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 (formerly called Pacific Life Funds)

(Exact name of registrant as specified in charter)

700 Newport Center Drive, P.O. Box 7500

                                      Newport Beach, CA 92660                                    

(Address of principal executive offices) (Zip code)

Robin S. Yonis

Vice President, General Counsel and Assistant Secretary of Pacific Funds Series Trust

700 Newport Center Drive, P.O. Box 9000

                                               Newport Beach, CA 92660                                               

(Name and address of agent for service)

Copies to:

Anthony H. Zacharski, Esq.

Dechert LLP

90 State House Square

Hartford, CT 06103

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

Date of fiscal year end:   March 31

Date of reporting period:   September 30, 2015

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.

The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

September 30, 2015

SEMI-ANNUAL REPORT

PACIFIC FUNDS

SEMI-ANNUAL REPORT

AS OF SEPTEMBER 30, 2015

TABLE OF CONTENTS
Schedules of Investments	A-1
Financial Statements:
Statements of Assets and Liabilities	B-1
Statements of Operations	B-4
Statements of Changes in Net Assets	B-7
Financial Highlights	B-11
Notes to Financial Statements	C-1
Disclosure of Fund Expenses	D-1
Where to Go for More Information	D-3

PACIFIC FUNDS^SM

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION CONSERVATIVE

Schedule of Investments

September 30, 2015 (Unaudited)

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE

Schedule of Investments

September 30, 2015 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.6%
PF Floating Rate Loan Fund ‘P’		2,253,218		$21,878,742
PF Inflation Managed Fund ‘P’		1,171,170		9,978,365
PF Managed Bond Fund ‘P’		9,805,113		106,679,634
PF Short Duration Bond Fund ‘P’		3,437,394		34,408,313
Pacific Funds Core Income ‘P’		385,319		4,011,174
Pacific Funds High Income ‘P’		2,206,611		21,249,666
PF Emerging Markets Debt Fund ‘P’		1,812,567		15,352,445
PF Comstock Fund ‘P’		944,267		14,456,728
PF Growth Fund ‘P’		472,923		8,715,974
PF Large-Cap Growth Fund ‘P’		1,068,973		10,871,456
PF Large-Cap Value Fund ‘P’		1,644,807		25,165,550
PF Main Street Core Fund ‘P’		688,126		9,330,984
PF Mid-Cap Equity Fund ‘P’		337,526		3,793,795
PF Mid-Cap Growth Fund ‘P’		188,585		1,440,790
PF Mid-Cap Value Fund ‘P’ *		2,031,498		18,913,250
PF Small-Cap Value Fund ‘P’		401,034		3,757,689
PF International Large-Cap Fund ‘P’		931,152		15,708,528
PF International Value Fund ‘P’		918,877		7,948,289
PF Absolute Return Fund ‘P’ *		1,648,764		15,778,668
PF Currency Strategies Fund ‘P’		1,045,553		10,256,873
PF Equity Long/Short Fund ‘P’ *		961,019		10,215,629
PF Global Absolute Return Fund ‘P’		2,011,514		19,531,801
Total Affiliated Mutual Funds (Cost $373,249,771)				389,444,343
TOTAL INVESTMENTS - 100.6% (Cost $373,249,771)				389,444,343
OTHER ASSETS & LIABILITIES, NET - (0.6%)				(2,213,322	)
NET ASSETS - 100.0%				$387,231,021

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Affiliated Fixed Income Funds	64.3%
Affiliated Equity Funds	36.3%
	100.6%
Other Assets & Liabilities, Net	(0.6%	)
	100.0%

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%
PF Floating Rate Loan Fund ‘P’		2,710,444		$26,318,417
PF Inflation Managed Fund ‘P’		1,466,404		12,493,760
PF Managed Bond Fund ‘P’		10,917,289		118,780,101
PF Short Duration Bond Fund ‘P’		2,589,120		25,917,092
Pacific Funds Core Income ‘P’		438,567		4,565,485
Pacific Funds High Income ‘P’		2,711,518		26,111,914
PF Emerging Markets Debt Fund ‘P’		2,417,997		20,480,432
PF Comstock Fund ‘P’		1,465,543		22,437,460
PF Growth Fund ‘P’		768,321		14,160,151
PF Large-Cap Growth Fund ‘P’		1,660,438		16,886,659
PF Large-Cap Value Fund ‘P’		2,479,760		37,940,332
PF Main Street Core Fund ‘P’		1,168,491		15,844,736
PF Mid-Cap Equity Fund ‘P’		1,344,546		15,112,696
PF Mid-Cap Growth Fund ‘P’		503,151		3,844,074
PF Mid-Cap Value Fund ‘P’ *		3,051,295		28,407,555
PF Small-Cap Growth Fund ‘P’		190,816		2,444,357
PF Small-Cap Value Fund ‘P’		1,141,200		10,693,045
PF Emerging Markets Fund ‘P’		551,193		6,256,042
PF International Large-Cap Fund ‘P’		1,603,873		27,057,338
PF International Small-Cap Fund ‘P’ *		1,127,741		11,581,897
PF International Value Fund ‘P’		1,561,120		13,503,691
PF Real Estate Fund ‘P’		179,021		2,765,875
PF Absolute Return Fund ‘P’ *		1,935,300		18,520,818
PF Currency Strategies Fund ‘P’		1,784,914		17,510,008
PF Equity Long/Short Fund ‘P’ *		1,914,033		20,346,170
PF Global Absolute Return Fund ‘P’		2,862,094		27,790,930
Total Affiliated Mutual Funds (Cost $511,253,830)				547,771,035
TOTAL INVESTMENTS - 100.1% (Cost $511,253,830)				547,771,035
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(649,650	)
NET ASSETS - 100.0%				$547,121,385

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Affiliated Fixed Income Funds	51.3%
Affiliated Equity Funds	48.8%
	100.1%
Other Assets & Liabilities, Net	(0.1%	)
	100.0%

(b) The funds’ investments are affiliated mutual funds (See Note 7C in Notes to Financial Statements).

(c) Fair Value Measurements

The following is a summary of the funds’ investments as categorized under the three-tier hierarchy of inputs used in valuing the funds’ assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Pacific Funds Portfolio Optimization Conservative
Assets	Affiliated Mutual Funds		$389,444,343		$389,444,343		$—		$—
Pacific Funds Portfolio Optimization Moderate-Conservative
Assets	Affiliated Mutual Funds		$547,771,035		$547,771,035		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-29

A-1

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION MODERATE

Schedule of Investments

September 30, 2015 (Unaudited)

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION GROWTH

Schedule of Investments

September 30, 2015 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%
PF Floating Rate Loan Fund ‘P’		3,708,456		$36,009,108
PF Inflation Managed Fund ‘P’		3,015,601		25,692,919
PF Managed Bond Fund ‘P’		15,957,837		173,621,272
PF Short Duration Bond Fund ‘P’		2,115,051		21,171,664
Pacific Funds Core Income ‘P’		775,097		8,068,757
Pacific Funds High Income ‘P’		5,649,424		54,403,951
PF Emerging Markets Debt Fund ‘P’		5,469,130		46,323,528
PF Comstock Fund ‘P’		5,700,025		87,267,389
PF Growth Fund ‘P’		2,453,844		45,224,347
PF Large-Cap Growth Fund ‘P’		5,692,941		57,897,211
PF Large-Cap Value Fund ‘P’		7,496,985		114,703,877
PF Main Street Core Fund ‘P’		5,507,643		74,683,638
PF Mid-Cap Equity Fund ‘P’		4,752,160		53,414,280
PF Mid-Cap Growth Fund ‘P’		3,319,001		25,357,166
PF Mid-Cap Value Fund ‘P’ *		10,580,719		98,506,491
PF Small-Cap Growth Fund ‘P’		1,078,778		13,819,141
PF Small-Cap Value Fund ‘P’		7,663,285		71,804,979
PF Emerging Markets Fund ‘P’		4,679,041		53,107,115
PF International Large-Cap Fund ‘P’		6,870,372		115,903,168
PF International Small-Cap Fund ‘P’ *		4,710,112		48,372,854
PF International Value Fund ‘P’		6,415,933		55,497,817
PF Real Estate Fund ‘P’		1,518,524		23,461,191
PF Absolute Return Fund ‘P’ *		3,316,622		31,740,077
PF Currency Strategies Fund ‘P’		5,047,575		49,516,716
PF Equity Long/Short Fund ‘P’ *		6,958,742		73,971,424
PF Global Absolute Return Fund ‘P’		6,474,158		62,864,080
Total Affiliated Mutual Funds (Cost $1,385,447,529)				1,522,404,160
TOTAL INVESTMENTS - 100.1% (Cost $1,385,447,529)				1,522,404,160
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(1,305,314	)
NET ASSETS - 100.0%				$1,521,098,846

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Affiliated Equity Funds	69.9%
Affiliated Fixed Income Funds	30.2%
	100.1%
Other Assets & Liabilities, Net	(0.1%	)
	100.0%

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%
PF Inflation Managed Fund ‘P’		663,818		$5,655,726
PF Managed Bond Fund ‘P’		3,519,320		38,290,199
Pacific Funds High Income ‘P’		1,705,463		16,423,611
PF Emerging Markets Debt Fund ‘P’		2,568,280		21,753,335
PF Comstock Fund ‘P’		4,289,734		65,675,822
PF Growth Fund ‘P’		1,841,723		33,942,959
PF Large-Cap Growth Fund ‘P’		4,317,708		43,911,093
PF Large-Cap Value Fund ‘P’		5,455,573		83,470,262
PF Main Street Core Fund ‘P’		5,196,893		70,469,864
PF Mid-Cap Equity Fund ‘P’		6,694,508		75,246,270
PF Mid-Cap Growth Fund ‘P’		2,671,766		20,412,293
PF Mid-Cap Value Fund *		8,255,380		76,857,585
PF Small-Cap Growth Fund ‘P’		1,756,983		22,506,948
PF Small-Cap Value Fund ‘P’		8,409,197		78,794,181
PF Emerging Markets Fund ‘P’		5,741,748		65,168,844
PF International Large-Cap Fund ‘P’		5,979,019		100,866,050
PF International Small-Cap Fund ‘P’ *		4,083,561		41,938,168
PF International Value Fund ‘P’		5,883,149		50,889,243
PF Real Estate Fund ‘P’		1,782,733		27,543,227
PF Absolute Return Fund ‘P’ *		876,092		8,384,202
PF Currency Strategies Fund ‘P’		4,740,615		46,505,429
PF Equity Long/Short Fund ‘P’ *		3,812,335		40,525,116
PF Global Absolute Return Fund ‘P’		2,280,210		22,140,839
Total Affiliated Mutual Funds (Cost $938,638,570)				1,057,371,266
TOTAL INVESTMENTS - 100.1% (Cost $938,638,570)				1,057,371,266
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(1,095,721	)
NET ASSETS - 100.0%				$1,056,275,545

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Affiliated Equity Funds	89.4%
Affiliated Fixed Income Funds	10.7%
	100.1%
Other Assets & Liabilities, Net	(0.1%	)
	100.0%

(b) The funds’ investments are affiliated mutual funds (See Note 7C in Notes to Financial Statements).

(c) Fair Value Measurements

The following is a summary of the funds’ investments as categorized under the three-tier hierarchy of inputs used in valuing the funds’ assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015	Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Pacific Funds Portfolio Optimization Moderate
Assets	Affiliated Mutual Funds	$1,522,404,160		$1,522,404,160		$—		$—
Pacific Funds Portfolio Optimization Growth
Assets	Affiliated Mutual Funds	$1,057,371,266		$1,057,371,266		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-29

A-2

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION AGGRESSIVE-GROWTH

Schedule of Investments

September 30, 2015 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%
PF Comstock Fund ‘P’		1,303,256		$19,952,850
PF Growth Fund ‘P’		632,682		11,660,335
PF Large-Cap Growth Fund ‘P’		1,499,738		15,252,331
PF Large-Cap Value Fund ‘P’		1,703,442		26,062,660
PF Main Street Core Fund ‘P’		1,616,487		21,919,565
PF Mid-Cap Equity Fund ‘P’		1,992,814		22,399,229
PF Mid-Cap Growth Fund ‘P’		1,014,321		7,749,415
PF Mid-Cap Value Fund *		2,901,221		27,010,364
PF Small-Cap Growth Fund ‘P’		690,674		8,847,536
PF Small-Cap Value Fund ‘P’		2,740,106		25,674,796
PF Emerging Markets Fund ‘P’		2,000,620		22,707,036
PF International Large-Cap Fund ‘P’		2,208,412		37,255,914
PF International Small-Cap Fund ‘P’ *		1,519,586		15,606,152
PF International Value Fund ‘P’		2,130,555		18,429,298
PF Real Estate Fund ‘P’		742,972		11,478,919
PF Currency Strategies Fund ‘P’		705,376		6,919,737
PF Equity Long/Short Fund ‘P’ *		972,550		10,338,206
PF Global Absolute Return Fund ‘P’		339,336		3,294,957
Total Affiliated Mutual Funds (Cost $263,517,226)				312,559,300
TOTAL INVESTMENTS - 100.0% (Cost $263,517,226)				312,559,300
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(112,280	)
NET ASSETS - 100.0%				$312,447,020

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Affiliated Equity Funds	98.9%
Affiliated Fixed Income Funds	1.1%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

(b) The fund’s investments are affiliated mutual funds (See Note 7C in Notes to Financial Statements).

(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 (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Pacific Funds Portfolio Optimization Aggressive-Growth
Assets	Affiliated Mutual Funds		$312,559,300		$312,559,300		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-29

A-3

PACIFIC FUNDS

PACIFIC FUNDS^SM SHORT DURATION INCOME

Schedule of Investments

September 30, 2015 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 77.4%
Consumer Discretionary - 6.2%
CCO Safari II LLC 3.579% due 07/23/20 ~		$2,700,000		$2,682,647
DISH DBS Corp 4.250% due 04/01/18		250,000		243,437
General Motors Co 3.500% due 10/02/18		1,000,000		1,010,570
GLP Capital LP 4.375% due 11/01/18		750,000		759,375
Lennar Corp
4.125% due 12/01/18		750,000		763,125
4.500% due 06/15/19		1,500,000		1,524,000
NBCUniversal Enterprise Inc 0.974% due 04/15/18 § ~		1,500,000		1,499,502
Toll Brothers Finance Corp 4.000% due 12/31/18		850,000		875,500
Wyndham Worldwide Corp 2.500% due 03/01/18		1,000,000		1,001,998
				10,360,154
Consumer Staples - 5.3%
CVS Health Corp 2.800% due 07/20/20		2,150,000		2,186,965
Imperial Tobacco Finance PLC (United Kingdom) 2.050% due 07/20/18 ~		1,000,000		1,000,163
Kraft Heinz Foods Co 2.000% due 07/02/18 ~		2,000,000		2,004,258
Reynolds American Inc 2.300% due 06/12/18		1,750,000		1,770,095
Wm Wrigley Jr Co 2.400% due 10/21/18 ~		1,750,000		1,782,205
				8,743,686
Energy - 5.1%
Columbia Pipeline Group Inc 2.450% due 06/01/18 ~		1,000,000		1,002,643
Energy Transfer Partners LP 2.500% due 06/15/18		1,000,000		996,274
Harvest Operations Corp (South Korea) 2.125% due 05/14/18 ~		500,000		501,620
Kinder Morgan Energy Partners LP 2.650% due 02/01/19		2,000,000		1,969,274
Kinder Morgan Inc 3.050% due 12/01/19		850,000		835,412
Korea National Oil Corp (South Korea) 3.125% due 04/03/17 ~		500,000		511,624
Linn Energy LLC 6.500% due 05/15/19		500,000		140,000
Petrobras Global Finance BV (Brazil) 3.000% due 01/15/19		500,000		362,500
Targa Resources Partners LP 4.125% due 11/15/19 ~		775,000		699,437
Trans Canada Pipelines Ltd (Canada) 1.875% due 01/12/18		1,500,000		1,507,715
				8,526,499
Financials - 30.4%
AerCap Ireland Capital Ltd (Netherlands) 3.750% due 05/15/19		1,350,000		1,329,750
Ally Financial Inc 3.250% due 02/13/18		1,500,000		1,479,375
American Tower Corp REIT 3.400% due 02/15/19		1,000,000		1,030,243
Ares Capital Corp 4.875% due 11/30/18		2,500,000		2,584,937
Bank of America Corp 2.000% due 01/11/18		2,000,000		2,008,624

	Principal Amount		Value
Bank of America NA
1.650% due 03/26/18		$600,000		$599,948
5.300% due 03/15/17		1,000,000		1,050,710
Bank of Montreal (Canada) 1.800% due 07/31/18		1,450,000		1,456,035
Berkshire Hathaway Finance Corp 2.000% due 08/15/18		1,000,000		1,018,103
Berkshire Hathaway Inc 1.550% due 02/09/18		500,000		504,265
Capital One Bank USA NA 2.250% due 02/13/19		1,000,000		997,331
Capital One NA 2.350% due 08/17/18		1,650,000		1,655,824
Citigroup Inc
0.872% due 03/10/17 §		1,500,000		1,497,960
1.700% due 04/27/18		1,000,000		995,490
Export-Import Bank of Korea (South Korea)
1.036% due 01/14/17 §		500,000		501,034
1.250% due 11/20/15		500,000		500,321
Ford Motor Credit Co LLC
1.166% due 03/12/19 §		2,000,000		1,944,350
2.145% due 01/09/18		1,500,000		1,495,716
General Electric Capital Corp 0.993% due 04/02/18 §		1,000,000		1,005,544
General Motors Financial Co Inc
4.375% due 09/25/21		1,000,000		1,021,115
4.750% due 08/15/17		1,000,000		1,037,901
Hyundai Capital Services Inc (South Korea) 1.140% due 03/18/17 § ~		1,000,000		998,010
JPMorgan Chase & Co 1.625% due 05/15/18		2,000,000		1,988,514
McGraw Hill Financial Inc 2.500% due 08/15/18 ~		3,000,000		3,025,029
Morgan Stanley 2.125% due 04/25/18		2,000,000		2,012,660
MUFG Union Bank NA 1.500% due 09/26/16		1,000,000		1,004,320
Och-Ziff Finance Co LLC 4.500% due 11/20/19 ~		1,000,000		1,017,935
PNC Bank NA 1.300% due 10/03/16		1,000,000		1,002,799
Senior Housing Properties Trust REIT 3.250% due 05/01/19		500,000		503,505
State Street Corp 1.224% due 08/18/20 §		1,000,000		1,004,488
Synchrony Financial 3.000% due 08/15/19		2,000,000		2,017,756
The Bank of New York Mellon Corp 2.600% due 08/17/20		500,000		507,739
The Goldman Sachs Group Inc 1.454% due 04/23/20 §		2,500,000		2,509,255
The Korea Development Bank (South Korea) 1.000% due 01/22/16		500,000		500,180
TIAA Asset Management Finance Co LLC 2.950% due 11/01/19 ~		1,450,000		1,471,650
Vereit Operating Partnership LP REIT 2.000% due 02/06/17		1,000,000		982,500
Voya Financial Inc 2.900% due 02/15/18		2,000,000		2,043,444
WEA Finance LLC (Australia) 1.750% due 09/15/17 ~		2,500,000		2,484,520
				50,788,880
Health Care - 10.7%
AbbVie Inc 1.800% due 05/14/18		2,200,000		2,195,433
Actavis Funding SCS 2.350% due 03/12/18		2,250,000		2,260,285
Becton Dickinson and Co
1.450% due 05/15/17		750,000		748,924
1.800% due 12/15/17		1,650,000		1,658,121

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-29

A-4

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
Biogen Inc 2.900% due 09/15/20	$	1,650,000		$1,665,032
Celgene Corp 2.125% due 08/15/18		2,150,000		2,168,688
Gilead Sciences Inc 1.850% due 09/04/18		850,000		856,364
Laboratory Corp of America Holdings 2.625% due 02/01/20		1,500,000		1,505,225
St Jude Medical Inc 2.000% due 09/15/18		1,750,000		1,755,306
Valeant Pharmaceuticals International Inc
5.375% due 03/15/20 ~		575,000		560,266
6.750% due 08/15/18 ~		350,000		356,781
Zimmer Biomet Holdings Inc 2.000% due 04/01/18		2,150,000		2,154,126
				17,884,551
Industrials - 6.4%
Air Lease Corp
2.125% due 01/15/18		1,000,000		992,500
3.375% due 01/15/19		1,500,000		1,522,500
British Airways Pass-Through Trust ‘B’ (United Kingdom) 5.625% due 12/20/21 ~		1,206,799		1,273,173
Delta Air Lines Pass-Through Trust ‘A’
4.750% due 11/07/21		831,710		878,120
4.950% due 11/23/20		630,644		667,410
ERAC USA Finance LLC
1.400% due 04/15/16 ~		750,000		750,586
2.350% due 10/15/19 ~		500,000		500,578
GATX Corp 2.500% due 03/15/19		500,000		499,921
International Lease Finance Corp 3.875% due 04/15/18		500,000		500,000
Owens Corning 9.000% due 06/15/19		83,000		98,779
Penske Truck Leasing Co LP 2.500% due 03/15/16 ~		1,000,000		1,006,217
United Airlines Pass-Through Trust ‘B’
4.625% due 03/03/24		1,000,000		1,011,500
4.750% due 10/11/23		750,000		755,250
United Continental Holdings Inc 6.375% due 06/01/18		250,000		263,125
				10,719,659
Information Technology - 2.4%
Harris Corp 1.999% due 04/27/18		1,000,000		994,525
Hewlett Packard Enterprise Co 2.249% due 10/05/18 § ~		3,000,000		3,000,000
				3,994,525
Materials - 3.5%
Airgas Inc 3.050% due 08/01/20		1,150,000		1,169,090
ArcelorMittal (Luxembourg) 6.125% due 06/01/18		750,000		736,875
Ardagh Packaging Finance PLC (Ireland) 3.337% due 12/15/19 § ~		1,000,000		965,000
Freeport-McMoran Inc 3.100% due 03/15/20		1,500,000		1,257,195
Glencore Funding LLC (Switzerland) 2.500% due 01/15/19 ~		1,500,000		1,279,722
Novelis Inc 8.375% due 12/15/17		500,000		485,625
				5,893,507

	Principal Amount		Value
Telecommunication Services - 2.0%
America Movil SAB de CV (Mexico) 1.336% due 09/12/16 §		$1,000,000		$999,969
Intelsat Jackson Holdings SA (Luxembourg) 7.250% due 10/15/20		250,000		230,313
Verizon Communications Inc
2.086% due 09/14/18 §		1,000,000		1,028,916
2.550% due 06/17/19		1,000,000		1,013,842
				3,273,040
Utilities - 5.4%
AES Corp 3.324% due 06/01/19 §		500,000		476,250
Duke Energy Corp 1.625% due 08/15/17		1,000,000		1,003,992
Dynegy Inc 6.750% due 11/01/19		400,000		403,000
Exelon Corp 1.550% due 06/09/17		2,650,000		2,646,414
NextEra Energy Capital Holdings Inc 2.056% due 09/01/17		1,500,000		1,510,687
PG&E Corp 2.400% due 03/01/19		500,000		503,847
The Dayton Power & Light Co 1.875% due 09/15/16		1,500,000		1,501,294
WEC Energy Group Inc 1.650% due 06/15/18		900,000		902,636
				8,948,120
Total Corporate Bonds & Notes (Cost $129,932,428)				129,132,621
SENIOR LOAN NOTES - 13.5%
Consumer Discretionary - 3.8%
Dollar Tree Inc Term B-1 3.500% due 07/06/22 §		417,722		418,633
Hilton Worldwide 3.500% due 10/25/20 §		714,292		714,590
Interactive Data Corp 4.750% due 05/02/21 §		493,750		493,380
Las Vegas Sands LLC Term B 3.250% due 12/19/20 §		1,968,700		1,959,130
Leonardo Acquisition Corp (1st Lien) 4.250% due 01/29/21 §		490,017		489,710
New Red Finance Inc Term B-2 3.750% due 12/10/21 §		997,482		997,033
Petsmart Inc Tranche B-1 4.250% due 03/11/22 §		498,750		498,698
Seminole Tribe of Florida 3.000% due 04/29/20 §		825,000		825,168
				6,396,342
Consumer Staples - 1.9%
Albertson’s LLC Term B-4 5.500% due 08/25/21 §		704,801		706,322
Reynolds Group Holdings 4.500% due 12/01/18 §		2,430,541		2,435,098
				3,141,420
Financials - 0.6%
First Data Corp Term C-1 3.696% due 03/23/18 §		1,000,000		992,891
Health Care - 2.6%
CHS/Community Health Systems Inc Term F 3.575% due 12/31/18 §		997,494		998,028
Fresenius US Finance I Inc Tranche B 2.326% due 08/07/19 §		980,000		982,450

