/1/2019 - 3/31/2020		10.54		0.46		(0.88	)		(0.42	)		(0.46	)		—			(0.46	)		9.66		0.83	%		0.65	%		4.24	%		(4.32	%)		16,622		98	%
4/1/2018 - 3/31/2019		10.65		0.50		(0.11	)		0.39			(0.50	)		—			(0.50	)		10.54		0.83	%		0.65	%		4.73	%		3.77	%		5,750		99	%
4/1/2017 - 3/31/2018		10.62		0.43		0.02			0.45			(0.42	)		—			(0.42	)		10.65		0.83	%		0.65	%		4.00	%		4.28	%		3,882		94	%
Class I-2
4/1/2022 - 9/30/2022 (7)		$10.97		$0.21		($1.26	)		($1.05	)		($0.21	)		$—			($0.21	)		$9.71		0.82	%		0.69	%		4.14	%		(9.65	%)		$1,027,112		20	%
4/1/2021 - 3/31/2022		11.52		0.36		(0.46	)		(0.10	)		(0.35	)		(0.10	)		(0.45	)		10.97		0.82	%		0.69	%		3.10	%		(0.97	%)		1,245,830		40	%
4/1/2020 - 3/31/2021		9.72		0.43		1.79			2.22			(0.42	)		—			(0.42	)		11.52		0.83	%		0.70	%		3.82	%		23.12	%		832,054		86	%
4/1/2019 - 3/31/2020		10.60		0.45		(0.87	)		(0.42	)		(0.46	)		—			(0.46	)		9.72		0.94	%		0.70	%		4.19	%		(4.34	%)		491,221		98	%
4/1/2018 - 3/31/2019		10.71		0.49		(0.11	)		0.38			(0.49	)		—			(0.49	)		10.60		0.98	%		0.70	%		4.68	%		3.70	%		456,428		99	%
4/1/2017 - 3/31/2018		10.68		0.43		0.02			0.45			(0.42	)		—			(0.42	)		10.71		0.98	%		0.70	%		3.95	%		4.21	%		405,200		94	%
Pacific Funds Floating Rate Income (6)

Class A
4/1/2022 - 9/30/2022 (7)		$9.66		$0.24		($0.59	)		($0.35	)		($0.23	)		$—			($0.23	)		$9.08		1.12	%		0.98	%(9)		5.02	%		(3.53	%)		$261,692		26	%
4/1/2021 - 3/31/2022		9.72		0.35		(0.06	)		0.29			(0.35	)		—			(0.35	)		9.66		1.13	%		1.00	%		3.56	%		2.87	%		280,827		90	%
4/1/2020 - 3/31/2021		8.80		0.34		0.92			1.26			(0.34	)		—			(0.34	)		9.72		1.17	%		1.02	%		3.63	%		14.52	%		170,353		116	%
4/1/2019 - 3/31/2020		9.88		0.46		(1.08	)		(0.62	)		(0.46	)		—			(0.46	)		8.80		1.27	%		1.02	%		4.64	%		(6.69	%)		162,511		116	%
4/1/2018 - 3/31/2019		10.12		0.49		(0.24	)		0.25			(0.49	)		—			(0.49	)		9.88		1.29	%		1.01	%		4.92	%		2.57	%		202,929		122	%
4/1/2017 - 3/31/2018		10.15		0.42		(0.04	)		0.38			(0.41	)		—			(0.41	)		10.12		1.28	%		1.01	%		4.11	%		3.85	%		209,034		158	%
Class C
4/1/2022 - 9/30/2022 (7)		$9.64		$0.20		($0.58	)		($0.38	)		($0.20	)		$—			($0.20	)		$9.06		1.87	%		1.69	%(9)		4.30	%		(3.99	%)		$112,954		26	%
4/1/2021 - 3/31/2022		9.71		0.28		(0.07	)		0.21			(0.28	)		—			(0.28	)		9.64		1.88	%		1.70	%		2.86	%		2.15	%		109,161		90	%
4/1/2020 - 3/31/2021		8.79		0.28		0.92			1.20			(0.28	)		—			(0.28	)		9.71		1.92	%		1.72	%		2.93	%		13.74	%		87,940		116	%
4/1/2019 - 3/31/2020		9.86		0.39		(1.08	)		(0.69	)		(0.38	)		—			(0.38	)		8.79		2.03	%		1.72	%		3.94	%		(7.31	%)		102,846		116	%
4/1/2018 - 3/31/2019		10.10		0.42		(0.24	)		0.18			(0.42	)		—			(0.42	)		9.86		2.04	%		1.71	%		4.22	%		1.86	%		197,081		122	%
4/1/2017 - 3/31/2018		10.13		0.34		(0.03	)		0.31			(0.34	)		—			(0.34	)		10.10		2.03	%		1.71	%		3.41	%		3.14	%		191,239		158	%
Class I
4/1/2022 - 9/30/2022 (7)		$9.67		$0.25		($0.58	)		($0.33	)		($0.25	)		$—			($0.25	)		$9.09		0.87	%		0.67	%(9)		5.32	%		(3.48	%)		$1,876,823		26	%
4/1/2021 - 3/31/2022		9.73		0.38		(0.06	)		0.32			(0.38	)		—			(0.38	)		9.67		0.88	%		0.70	%		3.86	%		3.29	%		1,838,625		90	%
4/1/2020 - 3/31/2021		8.81		0.38		0.91			1.29			(0.37	)		—			(0.37	)		9.73		0.91	%		0.72	%		3.93	%		14.87	%		1,019,062		116	%
4/1/2019 - 3/31/2020		9.90		0.49		(1.09	)		(0.60	)		(0.49	)		—			(0.49	)		8.81		0.91	%		0.72	%		4.94	%		(6.49	%)		415,170		116	%
4/1/2018 - 3/31/2019		10.14		0.52		(0.23	)		0.29			(0.53	)		—			(0.53	)		9.90		0.90	%		0.71	%		5.22	%		2.88	%		497,335		122	%
4/1/2017 - 3/31/2018		10.16		0.45		(0.03	)		0.42			(0.44	)		—			(0.44	)		10.14		0.88	%		0.71	%		4.41	%		4.25	%		294,352		158	%


See Notes to Financial Statements		See explanation of references on B-30

B-24

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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


Fund			Selected Per Share Data																		Ratios to Average Net Assets									Supplemental Data
			Investment Operations								Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)		Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains		Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Floating Rate Income (Continued) (6)

Class P
4/1/2022 - 9/30/2022 (7)		$9.67		$0.25		($0.58	)		($0.33	)		($0.25	)		$—		($0.25	)		$9.09		0.87	%		0.67	%(9)		5.32	%		(3.59	%)		$87,425		26	%
4/1/2021 - 3/31/2022		9.73		0.38		(0.06	)		0.32			(0.38	)		—		(0.38	)		9.67		0.89	%		0.70	%		3.86	%		3.28	%		53,045		90	%
4/1/2020 - 3/31/2021		8.81		0.37		0.92			1.29			(0.37	)		—		(0.37	)		9.73		0.91	%		0.72	%		3.93	%		14.85	%		9,560		116	%
4/1/2019 - 3/31/2020		9.90		0.49		(1.09	)		(0.60	)		(0.49	)		—		(0.49	)		8.81		0.91	%		0.72	%		4.95	%		(6.49	%)		7,900		116	%
4/1/2018 - 3/31/2019		10.14		0.53		(0.25	)		0.28			(0.52	)		—		(0.52	)		9.90		0.89	%		0.71	%		5.22	%		2.87	%		32,176		122	%
4/1/2017 - 3/31/2018		10.16		0.44		(0.02	)		0.42			(0.44	)		—		(0.44	)		10.14		0.88	%		0.76	%		4.36	%		4.20	%		64,557		158	%
Class I-2
4/1/2022 - 9/30/2022 (7)		$9.69		$0.25		($0.59	)		($0.34	)		($0.24	)		$—		($0.24	)		$9.11		0.87	%		0.72	%(9)		5.27	%		(3.49	%)		$1,910,277		26	%
4/1/2021 - 3/31/2022		9.75		0.37		(0.06	)		0.31			(0.37	)		—		(0.37	)		9.69		0.88	%		0.75	%		3.81	%		3.25	%		1,778,969		90	%
4/1/2020 - 3/31/2021		8.83		0.37		0.92			1.29			(0.37	)		—		(0.37	)		9.75		0.91	%		0.77	%		3.88	%		14.78	%		716,233		116	%
4/1/2019 - 3/31/2020		9.92		0.48		(1.09	)		(0.61	)		(0.48	)		—		(0.48	)		8.83		1.03	%		0.77	%		4.89	%		(6.52	%)		506,347		116	%
4/1/2018 - 3/31/2019		10.16		0.52		(0.24	)		0.28			(0.52	)		—		(0.52	)		9.92		1.04	%		0.76	%		5.17	%		2.83	%		830,452		122	%
4/1/2017 - 3/31/2018		10.18		0.44		(0.02	)		0.42			(0.44	)		—		(0.44	)		10.16		1.03	%		0.76	%		4.36	%		4.20	%		715,700		158	%
Pacific Funds High Income (6)

Class A
4/1/2022 - 9/30/2022 (7)		$9.85		$0.24		($1.34	)		($1.10	)		($0.24	)		$—		($0.24	)		$8.51		1.15	%		0.95	%		5.17	%		(11.24	%)		$5,470		13	%
4/1/2021 - 3/31/2022		10.34		0.47		(0.50	)		(0.03	)		(0.46	)		—		(0.46	)		9.85		1.12	%		0.95	%		4.53	%		(0.36	%)		6,816		40	%
4/1/2020 - 3/31/2021		8.75		0.51		1.59			2.10			(0.51	)		—		(0.51	)		10.34		1.13	%		0.95	%		5.13	%		24.45	%		7,496		66	%
4/1/2019 - 3/31/2020		10.07		0.52		(1.33	)		(0.81	)		(0.51	)		—		(0.51	)		8.75		1.24	%		0.95	%		5.11	%		(8.61	%)		7,227		63	%
4/1/2018 - 3/31/2019		10.23		0.55		(0.16	)		0.39			(0.55	)		—		(0.55	)		10.07		1.31	%		0.95	%		5.48	%		3.97	%		5,174		64	%
4/1/2017 - 3/31/2018		10.29		0.50		(0.03	)		0.47			(0.53	)		—		(0.53	)		10.23		1.46	%		0.95	%		4.82	%		4.66	%		5,463		72	%
Class C
4/1/2022 - 9/30/2022 (7)		$9.83		$0.20		($1.32	)		($1.12	)		($0.21	)		$—		($0.21	)		$8.50		1.90	%		1.67	%		4.45	%		(11.59	%)		$978		13	%
4/1/2021 - 3/31/2022		10.33		0.40		(0.51	)		(0.11	)		(0.39	)		—		(0.39	)		9.83		1.87	%		1.65	%		3.83	%		(1.17	%)		1,291		40	%
4/1/2020 - 3/31/2021		8.74		0.44		1.59			2.03			(0.44	)		—		(0.44	)		10.33		1.88	%		1.65	%		4.43	%		23.61	%		1,937		66	%
4/1/2019 - 3/31/2020		10.06		0.45		(1.33	)		(0.88	)		(0.44	)		—		(0.44	)		8.74		2.00	%		1.65	%		4.41	%		(9.28	%)		2,007		63	%
4/1/2018 - 3/31/2019		10.21		0.48		(0.15	)		0.33			(0.48	)		—		(0.48	)		10.06		2.06	%		1.65	%		4.78	%		3.35	%		3,726		64	%
4/1/2017 - 3/31/2018		10.28		0.43		(0.04	)		0.39			(0.46	)		—		(0.46	)		10.21		2.21	%		1.65	%		4.12	%		3.84	%		4,418		72	%
Class I
4/1/2022 - 9/30/2022 (7)		$9.74		$0.25		($1.31	)		($1.06	)		($0.26	)		$—		($0.26	)		$8.42		0.90	%		0.65	%		5.47	%		(11.14	%)		$746		13	%
4/1/2021 - 3/31/2022		10.24		0.49		(0.50	)		(0.01	)		(0.49	)		—		(0.49	)		9.74		0.87	%		0.69	%		4.79	%		(0.20	%)		86		40	%
4/1/2020 - 3/31/2021		8.66		0.53		1.59			2.12			(0.54	)		—		(0.54	)		10.24		0.88	%		0.70	%		5.38	%		24.76	%		62		66	%
4/1/2019 - 3/31/2020		9.98		0.54		(1.33	)		(0.79	)		(0.53	)		—		(0.53	)		8.66		0.88	%		0.70	%		5.36	%		(8.36	%)		54		63	%
4/1/2018 - 3/31/2019		10.14		0.57		(0.16	)		0.41			(0.57	)		—		(0.57	)		9.98		0.91	%		0.70	%		5.73	%		4.27	%		175		64	%
4/1/2017 - 3/31/2018		10.21		0.52		(0.02	)		0.50			(0.57	)		—		(0.57	)		10.14		1.07	%		0.70	%		5.07	%		4.95	%		211		72	%
Class P
4/1/2022 - 9/30/2022 (7)		$9.74		$0.25		($1.31	)		($1.06	)		($0.26	)		$—		($0.26	)		$8.42		0.90	%		0.65	%		5.47	%		(11.13	%)		$85,569		13	%
4/1/2021 - 3/31/2022		10.24		0.49		(0.50	)		(0.01	)		(0.49	)		—		(0.49	)		9.74		0.87	%		0.69	%		4.79	%		(0.20	%)		134,177		40	%
4/1/2020 - 3/31/2021		8.66		0.53		1.59			2.12			(0.54	)		—		(0.54	)		10.24		0.88	%		0.70	%		5.38	%		24.91	%		146,345		66	%
4/1/2019 - 3/31/2020		9.98		0.54		(1.33	)		(0.79	)		(0.53	)		—		(0.53	)		8.66		0.88	%		0.70	%		5.36	%		(8.46	%)		120,807		63	%
4/1/2018 - 3/31/2019		10.14		0.57		(0.16	)		0.41			(0.57	)		—		(0.57	)		9.98		0.91	%		0.70	%		5.73	%		4.27	%		113,317		64	%
4/1/2017 - 3/31/2018		10.20		0.52		(0.02	)		0.50			(0.56	)		—		(0.56	)		10.14		1.06	%		0.73	%		5.04	%		4.92	%		68,844		72	%
Class I-2
4/1/2022 - 9/30/2022 (7)		$9.87		$0.25		($1.33	)		($1.08	)		($0.26	)		$—		($0.26	)		$8.53		0.90	%		0.70	%		5.42	%		(11.10	%)		$6,251		13	%
4/1/2021 - 3/31/2022		10.36		0.50		(0.50	)		0.00	(8)		(0.49	)		—		(0.49	)		9.87		0.87	%		0.70	%		4.78	%		(0.11	%)		6,741		40	%
4/1/2020 - 3/31/2021		8.76		0.54		1.60			2.14			(0.54	)		—		(0.54	)		10.36		0.88	%		0.70	%		5.38	%		24.86	%		3,937		66	%
4/1/2019 - 3/31/2020		10.08		0.54		(1.33	)		(0.79	)		(0.53	)		—		(0.53	)		8.76		1.00	%		0.70	%		5.36	%		(8.38	%)		3,329		63	%
4/1/2018 - 3/31/2019		10.24		0.58		(0.17	)		0.41			(0.57	)		—		(0.57	)		10.08		1.06	%		0.70	%		5.73	%		4.23	%		3,669		64	%
4/1/2017 - 3/31/2018		10.30		0.53		(0.03	)		0.50			(0.56	)		—		(0.56	)		10.24		1.21	%		0.70	%		5.07	%		4.91	%		2,503		72	%


See Notes to Financial Statements		See explanation of references on B-30

B-25

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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


Fund			Selected Per Share Data																				Ratios to Average Net Assets									Supplemental Data
			Investment Operations									Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Small/Mid-Cap (6)

Class A
4/1/2022 - 9/30/2022 (7)		$15.98		$0.02			($3.53	)		($3.51	)		$—			$—			$—			$12.47		1.29	%		1.21	%		0.35	%		(21.97	%)		$15,055		15	%
4/1/2021 - 3/31/2022		17.47		(0.07	)		(0.34	)		(0.41	)		—			(1.08	)		(1.08	)		15.98		1.23	%		1.20	%		(0.38	%)		(2.82	%)		19,675		34	%
4/1/2020 - 3/31/2021		9.52		(0.04	)		7.99			7.95			—			—			—			17.47		1.24	%		1.20	%		(0.33	%)		83.51	%		22,988		64	%
4/1/2019 - 3/31/2020		13.02		(0.00	)(8)		(3.47	)		(3.47	)		(0.03	)		—			(0.03	)		9.52		1.37	%		1.23	%		(0.03	%)		(26.71	%)		14,379		36	%
4/1/2018 - 3/31/2019		13.23		(0.02	)		0.16			0.14			—			(0.35	)		(0.35	)		13.02		1.48	%		1.30	%		(0.11	%)		1.19	%		21,872		33	%
4/1/2017 - 3/31/2018		11.93		(0.04	)		1.35			1.31			—			(0.01	)		(0.01	)		13.23		1.51	%		1.30	%		(0.28	%)		11.02	%		21,131		23	%
Class C
4/1/2022 - 9/30/2022 (7)		$15.24		($0.03	)		($3.36	)		($3.39	)		$—			$—			$—			$11.85		2.05	%		1.96	%		(0.40	%)		(22.24	%)		$6,433		15	%
4/1/2021 - 3/31/2022		16.83		(0.19	)		(0.32	)		(0.51	)		—			(1.08	)		(1.08	)		15.24		1.98	%		1.95	%		(1.13	%)		(3.53	%)		9,370		34	%
4/1/2020 - 3/31/2021		9.24		(0.14	)		7.73			7.59			—			—			—			16.83		1.99	%		1.95	%		(1.08	%)		82.14	%		10,990		64	%
4/1/2019 - 3/31/2020		12.70		(0.10	)		(3.36	)		(3.46	)		—			—			—			9.24		2.13	%		1.98	%		(0.78	%)		(27.24	%)		9,277		36	%
4/1/2018 - 3/31/2019		13.01		(0.11	)		0.15			0.04			—			(0.35	)		(0.35	)		12.70		2.23	%		2.05	%		(0.87	%)		0.43	%		16,875		33	%
4/1/2017 - 3/31/2018		11.81		(0.13	)		1.34			1.21			—			(0.01	)		(0.01	)		13.01		2.26	%		2.05	%		(1.03	%)		10.28	%		15,458		23	%
Class R6
4/1/2022 - 9/30/2022 (7)		$17.17		$0.05			($3.79	)		($3.74	)		$—			$—			$—			$13.43		1.04	%		0.86	%		0.70	%		(21.83	%)		$765		15	%
4/1/2021 - 3/31/2022		17.61		(0.01	)		(0.43	)		(0.44	)		—			—			—			17.17		0.98	%		0.85	%		(0.03	%)		(2.44	%)		1,017		34	%
4/1/2020 - 3/31/2021		9.59		0.00	(8)		8.08			8.08			(0.06	)		—			(0.06	)		17.61		0.99	%		0.86	%		0.01	%		84.32	%		1,558		64	%
4/1/2019 - 3/31/2020		13.12		0.04			(3.50	)		(3.46	)		(0.07	)		—			(0.07	)		9.59		1.01	%		0.93	%		0.27	%		(26.57	%)		4,802		36	%
4/1/2018 - 3/31/2019		13.29		0.02			0.16			0.18			(0.00	)(8)		(0.35	)		(0.35	)		13.12		1.08	%		1.00	%		0.19	%		1.52	%		6,422		33	%
4/1/2017 - 3/31/2018		11.94		0.00	(8)		1.36			1.36			—			(0.01	)		(0.01	)		13.29		1.11	%		1.00	%		0.02	%		11.43	%		9,977		23	%
Class I-2
4/1/2022 - 9/30/2022 (7)		$16.12		$0.04			($3.56	)		($3.52	)		$—			$—			$—			$12.60		1.04	%		0.96	%		0.60	%		(21.89	%)		$87,900		15	%
4/1/2021 - 3/31/2022		17.57		(0.02	)		(0.35	)		(0.37	)		—			(1.08	)		(1.08	)		16.12		0.98	%		0.95	%		(0.13	%)		(2.52	%)		184,718		34	%
4/1/2020 - 3/31/2021		9.58		(0.01	)		8.05			8.04			(0.05	)		—			(0.05	)		17.57		1.00	%		0.95	%		(0.08	%)		84.04	%		312,981		64	%
4/1/2019 - 3/31/2020		13.11		0.03			(3.50	)		(3.47	)		(0.06	)		—			(0.06	)		9.58		1.12	%		0.98	%		0.22	%		(26.61	%)		214,344		36	%
4/1/2018 - 3/31/2019		13.28		0.02			0.16			0.18			(0.00	)(8)		(0.35	)		(0.35	)		13.11		1.23	%		1.05	%		0.13	%		1.50	%		328,171		33	%
4/1/2017 - 3/31/2018		11.94		0.00	(8)		1.35			1.35			—			(0.01	)		(0.01	)		13.28		1.26	%		1.05	%		(0.03	%)		11.34	%		176,897		23	%
Pacific Funds Small-Cap (6)

Class A
4/1/2022 - 9/30/2022 (7)		$14.81		$0.01			($3.39	)		($3.38	)		$—			$—			$—			$11.43		1.78	%		1.20	%		0.13	%		(22.82	%)		$1,520		16	%
4/1/2021 - 3/31/2022		16.02		(0.05	)		(0.43	)		(0.48	)		—			(0.73	)		(0.73	)		14.81		1.60	%		1.20	%		(0.34	%)		(3.38	%)		1,941		63	%
4/1/2020 - 3/31/2021		8.56		(0.05	)		7.51			7.46			—			—			—			16.02		1.88	%		1.20	%		(0.40	%)		87.15	%		2,659		75	%
4/1/2019 - 3/31/2020		12.12		(0.03	)		(3.51	)		(3.54	)		(0.02	)		—			(0.02	)		8.56		1.73	%		1.23	%		(0.21	%)		(29.27	%)		3,343		42	%
4/1/2018 - 3/31/2019		12.86		(0.03	)		(0.06	)		(0.09	)		—			(0.65	)		(0.65	)		12.12		1.72	%		1.30	%		(0.21	%)		(0.53	%)		4,986		56	%
4/1/2017 - 3/31/2018		11.77		(0.02	)		1.33			1.31			(0.01	)		(0.21	)		(0.22	)		12.86		1.89	%		1.30	%		(0.16	%)		11.17	%		2,367		62	%
Class C
4/1/2022 - 9/30/2022 (7)		$14.26		($0.04	)		($3.25	)		($3.29	)		$—			$—			$—			$10.97		2.53	%		1.95	%		(0.62	%)		(23.07	%)		$542		16	%
4/1/2021 - 3/31/2022		15.56		(0.17	)		(0.40	)		(0.57	)		—			(0.73	)		(0.73	)		14.26		2.35	%		1.95	%		(1.09	%)		(4.07	%)		776		63	%
4/1/2020 - 3/31/2021		8.38		(0.13	)		7.31			7.18			—			—			—			15.56		2.65	%		1.95	%		(1.15	%)		85.68	%		789		75	%
4/1/2019 - 3/31/2020		11.94		(0.11	)		(3.45	)		(3.56	)		—			—			—			8.38		2.48	%		1.98	%		(0.96	%)		(29.82	%)		538		42	%
4/1/2018 - 3/31/2019		12.76		(0.12	)		(0.05	)		(0.17	)		—			(0.65	)		(0.65	)		11.94		2.47	%		2.05	%		(0.96	%)		(1.17	%)		902		56	%
4/1/2017 - 3/31/2018		11.76		(0.11	)		1.32			1.21			—			(0.21	)		(0.21	)		12.76		2.64	%		2.05	%		(0.91	%)		10.32	%		797		62	%
Class R6
4/1/2022 - 9/30/2022 (7)		$14.52		$0.03			($3.32	)		($3.29	)		$—			$—			$—			$11.23		1.53	%		0.85	%		0.48	%		(22.66	%)		$1,298		16	%
4/1/2021 - 3/31/2022		14.98		0.00	(8)		(0.46	)		(0.46	)		—			—			—			14.52		1.35	%		0.85	%		0.01	%		(3.07	%)		1,699		63	%
4/1/2020 - 3/31/2021		7.97		(0.01	)		7.02			7.01			—			—			—			14.98		1.64	%		0.86	%		(0.06	%)		87.72	%		1,752		75	%
4/1/2019 - 3/31/2020		11.29		0.01			(3.28	)		(3.27	)		(0.05	)		—			(0.05	)		7.97		1.37	%		0.93	%		0.09	%		(29.05	%)		731		42	%
4/1/2018 - 3/31/2019		12.00		0.01			(0.06	)		(0.05	)		(0.01	)		(0.65	)		(0.66	)		11.29		1.32	%		1.00	%		0.09	%		(0.18	%)		658		56	%
4/1/2017 - 3/31/2018		10.95		0.02			1.24			1.26			—			(0.21	)		(0.21	)		12.00		1.49	%		1.00	%		0.14	%		11.54	%		457		62	%


See Notes to Financial Statements		See explanation of references on B-30

B-26

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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


Fund			Selected Per Share Data																				Ratios to Average Net Assets									Supplemental Data
			Investment Operations									Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Small-Cap (Continued) (6)

Class I-2
4/1/2022 - 9/30/2022 (7)		$15.14		$0.03			($3.46	)		($3.43	)		$—			$—			$—			$11.71		1.51	%		0.95	%		0.38	%		(22.66	%)		$9,407		16	%
4/1/2021 - 3/31/2022		16.32		(0.01	)		(0.44	)		(0.45	)		—			(0.73	)		(0.73	)		15.14		1.34	%		0.95	%		(0.09	%)		(3.13	%)		17,732		63	%
4/1/2020 - 3/31/2021		8.71		(0.02	)		7.64			7.62			(0.01	)		—			(0.01	)		16.32		1.65	%		0.95	%		(0.15	%)		87.51	%		11,402		75	%
4/1/2019 - 3/31/2020		12.32		0.00	(8)		(3.57	)		(3.57	)		(0.04	)		—			(0.04	)		8.71		1.48	%		0.98	%		0.04	%		(29.07	%)		7,897		42	%
4/1/2018 - 3/31/2019		13.04		0.01			(0.07	)		(0.06	)		(0.01	)		(0.65	)		(0.66	)		12.32		1.47	%		1.05	%		0.04	%		(0.26	%)		13,220		56	%
4/1/2017 - 3/31/2018		11.90		0.01			1.35			1.36			(0.01	)		(0.21	)		(0.22	)		13.04		1.64	%		1.05	%		0.09	%		11.45	%		14,767		62	%
Pacific Funds Small-Cap Value (6)

Class A
4/1/2022 - 9/30/2022 (7)		$12.19		$0.04			($2.49	)		($2.45	)		$—			$—			$—			$9.74		1.69	%		1.20	%		0.69	%		(20.10	%)		$2,425		23	%
4/1/2021 - 3/31/2022		11.53		0.01			0.82			0.83			—			(0.17	)		(0.17	)		12.19		1.65	%		1.20	%		0.05	%		7.15	%		2,983		40	%
4/1/2020 - 3/31/2021		6.15		0.02			5.41			5.43			(0.05	)		—			(0.05	)		11.53		1.85	%		1.20	%		0.23	%		88.38	%		2,206		87	%
4/1/2019 - 3/31/2020		9.10		0.04			(2.92	)		(2.88	)		(0.07	)		—			(0.07	)		6.15		1.72	%		1.22	%		0.41	%		(31.93	%)		1,023		45	%
4/1/2018 - 3/31/2019		11.17		0.03			(0.49	)		(0.46	)		(0.03	)		(1.58	)		(1.61	)		9.10		1.67	%		1.30	%		0.30	%		(3.68	%)		1,298		51	%
4/1/2017 - 3/31/2018		11.52		0.02			0.62			0.64			(0.03	)		(0.96	)		(0.99	)		11.17		1.65	%		1.30	%		0.14	%		5.41	%		1,105		47	%
Class C
4/1/2022 - 9/30/2022 (7)		$11.86		($0.00	)(8)		($2.42	)		($2.42	)		$—			$—			$—			$9.44		2.44	%		1.95	%		(0.07	%)		(20.41	%)		$504		23	%
4/1/2021 - 3/31/2022		11.30		(0.08	)		0.81			0.73			—			(0.17	)		(0.17	)		11.86		2.40	%		1.95	%		(0.70	%)		6.41	%		760		40	%
4/1/2020 - 3/31/2021		6.04		(0.04	)		5.30			5.26			—			—			—			11.30		2.62	%		1.95	%		(0.52	%)		87.09	%		801		87	%
4/1/2019 - 3/31/2020		8.94		(0.03	)		(2.87	)		(2.90	)		—			—			—			6.04		2.47	%		1.97	%		(0.35	%)		(32.44	%)		644		45	%
4/1/2018 - 3/31/2019		11.06		(0.05	)		(0.49	)		(0.54	)		—			(1.58	)		(1.58	)		8.94		2.42	%		2.05	%		(0.45	%)		(4.47	%)		1,287		51	%
4/1/2017 - 3/31/2018		11.46		(0.07	)		0.63			0.56			—			(0.96	)		(0.96	)		11.06		2.40	%		2.05	%		(0.61	%)		4.72	%		1,568		47	%
Class R6
4/1/2022 - 9/30/2022 (7)		$12.39		$0.06			($2.53	)		($2.47	)		$—			$—			$—			$9.92		1.44	%		0.85	%		1.04	%		(19.94	%)		$1,039		23	%
4/1/2021 - 3/31/2022		11.55		0.05			0.81			0.86			(0.02	)		—			(0.02	)		12.39		1.40	%		0.85	%		0.40	%		7.48	%		1,318		40	%
4/1/2020 - 3/31/2021		6.17		0.05			5.42			5.47			(0.09	)		—			(0.09	)		11.55		1.61	%		0.86	%		0.57	%		88.95	%		1,160		87	%
4/1/2019 - 3/31/2020		9.12		0.07			(2.92	)		(2.85	)		(0.10	)		—			(0.10	)		6.17		1.36	%		0.92	%		0.70	%		(31.67	%)		2,314		45	%
4/1/2018 - 3/31/2019		11.21		0.07			(0.52	)		(0.45	)		(0.06	)		(1.58	)		(1.64	)		9.12		1.27	%		1.00	%		0.60	%		(3.52	%)		3,134		51	%
4/1/2017 - 3/31/2018		11.55		0.05			0.64			0.69			(0.07	)		(0.96	)		(1.03	)		11.21		1.25	%		1.00	%		0.44	%		5.78	%		9,657		47	%
Class I-2
4/1/2022 - 9/30/2022 (7)		$12.31		$0.05			($2.51	)		($2.46	)		$—			$—			$—			$9.85		1.44	%		0.95	%		0.94	%		(19.98	%)		$12,817		23	%
4/1/2021 - 3/31/2022		11.63		0.04			0.83			0.87			(0.02	)		(0.17	)		(0.19	)		12.31		1.40	%		0.95	%		0.30	%		7.38	%		15,488		40	%
4/1/2020 - 3/31/2021		6.19		0.04			5.47			5.51			(0.07	)		—			(0.07	)		11.63		1.61	%		0.95	%		0.48	%		89.25	%		13,750		87	%
4/1/2019 - 3/31/2020		9.16		0.06			(2.94	)		(2.88	)		(0.09	)		—			(0.09	)		6.19		1.47	%		0.97	%		0.66	%		(31.79	%)		10,018		45	%
4/1/2018 - 3/31/2019		11.24		0.06			(0.51	)		(0.45	)		(0.05	)		(1.58	)		(1.63	)		9.16		1.42	%		1.05	%		0.55	%		(3.51	%)		11,664		51	%
4/1/2017 - 3/31/2018		11.59		0.05			0.63			0.68			(0.07	)		(0.96	)		(1.03	)		11.24		1.40	%		1.05	%		0.39	%		5.70	%		15,511		47	%
PF Inflation Managed Fund

Class P
4/1/2022 - 9/30/2022 (7)		$9.93		$0.43			($1.52	)		($1.09	)		$—			$—			$—			$8.84		0.75	%		0.58	%(9)		9.07	%		(10.98	%)		$35,791		15	%
4/1/2021 - 3/31/2022		9.88		0.63			(0.22	)		0.41			(0.36	)		—			(0.36	)		9.93		0.76	%		0.57	%		6.11	%		3.97	%		44,335		50	%
4/1/2020 - 3/31/2021		9.12		0.14			0.79			0.93			(0.17	)		—			(0.17	)		9.88		0.85	%		0.61	%		1.41	%		10.19	%		32,982		199	%
4/1/2019 - 3/31/2020		8.81		0.25			0.18			0.43			(0.12	)		—			(0.12	)		9.12		1.25	%		1.08	%		2.76	%		4.94	%		20,950		249	%
4/1/2018 - 3/31/2019		8.88		0.16			0.05			0.21			(0.28	)		—			(0.28	)		8.81		1.15	%		1.07	%		1.86	%		2.50	%		40,949		126	%
4/1/2017 - 3/31/2018		8.92		0.27			(0.19	)		0.08			(0.12	)		—			(0.12	)		8.88		1.06	%		0.94	%		3.08	%		0.87	%		75,772		108	%


See Notes to Financial Statements		See explanation of references on B-30

B-27

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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


Fund			Selected Per Share Data																				Ratios to Average Net Assets									Supplemental Data
			Investment Operations									Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
PF Managed Bond Fund

Class P
4/1/2022 - 9/30/2022 (7)		$10.15		$0.12			($1.28	)		($1.16	)		$—			$—			$—			$8.99		0.69	%		0.54	%		2.46	%		(11.43	%)		$383,049		125	%
4/1/2021 - 3/31/2022		10.91		0.18			(0.71	)		(0.53	)		(0.22	)		(0.01	)		(0.23	)		10.15		0.66	%		0.54	%		1.67	%		(5.01	%)		424,105		154	%
4/1/2020 - 3/31/2021		11.03		0.20			0.34			0.54			(0.16	)		(0.50	)		(0.66	)		10.91		0.66	%		0.55	%		1.76	%		4.69	%		562,319		492	%
4/1/2019 - 3/31/2020		10.56		0.32			0.41			0.73			(0.14	)		(0.12	)		(0.26	)		11.03		0.82	%		0.73	%		2.93	%		6.89	%		386,833		512	%
4/1/2018 - 3/31/2019		10.58		0.31			0.03			0.34			(0.36	)		—			(0.36	)		10.56		0.72	%		0.63	%		3.02	%		3.43	%		497,359		520	%
4/1/2017 - 3/31/2018		10.67		0.29			0.05			0.34			(0.42	)		(0.01	)		(0.43	)		10.58		0.64	%		0.57	%		2.63	%		3.29	%		598,676		364	%
PF Short Duration Bond Fund

Class P
4/1/2022 - 9/30/2022 (7)		$9.72		$0.12			($0.40	)		($0 .28	)		$—			$—			$—			$9.44		0.63	%		0.55	%		2.43	%		(2.88	%)		$179,199		82	%
4/1/2021 - 3/31/2022		10.14		0.12			(0.41	)		(0.29	)		(0.13	)		—			(0.13	)		9.72		0.67	%		0.55	%		1.19	%		(2.91	%)		72,622		76	%
4/1/2020 - 3/31/2021		9.77		0.16			0.47			0.63			(0.26	)		—			(0.26	)		10.14		0.66	%		0.55	%		1.61	%		6.47	%		97,529		98	%
4/1/2019 - 3/31/2020		9.93		0.24			(0.14	)		0.10			(0.26	)		—			(0.26	)		9.77		0.65	%		0.55	%		2.38	%		0.97	%		122,280		109	%
4/1/2018 - 3/31/2019		9.79		0.23			0.07			0.30			(0.16	)		—			(0.16	)		9.93		0.64	%		0.55	%		2.34	%		3.05	%		155,358		164	%
4/1/2017 - 3/31/2018		9.88		0.15			(0.09	)		0.06			(0.15	)		—			(0.15	)		9.79		0.63	%		0.55	%		1.56	%		0.65	%		112,269		67	%
PF Emerging Markets Debt Fund

Class P
4/1/2022 - 9/30/2022 (7)		$7.76		$0.22			($1.36	)		($1.14	)		$—			$—			$—			$6.62		1.23	%		0.89	%		6.14	%		(14.71	%)		$29,718		44	%
4/1/2021 - 3/31/2022		8.25		0.36			(0.43	)		(0.07	)		(0.42	)		—			(0.42	)		7.76		1.13	%		0.90	%		4.29	%		(1.11	%)		42,938		157	%
4/1/2020 - 3/31/2021		7.18		0.34			1.16			1.50			(0.43	)		—			(0.43	)		8.25		1.18	%		0.92	%		4.09	%		20.47	%		61,478		89	%
4/1/2019 - 3/31/2020		9.17		0.51			(2.02	)		(1.51	)		(0.48	)		—			(0.48	)		7.18		1.14	%		0.92	%		5.64	%		(17.58	%)		87,623		73	%
4/1/2018 - 3/31/2019		9.37		0.47			(0.54	)		(0.07	)		(0.13	)		—			(0.13	)		9.17		1.09	%		0.93	%		5.37	%		(0.61	%)		71,599		60	%
4/1/2017 - 3/31/2018		9.39		0.51			0.30			0.81			(0.83	)		—			(0.83	)		9.37		1.11	%		0.94	%		5.28	%		8.76	%		85,758		68	%
PF Growth Fund

Class P
4/1/2022 - 9/30/2022 (7)		$29.12		($0.01	)		($7.10	)		($7.11	)		$—			$—			$—			$22.01		0.80	%		0.70	%		(0.07	%)		(24.42	%)		$71,784		7	%
4/1/2021 - 3/31/2022		30.54		(0.10	)		3.07			2.97			—			(4.39	)		(4.39	)		29.12		0.77	%		0.70	%		(0.30	%)		7.84	%		158,592		10	%
4/1/2020 - 3/31/2021		27.10		(0.08	)		13.51			13.43			—			(9.99	)		(9.99	)		30.54		0.78	%		0.70	%		(0.24	%)		50.42	%		179,183		32	%
4/1/2019 - 3/31/2020		27.18		(0.02	)		0.93			0.91			(0.00	)(8)		(0.99	)		(0.99	)		27.10		0.77	%		0.70	%		(0.06	%)		3.04	%		163,575		20	%
4/1/2018 - 3/31/2019		25.38		0.00	(8)		3.62			3.62			(0.01	)		(1.81	)		(1.82	)		27.18		0.77	%		0.70	%		0.01	%		14.99	%		186,331		28	%
4/1/2017 - 3/31/2018		20.94		0.04			5.33			5.37			(0.04	)		(0.89	)		(0.93	)		25.38		0.76	%		0.70	%		0.16	%		25.93	%		206,732		34	%
PF Large-Cap Value Fund

Class P
4/1/2022 - 9/30/2022 (7)		$12.51		$0.07			($2.19	)		($2.12	)		$—			$—			$—			$10.39		0.87	%		0.80	%		1.28	%		(16.95	%)		$153,515		8	%
4/1/2021 - 3/31/2022		12.31		0.11			1.54			1.65			(0.13	)		(1.32	)		(1.45	)		12.51		0.87	%		0.80	%		0.87	%		13.45	%		164,182		9	%
4/1/2020 - 3/31/2021		9.66		0.14			4.72			4.86			(0.17	)		(2.04	)		(2.21	)		12.31		0.88	%		0.80	%		1.25	%		52.63	%		171,537		29	%
4/1/2019 - 3/31/2020		11.95		0.20			(1.62	)		(1.42	)		(0.17	)		(0.70	)		(0.87	)		9.66		0.87	%		0.80	%		1.59	%		(13.51	%)		160,365		28	%
4/1/2018 - 3/31/2019		17.14		0.24			0.46			0.70			(0.17	)		(5.72	)		(5.89	)		11.95		0.86	%		0.80	%		1.55	%		5.49	%		171,046		43	%
4/1/2017 - 3/31/2018		16.60		0.22			0.79			1.01			(0.23	)		(0.24	)		(0.47	)		17.14		0.86	%		0.80	%		1.27	%		6.01	%		154,943		7	%
PF Small-Cap Growth Fund

Class P
4/1/2022 - 9/30/2022 (7)		$15.82		$0.00	(8)		($3.26	)		($3.26	)		$—			$—			$—			$12.56		0.92	%		0.75	%		0.04	%		(20.61	%)		$19,299		22	%
4/1/2021 - 3/31/2022		21.69		(0.09	)		(2.74	)		(2.83	)		—			(3.04	)		(3.04	)		15.82		0.87	%		0.75	%		(0.43	%)		(15.66	%)		49,964		69	%
4/1/2020 - 3/31/2021		14.19		(0.06	)		12.31			12.25			(0.01	)		(4.74	)		(4.75	)		21.69		0.91	%		0.75	%		(0.27	%)		89.21	%		63,555		139	%
4/1/2019 - 3/31/2020		18.43		(0.11	)		(2.31	)		(2.42	)		—			(1.82	)		(1.82	)		14.19		0.97	%		0.75	%		(0.60	%)		(14.67	%)		17,691		126	%
4/1/2018 - 3/31/2019		14.84		(0.09	)		3.80			3.71			—			(0.12	)		(0.12	)		18.43		0.87	%		0.75	%		(0.55	%)		25.05	%		15,687		127	%
4/1/2017 - 3/31/2018		11.50		(0.06	)		3.40			3.34			—			—			—			14.84		0.90	%		0.75	%		(0.45	%)		29.04	%		9,463		86	%


See Notes to Financial Statements		See explanation of references on B-30

B-28

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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


Fund			Selected Per Share Data																			Ratios to Average Net Assets									Supplemental Data
			Investment Operations								Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)		Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
PF Small-Cap Value Fund

Class P
4/1/2022 - 9/30/2022 (7)		$9.89		$0.04		($1.93	)		($1.89	)		$—			$—			$—			$8.00		1.02	%		0.90	%		0.81	%		(19.11	%)		$34,863		20	%
4/1/2021 - 3/31/2022		10.83		0.04		0.27			0.31			(0.04	)		(1.21	)		(1.25	)		9.89		0.98	%		0.90	%		0.41	%		2.25	%		97,322		41	%
4/1/2020 - 3/31/2021		5.17		0.05		5.64			5.69			(0.03	)		—			(0.03	)		10.83		1.00	%		0.90	%		0.60	%		110.27	%		116,909		99	%
4/1/2019 - 3/31/2020		8.21		0.04		(2.39	)		(2.35	)		(0.05	)		(0.64	)		(0.69	)		5.17		1.00	%		0.90	%		0.53	%		(31.62	%)		28,016		36	%
4/1/2018 - 3/31/2019		11.22		0.04		(0.56	)		(0.52	)		(0.03	)		(2.46	)		(2.49	)		8.21		0.97	%		0.90	%		0.35	%		(4.23	%)		70,618		56	%
4/1/2017 - 3/31/2018		12.09		0.02		0.79			0.81			(0.02	)		(1.66	)		(1.68	)		11.22		0.97	%		0.90	%		0.17	%		6.54	%		81,515		30	%
PF Emerging Markets Fund

Class P
4/1/2022 - 9/30/2022 (7)		$10.04		$0.05		($2.03	)		($1.98	)		$—			$—			$—			$8.06		1.38	%		0.95	%		0.98	%		(19.72	%)		$38,704		17	%
4/1/2021 - 3/31/2022		14.88		0.19		(3.42	)		(3.23	)		(0.14	)		(1.47	)		(1.61	)		10.04		1.17	%		0.95	%		1.43	%		(23.63	%)		87,893		42	%
4/1/2020 - 3/31/2021		9.80		0.05		5.43			5.48			(0.01	)		(0.39	)		(0.40	)		14.88		1.16	%		0.95	%		0.37	%		56.13	%		141,783		40	%
4/1/2019 - 3/31/2020		14.71		0.13		(1.50	)		(1.37	)		(0.19	)		(3.35	)		(3.54	)		9.80		1.29	%		0.95	%		0.90	%		(14.07	%)		97,618		65	%
4/1/2018 - 3/31/2019		17.30		0.13		(0.95	)		(0.82	)		(0.09	)		(1.68	)		(1.77	)		14.71		1.16	%		0.95	%		0.84	%		(3.61	%)		133,887		46	%
4/1/2017 - 3/31/2018		13.81		0.10		3.49			3.59			(0.10	)		—			(0.10	)		17.30		1.20	%		0.95	%		0.63	%		25.93	%		178,391		34	%
PF International Growth Fund

Class P
4/1/2022 - 9/30/2022 (7)		$6.58		$0.05		($1.43	)		($1.38	)		$—			$—			$—			$5.20		1.40	%		0.97	%		1.60	%		(20.97	%)		$17,216		13	%
4/1/2021 - 3/31/2022		11.53		0.08		0.08			0.16			(0.09	)		(5.02	)		(5.11	)		6.58		1.23	%		0.97	%		0.74	%		(4.56	%)		36,162		94	%
4/1/2020 - 3/31/2021		9.05		0.12		3.54			3.66			(0.07	)		(1.11)			(1.18	)		11.53		1.30	%		0.99	%		1.06	%		40.85	%		48,891		20	%
4/1/2019 - 3/31/2020		11.63		0.17		(0.87	)		(0.70	)		(0.15	)		(1.73	)		(1.88	)		9.05		1.32	%		1.00	%		1.46	%		(8.84	%)		41,818		22	%
4/1/2018 - 3/31/2019		20.85		0.41		(1.09	)		(0.68	)		(0.24	)		(8.30	)		(8.54	)		11.63		1.19	%		1.00	%		2.32	%		0.62	%		58,152		41	%
4/1/2017 - 3/31/2018		18.19		0.26		2.74			3.00			(0.34	)		—			(0.34	)		20.85		1.14	%		1.00	%		1.28	%		16.54	%		125,384		10	%
PF International Small-Cap Fund