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-29

A-5

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
Par Pharmaceutical Inc due 09/30/19 µ		$1,000,000		$1,000,625
PharMEDium Healthcare Corp (1st Lien) 4.250% due 01/28/21 §		705,417		698,657
Valeant Pharmaceuticals International Inc Series E-1 Tranche B 3.750% due 08/05/20 §		597,147		589,310
				4,269,070
Industrials - 2.1%
Gates Global LLC 4.250% due 07/06/21 §		491,259		467,464
HD Supply Inc 3.750% due 08/13/21 §		1,000,000		996,875
Husky Injection Molding Systems Ltd 4.250% due 06/30/21 §		737,695		730,710
Rexnord LLC Term B 4.000% due 08/21/20 §		493,703		490,529
Sensata Technologies BV (Netherlands) 3.000% due 10/14/21 §		411,526		411,640
Univar Inc 4.250% due 06/24/22 §		500,000		493,047
				3,590,265
Information Technology - 1.6%
Activision Blizzard 3.250% due 10/13/20 §		747,500		748,486
Avago Technologies Cayman Ltd 3.750% due 05/06/21 §		429,258		429,487
Freescale Semiconductor Inc Tranche B-4 4.250% due 02/28/20 §		997,462		997,381
Infor (US) Inc Tranche B-5 3.750% due 06/03/20 §		480,339		466,830
				2,642,184
Materials - 0.9%
BWay Intermediate Co Inc 5.500% due 08/14/20 §		740,625		739,005
FMG Resources Property Ltd (Australia) 3.750% due 06/30/19 §		961,335		790,698
				1,529,703
Total Senior Loan Notes (Cost $22,780,822)				22,561,875
MORTGAGE-BACKED SECURITIES - 0.3%
Collateralized Mortgage Obligations - Commercial - 0.3%
Hilton USA Trust 2.094% due 11/05/30 " § ~		246,366		245,854
Hyatt Hotel Portfolio Trust 2.307% due 11/15/29 " § ~		250,000		251,510
Total Mortgage-Backed Securities (Cost $496,366)				497,364

	Principal Amount		Value
ASSET-BACKED SECURITIES - 0.9%
Carlyle Global Market Strategies CLO Ltd (Cayman) 2.395% due 07/27/26 " § ~		$500,000		$498,563
Madison Park Funding VIII Ltd (Cayman) 2.495% due 04/22/22 " § ~		500,000		498,541
Race Point VI CLO Ltd (Cayman) 2.413% due 05/24/23 " § ~		500,000		497,471
Total Asset-Backed Securities (Cost $1,500,000)				1,494,575
U.S. TREASURY OBLIGATIONS - 2.8%
U.S. Treasury Notes - 2.8%
0.875% due 11/30/16		175,000		175,895
0.875% due 07/15/18		1,500,000		1,500,312
1.000% due 03/15/18		1,500,000		1,508,193
1.000% due 09/15/18		1,500,000		1,503,711
Total U.S. Treasury Obligations (Cost $4,679,019)				4,688,111
	Shares
SHORT-TERM INVESTMENT - 5.7%
Money Market Fund - 5.7%
BlackRock Liquidity Funds T-Fund Portfolio		9,541,484		9,541,484
Total Short-Term Investment (Cost $9,541,484)				9,541,484
TOTAL INVESTMENTS - 100.6% (Cost $168,930,119)				167,916,030
OTHER ASSETS & LIABILITIES, NET - (0.6%)				(1,038,870	)
NET ASSETS - 100.0%				$166,877,160

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	77.4%
Senior Loan Notes	13.5%
Short-Term Investment	5.7%
Other (each less than 3.0%)	4.0%
	100.6%
Other Assets & Liabilities, Net	(0.6%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$129,132,621		$—		$129,132,621		$—
	Senior Loan Notes		22,561,875		—		22,561,875		—
	Mortgage-Backed Securities		497,364		—		497,364		—
	Asset Backed Securities		1,494,575		—		1,494,575		—
	U.S. Treasury Obligations		4,688,111		—		4,688,111		—
	Short-Term Investment		9,541,484		9,541,484		—		—
	Total		$167,916,030		$9,541,484		$158,374,546		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-29

A-6

PACIFIC FUNDS

PACIFIC FUNDS^SM CORE INCOME

Schedule of Investments

September 30, 2015 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 62.7%
Consumer Discretionary - 7.7%
CCO Safari II LLC 4.908% due 07/23/25 ~		$4,550,000		$4,537,001
Cedar Fair LP 5.250% due 03/15/21		3,000,000		3,052,500
DIRECTV Holdings LLC 3.950% due 01/15/25		4,750,000		4,665,963
General Motors Co 5.200% due 04/01/45		2,500,000		2,355,943
6.250% due 10/02/43		1,150,000		1,219,892
GLP Capital LP 4.875% due 11/01/20		3,250,000		3,306,875
Lennar Corp 4.500% due 06/15/19		3,000,000		3,048,000
MDC Holdings Inc 6.000% due 01/15/43		2,500,000		2,037,500
MGM Resorts International 6.750% due 10/01/20		3,000,000		3,112,500
New Red Finance Inc (Canada) 4.625% due 01/15/22 ~		2,500,000		2,450,500
Pinnacle Entertainment Inc 6.375% due 08/01/21		1,500,000		1,594,995
Signet UK Finance PLC 4.700% due 06/15/24		3,000,000		3,036,042
Six Flags Entertainment Corp 5.250% due 01/15/21 ~		3,500,000		3,517,500
Standard Pacific Corp 6.250% due 12/15/21		2,500,000		2,681,250
Virgin Media Secured Finance PLC (United Kingdom) 5.375% due 04/15/21 ~		3,150,000		3,181,500
Wyndham Worldwide Corp
2.950% due 03/01/17		4,000,000		4,050,044
5.100% due 10/01/25		1,400,000		1,422,663
				49,270,668
Consumer Staples - 2.0%
Imperial Tobacco Group PLC 3.750% due 07/21/22 ~		3,300,000		3,336,501
Kraft Heinz Foods Co 5.200% due 07/15/45 ~		1,550,000		1,648,800
Reynolds Group Issuer Inc (New Zealand) 5.750% due 10/15/20		4,000,000		4,050,000
Walgreens Boots Alliance Inc 3.300% due 11/18/21		4,000,000		4,058,540
				13,093,841
Energy - 5.5%
Cimarex Energy Co 5.875% due 05/01/22		1,500,000		1,575,926
Columbia Pipeline Group Inc 4.500% due 06/01/25 ~		3,000,000		2,918,949
Energy Transfer Partners LP
4.050% due 03/15/25		3,850,000		3,393,571
4.750% due 01/15/26		2,500,000		2,305,740
Ensco PLC 5.200% due 03/15/25		3,250,000		2,478,697
Kinder Morgan Energy Partners LP 4.250% due 09/01/24		5,000,000		4,553,935
Kinder Morgan Inc 5.550% due 06/01/45		2,650,000		2,209,477
Korea National Oil Corp (South Korea) 3.125% due 04/03/17 ~		3,000,000		3,069,744
Linn Energy LLC 6.500% due 05/15/19		3,000,000		840,000
Petrobras Global Finance BV (Brazil)
4.375% due 05/20/23		2,000,000		1,310,000
5.375% due 01/27/21		2,000,000		1,464,400

	Principal Amount		Value
Targa Resources Partners LP 4.125% due 11/15/19 ~		$1,950,000		$1,759,875
The Williams Cos Inc
3.700% due 01/15/23		5,000,000		3,884,485
4.550% due 06/24/24		1,950,000		1,549,410
Transocean Inc 3.000% due 10/15/17		2,000,000		1,815,000
				35,129,209
Financials - 18.7%
AerCap Ireland Capital Ltd (Netherlands) 3.750% due 05/15/19		3,650,000		3,595,250
Ally Financial Inc 4.125% due 02/13/22		4,000,000		3,865,000
American Tower Corp REIT
4.000% due 06/01/25		2,300,000		2,249,540
5.000% due 02/15/24		2,000,000		2,105,654
Ares Capital Corp 4.875% due 11/30/18		5,250,000		5,428,369
Bank of America Corp
4.200% due 08/26/24		4,000,000		4,000,048
4.250% due 10/22/26		2,500,000		2,478,078
Bank of America NA 5.300% due 03/15/17		2,200,000		2,311,562
Carlyle Holdings Finance LLC 3.875% due 02/01/23 ~		3,000,000		3,078,111
CBL & Associates LP REIT
4.600% due 10/15/24		1,250,000		1,224,755
5.250% due 12/01/23		3,000,000		3,131,352
Citigroup Inc 4.400% due 06/10/25		4,000,000		4,032,488
Columbia Property Trust Operating Partnership LP REIT 4.150% due 04/01/25		4,500,000		4,453,758
Columbia Property Trust Operating Partnership LP REIT 5.875% due 04/01/18		750,000		813,056
Duke Realty LP REIT 4.375% due 06/15/22		5,250,000		5,496,551
Ford Motor Credit Co LLC 4.250% due 09/20/22		6,500,000		6,722,697
General Motors Financial Co Inc 4.375% due 09/25/21		4,000,000		4,084,460
HCP Inc REIT
3.400% due 02/01/25		2,650,000		2,487,913
4.000% due 06/01/25		1,000,000		984,623
JPMorgan Chase & Co 3.875% due 09/10/24		4,000,000		3,970,760
Kilroy Realty LP REIT 3.800% due 01/15/23		5,000,000		4,985,455
McGraw Hill Financial Inc 4.400% due 02/15/26 ~		5,200,000		5,290,017
Morgan Stanley
2.375% due 07/23/19		3,000,000		3,002,118
5.000% due 11/24/25		3,000,000		3,197,391
Neuberger Berman Group LLC 4.875% due 04/15/45 ~		1,550,000		1,426,107
Och-Ziff Finance Co LLC 4.500% due 11/20/19 ~		4,000,000		4,071,740
Piedmont Operating Partnership LP REIT 4.450% due 03/15/24		5,100,000		5,208,543
Prudential Financial Inc 5.200% due 03/15/44 §		2,500,000		2,465,625
Senior Housing Properties Trust REIT 4.750% due 05/01/24		3,000,000		3,013,752
Synchrony Financial 3.750% due 08/15/21		3,500,000		3,540,590
The Goldman Sachs Group Inc 2.550% due 10/23/19		6,000,000		6,048,708
TIAA Asset Management Finance Co LLC 4.125% due 11/01/24 ~		2,850,000		2,911,845

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-29

A-7

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
Ventas Realty LP REIT 3.500% due 02/01/25		$2,450,000		$2,373,357
WEA Finance LLC (Australia) 3.750% due 09/17/24 ~		3,000,000		2,959,746
Welltower Inc REIT 4.000% due 06/01/25		3,000,000		3,006,336
				120,015,355
Health Care - 3.4%
AbbVie Inc 3.600% due 05/14/25		1,700,000		1,682,495
Actavis Funding SCS 3.000% due 03/12/20		2,000,000		2,007,244
Biogen Inc 5.200% due 09/15/45		2,800,000		2,837,604
Gilead Sciences Inc 4.750% due 03/01/46		1,800,000		1,813,023
HCA Inc 6.500% due 02/15/20		3,500,000		3,823,750
Laboratory Corp of America Holdings 4.700% due 02/01/45		2,500,000		2,278,808
Valeant Pharmaceuticals International 6.375% due 10/15/20 ~		2,000,000		1,993,750
Valeant Pharmaceuticals International Inc 5.375% due 03/15/20 ~		1,425,000		1,388,484
Zimmer Biomet Holdings Inc 3.550% due 04/01/25		4,500,000		4,417,151
				22,242,309
Industrials - 12.5%
Air Canada Pass-Through Trust ‘A’ (Canada) 4.125% due 11/15/26 ~		5,106,522		5,146,353
Air Lease Corp
3.875% due 04/01/21		5,500,000		5,582,500
4.250% due 09/15/24		3,000,000		2,947,500
American Airlines Pass-Through Trust ‘AA’ 3.600% due 03/22/29		3,100,000		3,111,470
American Airlines Pass-Through Trust ‘B’
3.700% due 11/01/24		1,600,000		1,574,000
4.375% due 04/01/24		906,208		909,198
British Airways Pass-Through Trust ‘A’ (United Kingdom) 4.625% due 06/20/24 ~		2,840,268		2,978,731
British Airways Pass-Through Trust ‘B’ (United Kingdom) 5.625% due 12/20/21 ~		4,327,831		4,565,862
Continental Airlines Pass-Through Trust ‘A’ 4.000% due 04/29/26		3,226,507		3,269,742
Delta Air Lines Pass-Through Trust ‘A’
4.750% due 11/07/21		5,821,971		6,146,837
4.950% due 11/23/20		1,229,755		1,301,450
Delta Air Lines Pass-Through Trust ‘AA’ 3.625% due 01/30/29		600,000		605,250
Hawaiian Airlines Pass-Through Certificates ‘A’ 3.900% due 01/15/26		2,335,108		2,300,315
HD Supply Inc 5.250% due 12/15/21 ~		2,000,000		2,017,500
International Lease Finance Corp 7.125% due 09/01/18 ~		4,000,000		4,414,440
Latam Airlines Pass-Through Trust ‘A’ (Chile) 4.200% due 08/15/29 ~		4,000,000		3,860,000
Owens Corning
4.200% due 12/15/22		3,500,000		3,552,385
4.200% due 12/01/24		1,750,000		1,742,419
Penske Truck Leasing Co LP
3.375% due 02/01/22 ~		3,000,000		2,937,033
4.250% due 01/17/23 ~		3,500,000		3,575,684
The ADT Corp 6.250% due 10/15/21		3,500,000		3,626,875
United Airlines Pass-Through Trust ‘B’ 4.750% due 10/11/23		5,550,000		5,588,850

	Principal Amount		Value
United Rentals North America Inc 4.625% due 07/15/23		$2,800,000		$2,723,000
US Airways Pass-Through Trust ‘A’ 4.625% due 12/03/26		3,246,084		3,408,388
Virgin Australia Trust (Australia) 5.000% due 04/23/25 ~		2,356,912		2,453,074
				80,338,856
Information Technology - 1.9%
Arrow Electronics Inc 3.500% due 04/01/22		3,000,000		2,969,271
CommScope Inc 4.375% due 06/15/20 ~		1,200,000		1,194,000
Hewlett Packard Enterprise Co 4.900% due 10/15/25 ~		6,000,000		5,983,500
NetApp Inc 3.375% due 06/15/21		2,200,000		2,171,319
				12,318,090
Materials - 5.0%
ArcelorMittal (Ireland) 6.250% due 03/01/21		2,000,000		1,807,500
Ardagh Packaging Finance PLC (Ireland) 3.337% due 12/15/19 § ~		3,000,000		2,895,000
Fibria Overseas Finance Ltd (Brazil) 5.250% due 05/12/24		1,450,000		1,399,250
Freeport-McMoRan Inc 3.550% due 03/01/22		4,000,000		2,980,000
Glencore Funding LLC (Switzerland)
2.125% due 04/16/18 ~		2,400,000		2,065,224
4.125% due 05/30/23 ~		7,000,000		5,516,721
Novelis Inc 8.375% due 12/15/17		1,000,000		971,249
Reliance Steel & Aluminum Co 4.500% due 04/15/23		3,850,000		3,655,694
Samarco Mineracao SA (Brazil) 5.750% due 10/24/23 ~		3,000,000		2,557,500
Southern Copper Corp (Peru) 5.250% due 11/08/42		2,000,000		1,522,980
Tronox Finance LLC 6.375% due 08/15/20		3,500,000		2,240,000
Vale SA (Brazil) 5.625% due 09/11/42		2,000,000		1,400,940
Yamana Gold Inc (Canada) 4.950% due 07/15/24		3,600,000		3,223,469
				32,235,527
Telecommunication Services - 3.0%
AT&T Inc 4.750% due 05/15/46		2,400,000		2,208,878
CC Holdings GS V LLC 3.849% due 04/15/23		3,350,000		3,344,787
Frontier Communications Corp 8.875% due 09/15/20 ~		475,000		466,688
Hughes Satellite Systems Corp 6.500% due 06/15/19		3,120,000		3,361,644
Verizon Communications Inc
3.500% due 11/01/24		4,500,000		4,444,812
5.150% due 09/15/23		5,000,000		5,525,175
				19,351,984
Utilities - 3.0%
Calpine Corp 7.875% due 01/15/23 ~		2,000,000		2,150,000
Dynegy Inc 6.750% due 11/01/19		3,600,000		3,627,000
Exelon Corp 5.100% due 06/15/45		5,000,000		5,129,145
Jersey Central Power & Light Co 4.700% due 04/01/24 ~		4,500,000		4,719,326

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-29

A-8

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
NRG Energy Inc 6.625% due 03/15/23		$2,000,000		$1,850,000
Talen Energy Supply LLC 6.500% due 06/01/25 ~		2,000,000		1,722,500
				19,197,971
Total Corporate Bonds & Notes (Cost $416,536,694)				403,193,810
SENIOR LOAN NOTES - 19.8%
Consumer Discretionary - 7.9%
Caesars Entertainment Resort Properties LLC Term B 7.000% due 10/11/20 §		3,942,437		3,686,178
Cequel Communications LLC 3.500% due 02/14/19 §		2,984,160		2,965,497
Charter Communications Operating LLC Term H 3.250% due 08/24/21§		3,000,000		2,991,876
ClubCorp Club Operations Inc Term B 4.250% due 07/24/20 §		4,462,890		4,479,626
Dollar Tree Inc Term B-1 3.500% due 07/06/22 §		3,759,494		3,767,701
Federal-Mogul Corp Tranche C 4.750% due 04/15/21 §		1,960,000		1,869,350
Hilton Worldwide 3.500% due 10/25/20 §		2,155,748		2,156,647
Interactive Data Corp 4.750% due 05/02/21 §		1,728,125		1,726,829
Las Vegas Sands LLC Term B 3.250% due 12/19/20 §		3,930,000		3,910,896
Leonardo Acquisition Corp (1st Lien) 4.250% due 01/29/21 §		1,470,050		1,469,131
Michaels Stores Inc 4.000% due 01/28/20 §		4,461,203		4,467,226
New Red Finance Inc Term B-2 (Canada) 3.750% due 12/10/21 §		3,406,802		3,405,268
Petsmart Inc Tranche B-1 4.250% due 03/11/22 §		3,990,000		3,989,585
Seminole Tribe of Florida 3.000% due 04/29/20 §		2,925,363		2,925,959
Spin Holdco Inc (1st Lien) 4.250% due 11/14/19 §		3,453,863		3,408,099
The Brickman Group Ltd LLC (1st Lien) 4.000% due 12/18/20 §		1,984,886		1,961,729
The Goodyear Tire & Rubber Co (2nd Lien) 3.750% due 04/30/19 §		1,666,667		1,672,635
				50,854,232
Consumer Staples - 1.2%
Albertson’s LLC
Term B-2
5.375% due 03/21/19 §		1,949,183		1,952,062
Term B-4
5.500% due 08/25/21 §		992,677		994,820
BJ’s Wholesale Club Inc (1st Lien) 4.500% due 09/26/19 §		2,920,595		2,909,809
Smart & Final Inc (1st Lien) 4.000% due 11/15/19 §		1,662,246		1,658,090
				7,514,781
Financials - 1.9%
Amwins Group LLC (1st Lien) 5.250% due 09/06/19 §		2,939,636		2,953,176
First Data Corp
Term B
3.696% due 09/24/18 §		2,500,000		2,483,073
Term C-1
3.696% due 03/23/18 §		2,500,000		2,482,227

	Principal Amount		Value
HUB International Ltd 4.000% due 10/02/20 §		$2,945,150		$2,885,018
Realogy Corp Term B 3.750% due 03/05/20 §		1,462,697		1,462,690
				12,266,184
Health Care - 1.7%
CHS/Community Health Systems Inc Term H 4.000% due 01/27/21 §		4,987,500		4,997,889
Iasis Healthcare LLC Term B-2 4.500% due 05/03/18 §		2,977,041		2,983,864
Par Pharmaceutical Inc due 09/30/19 µ		2,500,000		2,501,562
Pharmaceutical Product Development Inc 4.250% due 08/18/22 §		249,375		247,790
				10,731,105
Industrials - 3.1%
AlixPartners LLP 4.500% due 07/15/22 §		1,500,000		1,500,234
Gates Global LLC 4.250% due 07/06/21 §		1,848,023		1,758,511
HD Supply Inc 3.750% due 08/13/21 §		1,500,000		1,495,312
Rexnord LLC Term B 4.000% due 08/21/20 §		4,914,811		4,883,214
Sensata Technologies BV (Netherlands) 3.000% due 10/14/21 §		1,226,265		1,226,602
Transdigm Inc
Tranche D
3.750% due 06/04/21 §		2,962,500		2,937,505
Tranche E
3.500% due 05/16/22 §		1,990,481		1,966,223
Univar Inc 4.250% due 06/24/22 §		4,000,000		3,944,376
				19,711,977
Information Technology - 0.5%
Avago Technologies Cayman Ltd 3.750% due 05/06/21 §		2,575,550		2,576,921
Freescale Semiconductor Inc Tranche B-4 4.250% due 02/28/20 §		997,462		997,381
				3,574,302
Materials - 2.1%
Ardagh Holdings USA Inc 4.000% due 12/17/19 §		2,977,330		2,970,631
BWay Intermediate Co Inc 5.500% due 08/14/20 §		2,962,500		2,956,021
FMG Resources Property Ltd (Australia) 3.750% due 06/30/19 §		4,366,673		3,591,588
Nexeo Solutions LLC Term B-3 5.000% due 09/08/17 §		994,937		953,895
Novelis Inc 4.000% due 06/02/22 §		2,992,500		2,959,146
				13,431,281
Telecommunication Services - 1.4%
Level 3 Financing Inc
Tranche B
4.000% due 01/15/20 §		2,500,000		2,497,187
Tranche B-III
4.000% due 08/01/19 §		2,500,000		2,500,000
Zayo Group LLC 3.750% due 05/06/21 §		3,974,916		3,957,029
				8,954,216
Total Senior Loan Notes (Cost $128,823,821)				127,038,078

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-29

A-9

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
MORTGAGE-BACKED SECURITIES - 0.5%
Collateralized Mortgage Obligations - Commercial - 0.5%
Hilton USA Trust 2.944% due 11/05/30 " § ~		$1,478,198		$1,476,729
Hyatt Hotel Portfolio Trust 2.307% due 11/15/29 " § ~		1,550,000		1,559,363
Total Mortgage-Backed Securities (Cost $3,028,197)				3,036,092
ASSET-BACKED SECURITIES - 1.3%
Carlyle Global Market Strategies CLO Ltd (Cayman) 2.395% due 07/27/26 " § ~		1,500,000		1,495,688
3.445% due 07/27/26 " § ~		1,500,000		1,486,751
Madison Park Funding VIII Ltd (Cayman) 2.495% due 04/22/22 " § ~		2,500,000		2,492,707
Race Point VI CLO Ltd (Cayman) 2.413% due 05/24/23 " § ~		1,500,000		1,492,412
3.439% due 05/24/23 " § ~		1,500,000		1,504,105
Total Asset-Backed Securities (Cost $8,488,750)				8,471,663
U.S. GOVERNMENT AGENCY ISSUES - 0.8%
Fannie Mae 1.875% due 09/18/18		5,000,000		5,132,445
Total U.S. Government Agency Issues (Cost $5,053,047)				5,132,445
U.S. TREASURY OBLIGATIONS - 8.4%
U.S. Treasury Bonds - 0.9%
2.875% due 08/15/45		6,000,000		6,001,872
U.S. Treasury Notes - 7.5%
0.625% due 10/15/16		4,500,000		4,510,751
0.625% due 02/15/17		3,000,000		3,006,231
0.750% due 03/15/17		4,500,000		4,516,200
1.250% due 01/31/19		4,500,000		4,530,969
1.375% due 07/31/18		4,500,000		4,561,700
1.375% due 09/30/18		4,000,000		4,053,048
1.500% due 10/31/19		4,000,000		4,045,600
2.000% due 10/31/21		4,000,000		4,084,480
2.125% due 09/30/21		3,000,000		3,087,813
2.125% due 12/31/21		4,000,000		4,109,296
2.250% due 11/15/24		4,500,000		4,586,688
2.375% due 08/15/24		3,000,000		3,091,425
				48,184,201
Total U.S. Treasury Obligations (Cost $53,954,524)				54,186,073

	Principal Amount		Value
FOREIGN GOVERNMENT BONDS & NOTES - 2.4%
Chile Government (Chile) 2.250% due 10/30/22		$4,000,000		$3,850,000
Mexico Government (Mexico)
3.500% due 01/21/21		2,000,000		2,040,000
3.625% due 03/15/22		2,000,000		2,023,000
Province of Ontario (Canada) 1.650% due 09/27/19		3,000,000		3,000,777
Republic of Korea (South Korea) 3.875% due 09/11/23		4,000,000		4,369,400
Total Foreign Government Bonds & Notes (Cost $14,727,992)				15,283,177
	Shares
SHORT-TERM INVESTMENT - 4.0%
Money Market Fund - 4.0%
BlackRock Liquidity Funds T-Fund Portfolio		25,805,853		25,805,853
Total Short-Term Investment (Cost $25,805,853)				25,805,853
TOTAL INVESTMENTS - 99.9% (Cost $656,418,878)				642,147,191
OTHER ASSETS & LIABILITIES, NET - 0.1%				466,542
NET ASSETS - 100.0%				$642,613,733

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	62.7%
Senior Loan Notes	19.8%
U.S. Treasury Obligations	8.4%
Short-Term Investment	4.0%
Other (each less than 3.0%)	5.0%
	99.9%
Other Assets & Liabilities, Net	0.1%
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-29

A-10

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

September 30, 2015 (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 (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$403,193,810		$—		$403,193,810		$—
	Senior Loan Notes		127,038,078		—		127,038,078		—
	Mortgage-Backed Securities		3,036,092		—		3,036,092		—
	Asset-Backed Securities		8,471,663		—		8,471,663		—
	U.S. Government Agency Issues		5,132,445		—		5,132,445		—
	U.S. Treasury Obligations		54,186,073		—		54,186,073		—
	Foreign Government Bonds & Notes		15,283,177		—		15,283,177		—
	Short-Term Investment		25,805,853		25,805,853		—		—
	Total		$642,147,191		$25,805,853		$616,341,338		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-29

A-11

PACIFIC FUNDS

PACIFIC FUNDS^SM STRATEGIC INCOME

Schedule of Investments

September 30, 2015 (Unaudited)

	Shares		Value
COMMON STOCKS - 2.5%
Consumer Discretionary - 1.2%
Cedar Fair LP		7,400		$389,314
Las Vegas Sands Corp		6,365		241,679
Lennar Corp ‘A’		8,495		408,864
MGM Resorts International *		21,760		401,472
Mohawk Industries Inc *		2,600		472,654
Six Flags Entertainment Corp		9,167		419,665
Standard Pacific Corp *		50,570		404,560
				2,738,208
Energy - 0.2%
Kinder Morgan Inc		7,210		199,573
Sunoco LP		8,860		299,911
				499,484
Financials - 0.1%
Bank of America Corp		16,130		251,305
				251,305
Industrials - 0.5%
Air Lease Corp		13,770		425,768
The Boeing Co		2,695		352,910
United Rentals Inc *		6,700		402,335
				1,181,013
Materials - 0.4%
Freeport-McMoRan Inc		8,100		78,489
Louisiana-Pacific Corp *		23,800		338,912
Reliance Steel & Aluminum Co		7,540		407,235
				824,636
Utilities - 0.1%
NRG Energy Inc		17,400		258,390
Total Common Stocks (Cost $6,239,416)				5,753,036
CLOSED-END MUTUAL FUNDS - 1.4%
Eaton Vance Senior Income Trust		158,421		929,931
First Trust Senior Floating Rate Income Fund II		53,883		677,848
Invesco Senior Income Trust		205,430		858,697
Voya Prime Rate Trust		173,494		877,880
				3,344,356
Total Closed-End Mutual Funds (Cost $3,710,392)				3,344,356
	Principal Amount
CORPORATE BONDS & NOTES - 76.9%
Consumer Discretionary - 12.9%
24 Hour Holdings III LLC 8.000% due 06/01/22 ~		$400,000		310,000
99 Cents Only Stores LLC 11.000% due 12/15/19		500,000		300,000
Beazer Homes USA Inc
5.750% due 06/15/19		1,040,000		980,200
7.250% due 02/01/23		400,000		369,000
7.500% due 09/15/21		650,000		625,625
Boyd Gaming Corp 6.875% due 05/15/23		750,000		765,000
Caesars Entertainment Operating Co Inc
9.000% due 02/15/20 * W		250,000		206,250
11.250% due 06/01/17 * W		100,000		80,500

	Principal Amount		Value
Caesars Entertainment Resort Properties LLC
8.000% due 10/01/20		$ 600,000		$ 573,000
11.000% due 10/01/21		100,000		91,250
Caesars Growth Properties Holdings LLC 9.375% due 05/01/22		800,000		630,000
Carrols Restaurant Group Inc 8.000% due 05/01/22		750,000		793,125
CCO Safari II LLC 3.579% due 07/23/20 ~		1,800,000		1,788,431
CEC Entertainment Inc 8.000% due 02/15/22		500,000		495,000
Cedar Fair LP 5.250% due 03/15/21		1,050,000		1,068,375
DISH DBS Corp 5.875% due 07/15/22		1,151,000		1,018,635
Greektown Holdings LLC 8.875% due 03/15/19 ~		400,000		412,000
iHeartCommunications Inc 10.000% due 01/15/18		100,000		53,375
Jo-Ann Stores Inc 8.125% due 03/15/19 ~		1,500,000		1,395,000
Landry’s Holdings II Inc 10.250% due 01/01/18 ~		250,000		256,875
Landry’s Inc 9.375% due 05/01/20 ~		100,000		107,125
Lennar Corp 4.750% due 11/15/22		1,000,000		975,800
Live Nation Entertainment Inc 5.375% due 06/15/22 ~		750,000		738,750
Marriott International Inc 2.875% due 03/01/21		2,000,000		2,011,186
MGM Resorts International
6.750% due 10/01/20		1,150,000		1,193,125
7.750% due 03/15/22		500,000		534,375
Mohawk Industries Inc 3.850% due 02/01/23		480,000		487,818
Neiman Marcus Group Ltd LLC
8.000% due 10/15/21 ~		400,000		414,000
8.750% PIK due 10/15/21 ~		900,000		931,500
Neptune Finco Corp (Netherlands)
6.625% due 10/15/25 ~		200,000		201,500
10.125% due 01/15/23 ~		400,000		404,500
10.875% due 10/15/25 ~		400,000		405,000
New Red Finance Inc (Canada) 4.625% due 01/15/22 ~		1,150,000		1,127,230
NPC International Inc 10.500% due 01/15/20		400,000		418,000
Party City Holdings Inc 6.125% due 08/15/23 ~		850,000		860,625
Penn National Gaming Inc 5.875% due 11/01/21		450,000		456,188
Signet UK Finance PLC 4.700% due 06/15/24		1,150,000		1,163,816
Six Flags Entertainment Corp 5.250% due 01/15/21 ~		1,750,000		1,758,750
Standard Pacific Corp
6.250% due 12/15/21		415,000		445,088
8.375% due 01/15/21		500,000		590,000
The Ryland Group Inc 6.625% due 05/01/20		750,000		819,375
Wyndham Worldwide Corp 3.900% due 03/01/23		350,000		337,307
5.625% due 03/01/21		1,250,000		1,361,680
				29,954,379
Consumer Staples - 4.2%
Albertson’s Holdings LLC 7.750% due 10/15/22 ~		142,000		152,693
Beverages & More Inc 10.000% due 11/15/18 ~		550,000		530,062
CVS Health Corp 3.500% due 07/20/22		1,000,000		1,033,556

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-29

A-12

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
JBS Investments GmbH (Brazil) 7.750% due 10/28/20 ~		$700,000		$721,000
JBS USA LLC (Brazil)
5.750% due 06/15/25 ~		500,000		460,000
7.250% due 06/01/21 ~		250,000		260,625
Reynolds American Inc (New Zealand) 4.450% due 06/12/25		1,500,000		1,573,200
Reynolds Group Issuer Inc (New Zealand)
5.750% due 10/15/20		1,000,000		1,012,500
8.250% due 02/15/21		2,469,000		2,475,173
9.875% due 08/15/19		209,000		216,707
Rite Aid Corp 6.750% due 06/15/21		1,250,000		1,284,375
				9,719,891
Energy - 7.2%
Crestwood Midstream Partners LP
6.000% due 12/15/20		750,000		676,875
6.125% due 03/01/22		250,000		217,675
Energy Transfer Partners LP
4.050% due 03/15/25		1,200,000		1,057,736
4.750% due 01/15/26		500,000		461,148
Ensco PLC 5.200% due 03/15/25		1,000,000		762,676
Hiland Partners LP
5.500% due 05/15/22 ~		50,000		48,969
7.250% due 10/01/20 ~		550,000		580,938
Kinder Morgan Energy Partners LP 4.250% due 09/01/24		1,750,000		1,593,877
Linn Energy LLC
6.500% due 05/15/19		750,000		210,000
6.500% due 09/15/21		200,000		42,500
MarkWest Energy Partners LP 4.875% due 06/01/25		750,000		691,725
MEG Energy Corp (Canada) 6.500% due 03/15/21 ~		1,250,000		1,031,250
Noble Holding International Ltd 6.950% due 04/01/45		1,250,000		866,931
Petrobras Global Finance BV (Brazil)
4.875% due 03/17/20		500,000		367,500
5.375% due 01/27/21		500,000		366,100
Sabine Pass Liquefaction LLC
5.625% due 02/01/21		1,500,000		1,398,750
5.625% due 03/01/25 ~		1,075,000		950,031
Sabine Pass LNG LP 6.500% due 11/01/20		150,000		145,875
Sanchez Energy Corp
6.125% due 01/15/23		150,000		101,250
7.750% due 06/15/21		500,000		372,500
Seadrill Ltd (Norway) 6.125% due 09/15/17 ~		550,000		429,000
Summit Midstream Holdings LLC 5.500% due 08/15/22		750,000		648,750
Sunoco Finance Corp 5.500% due 08/01/20 ~		575,000		569,250
The Williams Cos Inc
3.700% due 01/15/23		2,250,000		1,748,018
4.550% due 06/24/24		1,650,000		1,311,039
				16,650,363
Financials - 15.9%
AerCap Ireland Capital Ltd (Netherlands) 5.000% due 10/01/21		250,000		255,625
American Tower Corp REIT 4.700% due 03/15/22		860,000		905,628
Ares Capital Corp 4.875% due 11/30/18		800,000		827,180
Bank of America Corp 4.200% due 08/26/24		1,000,000		1,000,012

	Principal Amount		Value
CBL & Associates LP REIT 4.600% due 10/15/24		$1,500,000		$1,469,706
Citigroup Inc 4.400% due 06/10/25		1,500,000		1,512,183
Columbia Property Trust Operating Partnership LP REIT 4.150% due 04/01/25		850,000		841,265
E*TRADE Financial Corp 5.375% due 11/15/22		1,150,000		1,221,875
ESH Hospitality Inc REIT 5.250% due 05/01/25 ~		800,000		790,000
First Data Corp
5.375% due 08/15/23 ~		900,000		893,250
11.750% due 08/15/21		1,000,000		1,112,500
General Motors Financial Co Inc
3.200% due 07/13/20		550,000		543,911
4.375% due 09/25/21		1,500,000		1,531,672
HCP Inc REIT
3.400% due 02/01/25		1,350,000		1,267,427
4.000% due 06/01/25		1,000,000		984,623
Host Hotels & Resorts LP REIT
3.750% due 10/15/23		1,000,000		980,818
4.750% due 03/01/23		750,000		790,505
Jefferies Finance LLC
6.875% due 04/15/22 ~		500,000		457,500
7.375% due 04/01/20 ~		750,000		726,600
7.500% due 04/15/21 ~		500,000		469,375
JPMorgan Chase & Co
3.875% due 09/10/24		2,100,000		2,084,649
4.250% due 10/01/27		1,000,000		998,721
Kilroy Realty LP REIT 4.375% due 10/01/25		1,400,000		1,416,101
McGraw Hill Financial Inc 3.300% due 08/14/20 ~		1,950,000		1,986,428
Morgan Stanley
3.950% due 04/23/27		2,000,000		1,931,494
5.000% due 11/24/25		1,000,000		1,065,797
Och-Ziff Finance Co LLC 4.500% due 11/20/19 ~		1,500,000		1,526,902
Ocwen Financial Corp 7.125% due 05/15/19 ~		450,000		405,000
Outfront Media Capital LLC
5.250% due 02/15/22		1,300,000		1,301,625
5.875% due 03/15/25		300,000		306,375
Senior Housing Properties Trust REIT
4.750% due 05/01/24		500,000		502,292
6.750% due 04/15/20		1,000,000		1,125,299
6.750% due 12/15/21		250,000		286,820
Synchrony Financial 4.500% due 07/23/25		1,500,000		1,515,276
The Howard Hughes Corp 6.875% due 10/01/21 ~		1,750,000		1,786,575
				36,821,009
Health Care - 3.9%
Alere Inc 6.375% due 07/01/23 ~		825,000		839,438
CHS/Community Health Systems Inc
6.875% due 02/01/22		900,000		921,339
7.125% due 07/15/20		400,000		417,000
8.000% due 11/15/19		250,000		260,781
Hill-Rom Holdings Inc 5.750% due 09/01/23 ~		150,000		151,125
Jaguar Holding Co II 6.375% due 08/01/23 ~		425,000		414,375
Prospect Medical Holdings Inc 8.375% due 05/01/19 ~		500,000		523,750
Quintiles Transnational Corp 4.875% due 05/15/23 ~		750,000		744,375

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-29

A-13

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
Surgical Care Affiliates Inc 6.000% due 04/01/23 ~		$825,000		$820,875
Tenet Healthcare Corp
5.000% due 03/01/19		250,000		242,812
6.750% due 06/15/23		900,000		895,500
8.125% due 04/01/22		400,000		426,160
Valeant Pharmaceuticals International Inc
5.375% due 03/15/20 ~		750,000		730,781
5.500% due 03/01/23 ~		1,600,000		1,520,000
6.125% due 04/15/25 ~		50,000		48,020
				8,956,331
Industrials - 13.4%
AAF Holdings LLC 12.000% PIK due 07/01/19 ~		505,763		500,705
Ahern Rentals Inc 7.375% due 05/15/23 ~		1,000,000		875,000
Air Canada Pass-Through Trust ‘B’ (Canada) 3.875% due 03/15/23 ~		1,050,000		1,017,188
Air Canada Pass-Through Trust ‘C’ (Canada) 5.000% due 03/15/20 ~		750,000		729,375
Air Lease Corp
3.750% due 02/01/22		1,750,000		1,743,395
4.250% due 09/15/24		1,000,000		982,500
Avation Capital SA (United Kingdom) 7.500% due 05/27/20 ~		500,000		485,000
British Airways Pass-Through Trust ‘B’ (United Kingdom) 5.625% due 06/20/20 ~		1,290,027		1,360,978
Fortune Brands Home & Security Inc 4.000% due 06/15/25		2,000,000		2,020,038
HD Supply Inc
7.500% due 07/15/20		2,000,000		2,090,000
11.500% due 07/15/20		1,500,000		1,702,500
International Lease Finance Corp (Netherlands) 6.250% due 05/15/19		1,950,000		2,081,625
Modular Space Corp 10.250% due 01/31/19 ~		550,000		385,000
Nortek Inc 8.500% due 04/15/21		1,495,000		1,577,225
Owens Corning
4.200% due 12/15/22		500,000		507,483
4.200% due 12/01/24		1,350,000		1,344,152
9.000% due 06/15/19		116,000		138,052
Penske Truck Leasing Co LP 3.200% due 07/15/20 ~		1,500,000		1,512,626
Roofing Supply Group LLC 10.000% due 06/01/20 ~		250,000		268,750
StandardAero Aviation Holdings Inc 10.000% due 07/15/23 ~		525,000		522,375
The ADT Corp 6.250% due 10/15/21		2,050,000		2,124,313
TMS International Corp 7.625% due 10/15/21 ~		450,000		420,750
TransDigm Inc 5.500% due 10/15/20		1,250,000		1,197,656
United Airlines Pass-Through Trust ‘B’
4.625% due 09/03/22		500,000		505,750
4.750% due 04/11/22		150,000		151,050
United Rentals North America Inc
4.625% due 07/15/23		1,750,000		1,701,875
5.500% due 07/15/25		100,000		93,875
Univar Inc 6.750% due 07/15/23 ~		800,000		746,000
USG Corp 5.875% due 11/01/21 ~		1,250,000		1,303,125
ZF North America Capital Inc (Germany) 4.500% due 04/29/22 ~		850,000		806,438
				30,894,799

	Principal Amount		Value
Information Technology - 1.8%
Audatex North America Inc 6.125% due 11/01/23 ~		$ 1,100,000		$ 1,109,625
Blackboard Inc 7.750% due 11/15/19 ~		575,000		485,875
Commscope Technologies Finance LLC 6.000% due 06/15/25 ~		625,000		601,175
Infor Software Parent LLC 7.125% PIK due 05/01/21 ~		800,000		707,000
Infor US Inc 6.500% due 05/15/22 ~		250,000		230,000
NXP BV (Netherlands) 3.750% due 06/01/18 ~		1,000,000		1,005,000
				4,138,675
Materials - 13.1%
AK Steel Corp
7.625% due 05/15/20		1,300,000		711,750
8.375% due 04/01/22		400,000		203,889
ArcelorMittal (Luxembourg)
5.125% due 06/01/20		600,000		544,560
7.750% due 10/15/39		250,000		205,000
10.600% due 06/01/19		500,000		541,875
Ardagh Finance Holdings SA (Luxembourg) 8.625% PIK due 06/15/19 ~		1,262,202		1,296,912
Ardagh Packaging Finance PLC (Luxembourg)
6.250% due 01/31/19 ~		1,000,000		1,000,000
6.750% due 01/31/21 ~		1,000,000		1,007,500
7.000% due 11/15/20 ~		167,647		168,485
Berry Plastics Corp
5.125% due 07/15/23		1,550,000		1,468,625
6.000% due 10/15/22 # ~		275,000		277,063
Beverage Packaging Holdings Luxembourg II SA (New Zealand) 6.000% due 06/15/17 ~		1,100,000		1,080,750
BWAY Holding Co 9.125% due 08/15/21 ~		1,650,000		1,600,500
Constellium NV (Netherlands) 8.000% due 01/15/23 ~		500,000		445,000
Coveris Holdings SA (Luxembourg) 7.875% due 11/01/19 ~		1,250,000		1,190,625
Fibria Overseas Finance Ltd (Brazil) 5.250% due 05/12/24		500,000		482,500
FMG Resources Property Ltd (Australia) 8.250% due 11/01/19 ~		1,000,000		806,250
Freeport-McMoRan Inc 3.550% due 03/01/22		500,000		372,500
4.000% due 11/14/21		1,000,000		785,000
Glencore Finance Canada Ltd (Switzerland) 4.250% due 10/25/22 ~		2,150,000		1,698,270
Glencore Funding LLC (Switzerland) 4.125% due 05/30/23 ~		1,750,000		1,379,180
Hexion Inc 6.625% due 04/15/20		750,000		641,250
INEOS Group Holdings SA (Switzerland) 6.125% due 08/15/18 ~		750,000		709,688
Mustang Merger Corp 8.500% due 08/15/21 ~		500,000		521,250
Novelis Inc 8.375% due 12/15/17		1,000,000		971,250
8.750% due 12/15/20		2,764,000		2,674,723
Owens-Brockway Glass Container Inc 5.875% due 08/15/23 ~		850,000		858,500
Samarco Mineracao SA (Brazil) 5.750% due 10/24/23 ~		500,000		426,250
Sappi Papier Holding GmbH (South Africa) 7.750% due 07/15/17 ~		400,000		422,000

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-29

A-14

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
Sealed Air Corp
4.875% due 12/01/22 ~		$ 1,250,000		$ 1,240,625
5.125% due 12/01/24 ~		100,000		98,250
5.500% due 09/15/25 ~		550,000		559,625
Southern Copper Corp (Peru) 5.875% due 04/23/45		1,400,000		1,138,396
Tronox Finance LLC 6.375% due 08/15/20		1,300,000		832,000
Wise Metals Group LLC (Netherlands) 8.750% due 12/15/18 ~		1,100,000		1,061,500
Wise Metals Intermediate Holdings LLC (Netherlands) 9.750% due 06/15/19 ~		400,000		386,500
Yamana Gold Inc (Canada) 4.950% due 07/15/24		650,000		582,015
				30,390,056
Telecommunication Services - 3.3%
Digicel Group Ltd (Jamaica) 8.250% due 09/30/20 ~		750,000		697,500
Frontier Communications Corp
8.875% due 09/15/20 ~		350,000		343,875
10.500% due 09/15/22 ~		300,000		292,500
11.000% due 09/15/25 ~		300,000		291,000
Hughes Satellite Systems Corp 7.625% due 06/15/21		1,250,000		1,343,750
Intelsat Jackson Holdings SA (United Kingdom) 6.625% due 12/15/22		250,000		196,250
7.250% due 10/15/20		500,000		460,625
Intelsat Luxembourg SA (United Kingdom) 7.750% due 06/01/21		1,600,000		1,046,000
Sprint Communications Inc
6.000% due 11/15/22		350,000		264,250
7.000% due 08/15/20		500,000		418,750
Sprint Corp (Japan)
7.250% due 09/15/21		2,150,000		1,765,688
7.625% due 02/15/25		700,000		543,813
				7,664,001
Utilities - 1.2%
Dynegy Inc
6.750% due 11/01/19		500,000		503,750
7.625% due 11/01/24		800,000		812,000
GenOn Energy Inc 9.875% due 10/15/20		750,000		701,250
Talen Energy Supply LLC 6.500% due 06/01/25 ~		800,000		689,000
				2,706,000
Total Corporate Bonds & Notes (Cost $190,004,296)				177,895,504
SENIOR LOAN NOTES - 16.1%
Consumer Discretionary - 6.7%
Caesars Entertainment Resort Properties LLC Term B 7.000% due 10/11/20 §		1,240,530		1,159,896
CDS US Intermediate Holdings Inc (2nd Lien) 9.250% due 07/10/23 §		250,000		247,083
CEC Entertainment Inc Term B 4.000% due 02/12/21 §		992,469		966,830
Cequel Communications Inc due 02/14/19 µ		1,500,000		1,490,619
Cirque Du Soleil (1st Lien) 5.000% due 07/08/22 §		500,000		501,831
iHeartCommunications Inc Tranche D 6.944% due 01/30/19 §		500,000		416,250
Las Vegas Sands LLC Term B 3.250% due 12/19/20 §		1,735,534		1,727,098

	Principal Amount		Value
New Red Finance Inc Term B-2 3.750% due 12/10/21 §	$	1,994,964		$ 1,994,067
Petsmart Inc Tranche B-1 due 03/11/22 µ		2,000,000		1,999,792
Spin Holdco Inc (1st Lien) 4.250% due 11/14/19 §		983,806		970,771
The Brickman Group Ltd LLC
(1st Lien)
4.000% due 12/18/20 §		748,101		739,373
(2nd Lien)
7.500% due 12/17/21 §		750,000		729,375
The Neiman Marcus Group Inc 4.250% due 10/25/20 §		988,709		969,890
The Servicemaster Co LLC 4.250% due 07/01/21 §		1,490,611		1,493,538
				15,406,413
Consumer Staples - 0.7%
Albertson’s LLC
Term B-2
5.375% due 03/21/19 §		343,973		344,481
Term B-4
5.500% due 08/25/21 §		496,338		497,410
New Albertson’s Inc Term B 4.750% due 06/30/21 §		247,500		247,469
Reddy Ice Corp Term B (1st Lien) 6.750% due 05/01/19 §		587,462		492,489
				1,581,849
Energy - 0.0%
American Energy - Marcellus LLC (2nd Lien) 8.500% due 08/04/21 §		750,000		98,750
Financials - 0.2%
ROC Finance LLC Term B 5.000% due 06/20/19 §		491,228		468,509
Health Care - 1.6%
CHS/Community Health Systems Inc Term H 4.000% due 01/27/21 §		997,500		999,578
Par Pharmaceutical Cos Inc Term B-3 due 09/30/19 µ		1,500,000		1,500,938
PharMEDium Healthcare Corp (1st Lien) 4.250% due 01/28/21 §		470,278		465,771
Surgery Center Holdings Inc
(1st Lien)
5.250% due 11/03/20 §		496,250		496,870
(2nd Lien)
8.500% due 11/03/21 §		250,000		252,656
				3,715,813
Industrials - 2.9%
Gates Global LLC 4.250% due 07/06/21 §		990,000		942,047
GYP Holdings III Corp (1st Lien) 4.750% due 04/01/21 §		1,235,612		1,209,356
Husky Injection Molding Systems Ltd 4.250% due 06/30/21 §		1,241,797		1,230,039
Ply Gem Industries Inc due 02/01/21 µ		1,468,805		1,457,605
Univar USA 4.250% due 06/24/22 §		2,000,000		1,972,188
				6,811,235

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-29

A-15

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
Information Technology - 1.4%
Activision Blizzard 3.250% due 10/13/20 §		$ 814,753		$ 815,828
Avago Technologies Cayman Ltd 3.750% due 05/06/21 §		858,517		858,974
Freescale Semiconductor Inc Tranche B-4 4.250% due 02/28/20 §		1,496,193		1,496,072
				3,170,874
Materials - 1.7%
Berry Plastics Corp Term D due 02/08/20 µ		1,500,000		1,490,000
BWay Intermediate Co Inc 5.500% due 08/14/20 §		987,500		985,340
FMG Resources Property Ltd (Australia) 3.750% due 06/30/19 §		1,229,317		1,011,113
Novelis Inc due 06/02/22 µ		500,000		494,427
				3,980,880
Telecommunication Services - 0.9%
Zayo Group LLC due 05/06/21 µ		2,000,000		1,991,000
Total Senior Loan Notes (Cost $38,544,423)				37,225,323
MORTGAGE-BACKED SECURITIES - 0.1%
Collateralized Mortgage Obligations - Commercial - 0.1%
Hilton USA Trust 2.955% due 11/05/30 " § ~		246,366		246,121
Total Mortgage-Backed Securities (Cost $246,366)				246,121

	Principal Amount		Value
ASSET-BACKED SECURITIES - 0.7%
Carlyle Global Market Strategies CLO Ltd (Cayman) 3.445% due 07/27/26 " §		$ 750,000		$ 743,376
Race Point VI CLO Ltd (Cayman) 3.439% due 05/24/23 " §		750,000		752,053
				1,495,429
Total Asset-Backed Securities (Cost $1,494,375)				1,495,429
	Shares
SHORT-TERM INVESTMENT - 5.2%
Money Market Fund - 5.2%
BlackRock Liquidity Funds T-Fund Portfolio		12,116,577		12,116,577
Total Short-Term Investment (Cost $12,116,577)				12,116,577
TOTAL INVESTMENTS - 102.9% (Cost $252,355,845)				238,076,346
OTHER ASSETS & LIABILITIES, NET - (2.9%)				(6,728,984	)
NET ASSETS - 100.0%				$231,347,362

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	76.9%
Senior Loan Notes	16.1%
Short-Term Investment	5.2%
Others (each less than 3.0%)	4.7%
	102.9%
Other Assets & Liabilities, Net	(2.9%	)
	100.0%

(b) Investments with a total aggregate value of $286,750 or 0.1% of the fund’s net assets were in default as of September 30, 2015.