Class P
4/1/2022 - 9/30/2022 (7)		$8.18		$0.14		($2.04	)		($1.90	)		$—			$—			$—			$6.28		1.31	%		1.09	%		3.58	%		(23.23	%)		$15,144		7	%
4/1/2021 - 3/31/2022		11.64		0.21		(0.11	)		0.10			(0.44	)		(3.12	)		(3.56	)		8.18		1.34	%		1.09	%		1.90	%		(1.34	%)		58,845		130	%
4/1/2020 - 3/31/2021		6.98		0.13		4.74			4.87			(0.21	)		—			(0.21	)		11.64		1.34	%		1.10	%		1.32	%		69.98	%		36,908		39	%
4/1/2019 - 3/31/2020		9.59		0.20		(2.23	)		(2.03	)		(0.58	)		—			(0.58	)		6.98		1.43	%		1.10	%		2.16	%		(22.94	%)		26,982		90	%
4/1/2018 - 3/31/2019		11.24		0.17		(1.58	)		(1.41	)		(0.05	)		(0.19	)		(0.24	)		9.59		1.18	%		1.10	%		1.61	%		(12.54	%)		31,934		50	%
4/1/2017 - 3/31/2018		10.50		0.19		1.79			1.98			(0.29	)		(0.95	)		(1.24	)		11.24		1.16	%		1.10	%		1.63	%		19.24	%		89,816		52	%
PF International Value Fund

Class P
4/1/2022 - 9/30/2022 (7)		$8.43		$0.17		($1.77	)		($1.60	)		$—			$—			$—			$6.83		1.00	%		0.80	%		4.25	%		(18.98	%)		$52,597		17	%
4/1/2021 - 3/31/2022		8.05		0.26		0.34			0.60			(0.22	)		—			(0.22	)		8.43		1.14	%		0.80	%		3.03	%		7.46	%		76,725		33	%
4/1/2020 - 3/31/2021		5.14		0.11		2.97			3.08			(0.17	)		—			(0.17	)		8.05		1.21	%		0.80	%		1.74	%		60.38	%		34,430		35	%
4/1/2019 - 3/31/2020		7.51		0.25		(2.32	)		(2.07	)		(0.23	)		(0.07	)		(0.30	)		5.14		1.11	%		0.80	%		3.32	%		(28.94	%)		34,971		33	%
4/1/2018 - 3/31/2019		10.17		0.28		(1.20	)		(0.92	)		(0.34	)		(1.40	)		(1.74	)		7.51		0.98	%		0.80	%		2.99	%		(8.51	%)		64,956		54	%
4/1/2017 - 3/31/2018		9.31		0.30		0.99			1.29			(0.43	)		—			(0.43	)		10.17		0.92	%		0.80	%		2.95	%		14.01	%		143,626		111	%

PF Multi-Asset Fund

Class P
4/1/2022 - 9/30/2022 (7)		$9.38		$0.04		($2.15	)		($2.11	)		$—			$—			$—			$7.27		0.57	%		0.51	%		1.00	%		(22.50	%)		$757,930		20	%
4/1/2021 - 3/31/2022		12.93		0.05		1.14			1.19			(0.04	)		(4.70	)		(4.74	)		9.38		0.56	%		0.51	%		0.40	%		7.01	%		1,054,196		50	%
4/1/2020 - 3/31/2021		8.23		0.11		5.18			5.29			(0.15	)		(0.44	)		(0.59	)		12.93		0.57	%		0.51	%		1.02	%		64.91	%		1,103,610		53	%
4/1/2019 - 3/31/2020		9.81		0.22		(1.54	)		(1.32	)		(0.26	)		—			(0.26	)		8.23		0.56	%		0.51	%		2.17	%		(14.09	%)		884,916		57	%
4/1/2018 - 3/31/2019		9.42		0.21		0.31			0.52			(0.13	)		—			(0.13	)		9.81		0.56	%		0.51	%		2.21	%		5.72	%		1,136,414		75	%
1/31/2018 - 3/31/2018		10.00		0.03		(0.61	)		(0.58	)		—			—			—			9.42		0.59	%		0.51	%		1.68	%		(5.80	%)		733,300		37	%


See Notes to Financial Statements		See explanation of references on B-30

B-29

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

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


Fund			Selected Per Share Data																			Ratios to Average Net Assets									Supplemental Data
			Investment Operations								Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)		Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
PF Real Estate Fund

Class P
4/1/2022 - 9/30/2022 (7)		$16.71		$0.19		($4.07	)		($3.88	)		$—			$—			$—			$12.83		1.14	%		0.90	%		2.58	%		(23.22	%)		$49,783		11	%
4/1/2021 - 3/31/2022		13.60		0.21		3.09			3.30			(0.19	)		—			(0.19	)		16.71		1.20	%		0.90	%		1.34	%		24.21	%		59,387		37	%
4/1/2020 - 3/31/2021		10.30		0.17		3.33			3.50			(0.20	)(10)		—			(0.20	)		13.60		1.16	%		0.90	%		1.44	%		34.16	%		25,731		38	%
4/1/2019 - 3/31/2020		12.26		0.19		(1.74	)		(1.55	)		(0.25	)		(0.16	)		(0.41	)		10.30		1.13	%		0.90	%		1.46	%		(13.44	%)		43,532		48	%
4/1/2018 - 3/31/2019		11.86		0.28		1.75			2.03			(0.21	)		(1.42	)		(1.63	)		12.26		1.12	%		0.98	%		2.31	%		18.20	%		81,713		104	%
4/1/2017 - 3/31/2018		14.94		0.30		(0.75	)		(0.45	)		(0.22	)		(2.41	)		(2.63	)		11.86		1.13	%		1.05	%		2.12	%		(4.15	%)		41,519		47	%

(1)

For share classes that commenced operations after April 1, 2017, the first date reported represents the commencement date of operations for that share class.

(2)

Net investment income (loss) per share has been calculated using the average shares method.

(3)

The ratios are annualized for periods of less than one full year.

(4)

The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios for all the Portfolio Optimization Funds do not include fees and expenses of the Funds in which they invest.

(5)

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

(6)

Advisor Class shares were renamed to Class I-2 shares on August 1, 2022.

(7)

Unaudited.

(8)

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

(9)

The annualized ratios of expenses, excluding interest expense, after expense reductions to average net assets for the six-month period ended September 30, 2022 are as follows:


Fund	Class A	Class C	Class I	Class P	Class I-2
Pacific Funds Floating Rate Income	0.96%	1.67%	0.65%	0.65%	0.70%
PF Inflation Managed Fund				0.55%

(10)

Includes $0.09 per share return of capital distribution.


See Notes to Financial Statements

B-30

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

1. ORGANIZATION

Pacific Funds Series Trust (which may be referred to as “Pacific Funds” or the “Trust”) is registered under the Investment Company Act of 1940 (“1940 Act”), as amended, as a diversified, open-end, investment management company, and is organized as a Delaware statutory trust. Pacific Life Fund Advisors LLC (“PLFA” or the “Investment Adviser”) serves as investment adviser to the Trust. As of September 30, 2022, the Trust was comprised of the following twenty-nine separate funds (each individually a “Fund”, and collectively the “Funds”):




Pacific Funds^SM Portfolio Optimization Conservative (1)	Pacific Funds^SM Floating Rate Income (2)	PF Large-Cap Value Fund (4)

Pacific Funds^SM Portfolio Optimization Moderate-Conservative (1)	Pacific Funds^SM High Income (2)	PF Small-Cap Growth Fund (4)

Pacific Funds^SM Portfolio Optimization Moderate (1)	Pacific Funds^SM Small/Mid-Cap (3)	PF Small-Cap Value Fund (4)

Pacific Funds^SM Portfolio Optimization Growth (1)	Pacific Funds^SM Small-Cap (3)	PF Emerging Markets Fund (4)

Pacific Funds^SM Portfolio Optimization Aggressive-Growth (1)	Pacific Funds^SM Small-Cap Value (3)	PF International Growth Fund (4)

Pacific Funds^SM Ultra Short Income (2)	PF Inflation Managed Fund (4)	PF International Small-Cap Fund (4)

Pacific Funds^SM Short Duration Income (2)	PF Managed Bond Fund (4)	PF International Value Fund (4)

Pacific Funds^SM Core Income (2)	PF Short Duration Bond Fund (4)	PF Multi-Asset Fund (4)

Pacific Funds^SM ESG Core Bond (2)	PF Emerging Markets Debt Fund (4)	PF Real Estate Fund (4)

Pacific Funds^SM Strategic Income (2)	PF Growth Fund (4)

(1)

These Funds are collectively known as the “Portfolio Optimization Funds”

(2)

These Funds are collectively known as the “PF Fixed Income Funds”

(3)

These Funds are collectively known as the “PF U.S. Equity Funds”

(4)

These Funds are collectively known as the “PF Underlying Funds”

The Portfolio Optimization Funds offer Class A, Class C, and Class I-2 (formerly named Advisor Class) shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees and in general: (i) Class A shares are subject to a maximum 5.50% front-end sales charge (ii) Class C shares are subject to a maximum 1.00% contingent deferred sales charge (“CDSC”); and (iii) Class I-2 shares are sold at net asset value without a sales charge. The sales charge for Class A shares is reduced for purchases of $50,000 or more and may be waived in certain circumstances. There is no sales charge for Class A shares for purchases of $1 million or more, although there is a CDSC of 1.00% on redemptions of such Class A shares within one year of purchase, which may be waived in certain circumstances. Class C shares automatically convert to Class A shares approximately six years after the original purchase date.

The PF Fixed Income Funds offer Class A, Class C, Class I, and Class I-2 shares, except Pacific Funds Ultra Short Income and Pacific Funds ESG Core Bond which offer Class I and Class I-2 shares only. Additionally, Pacific Funds Core Income, Pacific Funds Floating Rate Income, and Pacific Funds High Income offer Class P shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees and in general: (i) Class A shares of Pacific Funds Short Duration Income and Pacific Funds Floating Rate Income are subject to a maximum 3.00% front-end sales charge, and Class A shares of Pacific Funds Core Income, Pacific Funds Strategic Income, and Pacific Funds High Income are subject to a maximum 4.25% front-end sales charge; (ii) Class C shares are subject to a maximum 1.00% CDSC; and (iii) Class I, Class I-2, and Class P shares are sold at net asset value without a sales charge. The sales charge for Class A shares is reduced for purchases of $100,000 or more and may be waived in certain circumstances. There is no sales charge for Class A shares for purchases of $500,000 or more, although there is a CDSC of 1.00% of such Class A shares within one year of purchase, which may be waived in certain circumstances. Class C shares automatically convert to Class A shares approximately six years after the original purchase date.

The PF U.S. Equity Funds offer Class A, Class C, Class I-2, and Class R6 shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees and in general: (i) Class A shares are subject to a maximum 4.25% front-end sales charge; (ii) Class C shares are subject to a maximum 1.00% CDSC; and (iii) Class I-2 and Class R6 shares are sold at net asset value without a sales charge. The sales charge for Class A shares is reduced for purchases of $100,000 or more and may be waived in certain circumstances. There is no sales charge for Class A shares for purchases of $500,000 or more, although there is a CDSC of 1.00% of such Class A shares within one year of purchase, which may be waived in certain circumstances. Class C shares automatically convert to Class A shares approximately six years after the original purchase date.

The PF Underlying Funds offer Class P shares only, which are sold at net asset value. Presently, only the Portfolio Optimization Funds, the Investment Adviser, and certain of its affiliates can invest in Class P shares.

The Trust’s distributor receives all net commissions (front-end sales charges and CDSCs) from the sales of all applicable share classes.

The Portfolio Optimization Funds invest their assets in Class P shares of the PF Underlying Funds as well as Class P shares of Pacific Funds Core Income, Pacific Funds Floating Rate Income and Pacific Funds High Income.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to

C-1

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund qualifies as an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to the Investment Companies Topic of U.S. GAAP.

A. INVESTMENT TRANSACTIONS AND INCOME

Investment transactions are recorded on a trade date basis. Securities purchased or sold on a when-issued or delayed-delivery basis as well as certain loan transactions and mortgage securities (such as Government National Mortgage Association (“GNMA”) securities) may be settled a month or more after the trade date. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities, which are recorded as soon as a Fund is informed of the ex-dividend date or upon receipt of the dividend. A Fund’s estimated components of distributions received from real estate investment trusts may be considered income, return of capital distributions or capital gain distributions. Return of capital distributions are recorded as a reduction of cost of the related investments. Interest income, adjusted for amortization of premium and accretion of discount, is recorded daily on an accrual basis. Investment income is recorded net of foreign taxes withheld, if any. A Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. A Fund will accrue such taxes and reclaims as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which that Fund invests. Facility fees and other fees (such as origination fees) received from floating rate senior loan notes purchased by a Fund are amortized over the expected term of each applicable senior loan. Commitment fees received by a Fund relating to unfunded senior loan commitments are amortized to income over the period of the commitment. Consent fees, which are compensation for agreeing to changes in the terms of debt instruments, are recorded as interest income when received. Realized gains and losses from investment transactions are recorded on the basis of identified cost. Gains and losses realized on principal paydowns from mortgage-backed and asset-backed securities are recorded as interest income. Litigation settlements on securities that were previously held are recorded as realized gains on investment securities.

B. DISTRIBUTIONS TO SHAREHOLDERS

All realized capital gains are distributed at least annually for each Fund. Dividends and distributions paid to shareholders are recorded on the ex-dividend date.

For the Portfolio Optimization Funds and PF U.S. Equity Funds, dividends on net investment income, if any, are generally declared and paid annually. For the PF Fixed Income Funds (except Pacific Funds Floating Rate Income and Pacific Funds Ultra Short Income), dividends on net investment income, if any, are generally declared and paid monthly. For Pacific Funds Floating Rate Income and Pacific Funds Ultra Short Income, dividends, if any, are generally declared daily and paid monthly. Dividends may be declared more or less frequently if advantageous to the specific Fund and its shareholders.

Each PF Underlying Fund distributes all of its net investment income, if any, to shareholders at least annually, although distributions could occur more often if advantageous to the applicable Fund and its shareholders. Each PF Underlying Fund may utilize the consent dividend provision of Section 565 of the Internal Revenue Code to effectively distribute income and capital gains for tax purposes even though they are not actually paid by the Fund.

C. FOREIGN CURRENCY TRANSLATION

The Trust’s accounting records are maintained in U.S. dollars. The market value of investments and other assets and liabilities, which are denominated in non-U.S. currencies, are translated into U.S. dollars based on the applicable exchange rates at the end of each business day. Purchases and sales of investments and income and expenses, denominated in foreign currencies, are translated into U.S. dollars at the exchange rates in effect on the transaction date.

None of the Funds separately report the effect of changes in foreign exchange rates from changes in market prices of investments held. Such changes are included with the net realized gain or loss and change in net unrealized appreciation or depreciation on investments. Other foreign currency transactions resulting in realized and unrealized gain or loss, if any, are reported separately as net realized gain or loss on foreign currency transactions and change in net unrealized appreciation or depreciation on foreign currencies.

D. ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES

Income, non-class specific expenses, and realized and unrealized gains and losses are allocated on a daily basis to each class of shares based upon the relative portion of net assets of each class. Certain Trust expenses directly attributable to a particular Fund are charged to that Fund (such as fund-specific transactional fees, proxies, liquidations, litigation, and organizational/start-up costs) and class-specific fees and expenses are charged directly to the respective share class within each Fund. Generally, other Trust expenses are allocated proportionately among all the Funds in relation to the net assets of each Fund.

E. OFFERING COSTS

A new Fund bears all costs (or the applicable pro-rata share if there is more than one new Fund) associated with the offering expenses of the Fund including legal and printing. All such costs are amortized as an expense of the new Fund on a straight-line basis over twelve months from commencement of operations.

F. NEW ACCOUNTING PRONOUNCEMENTS

In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the discontinuation of the London Interbank Offered Rate (“LIBOR”) for the one week and two month U.S. dollar (“USD”) tenors as well as certain non-USD LIBOR tenors after

C-2

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

December 31, 2021, and the planned discontinuation of certain non-USD LIBOR tenors after December 31, 2022 as well as the overnight and one, three, six and twelve month USD LIBOR tenors after June 30, 2023. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management does not expect ASU 2020-04 to have a material impact on these financial statements.

In January 2021, the FASB issued ASU 2021-01. ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR. Regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2021-01 clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately on an elective basis. The amendments in this update do not apply to contract modifications made after December 31, 2022. Management does not expect ASU 2021-01 to have a material impact on these financial statements.

Since August 19, 2022, the Funds have been required to comply with new regulations adopted by the SEC governing the use of derivatives by registered investment companies (“Rule 18f-4”). Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework currently used by the Funds to comply with Section 18 of the 1940 Act, and requires funds, whose use of derivatives is greater than a limited specified amount, to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. Management does not expect Rule 18f-4 to have a material impact on these financial statements.

3. VALUATION AND FAIR VALUE MEASUREMENTS

A. VALUATION POLICY

The Trust’s Board of Trustees (the “Board”) has adopted a policy (“Valuation Policy”) for determining the value of the Trust’s investments each business day. Under the Valuation Policy, and pursuant to regulatory authority, the Board has designated PLFA as its “valuation designee” for fair valuation determinations. PLFA’s Valuation Oversight Committee (“VOC”) values the Funds’ investments in accordance with the Valuation Policy. The methodologies used to value the Funds’ investments are described in greater detail in the Investment Valuation subsection below.

B. DETERMINATION OF NET ASSET VALUE (“NAV”)

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

The NAVs are calculated once per day on each day that the New York Stock Exchange (“NYSE”) is open, including days when foreign markets and/or bond markets are closed. Each NAV is generally determined as of 4:00 p.m. Eastern Time on days that the NYSE is open. Information that becomes known to the Trust or its agents after the determination of an NAV on a particular day will not normally be used to retroactively adjust the price of a Fund’s investment or the NAV determined earlier that day. Such information may include late dividend notifications, legal or regulatory matters, corporate actions, and corrected/adjusted last sales prices or official closing prices from an exchange. The NAVs will not be calculated on days when the NYSE is closed. There may be a delay in calculating the NAV if: (i) the NYSE is closed on a day other than a NYSE scheduled holiday or weekend, (ii) trading on the NYSE is restricted, (iii) an emergency exists (as determined by the U.S. Securities and Exchange Commission “SEC”), making the sale of investments or determinations of NAV not practicable, or (iv) the SEC permits a delay for the protection of shareholders. Based on information obtained from the NYSE, it is anticipated that the NYSE will be closed when the following annual holidays are observed: New Year’s Day; Martin Luther King, Jr. Day; Washington’s Birthday; Good Friday; Memorial Day; Juneteenth; Independence Day; Labor Day; Thanksgiving Day; and Christmas Day. The NYSE is normally closed on the preceding Friday or subsequent Monday when one of these holidays falls on a Saturday or Sunday, respectively. In addition, the NYSE typically closes early (usually 1:00 p.m. Eastern Time) on the day after Thanksgiving and the day before Christmas Day. Although the Trust expects the same holidays to be observed in the future, the NYSE may modify its holiday schedule or hours of operation at any time.

Certain Funds may hold investments that are primarily listed on foreign exchanges. Because those investments trade on weekends and other days when the Funds do not calculate their NAVs, the value of those investments may change on days when a shareholder will not be able to purchase or redeem shares of those Funds.

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

C. INVESTMENT VALUATION

The value of each security or other investment is the amount which a Fund might reasonably expect to receive for the investment upon its current sale in the ordinary course of business. For purposes of calculating the NAV, the value of investments held by each Fund is based primarily on pricing data obtained from various sources approved by the VOC.

Domestic Equity Investments

For domestic equity investments (including exchange-traded funds), the Trust generally uses the official closing price or last reported sale price from an exchange and does not normally take into account trading, clearances or settlements that take place after the close of the NYSE. Investments for which no official closing price or last reported sales price are reported are generally valued at the mean between the most recent bid and ask prices obtained from approved pricing services, established market makers, or from broker-dealers.

C-3

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

Foreign Equity Investments

For foreign equity investments, the Trust generally uses the official closing price or the last reported sale price from the principal foreign exchanges. The Trust may adjust for market events occurring between the close of certain foreign exchanges and the close of the NYSE. The Trust has retained an independent statistical analysis service approved by the VOC to assist in determining the value of certain foreign equity investments. This service utilizes proprietary computer models based on historical performance of markets and other considerations to determine adjustments for market events. Quotations of foreign investments in foreign currencies and those valued using forward currency rates are converted into U.S. dollar equivalents using a foreign exchange quotation from an approved source.

Exchange Traded Futures Contracts, Option Contracts, and Swap Agreements

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

Over-the-Counter (“OTC”) Investments

OTC investments (including forward commitments, swap agreements and option contracts) are generally valued by approved pricing services that use evaluated prices from various observable market and other factors. Certain OTC swap agreements are valued using industry pricing models, broker quotes or other methodologies pursuant to the Valuation Policy. Forward foreign currency contracts are generally valued using the mean between broker-dealer bid and ask quotations, and foreign currency exchange rates are gathered from approved pricing services.

Domestic and Foreign Debt Investments

Debt investments are generally valued using the mean between bid and ask prices provided by approved pricing and quotation services, which are based upon evaluated prices determined from various observable market and other factors. Certain debt investments are valued by using a benchmark, matrix, or other pricing methodology approved pursuant to the Valuation Policy. Generally, the prices are obtained from approved pricing sources or services as of 4:00 p.m. Eastern Time.

Investments in Mutual Funds

Fund investments in affiliated or unaffiliated mutual funds are valued at their respective published NAVs.

Investment Values Determined by the Valuation Oversight Committee

The Trust’s Valuation Policy also includes methodologies approved for valuing investments in circumstances where pricing data from approved sources is not readily available or deemed to be unreliable. In such circumstances, the Valuation Policy provides that the value of such investments may be determined in accordance with VOC approved formulas and methodologies (“PLFA Pre-Approved Fair Valuation Methodologies”). Under the Valuation Policy these PLFA Pre-Approved Fair Valuation Methodologies may include, among others, amortized cost, the use of broker quotes, the use of purchase prices, last reported sale/trade prices, and benchmark, proxy, and matrix pricing. In the event pricing data from approved sources or PLFA Pre-Approved Fair Valuation Methodologies are not readily available or are determined to be unreliable, the value of the investments will be determined in good faith by the VOC or its delegate pursuant to the Valuation Policy. Valuations determined by the VOC or its delegate may require subjective inputs about the value of such investments. While these valuations are intended to estimate the value a Fund might reasonably expect to receive upon the current sale of the investments in the ordinary course of business, such values may differ from the value that a Fund would actually realize if the investments were sold or values that would be obtained if a different valuation methodology had been used.

D. FAIR VALUE MEASUREMENTS AND DISCLOSURES

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

• Level 1 - Quoted

prices (unadjusted) in active markets for identical investments

• Level 2 - Significant

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

• Level 3 - Significant

unobservable inputs that are not corroborated by observable market data

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

The inputs or methodologies used for characterizing each Fund’s investments within the three-tier hierarchy are not necessarily an indication of the relative risks associated with investing in those investments. Foreign equity investments that are valued with the assistance of a statistical research service determined by the VOC or its delegate and based on significant observable inputs are reflected as Level 2. Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. A summary of each Fund’s investments as of September 30, 2022, as categorized under the three-tier hierarchy of inputs, can be found in each Fund’s Schedule of Investments.

C-4

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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

Equity Securities (Common and Preferred Stock) and Mutual Funds

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

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

U.S. Treasury Obligations

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

Mortgage-Backed and Asset-Backed Securities

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

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

Municipal Bonds

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

Foreign Government Bonds and Notes

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

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

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

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

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.

C-5

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

Option Contracts

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

Forward Foreign Currency Contracts

Forward foreign currency contracts are fair valued using the mean between broker-dealer bid and ask quotations, and forward foreign currency exchange rates gathered from leading market makers. To the extent that these inputs are observable and timely, the fair values of forward foreign currency contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Swap Agreements

Interest Rate Swaps – Interest rate swaps are fair valued using pricing models that are based on real-time snap shots of relevant interest rate curves that are built using the most actively traded securities for a given maturity. The pricing models also incorporate cash and money market rates. In addition, market data pertaining to interest rate swaps are monitored regularly to ensure that interest rates are properly depicting the current market rate. To the extent that these inputs are observable and timely, the fair values of interest rate swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Credit Default Swaps – Credit default swaps are fair valued using pricing models that take into account, among other factors, information received from market makers and broker-dealers, default probabilities from index specific credit spread curves, recovery rates, and cash flows. To the extent that these inputs are observable and timely, the fair values of credit default swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Total Return Swaps – Total return swaps are fair valued using pricing models that take into account among other factors, index spread curves, nominal values, modified duration values and cash flows. To the extent that these inputs are observable and timely, the fair values of total return swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Senior Loan Notes

Floating rate senior loan notes (“Senior Loans”) are fair valued based on a quoted price received from a single broker-dealer or an average of quoted prices received from multiple broker-dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. To the extent that these inputs are observable, the fair values of Senior Loans would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Unfunded loan commitments on senior loan participations and assignments, if any, are marked to market daily and valued according to the Trust’s valuation policies and procedures. Any applicable net unrealized appreciation or depreciation at the end of the reporting period is recorded as an asset and any change in net unrealized appreciation or depreciation for the reporting period is recorded within the change in net unrealized appreciation or depreciation on investment securities. Unfunded loan commitments are included in the Schedules of Investments.

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


Fund	Unfunded Loan Commitments		Value		Net Unrealized Appreciation (Depreciation)
Pacific Funds Floating Rate Income		$13,358,509		$12,634,274		($724,235	)

4. INVESTMENTS AND RISKS

General Investment Risks

An investment in each Fund represents an indirect investment in the assets owned by that Fund. As with any mutual fund, the value of the assets owned by each Fund may move up or down, and as a result, an investment in a Fund at any point in time may be worth more or less than the original amount invested.

A Fund’s transactions in listed securities are settled/paid for upon delivery to or from their counterparties; therefore, the risk of counterparty default for listed securities is considered minimal, as delivery of securities sold is only made once a Fund has received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligations.

Market and Regulatory Risks

Events in the financial markets and economy may cause volatility and uncertainty and adversely affect Fund performance. Such adverse effects on performance could include a decline in the value and liquidity of securities held by a Fund, unusually high and unanticipated levels of

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

Natural Disasters Risk

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

An outbreak of infectious respiratory illness caused by the novel coronavirus known as COVID-19 was first detected in China in 2019 before spreading worldwide and being declared a global pandemic by the World Health Organization in March 2020. COVID-19 has resulted in travel restrictions, closed international borders, enhanced health screenings, disruption and delays in healthcare services, prolonged quarantines, cancellations, temporary store closures, social distancing, government ordered curfews and business closures, disruptions to supply chains and consumer activity, shortages, highly volatile financial markets, and general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies and capital markets of many nations or the entire global economy, as well as individual companies, entire sectors, and securities and commodities markets (including liquidity), in ways that may not necessarily be foreseen at the present time, which could result in losses to a Fund. COVID-19 and other health crises in the future may exacerbate other pre-existing political, social and economic risks, and its impact in developing or emerging market countries may be greater due to less established health care systems. The duration and ultimate impact of an outbreak may be short term or may last for an extended period of time.

LIBOR Transition Risk

Certain investments in which a Fund invests may rely in some manner on LIBOR. LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market as determined by ICE Benchmark Administration (“IBA”), the administrator of LIBOR. Previously, the Financial Conduct Authority (“FCA”), which regulates financial markets and financial services firms in the United Kingdom, announced that it will no longer compel the banks to continue to submit the daily rates for the calculation of LIBOR after 2021 and warned that LIBOR may cease to be available or appropriate for use beyond 2021. More recently, the FCA announced that USD LIBOR will cease to be published by the IBA or any other administrator, or will no longer be representative after June 30, 2023 for the most common tenors (overnight and one, three, six and twelve month), and ceased publishing for the less common tenors of USD LIBOR (one week and two month) and most tenors of non-USD LIBOR after December 31, 2021. Certain sterling and yen LIBOR settings (one, three, and six month) will be published on a “synthetic” basis through the end of 2022. On March 15, 2022, the Adjustable Interest Rate (LIBOR) Act was signed into law. This law provides a statutory fallback mechanism on a nationwide basis to replace LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System and based on the Secured Overnight Financing Rate SOFR (which measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities) for certain contracts that reference LIBOR and contain no, or insufficient, fallback provisions. It is expected that implementing regulations in respect of the law will follow.

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

Alteration of the terms of a debt instrument or a modification of the terms of other types of contracts to replace LIBOR or another interbank offered rate (“IBOR”) with a new reference rate could result in a taxable exchange and the realization of income and gain/loss for U.S. federal income tax purposes. The IRS has issued final regulations regarding the tax consequences of the transition from IBOR to a new reference rate in debt instruments and non-debt contracts. Under the final regulations, alteration or modification of the terms of a debt instrument to replace an operative rate that uses a discontinued IBOR with a qualified rate (as defined in the final regulations), including true up payments equalizing the fair market value of contracts before and after such IBOR transition, to add a qualified rate as a fallback rate to a contract whose operative rate

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uses a discontinued IBOR or to replace a fallback rate that uses a discontinued IBOR with a qualified rate would not be taxable. The IRS may provide additional guidance, with potential retroactive effect.

Fund of Funds Investments

The Portfolio Optimization Funds are exposed to the same risks as the applicable Funds in which a Portfolio Optimization Funds invests (PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, and Pacific Funds High Income), in direct proportion to the allocation of assets among those Funds.

Allocations by the Portfolio Optimization Funds among the PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, and Pacific Funds High Income are determined using an asset allocation process, which seeks to optimize returns by allocating among different asset classes given various levels of risk tolerance. The allocations of the Portfolio Optimization Funds may not effectively decrease risk or increase returns for investors, and the selection and weighting of allocations to asset classes and/or PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, and Pacific Funds High Income may cause them to underperform other mutual funds with a similar investment objective. Although the Portfolio Optimization Funds seek to provide diversification across major asset classes, they may invest a significant portion of their assets in any one or several PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, and Pacific Funds High Income.

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

Equity Investments

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

Debt Investments

Debt investments are subject to many risks, including, but not limited to, interest rate risk, credit risk, market and regulatory risk, price volatility, and liquidity risk, which may affect their value. Many debt securities give the issuer the right to redeem (“call”) the security prior to maturity. If an issuer calls a security in which a Fund has invested, the Fund may not recoup the full amount of its initial investment in the security and may be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the called security. There is a risk that an issuer or guarantor of a debt investment might be unable or unwilling to meet its financial obligations and might not make interest or principal payments on an instrument when those payments are due (“default”). Defaults may potentially reduce a Fund’s income or ability to recover amounts due and may reduce the value of the debt investment, sometimes dramatically. High yield/high risk or “junk” securities may be more volatile than higher rated securities. High yield/high risk securities (including loans) are typically issued by companies that are highly leveraged, less creditworthy, or financially distressed and are considered to be mostly speculative in nature (high risk), subject to greater liquidity risk, and subject to a greater risk of default than higher rated securities, especially during periods of economic uncertainty or during economic downturns. Debt investments, including bonds, fixed rate loans, and short-term instruments may be affected by changes in interest rates. Debt investments with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt investments with shorter durations or floating or adjustable interest rates. The value of debt investments may fall when interest rates rise. Certain debt investments may be difficult to value, purchase, and sell, particularly during adverse market conditions, because there is a limited market for the investment or there are restrictions on resale.

The Funds may be subject to heightened levels of interest rate risk because the Federal Reserve has raised, and may continue to raise, interest rates. As interest rates rise, the value of fixed income investments will generally decrease. The negative impact on debt investments from potential interest rate increases could be swift and significant, including falling market values, increased redemptions and reduced liquidity. Substantial redemptions from bond and other income funds may worsen that impact. Additionally, regulations applicable to and changing business practices of broker-dealers that make markets in debt investments may result in those broker-dealers restricting their market making activities for certain debt investments, which may reduce the liquidity and increase the volatility of such debt investments.

Certain asset-backed instruments, such as collateralized debt obligations, collateralized mortgage obligations, and other mortgage-related securities, structured investment vehicles, and other debt investments may have exposure to subprime loans or subprime mortgages, which are loans to persons with lower credit ratings. These instruments may present credit risk that is not transparent and that is greater than indicated by their ratings. The value of these instruments may be more acutely affected by downturns in the credit markets or the real estate market than certain other investments, and it may be difficult to value these instruments because of a thin secondary market.

Foreign and Emerging Markets Investments

Exposure to foreign markets can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions.

These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in, or foreign exchange rates with, another market, country or region. Investments in or exposure to investments in emerging market countries may be riskier than investments in or exposure to investments in U.S. and certain developed markets. Risk may be more enhanced for investments in or exposure to investments in frontier market countries.

The governments of emerging market countries, some with histories of instability and upheaval, may act in an adverse or hostile manner toward private enterprise or foreign investment. Specific actions and effects have included limiting the ability to conduct due diligence on issuers

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located in emerging market countries; a lack of access by the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work papers for PCAOB-registered accounting firms located in certain emerging market countries (including China and Hong Kong); restricting the ability of U.S. authorities (such as the SEC) to bring and enforce actions against companies and persons located in emerging market countries; and the difficulty or inability of shareholders to seek legal remedies (such as class action lawsuits) against issuers in emerging market countries.

Among the foreign markets in which a Fund may invest are those countries that are members of the European Union (“EU”). Some of the countries of the EU are currently experiencing financial difficulties and have depended on, and may continue to be dependent on, the assistance from others such as the European Central Bank or other governments or institutions. The failure of such countries to implement reforms as a condition of assistance could have a significant adverse effect on the value of investments in those countries and other countries within this “Eurozone.” In addition, certain EU countries that have adopted the euro are subject to fiscal and monetary controls that could limit the ability to implement their own economic policies, to the point where such countries could voluntarily abandon, or be forced out of, the euro. These events could globally impact the market values of securities and currencies, cause redenomination into less valuable local currencies and create more volatile and illiquid markets. The United Kingdom’s departure from the EU, commonly known as “Brexit,” may have significant political and financial consequences for EU markets. There are considerable uncertainties about the repercussions resulting from Brexit, including the impact on trade agreements, regulations, and treaties. Brexit may also increase the likelihood that other EU members may decide to leave or be expelled from the EU. These potential consequences may result in increased market volatility and illiquidity in the United Kingdom, the EU, and other financial markets, as well as slower economic growth and fluctuations in exchange rates. Any of these events and other socio-political or geo-political issues that are not currently known could have a significant adverse effect on global markets and economies, which in turn could negatively impact the value of a Fund’s investments.

On February 24, 2022, the Russian Federation commenced a military attack on the country of Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and global financial markets. In addition, the United States and other countries have imposed, and may impose additional, economic sanctions against certain countries, entities and/or individuals. Economic sanctions and other similar actions could, among other things, prohibit or otherwise limit a Fund’s ability to purchase or sell certain foreign securities and significantly delay or prevent the settlement of securities transactions. Such actions could decrease the value and liquidity of securities held by a Fund and may require a Fund to sell or otherwise dispose of all or a portion of the impacted securities at inopportune times or prices. Sanctions could also result in retaliations or countermeasures, which may adversely impact a Fund’s investments or operations. Although it is not possible to predict the impact that any sanctions or retaliatory actions may have on a Fund, such events could significantly harm a Fund’s performance.

The countries listed in the Schedules of Investments for individual investment holdings (each a “Holding”) are each considered the country of risk to which a Holding, and therefore the Fund, is exposed. Each Holding’s country of risk is obtained from a third-party source that uses factors such as reporting currency, sales/revenue and location of management of the Holding’s issuer to determine country of risk. The country of risk may not be exclusive, however, as there may be other countries of risk to which a Holding is exposed that are not disclosed, although the country identified is expected to be the primary country of risk for that Holding. A Holding is generally subject to greater country risk based on where it conducts business or is economically tied to rather than where it is formed or incorporated. Foreign markets risks may include currency risk, market and regulatory risk, liquidity risk, emerging markets risk, frontier markets risk, and geographic focus risk, among other risks.

Senior Loan Participations and Assignments

Certain Funds may invest in Senior Loans of domestic or foreign corporations, partnerships, and other entities (“Borrowers”), the interest rates of which float or adjust periodically based upon a specified adjustment schedule, benchmark indicator, or prevailing interest rates. Senior Loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates generally include prime rates of one or more major U.S. banks, LIBOR, SOFR, or certificates of deposit rates. Senior Loans often require prepayments from excess cash flow or permit the Borrower to repay at its election. The degree to which Borrowers repay cannot be predicted with accuracy. As a result, the actual maturity may be substantially less than the stated maturities. Senior Loans are exempt from registration under the Securities Act of 1933, may contain certain restrictions on resale, and cannot be sold publicly. A Fund’s investments in Senior Loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties.

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

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

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

When a Fund purchases a participation of a Senior Loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation. A participation interest in Senior Loans includes the right to receive payments of principal, interest, and any fees to which it is entitled from the lender and only upon receipt by the lender of payments from the Borrower, but not from the Borrower

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directly. When investing in a participation interest, if a Borrower is unable to meet its obligations under a loan agreement, a Fund generally has no right to enforce compliance with the terms of the loan agreement. As a result, the Fund assumes the credit risk of the Borrower, the selling participant, and any other persons that are interpositioned between the Fund and the Borrower. If the lead lender in a typical lending syndicate becomes insolvent, enters Federal Deposit Insurance Corporation (“FDIC”) receivership or, if not FDIC insured, enters into bankruptcy, the Fund may incur certain costs and delays in receiving payment or may suffer a loss of principal and/or interest. As of September 30, 2022, no participation interest in Senior Loans was held by any of the Funds.

Inflation-Indexed Bonds

Certain Funds may invest in inflation-indexed bonds. Inflation-indexed bonds are debt securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will result in an adjustment to interest income.

Mortgage-Related and Other Asset-Backed Securities

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

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

U.S. Government Securities

Certain Funds may invest in securities issued by U.S. Government agencies or government-sponsored enterprises. U.S. Government securities are obligations of, and in certain cases, guaranteed by the U.S. Government, its agencies, or instrumentalities. Some U.S. Government securities, such as Treasury Bills, Treasury Notes, Treasury Bonds, and securities guaranteed by GNMA (or “Ginnie Mae”), are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Bank, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations. Securities not backed by the full faith and credit of the U.S. Government may be subject to a greater risk of default. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

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

When-Issued Securities

Certain Funds may purchase and sell securities on a when-issued basis, including To Be Announced (“TBA”) securities. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. A commitment by a Fund is made regarding these transactions to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss. Risk

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may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts, or if the issuer does not issue the securities due to political, economic, or other factors.

Delayed-Delivery Transactions Risk

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

Repurchase Agreements

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

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

Borrowings and Other Financing Transactions

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

Reverse Repurchase Agreements – Certain Funds may enter into reverse repurchase agreements. In a reverse repurchase agreement, a Fund sells a security that it holds to a financial institution with an agreement to repurchase the same security at an agreed-upon price and date. Securities sold under reverse repurchase agreements are recorded as a liability. Interest payments made are recorded as a component of interest expense. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A reverse repurchase agreement involves the risk that the market value of the security sold by a Fund may decline below the repurchase price of the security. A Fund will segregate assets determined to be liquid by the manager or otherwise cover its obligations under reverse repurchase agreements.

Sale-Buyback Financing Transactions – Certain Funds may enter into transactions referred to as sale-buybacks. A sale-buyback transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. Such transactions are recorded as secured borrowings. A Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed- upon proceeds for securities to be repurchased by a Fund are recorded as a liability. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the price drop. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income. Interest payments based upon negotiated financing terms made by the Fund to counterparties are recorded as a component of interest expense. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to a Fund. A Fund will segregate assets determined to be liquid or otherwise cover its obligations under sale-buyback transactions.

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

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(Unaudited)

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

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

Segregation and Collateral Risk

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

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

A. PRINCIPAL MARKET RISKS MANAGED BY INVESTING IN DERIVATIVES

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

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

Foreign Investments and Currency Risk – A Fund may be exposed to foreign investments and/or currency risk through direct investment in securities or through options, futures or currency transactions. The prices of foreign securities that are denominated in foreign currencies are affected by the value of the U.S. dollar. With respect to securities denominated in foreign currencies, in general, as the value of the U.S. dollar rises, the U.S. dollar price of a foreign security will fall. As the value of the U.S. dollar falls, the U.S. dollar value of the foreign security will rise. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons. Foreign investments may be riskier than U.S. investments for many reasons, including changes in currency exchange rates, unstable political and economic conditions, a lack of adequate and timely company information, differences in the way securities markets operate, relatively lower market liquidity, less stringent financial reporting and accounting guidance and controls, less secure foreign banks or securities depositories than those in the U.S., foreign taxation issues, and foreign controls on investments. As a result, a Fund’s investments in foreign currency-denominated securities and other foreign investments may reduce the returns of the Fund. To manage these risks, certain Funds may invest in derivative instruments tied to foreign investments and/or currencies.

Price Volatility Risk – Derivatives tied to equity and debt securities are exposed to potential price volatility. Debt securities are affected by many factors, including prevailing interest rates, market conditions, and market liquidity. Volatility of below investment grade debt securities (including loans) may be relatively greater than for investment grade debt securities. Equity securities tend to go up or down in value, sometimes rapidly and unpredictably. The prices of equity securities change in response to many factors, including a company’s historical and prospective earnings, the value of its assets, general economic conditions, interest rates, investor perceptions, and market liquidity. Due to the complexities of markets, events in one market or sector may adversely impact other markets or sectors. To manage these risks, certain Funds may invest in various derivative instruments. Derivative instruments may be used to manage a Fund’s exposure to price volatility risk but may also be subject to greater price volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.

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(Unaudited)

Credit and Counterparty Risk – Credit risk is the risk that a debt security’s issuer (or borrower or counterparty) will be unable or unwilling to meet its financial obligations (e.g., may not be able to make principal and/or interest payments when they are due or otherwise default on other financial terms) and/or may go bankrupt. This is also sometimes described as counterparty risk. A Fund may lose money if the issuer or guarantor of debt security, or counterparty of a derivative contract, repurchase or reverse repurchase agreement, or a loan of Fund securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. A Fund may attempt to minimize concentrations of credit risk by undertaking transactions with a large number of borrowers or counterparties on recognized and reputable exchanges. A Fund’s investments in debt investments may range in quality from those rated in the lowest category in which it is permitted to invest to those rated in the highest category by a rating agency, or if unrated, determined by the manager to be of comparable quality.

Similar to credit risk, a Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which a Fund has unsettled or open transactions will default. Financial assets of counterparties, which potentially expose a Fund to counterparty risk, consist mainly of cash due from counterparties and investments. Certain managers may attempt to minimize credit risks to the Funds by performing extensive reviews of each counterparty, entering into transactions with counterparties that the manager believes to be creditworthy at the time of the transaction and requiring the posting of collateral in applicable transactions. To manage these risks, certain Funds may invest in derivative instruments tied to a security issuers’ financial strength.

B. DERIVATIVE INVESTMENTS

In addition to managing the market risks described above, certain Funds, if permitted by their investment objectives, may also invest in derivatives for purposes of hedging, duration management, to gain exposure to specific investment opportunities, as a substitute for securities, to enhance returns, or to otherwise help achieve a Fund’s investment goal. Each derivative instrument and the reasons a Fund invested in derivatives during the reporting period are discussed in further detail below. The Portfolio Optimization Funds are exposed to the same derivative risks as the applicable Funds in which a Portfolio Optimization Fund invests (PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, and Pacific Funds High Income) in direct proportion to the allocation of assets among those Funds.

Futures Contracts – A futures contract is a commitment to buy or sell a specific amount of a financial instrument or commodity at a negotiated price on a specified future date. Futures contracts are subject to the possibility of illiquid markets, and the possibility of an imperfect correlation between the value of the instruments and the underlying securities. Initial margin is deposited with a futures broker upon entering into futures contracts and can be funded with either cash or securities, in accordance with the initial margin requirements of the broker or the exchange.

During the period a futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking-to-market on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin receivables or payables represent the difference between the change in unrealized appreciation and depreciation on the open contracts and the cash deposits made on the margin accounts. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s cost of the contract. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

During the reporting period, the following Funds entered into futures contracts for the following reasons: the PF Inflation Managed and PF Managed Bond Funds used futures contracts to manage interest rate risk exposure and as a substitute for cash bond exposure. The PF Short Duration Bond Fund entered into interest rate futures contracts to manage duration and interest rate risk. The PF Multi-Asset Fund and the PF Emerging Markets Debt Fund entered into futures contracts to gain or reduce exposure to various markets, for purposes of hedging, and as part of each Funds’ investment strategy.

Option Contracts – An option contract is a commitment that gives the purchaser of the contract the right, but not the obligation, to buy or sell an underlying reference asset at a specific price on or before a specified future date. On the other hand, the writer of an option contract is obligated, upon the exercise of the option, to buy or sell an underlying reference asset at a specific price on or before a specified future date.

A swaption is an option contract granting the owner the right to enter into an underlying swap. Inflation-capped options are options on U.S. inflation rates at a stated strike price. The seller of an inflation-capped option receives an upfront premium and in return the buyer receives the right to receive a payment at the expiration of the option if the cumulative annualized inflation rate over the life of the option is above (for caps) or below (for floors) the stated strike price. The purpose of inflation-capped options is to protect the buyer from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products below a certain rate on a given notional exposure. Writing put options or purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Writing call options or purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes or purchases a call, put, or inflation-capped option, an amount equal to the premium received or paid by the Fund is recorded as a liability or an investment, respectively, and subsequently adjusted to the current market value, based on the quoted daily settlement price of the option written or purchased. Certain options may be written or purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. Premiums received or paid from writing or purchasing options, which expire unexercised, are treated by a Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or realized is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or loss on investment transactions. A Fund, as a writer of an option, may have no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the underlying written option. In addition, an illiquid market may make it difficult for a Fund to close out an option contract.

The maximum risk of loss associated with writing put options is limited to the exercised fair value of the option contract. The maximum risk of loss associated with writing call options is potentially unlimited. Listed option contracts present minimal counterparty credit risk since they are

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(Unaudited)

exchange traded and the exchange’s clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. A Fund’s maximum risk of loss from counterparty credit risk related to OTC option contracts is limited to the premium paid.

During the reporting period, the following Funds entered into option contracts for the following reasons: the PF Inflation Managed and PF Managed Bond Funds purchased and sold/wrote options to obtain exposure to the price activity or volatility of an underlying security or index, to hedge downside risk, to manage duration and to generate income. Additionally, the PF Inflation Managed Fund used swaptions to achieve credit or interest rate exposure. The PF Inflation Managed Fund used inflation caps to manage inflation exposure.