(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 (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks (1)		$5,753,036		$5,753,036		$—		$—
	Closed-End Mutual Funds		3,344,356		3,344,356		—		—
	Corporate Bonds & Notes		177,895,504		—		177,895,504		—
	Senior Loan Notes		37,225,323		—		37,225,323		—
	Mortgage-Backed Securities		246,121		—		246,121		—
	Asset-Backed Securities		1,495,429		—		1,495,429		—
	Short-Term Investment		12,116,577		12,116,577		—		—
	Total		$238,076,346		$21,213,969		$216,862,377		$—

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-29

A-16

PACIFIC FUNDS

PACIFIC FUNDS^SM FLOATING RATE INCOME

Schedule of Investments

September 30, 2015 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 1.4%
Consumer Discretionary - 0.5%
Altice US Finance I Corp 5.375% due 07/15/23 ~		$1,075,000		$1,034,688
NPC International Inc 10.500% due 01/15/20		2,350,000		2,455,750
				3,490,438
Consumer Staples - 0.3%
Reynolds Group Issuer Inc (New Zealand) 5.750% due 10/15/20		2,000,000		2,022,500
Health Care - 0.1%
Tenet Healthcare Corp 3.837% due 06/15/20 § ~		1,200,000		1,194,000
Industrials - 0.5%
HD Supply Inc 5.250% due 12/15/21~		3,000,000		3,026,250
United Rentals North America Inc 4.625% due 07/15/23		725,000		705,063
				3,731,313
Total Corporate Bonds & Notes (Cost $10,464,995)				10,438,251
SENIOR LOAN NOTES - 95.5%
Consumer Discretionary - 27.0%
24 Hour Fitness Worldwide 4.750% due 05/28/21 §		4,443,750		4,199,344
Affinia Group Inc Tranche B-2 5.063% due 04/27/20 §		5,737,068		5,756,792
Caesars Entertainment Resort Properties LLC Term B 7.000% due 10/11/20 §		14,677,502		13,723,464
Caesars Growth Properties Holdings LLC Term B (1st Lien) 6.250% due 05/08/21 §		4,443,750		3,910,500
CEC Entertainment Inc Term B 4.000% due 02/12/21 §		12,151,970		11,838,048
Cequel Communications LLC due 02/28/19 µ		2,000,000		1,987,492
Charter Communications Operating LLC
Term H
3.250% due 08/24/21 §		1,000,000		997,292
Term I
3.500% due 01/23/23 §		2,000,000		1,990,782
ClubCorp Club Operations Inc Term B 4.250% due 07/24/20 §		15,591,636		15,650,104
CS Intermediate Holdco 2 LLC 4.000% due 04/04/21 §		2,962,500		2,949,169
Dollar Tree Inc Term B-1
3.500% due 07/06/22 §		3,341,772		3,349,067
Term B-2
4.250% due 07/06/22 §		5,000,000		5,010,575
Federal-Mogul Corp Tranche C 4.750% due 04/15/21 §		7,365,000		7,024,369
Interactive Data Corp 4.750% due 05/02/21 §		4,177,026		4,173,893
Jo-Ann Stores Inc Term B 4.000% due 03/16/18 §		9,589,550		9,475,598
Leonardo Acquisition Corp (1st Lien) 4.250% due 01/29/21 §		8,020,742		8,015,729
Leslie’s Poolmart Inc Tranche B 4.250% due 10/16/19 §		10,961,455		10,742,226

	Principal Amount		Value
Michaels Stores Inc 4.000% due 01/28/20 §		$1,187,688		$1,189,292
New Red Finance Inc Term B-2 (Canada) 3.750% due 12/10/21 §		7,949,204		7,945,626
Nine West Holdings Inc
4.750% due 10/08/19 §		4,121,100		3,441,119
6.250% due 01/08/20 §		1,250,000		714,063
NPC International Inc 4.000% due 12/28/18 §		1,484,615		1,474,100
Party City Holdings Inc 4.250% due 08/06/22 §		2,000,000		2,000,834
Petsmart Inc Tranche B-1 4.250% due 03/11/22 §		7,481,250		7,480,472
Playa Resorts Holding BV (Netherlands) 4.000% due 08/09/19 §		9,318,606		9,295,309
Scientific Games Term B-2 6.000% due 10/01/21 §		1,488,750		1,473,304
Spin Holdco Inc (1st Lien) 4.250% due 11/14/19 §		11,763,618		11,607,750
The Brickman Group Ltd LLC
(1st Lien)
4.000% due 12/18/20 §		6,418,545		6,343,660
(2nd Lien)
7.500% due 12/17/21 §		8,333,333		8,104,167
The Men’s Wearhouse Inc Tranche B-1 5.000% due 06/18/21 §		2,000,000		2,005,000
The Neiman Marcus Group Inc 4.250% due 10/25/20 §		16,706,831		16,388,833
The Servicemaster Co LLC 4.250% due 07/01/21 §		10,907,450		10,928,872
				201,186,845
Consumer Staples - 9.9%
Albertson’s LLC Term B-2
5.375% due 03/21/19 §		7,364,356		7,375,234
Term B-3
5.000% due 08/23/19 §		2,925,000		2,929,206
Term B-4
5.500% due 08/25/21 §		12,904,801		12,932,662
BJ’s Wholesale Club Inc 4.500% due 09/26/19 §		1,951,965		1,944,756
New Albertson’s Inc Term B 4.750% due 06/30/21 §		6,172,538		6,171,766
Performance Food Group Inc (2nd Lien) 6.753% due 11/14/19 §		4,887,500		4,899,719
Reddy Ice Corp Term B (1st Lien) 6.750% due 05/01/19 §		10,250,816		8,593,597
Reynolds Group Holdings 4.500% due 12/01/18 §		5,000,000		5,009,375
Rite Aid Corp Tranche 1 (2nd Lien) 5.750% due 08/21/20 §		10,860,930		10,996,692
Smart & Final Inc (1st Lien) 4.000% due 11/15/19 §		6,427,672		6,411,603
US Foods Inc 4.500% due 03/31/19 §		6,842,500		6,846,749
				74,111,359
Financials - 8.4%
Alliant Holdings I LLC 4.500% due 08/12/22 §		997,500		995,006
Amwins Group LLC (1st Lien) 5.250% due 09/06/19 §		9,763,246		9,808,215
DTZ Worldwide Ltd 4.250% due 11/04/21 §		8,478,750		8,408,537
First Data Corp 3.696% due 03/24/17 §		9,500,000		9,470,313
HUB International Ltd 4.000% due 10/02/20 §		14,940,599		14,635,556

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-29

A-17

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
RE/MAX LLC 4.250% due 07/31/20 §		$5,962,152		$5,982,650
USI Inc 4.250% due 12/27/19 §		13,251,336		13,157,477
				62,457,754
Health Care - 3.2%
CHS/Community Health Systems Inc Term G
3.750% due 12/31/19 §		696,305		696,740
Term H
4.000% due 01/27/21 §		1,779,932		1,783,640
DJO Finance LLC 4.250% due 06/08/20 §		772,280		770,349
Hill-Rom Holdings Inc Term B 3.500% due 09/08/22 §		1,000,000		1,003,900
Par Pharmaceutical Cos Inc Term B-3 due 09/30/19 µ		3,500,000		3,502,188
Pharmaceutical Product Development Inc 4.250% due 08/18/22 §		6,483,750		6,442,552
PharMEDium Healthcare Corp (1st Lien) 4.250% due 01/28/21 §		1,218,839		1,207,159
Valeant Pharmaceuticals Series F-1 Tranche B 4.000% due 04/01/22 §		8,464,981		8,388,712
				23,795,240
Industrials - 30.8%
Accudyne Industries LLC 4.000% due 12/13/19 §		5,000,000		4,587,500
AlixPartners LLP 4.500% due 07/15/22 §		12,750,000		12,751,989
Allflex Holdings III Inc (1st Lien) 4.250% due 07/17/20 §		6,615,000		6,532,313
(2nd Lien)
8.000% due 07/19/21 §		4,405,000		4,368,293
Allied Security Holdings LLC (1st Lien) 4.250% due 02/12/21 §		6,499,475		6,462,915
(2nd Lien)
8.000% due 08/13/21 §		8,126,712		8,048,834
Apex Tool Group LLC 4.500% due 01/31/20 §		5,606,250		5,485,368
Beacon Roofing Supply Term B due 09/10/22 µ		3,500,000		3,500,000
Camp International Holding Co (2nd Lien) 8.250% due 11/29/19 §		3,102,628		3,093,578
Crosby US Acquisition Corp (2nd Lien) 7.000% due 11/22/21 §		4,000,000		3,400,000
CSC Holdings LLC Term B due 09/25/22 µ		7,000,000		6,970,250
Custom Sensors & Technology due 09/30/21 µ		6,632,325		6,626,111
EWT Holdings III Corp
(1st Lien)
4.750% due 01/15/21 §		10,751,163		10,697,407
(2nd Lien)
8.500% due 01/15/22 §		3,250,000		3,209,375
Gates Global LLC 4.250% due 07/06/21 §		15,072,500		14,342,433
GYP Holdings III Corp (1st Lien) 4.750% due 04/01/21 §		10,623,050		10,397,310
(2nd Lien)
7.750% due 04/01/22 §		5,250,000		5,154,844
HD Supply Inc 3.750% due 08/13/21 § ~		2,500,000		2,492,188
Husky Injection Molding Systems Ltd
4.250% due 06/30/21 §		4,672,068		4,627,832
(2nd Lien)
7.250% due 06/30/22 §		795,787		783,850

	Principal Amount		Value
Jeld-Wen Inc Term B-1 5.000% due 07/01/22 §		$4,000,000		$4,000,000
LM US Member LLC
4.750% due 10/25/19 §		464,886		463,724
(1st Lien)
4.750% due 10/25/19 §		11,713,596		11,684,312
(2nd Lien)
8.250% due 01/25/21 §		8,125,000		8,099,609
Ply Gem Industries Inc 4.000% due 02/01/21 §		12,454,094		12,359,131
Prime Security Services Borrower LLC Term B (1st Lien) 5.000% due 07/01/21 §		2,000,000		2,002,750
Rexnord LLC Term B 4.000% due 08/21/20 §		12,003,879		11,926,706
Roofing Supply Group LLC 5.445% due 05/31/19 §		12,801,494		12,817,495
SIG Combibloc Holdings SCA 4.250% due 03/11/22 §		4,975,000		4,980,184
Transdigm Inc Term C 3.750% due 02/28/20 §		10,020,975		9,940,185
Tranche D
3.750% due 06/04/21 §		6,418,750		6,364,595
Univar USA 4.250% due 06/24/22 §		14,000,000		13,805,316
USAGM Holdco LLC (1st Lien)
2.189% due 07/28/22 §		46,706		46,224
4.750% due 07/28/22 §		6,071,856		6,009,243
Waste Industries USA Inc 4.250% due 02/28/20 §		1,992,494		2,004,931
				230,036,795
Information Technology - 3.8%
Applied Systems Inc (1st Lien) 4.250% due 01/25/21 §		477,350		476,583
(2nd Lien)
7.500% due 01/24/22 §		3,058,482		3,042,553
Emdeon Business Services LLC Term B-2 3.750% due 11/02/18 §		246,803		246,392
Freescale Semiconductor Inc Tranche B5 5.000% due 01/15/21 §		10,420,253		10,441,208
Sophia LP Term B due 09/16/22 µ		4,000,000		3,996,252
Sungard Data Systems Tranche E due 03/08/20 µ		10,250,000		10,260,250
				28,463,238
Materials - 10.7%
Ardagh Holdings USA Inc 4.000% due 12/17/19 §		15,116,590		15,082,577
Berry Plastics Corp Term F due 09/16/22 µ		10,000,000		9,997,320
BWay Intermediate Co Inc 5.500% due 08/14/20 §		16,789,356		16,752,638
Emerald Performance Materials LLC (1st Lien) 4.500% due 07/30/21 §		3,960,000		3,955,050
(2nd Lien)
7.750% due 08/01/22 §		750,000		744,375
FMG Resources Property Ltd (Australia) 3.750% due 06/30/19 §		8,169,319		6,719,265
Headwaters Inc Term B 4.500% due 03/24/22 §		1,745,625		1,754,353
Kloeckner Pentaplast of America Inc 5.000% due 04/28/20 §		1,397,695		1,403,801
KP Germany Erste GmbH 5.000% due 04/28/20 §		597,305		599,915

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-29

A-18

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
Nexeo Solutions LLC
5.000% due 09/08/17 §		$1,480,620		$1,413,992
Term B-2
5.000% due 09/08/17 §		1,723,350		1,652,262
Term B-3
5.000% due 09/08/17 §		7,491,563		7,182,536
Novelis Inc 4.000% due 06/02/22 §		997,500		986,382
Owens Illinois Inc Term B 3.500% due 09/01/22 §		997,500		1,001,964
Pregis Holding I Corp (1st Lien) 4.500% due 05/20/21 §		994,800		997,287
Quikrete Holdings Inc (2nd Lien) 7.000% due 03/26/21 §		8,444,211		8,486,432
Summit Materials LLC 4.250% due 07/15/22 §		997,500		996,253
				79,726,402
Telecommunication Services - 0.8%
Level 3 Financing Inc Trance B 4.000% due 01/15/20 §		6,300,000		6,292,913
Utilities - 0.9%
Power Borrower LLC (1st Lien) 4.250% due 05/06/20 §		5,036,020		4,993,531
(2nd Lien)
8.250% due 11/06/20 §		1,500,000		1,462,500
				6,456,031
Total Senior Loan Notes (Cost $724,761,823)				712,526,577
	Shares
SHORT-TERM INVESTMENT - 4.3%
Money Market Fund - 4.3%
BlackRock Liquidity Funds T-Fund Portfolio		31,744,262		31,744,262
Total Short-Term Investment (Cost $31,744,262)				31,744,262
TOTAL INVESTMENTS - 101.2% (Cost $766,971,080)				754,709,090
OTHER ASSETS & LIABILITIES, NET - (1.2%)				(9,022,340	)
NET ASSETS - 100.0%				$745,686,750

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Industrials	31.3%
Consumer Discretionary	27.5%
Materials	10.7%
Consumer Staples	10.2%
Financials	8.4%
Short-Term Investment	4.3%
Information Technology	3.8%
Health Care	3.3%
Others (each less than 3.0%)	1.7%
	101.2%
Other Assets & Liabilities, Net	(1.2%	)
	100.0%

(b) Pursuant to the terms of the following senior loan agreement, the fund had an unfunded loan commitment of $377,623 or less than 0.1% of the net assets as of September 30, 2015, which could be extended at the option of the borrower:

Borrower	Unfunded Loan Commitment		Value		Unrealized Appreciation (Depreciation)
USAGM Holdco LLC		$377,623		$377,504		($119	)

(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 (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$10,438,251			$—		$10,438,251			$—
	Senior Loan Notes		712,526,577			—		712,526,577			—
	Short-Term Investment		31,744,262			31,744,262		—			—
	Total Assets		754,709,090			31,744,262		722,964,828			—
Liabilities	Unfunded Loan Commitment		(119	)		—		(119	)		—
	Total Liabilities		(119	)		—		(119	)		—
	Total		$754,708,971			$31,744,262		$722,964,709			$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-29

A-19

PACIFIC FUNDS

PACIFIC FUNDS^SM LIMITED DURATION HIGH INCOME

Schedule of Investments

September 30, 2015 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 52.3%
Consumer Discretionary - 11.9%
Beazer Homes USA Inc 5.750% due 06/15/19		$450,000		$424,125
Cablevision Systems Corp 8.625% due 09/15/17		150,000		156,750
Cequel Communications Holdings I LLC 6.375% due 09/15/20 ~		400,000		379,000
DISH DBS Corp 5.875% due 07/15/22		350,000		309,750
Dollar Tree Inc 5.250% due 03/01/20 ~		250,000		257,600
FCA US LLC (United Kingdom) 8.250% due 06/15/21		250,000		265,925
iHeartCommunications Inc 10.000% due 01/15/18		400,000		213,500
Landry’s Inc 9.375% due 05/01/20 ~		150,000		160,688
Lennar Corp 4.500% due 06/15/19		300,000		304,800
MGM Resorts International 6.750% due 10/01/20		250,000		259,375
NCL Corp Ltd 5.000% due 02/15/18		150,000		152,625
Neiman Marcus Group Ltd LLC 8.000% due 10/15/21 ~		150,000		155,250
New Red Finance Inc (Canada) 4.625% due 01/15/22 ~		250,000		245,050
NPC International Inc 10.500% due 01/15/20		350,000		365,750
Six Flags Entertainment Corp 5.250% due 01/15/21 ~		250,000		251,250
The Ryland Group Inc 6.625% due 05/01/20		400,000		437,000
				4,338,438
Consumer Staples - 1.5%
Beverages & More Inc 10.000% due 11/15/18 ~		300,000		289,125
Reynolds Group Issuer Inc (New Zealand) 8.250% due 02/15/21		250,000		250,625
				539,750
Energy - 3.9%
Chaparral Energy Inc 8.250% due 09/01/21		300,000		92,820
Halcon Resources Corp 9.750% due 07/15/20		200,000		69,000
Linn Energy LLC 6.500% due 05/15/19		350,000		98,000
Regency Energy Partners LP 6.500% due 07/15/21		150,000		155,535
Sabine Pass LNG LP 6.500% due 11/01/20		350,000		340,375
SandRidge Energy Inc 7.500% due 03/15/21		300,000		67,500
Seadrill Ltd (Norway) 6.125% due 09/15/17 ~		200,000		156,000
Sunoco LP 5.500% due 08/01/20 ~		250,000		247,500
Tervita Corp (Canada) 8.000% due 11/15/18 ~		250,000		188,125
				1,414,855

	Principal Amount		Value
Financials - 3.0%
AerCap Ireland Capital Ltd (Netherlands) 4.250% due 07/01/20		$500,000		$500,625
Jefferies Finance LLC 7.375% due 04/01/20 ~		200,000		193,760
Ocwen Financial Corp 7.125% due 05/15/19 ~		450,000		405,000
				1,099,385
Health Care - 4.7%
CHS/Community Health Systems Inc 7.125% due 07/15/20		350,000		364,875
HCA Inc 7.500% due 02/15/22		350,000		396,375
Tenet Healthcare Corp 5.000% due 03/01/19		500,000		485,625
Valeant Pharmaceuticals International Inc 5.500% due 03/01/23 ~		500,000		475,000
				1,721,875
Industrials - 6.8%
HD Supply Inc 11.500% due 07/15/20		550,000		624,250
Modular Space Corp 10.250% due 01/31/19 ~		300,000		210,000
Nortek Inc 8.500% due 04/15/21		250,000		263,750
Roofing Supply Group LLC 10.000% due 06/01/20 ~		150,000		161,250
The ADT Corp 6.250% due 10/15/21		300,000		310,875
The Hertz Corp 5.875% due 10/15/20		300,000		300,000
TransDigm Inc 5.500% due 10/15/20		250,000		239,531
United Airlines Pass-Through Trust ‘B’ 5.375% due 02/15/23		136,446		140,676
United Rentals North America Inc 4.625% due 07/15/23		250,000		243,125
				2,493,457
Information Technology - 2.5%
Blackboard Inc 7.750% due 11/15/19 ~		200,000		169,000
BMC Software Inc 7.250% due 06/01/18		100,000		90,375
NXP BV (Netherlands) 5.750% due 02/15/21 ~		150,000		156,563
Sanmina Corp 4.375% due 06/01/19 ~		500,000		503,750
				919,688
Materials - 11.3%
AK Steel Corp 7.625% due 05/15/20		250,000		136,875
ArcelorMittal (Luxembourg)
5.125% due 06/01/20		150,000		136,140
6.125% due 06/01/18		150,000		147,375
10.600% due 06/01/19		150,000		162,563
Ardagh Finance Holdings SA (Luxembourg) 8.625% PIK due 06/15/19 ~		217,771		223,760
Ardagh Packaging Finance PLC (Luxembourg)
6.250% due 01/31/19 ~		200,000		200,000
9.125% due 10/15/20 ~		200,000		208,875
Berry Plastics Corp 5.125% due 07/15/23		400,000		379,000
Beverage Packaging Holdings Luxembourg II SA (New Zealand) 6.000% due 06/15/17 ~		250,000		245,625