Forward Foreign Currency Contracts – A forward foreign currency contract (“Forward Contract”) is a commitment to buy or sell a specific amount of a foreign currency at a negotiated price on a specified future date. Forward Contracts can help a Fund manage the risk of changes in currency exchange rates. The market value of a Forward Contract fluctuates with changes in foreign currency rates. These contracts are marked-to-market daily at the applicable forward currency translation rates. A Fund records realized gains or losses at the time the Forward Contract is closed. A Forward Contract is extinguished through a closing transaction or upon delivery of the currency or entering an offsetting contract. A Fund’s maximum risk of loss from counterparty credit risk related to Forward Contracts is the fair value of the contract. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.

During the reporting period, the following Funds entered into forward foreign currency contracts for the following reasons: the PF Inflation Managed and PF Managed Bond Funds purchased and sold forward contracts to hedge currency exposure and manage duration. The PF Emerging Markets Debt Fund entered into forward foreign currency contracts to gain exposure to various markets, for purposes of hedging, and as part of the Fund’s investment strategy.

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

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

A Fund investing in interest rate swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or disagree as to the meaning of the contractual terms in the agreements, or that there may be unfavorable changes in interest rates. A Fund’s maximum risk of loss from counterparty credit risk related to interest rate swaps is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.

During the reporting period, the following Funds entered into interest rate swap agreements for the following reasons: the PF Inflation Managed and PF Managed Bond Funds entered into interest rate swaps to manage nominal or real interest rate risk in various global markets, to manage duration and as a substitute for cash bond exposure. The PF Emerging Markets Debt Fund entered into interest rate swaps to gain exposure to various markets, for purposes of hedging, and as part of the Fund’s investment strategy.

Credit Default Swaps – Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. A Fund investing in credit default swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or disagree as to the meaning of the contractual terms in the agreements, or that there may be unfavorable changes in interest rates.

As a seller of protection, a Fund generally receives an upfront payment and/or a fixed rate of income throughout the term of the swap provided there is no credit event. As the seller, a Fund would effectively add leverage to the Fund because, in addition to the total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

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(Unaudited)

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index, or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index, or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swap agreements on corporate and sovereign issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on asset-backed securities involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. Unlike credit default swaps on corporate and sovereign issues, deliverable obligations in most instances would be limited to the specific referenced obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other writedowns or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. Credit default swap agreements on indices are benchmarks for protecting investors owning bonds against default. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index.

An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Wider credit spreads, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate and sovereign issues or U.S. Treasury obligation issues as of period end, are disclosed in the Notes to Schedules of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on asset- backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/ performance risk.

A Fund may use pair trades of credit default swaps. Pair trades attempt to match a long position with a short position of two securities in the same market sector for hedging purposes. Pair trades of credit default swaps attempt to gain exposure to credit risk while hedging or offsetting the effects of overall market movements. For example, a Fund may purchase protection through a credit default swap referenced to the debt of an issuer, and simultaneously selling protection through a credit default swap referenced to the debt of a different issuer with the intent to realize gains from the pricing differences of the two issuers who are expected to have similar market risks.

A Fund may use spread curve trades by simultaneously purchasing and selling protection through credit default swaps referenced to the same issuer but with different maturities. Spread curves attempt to gain exposure to credit risk on a forward basis by realizing gains on the expected differences in spreads.

A Fund’s maximum risk of loss from counterparty credit risk related to credit default swaps, either as the buyer or seller of protection, is the fair value of the contract. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.

The aggregate fair value of credit default swaps in a net liability position is reflected as unrealized depreciation and is disclosed in the Notes to Schedules of Investments. The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement is an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of September 30, 2022 for which a Fund is the seller of protection are disclosed in the Notes to

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(Unaudited)

Schedules of Investments. These potential amounts are partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

During the reporting period, the following Funds entered into credit default swap agreements for the following reasons: the PF Managed Bond Fund purchased and sold credit protection through credit default swaps to manage credit exposure, allow portfolio managers to enter or exit credit positions in periods of low liquidity, or to gain exposure that may not be available in cash markets. The PF Emerging Markets Debt Fund used credit default swaps to gain exposure to various markets, for purposes of hedging and as part of the Fund’s investment strategy.

Total Return Swaps – A Fund investing in total return swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or that there may be unfavorable changes in the value of the underlying index or reference instrument (generally caused by changes in interest rates or declines in credit quality). A total return swap agreement is one in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying index or reference instrument, which includes both the income it generates and any capital gains. To the extent the total return of the index or reference instrument underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment from or make a payment to the counterparty. A Fund’s maximum risk of loss from counterparty credit risk related to total return swaps is the discounted net value of the cash flows to be received from or paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover a Fund’s exposure to the counterparty.

A Fund may enter into fully funded total return swaps which involves one party making an initial payment equal to the estimated value of the reference instrument. The parties to the swap then exchange respective commitments to pay or receive a net amount based on the change in the fair value of a reference instrument and a specified notional amount.

During the reporting period, the following Funds entered into total return swap agreements for the following reasons: the PF Multi-Asset Fund entered into total return swaps to gain or reduce exposure to various markets, for purposes of hedging, and as part of the Fund’s investment strategy. The PF Inflation Managed Fund purchased total return swaps to gain exposure to risk-neutral substitutes for owning physical securities (or physical securities that comprise a given index).

The following is a summary of the location of fair value amounts of derivative investments, if any, disclosed in the Trust’s Statements of Assets and Liabilities. An exchange traded investment’s value reflects the cumulative value. Only the current day’s variation margin is reported on the Statements of Assets and Liabilities.


	Location on the Statements of Assets and Liabilities
Derivative Investments Risk Type	Asset Derivative Investments	Liability Derivative Investments
Credit contracts	Outstanding purchased options, at value	Outstanding options written, at value
Equity contracts	Receivable: Variation margin on futures contracts	Payable: Variation margin on futures contracts
Interest rate contracts	Receivable: Variation margin on swap agreements	Payable: Variation margin on swap agreements
	Swap premiums paid	Swap premiums received
	Swap agreements appreciation	Swap agreements depreciation
Foreign currency contracts	Outstanding purchased options, at value	Outstanding options written, at value
	Receivable: Variation margin on futures contracts	Payable: Variation margin on futures contracts
	Receivable: Variation margin on swap agreements	Payable: Variation margin on swap agreements
	Swap premiums paid	Swap premiums received
	Swap agreements appreciation	Swap agreements depreciation
	Forward foreign currency contracts appreciation	Forward foreign currency contracts depreciation

The following is a summary of fair values of derivative investments disclosed in the Trust’s Statements of Assets and Liabilities, categorized by primary risk exposure as of September 30, 2022:


	Asset Derivative Investments Value
Fund	Total Value at September 30, 2022		Credit Contracts		Equity Contracts		Foreign Currency Contracts		Interest Rate Contracts
PF Inflation Managed		$933,040		$—		$—		$72,925		$860,115
PF Managed Bond		7,790,182		28,375		—		1,236,407		6,525,400
PF Short Duration Bond		220,242		—		—		—		220,242
PF Emerging Markets Debt		442,188		115,973		—		190,895		135,320
PF Multi-Asset		8,994,202		—		8,994,202		—		—


	Liability Derivative Investments Value
Fund	Total Value at September 30, 2022			Credit Contracts			Equity Contracts			Foreign Currency Contracts			Interest Rate Contracts
PF Inflation Managed		($1,231,870	)		($686	)		$—			($31,802	)		($1,199,382	)
PF Managed Bond		(10,345,357	)		(485,743	)		—			(1,251,278	)		(8,608,336	)
PF Short Duration Bond		(259,876	)		—			—			—			(259,876	)
PF Emerging Markets Debt		(214,738	)		(41,857	)		—			(46,573	)		(126,308	)
PF Multi-Asset		(140,590,220	)		—			(140,590,220	)		—			—

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(Unaudited)

The following is a summary of the location of realized gains and losses and changes in net unrealized appreciation and depreciation on derivative investments, if any, disclosed in the Trust’s Statements of Operations:


Derivative Investments Risk Type		Location of Gain (Loss) on Derivative Investments Recognized in the Statements of Operations
Credit contracts		Net realized gain (loss) on futures contract transactions
Equity contracts		Net realized gain (loss) on purchased option transactions
Interest rate contracts		Net realized gain (loss) on swap transactions
		Net realized gain (loss) on written option transactions
		Change in net unrealized appreciation (depreciation) on futures contracts
		Change in net unrealized appreciation (depreciation) on purchased options
		Change in net unrealized appreciation (depreciation) on swaps
		Change in net unrealized appreciation (depreciation) on written options
Foreign currency contracts		Net realized gain (loss) on forward foreign currency contract transactions
		Net realized gain (loss) on futures contract transactions
		Net realized gain (loss) on purchased option transactions
		Net realized gain (loss) on swap transactions
		Net realized gain (loss) on written option transactions
		Change in net unrealized appreciation (depreciation) on forward foreign currency contracts
		Change in net unrealized appreciation (depreciation) on futures contracts
		Change in net unrealized appreciation (depreciation) on purchased options
		Change in net unrealized appreciation (depreciation) on swaps
		Change in net unrealized appreciation (depreciation) on written options

The following is a summary of each Fund’s net realized gain and/or loss and change in net unrealized appreciation and/or depreciation on derivative investments recognized in the Trust’s Statements of Operations categorized by primary risk exposure for the period ended September 30, 2022:


	Realized Gain (Loss) on Derivative Investments Recognized in the Statements of Operations
Fund	Total			Credit Contracts			Equity Contracts			Foreign Currency Contracts		Interest Rate Contracts
PF Inflation Managed		$760,261			($2,725	)		$—			$278,680		$484,306
PF Managed Bond		(3,951,542	)		(1,058,466	)		—			307,391		(3,200,467	)
PF Short Duration Bond		(34,831	)		—			—			—		(34,831	)
PF Emerging Markets Debt		745,749			54,604			—			94,319		596,826
PF Multi-Asset		(49,660,328	)		—			(49,660,328	)		—		—


	Change in Net Unrealized Appreciation (Depreciation) on Derivative Investments Recognized in the Statements of Operations
Fund	Total			Credit Contracts			Equity Contracts			Foreign Currency Contracts			Interest Rate Contracts
PF Inflation Managed		($341,946	)		($1,408	)		$—			$1,316			($341,854	)
PF Managed Bond		81,516			(480,708	)		—			(52,696	)		614,920
PF Short Duration Bond		(45,325	)		—			—			—			(45,325	)
PF Emerging Markets Debt		(82,585	)		74,116			—			14,851			(171,552	)
PF Multi-Asset		(169,111,814	)		—			(169,111,814	)		—			—

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

The following is a summary of the average number of positions and values of derivative investments by derivative type for the period ended September 30, 2022:


	Average Positions and Values of Derivative Investments by Derivative Type
	Futures Contracts					Forward Contracts					Options Contracts					Swap Agreements
Fund	Number of Positions		Value			Number of Positions		Value			Number of Positions		Value			Number of Positions		Value
PF Inflation Managed		16		$45,443			16		$45,193			25		($89,373	)		53		($147,208	)
PF Managed Bond		31		(2,578,444	)		75		(104,197	)		63		(319,871	)		58		1,135,721
PF Short Duration Bond		4		(34,777	)		—		—			—		—			—		—
PF Emerging Markets Debt		2		8,298			21		51,682			—		—			14		124,793
PF Multi-Asset		1		(26,249	)		—		—			—		—			25		(69,252,756	)

The table shown above and the amounts of net realized gains and losses and changes in net unrealized appreciation and depreciation on derivative investments as disclosed in the Statements of Operations serve as indicators of volume of derivative activity for each applicable Fund for the period ended September 30, 2022.

C-17

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

C. ENFORCEABLE MASTER NETTING ARRANGEMENTS

Master Agreements and Netting Arrangements – Certain Funds are parties to various agreements, including but not limited to International Swaps and Derivatives Association Agreements and related Credit Support Annex, Master Repurchase Agreements, and Master Securities Forward Transactions Agreements (collectively “Master Agreements”), which govern the terms of certain transactions with select counterparties. These Master Agreements generally include provisions for general obligations, representations, agreements, collateral, and certain events of default or termination. These Master Agreements also include provisions for netting arrangements that help reduce credit and counterparty risk associated with relevant transactions (“netting arrangements”). The netting arrangements are generally tied to credit related events that, if triggered, would cause an event of default or termination giving a Fund or counterparty the right to terminate early and cause settlement, on a net basis, of all transactions under the applicable Master Agreement. In the event of an early termination as a result of an event of default under the Master Agreement, the total value exposure of all transactions will be offset against collateral exchanged to date, which would result in a net receivable or payable that would be due from or to the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in the event of a bankruptcy or insolvency of the counterparty. Credit related events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/moratorium. Any election made by a counterparty to early terminate the transactions under a Master Agreement could have a material adverse impact on a Fund’s financial statements. A Fund’s overall exposure to credit risk, subject to netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions under the relevant Master Agreement with a counterparty in a given Fund exceeds a specified threshold, net of collateral already in place, which typically ranges from $0 to $250,000 depending on the counterparty and the type of Master Agreement. Collateral under the Master Agreements is usually in the form of cash or U.S. Treasury Bills but could include other types of securities. If permitted under the Master Agreement, certain funds may rehypothecate cash collateral received from a counterparty. The value of all derivative transactions outstanding under a Master Agreement is calculated daily to determine the amount of collateral to be received or pledged by the counterparty. Posting of collateral for OTC derivative transactions are covered under tri-party collateral agreements between the Trust, the Trust’s custodian, and each counterparty. Collateral for centrally cleared derivatives transactions are posted with the applicable derivatives clearing organization.

The following is a summary of financial and derivative instruments that are subject to enforceable master agreements with netting arrangements (or similar arrangements) and collateral received and pledged in connection with the master agreements with netting arrangements (or similar arrangements) as of September 30, 2022:


		Gross Amounts Presented in the Statements of Assets and Liabilities		Gross Amounts Not Offset in Statements of Assets and Liabilities								Gross Amounts Presented in the Statements of Assets and Liabilities				Gross Amounts Not Offset in Statements of Assets and Liabilities
Description			Financial Instruments			Collateral Received			Net Amount						Financial Instruments			Collateral Pledged		Net Amount
	Assets										Liabilities

PF Inflation Managed
Forward foreign currency contracts		$72,925		($30,724	)		$—			$42,201			($31,802	)			$30,724		$—		($1,078	)
Option contracts		181,053		(181,053	)		—			—			(310,397	)			181,053		—		(129,344	)
Swap agreements		1,919		(1,919	)		—			—			(201,222	)			1,919		—		(199,303	)

PF Managed Bond
Forward foreign currency contracts		1,236,112		(453,475	)		(270,000	)		512,637			(1,017,844	)			453,475		—		(564,369	)
Option contracts		13		(13	)		—			—			(150,873	)			13		—		(150,860	)
Swap agreements		—		—			—			—			(13,403	)			—		—		(13,403	)
Sale-buyback financing transactions		—		—			—			—			(1,104,697	)			1,087,312		—		(17,385	)

PF Emerging Markets Debt
Forward foreign currency contracts		190,895		(46,573	)		(100,000	)		44,322			(46,573	)			46,573		—		—
Swap agreements		37,521		(35,222	)		—			2,299			(35,222	)			35,222		—		—

PF Multi-Asset
Swap agreements		8,870,592		(8,462,923	)		(320,000	)		87,669			(140,590,220	)			8,462,923		125,117,939		(7,009,358	)

During the reporting period, certain Funds may have had investments in repurchase agreements. The gross value and related collateral received for these investments, if any, are presented in each applicable Fund’s Schedule of Investments and the value of these investments is also presented in the Statements of Assets and Liabilities. The value of the related collateral, if any, held by each applicable Fund, exceeded the value of the repurchase agreements as of September 30, 2022.

C-18

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

6. INVESTMENT ADVISORY, ADMINISTRATION AND SHAREHOLDER SERVICES, AND DISTRIBUTION AGREEMENTS

Pursuant to an Investment Advisory Agreement, PLFA, a wholly-owned subsidiary of Pacific Life Insurance Company (“Pacific Life”), serves as Investment Adviser to each Fund of the Trust. PLFA receives investment advisory fees from each Fund which are based on annual percentages of the average daily net assets of each Fund. Pursuant to Sub-Advisory Agreements, the Trust and PLFA engage various investment management firms under PLFA’s supervision to sub-advise certain Funds presented in these financial statements. PLFA manages the Portfolio Optimization Funds and a portion of the PF Multi-Asset Fund directly. PLFA, as Investment Adviser to each Fund of the Trust, pays related management fees to these sub-advisers as compensation for their sub-advisory services provided to the Trust. As of September 30, 2022, the investment advisory fees that PLFA receives from each Fund based upon an annual percentage of the average daily net assets of each Fund, the advisory fee waiver rate and the sub-adviser of each Fund (if applicable), are as follows:


Fund	Advisory Fee Rate	Advisory Fee Waiver through July 31, 2023	Sub-Adviser(s)
Pacific Funds Portfolio Optimization Conservative Pacific Funds Portfolio Optimization Moderate-Conservative Pacific Funds Portfolio Optimization Moderate Pacific Funds Portfolio Optimization Growth Pacific Funds Portfolio Optimization Aggressive-Growth	0.20%	0.025% for assets above $2 billion to $3 billion 0.050% on next $2 billion 0.075% on next $2.5 billion 0.100% on excess
Pacific Funds Ultra Short Income	0.25%		Pacific Asset Management LLC
Pacific Funds Short Duration Income	0.40%	0.025% above $1 billion to $2 billion 0.050% on next $1 billion 0.075% on excess	Pacific Asset Management LLC
Pacific Funds Core Income	0.50%	0.025% above $1 billion to $2 billion 0.050% on next $1 billion 0.075% on excess	Pacific Asset Management LLC
Pacific Funds Strategic Income Pacific Funds High Income	0.60%	0.025% above $1 billion to $2 billion 0.050% on next $1 billion 0.075% on excess	Pacific Asset Management LLC
Pacific Funds Floating Rate Income	0.65%	0.025% above $1 billion to $2 billion 0.050% on next $1 billion 0.075% on excess	Pacific Asset Management LLC
Pacific Funds ESG Core Bond	0.38%		Pacific Asset Management LLC
Pacific Funds Small/Mid-Cap Pacific Funds Small-Cap Pacific Funds Small-Cap Value	0.75%		Rothschild & Co Asset Management US Inc.
PF Inflation Managed Fund	0.40%		Pacific Investment Management Company LLC
PF Managed Bond Fund	0.40%	0.0075%	J.P. Morgan Investment Management Inc., Pacific Investment Management Company LLC, and Western Asset Management Company, LLC (co-sub-advisers)
PF Short Duration Bond Fund	0.40%		T. Rowe Price Associates, Inc.
PF Emerging Markets Debt Fund	0.785%	0.05%	Principal Global Investors, LLC
PF Growth Fund	0.55%		MFS Investment Management
PF Large-Cap Value Fund	0.65%		ClearBridge Investments, LLC
PF Small-Cap Growth Fund	0.60%		MFS Investment Management
PF Small-Cap Value Fund	0.75%		AllianceBernstein L.P.
PF Emerging Markets Fund	0.80%		Invesco Advisers, Inc.
PF International Growth Fund	0.85%	0.03%	Clearbridge Investments, LLC
PF International Small-Cap Fund	0.85%	0.015%	FIAM LLC
PF International Value Fund	0.65%		Wellington Management Company LLP
PF Multi-Asset Fund	0.35%		Pacific Asset Management LLC (collateral portion only)
PF Real Estate Fund	0.90%	0.15%	Principal Real Estate Investors, LLC

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

Pacific Life receives an administration fee from each Fund based on an annual rate of 0.15% of average daily net assets of each Fund.

Pursuant to the Distribution Agreement, Pacific Select Distributors, LLC (the “Distributor”), a wholly-owned subsidiary of Pacific Life, serves as distributor of the Trust’s shares. Under the Distribution Agreement, the Distributor bears all expenses of providing services, including costs of sales presentations, mailings, advertisements, and other marketing efforts by the Distributor in connection with the distribution or sale of the Trust’s shares and makes distribution and/or service payments to selling groups in connection with the sale of certain of the Trust’s shares and subsequent servicing needs of shareholders provided by selling groups.

C-19

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

The Distributor receives distribution and service fees for Class C shares pursuant to a distribution and service plan as adopted in accordance with Rule 12b-1 (“12b-1”) under the 1940 Act (the “Class C 12b-1 Plans”). The Distributor also receives service fees pursuant to a non-12b-1 service plan for Class A shares (the “Class A Service Plan”). The Distributor receives distribution and/or service fees from each applicable Fund and share class, which are based on the following annual percentages of average daily net assets:


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

There are no distribution and/or service fees for Class I, Class I-2, Class P and Class R6 shares. The distribution and service fees are accrued daily. For the period ended September 30, 2022, the Distributor, acting as underwriter, received net commissions (front-end sales charges) of $1,507,995 from the sale of Class A shares and received $9,842 in CDSC from redemptions of Class A and Class C shares.

7. TRANSACTIONS WITH AFFILIATES

A. ADVISORY FEES, ADMINISTRATION FEES, DISTRIBUTION AND/OR SERVICE FEES

The Investment Adviser, the Distributor, and Pacific Life are related parties. For the period ended September 30, 2022, the advisory fees earned by the Investment Adviser (including any advisory fee waiver), the administration fees earned by Pacific Life, and the distribution and/or service fees earned by the Distributor are presented in the Statements of Operations. The amounts of each of these fees that remained payable as of September 30, 2022 are presented in the Statements of Assets and Liabilities.

B. EXPENSE LIMITATION AGREEMENTS

To help limit the Trust’s expenses, PLFA has contractually agreed to reimburse each Fund for certain operating expenses that exceed an annual rate based on a percentage of a Fund’s average daily net assets (“expense cap”). These operating expenses include, but are not limited to: the administration fee and expenses; organizational expenses; custody expenses; expenses for external audit, tax, legal and accounting and sub-administration services; the preparation, printing, filing and mailing costs of prospectuses, shareholder reports, and other regulatory documents to existing shareholders, as applicable; and independent trustees’ fees and expenses.

These operating expenses do not include: advisory fees; distribution and/or service fees; dividends on securities sold short; acquired fund fees and expenses; interest (including commitment fees); taxes (including foreign taxes on dividends, interest or gains); brokerage commissions and other transactional expenses; and expenses for extraordinary matters such as litigation expenses, liquidation expenses, reorganization expenses, and other expenses not incurred in the ordinary course of a Fund’s business. The following are the expense caps for each of the Funds for all applicable share classes:


Fund	Share Class	Expense Caps
Portfolio Optimization Funds	A, C, and I-2	0.15% through July 31, 2023
Pacific Funds Ultra Short Income	I and I-2	0.07% through July 31, 2023
Pacific Funds Core Income	A and C	0.10% through July 31, 2023
	I, I-2 and P	0.05% through July 31, 2023
Pacific Funds Short Duration Income Pacific Funds Strategic Income	A, C and I-2	0.10% through July 31, 2023
	I	0.05% through July 31, 2023
Pacific Funds Floating Rate Income Pacific Funds High Income	A, C and I-2	0.10% through July 31, 2023
	I and P	0.05% through July 31, 2023
Pacific Funds ESG Core Bond	I and I-2	0.10% through July 31, 2023
Pacific Funds Small/Mid-Cap	A, C and I-2	0.20% through July 31, 2023
Pacific Funds Small-Cap	R6 and P	0.10% through July 31, 2023
Pacific Funds Small-Cap Value
PF Inflation Managed Fund	P	0.15% through July 31, 2023
PF Managed Bond Fund
PF Short Duration Bond Fund
PF Emerging Markets Debt Fund
PF Growth Fund
PF Large-Cap Value Fund
PF Small-Cap Growth Fund
PF Small-Cap Value Fund
PF Emerging Markets Fund
PF International Growth Fund
PF International Value Fund
PF Real Estate Fund
PF International Small-Cap Fund	P	0.25% through July 31, 2023
PF Multi-Asset Fund	P	0.16% through July 31, 2023

There is no guarantee that PLFA will continue to cap expenses for a Fund upon the expiration of the expense cap. In addition, any expense reimbursements made by PLFA to a Fund are subject to recoupment by PLFA from such Fund in future periods, not to exceed three years from the date on which the reimbursement took place, provided that the recoupment, along with the other expenses subject to the expense cap,

C-20

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

would be limited to the lesser of: (i) the expense cap in effect at the time of the reimbursement or (ii) the expense cap in effect at the time of recoupment. Any amounts repaid to PLFA will have the effect of increasing such expenses of the applicable Fund, but not above the expense cap. The amounts of adviser reimbursement to each applicable Fund for the period ended September 30, 2022 are presented in the Statements of Operations. Any amounts that remained due from the Investment Adviser as of September 30, 2022 are presented in the Statements of Assets and Liabilities.

The cumulative expense reimbursement amounts, if any, as of September 30, 2022 that are subject to recoupment by PLFA from the Funds are as follows:


	Expiration Date
Fund	3/31/2023		3/31/2024		3/31/2025		3/31/2026
Pacific Funds Portfolio Optimization Conservative		$197,838		$173,374		$167,153		$75,304
Pacific Funds Portfolio Optimization Moderate-Conservative		249,902		209,189		182,675		81,404
Pacific Funds Portfolio Optimization Moderate		612,516		416,943		364,780		143,606
Pacific Funds Portfolio Optimization Growth		493,143		344,023		316,780		130,776
Pacific Funds Portfolio Optimization Aggressive-Growth		226,029		190,351		186,705		83,100
Pacific Funds Ultra Short Income		115,776		112,238		109,878		58,783
Pacific Funds Short Duration Income		2,174,161		1,444,108		1,392,216		647,910
Pacific Funds Core Income		2,204,086		1,935,705		1,771,368		677,370
Pacific Funds ESG Core Bond				36,149		145,640		69,995
Pacific Funds Strategic Income		1,718,677		1,086,189		1,649,288		909,105
Pacific Funds Floating Rate Income		3,637,709		2,383,395		3,904,375		2,830,051
Pacific Funds High Income		253,239		286,291		296,528		158,325
Pacific Funds Small/Mid-Cap		516,716		139,311		114,664		68,533
Pacific Funds Small-Cap		91,474		96,729		89,011		48,433
Pacific Funds Small-Cap Value		89,955		95,048		87,953		47,281
PF Inflation Managed		61,646		57,500		63,249		32,589
PF Managed Bond		472,703		547,131		600,547		260,088
PF Short Duration Bond		156,485		151,919		112,933		53,024
PF Emerging Markets Debt		133,378		168,623		118,006		53,531
PF Growth		136,249		148,484		134,384		53,969
PF Large-Cap Value		125,113		132,370		124,011		55,313
PF Small-Cap Growth		31,688		52,425		73,296		31,455
PF Small-Cap Value		60,545		64,489		98,439		41,309
PF Emerging Markets		309,200		261,447		283,298		127,581
PF International Growth		163,188		134,071		114,925		47,141
PF International Small-Cap		79,456		78,680		93,375		36,165
PF International Value		170,154		142,097		125,454		67,866
PF Multi-Asset		588,849		666,818		563,443		254,523
PF Real Estate		69,513		47,068		41,192		24,496

Total		$15,139,388		$11,602,165		$13,325,566		$7,169,026

There was no recoupment of expense reimbursement by PLFA from any Funds for the period ended September 30, 2022.

C. INVESTMENTS IN AFFILIATED FUNDS

As of September 30, 2022, each of the Portfolio Optimization Funds (aggregate of all share classes) owned Class P shares in each of the applicable affiliated PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income and/or Pacific Funds High Income. A summary of holdings and transactions with affiliated mutual fund investments as of and for the period ended September 30, 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 September 30, 2022
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)			Ending Value		Shares Balance
Pacific Funds Portfolio Optimization Conservative
Pacific Funds Core Income		$6,299,606		$391,850		$86,925		$700,756		($101,467	)		($583,001	)		$5,393,157		581,786
Pacific Funds Floating Rate Income		10,260,383		2,914,267		301,349		1,316,781		(16,121	)		(641,305	)		11,501,792		1,266,717
Pacific Funds High Income		24,931,159		51,027		533,582		11,075,373		(1,100,317	)		(1,742,242	)		11,597,836		1,379,053
PF Inflation Managed		12,218,803		28,163		—		1,370,384		90,485			(1,333,524	)		9,633,543		1,089,767
PF Managed Bond		77,794,250		4,519,086		—		8,681,543		(1,398,529	)		(7,110,699	)		65,122,565		7,243,889
PF Short Duration Bond		25,854,179		10,641,256		—		3,315,311		(116,732	)		(705,153	)		32,358,239		3,427,780
PF Emerging Markets Debt		10,359,165		17,742		—		4,775,665		(886,216	)		(535,164	)		4,179,862		632,354
PF Growth		456,194		756,050		—		56,031		1,587			(178,809	)		978,991		44,479
PF Large-Cap Value		5,452,948		2,088,612		—		615,029		(39,360	)		(1,007,150	)		5,880,021		565,931
PF Small-Cap Value		4,421,095		8,656		—		3,306,445		342,560			(900,269	)		565,597		70,700
PF Emerging Markets		3,389,425		6,096		—		1,318,096		(210,070	)		(314,799	)		1,552,556		192,625
PF International Growth		1,006,640		878		—		914,509		(102,197	)		9,188			—		—
PF International Small-Cap		3,390,322		4,511		—		2,245,846		(277,159	)		(179,437	)		692,391		110,253
PF International Value		2,270,960		5,121		—		1,185,201		(130,885	)		(188,185	)		771,810		113,003
PF Multi-Asset		34,241,440		73,383		—		3,678,946		(781,397	)		(6,485,806	)		23,368,674		3,214,398
PF Real Estate		3,454,301		1,020,952		—		441,069		(38,030	)		(828,866	)		3,167,288		246,866
		$225,800,870		$22,527,650		$921,856		$44,996,985		($4,763,848	)		($22,725,221	)		$176,764,322

C-21

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(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 September 30, 2022
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)			Ending Value		Shares Balance

Pacific Funds Portfolio Optimization Moderate-Conservative
Pacific Funds Core Income		$7,778,592		$528,773		$110,432		$670,909		($98,664	)		($762,774	)		$6,885,450		742,767
Pacific Funds Floating Rate Income		9,095,148		4,088,393		302,178		1,015,549		(15,692	)		(611,349	)		11,843,129		1,304,309
Pacific Funds High Income		22,604,630		42,342		552,652		5,729,386		(646,219	)		(2,137,435	)		14,686,584		1,746,324
PF Inflation Managed		8,862,145		18,079		—		768,417		(46,312	)		(872,999	)		7,192,496		813,631
PF Managed Bond		95,098,759		6,092,940		—		8,227,730		(1,522,651	)		(9,060,623	)		82,380,695		9,163,592
PF Short Duration Bond		13,452,807		11,474,129		—		1,693,288		(35,838	)		(459,461	)		22,738,349		2,408,723
PF Emerging Markets Debt		7,653,649		15,065		—		640,348		(117,310	)		(957,758	)		5,953,298		900,650
PF Growth		6,521,886		1,293,567		—		3,011,172		(394,731	)		(1,109,374	)		3,300,176		149,940
PF Large-Cap Value		16,165,233		32,240		—		1,370,343		(63,125	)		(2,546,437	)		12,217,568		1,175,897
PF Small-Cap Growth		2,961,637		3,891		—		2,404,021		(874,197	)		312,690			—		—
PF Small-Cap Value		5,878,503		9,471		—		3,041,313		691,169			(1,564,362	)		1,973,468		246,683
PF Emerging Markets		7,512,489		11,804		—		3,172,691		(360,718	)		(789,785	)		3,201,099		397,159
PF International Growth		2,379,798		3,190		—		1,477,673		(775,207	)		463,653			593,761		114,185
PF International Small-Cap		6,011,349		7,161		—		4,291,033		(1,026,584	)		253,358			954,251		151,951
PF International Value		8,456,372		14,971		—		3,256,093		(364,973	)		(937,235	)		3,913,042		572,920
PF Multi-Asset		76,050,439		146,789		—		5,387,783		(1,186,688	)		(15,317,317	)		54,305,440		7,469,799
PF Real Estate		4,593,986		1,365,755		—		466,535		(48,957	)		(1,129,584	)		4,314,665		336,295
		$301,077,422		$25,148,560		$965,262		$46,624,284		($6,886,697	)		($37,226,792	)		$236,453,471

Pacific Funds Portfolio Optimization Moderate
Pacific Funds Core Income		$15,115,777		$1,253,779		$215,438		$1,269,469		($195,573	)		($1,488,578	)		$13,631,374		1,470,483
Pacific Funds Floating Rate Income		19,768,265		17,427,829		823,531		2,719,900		(220,898	)		(1,335,783	)		33,743,044		3,716,194
Pacific Funds High Income		49,121,354		9,744		1,223,037		8,191,710		(1,060,138	)		(5,208,249	)		35,894,038		4,268,019
PF Inflation Managed		19,258,639		4,083		—		1,623,915		(96,770	)		(1,900,994	)		15,641,043		1,769,349
PF Managed Bond		184,148,179		15,462,933		—		15,521,334		(2,776,562	)		(17,859,608	)		163,453,608		18,181,714
PF Short Duration Bond		29,234,332		46,002,425		—		4,528,611		(136,426	)		(1,179,006	)		69,392,714		7,350,923
PF Emerging Markets Debt		14,968,265		3,063		—		1,217,956		(147,873	)		(1,956,532	)		11,648,967		1,762,325
PF Growth		64,762,868		4,596,532		—		21,294,525		(2,160,094	)		(12,549,678	)		33,355,103		1,515,452
PF Large-Cap Value		67,955,865		11,686,488		—		5,704,436		(482,999	)		(11,519,237	)		61,935,681		5,961,086
PF Small-Cap Growth		14,480,701		1,992		—		9,261,383		(4,803,121	)		2,383,700			2,801,889		223,080
PF Small-Cap Value		33,533,761		5,004		—		19,073,687		619,460			(5,619,910	)		9,464,628		1,183,078
PF Emerging Markets		24,487,133		3,891		—		10,167,763		(658,988	)		(3,100,142	)		10,564,131		1,310,686
PF International Growth		8,726,755		1,251,845		—		4,822,984		(3,211,310	)		1,886,846			3,831,152		736,760
PF International Small-Cap		19,594,384		2,263		—		13,648,490		(1,543,613	)		(1,251,046	)		3,153,498		502,149
PF International Value		23,625,704		1,255,514		—		1,959,642		(144,859	)		(4,200,834	)		18,575,883		2,719,749
PF Multi-Asset		375,111,682		73,165		—		43,336,712		(9,991,567	)		(69,711,746	)		252,144,822		34,682,919
PF Real Estate		19,965,253		4,360,026		—		1,897,917		(194,007	)		(4,739,525	)		17,493,830		1,363,510
		$983,858,917		$103,400,576		$2,262,006		$166,240,434		($27,205,338	)		($139,350,322	)		$756,725,405

Pacific Funds Portfolio Optimization Growth
Pacific Funds Core Income		$5,688,418		$1,062,016		$84,066		$377,262		($59,336	)		($604,820	)		$5,793,082		624,928
Pacific Funds Floating Rate Income		12,346,693		14,480,586		589,840		1,540,108		(46,653	)		(1,022,781	)		24,807,577		2,732,112
Pacific Funds High Income		32,745,799		27,134		773,544		8,867,210		(1,094,735	)		(2,978,065	)		20,606,467		2,450,234
PF Inflation Managed		4,011,991		3,489		—		263,234		(16,826	)		(406,028	)		3,329,392		376,628
PF Managed Bond		67,209,713		13,095,863		—		4,477,488		(873,315	)		(7,007,575	)		67,947,198		7,558,086
PF Short Duration Bond		4,060,094		41,773,993		—		1,848,265		(44,621	)		(537,841	)		43,403,360		4,597,813
PF Emerging Markets Debt		8,315,190		6,978		—		526,559		11,676			(1,196,904	)		6,610,381		1,000,058
PF Growth		56,026,177		45,118		—		27,638,822		6,481,964			(17,863,706	)		17,050,731		774,681
PF Large-Cap Value		55,395,982		9,748,800		—		3,949,592		(228,977	)		(9,762,083	)		51,204,130		4,928,213
PF Small-Cap Growth		20,111,409		16,667		—		8,077,389		(4,998,955	)		1,344,089			8,395,821		668,457
PF Small-Cap Value		31,936,057		25,580		—		15,680,076		1,697,895			(6,745,099	)		11,234,357		1,404,295
PF Emerging Markets		36,728,940		29,069		—		16,129,061		(4,434,294	)		(1,173,482	)		15,021,172		1,863,669
PF International Growth		13,736,057		11,085		—		5,372,739		(1,931,965	)		(319,897	)		6,122,541		1,177,412
PF International Small-Cap		20,409,833		15,113		—		11,395,463		(2,598,114	)		(687,489	)		5,743,880		914,630
PF International Value		30,350,907		25,818		—		2,996,656		(285,716	)		(5,157,707	)		21,936,646		3,211,808
PF Multi-Asset		397,857,293		14,075,653		—		19,435,927		(4,413,811	)		(84,348,476	)		303,734,732		41,779,193
PF Real Estate		24,955,600		20,933		—		1,579,638		(178,992	)		(5,417,712	)		17,800,191		1,387,388
		$821,886,153		$94,463,895		$1,447,450		$130,155,489		($13,014,775	)		($143,885,576	)		$630,741,658

C-22

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(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 September 30, 2022
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)			Ending Value		Shares Balance

Pacific Funds Portfolio Optimization Aggressive-Growth
Pacific Funds Floating Rate Income		$1,588,599		$4,167,603		$121,979		$242,679		($6,925	)		($184,344	)		$5,444,233		599,585
Pacific Funds High Income		4,739,958		21,388		116,492		1,598,579		(199,140	)		(369,455	)		2,710,664		322,314
PF Managed Bond		—		4,115,640		—		28,610		(293	)		(140,413	)		3,946,324		438,968
PF Short Duration Bond		—		11,886,080		—		363,330		137			(143,819	)		11,379,068		1,205,410
PF Emerging Markets Debt		1,604,775		7,329		—		78,948		(12,578	)		(218,255	)		1,302,323		197,023
PF Growth		30,847,662		132,118		—		6,821,334		(1,914,059	)		(5,148,719	)		17,095,668		776,723
PF Large-Cap Value		19,164,757		8,045,587		—		1,010,569		(92,864	)		(3,779,569	)		22,327,342		2,148,926
PF Small-Cap Growth		12,420,775		56,704		—		1,888,759		(1,136,076	)		(1,354,548	)		8,098,096		644,753
PF Small-Cap Value		21,573,238		96,404		—		6,405,537		256,302			(3,910,342	)		11,610,065		1,451,258
PF Emerging Markets		15,752,215		65,284		—		4,808,150		(1,892,281	)		(730,402	)		8,386,666		1,040,529
PF International Growth		10,292,256		181,857		—		1,850,473		(1,172,477	)		(773,034	)		6,678,129		1,284,256
PF International Small-Cap		9,453,656		40,116		—		2,988,045		(1,167,374	)		(748,488	)		4,589,865		730,870
PF International Value		12,031,617		54,801		—		2,642,609		(298,895	)		(1,746,906	)		7,398,008		1,083,164
PF Multi-Asset		171,234,306		777,031		—		9,963,417		(2,307,380	)		(35,256,025	)		124,484,515		17,123,042
PF Real Estate		6,421,493		2,802,819		—		424,941		(46,238	)		(1,747,799	)		7,005,334		546,012
		$317,125,307		$32,450,761		$238,471		$41,115,980		($9,990,141	)		($56,252,118	)		$242,456,300

(1)

Purchase cost excludes distributions received and reinvested, if any.

(2)

Distributions received include distributions from net investment income, if any.

(3)

Net realized gain (loss) includes capital gains distributions received, if any.

As of September 30, 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		58.55%
Pacific Funds ESG Core Bond		88.38%
Pacific Funds Small-Cap Value		42.80%

D. INDEPENDENT TRUSTEES

The Trust pays each independent trustee of the Board retainer fees and specified amounts as compensation for various Board and committee services and for chairing those committees. The fees and expenses of the independent trustees of the Board are presented in the Statements of Operations. Each independent trustee of the Board is eligible to participate in the Trust’s Deferred Compensation Plan (the “Plan”). The Plan allows each independent trustee to voluntarily defer receipt of all or a percentage of fees, which otherwise would be payable for services performed. Amounts in the deferral account are obligations of certain Funds of the Trust at the time of such deferral and are payable in accordance with the Plan. A Trustee who defers compensation has the ability to select credit rate options that track the performance, at NAV of Class A and Class P shares of certain series of the Trust without a sales load or at NAV of Class I or Class D shares of the Pacific Select Fund. Pacific Select Fund is a Delaware statutory trust and is registered under the 1940 Act as an open-end management investment company. PLFA is the Investment Adviser to Pacific Select Fund. The obligation of certain Funds of the Trust under the Plan (the “DCP Liability”) is recorded as a liability (accrued trustees’ fees and expenses and deferred compensation). Accordingly, the market value appreciation or depreciation on a Fund’s DCP Liability account will cause the expenses of that Fund to increase or decrease due to market fluctuation. The change in net unrealized appreciation or depreciation on a Fund’s DCP Liability account is recorded as an increase or decrease to expenses (trustees’ fees and expenses). For the period ended September 30, 2022, such expenses decreased by $36,549 for all applicable Funds as a result of the market value depreciation on such accounts. As of September 30, 2022, the total amount in the DCP Liability accounts for all applicable Funds was $113,185.

E. OFFICERS OF THE TRUST

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

F. INDEMNIFICATIONS

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

G. INTERFUND TRANSACTIONS

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

C-23

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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

For the period ended September 30, 2022, the purchase and sale transactions with an affiliated Fund conducted in compliance with Rule 17a-7 under the 1940 Act are summarized in the following table:


Fund	Purchases		Sales		Net Realized Gain (Loss)
PF Small-Cap Growth		$—		$356,097		($475,017	)

8. COMMITTED LINE OF CREDIT

The Trust has an unsecured $275,000,000 committed revolving line of credit agreement with a syndicate of banks, which is renewed annually. The committed line of credit applies to Pacific Funds Floating Rate Income only. The interest rate on borrowing under the line of credit agreement is the overnight rate (the higher of the Federal Funds Effective Rate or the Adjusted SOFR Rate) plus applicable margin of 1.25%. Pacific Funds Floating Rate Income paid an upfront fee of 0.025% and pays a commitment fee equal to 0.20% per annum on the daily unused portion of the committed line. As of September 30, 2022, the actual interest rate on borrowing by the Trust was 4.32%. For the period ended September 30, 2022 the Trust did not borrow on this line of credit or have any loans outstanding. The commitment fees and interest incurred by Pacific Funds Floating Rate Income are recorded as an expense.

9. PURCHASES AND SALES OF INVESTMENTS

The cost of purchases and proceeds from sales of investments (excluding short-term investments) for the period ended September 30, 2022, are summarized in the following table:


	U.S. Government Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Pacific Funds Portfolio Optimization Conservative		$—		$—		$23,449,506		$44,996,985
Pacific Funds Portfolio Optimization Moderate-Conservative		—		—		26,113,822		46,624,284
Pacific Funds Portfolio Optimization Moderate		—		—		105,662,582		166,240,434
Pacific Funds Portfolio Optimization Growth		—		—		95,911,345		130,155,489
Pacific Funds Portfolio Optimization Aggressive-Growth		—		—		32,689,232		41,115,980
Pacific Funds Ultra Short Income		465,488		—		12,957,923		6,133,590
Pacific Funds Short Duration Income		67,889,433		12,114,262		231,794,168		250,232,195
Pacific Funds Core Income		284,354,672		302,341,988		125,957,241		208,496,486
Pacific Funds ESG Core Bond		1,146,729		1,359,560		5,259,677		3,862,870
Pacific Funds Strategic Income		—		—		283,445,567		293,894,862
Pacific Funds Floating Rate Income		—		—		1,381,879,829		1,097,226,602
Pacific Funds High Income		—		—		15,682,128		43,026,748
Pacific Funds Small/Mid-Cap		—		—		24,496,240		88,573,811
Pacific Funds Small-Cap		—		—		2,705,344		7,023,512
Pacific Funds Small-Cap Value		—		—		5,076,026		4,324,538
PF Inflation Managed		5,051,686		14,290,096		929,853		1,594,936
PF Managed Bond		453,170,339		429,298,316		32,823,743		78,605,794
PF Short Duration Bond		129,425,795		92,957,581		85,173,689		10,587,671
PF Emerging Markets Debt		—		—		13,703,088		16,472,925
PF Growth		—		—		7,269,337		57,758,798
PF Large-Cap Value		—		—		32,183,844		12,542,413
PF Small-Cap Growth		—		—		7,621,742		27,537,486
PF Small-Cap Value		—		—		14,207,294		60,348,743
PF Emerging Markets		—		—		10,014,387		43,557,098
PF International Growth		—		—		2,989,571		15,600,645
PF International Small-Cap		—		—		2,212,746		32,994,350
PF International Value		—		—		11,082,157		19,786,939
PF Multi-Asset		68,098,105		64,995,508		95,323,106		163,002,558
PF Real Estate		—		—		12,619,860		6,434,664

10. SECURED BORROWINGS

The contractual maturity of secured borrowings and type of collateral pledged as of September 30, 2022, are summarized in the following table:


		Remaining Contractual Maturity of the Agreements
Secured Borrowings	Collateral Type	Overnight and Continuous		Up to 30 days		31-90 days		Greater Than 90 Days		Total
PF Managed Bond
Sale-buyback financing transactions	U.S. Treasury Obligations		$—		$1,104,697		$—		$—		$1,104,697

Total borrowings			$—		$1,104,697		$—		$—		$1,104,697

C-24

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

11. FEDERAL INCOME TAX INFORMATION

Each Fund intends to qualify each year as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code (the “Code”). A Fund that qualifies as a RIC does not have to pay income tax as long as it distributes sufficient taxable income and net capital gains. Each Fund declared and paid sufficient dividends on net investment income and capital gains distributions during the fiscal year ended March 31, 2022, to qualify as a RIC and is not required to pay Federal income tax under the Code. Accordingly, no provision for Federal income taxes is required in the financial statements. Required distributions are based on net investment income and net realized gains determined in accordance with income tax regulations, which may differ from U.S. GAAP for financial reporting purposes. These differences are primarily due to differing treatments for short-term capital gain distributions received, late year ordinary and post-October capital losses, capital loss carryforwards, and losses deferred due to wash sales. Permanent book and tax differences relating to shareholder distributions will result in reclassifications of capital accounts. In addition, the year in which amounts are distributed may differ from the year in which the net investment income is earned and the net gains are realized by each Fund.