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-29

A-20

PACIFIC FUNDS

PACIFIC FUNDS LIMITED DURATION HIGH INCOME

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
BWAY Holding Co 9.125% due 08/15/21 ~		$200,000		$194,000
Coveris Holdings SA (Luxembourg) 7.875% due 11/01/19 ~		250,000		238,125
Hexion Inc 6.625% due 04/15/20		150,000		128,250
Novelis Inc (India) 8.750% due 12/15/20		500,000		483,850
Sappi Papier Holding GmbH (South Africa) 7.750% due 07/15/17 ~		350,000		369,250
Sealed Air Corp 4.875% due 12/01/22 ~		500,000		496,250
Tronox Finance LLC 6.375% due 08/15/20		200,000		128,000
Wise Metals Group LLC (Netherlands) 8.750% due 12/15/18 ~		250,000		241,250
				4,119,188
Telecommunication Services - 4.9%
CenturyLink Inc 5.625% due 04/01/20		150,000		139,313
Hughes Satellite Systems Corp 7.625% due 06/15/21		400,000		430,000
Intelsat Luxembourg SA (United Kingdom) 7.750% due 06/01/21		400,000		261,500
Level 3 Financing Inc 7.000% due 06/01/20		300,000		311,250
Sprint Communications Inc (Japan)
6.000% due 11/15/22		150,000		113,250
9.000% due 11/15/18 ~		150,000		157,875
T-Mobile USA Inc (Germany) 6.464% due 04/28/19		150,000		153,000
WaveDivision Escrow LLC 8.125% due 09/01/20 ~		250,000		245,000
				1,811,188
Utilities - 1.8%
Dynegy Inc 6.750% due 11/01/19		300,000		302,250
GenOn Energy Inc 9.875% due 10/15/20		150,000		140,250
NRG Energy Inc 7.625% due 01/15/18		200,000		211,000
				653,500
Total Corporate Bonds & Notes (Cost $21,322,178)				19,111,324
SENIOR LOAN NOTES - 44.1%
Consumer Discretionary - 14.0%
Caesars Entertainment Resort Properties LLC Term B 7.000% due 10/11/20 §		245,625		229,659
CEC Entertainment Inc Term B 4.000% due 02/12/21 §		492,500		479,777
ClubCorp Club Operations Inc Term B 4.250% due 07/24/20 §		500,000		501,875
Dollar Tree Inc Term B-1 3.500% due 07/06/22 §		626,582		627,950
Leslie’s Poolmart Inc Tranche B 4.250% due 10/16/19 §		491,764		481,929
New Red Finance Inc Term B-2 3.750% due 12/10/21 §		378,533		378,363
Nine West Holdings Inc 4.750% due 10/08/19 §		493,750		412,281
Petsmart Inc Tranche B-1 4.250% due 03/11/22 §		748,125		748,047
Playa Resorts Holding BV 4.000% due 08/09/19 §		491,851		490,622

	Principal Amount		Value
The Brickman Group Ltd LLC (2nd Lien) 7.500% due 12/17/21 §		$300,000		$291,750
The Neiman Marcus Group Inc 4.250% due 10/25/20 §		491,269		481,918
				5,124,171
Consumer Staples - 5.2%
Albertson’s LLC
Term B-2
5.375% due 03/21/19 §		246,311		246,675
Term B-4
5.500% due 08/25/21 §		496,338		497,410
BJ’s Wholesale Club Inc (2nd Lien) 8.500% due 03/26/20 §		250,000		248,438
Performance Food Group Inc (2nd Lien) 6.753% due 11/14/19 §		244,375		244,986
Reddy Ice Corp Term B (1st Lien) 6.750% due 05/01/19 §		490,573		411,263
US Foods Inc 4.500% due 03/31/19 §		244,375		244,527
				1,893,299
Energy - 0.7%
American Energy - Marcellus LLC (2nd Lien) 8.500% due 08/04/21 §		250,000		32,917
Crestwood Holdings LLC Term B-1 7.000% due 06/19/19 §		231,412		209,042
				241,959
Financials - 5.7%
Amwins Group LLC (1st Lien) 5.250% due 09/06/19 §		741,801		745,217
First Data Corp Term C-1 3.696% due 03/23/18 §		600,000		595,735
HUB International Ltd 4.000% due 10/02/20 §		245,019		240,016
RE/MAX LLC 4.250% due 07/31/20 §		220,820		221,580
USI Inc 4.250% due 12/27/19 §		294,000		291,918
				2,094,466
Health Care - 1.9%
CHS/Community Health Systems Inc Term G
3.750% due 12/31/19 §		34,685		34,706
Term H
4.000% due 01/27/21 §		63,819		63,951
Pharmaceutical Product Development Inc 4.250% due 08/18/22 §		598,500		594,697
				693,354
Industrials - 9.1%
Accudyne Industries LLC 4.000% due 12/13/19 §		703,493		645,454
Crosby US Acquisition Corp (1st Lien) 3.750% due 11/23/20 §		492,481		430,921
EWT Holdings III Corp (1st Lien) 4.750% due 01/15/21 §		294,750		293,276
Gates Global LLC 4.250% due 07/06/21 §		495,000		471,024
LM U.S. Member LLC 4.750% due 10/25/19 §		9,423		9,399
(1st Lien)
4.750% due 10/25/19 §		237,426		236,832
Ply Gem Industries Inc 4.000% due 02/01/21 §		492,500		488,745
Rexnord LLC Term B 4.000% due 08/21/20 §		245,000		243,425
Roofing Supply Group LLC 5.445% due 05/31/19 §		492,386		493,001
				3,312,077

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-29

A-21

PACIFIC FUNDS

PACIFIC FUNDS LIMITED DURATION HIGH INCOME

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
Information Technology - 2.8%
Freescale Semiconductor Inc Tranche B-4
4.250% due 02/28/20 §		$299,238		$299,214
Tranche B5
5.000% due 01/15/21 §		496,202		497,200
Infor (US) Inc Tranche B-3 3.750% due 06/03/20 §		238,726		231,639
				1,028,053
Materials - 3.4%
FMG Resources Property Ltd (Australia) 3.750% due 06/30/19 §		491,228		404,035
Nexeo Solutions LLC Term B-2 5.000% due 09/08/17 §		393,909		377,660
Quikrete Holdings Inc
(1st Lien)
4.000% due 09/28/20 §		236,336		235,982
(2nd Lien)
7.000% due 03/26/21 §		221,053		222,158
				1,239,835
Telecommunication Services - 1.3%
Level 3 Financing Inc Tranche B-II 3.500% due 05/31/22 §		250,000		248,646
WaveDivision Holdings LLC 4.000% due 10/15/19 §		245,581		245,502
				494,148
Total Senior Loan Notes (Cost $16,914,070)				16,121,362

	Shares		Value
SHORT-TERM INVESTMENT - 1.3%
Money Market Fund - 1.3%
BlackRock Liquidity Funds T-Fund Portfolio		465,988		$465,988
Total Short-Term Investment (Cost $465,988)				465,988
TOTAL INVESTMENTS - 97.7% (Cost $38,702,236)				35,698,674
OTHER ASSETS & LIABILITIES, NET - 2.3%				851,623
NET ASSETS - 100.0%				$36,550,297

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Consumer Discretionary	25.9%
Industrials	15.9%
Materials	14.7%
Financials	8.7%
Consumer Staples	6.7%
Health Care	6.6%
Telecommunication Services	6.2%
Information Technology	5.3%
Energy	4.6%
Others (each less than 3.0%)	3.1%
	97.7%
Other Assets & Liabilities, Net	2.3%
	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 (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$19,111,324		$—		$19,111,324		$—
	Senior Loan Notes		16,121,362		—		16,121,362		—
	Short-Term Investment		465,988		465,988		—		—
	Total		$35,698,674		$465,988		$35,232,686		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-29

A-22

PACIFIC FUNDS

PACIFIC FUNDS^SM HIGH INCOME

Schedule of Investments

September 30, 2015 (Unaudited)

	Shares		Value
COMMON STOCKS - 1.9%
Consumer Discretionary - 0.5%
Cedar Fair LP		5,065		$266,447
Las Vegas Sands Corp		5,615		213,202
MGM Resorts International *		4,340		80,073
				559,722
Energy - 0.7%
Chesapeake Energy Corp		9,340		68,462
Continental Resources Inc *		4,250		123,123
EOG Resources Inc		2,125		154,700
Kinder Morgan Inc		7,065		195,559
Pioneer Natural Resources Co		1,255		152,658
Sunoco LP		7,600		257,260
				951,762
Financials - 0.4%
Bank of America Corp		35,645		555,349
Industrials - 0.3%
The Boeing Co		2,205		288,745
United Rentals Inc *		2,230		133,912
				422,657
Total Common Stocks (Cost $3,150,674)				2,489,490
CLOSED-END MUTUAL FUNDS - 1.5%
Eaton Vance Senior Income Trust		87,808		515,433
First Trust Senior Floating Rate Income Fund II		42,132		530,021
Invesco Senior Income Trust		114,023		476,616
Voya Prime Rate Trust		95,481		483,134
				2,005,204
Total Closed-End Mutual Funds (Cost $2,201,188)				2,005,204
	Principal Amount
CORPORATE BONDS & NOTES - 87.2%
Consumer Discretionary - 18.3%
24 Hour Holdings III LLC 8.000% due 06/01/22 ~		$475,000		368,125
99 Cents Only Stores LLC 11.000% due 12/15/19		850,000		510,000
Beazer Homes USA Inc
5.750% due 06/15/19		75,000		70,688
7.250% due 02/01/23		100,000		92,250
7.500% due 09/15/21		1,425,000		1,371,563
Boyd Gaming Corp 6.875% due 05/15/23		650,000		663,000
Caesars Entertainment Operating Co Inc
9.000% due 02/15/20 * W		125,000		103,125
11.250% due 06/01/17 * W		100,000		80,500
Caesars Entertainment Resort Properties LLC
8.000% due 10/01/20		1,550,000		1,480,250
11.000% due 10/01/21		750,000		684,375
Caesars Growth Properties Holdings LLC 9.375% due 05/01/22		300,000		236,250
Carrols Restaurant Group Inc 8.000% due 05/01/22		625,000		660,938
CCO Holdings LLC 5.750% due 09/01/23		850,000		810,688
CEC Entertainment Inc 8.000% due 02/15/22		1,550,000		1,534,500
Cedar Fair LP 5.375% due 06/01/24		775,000		780,813

	Principal Amount		Value
Cequel Communications Holdings I LLC
5.125% due 12/15/21 ~		$300,000		$265,125
6.375% due 09/15/20 ~		350,000		331,625
Clear Channel Worldwide Holdings Inc 7.625% due 03/15/20		475,000		477,969
DISH DBS Corp
5.125% due 05/01/20		50,000		46,500
6.750% due 06/01/21		550,000		526,625
Dollar Tree Inc 5.750% due 03/01/23 ~		625,000		651,563
Greektown Holdings LLC 8.875% due 03/15/19 ~		575,000		592,250
iHeartCommunications Inc
10.000% due 01/15/18		50,000		26,688
11.250% due 03/01/21		100,000		86,375
Jo-Ann Stores Inc 8.125% due 03/15/19 ~		850,000		790,500
Landry’s Holdings II Inc 10.250% due 01/01/18 ~		150,000		154,125
Landry’s Inc 9.375% due 05/01/20 ~		400,000		428,500
Live Nation Entertainment Inc 5.375% due 06/15/22 ~		1,310,000		1,290,350
MGM Resorts International
6.000% due 03/15/23		1,200,000		1,167,000
6.750% due 10/01/20		150,000		155,625
Neiman Marcus Group Ltd LLC
8.000% due 10/15/21 ~		50,000		51,750
8.750% PIK due 10/15/21 ~		1,725,000		1,785,375
Neptune Finco Corp (Netherlands)
6.625% due 10/15/25 ~		200,000		201,500
10.125% due 01/15/23 ~		400,000		404,500
10.875% due 10/15/25 ~		200,000		202,500
New Red Finance Inc (Canada) 4.625% due 01/15/22 ~		650,000		637,130
NPC International Inc 10.500% due 01/15/20		600,000		627,000
Party City Holdings Inc 6.125% due 08/15/23 ~		650,000		658,125
Penn National Gaming Inc 5.875% due 11/01/21		600,000		608,250
Sinclair Television Group Inc 6.375% due 11/01/21		450,000		454,500
Standard Pacific Corp 6.250% due 12/15/21		1,263,000		1,354,568
The Ryland Group Inc
5.375% due 10/01/22		100,000		101,500
6.625% due 05/01/20		75,000		81,938
Unitymedia Hessen GmbH & Co KG (United Kingdom) 5.000% due 01/15/25 ~		475,000		447,688
				24,054,209
Consumer Staples - 3.4%
Albertson’s Holdings LLC 7.750% due 10/15/22 ~		832,000		894,650
Beverages & More Inc 10.000% due 11/15/18 ~		75,000		72,281
JBS Investments GmbH (Brazil) 7.750% due 10/28/20 ~		400,000		412,000
JBS USA LLC (Brazil)
5.750% due 06/15/25 ~		500,000		460,000
7.250% due 06/01/21 ~		250,000		260,625
Post Holdings Inc 7.750% due 03/15/24 ~		650,000		667,875
Reynolds Group Issuer Inc (New Zealand) 8.250% due 02/15/21		650,000		651,625
Rite Aid Corp
6.125% due 04/01/23 ~		800,000		797,000
6.750% due 06/15/21		250,000		256,875
				4,472,931

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-29

A-23

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
Energy - 11.5%
Calumet Specialty Products Partners LP 6.500% due 04/15/21		$750,000		$678,750
Chaparral Energy Inc 8.250% due 09/01/21		600,000		185,640
Concho Resources Inc 5.500% due 04/01/23		425,000		405,875
Crestwood Midstream Partners LP 6.125% due 03/01/22		1,025,000		892,468
Energy Transfer Equity LP
5.500% due 06/01/27		325,000		271,375
5.875% due 01/15/24		325,000		294,125
EP Energy LLC
6.375% due 06/15/23		500,000		372,500
7.750% due 09/01/22		225,000		181,125
Halcon Resources Corp
8.625% due 02/01/20 ~		275,000		229,625
8.875% due 05/15/21		25,000		7,625
9.750% due 07/15/20		175,000		60,375
Hilcorp Energy I LP 7.625% due 04/15/21 ~		725,000		714,125
Linn Energy LLC
6.500% due 05/15/19		650,000		182,000
6.500% due 09/15/21		200,000		42,500
MarkWest Energy Partners LP
4.875% due 06/01/25		500,000		461,150
5.500% due 02/15/23		150,000		146,063
MEG Energy Corp (Canada)
6.375% due 01/30/23 ~		50,000		39,375
6.500% due 03/15/21 ~		750,000		618,750
Memorial Resource Development Corp 5.875% due 07/01/22		810,000		741,150
Newfield Exploration Co
5.375% due 01/01/26		300,000		276,000
5.750% due 01/30/22		325,000		316,875
Peabody Energy Corp 10.000% due 03/15/22 ~		250,000		95,313
QEP Resources Inc 6.875% due 03/01/21		450,000		416,250
Rice Energy Inc 7.250% due 05/01/23 ~		625,000		589,063
Rose Rock Midstream LP 5.625% due 11/15/23 ~		600,000		525,000
Sabine Pass Liquefaction LLC
5.625% due 02/01/21		200,000		186,500
5.625% due 03/01/25 ~		1,900,000		1,679,125
Sanchez Energy Corp
6.125% due 01/15/23		50,000		33,750
7.750% due 06/15/21		825,000		614,625
SandRidge Energy Inc
7.500% due 03/15/21		665,000		149,625
8.750% due 06/01/20 ~		525,000		319,266
Seadrill Ltd (Norway) 6.125% due 09/15/17 ~		250,000		195,000
Summit Midstream Holdings LLC 5.500% due 08/15/22		400,000		346,000
Sunoco Finance Corp 5.500% due 08/01/20 ~		425,000		420,750
Targa Resources Partners LP
6.625% due 10/01/20 ~		800,000		784,000
6.750% due 03/15/24 ~		50,000		47,813
Tervita Corp (Canada) 8.000% due 11/15/18 ~		225,000		169,313
Transocean Inc
4.300% due 10/15/22		225,000		140,063
6.875% due 12/15/21		150,000		111,750
Triangle USA Petroleum Corp 6.750% due 07/15/22 ~		300,000		127,500

	Principal Amount		Value
Whiting Petroleum Corp 6.250% due 04/01/23		$675,000		$587,250
WPX Energy Inc 6.000% due 01/15/22		625,000		540,625
				15,196,052
Financials - 5.7%
E*TRADE Financial Corp 5.375% due 11/15/22		600,000		637,500
Equinix Inc REIT
4.875% due 04/01/20		750,000		766,875
5.375% due 04/01/23		25,000		24,578
ESH Hospitality Inc REIT 5.250% due 05/01/25 ~		600,000		592,500
First Data Corp 5.375% due 08/15/23 ~		700,000		694,750
Jefferies Finance LLC 7.375% due 04/01/20 ~		1,700,000		1,646,960
Ocwen Financial Corp 7.125% due 05/15/19 ~		325,000		292,500
Outfront Media Capital LLC
5.250% due 02/15/22		225,000		225,281
5.875% due 03/15/25		750,000		765,938
RHP Hotel Properties LP REIT
5.000% due 04/15/21		100,000		100,500
5.000% due 04/15/23 ~		750,000		750,000
The Howard Hughes Corp 6.875% due 10/01/21 ~		925,000		944,333
				7,441,715
Health Care - 9.7%
Alere Inc 6.375% due 07/01/23 ~		625,000		635,938
Capsugel SA 7.000% PIK due 05/15/19 ~		375,000		374,766
CHS/Community Health Systems Inc
6.875% due 02/01/22		525,000		537,448
8.000% due 11/15/19		125,000		130,391
DPx Holdings BV 7.500% due 02/01/22 ~		600,000		608,250
Endo Finance LLC
5.750% due 01/15/22 ~		625,000		617,188
6.000% due 07/15/23 ~		500,000		496,250
Fresenius Medical Care US Finance II Inc (Germany)
4.125% due 10/15/20 ~		50,000		50,125
5.875% due 01/31/22 ~		450,000		484,875
HCA Holdings Inc 6.250% due 02/15/21		1,325,000		1,414,438
HCA Inc 5.375% due 02/01/25		500,000		497,500
Healthsouth Corp 5.750% due 09/15/25 ~		250,000		243,125
Hill-Rom Holdings Inc 5.750% due 09/01/23 ~		100,000		100,750
Jaguar Holding Co II 6.375% due 08/01/23 ~		250,000		243,750
JLL/Delta Dutch Pledgeco BV 8.750% PIK due 05/01/20 ~		275,000		277,406
LifePoint Health Inc 5.500% due 12/01/21		1,100,000		1,112,375
Prospect Medical Holdings Inc 8.375% due 05/01/19 ~		375,000		392,813
Quintiles Transnational Corp 4.875% due 05/15/23 ~		750,000		744,375
Surgical Care Affiliates Inc 6.000% due 04/01/23 ~		650,000		646,750
Tenet Healthcare Corp
5.000% due 03/01/19		75,000		72,844
6.000% due 10/01/20		52,000		54,990
6.750% due 02/01/20		400,000		411,000

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-29

A-24

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
6.750% due 06/15/23		$900,000		$895,500
8.125% due 04/01/22		150,000		159,810
Valeant Pharmaceuticals International Inc
5.375% due 03/15/20 ~		400,000		389,750
5.500% due 03/01/23 ~		1,250,000		1,187,500
5.875% due 05/15/23 ~		50,000		48,063
				12,827,970
Industrials - 13.2%
AAF Holdings LLC 12.000% PIK due 07/01/19 ~		106,476		105,411
ADS Waste Holdings Inc 8.250% due 10/01/20		675,000		676,688
Ahern Rentals Inc 7.375% due 05/15/23 ~		650,000		568,750
Air Canada Pass-Through Trust ‘B’ (Canada) 5.375% due 11/15/22 ~		88,476		91,020
Allegion PLC
5.875% due 09/15/23		500,000		513,750
Allegion US Holding Co Inc
5.750% due 10/01/21		100,000		103,000
Apex Tool Group LLC 7.000% due 02/01/21 ~		650,000		536,250
Avation Capital SA (United Kingdom) 7.500% due 05/27/20 ~		500,000		485,000
Building Materials Corp of America 6.000% due 10/15/25 ~		150,000		152,250
CPG Merger Sub LLC 8.000% due 10/01/21 ~		650,000		650,000
HD Supply Inc 5.250% due 12/15/21 ~		150,000		151,313
11.500% due 07/15/20		400,000		454,000
IHS Inc 5.000% due 11/01/22		675,000		650,531
International Lease Finance Corp (Netherlands)
4.625% due 04/15/21		1,625,000		1,637,188
6.250% due 05/15/19		150,000		160,125
Masco Corp 7.750% due 08/01/29		75,000		84,188
Modular Space Corp 10.250% due 01/31/19 ~		450,000		315,000
Multi-Color Corp 6.125% due 12/01/22 ~		625,000		642,188
Nortek Inc 8.500% due 04/15/21		745,000		785,975
Orbital ATK Inc 5.500% due 10/01/23 ~		125,000		125,469
Roofing Supply Group LLC 10.000% due 06/01/20 ~		225,000		241,875
Sensata Technologies BV 5.625% due 11/01/24 ~		550,000		550,688
StandardAero Aviation Holdings Inc 10.000% due 07/15/23 ~		525,000		522,375
The ADT Corp 6.250% due 10/15/21		850,000		880,813
TMS International Corp 7.625% due 10/15/21 ~		675,000		631,125
TransDigm Inc 5.500% due 10/15/20		1,600,000		1,533,000
United Airlines Pass-Through Trust ‘B’
4.625% due 03/03/24		100,000		101,150
4.750% due 10/01/23		75,000		75,525
5.375% due 02/15/23		45,482		46,892
United Rentals North America Inc
4.625% due 07/15/23		1,000,000		972,500
5.500% due 07/15/25		500,000		469,375
7.625% due 04/15/22		200,000		213,500
Univar Inc 6.750% due 07/15/23 ~		650,000		606,125
US Airways Pass-Through Trust ‘B’ 5.375% due 05/15/23		48,345		50,037

	Principal Amount		Value
USG Corp 5.875% due 11/01/21 ~		$850,000		$886,125
Virgin Australia Trust ‘B’ (Australia) 6.000% due 04/23/22 ~		36,550		37,464
ZF North America Capital Inc (Germany) 4.500% due 04/29/22 ~		650,000		616,688
				17,323,353
Information Technology - 2.8%
Audatex North America Inc 6.125% due 11/01/23 ~		800,000		807,000
Blackboard Inc 7.750% due 11/15/19 ~		775,000		654,875
BMC Software Finance Inc 8.125% due 07/15/21 ~		50,000		40,594
BMC Software Inc 7.250% due 06/01/18		239,000		215,996
Commscope Technologies Finance LLC 6.000% due 06/15/25 ~		625,000		601,175
Infor Software Parent LLC 7.125% PIK due 05/01/21 ~		675,000		596,531
Infor US Inc 6.500% due 05/15/22 ~		125,000		115,000
NXP BV (Netherlands) 5.750% due 02/15/21 ~		625,000		652,344
				3,683,515
Materials - 12.4%
AK Steel Corp
7.625% due 05/15/20		1,200,000		657,000
8.375% due 04/01/22		175,000		89,201
ArcelorMittal (Luxembourg)
6.125% due 06/01/25		200,000		162,500
6.250% due 03/01/21		1,175,000		1,061,906
7.750% due 10/15/39		300,000		246,000
Ardagh Finance Holdings SA (Luxembourg) 8.625% PIK due 06/15/19 ~		521,563		535,905
Ardagh Packaging Finance PLC (Luxembourg)
6.250% due 01/31/19 ~		950,000		950,000
7.000% due 11/15/20 ~		61,765		62,074
Berry Plastics Corp
5.125% due 07/15/23		800,000		758,000
6.000% due 10/15/22 ~		375,000		377,813
Beverage Packaging Holdings Luxembourg II SA (New Zealand) 6.000% due 06/15/17 ~		1,325,000		1,301,813
Blue Cube Spinco Inc 9.750% due 10/15/23 ~		400,000		418,000
BWAY Holding Co 9.125% due 08/15/21 ~		850,000		824,500
Coveris Holdings SA (Luxembourg) 7.875% due 11/01/19 ~		991,000		943,928
FMG Resources Property Ltd (Australia)
8.250% due 11/01/19 ~		350,000		282,188
9.750% due 03/01/22 ~		750,000		700,313
Hexion Inc
6.625% due 04/15/20		975,000		833,625
9.000% due 11/15/20		175,000		105,875
INEOS Group Holdings SA (Switzerland) 6.125% due 08/15/18 ~		600,000		567,750
Louisiana-Pacific Corp 7.500% due 06/01/20		625,000		651,563
Mustang Merger Corp 8.500% due 08/15/21 ~		350,000		364,875
Novelis Inc (India) 8.750% due 12/15/20		750,000		725,775
Owens-Brockway Glass Container Inc 5.875% due 08/15/23 ~		650,000		656,500
Sealed Air Corp
4.875% due 12/01/22 ~		550,000		545,875
5.125% due 12/01/24 ~		25,000		24,563
5.500% due 09/15/25 ~		350,000		356,125