The following table shows the accumulated capital losses and components of distributable earnings on a tax basis, and late year ordinary losses and post-October capital losses deferred, if any, for tax purposes as of March 31, 2022:


				Distributable Earning				Late-Year Ordinary and Post-October Losses Deferrals
Fund	Accumulated Capital Losses			Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Late-Year Ordinary Losses		Short-Term Capital Losses		Long-Term Capital Losses		Total
Pacific Funds Portfolio Optimization Conservative		$—			$343,471		$11,118,430		$—		$—		$—		$—
Pacific Funds Portfolio Optimization Moderate-Conservative		—			—		28,911,564		—		—		—		—
Pacific Funds Portfolio Optimization Moderate		—			—		146,282,178		—		—		—		—
Pacific Funds Portfolio Optimization Growth		—			—		140,124,553		—		—		—		—
Pacific Funds Portfolio Optimization Aggressive-Growth		—			—		69,874,021		—		—		—		—
Pacific Funds Ultra Short Income		—			386		—		—		87,232		—		87,232
Pacific Funds Short Duration Income		—			167,562		—		—		1,259,851		—		1,259,851
Pacific Funds Core Income		—			485,429		—		—		5,961,995		—		5,961,995
Pacific Funds ESG Core Bond		(473,460	)		2,009		—		—		—		—		—
Pacific Funds Strategic Income		—			—		5,752,429		—		—		—		—
Pacific Funds Floating Rate Income		(116,308,810	)		2,520,121		—		—		—		—		—
Pacific Funds High Income		(4,427,093	)		55,243		—		—		—		—		—
Pacific Funds Small/Mid-Cap		—			—		29,620,406		72,582		—		—		72,582
Pacific Funds Small-Cap		—			—		—		3,842		280,495		—		284,337
Pacific Funds Small-Cap Value		—			3,875		639,500		—		—		—		—
PF Inflation Managed		(6,436,288	)		391,190		—		—		—		—		—
PF Managed Bond		(14,558,761	)		3,573,194		—		—		—		—		—
PF Short Duration Bond		(1,085,025	)		282,497		—		—		—		—		—
PF Emerging Markets Debt		(8,016,804	)		738,294		—		—		—		—		—
PF Growth		—			—		11,061,070		—		—		—		—
PF Large-Cap Value		—			864,096		9,597,733		—		—		—		—
PF Small-Cap Growth		—			—		—		—		1,460,472		—		1,460,472
PF Small-Cap Value		—			249,019		7,154,761		—		—		—		—
PF Emerging Markets		—			2,205,995		—		—		2,831,760		—		2,831,760
PF International Growth		—			—		—		103,633		777,132		—		880,765
PF International Small-Cap		—			160,187		105,428		—		—		—		—
PF International Value		(1,950,287	)		167,470		—		—		—		—		—
PF Multi-Asset		—			897,387		14,683,271		—		—		—		—
PF Real Estate		—			79,509		877,806		—		—		—		—

Accumulated capital losses represent net capital loss carryovers as of March 31, 2022 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. The following table shows the amounts of capital loss carryover, if any, by each of the applicable Funds as of March 31, 2022 and capital loss carryover from prior years utilized during the fiscal year ended March 31, 2022:


	Unlimited Period of Net Capital Loss Carryover						Accumulated Capital Loss Carryover			Capital Loss Carryover Utilized During the Year Ended March 31, 2022
Fund	Short Term			Long Term			Accumulated Capital Loss Carryover
Pacific Funds ESG Core Bond		($254,496	)		($218,964	)		($473,460	)		$—
Pacific Funds Strategic Income		—			—			—			1,500,711
Pacific Funds Floating Rate Income		(24,346,777	)		(91,962,033	)		(116,308,810	)		13,387,542
Pacific Funds High Income		(2,337,046	)		(2,090,047	)		(4,427,093	)		4,356,678
Pacific Funds Small-Cap		—			—			—			108,798
Pacific Funds Small-Cap Value		—			—			—			1,115,440
PF Inflation Managed		—			(6,436,288	)		(6,436,288	)		598,761
PF Managed Bond		(8,406,464	)		(6,152,297	)		(14,558,761	)		—
PF Short Duration Bond		(407,098	)		(677,927	)		(1,085,025	)		—
PF Emerging Markets Debt		(3,006,178	)		(5,010,626	)		(8,016,804	)		—
PF International Small-Cap		—			—			—			3,509,900
PF International Value		(383,265	)		(1,567,022	)		(1,950,287	)		2,072,439
PF Real Estate		—			—			—			2,901,132

C-25

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation on investments and net unrealized appreciation and/or depreciation on derivatives for Federal income tax purposes as of September 30, 2022, were as follows:


Fund	Total Cost of Investments on Tax Basis (1)		Gross Unrealized Appreciation on Investments		Gross Unrealized Depreciation on Investments			Net Unrealized Appreciation (Depreciation) on Investments			Net Unrealized Appreciation (Depreciation) on Other (2)			Net Unrealized Appreciation (Depreciation)
Pacific Funds Portfolio Optimization Conservative		$196,827,416		$788,165		($20,851,259	)		($20,063,094	)		$—			($20,063,094	)
Pacific Funds Portfolio Optimization Moderate-Conservative		270,628,640		1,528,640		(35,703,809	)		(34,175,169	)		—			(34,175,169	)
Pacific Funds Portfolio Optimization Moderate		849,149,665		20,567,074		(112,991,334	)		(92,424,260	)		—			(92,424,260	)
Pacific Funds Portfolio Optimization Growth		729,531,050		20,966,334		(119,755,726	)		(98,789,392	)		—			(98,789,392	)
Pacific Funds Portfolio Optimization Aggressive-Growth		286,597,181		10,550,254		(54,691,135	)		(44,140,881	)		—			(44,140,881	)
Pacific Funds Ultra Short Income		44,574,815		4,117		(596,094	)		(591,977	)		—			(591,977	)
Pacific Funds Short Duration Income		1,079,207,544		3,531		(52,201,265	)		(52,197,734	)		—			(52,197,734	)
Pacific Funds Core Income		861,644,379		35,027		(123,122,924	)		(123,087,897	)		—			(123,087,897	)
Pacific Funds ESG Core Bond		27,987,383		—		(4,240,835	)		(4,240,835	)		—			(4,240,835	)
Pacific Funds Strategic Income		1,539,749,786		141,725		(219,154,646	)		(219,012,921	)		(1,818	)		(219,014,739	)
Pacific Funds Floating Rate Income		4,511,783,156		722,930		(271,500,562	)		(270,777,632	)		—			(270,777,632	)
Pacific Funds High Income		115,952,472		12,039		(18,111,191	)		(18,099,152	)		(186	)		(18,099,338	)
Pacific Funds Small/Mid-Cap		102,745,335		21,535,738		(13,652,358	)		7,883,380			—			7,883,380
Pacific Funds Small-Cap		12,968,245		1,728,047		(1,965,814	)		(237,767	)		—			(237,767	)
Pacific Funds Small-Cap Value		17,153,979		2,122,858		(2,476,298	)		(353,440	)		—			(353,440	)
PF Inflation Managed		43,727,848		100,631		(7,182,673	)		(7,082,042	)		(313,742	)		(7,395,784	)
PF Managed Bond		492,149,916		1,270,859		(57,988,442	)		(56,717,583	)		(2,087,887	)		(58,805,470	)
PF Short Duration Bond		184,670,351		6,499		(6,149,715	)		(6,143,216	)		(40,061	)		(6,183,277	)
PF Emerging Markets Debt		37,300,165		52,468		(8,755,592	)		(8,703,124	)		217,193			(8,485,931	)
PF Growth		32,558,034		40,914,990		(1,583,253	)		39,331,737			(530	)		39,331,207
PF Large-Cap Value		101,610,581		56,966,300		(5,148,840	)		51,817,460			—			51,817,460
PF Small-Cap Growth		24,749,330		1,500,067		(6,741,605	)		(5,241,538	)		(649	)		(5,242,187	)
PF Small-Cap Value		31,767,227		6,584,600		(3,436,942	)		3,147,658			—			3,147,658
PF Emerging Markets		35,533,906		12,771,842		(9,772,383	)		2,999,459			(131,058	)		2,868,401
PF International Growth		18,635,862		3,577,390		(5,281,610	)		(1,704,220	)		(98,526	)		(1,802,746	)
PF International Small-Cap		19,444,368		407,889		(4,827,385	)		(4,419,496	)		(28,134	)		(4,447,630	)
PF International Value		62,295,818		1,630,815		(11,736,207	)		(10,105,392	)		(37,939	)		(10,143,331	)
PF Multi-Asset		922,133,973		30,183		(30,739,104	)		(30,708,921	)		(131,596,018	)		(162,304,939	)
PF Real Estate		53,931,061		1,499,588		(6,086,579	)		(4,586,991	)		—			(4,586,991	)

(1)

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

(2)

Other includes net appreciation or depreciation on derivatives, short sales and foreign currencies, if any.

Each Fund recognizes the financial statement effects of a tax position taken or expected to be taken in a tax return when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax liability for unrecognized tax benefits with a corresponding income tax expense. Management has analyzed all open tax years, as defined by the statute of limitations, for all major jurisdictions and has determined that no provision for income tax is required in the financial statements. Each Fund remains subject to examination by Federal and State tax authorities for the returns filed for tax years ended as of and after March 31, 2018.

C-26

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

12. TAX CHARACTER OF DISTRIBUTIONS

The tax character of income and capital gains distributions to shareholders during the period ended September 30, 2022 and the fiscal year ended March 31, 2022 were as follows:


	For the Six-Month Period Ended September 30, 2022						For the Year Ended March 31, 2022
Fund	Ordinary Income		Long-Term Capital Gains		Total Distributions		Ordinary Income		Long-Term Capital Gains		Total Distributions
Pacific Funds Portfolio Optimization Conservative		$—		$—		$—		$5,505,199		$4,099,284		$9,604,483
Pacific Funds Portfolio Optimization Moderate-Conservative		—		—		—		7,502,753		14,169,221		21,671,974
Pacific Funds Portfolio Optimization Moderate		—		—		—		25,611,893		62,568,898		88,180,791
Pacific Funds Portfolio Optimization Growth		—		—		—		22,040,493		66,517,270		88,557,763
Pacific Funds Portfolio Optimization Aggressive-Growth		—		—		—		9,554,507		25,218,335		34,772,842
Pacific Funds Ultra Short Income		367,669		—		367,669		299,573		48,968		348,541
Pacific Funds Short Duration Income		9,961,666		—		9,961,666		18,664,157		7,553,957		26,218,114
Pacific Funds Core Income		11,944,027		—		11,944,027		30,847,639		16,399,705		47,247,344
Pacific Funds ESG Core Bond		235,110		—		235,110		315,297		—		315,297
Pacific Funds Strategic Income		28,706,887		—		28,706,887		42,035,248		11,278,290		53,313,538
Pacific Funds Floating Rate Income		112,835,915		—		112,835,915		104,455,304		—		104,455,304
Pacific Funds High Income		3,600,184		—		3,600,184		7,738,747		—		7,738,747
Pacific Funds Small/Mid-Cap		—		—		—		—		20,392,724		20,392,724
Pacific Funds Small-Cap		—		—		—		—		1,116,905		1,116,905
Pacific Funds Small-Cap Value		—		—		—		20,690		254,619		275,309
PF Inflation Managed		—		—		—		1,116,614		—		1,116,614
PF Managed Bond		—		—		—		11,378,319		—		11,378,319
PF Short Duration Bond		—		—		—		1,203,868		—		1,203,868
PF Emerging Markets Debt		—		—		—		3,023,723		—		3,023,723
PF Growth		—		—		—		731,645		21,388,699		22,120,344
PF Large-Cap Value		—		—		—		3,486,388		15,224,678		18,711,066
PF Small-Cap Growth		—		—		—		4,849,740		3,692,221		8,541,961
PF Small-Cap Value		—		—		—		9,464,883		3,674,317		13,139,200
PF Emerging Markets		—		—		—		5,906,999		9,468,605		15,375,604
PF International Growth		—		—		—		1,677,466		19,174,473		20,851,939
PF International Small-Cap		—		—		—		1,760,022		9,454,912		11,214,934
PF International Value		—		—		—		904,797		—		904,797
PF Multi-Asset		—		—		—		35,350,537		338,196,583		373,547,120
PF Real Estate		—		—		—		300,499		—		300,499

13. SHARES OF BENEFICIAL INTEREST

Each Fund is authorized to issue an unlimited number of shares of beneficial interest with no par value unless otherwise determined by the trustees of the Board. Changes in shares of beneficial interest of each Fund for the period ended September 30, 2022 and the fiscal year ended March 31, 2022, were as follows:


	Pacific Funds Portfolio Optimization Conservative (1)						Pacific Funds Portfolio Optimization Moderate-Conservative (1)						Pacific Funds Portfolio Optimization Moderate (1)						Pacific Funds Portfolio Optimization Growth (1)
	Six-Month Period Ended 9/30/2022			Year Ended 3/31/2022			Six-Month Period Ended 9/30/2022			Year Ended 3/31/2022			Six-Month Period Ended 9/30/2022			Year Ended 3/31/2022			Six-Month Period Ended 9/30/2022			Year Ended 3/31/2022

Class A
Shares sold		708,542			1,727,763			679,394			1,932,156			1,475,544			4,246,108			1,008,766			3,023,998
Dividends and distribution reinvested		—			653,655			—			1,477,927			—			5,106,526			—			4,799,866
Shares repurchased		(1,750,927	)		(2,926,721	)		(1,975,251	)		(3,461,292	)		(4,959,997	)		(8,501,671	)		(3,084,755	)		(6,081,144	)
Net increase (decrease)		(1,042,385	)		(545,303	)		(1,295,857	)		(51,209	)		(3,484,453	)		850,963			(2,075,989	)		1,742,720
Beginning shares outstanding		16,159,994			16,705,297			22,588,881			22,640,090			63,415,212			62,564,249			49,685,568			47,942,848
Ending shares outstanding		15,117,609			16,159,994			21,293,024			22,588,881			59,930,759			63,415,212			47,609,579			49,685,568

Class C
Shares sold		171,174			777,419			93,124			278,420			293,210			868,175			294,846			567,971
Dividends and distribution reinvested		—			134,094			—			188,405			—			690,352			—			665,256
Shares repurchased		(809,018	)		(1,494,499	)		(656,673	)		(1,388,722	)		(1,595,329	)		(3,509,867	)		(878,632	)		(2,505,844	)
Net increase (decrease)		(637,844	)		(582,986	)		(563,549	)		(921,897	)		(1,302,119	)		(1,951,340	)		(583,786	)		(1,272,617	)
Beginning shares outstanding		3,623,463			4,206,449			2,794,028			3,715,925			8,260,295			10,211,635			6,459,543			7,732,160
Ending shares outstanding		2,985,619			3,623,463			2,230,479			2,794,028			6,958,176			8,260,295			5,875,757			6,459,543

Class I-2
Shares sold		96,108			783,771			18,438			184,139			231,967			1,012,681			201,617			435,678
Dividends and distribution reinvested		—			35,209			—			38,411			—			209,189			—			137,359
Shares repurchased		(595,338	)		(540,578	)		(106,002	)		(135,437	)		(407,033	)		(1,434,698	)		(197,508	)		(490,588	)
Net increase (decrease)		(499,230	)		278,402			(87,564	)		87,113			(175,066	)		(212,828	)		4,109			82,449
Beginning shares outstanding		1,259,476			981,074			573,334			486,221			2,264,849			2,477,677			1,373,292			1,290,843
Ending shares outstanding		760,246			1,259,476			485,770			573,334			2,089,783			2,264,849			1,377,401			1,373,292

C-27

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)


	Pacific Funds Portfolio Optimization Aggressive-Growth (1)						Pacific Funds Ultra Short Income (1)						Pacific Funds Short Duration Income (1)						Pacific Funds Core Income (1)
	Six-Month Period Ended 9/30/2022			Year Ended 3/31/2022			Six-Month Period Ended 9/30/2022			Year Ended 3/31/2022			Six-Month Period Ended 9/30/2022			Year Ended 3/31/2022			Six-Month Period Ended 9/30/2022			Year Ended 3/31/2022

Class A
Shares sold		429,844			1,023,571									2,426,354			5,143,674			562,421			3,044,283
Dividends and distribution reinvested		—			1,603,394									112,133			308,300			145,569			505,586
Shares repurchased		(862,505	)		(1,742,144	)								(4,543,278	)		(7,642,480	)		(2,387,125	)		(5,653,883	)
Net increase (decrease)		(432,661	)		884,821									(2,004,791	)		(2,190,506	)		(1,679,135	)		(2,104,014	)
Beginning shares outstanding		16,540,653			15,655,832									17,177,270			19,367,776			12,271,008			14,375,022
Ending shares outstanding		16,107,992			16,540,653									15,172,479			17,177,270			10,591,873			12,271,008

Class C
Shares sold		94,270			270,787									292,109			596,291			85,279			351,597
Dividends and distribution reinvested		—			225,465									17,418			56,642			28,788			115,515
Shares repurchased		(218,982	)		(816,701	)								(951,452	)		(1,587,149	)		(779,656	)		(1,863,670	)
Net increase (decrease)		(124,712	)		(320,449	)								(641,925	)		(934,216	)		(665,589	)		(1,396,558	)
Beginning shares outstanding		2,262,616			2,583,065									3,935,458			4,869,674			3,431,250			4,827,808
Ending shares outstanding		2,137,904			2,262,616									3,293,533			3,935,458			2,765,661			3,431,250

Class I
Shares sold								—			—			6,258,371			6,578,649			848,280			4,905,410
Dividends and distribution reinvested								12,127			13,951			197,936			358,444			154,318			469,321
Shares repurchased								—			—			(3,726,712	)		(3,507,928	)		(2,389,272	)		(3,647,590	)
Net increase (decrease)								12,127			13,951			2,729,595			3,429,165			(1,386,674	)		1,727,141
Beginning shares outstanding								1,303,732			1,289,781			16,874,543			13,445,378			11,366,086			9,638,945
Ending shares outstanding								1,315,859			1,303,732			19,604,138			16,874,543			9,979,412			11,366,086

Class P
Shares sold																				335,957			55,717
Dividends and distribution reinvested																				50,946			172,598
Shares repurchased																				(304,967	)		(998,593	)
Net increase (decrease)																				81,936			(770,278	)
Beginning shares outstanding																				3,338,028			4,108,306
Ending shares outstanding																				3,419,964			3,338,028

Class I-2
Shares sold		61,785			171,829			1,500,094			229,994			22,171,378			37,752,164			12,993,668			22,391,446
Dividends and distribution reinvested		—			84,937			25,231			20,786			637,706			1,675,096			637,032			2,218,471
Shares repurchased		(54,397	)		(431,442	)		(215,178	)		(206,814	)		(18,417,062	)		(51,719,966	)		(21,954,274	)		(36,175,271	)
Net increase (decrease)		7,388			(174,676	)		1,310,147			43,966			4,392,022			(12,292,706	)		(8,323,574	)		(11,565,354	)
Beginning shares outstanding		663,727			838,403			1,875,247			1,831,281			61,285,794			73,578,500			59,926,073			71,491,427
Ending shares outstanding		671,115			663,727			3,185,394			1,875,247			65,677,816			61,285,794			51,602,499			59,926,073

C-28

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)


	Pacific Funds ESG Core Bond (1)						Pacific Funds Strategic Income (1)						Pacific Funds Floating Rate Income (1)						Pacific Funds High Income (1)
	Six-Month Period Ended 9/30/2022			Year Ended 3/31/2022			Six-Month Period Ended 9/30/2022			Year Ended 3/31/2022			Six-Month Period Ended 9/30/2022			Year Ended 3/31/2022			Six-Month Period Ended 9/30/2022			Year Ended 3/31/2022

Class A
Shares sold								1,575,940			6,683,029			6,274,220			17,247,416			89,185			258,391
Dividends and distribution reinvested								187,209			356,863			722,796			803,790			17,585			32,710
Shares repurchased								(2,765,550	)		(3,847,686	)		(7,252,924	)		(6,490,346	)		(156,429	)		(323,539	)
Net increase (decrease)								(1,002,401	)		3,192,206			(255,908	)		11,560,860			(49,659	)		(32,438	)
Beginning shares outstanding								12,279,364			9,087,158			29,085,089			17,524,229			692,141			724,579
Ending shares outstanding								11,276,963			12,279,364			28,829,181			29,085,089			642,482			692,141

Class C
Shares sold								403,438			2,477,374			2,526,306			4,464,380			6,171			17,417
Dividends and distribution reinvested								92,945			183,921			259,441			267,346			2,636			5,927
Shares repurchased								(1,242,476	)		(1,762,792	)		(1,646,416	)		(2,469,159	)		(25,039	)		(79,580	)
Net increase (decrease)								(746,093	)		898,503			1,139,331			2,262,567			(16,232	)		(56,236	)
Beginning shares outstanding								7,179,017			6,280,514			11,321,933			9,059,366			131,258			187,494
Ending shares outstanding								6,432,924			7,179,017			12,461,264			11,321,933			115,026			131,258

Class I
Shares sold		33,990			493,360			4,552,377			13,380,914			60,401,770			117,488,947			78,820			2,872
Dividends and distribution reinvested		15,223			18,076			303,055			132,388			4,093,905			3,884,909			1,187			382
Shares repurchased		(11,849	)		(179,907	)		(3,479,687	)		(1,654,682	)		(48,188,119	)		(35,894,397	)		(150	)		(500	)
Net increase (decrease)		37,364			331,529			1,375,745			11,858,620			16,307,556			85,479,459			79,857			2,754
Beginning shares outstanding		1,584,981			1,253,452			13,067,925			1,209,305			190,164,924			104,685,465			8,788			6,034
Ending shares outstanding		1,622,345			1,584,981			14,443,670			13,067,925			206,472,480			190,164,924			88,645			8,788

Class P
Shares sold														4,631,981			4,583,286			16,490			263,399
Dividends and distribution reinvested														233,440			42,391			357,832			679,012
Shares repurchased														(731,047	)		(121,039	)		(3,980,750	)		(1,462,828	)
Net increase (decrease)														4,134,374			4,504,638			(3,606,428	)		(520,417	)
Beginning shares outstanding														5,486,979			982,341			13,772,372			14,292,789
Ending shares outstanding														9,621,353			5,486,979			10,165,944			13,772,372

Class I-2
Shares sold		—			—			29,130,543			78,013,830			90,336,798			148,542,651			1,537,193			1,758,421
Dividends and distribution reinvested		12,082			14,440			1,915,347			3,313,444			5,206,559			4,064,989			22,475			38,787
Shares repurchased		—			—			(38,898,391	)		(39,939,340	)		(69,438,996	)		(42,420,594	)		(1,510,051	)		(1,494,129	)
Net increase (decrease)		12,082			14,440			(7,852,501	)		41,387,934			26,104,361			110,187,046			49,617			303,079
Beginning shares outstanding		1,267,892			1,253,452			113,616,036			72,228,102			183,612,794			73,425,748			683,072			379,993
Ending shares outstanding		1,279,974			1,267,892			105,763,535			113,616,036			209,717,155			183,612,794			732,689			683,072