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-29

A-25

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
Tronox Finance LLC 6.375% due 08/15/20		$928,000		$593,920
Wise Metals Group LLC (Netherlands) 8.750% due 12/15/18 ~		850,000		820,250
Wise Metals Intermediate Holdings LLC (Netherlands) 9.750% due 06/15/19 ~		775,000		748,844
				16,366,681
Telecommunication Services - 7.3%
Cogent Communications Finance Inc 5.625% due 04/15/21 ~		600,000		565,500
Cogent Communications Group Inc 5.375% due 03/01/22 ~		150,000		145,875
Frontier Communications Corp
8.875% due 09/15/20 ~		225,000		221,063
10.500% due 09/15/22 ~		650,000		633,750
11.000% due 09/15/25 ~		200,000		194,000
Hughes Satellite Systems Corp 7.625% due 06/15/21		1,100,000		1,182,500
Intelsat Jackson Holdings SA (United Kingdom) 7.250% due 10/15/20		900,000		829,125
Intelsat Luxembourg SA (United Kingdom) 7.750% due 06/01/21		675,000		441,281
Level 3 Financing Inc
6.125% due 01/15/21		75,000		77,288
7.000% due 06/01/20		900,000		933,750
Sprint Corp (Japan)
7.250% due 09/15/21		750,000		615,938
7.625% due 02/15/25		3,100,000		2,408,313
T-Mobile USA Inc (Germany)
6.250% due 04/01/21		1,315,000		1,313,685
6.633% due 04/28/21		100,000		100,500
				9,662,568
Utilities - 2.9%
Calpine Corp
5.875% due 01/15/24 ~		100,000		103,500
6.000% due 01/15/22 ~		450,000		468,563
Dynegy Inc 7.625% due 11/01/24		1,100,000		1,116,500
GenOn Energy Inc 9.875% due 10/15/20		775,000		724,625
NRG Energy Inc 6.250% due 07/15/22		768,000		702,720
Talen Energy Supply LLC 6.500% due 06/01/25 ~		800,000		689,000
				3,804,908
Total Corporate Bonds & Notes (Cost $124,855,289)				114,833,902
SENIOR LOAN NOTES - 4.7%
Consumer Discretionary - 2.3%
CDS U.S. Intermediate Holdings Inc (2nd Lien) 9.250% due 07/10/23 §		150,000		148,250
Cirque Du Soleil (1st Lien) 5.000% due 07/08/22 §		300,000		301,098
Federal-Mogul Corp Tranche C 4.750% due 04/15/21 §		248,744		237,239
iHeartCommunications Inc Tranche D 6.944% due 01/30/19 §		500,000		416,250
Playa Resorts Holding BV (Netherlands) 4.000% due 08/09/19 §		710,247		708,472
Spin Holdco Inc (1st Lien) 4.250% due 11/14/19 §		745,619		735,739
The Brickman Group Ltd LLC (2nd Lien) 7.500% due 12/17/21 §		500,000		486,250
				3,033,298

	Principal Amount		Value
Consumer Staples - 0.8%
Albertson’s LLC Term B-4 5.500% due 08/25/21 §		$248,169		$248,705
US Foods Inc 4.500% due 03/31/19 §		745,552		746,015
				994,720
Industrials - 1.5%
EWT Holdings III Corp (2nd Lien) 8.500% due 01/15/22 §		500,000		493,750
Husky Injection Molding Systems Ltd 4.250% due 06/30/21 §		746,837		739,766
LM U.S. Member LLC
4.750% due 10/25/19 §		28,460		28,389
(1st Lien)
4.750% due 10/25/19 §		717,100		715,307
				1,977,212
Materials - 0.1%
FMG Resources Property Ltd (Australia) 3.750% due 06/30/19 §		248,101		204,063
Total Senior Loan Notes (Cost $6,368,069)				6,209,293
	Shares
SHORT-TERM INVESTMENT - 3.9%
Money Market Fund - 3.9%
BlackRock Liquidity Funds T-Fund Portfolio		5,128,334		5,128,334
Total Short-Term Investment (Cost $5,128,334)				5,128,334
TOTAL INVESTMENTS - 99.2% (Cost $141,703,554)				130,666,223
OTHER ASSETS & LIABILITIES, NET - 0.8%				1,065,044
NET ASSETS - 100.0%				$131,731,267

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Consumer Discretionary	21.1%
Industrials	15.0%
Materials	12.5%
Energy	12.2%
Health Care	9.7%
Telecommunication Services	7.3%
Financials	6.1%
Consumer Staples	4.2%
Short-Term Investment	3.9%
Others (each less than 3.0%)	7.2%
	99.2%
Other Assets & Liabilities, Net	0.8%
	100.0%

(b) Investments with a total aggregate value of $183,625 or 0.1% of the fund’s net assets were in default as of September 30, 2015.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-29

A-26

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

(c) Swap agreements outstanding as of September 30, 2015 were as follows:

Total Return Swaps

Receive Total Return	Pay	Counter- party	Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
IBOXX USD Liquid High Yield Index	3-Month USD-LIBOR	JPM		12/21/15		$2,500,000		($175,400	)		$—		($175,400	)
IBOXX USD Liquid High Yield Index	3-Month USD-LIBOR	JPM		03/21/16		2,500,000		(178,211	)		—		(178,211	)
								($353,611	)		$—		($353,611	)

(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 (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Common Stocks (1)		$2,489,490			$2,489,490		$—			$—
	Closed-End Mutual Funds		2,005,204			2,005,204		—			—
	Corporate Bonds & Notes		114,833,902			—		114,833,902			—
	Senior Loan Notes		6,209,293			—		6,209,293			—
	Short-Term Investment		5,128,334			5,128,334		—			—
	Total Assets		130,666,223			9,623,028		121,043,195			—
Liabilities
	Derivatives:
	Interest Rate Contracts
	Swaps		(353,611	)		—		(353,611	)		—
	Total Liabilities		(353,611	)		—		(353,611	)		—
	Total		$130,312,612			$9,623,028		$120,689,584			$—

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-29

A-27

PACIFIC FUNDS

PACIFIC FUNDS^SM DIVERSIFIED ALTERNATIVES

Schedule of Investments

September 30, 2015 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 99.9%
PF Inflation Managed Fund ‘P’		16,729		$142,530
Pacific Funds Floating Rate Income ‘P’		39,743		391,870
PF Emerging Markets Debt Fund ‘P’		42,964		363,907
PF Emerging Markets Fund ‘P’		18,006		204,369
PF International Small-Cap Fund ‘P’ *		26,296		270,056
PF Real Estate Fund ‘P’		8,887		137,298
PF Absolute Return Fund ‘P’ *		55,620		532,287
PF Currency Strategies Fund ‘P’		109,446		1,073,667
PF Equity Long/Short Fund ‘P’ *		46,699		496,415
PF Global Absolute Return Fund ‘P’		117,703		1,142,895
Total Affiliated Mutual Funds (Cost $4,875,769)				4,755,294
TOTAL INVESTMENTS - 99.9% (Cost $4,875,769)				4,755,294
OTHER ASSETS & LIABILITIES, NET - 0.1%				2,379
NET ASSETS - 100.0%				$4,757,673

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Affiliated Fixed Income Funds	54.1%
Affiliated Equity Funds	45.8%
	99.9%
Other Assets & Liabilities, Net	0.1%
	100.0%

(b) The fund’s investments are affiliated mutual funds (See Note 7C in Notes to Financial Statements).

(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 (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Pacific Funds Diversified Alternatives
Assets	Affiliated Mutual Funds		$4,755,294		$4,755,294		$—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-29

A-28

PACIFIC FUNDS

Schedule of Investments (Continued)

Explanation of Symbols and Terms

September 30, 2015 (Unaudited)

Explanation of Symbols:
*	Non-income producing investments.
"	Pass-through securities backed by a pool of mortgages or other loans on which principal payments are periodically made. Therefore, the effective maturity is shorter than the stated maturity.
§	Variable rate investments. The rate shown is based on the latest available information as of September 30, 2015. For Senior Loan Notes, the rate shown may represent a weighted average interest rate.
W	Investments were in default as of September 30, 2015.
µ	Unsettled position. Contract rates do not take effect until settlement date.
#	Securities purchased on a when-issued basis.
~	Securities are not registered under the Securities Act of 1933 (1933 Act). These securities are either (1) exempt from registration pursuant to Rule 144A under 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.
Counterparty Abbreviation:
JPM	JPMorgan Chase
Index Abbreviation:
IBOXX	Corporate Bond Index – High Yield
Other Abbreviations:
PIK	Payment In Kind
REIT	Real Estate Investment Trust

Notes:

(1) For debt investments, the interest rates disclosed in the Schedule of Investments reflect the stated coupon rate or for discounted investments or zero coupon bonds, the annualized effective yield on the date of purchase.

(2) The countries listed in the Schedule of Investments are based on country of risk (See Note 4 in Notes to Financial Statements under Investments and Risks - Foreign and Emerging Markets Investments).

See Notes to Financial Statements

A-29

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

SEPTEMBER 30, 2015 (Unaudited)

		Pacific Funds Portfolio Optimization
		Conservative			Moderate- Conservative			Moderate			Growth			Aggressive- Growth
ASSETS
Investments in affiliated mutual funds, at cost			$373,249,771			$511,253,830			$1,385,447,529			$938,638,570			$263,517,226
Investments in affiliated mutual funds, at value			$389,444,343			$547,771,035			$1,522,404,160			$1,057,371,266			$312,559,300
Receivables:
	Dividends and interest		114,573			139,780			287,315			80,276			—
	Fund shares sold		547,066			502,921			2,122,524			832,299			529,903
	Securities sold		301,294			256,724			289,584			354,383			—
	Due from adviser		24,602			31,439			81,722			58,552			20,756
Prepaid expenses and other assets			3,556			5,088			5,143			12,757			4,595
Total Assets			390,435,434			548,706,987			1,525,190,448			1,058,709,533			313,114,554
LIABILITIES
Payables:
	Fund shares redeemed		2,858,277			1,125,547			2,898,947			1,747,175			402,097
	Securities purchased		114,573			139,780			287,315			80,276			87,464
	Accrued advisory fees		64,508			90,961			253,519			176,109			52,075
	Accrued administration fees		48,381			68,221			190,139			132,082			39,056
	Accrued support service expenses		15,969			22,648			63,068			43,072			12,394
	Accrued transfer agency out-of-pocket expenses		7,125			9,928			28,258			19,410			5,871
	Accrued legal, audit and tax service fees		28,936			40,455			114,033			78,578			22,658
	Accrued trustees’ fees and expenses and deferred compensation		2,755			2,972			7,245			4,417			1,116
	Accrued distribution and/or service fees		42,508			56,219			148,406			100,925			28,727
	Accrued other		21,381			28,871			100,672			51,944			16,076
Total Liabilities			3,204,413			1,585,602			4,091,602			2,433,988			667,534
NET ASSETS			$387,231,021			$547,121,385			$1,521,098,846			$1,056,275,545			$312,447,020
NET ASSETS CONSIST OF:
Paid-in capital			$377,442,251			$505,881,813			$1,340,213,120			$892,349,632			$270,992,721
Undistributed/accumulated net investment income (loss)			(2,172,147	)		(3,524,417	)		(9,879,547	)		(5,821,588	)		(186,451	)
Undistributed/accumulated net realized gain (loss)			(4,233,655	)		8,246,784			53,808,642			51,014,805			(7,401,324	)
Net unrealized appreciation (depreciation) on investments			16,194,572			36,517,205			136,956,631			118,732,696			49,042,074
NET ASSETS			$387,231,021			$547,121,385			$1,521,098,846			$1,056,275,545			$312,447,020
Class A Shares:
	Net Assets		$157,537,738			$260,664,135			$776,739,385			$559,523,208			$166,375,721
	Shares of beneficial interest outstanding		14,650,493			21,683,780			58,132,654			39,253,282			11,412,994
	Net Asset Value per share*		$10.75			$12.02			$13.36			$14.25			$14.58
	Sales Charge (1)		0.63			0.70			0.78			0.83			0.85
	Maximum offering price per share		$11.38			$12.72			$14.14			$15.08			$15.43
Class B Shares:
	Net Assets		$34,534,125			$48,207,236			$145,105,465			$104,108,886			$30,927,259
	Shares of beneficial interest outstanding		3,275,856			4,076,053			10,980,979			7,394,193			2,171,574
	Net Asset Value per share*		$10.54			$11.83			$13.21			$14.08			$14.24
Class C Shares:
	Net Assets		$179,560,521			$226,435,457			$555,368,263			$363,864,884			$99,692,224
	Shares of beneficial interest outstanding		17,040,782			19,157,679			42,094,689			25,912,835			7,008,811
	Net Asset Value per share*		$10.54			$11.82			$13.19			$14.04			$14.22
Class R Shares:
	Net Assets		$10,669,569			$6,287,216			$24,086,431			$18,477,928			$7,346,539
	Shares of beneficial interest outstanding		999,071			525,867			1,807,481			1,299,667			507,484
	Net Asset Value per share		$10.68			$11.96			$13.33			$14.22			$14.48
Advisor Class:
	Net Assets		$4,929,068			$5,527,341			$19,799,302			$10,300,639			$8,105,277
	Shares of beneficial interest outstanding		457,429			458,898			1,479,583			721,170			554,881
	Net Asset Value per share		$10.78			$12.04			$13.38			$14.28			$14.61

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

(1) The Class A shares of the Portfolio Optimization Funds are subject to a maximum 5.50% front-end sales charge.

See Notes to Financial Statements

B-1

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

SEPTEMBER 30, 2015 (Unaudited)

		Pacific Funds Short Duration Income			Pacific Funds Core Income			Pacific Funds Strategic Income			Pacific Funds Floating Rate Income			Pacific Funds Limited Duration High Income			Pacific Funds High Income
ASSETS
Investments, at cost			$168,930,119			$656,418,878			$252,355,845			$766,971,080			$38,702,236			$141,703,554
Investments, at value			$167,916,030			$642,147,191			$238,076,346			$754,709,090			$35,698,674			$130,666,223
Cash (1)			—			—			—			—			—			280,000
Foreign currency held, at value (2)			—			—			4,992			—			—			624
Receivables:
	Dividends and interest		864,458			6,049,169			3,276,272			6,604,168			552,644			2,451,238
	Fund shares sold		1,323,128			1,771,761			1,255,429			3,372,343			150,000			3,176
	Securities sold		1,680,609			3,328,600			1,652,774			35,657,414			197,982			602,757
	Due from adviser		27,609			92,151			37,209			97,826			10,432			11,770
Prepaid expenses and other assets			25,382			58,926			25,239			15,206			18,143			20,537
Total Assets			171,837,216			653,447,798			244,328,261			800,456,047			36,627,875			134,036,325
LIABILITIES
Payables:
	Fund shares redeemed		794,402			1,550,121			928,955			1,906,217			33,260			66,071
	Securities purchased		4,000,000			8,483,500			11,750,758			51,884,724			—			1,775,433
	Income distributions		33,750			234,109			81,721			190,392			2,794			1,839
	Accrued advisory fees		53,886			264,451			115,746			400,615			19,590			67,083
	Accrued administration fees		40,207			156,143			57,708			171,397			6,669			18,491
	Accrued support service expenses		5,460			24,163			7,301			28,363			2,045			2,723
	Accrued transfer agency out-of-pocket expenses		2,311			9,860			2,761			11,467			916			732
	Accrued legal, audit and tax service fees		9,506			43,409			12,262			51,593			3,252			6,587
	Accrued trustees’ fees and expenses and deferred compensation		56			152			—			430			170			—
	Accrued distribution and/or service fees		8,078			38,043			10,067			36,228			787			1,004
	Accrued other		12,400			30,114			13,620			87,752			8,095			11,484
Unfunded loan commitment depreciation			—			—			—			119			—			—
Swap agreements, at value			—			—			—			—			—			353,611
Total Liabilities			4,960,056			10,834,065			12,980,899			54,769,297			77,578			2,305,058
NET ASSETS			$166,877,160			$642,613,733			$231,347,362			$745,686,750			$36,550,297			$131,731,267
NET ASSETS CONSIST OF:
Paid-in capital			$169,028,945			$662,378,811			$249,225,159			$797,530,813			$40,439,650			$144,528,655
Undistributed/accumulated net investment income (loss)			7,165			48,849			22,474			90,229			(3,556	)		10,716
Undistributed/accumulated net realized gain (loss)			(1,144,861	)		(5,542,240	)		(3,619,124	)		(39,672,183	)		(882,235	)		(1,416,998	)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies			(1,014,089	)		(14,271,687	)		(14,281,147	)		(12,262,109	)		(3,003,562	)		(11,391,106	)
NET ASSETS			$166,877,160			$642,613,733			$231,347,362			$745,686,750			$36,550,297			$131,731,267
Class A Shares:
	Net Assets		$52,788,980			$215,738,992			$60,767,082			$205,981,447			$5,808,252			$5,808,470
	Shares of beneficial interest outstanding		5,146,793			20,810,840			5,971,606			20,916,537			638,936			598,151
	Net Asset Value per share*		$10.26			$10.37			$10.18			$9.85			$9.09			$9.71
	Sales Charge (3)		0.32			0.46			0.45			0.30			0.28			0.43
	Maximum offering price per share		$10.58			$10.83			$10.63			$10.15			$9.37			$10.14
Class C Shares:
	Net Assets		$36,352,009			$177,618,683			$45,392,454			$169,329,807			$3,243,491			$4,544,504
	Shares of beneficial interest outstanding		3,550,841			17,132,798			4,468,556			17,221,774			357,523			468,442
	Net Asset Value per share*		$10.24			$10.37			$10.16			$9.83			$9.07			$9.70
Class I Shares:
	Net Assets		$1,781,590			$3,902,999			$1,332,256			$108,255,813			$21,280,473			$221,991
	Shares of beneficial interest outstanding		173,955			376,185			131,616			10,977,381			2,341,241			23,011
	Net Asset Value per share		$10.24			$10.38			$10.12			$9.86			$9.09			$9.65
Class P Shares:
	Net Assets					$16,637,886						$391,747						$118,251,088
	Shares of beneficial interest outstanding					1,598,983						39,743						12,273,016
	Net Asset Value Per Share					$10.41						$9.86						$9.64
Advisor Class:
	Net Assets		$75,954,581			$228,715,173			$123,855,570			$261,727,936			$6,218,081			$2,905,214
	Shares of beneficial interest outstanding		7,405,397			22,016,737			12,169,344			26,494,351			684,609			298,999
	Net Asset Value per share		$10.26			$10.39			$10.18			$9.88			$9.08			$9.72

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

(1) Includes cash collateral segregated for certain derivative instruments in the Pacific Funds High Income of $280,000.

(2) The cost of foreign currency for Pacific Funds Strategic Income and Pacific Funds High Income was $6,640 and $788, respectively.

(3) The Class A shares of Pacific Funds Short Duration Income, Pacific Funds Floating Rate Income, and Pacific Funds Limited Duration High Income are subject to a maximum 3.00% front-end sales charge. The 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.

See Notes to Financial Statements

B-2

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

SEPTEMBER 30, 2015 (Unaudited)

		Pacific Funds Diversified Alternatives
ASSETS
Investments in affiliated mutual funds, at cost			$4,875,769
Investments in affiliated mutual funds, at value			$4,755,294
Receivables:
	Dividends and interest		1,335
	Due from adviser		4,294
Prepaid expenses and other assets			6,929
Total Assets			4,767,852
LIABILITIES
Payables:
	Fund shares redeemed		6,091
	Securities purchased		1,335
	Accrued advisory fees		806
	Accrued administration fees		605
	Accrued support service expenses		190
	Accrued transfer agency out-of-pocket expenses		69
	Accrued legal, audit and tax service fees		344
	Accrued distribution and/or service fees		177
	Accrued other		562
Total Liabilities			10,179
NET ASSETS			$4,757,673
NET ASSETS CONSIST OF:
Paid-in capital			$5,032,116
Undistributed/accumulated net investment income (loss)			(12,793	)
Undistributed/accumulated net realized gain (loss)			(141,175	)
Net unrealized appreciation (depreciation) on investments			(120,475	)
NET ASSETS			$4,757,673
Class A Shares:
	Net Assets		$1,417,842
	Shares of beneficial interest outstanding		145,729
	Net Asset Value per share*		$9.73
	Sales Charge (1)		0.57
	Maximum offering price per share		$10.30
Class C Shares:
	Net Assets		$726,177
	Shares of beneficial interest outstanding		75,503
	Net Asset Value per share*		$9.62
Advisor Class:
	Net Assets		$2,613,654
	Shares of beneficial interest outstanding		267,872
	Net Asset Value per share		$9.76

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

(1) The Class A shares of the Pacific Funds Diversified Alternatives are subject to a maximum 5.50% front-end sales charge.

See Notes to Financial Statements

B-3

PACIFIC FUNDS

STATEMENTS OF OPERATIONS

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2015 (Unaudited)

		Pacific Funds Portfolio Optimization
		Conservative			Moderate- Conservative			Moderate			Growth			Aggressive- Growth
INVESTMENT INCOME
Dividends from affiliated mutual fund investments			$580,076			$686,415			$1,529,017			$459,533			$—
Total Investment Income			580,076			686,415			1,529,017			459,533			—
EXPENSES
Advisory fees			411,490			576,427			1,640,010			1,149,566			338,181
Administration fees			308,618			432,320			1,230,007			862,175			253,636
Support services expenses			29,003			40,729			114,794			79,263			22,910
Custodian fees and expenses			42			42			42			42			42
Shareholder report expenses			18,329			25,694			72,541			50,070			14,446
Distribution and/or service fees (1)
	Class A		208,866			343,899			1,046,767			759,074			223,316
	Class B		183,039			253,405			783,334			575,220			172,112
	Class C		946,650			1,190,187			2,989,441			1,979,603			545,494
	Class R		28,390			16,423			66,313			50,224			20,991
Transfer agency out-of-pocket expenses			18,486			25,929			73,188			50,603			14,602
Registration fees			40,145			39,865			55,738			47,246			36,372
Legal, audit and tax service fees			32,272			45,130			127,478			88,037			25,416
Trustees’ fees and expenses			9,158			12,802			36,124			24,952			7,210
Other			5,528			9,843			25,352			17,048			5,660
Total Expenses			2,240,016			3,012,695			8,261,129			5,733,123			1,680,388
Adviser Expense Reimbursement (2)			(154,992	)		(200,034	)		(505,643	)		(358,283	)		(127,008	)
Net Expenses			2,085,024			2,812,661			7,755,486			5,374,840			1,553,380
NET INVESTMENT INCOME (LOSS)			(1,504,948	)		(2,126,246	)		(6,226,469	)		(4,915,307	)		(1,553,380	)
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions in affiliated mutual funds		(1,992,500	)		(907,402	)		7,996,388			12,232,319			1,161,556
	Investment security transactions		287			401			1,145			803			236
	Net Realized Gain (Loss)		(1,992,213	)		(907,001	)		7,997,533			12,233,122			1,161,792
Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities in affiliated mutual funds		(14,524,577	)		(25,160,972	)		(100,587,932	)		(90,280,535	)		(27,630,565	)
	Change in Net Unrealized Appreciation (Depreciation)		(14,524,577	)		(25,160,972	)		(100,587,932	)		(90,280,535	)		(27,630,565	)
NET GAIN (LOSS)			(16,516,790	)		(26,067,973	)		(92,590,399	)		(78,047,413	)		(26,468,773	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			($18,021,738	)		($28,194,219	)		($98,816,868	)		($82,962,720	)		($28,022,153	)

(1) The Advisor Class shares are not subject to distribution and service fees (See Notes 1 and 6 in Notes to Financial Statements).

(2) See Note 7B in Notes to Financial Statements.