C-29

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)


	Pacific Funds Small/Mid-Cap (1)						Pacific Funds Small Cap (1)						Pacific Funds Small-Cap Value (1)
	Six-Month Period Ended 9/30/2022			Year Ended 3/31/2022			Six-Month Period Ended 9/30/2022			Year Ended 3/31/2022			Six-Month Period Ended 9/30/2022			Year Ended 3/31/2022

Class A
Shares sold		63,309			149,461			4,486			12,435			38,839			75,109
Dividends and distribution reinvested		—			77,769			—			6,382			—			3,072
Shares repurchased		(87,730	)		(311,842	)		(2,614	)		(53,782	)		(34,608	)		(24,792	)
Net increase (decrease)		(24,421	)		(84,612	)		1,872			(34,965	)		4,231			53,389
Beginning shares outstanding		1,231,339			1,315,951			131,072			166,037			244,685			191,296
Ending shares outstanding		1,206,918			1,231,339			132,944			131,072			248,916			244,685

Class C
Shares sold		12,684			37,723			2,037			12,588			5,334			11,307
Dividends and distribution reinvested		—			39,561			—			2,429			—			913
Shares repurchased		(84,812	)		(115,367	)		(7,073	)		(11,292	)		(16,044	)		(18,984	)
Net increase (decrease)		(72,128	)		(38,083	)		(5,036	)		3,725			(10,710	)		(6,764	)
Beginning shares outstanding		614,991			653,074			54,427			50,702			64,064			70,828
Ending shares outstanding		542,863			614,991			49,391			54,427			53,354			64,064

Class R6
Shares sold		—			145,838			—			128,279			—			132,275
Dividends and distribution reinvested		—			—			—			—			—			182
Shares repurchased		(2,297	)		(175,100	)		(1,463	)		(128,275	)		(1,633	)		(126,486	)
Net increase (decrease)		(2,297	)		(29,262	)		(1,463	)		4			(1,633	)		5,971
Beginning shares outstanding		59,220			88,482			116,992			116,988			106,384			100,413
Ending shares outstanding		56,923			59,220			115,529			116,992			104,751			106,384

Class I-2
Shares sold		383,402			2,063,190			41,626			829,811			79,143			151,001
Dividends and distribution reinvested		—			1,048,226			—			58,948			—			17,396
Shares repurchased		(4,864,914	)		(9,465,424	)		(409,110	)		(416,173	)		(36,237	)		(92,776	)
Net increase (decrease)		(4,481,512	)		(6,354,008	)		(367,484	)		472,586			42,906			75,621
Beginning shares outstanding		11,455,764			17,809,772			1,171,018			698,432			1,258,217			1,182,596
Ending shares outstanding		6,974,252			11,455,764			803,534			1,171,018			1,301,123			1,258,217

C-30

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)


	PF Inflation Managed Fund						PF Managed Bond Fund						PF Short Duration Bond Fund						PF Emerging Markets Debt Fund
	Six-Month Period Ended 9/30/2022			Year Ended 3/31/2022			Six-Month Period Ended 9/30/2022			Year Ended 3/31/2022			Six-Month Period Ended 9/30/2022			Year Ended 3/31/2022			Six-Month Period Ended 9/30/2022			Year Ended 3/31/2022

Class P
Shares sold		5,650			1,501,983			4,647,891			709,388			12,746,030			279,189			6,903			171,086
Dividends and distributions reinvested		—			109,903			—			1,040,419			—			120,628			—			382,266
Shares repurchased		(422,698	)		(482,370	)		(3,859,759	)		(11,496,806	)		(1,224,663	)		(2,547,877	)		(1,050,112	)		(2,465,211	)
Net increase (decrease)		(417,048	)		1,129,516			788,132			(9,746,999	)		11,521,367			(2,148,060	)		(1,043,209	)		(1,911,859	)
Beginning shares outstanding		4,466,423			3,336,907			41,798,118			51,545,117			7,469,281			9,617,341			5,535,619			7,447,478
Ending shares outstanding		4,049,375			4,466,423			42,586,250			41,798,118			18,990,648			7,469,281			4,492,410			5,535,619

	PF Growth Fund						PF Large-Cap Value Fund						PF Small-Cap Growth Fund						PF Small-Cap Value Fund
	Six-Month Period Ended 9/30/2022			Year Ended 3/31/2022			Six-Month Period Ended 9/30/2022			Year Ended 3/31/2022			Six-Month Period Ended 9/30/2022			Year Ended 3/31/2022			Six-Month Period Ended 9/30/2022			Year Ended 3/31/2022

Class P
Shares sold		279,582			615,016			2,761,472			972,331			5,453			376,505			15,778			143,063
Dividends and distributions reinvested		—			660,506			—			1,486,633			—			439,628			—			1,254,846
Shares repurchased		(2,465,243	)		(1,694,987	)		(1,101,707	)		(3,273,280	)		(1,628,109	)		(587,947	)		(5,502,297	)		(2,345,664	)
Net increase (decrease)		(2,185,661	)		(419,465	)		1,659,765			(814,316	)		(1,622,656	)		228,186			(5,486,519	)		(947,755	)
Beginning shares outstanding		5,446,936			5,866,401			13,120,287			13,934,603			3,158,946			2,930,760			9,842,533			10,790,288
Ending shares outstanding		3,261,275			5,446,936			14,780,052			13,120,287			1,536,290			3,158,946			4,356,014			9,842,533

	PF Emerging Markets Fund						PF International Growth Fund						PF International Small-Cap Fund						PF International Value Fund
	Six-Month Period Ended 9/30/2022			Year Ended 3/31/2022			Six-Month Period Ended 9/30/2022			Year Ended 3/31/2022			Six-Month Period Ended 9/30/2022			Year Ended 3/31/2022			Six-Month Period Ended 9/30/2022			Year Ended 3/31/2022

Class P
Shares sold		12,248			287,086			253,809			282,079			8,977			3,168,959			180,912			5,113,482
Dividends and distributions reinvested		—			1,247,379			—			2,719,026			—			1,222,568			—			107,458
Shares repurchased		(3,959,592	)		(2,312,955	)		(2,433,827	)		(1,749,041	)		(4,794,666	)		(367,681	)		(1,582,945	)		(393,220	)
Net increase (decrease)		(3,947,344	)		(778,490	)		(2,180,018	)		1,252,064			(4,785,689	)		4,023,846			(1,402,033	)		4,827,720
Beginning shares outstanding		8,752,012			9,530,502			5,492,630			4,240,566			7,195,543			3,171,697			9,102,676			4,274,956
Ending shares outstanding		4,804,668			8,752,012			3,312,612			5,492,630			2,409,854			7,195,543			7,700,643			9,102,676

	PF Multi-Asset Fund						PF Real Estate Fund
	Six-Month Period Ended 9/30/2022			Year Ended 3/31/2022			Six-Month Period Ended 9/30/2022			Year Ended 3/31/2022

Class P
Shares sold		1,868,132			4,278,246			650,361			2,044,575
Dividends and distributions reinvested		—			37,238,664			—			17,122
Shares repurchased		(10,018,308	)		(14,438,738	)		(324,487	)		(399,808	)
Net increase (decrease)		(8,150,176	)		27,078,172			325,874			1,661,889
Beginning shares outstanding		112,419,527			85,341,355			3,554,197			1,892,308
Ending shares outstanding		104,269,351			112,419,527			3,880,071			3,554,197

(1)	Advisor Class shares were renamed to Class I-2 shares on August 1, 2022.

C-31

PACIFIC FUNDS

DISCLOSURE OF FUND EXPENSES

(Unaudited)

We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a mutual fund, you incur two types of costs: (1) transactions costs such as initial sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, which include advisory fees, administration fees, distribution and/or service fees, and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in each fund and to compare these costs with those of other mutual funds. The example is based on an investment of $1,000.00 made at the beginning of the period and held for the entire six-month period from April 1, 2022 to September 30, 2022.

ACTUAL EXPENSES

The first section of the table for each fund entitled “Actual Fund Return”, provides information about actual account values and actual expenses based on each fund’s actual performance and each fund’s actual expenses, after any applicable fee waivers and expense reimbursements (See Notes 6 and 7B in Notes to Financial Statements). The “Ending Account Value at 09/30/22” column shown is derived from the fund’s actual performance; the “Annualized Expense Ratio” column shows the fund’s actual annualized expense ratio; and the “Expenses Paid During the Period 04/1/22-09/30/22” column shows the dollar amount that would have been paid by you. All the information illustrated in the following table is based on the past six-month period from April 1, 2022 to September 30, 2022.

You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, for each fund in your account, simply divide that fund’s value by $1,000.00 (for example, an $8,600.00 fund value divided by $1,000.00 = 8.6), then multiply the result by the number given for your fund(s) in the “Expenses Paid During the Period 04/1/22-09/30/22”.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second section of the table for each fund, entitled “Hypothetical”, provides information about hypothetical account values and hypothetical expenses based on a 5% per year hypothetical rate of return and actual fund’s expenses, after any applicable fee waivers and expense reimbursements (See Notes 6 and 7B in Notes to Financial Statements). It assumes that the fund had an annual 5% rate of return before expenses, but that the expense ratio is unchanged. The hypothetical account values and expenses may not be used to estimate the actual ending account values or expenses you paid for the period.

You may use the hypothetical example information to compare the ongoing costs of investing in the fund compared to other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as initial sales charges (loads) or contingent deferred sales charges. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these other costs were included, your costs would have been higher.


	Beginning Account Value at 04/01/22		Ending Account Value at 09/30/22		Annualized Expense Ratio		Expenses Paid During the Period 04/01/22 - 09/30/22 (1)
Pacific Funds Portfolio Optimization Conservative (2), (3)
Actual Fund Return

Class A		$1,000.00		$872.80		0.60%		$2.82

Class C		1,000.00		869.70		1.35%		6.33

Class I-2		1,000.00		873.60		0.35%		1.64

Hypothetical

Class A		$1,000.00		$1,022.06		0.60%		$3.04

Class C		1,000.00		1,018.30		1.35%		6.83

Class I-2		1,000.00		1,023.31		0.35%		1.78
Pacific Funds Portfolio Optimization Moderate-Conservative (2), (3)
Actual Fund Return

Class A		$1,000.00		$848.50		0.60%		$2.78

Class C		1,000.00		845.00		1.35%		6.24

Class I-2		1,000.00		849.60		0.35%		1.62

Hypothetical

Class A		$1,000.00		$1,022.06		0.60%		$3.04

Class C		1,000.00		1,018.30		1.35%		6.83

Class I-2		1,000.00		1,023.31		0.35%		1.78
Pacific Funds Portfolio Optimization Moderate (2), (3)
Actual Fund Return

Class A		$1,000.00		$824.50		0.60%		$2.74

Class C		1,000.00		821.30		1.35%		6.16

Class I-2		1,000.00		825.50		0.35%		1.60

Hypothetical

Class A		$1,000.00		$1,022.06		0.60%		$3.04

Class C		1,000.00		1,018.30		1.35%		6.83

Class I-2		1,000.00		1,023.31		0.35%		1.78
Pacific Funds Portfolio Optimization Growth (2), (3)
Actual Fund Return

Class A		$1,000.00		$804.60		0.60%		$2.71

Class C		1,000.00		800.90		1.35%		6.09

Class I-2		1,000.00		805.40		0.35%		1.58

Hypothetical

Class A		$1,000.00		$1,022.06		0.60%		$3.04

Class C		1,000.00		1,018.30		1.35%		6.83

Class I-2		1,000.00		1,023.31		0.35%		1.78
Pacific Funds Portfolio Optimization Aggressive-Growth (2), (3)
Actual Fund Return

Class A		$1,000.00		$786.20		0.60%		$2.69

Class C		1,000.00		783.00		1.35%		6.03

Class I-2		1,000.00		787.60		0.35%		1.57

Hypothetical

Class A		$1,000.00		$1,022.06		0.60%		$3.04

Class C		1,000.00		1,018.30		1.35%		6.83

Class I-2		1,000.00		1,023.31		0.35%		1.78
Pacific Funds Ultra Short Income (3)
Actual Fund Return

Class I		$1,000.00		$997.90		0.32%		$1.60

Class I-2		1,000.00		997.90		0.32%		1.60

Hypothetical

Class I		$1,000.00		$1,023.46		0.32%		$1.62

Class I-2		1,000.00		1,023.46		0.32%		1.62

See explanation of references on page D-3

D-1

PACIFIC FUNDS

DISCLOSURE OF FUND EXPENSES (Continued)

(Unaudited)


	Beginning Account Value at 04/01/22		Ending Account Value at 09/30/22		Annualized Expense Ratio		Expenses Paid During the Period 04/01/22 - 09/30/22 (1)
Pacific Funds Short Duration Income (3)
Actual Fund Return

Class A		$1,000.00		$976.10		0.75%		$3.72

Class C		1,000.00		972.40		1.50%		7.42

Class I		1,000.00		977.60		0.45%		2.23

Class I-2		1,000.00		977.40		0.50%		2.48

Hypothetical

Class A		$1,000.00		$1,021.31		0.75%		$3.80

Class C		1,000.00		1,017.55		1.50%		7.59

Class I		1,000.00		1,022.81		0.45%		2.28

Class I-2		1,000.00		1,022.56		0.50%		2.54
Pacific Funds Core Income (3)
Actual Fund Return

Class A		$1,000.00		$899.40		0.85%		$4.05

Class C		1,000.00		896.90		1.60%		7.61

Class I		1,000.00		900.90		0.55%		2.62

Class P		1,000.00		901.20		0.55%		2.62

Class I-2		1,000.00		901.90		0.55%		2.62

Hypothetical

Class A		$1,000.00		$1,020.81		0.85%		$4.31

Class C		1,000.00		1,017.05		1.60%		8.09

Class I		1,000.00		1,022.31		0.55%		2.79

Class P		1,000.00		1,022.31		0.55%		2.79

Class I-2		1,000.00		1,022.31		0.55%		2.79
Pacific Funds ESG Core Bond (3)
Actual Fund Return

Class I		$1,000.00		$904.90		0.48%		$2.29

Class I-2		1,000.00		904.90		0.48%		2.29

Hypothetical

Class I		$1,000.00		$1,022.66		0.48%		$2.43

Class I-2		1,000.00		1,022.66		0.48%		2.43
Pacific Funds Strategic Income (3)
Actual Fund Return

Class A		$1,000.00		$903.20		0.94%		$4.48

Class C		1,000.00		899.60		1.66%		7.90

Class I		1,000.00		904.90		0.64%		3.06

Class I-2		1,000.00		903.50		0.69%		3.29

Hypothetical

Class A		$1,000.00		$1,020.36		0.94%		$4.76

Class C		1,000.00		1,016.75		1.66%		8.39

Class I		1,000.00		1,021.86		0.64%		3.24

Class I-2		1,000.00		1,021.61		0.69%		3.50
Pacific Funds Floating Rate Income (3)
Actual Fund Return

Class A		$1,000.00		$964.70		0.98%		$4.83

Class C		1,000.00		960.10		1.69%		8.30

Class I		1,000.00		965.20		0.67%		3.30

Class P		1,000.00		964.10		0.67%		3.30

Class I-2		1,000.00		965.10		0.72%		3.55

Hypothetical

Class A		$1,000.00		$1,020.16		0.98%		$4.96

Class C		1,000.00		1,016.60		1.69%		8.54

Class I		1,000.00		1,021.71		0.67%		3.40

Class P		1,000.00		1,021.71		0.67%		3.40

Class I-2		1,000.00		1,021.46		0.72%		3.65


	Beginning Account Value at 04/01/22		Ending Account Value at 09/30/22		Annualized Expense Ratio		Expenses Paid During the Period 04/01/22 - 09/30/22 (1)
Pacific Funds High Income (3)
Actual Fund Return

Class A		$1,000.00		$887.60		0.95%		$4.50

Class C		1,000.00		884.10		1.67%		7.89

Class I		1,000.00		888.60		0.65%		3.08

Class P		1,000.00		888.70		0.65%		3.08

Class I-2		1,000.00		889.00		0.70%		3.31

Hypothetical

Class A		$1,000.00		$1,020.31		0.95%		$4.81

Class C		1,000.00		1,016.70		1.67%		8.44

Class I		1,000.00		1,021.81		0.65%		3.29

Class P		1,000.00		1,021.81		0.65%		3.29

Class I-2		1,000.00		1,021.56		0.70%		3.55
Pacific Funds Small/Mid-Cap (3)
Actual Fund Return

Class A		$1,000.00		$780.30		1.21%		$5.40

Class C		1,000.00		777.60		1.96%		8.73

Class R6		1,000.00		781.70		0.86%		3.84

Class I-2		1,000.00		781.10		0.96%		4.29

Hypothetical

Class A		$1,000.00		$1,019.00		1.21%		$6.12

Class C		1,000.00		1,015.24		1.96%		9.90

Class R6		1,000.00		1,020.76		0.86%		4.36

Class I-2		1,000.00		1,020.26		0.96%		4.86
Pacific Funds Small-Cap (3)
Actual Fund Return

Class A		$1,000.00		$771.80		1.20%		$5.33

Class C		1,000.00		769.30		1.95%		8.65

Class R6		1,000.00		773.40		0.85%		3.78

Class I-2		1,000.00		773.40		0.95%		4.22

Hypothetical

Class A		$1,000.00		$1,019.05		1.20%		$6.07

Class C		1,000.00		1,015.29		1.95%		9.85

Class R6		1,000.00		1,020.81		0.85%		4.31

Class I-2		1,000.00		1,020.31		0.95%		4.81
Pacific Funds Small-Cap Value (3)
Actual Fund Return

Class A		$1,000.00		$799.00		1.20%		$5.41

Class C		1,000.00		795.90		1.95%		8.78

Class R6		1,000.00		800.60		0.85%		3.84

Class I-2		1,000.00		800.20		0.95%		4.29

Hypothetical

Class A		$1,000.00		$1,019.05		1.20%		$6.07

Class C		1,000.00		1,015.29		1.95%		9.85

Class R6		1,000.00		1,020.81		0.85%		4.31

Class I-2		1,000.00		1,020.31		0.95%		4.81
PF Inflation Managed Fund
Actual Fund Return

Class P		$1,000.00		$890.20		0.58%		$2.75

Hypothetical

Class P		$1,000.00		$1,022.16		0.58%		$2.94

See explanation of references on page D-3

D-2

PACIFIC FUNDS

DISCLOSURE OF FUND EXPENSES (Continued)

(Unaudited)


	Beginning Account Value at 04/01/22		Ending Account Value at 09/30/22		Annualized Expense Ratio		Expenses Paid During the Period 04/01/22 - 09/30/22 (1)
PF Managed Bond Fund
Actual Fund Return

Class P		$1,000.00		$885.70		0.54%		$2.55

Hypothetical

Class P		$1,000.00		$1,022.36		0.54%		$2.74
PF Short Duration Bond Fund
Actual Fund Return

Class P		$1,000.00		$971.20		0.55%		$2.72

Hypothetical

Class P		$1,000.00		$1,022.31		0.55%		$2.79
PF Emerging Markets Debt Fund
Actual Fund Return

Class P		$1,000.00		$852.90		0.89%		$4.13

Hypothetical

Class P		$1,000.00		$1,020.61		0.89%		$4.51
PF Growth Fund
Actual Fund Return

Class P		$1,000.00		$755.80		0.70%		$3.08

Hypothetical

Class P		$1,000.00		$1,021.56		0.70%		$3.53
PF Large-Cap Value Fund
Actual Fund Return

Class P		$1,000.00		$830.50		0.80%		$3.67

Hypothetical

Class P		$1,000.00		$1,021.06		0.80%		$4.05
PF Small-Cap Growth Fund
Actual Fund Return

Class P		$1,000.00		$793.90		0.75%		$3.37

Hypothetical

Class P		$1,000.00		$1,021.31		0.75%		$3.80
PF Small-Cap Value Fund
Actual Fund Return

Class P		$1,000.00		$808.90		0.90%		$4.08

Hypothetical

Class P		$1,000.00		$1,020.56		0.90%		$4.56
PF Emerging Markets Fund
Actual Fund Return

Class P		$1,000.00		$802.80		0.95%		$4.29

Hypothetical

Class P		$1,000.00		$1,020.31		0.95%		$4.81
PF International Growth Fund
Actual Fund Return

Class P		$1,000.00		$790.30		0.97%		$4.35

Hypothetical

Class P		$1,000.00		$1,020.21		0.97%		$4.91
PF International Small-Cap Fund
Actual Fund Return

Class P		$1,000.00		$767.70		1.09%		$4.83

Hypothetical

Class P		$1,000.00		$1,019.60		1.09%		$5.52


	Beginning Account Value at 04/01/22		Ending Account Value at 09/30/22		Annualized Expense Ratio		Expenses Paid During the Period 04/01/22 - 09/30/22 (1)
PF International Value Fund
Actual Fund Return

Class P		$1,000.00		$810.20		0.80%		$3.63

Hypothetical

Class P		$1,000.00		$1,021.06		0.80%		$4.05
PF Multi-Asset Fund
Actual Fund Return

Class P		$1,000.00		$775.00		0.51%		$2.27

Hypothetical

Class P		$1,000.00		$1,022.51		0.51%		$2.59
PF Real Estate Fund
Actual Fund Return

Class P		$1,000.00		$767.80		0.90%		$3.99

Hypothetical

Class P		$1,000.00		$1,020.56		0.90%		$4.56

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

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

(3)	Advisor Class shares were renamed to Class I-2 shares on August 1, 2022.

D-3

PACIFIC FUNDS

WHERE TO GO FOR MORE INFORMATION

(Unaudited)

Availability of Quarterly Holdings

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

Availability of Proxy Voting Record

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

Information Relating to Investments Held by the Trust

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

Availability of Proxy Voting Policies

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

How to obtain Information

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

•

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

•

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

•

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

D-4

Pacific Funds

Mailing address:

P.O. Box 9768

Providence, RI 02940-9768

ADDRESS SERVICE REQUESTED

Semi-Annual Report as of September 30, 2022 for:

• Pacific Funds


Form Nos.		3012-21A

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)

Schedule I.

(b)

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

(a)

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

(b)

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

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

Not applicable.

Item 13. Exhibits.

(a)(1)

Not applicable.

(a)(2)

Separate certifications for the principal executive and principal financial officer of the Registrant pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.

(a)(2)(1)

Not applicable.

(a)(2)(2)

Not applicable.

(b)

Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 is attached hereto as Exhibit 99.906.CERT pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

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


Pacific Funds Series Trust

By:		/s/ Adrian S. Griggs
		Adrian S. Griggs
		Chief Executive Officer

Date:		December 1, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Adrian S. Griggs
		Adrian S. Griggs
		Chief Executive Officer

Date:		December 1, 2022

By:		/s/ Trevor T. Smith
		Trevor T. Smith
		Treasurer (Principal Financial and Accounting Officer)

Date:		December 1, 2022

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

EX-99.CERT

EX-99.906 CERT