See Notes to Financial Statements

B-4

PACIFIC FUNDS

STATEMENTS OF OPERATIONS (Continued)

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2015 (Unaudited)

		Pacific Funds Short  Duration Income			Pacific Funds Core Income			Pacific  Funds Strategic Income			Pacific Funds Floating Rate Income			Pacific Funds Limited  Duration High Income			Pacific Funds High  Income
INVESTMENT INCOME
Dividends			$1,261			$1,505			$147,821			$1,250			$99			$83,546
Interest			1,885,527			12,680,917			5,067,625			19,719,766			1,100,373			3,834,273
Other			15,533			—			—			24,456			—			—
Total Investment Income			1,902,321			12,682,422			5,215,446			19,745,472			1,100,472			3,917,819
EXPENSES
Advisory fees			289,888			1,632,223			626,085			2,435,428			127,207			401,397
Administration fees			216,207			965,562			311,995			1,055,096			42,205			111,742
Support services expenses			9,523			44,132			12,192			51,914			3,093			8,545
Custodian fees and expenses			2,275			10,847			2,610			13,573			1,268			1,842
Shareholder report expenses			6,047			27,850			7,844			32,776			2,029			5,024
Distribution and/or service fees (1)
	Class A		61,837			272,598			74,216			264,645			8,902			7,906
	Class C		169,703			912,721			229,044			879,687			18,625			26,126
Transfer agency out-of-pocket expenses			6,042			28,014			7,671			33,140			1,954			5,149
Registration fees			36,793			50,609			36,810			54,823			29,964			26,595
Legal, audit and tax service fees			10,562			48,753			13,559			57,690			3,498			8,639
Trustees’ fees and expenses			2,972			13,766			3,767			16,388			962			2,520
Interest expense and commitment fee			—			—			—			81,202			—			—
Other			12,074			23,163			17,871			23,457			10,304			15,959
Total Expenses			823,923			4,030,238			1,343,664			4,999,819			250,011			621,444
Advisory Fee Waiver (2)			—			—			—			—			(3,914	)		—
Adviser Expense Reimbursement (3)			(157,953	)		(560,858	)		(205,971	)		(612,347	)		(61,637	)		(52,274	)
Net Expenses			665,970			3,469,380			1,137,693			4,387,472			184,460			569,170
NET INVESTMENT INCOME (LOSS)			1,236,351			9,213,042			4,077,753			15,358,000			916,012			3,348,649
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions		(977,490	)		(2,331,789	)		(2,507,190	)		(29,782,011	)		(587,333	)		(900,036	)
	Swap transactions		—			—			—			—			—			(205,428	)
	Net Realized Gain (Loss)		(977,490	)		(2,331,789	)		(2,507,190	)		(29,782,011	)		(587,333	)		(1,105,464	)
Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities		(1,229,129	)		(24,014,952	)		(10,580,731	)		12,746,753			(1,508,401	)		(10,785,637	)
	Unfunded loan commitments		—			—			—			(119	)		—			—
	Swaps		—			—			—			—			—			(412,912	)
	Foreign currencies		—			—			(268	)		—			—			(33	)
	Change in Net Unrealized Appreciation (Depreciation)		(1,229,129	)		(24,014,952	)		(10,580,999	)		12,746,634			(1,508,401	)		(11,198,582	)
NET GAIN (LOSS)			(2,206,619	)		(26,346,741	)		(13,088,189	)		(17,035,377	)		(2,095,734	)		(12,304,046	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			($970,268	)		($17,133,699	)		($9,010,436	)		($1,677,377	)		($1,179,722	)		($8,955,397	)

(1) Class I, Class P, and Advisor Class shares are not subject to distribution and service fees (See Notes 1 and 6 in Notes to Financial Statements).

(2) See Note 6 in Notes to Financial Statements.

(3) See Note 7B in Notes to Financial Statements.

See Notes to Financial Statements

B-5

PACIFIC FUNDS

STATEMENTS OF OPERATIONS (Continued)

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2015 (Unaudited)

		Pacific Funds Diversified Alternatives
INVESTMENT INCOME
Dividends from affiliated mutual fund investments			$10,561
Total Investment Income			10,561
EXPENSES
Advisory fees			5,941
Administration fees			4,456
Support services expenses			346
Custodian fees and expenses			42
Shareholder report expenses			211
Distribution and/or service fees (1)
	Class A		1,846
	Class C		3,685
Transfer agency out-of-pocket expenses			206
Registration fees			30,017
Legal, audit and tax service fees			385
Trustees’ fees and expenses			108
Other			567
Total Expenses			47,810
Adviser Expense Reimbursement (2)			(24,456	)
Net Expenses			23,354
NET INVESTMENT INCOME (LOSS)			(12,793	)
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions in affiliated mutual funds		(116,215	)
	Net Realized Gain (Loss)		(116,215	)
Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities in affiliated mutual funds		(37,495	)
	Change in Net Unrealized Appreciation (Depreciation)		(37,495	)
NET GAIN (LOSS)			(153,710	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			($166,503	)

(1) The Advisor Class shares are not subject to distribution and service fees (See Notes 1 and 6 in Notes to Financial Statements).

(2) See Note 7B in Notes to Financial Statements.

See Notes to Financial Statements

B-6

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, 2015 (1)			Year Ended March 31, 2015			Six-Month Period Ended September 30, 2015 (1)			Year Ended March 31, 2015			Six-Month Period Ended September 30, 2015 (1)			Year Ended March 31, 2015
OPERATIONS
Net investment income (loss)			($1,504,948	)		$4,477,619			($2,126,246	)		$5,896,543			($6,226,469	)		$15,219,942
Net realized gain (loss)			(1,992,213	)		10,799,223			(907,001	)		20,824,581			7,997,533			75,283,829
Change in net unrealized appreciation (depreciation)			(14,524,577	)		(859,050	)		(25,160,972	)		(2,549,050	)		(100,587,932	)		(12,216,526	)
Net Increase (Decrease) in Net Assets Resulting from Operations			(18,021,738	)		14,417,792			(28,194,219	)		24,172,074			(98,816,868	)		78,287,245
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
	Class A		—			(3,454,200	)		—			(5,469,373	)		—			(19,048,743	)
	Class B		—			(551,909	)		—			(748,105	)		—			(2,475,913	)
	Class C		—			(2,836,796	)		—			(3,539,176	)		—			(9,326,320	)
	Class R		—			(231,328	)		—			(124,908	)		—			(552,031	)
	Advisor Class		—			(180,858	)		—			(123,283	)		—			(590,308	)
Net realized gains
	Class A		—			(3,847,918	)		—			(4,251,615	)		—			(10,959,626	)
	Class B		—			(858,598	)		—			(813,848	)		—			(2,103,854	)
	Class C		—			(4,437,897	)		—			(3,769,105	)		—			(7,871,227	)
	Class R		—			(277,370	)		—			(106,079	)		—			(364,076	)
	Advisor Class		—			(189,503	)		—			(84,413	)		—			(311,818	)
Net Decrease from Dividends and Distributions to Shareholders			—			(16,866,377	)		—			(19,029,905	)		—			(53,603,916	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		16,248,845			39,424,777			26,201,616			57,136,981			65,584,651			161,286,327
	Class B		3,066,989			5,275,231			3,534,554			5,813,297			9,448,110			18,369,022
	Class C		21,462,684			42,394,356			21,293,210			48,443,966			47,176,692			114,956,328
	Class R		900,744			2,826,989			693,458			2,453,292			2,874,437			7,304,490
	Advisor Class		803,540			8,408,322			1,506,236			5,267,750			4,316,886			18,681,701
Dividends and distribution reinvestments
	Class A		—			6,963,735			—			9,515,668			—			29,629,842
	Class B		—			1,311,259			—			1,516,125			—			4,487,672
	Class C		—			6,918,706			—			7,038,176			—			16,585,274
	Class R		—			508,698			—			230,987			—			914,621
	Advisor Class		—			256,778			—			150,779			—			757,402
Cost of shares repurchased
	Class A		(21,706,347	)		(66,336,969	)		(29,603,200	)		(67,483,303	)		(84,897,479	)		(173,568,973	)
	Class B		(4,856,403	)		(7,501,235	)		(3,945,408	)		(8,834,053	)		(14,566,485	)		(21,763,033	)
	Class C		(25,129,913	)		(60,180,762	)		(23,497,012	)		(44,903,331	)		(56,006,101	)		(104,739,176	)
	Class R		(1,571,966	)		(2,537,604	)		(978,363	)		(2,886,897	)		(5,344,347	)		(12,304,519	)
	Advisor Class		(3,528,896	)		(4,551,008	)		(1,262,637	)		(2,749,236	)		(5,211,352	)		(17,739,998	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(14,310,723	)		(26,818,727	)		(6,057,546	)		10,710,201			(36,624,988	)		42,856,980
NET INCREASE (DECREASE) IN NET ASSETS			(32,332,461	)		(29,267,312	)		(34,251,765	)		15,852,370			(135,441,856	)		67,540,309
NET ASSETS
Beginning of Year or Period			419,563,482			448,830,794			581,373,150			565,520,780			1,656,540,702			1,589,000,393
End of Year or Period			$387,231,021			$419,563,482			$547,121,385			$581,373,150			$1,521,098,846			$1,656,540,702
Undistributed/Accumulated Net Investment Income (Loss)			($2,172,147	)		($667,199	)		($3,524,417	)		($1,398,171	)		($9,879,547	)		($3,653,078	)

(1) Unaudited.

See Notes to Financial Statements

B-7

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		Pacific Funds Portfolio Optimization Growth						Pacific Funds Portfolio Optimization Aggressive-Growth						Pacific Funds Short Duration Income
		Six-Month Period Ended September 30, 2015 (1)			Year Ended March 31, 2015			Six-Month Period Ended September 30, 2015 (1)			Year Ended March 31, 2015			Six-Month Period Ended September 30, 2015 (1)			Year Ended March 31, 2015
OPERATIONS
Net investment income (loss)			($4,915,307	)		$8,137,090			($1,553,380	)		$2,090,801			$1,236,351			$2,068,788
Net realized gain (loss)			12,233,122			70,260,635			1,161,792			23,648,517			(977,490	)		(41,337	)
Change in net unrealized appreciation (depreciation)			(90,280,535	)		(12,970,340	)		(27,630,565	)		(7,113,846	)		(1,229,129	)		(474,354	)
Net Increase (Decrease) in Net Assets Resulting from Operations			(82,962,720	)		65,427,385			(28,022,153	)		18,625,472			(970,268	)		1,553,097
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
	Class A		—			(12,802,326	)		—			(3,417,354	)		(436,930	)		(921,923	)
	Class B		—			(1,696,168	)		—			(463,722	)
	Class C		—			(5,812,228	)		—			(1,415,231	)		(174,969	)		(297,655	)
	Class I														(16,924	)		(24,460	)
	Class R		—			(413,678	)		—			(149,889	)
	Advisor Class		—			(200,361	)		—			(131,420	)		(616,270	)		(817,824	)
Net realized gains
	Class A		—			—			—			—			—			(124,939	)
	Class B		—			—			—			—
	Class C		—			—			—			—			—			(75,249	)
	Class I														—			(2,655	)
	Class R		—			—			—			—
	Advisor Class		—			—			—			—			—			(120,604	)
Net Decrease from Dividends and Distributions to Shareholders			—			(20,924,761	)		—			(5,577,616	)		(1,245,093	)		(2,385,309	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		48,138,432			110,958,304			18,352,932			34,237,966			19,301,043			40,962,087
	Class B		5,377,209			13,329,240			2,543,513			4,208,529
	Class C		29,252,817			67,260,544			10,159,816			29,878,462			10,605,317			18,412,180
	Class I														335,023			1,099,458
	Class R		2,103,406			5,867,487			942,154			2,503,562
	Advisor Class		3,755,586			9,050,980			3,289,450			4,554,186			42,939,924			98,991,225
Dividends and distribution reinvestments
	Class A		—			12,642,428			—			3,370,198			376,092			901,978
	Class B		—			1,647,341			—			455,352
	Class C		—			5,630,979			—			1,363,502			167,200			358,020
	Class I														16,709			25,161
	Class R		—			413,678			—			149,889
	Advisor Class		—			138,194			—			112,694			498,466			792,572
Cost of shares repurchased
	Class A		(53,321,526	)		(94,405,382	)		(14,691,358	)		(29,088,540	)		(14,844,646	)		(52,934,068	)
	Class B		(11,969,630	)		(20,163,774	)		(4,569,819	)		(8,060,413	)
	Class C		(34,482,185	)		(65,174,978	)		(11,348,454	)		(27,114,900	)		(5,478,629	)		(10,786,625	)
	Class I														(61,888	)		(582,486	)
	Class R		(3,597,317	)		(6,069,366	)		(1,809,422	)		(2,250,245	)
	Advisor Class		(2,802,230	)		(4,474,665	)		(1,025,111	)		(1,063,634	)		(18,432,947	)		(57,091,123	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(17,545,438	)		36,651,010			1,843,701			13,256,608			35,421,664			40,148,379
NET INCREASE (DECREASE) IN NET ASSETS			(100,508,158	)		81,153,634			(26,178,452	)		26,304,464			33,206,303			39,316,167
NET ASSETS
Beginning of Year or Period			1,156,783,703			1,075,630,069			338,625,472			312,321,008			133,670,857			94,354,690
End of Year or Period			$1,056,275,545			$1,156,783,703			$312,447,020			$338,625,472			$166,877,160			$133,670,857
Undistributed/Accumulated Net Investment Income (Loss)			($5,821,588	)		($906,281	)		($186,451	)		$1,366,929			$7,165			$15,907

(1) Unaudited.

See Notes to Financial Statements

B-8

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		Pacific Funds Core Income (1)						Pacific Funds Strategic Income						Pacific Funds Floating Rate Income
		Six-Month Period Ended September 30, 2015 (2)			Year Ended March 31, 2015			Six-Month Period Ended September 30, 2015 (2)			Year Ended March 31, 2015			Six-Month Period Ended September 30, 2015 (2)			Year Ended March 31, 2015
OPERATIONS
Net investment income (loss)			$9,213,042			$13,913,274			$4,077,753			$5,231,459			$15,358,000			$39,940,002
Net realized gain (loss)			(2,331,789	)		(414,889	)		(2,507,190	)		(158,485	)		(29,782,011	)		(9,871,223	)
Change in net unrealized appreciation (depreciation)			(24,014,952	)		6,159,452			(10,580,999	)		(5,321,037	)		12,746,634			(29,616,921	)
Net Increase (Decrease) in Net Assets Resulting from Operations			(17,133,699	)		19,657,837			(9,010,436	)		(248,063	)		(1,677,377	)		451,858
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
	Class A		(3,226,842	)		(6,103,604	)		(1,155,077	)		(1,935,936	)		(4,411,155	)		(12,127,562	)
	Class C		(2,006,924	)		(3,306,524	)		(713,051	)		(1,195,002	)		(3,012,007	)		(7,355,422	)
	Class I		(63,974	)		(68,112	)		(29,049	)		(72,586	)		(2,105,048	)		(5,054,910	)
	Class P		(225,442	)											(10,562	)		(22,232	)
	Advisor Class		(3,761,117	)		(4,398,333	)		(2,193,545	)		(1,994,352	)		(5,940,842	)		(15,444,787	)
Net realized gains
	Class A		—			—			—			(481,859	)		—			(649,099	)
	Class C		—			—			—			(391,679	)		—			(522,838	)
	Class I		—			—			—			(18,329	)		—			(428,173	)
	Class P		—												—			(1,780	)
	Advisor Class		—			—			—			(680,224	)		—			(747,931	)
Net Decrease from Dividends and Distributions to Shareholders			(9,284,299	)		(13,876,573	)		(4,090,722	)		(6,769,967	)		(15,479,614	)		(42,354,734	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		45,110,133			78,759,630			22,852,587			39,361,105			29,962,073			84,228,276
	Class C		19,702,084			89,090,031			10,852,822			27,647,819			15,729,972			57,551,269
	Class I		880,502			3,503,148			183,700			428,123			29,856,319			98,998,416
	Class P		17,755,746												94,173			524,364
	Advisor Class		87,271,448			195,687,916			85,576,353			97,600,567			60,273,181			205,301,412
Dividends and distribution reinvestments
	Class A		2,995,874			5,645,816			1,076,821			2,282,659			4,160,305			11,852,624
	Class C		1,842,060			3,027,883			675,518			1,525,454			2,733,062			7,078,030
	Class I		63,760			67,987			27,978			87,714			2,047,275			5,315,410
	Class P		225,442												10,562			24,012
	Advisor Class		2,830,422			3,647,082			1,926,863			2,109,031			5,259,712			13,801,533
Cost of shares repurchased
	Class A		(41,937,217	)		(89,896,818	)		(10,859,630	)		(26,173,927	)		(38,500,307	)		(245,143,310	)
	Class C		(20,620,989	)		(32,922,963	)		(6,227,155	)		(8,222,460	)		(24,936,186	)		(90,101,400	)
	Class I		(690,084	)		(972,802	)		(184,978	)		(728,314	)		(9,977,204	)		(105,822,602	)
	Class P		(585,398	)											(395,596	)		(82,233	)
	Advisor Class		(71,374,298	)		(50,564,507	)		(22,915,138	)		(39,772,549	)		(68,014,165	)		(302,300,704	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			43,469,485			205,072,403			82,985,741			96,145,222			8,303,176			(258,774,903	)
NET INCREASE (DECREASE) IN NET ASSETS			17,051,487			210,853,667			69,884,583			89,127,192			(8,853,815	)		(300,677,779	)
NET ASSETS
Beginning of Year or Period			625,562,246			414,708,579			161,462,779			72,335,587			754,540,565			1,055,218,344
End of Year or Period			$642,613,733			$625,562,246			$231,347,362			$161,462,779			$745,686,750			$754,540,565
Undistributed/Accumulated Net Investment Income (Loss)			$48,849			$120,106			$22,474			$35,443			$90,229			$211,843

(1) The Class P of Pacific Funds Core Income commenced operations on April 27, 2015.

(2) Unaudited.

See Notes to Financial Statements

B-9

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		Pacific Funds Limited Duration High Income						Pacific Funds High Income (1)						Pacific Funds Diversified Alternatives
		Six-Month Period Ended September 30, 2015 (2)			Year Ended March 31, 2015			Six-Month Period Ended September 30, 2015 (2)			Year Ended March 31, 2015			Six-Month Period Ended September 30, 2015 (2)			Year Ended March 31, 2015
OPERATIONS
Net investment income (loss)			$916,012			$1,764,487			$3,348,649			$1,648,228			($12,793	)		$144,500
Net realized gain (loss)			(587,333	)		(205,536	)		(1,105,464	)		(41,177	)		(116,215	)		(14,721	)
Change in net unrealized appreciation (depreciation)			(1,508,401	)		(1,984,190	)		(11,198,582	)		(1,038,960	)		(37,495	)		(81,547	)
Net Increase (Decrease) in Net Assets Resulting from Operations			(1,179,722	)		(425,239	)		(8,955,397	)		568,091			(166,503	)		48,232
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
	Class A		(162,232	)		(423,413	)		(137,191	)		(353,304	)		—			(33,830	)
	Class C		(72,079	)		(144,206	)		(91,161	)		(232,457	)		—			(11,976	)
	Class I		(543,483	)		(1,064,169	)		(5,443	)		(379,218	)
	Class P								(3,029,602	)		(446,705	)
	Advisor Class		(155,072	)		(143,013	)		(81,186	)		(236,773	)		—			(108,736	)
Net realized gains
	Class A		—			(46,119	)		—			(103,589	)		—			(2,139	)
	Class C		—			(18,602	)		—			(87,190	)		—			(807	)
	Class I		—			(98,118	)		—			(143,010	)
	Class P								—			—
	Advisor Class		—			(9,217	)		—			(65,262	)		—			(6,673	)
Net Decrease from Dividends and Distributions to Shareholders			(932,866	)		(1,946,857	)		(3,344,583	)		(2,047,508	)		—			(164,161	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		1,443,634			4,088,773			2,325,535			5,033,954			229,882			1,625,520
	Class C		728,470			2,586,718			622,191			2,097,278			250,030			893,601
	Class I		18,068			17,400			2,200			9,150
	Class P								104,539,666			38,271,086
	Advisor Class		3,007,528			4,776,545			333,890			8,799,370			365,016			2,277,040
Dividends and distribution reinvestments
	Class A		141,343			423,408			131,328			445,733			—			33,151
	Class C		69,861			157,493			90,012			314,637			—			12,783
	Class I		543,483			1,162,287			5,415			522,188
	Class P								3,029,602			446,706
	Advisor Class		153,563			148,906			79,285			264,192			—			115,409
Cost of shares repurchased
	Class A		(2,500,894	)		(5,462,415	)		(2,067,407	)		(5,476,880	)		(237,209	)		(157,665	)
	Class C		(1,022,592	)		(1,267,105	)		(1,211,559	)		(1,836,091	)		(57,163	)		(340,442	)
	Class I		(10,316	)		(113,000	)		(9,441	)		(8,980,068	)
	Class P								(17,059,853	)		(470,826	)
	Advisor Class		(2,257,926	)		(1,004,771	)		(1,065,310	)		(7,918,952	)		(1,419,935	)		(547,945	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			314,222			5,514,239			89,745,554			31,521,477			(869,379	)		3,911,452
NET INCREASE (DECREASE) IN NET ASSETS			(1,798,366	)		3,142,143			77,445,574			30,042,060			(1,035,882	)		3,795,523
NET ASSETS
Beginning of Year or Period			38,348,663			35,206,520			54,285,693			24,243,633			5,793,555			1,998,032
End of Year or Period			$36,550,297			$38,348,663			$131,731,267			$54,285,693			$4,757,673			$5,793,555
Undistributed/Accumulated Net Investment Income (Loss)			($3,556	)		$13,298			$10,716			$6,650			($12,793	)		$—

(1) The Class P of Pacific Funds High Income commenced operations on January 14, 2015.

(2) Unaudited.

See Notes to Financial Statements

B-10

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	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (1)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (2)	Expenses After Reductions (2), (3)	Net Investment Income (Loss) (2)	Total Returns (4)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Portfolio Optimization Conservative
Class A
4/1/2015 - 9/30/2015 (5)		$11.22		($0.02	)		($0.45	)		($0.47	)		$—			$—			$—			$10.75	0.67%	0.60%	(0.32%)		(4.19	%)		$157,538		32	%
4/1/2014 - 3/31/2015		11.29		0.16			0.26			0.42			(0.23	)		(0.26	)		(0.49	)		11.22	0.68%	0.60%	1.44%		3.71	%		169,945		17	%
4/1/2013 - 3/31/2014		11.40		0.10			0.10			0.20			(0.15	)		(0.16	)		(0.31	)		11.29	0.70%	0.60%	0.90%		1.78	%		190,492		11	%
4/1/2012 - 3/31/2013		11.07		0.23			0.49			0.72			(0.34	)		(0.05	)		(0.39	)		11.40	0.71%	0.60%	2.01%		6.57	%		230,646		27	%
4/1/2011 - 3/31/2012		10.87		0.22			0.29			0.51			(0.28	)		(0.03	)		(0.31	)		11.07	0.73%	0.60%	1.99%		4.80	%		182,912		10	%
4/1/2010 - 3/31/2011		10.41		0.15			0.63			0.78			(0.32	)		—			(0.32	)		10.87	0.78%	0.53%	1.43%		7.60	%		130,249		18	%
Class B
4/1/2015 - 9/30/2015 (5)		$11.05		($0.06	)		($0.45	)		($0.51	)		$—			$—			$—			$10.54	1.42%	1.35%	(1.07%)		(4.62	%)		$34,534		32	%
4/1/2014 - 3/31/2015		11.14		0.08			0.25			0.33			(0.16	)		(0.26	)		(0.42	)		11.05	1.43%	1.35%	0.69%		3.00	%		37,979		17	%
4/1/2013 - 3/31/2014		11.27		0.02			0.10			0.12			(0.09	)		(0.16	)		(0.25	)		11.14	1.45%	1.35%	0.15%		1.06	%		39,160		11	%
4/1/2012 - 3/31/2013		10.96		0.14			0.50			0.64			(0.28	)		(0.05	)		(0.33	)		11.27	1.46%	1.35%	1.27%		5.89	%		41,999		27	%
4/1/2011 - 3/31/2012		10.78		0.13			0.29			0.42			(0.21	)		(0.03	)		(0.24	)		10.96	1.48%	1.35%	1.24%		4.02	%		33,122		10	%
4/1/2010 - 3/31/2011		10.34		0.07			0.63			0.70			(0.26	)		—			(0.26	)		10.78	1.53%	1.27%	0.68%		6.80	%		22,282		18	%
Class C
4/1/2015 - 9/30/2015 (5)		$11.05		($0.06	)		($0.45	)		($0.51	)		$—			$—			$—			$10.54	1.42%	1.35%	(1.07%)		(4.62	%)		$179,561		32	%
4/1/2014 - 3/31/2015		11.13		0.08			0.26			0.34			(0.16	)		(0.26	)		(0.42	)		11.05	1.43%	1.35%	0.69%		3.09	%		191,946		17	%
4/1/2013 - 3/31/2014		11.26		0.02			0.10			0.12			(0.09	)		(0.16	)		(0.25	)		11.13	1.45%	1.35%	0.15%		1.04	%		204,180		11	%
4/1/2012 - 3/31/2013		10.96		0.14			0.49			0.63			(0.28	)		(0.05	)		(0.33	)		11.26	1.46%	1.35%	1.22%		5.84	%		220,688		27	%
4/1/2011 - 3/31/2012		10.77		0.13			0.30			0.43			(0.21	)		(0.03	)		(0.24	)		10.96	1.48%	1.35%	1.24%		4.08	%		158,748		10	%
4/1/2010 - 3/31/2011		10.33		0.07			0.63			0.70			(0.26	)		—			(0.26	)		10.77	1.53%	1.27%	0.68%		6.81	%		117,458		18	%
Class R
4/1/2015 - 9/30/2015 (5)		$11.16		($0.03	)		($0.45	)		($0.48	)		$—			$—			$—			$10.68	0.92%	0.85%	(0.57%)		(4.30	%)		$10,670		32	%
4/1/2014 - 3/31/2015		11.24		0.14			0.25			0.39			(0.21	)		(0.26	)		(0.47	)		11.16	0.93%	0.85%	1.19%		3.48	%		11,820		17	%
4/1/2013 - 3/31/2014		11.36		0.07			0.10			0.17			(0.13	)		(0.16	)		(0.29	)		11.24	0.95%	0.85%	0.65%		1.52	%		11,132		11	%
4/1/2012 - 3/31/2013		11.03		0.20			0.50			0.70			(0.32	)		(0.05	)		(0.37	)		11.36	0.96%	0.85%	1.79%		6.38	%		12,357		27	%
4/1/2011 - 3/31/2012		10.83		0.19			0.29			0.48			(0.25	)		(0.03	)		(0.28	)		11.03	0.98%	0.85%	1.74%		4.58	%		10,522		10	%
4/1/2010 - 3/31/2011		10.38		0.13			0.61			0.74			(0.29	)		—			(0.29	)		10.83	1.03%	0.75%	1.20%		7.25	%		8,881		18	%
Advisor Class
4/1/2015 - 9/30/2015 (5)		$11.23		($0.00	)(6)		($0.45	)		($0.45	)		$—			$—			$—			$10.78	0.42%	0.35%	(0.07%)		(4.10	%)		$4,929		32	%
4/1/2014 - 3/31/2015		11.29		0.19			0.26			0.45			(0.25	)		(0.26	)		(0.51	)		11.23	0.43%	0.35%	1.69%		4.01	%		7,872		17	%
4/1/2013 - 3/31/2014		11.41		0.12			0.09			0.21			(0.17	)		(0.16	)		(0.33	)		11.29	0.45%	0.40%	1.10%		1.87	%		3,867		11	%
12/31/2012 - 3/31/2013		11.18		(0.01	)		0.24			0.23			—			—			—			11.41	0.48%	0.40%	(0.40%)		2.06	%		1,366		27	%
Pacific Funds Portfolio Optimization Moderate-Conservative
Class A
4/1/2015 - 9/30/2015 (5)		$12.61		($0.02	)		($0.57	)		($0.59	)		$—			$—			$—			$12.02	0.67%	0.60%	(0.36%)		(4.68	%)		$260,664		27	%
4/1/2014 - 3/31/2015		12.48		0.18			0.40			0.58			(0.25	)		(0.20	)		(0.45	)		12.61	0.67%	0.60%	1.40%		4.69	%		276,898		17	%
4/1/2013 - 3/31/2014		12.10		0.11			0.50			0.61			(0.18	)		(0.05	)		(0.23	)		12.48	0.69%	0.60%	0.89%		5.08	%		274,899		5	%
4/1/2012 - 3/31/2013		11.56		0.18			0.64			0.82			(0.28	)		—			(0.28	)		12.10	0.71%	0.60%	1.58%		7.22	%		246,609		24	%
4/1/2011 - 3/31/2012		11.25		0.18			0.35			0.53			(0.22	)		—			(0.22	)		11.56	0.73%	0.60%	1.62%		4.87	%		188,660		10	%
4/1/2010 - 3/31/2011		10.54		0.12			0.87			0.99			(0.28	)		—			(0.28	)		11.25	0.78%	0.52%	1.16%		9.53	%		132,919		10	%
Class B
4/1/2015 - 9/30/2015 (5)		$12.46		($0.07	)		($0.56	)		($0.63	)		$—			$—			$—			$11.83	1.42%	1.35%	(1.11%)		(5.06	%)		$48,207		27	%
4/1/2014 - 3/31/2015		12.36		0.08			0.40			0.48			(0.18	)		(0.20	)		(0.38	)		12.46	1.42%	1.35%	0.65%		3.91	%		51,223		17	%
4/1/2013 - 3/31/2014		11.99		0.02			0.51			0.53			(0.11	)		(0.05	)		(0.16	)		12.36	1.44%	1.35%	0.14%		4.47	%		52,285		5	%
4/1/2012 - 3/31/2013		11.46		0.10			0.63			0.73			(0.20	)		—			(0.20	)		11.99	1.46%	1.35%	0.85%		6.46	%		49,372		24	%
4/1/2011 - 3/31/2012		11.17		0.10			0.35			0.45			(0.16	)		—			(0.16	)		11.46	1.48%	1.35%	0.87%		4.07	%		40,812		10	%
4/1/2010 - 3/31/2011		10.47		0.04			0.87			0.91			(0.21	)		—			(0.21	)		11.17	1.53%	1.27%	0.41%		8.78	%		28,411		10	%
Class C
4/1/2015 - 9/30/2015 (5)		$12.45		($0.07	)		($0.56	)		($0.63	)		$—			$—			$—			$11.82	1.42%	1.35%	(1.11%)		(5.06	%)		$226,435		27	%
4/1/2014 - 3/31/2015		12.35		0.08			0.40			0.48			(0.18	)		(0.20	)		(0.38	)		12.45	1.42%	1.35%	0.65%		3.93	%		240,803		17	%
4/1/2013 - 3/31/2014		11.99		0.02			0.51			0.53			(0.12	)		(0.05	)		(0.17	)		12.35	1.44%	1.35%	0.14%		4.41	%		228,445		5	%
4/1/2012 - 3/31/2013		11.47		0.09			0.64			0.73			(0.21	)		—			(0.21	)		11.99	1.46%	1.35%	0.81%		6.41	%		196,123		24	%
4/1/2011 - 3/31/2012		11.16		0.10			0.36			0.46			(0.15	)		—			(0.15	)		11.47	1.48%	1.35%	0.87%		4.20	%		144,900		10	%
4/1/2010 - 3/31/2011		10.47		0.04			0.86			0.90			(0.21	)		—			(0.21	)		11.16	1.53%	1.27%	0.41%		8.71	%		107,411		10	%

See Notes to Financial Statements See explanation of references on B-17

B-11

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	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (1)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (2)	Expenses After Reductions (2), (3)	Net Investment Income (Loss) (2)	Total Returns (4)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Portfolio Optimization Moderate-Conservative (Continued)
Class R
4/1/2015 - 9/30/2015 (5)		$12.56		($0.04	)		($0.56	)		($0.60	)		$—			$—			$—			$11.96	0.92%	0.85%	(0.61%)		(4.78	%)		$6,287		27	%
4/1/2014 - 3/31/2015		12.44		0.14			0.41			0.55			(0.23	)		(0.20	)		(0.43	)		12.56	0.92%	0.85%	1.15%		4.43	%		6,881		17	%
4/1/2013 - 3/31/2014		12.06		0.08			0.51			0.59			(0.16	)		(0.05	)		(0.21	)		12.44	0.94%	0.85%	0.64%		4.91	%		7,000		5	%
4/1/2012 - 3/31/2013		11.52		0.16			0.63			0.79			(0.25	)		—			(0.25	)		12.06	0.96%	0.85%	1.39%		6.92	%		6,482		24	%
4/1/2011 - 3/31/2012		11.22		0.15			0.35			0.50			(0.20	)		—			(0.20	)		11.52	0.98%	0.85%	1.37%		4.53	%		6,301		10	%
4/1/2010 - 3/31/2011		10.51		0.10			0.86			0.96			(0.25	)		—			(0.25	)		11.22	1.03%	0.76%	0.91%		9.32	%		15,236		10	%
Advisor Class
4/1/2015 - 9/30/2015 (5)		$12.62		($0.01	)		($0.57	)		($0.58	)		$—			$—			$—			$12.04	0.42%	0.35%	(0.11%)		(4.52	%)		$5,527		27	%
4/1/2014 - 3/31/2015		12.49		0.21			0.40			0.61			(0.28	)		(0.20	)		(0.48	)		12.62	0.42%	0.35%	1.65%		4.89	%		5,568		17	%
4/1/2013 - 3/31/2014		12.10		0.13			0.51			0.64			(0.20	)		(0.05	)		(0.25	)		12.49	0.44%	0.40%	1.09%		5.32	%		2,892		5	%
12/31/2012 - 3/31/2013		11.68		(0.01	)		0.43			0.42			—			—			—			12.10	0.46%	0.40%	(0.40%)		3.60	%		880		24	%
Pacific Funds Portfolio Optimization Moderate
Class A
4/1/2015 - 9/30/2015 (5)		$14.20		($0.03	)		($0.81	)		($0.84	)		$—			$—			$—			$13.36	0.66%	0.60%	(0.41%)		(5.92	%)		$776,739		27	%
4/1/2014 - 3/31/2015		13.98		0.18			0.55			0.73			(0.32	)		(0.19	)		(0.51	)		14.20	0.66%	0.60%	1.28%		5.30	%		844,759		19	%
4/1/2013 - 3/31/2014		13.06		0.11			1.00			1.11			(0.19	)		—			(0.19	)		13.98	0.69%	0.60%	0.84%		8.51	%		814,707		1	%
4/1/2012 - 3/31/2013		12.26		0.15			0.86			1.01			(0.21	)		—			(0.21	)		13.06	0.70%	0.60%	1.20%		8.36	%		654,158		25	%
4/1/2011 - 3/31/2012		11.88		0.14			0.42			0.56			(0.18	)		—			(0.18	)		12.26	0.72%	0.60%	1.18%		4.82	%		517,945		7	%
4/1/2010 - 3/31/2011		10.81		0.10			1.19			1.29			(0.22	)		—			(0.22	)		11.88	0.77%	0.52%	0.91%		12.10	%		384,999		9	%
Class B
4/1/2015 - 9/30/2015 (5)		$14.10		($0.08	)		($0.81	)		($0.89	)		$—			$—			$—			$13.21	1.41%	1.35%	(1.16%)		(6.31	%)		$145,105		27	%
4/1/2014 - 3/31/2015		13.89		0.07			0.55			0.62			(0.22	)		(0.19	)		(0.41	)		14.10	1.41%	1.35%	0.53%		4.49	%		159,975		19	%
4/1/2013 - 3/31/2014		12.96		0.01			1.01			1.02			(0.09	)		—			(0.09	)		13.89	1.44%	1.35%	0.09%		7.90	%		156,450		1	%
4/1/2012 - 3/31/2013		12.18		0.06			0.85			0.91			(0.13	)		—			(0.13	)		12.96	1.45%	1.35%	0.47%		7.49	%		136,411		25	%
4/1/2011 - 3/31/2012		11.80		0.05			0.43			0.48			(0.10	)		—			(0.10	)		12.18	1.47%	1.35%	0.43%		4.13	%		115,513		7	%
4/1/2010 - 3/31/2011		10.74		0.02			1.18			1.20			(0.14	)		—			(0.14	)		11.80	1.52%	1.26%	0.17%		11.33	%		92,064		9	%
Class C
4/1/2015 - 9/30/2015 (5)		$14.08		($0.08	)		($0.81	)		($0.89	)		$—			$—			$—			$13.19	1.41%	1.35%	(1.16%)		(6.32	%)		$555,368		27	%
4/1/2014 - 3/31/2015		13.87		0.07			0.55			0.62			(0.22	)		(0.19	)		(0.41	)		14.08	1.41%	1.35%	0.53%		4.51	%		601,814		19	%
4/1/2013 - 3/31/2014		12.95		0.01			1.01			1.02			(0.10	)		—			(0.10	)		13.87	1.44%	1.35%	0.09%		7.89	%		566,257		1	%
4/1/2012 - 3/31/2013		12.17		0.06			0.85			0.91			(0.13	)		—			(0.13	)		12.95	1.45%	1.35%	0.46%		7.50	%		445,932		25	%
4/1/2011 - 3/31/2012		11.78		0.05			0.43			0.48			(0.09	)		—			(0.09	)		12.17	1.47%	1.35%	0.43%		4.18	%		366,753		7	%
4/1/2010 - 3/31/2011		10.73		0.02			1.17			1.19			(0.14	)		—			(0.14	)		11.78	1.52%	1.26%	0.17%		11.26	%		308,449		9	%
Class R
4/1/2015 - 9/30/2015 (5)		$14.18		($0.05	)		($0.80	)		($0.85	)		$—			$—			$—			$13.33	0.91%	0.85%	(0.66%)		(5.99	%)		$24,086		27	%
4/1/2014 - 3/31/2015		13.96		0.15			0.54			0.69			(0.28	)		(0.19	)		(0.47	)		14.18	0.91%	0.85%	1.03%		5.00	%		28,097		19	%
4/1/2013 - 3/31/2014		13.03		0.08			1.00			1.08			(0.15	)		—			(0.15	)		13.96	0.94%	0.85%	0.59%		8.33	%		31,641		1	%
4/1/2012 - 3/31/2013		12.24		0.11			0.86			0.97			(0.18	)		—			(0.18	)		13.03	0.95%	0.85%	0.93%		8.02	%		29,715		25	%
4/1/2011 - 3/31/2012		11.84		0.11			0.43			0.54			(0.14	)		—			(0.14	)		12.24	0.97%	0.85%	0.93%		4.67	%		23,321		7	%
4/1/2010 - 3/31/2011		10.77		0.07			1.18			1.25			(0.18	)		—			(0.18	)		11.84	1.02%	0.75%	0.68%		11.82	%		23,658		9	%
Advisor Class
4/1/2015 - 9/30/2015 (5)		$14.20		($0.01	)		($0.81	)		($0.82	)		$—			$—			$—			$13.38	0.41%	0.35%	(0.16%)		(5.77	%)		$19,799		27	%
4/1/2014 - 3/31/2015		13.98		0.22			0.55			0.77			(0.36	)		(0.19	)		(0.55	)		14.20	0.41%	0.35%	1.53%		5.54	%		21,896		19	%
4/1/2013 - 3/31/2014		13.06		0.14			1.00			1.14			(0.22	)		—			(0.22	)		13.98	0.44%	0.40%	1.04%		8.73	%		19,945		1	%
12/31/2012 - 3/31/2013		12.41		(0.01	)		0.66			0.65			—			—			—			13.06	0.45%	0.40%	(0.40%)		5.24	%		3,396		25	%
Pacific Funds Portfolio Optimization Growth
Class A
4/1/2015 - 9/30/2015 (5)		$15.34		($0.04	)		($1.05	)		($1.09	)		$—			$—			$—			$14.25	0.66%	0.60%	(0.52%)		(7.11	%)		$559,523		27	%
4/1/2014 - 3/31/2015		14.74		0.16			0.77			0.93			(0.33	)		—			(0.33	)		15.34	0.66%	0.60%	1.07%		6.36	%		607,360		21	%
4/1/2013 - 3/31/2014		13.33		0.09			1.51			1.60			(0.19	)		—			(0.19	)		14.74	0.69%	0.60%	0.66%		12.01	%		555,319		1	%
4/1/2012 - 3/31/2013		12.41		0.10			0.96			1.06			(0.14	)		—			(0.14	)		13.33	0.71%	0.60%	0.83%		8.62	%		436,055		25	%
4/1/2011 - 3/31/2012		12.05		0.10			0.38			0.48			(0.12	)		—			(0.12	)		12.41	0.72%	0.60%	0.82%		4.13	%		365,426		8	%
4/1/2010 - 3/31/2011		10.68		0.07			1.44			1.51			(0.14	)		—			(0.14	)		12.05	0.77%	0.51%	0.62%		14.36	%		301,232		13	%

See Notes to Financial Statements See explanation of references on B-17

B-12

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	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (1)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains		Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (2)	Expenses After Reductions (2), (3)	Net Investment Income (Loss) (2)	Total Returns (4)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Portfolio Optimization Growth (Continued)
Class B
4/1/2015 - 9/30/2015 (5)		$15.22		($0.10	)		($1.04	)		($1.14	)		$—			$—		$—			$14.08	1.41%	1.35%	(1.27%)		(7.49	%)		$104,109		27	%
4/1/2014 - 3/31/2015		14.62		0.05			0.77			0.82			(0.22	)		—		(0.22	)		15.22	1.41%	1.35%	0.32%		5.61	%		119,159		21	%
4/1/2013 - 3/31/2014		13.22		(0.01	)		1.50			1.49			(0.09	)		—		(0.09	)		14.62	1.44%	1.35%	(0.09%)		11.25	%		119,506		1	%
4/1/2012 - 3/31/2013		12.30		0.01			0.96			0.97			(0.05	)		—		(0.05	)		13.22	1.46%	1.35%	0.09%		7.92	%		105,757		25	%
4/1/2011 - 3/31/2012		11.93		0.01			0.40			0.41			(0.04	)		—		(0.04	)		12.30	1.47%	1.35%	0.07%		3.50	%		95,937		8	%
4/1/2010 - 3/31/2011		10.57		(0.01	)		1.43			1.42			(0.06	)		—		(0.06	)		11.93	1.52%	1.26%	(0.13%)		13.59	%		83,812		13	%
Class C
4/1/2015 - 9/30/2015 (5)		$15.18		($0.10	)		($1.04	)		($1.14	)		$—			$—		$—			$14.04	1.41%	1.35%	(1.27%)		(7.51	%)		$363,865		27	%
4/1/2014 - 3/31/2015		14.59		0.05			0.76			0.81			(0.22	)		—		(0.22	)		15.18	1.41%	1.35%	0.32%		5.59	%		398,716		21	%
4/1/2013 - 3/31/2014		13.19		(0.01	)		1.50			1.49			(0.09	)		—		(0.09	)		14.59	1.44%	1.35%	(0.09%)		11.33	%		375,368		1	%
4/1/2012 - 3/31/2013		12.27		0.01			0.96			0.97			(0.05	)		—		(0.05	)		13.19	1.46%	1.35%	0.09%		7.95	%		295,615		25	%
4/1/2011 - 3/31/2012		11.91		0.01			0.39			0.40			(0.04	)		—		(0.04	)		12.27	1.47%	1.35%	0.07%		3.39	%		257,114		8	%
4/1/2010 - 3/31/2011		10.55		(0.01	)		1.43			1.42			(0.06	)		—		(0.06	)		11.91	1.52%	1.26%	(0.13%)		13.64	%		230,964		13	%
Class R
4/1/2015 - 9/30/2015 (5)		$15.32		($0.06	)		($1.04	)		($1.10	)		$—			$—		$—			$14.22	0.91%	0.85%	(0.77%)		(7.18	%)		$18,478		27	%
4/1/2014 - 3/31/2015		14.72		0.12			0.77			0.89			(0.29	)		—		(0.29	)		15.32	0.91%	0.85%	0.82%		6.10	%		21,383		21	%
4/1/2013 - 3/31/2014		13.32		0.06			1.49			1.55			(0.15	)		—		(0.15	)		14.72	0.94%	0.85%	0.41%		11.67	%		20,326		1	%
4/1/2012 - 3/31/2013		12.40		0.07			0.96			1.03			(0.11	)		—		(0.11	)		13.32	0.96%	0.85%	0.55%		8.38	%		17,844		25	%
4/1/2011 - 3/31/2012		12.03		0.07			0.40			0.47			(0.10	)		—		(0.10	)		12.40	0.97%	0.85%	0.57%		3.97	%		14,710		8	%
4/1/2010 - 3/31/2011		10.67		0.04			1.44			1.48			(0.12	)		—		(0.12	)		12.03	1.02%	0.76%	0.37%		14.00	%		17,265		13	%
Advisor Class
4/1/2015 - 9/30/2015 (5)		$15.35		($0.02	)		($1.05	)		($1.07	)		$—			$—		$—			$14.28	0.41%	0.35%	(0.27%)		(6.97	%)		$10,301		27	%
4/1/2014 - 3/31/2015		14.75		0.19			0.78			0.97			(0.37	)		—		(0.37	)		15.35	0.41%	0.35%	1.32%		6.61	%		10,165		21	%
4/1/2013 - 3/31/2014		13.34		0.12			1.51			1.63			(0.22	)		—		(0.22	)		14.75	0.44%	0.40%	0.86%		12.21	%		5,111		1	%
12/31/2012 - 3/31/2013		12.50		(0.01	)		0.85			0.84			—			—		—			13.34	0.45%	0.40%	(0.40%)		6.72	%		2,470		25	%
Pacific Funds Portfolio Optimization Aggressive-Growth
Class A
4/1/2015 - 9/30/2015 (5)		$15.85		($0.05	)		($1.22	)		($1.27	)		$—			$—		$—			$14.58	0.67%	0.60%	(0.60%)		(8.01	%)		$166,376		27	%
4/1/2014 - 3/31/2015		15.23		0.15			0.79			0.94			(0.32	)		—		(0.32	)		15.85	0.68%	0.60%	0.97%		6.18	%		177,171		20	%
4/1/2013 - 3/31/2014		13.50		0.08			1.77			1.85			(0.12	)		—		(0.12	)		15.23	0.71%	0.60%	0.58%		13.70	%		161,858		5	%
4/1/2012 - 3/31/2013		12.56		0.07			0.96			1.03			(0.09	)		—		(0.09	)		13.50	0.73%	0.60%	0.57%		8.30	%		133,265		30	%
4/1/2011 - 3/31/2012		12.29		0.06			0.27			0.33			(0.06	)		—		(0.06	)		12.56	0.74%	0.60%	0.52%		2.73	%		122,397		13	%
4/1/2010 - 3/31/2011		10.66		0.05			1.65			1.70			(0.07	)		—		(0.07	)		12.29	0.80%	0.51%	0.44%		16.11	%		114,246		26	%
Class B
4/1/2015 - 9/30/2015 (5)		$15.57		($0.10	)		($1.23	)		($1.33	)		$—			$—		$—			$14.24	1.42%	1.35%	(1.35%)		(8.54	%)		$30,927		27	%
4/1/2014 - 3/31/2015		14.94		0.03			0.80			0.83			(0.20	)		—		(0.20	)		15.57	1.43%	1.35%	0.22%		5.55	%		35,840		20	%
4/1/2013 - 3/31/2014		13.22		(0.02	)		1.76			1.74			(0.02	)		—		(0.02	)		14.94	1.46%	1.35%	(0.17%)		13.13	%		37,704		5	%
4/1/2012 - 3/31/2013		12.28		(0.02	)		0.96			0.94			(0.00	)(6)		—		(0.00	)(6)		13.22	1.48%	1.35%	(0.17%)		7.69	%		33,013		30	%
4/1/2011 - 3/31/2012		12.03		(0.03	)		0.28			0.25			—			—		—			12.28	1.49%	1.35%	(0.23%)		2.08	%		31,969		13	%
4/1/2010 - 3/31/2011		10.46		(0.03	)		1.65			1.62			(0.05	)		—		(0.05	)		12.03	1.55%	1.25%	(0.31%)		15.62	%		30,693		26	%
Class C
4/1/2015 - 9/30/2015 (5)		$15.55		($0.10	)		($1.23	)		($1.33	)		$—			$—		$—			$14.22	1.42%	1.35%	(1.35%)		(8.55	%)		$99,692		27	%
4/1/2014 - 3/31/2015		14.93		0.03			0.79			0.82			(0.20	)		—		(0.20	)		15.55	1.43%	1.35%	0.22%		5.54	%		110,241		20	%
4/1/2013 - 3/31/2014		13.22		(0.02	)		1.75			1.73			(0.02	)		—		(0.02	)		14.93	1.46%	1.35%	(0.17%)		13.12	%		101,888		5	%
4/1/2012 - 3/31/2013		12.28		(0.02	)		0.97			0.95			(0.01	)		—		(0.01	)		13.22	1.48%	1.35%	(0.18%)		7.71	%		81,754		30	%
4/1/2011 - 3/31/2012		12.03		(0.03	)		0.28			0.25			—			—		—			12.28	1.49%	1.35%	(0.23%)		2.08	%		76,613		13	%
4/1/2010 - 3/31/2011		10.46		(0.03	)		1.65			1.62			(0.05	)		—		(0.05	)		12.03	1.55%	1.25%	(0.31%)		15.61	%		75,607		26	%
Class R
4/1/2015 - 9/30/2015 (5)		$15.77		($0.07	)		($1.22	)		($1.29	)		$—			$—		$—			$14.48	0.92%	0.85%	(0.85%)		(8.18	%)		$7,347		27	%
4/1/2014 - 3/31/2015		15.15		0.11			0.79			0.90			(0.28	)		—		(0.28	)		15.77	0.93%	0.85%	0.72%		5.94	%		8,893		20	%
4/1/2013 - 3/31/2014		13.43		0.05			1.75			1.80			(0.08	)		—		(0.08	)		15.15	0.96%	0.85%	0.33%		13.45	%		8,151		5	%
4/1/2012 - 3/31/2013		12.48		0.04			0.97			1.01			(0.06	)		—		(0.06	)		13.43	0.98%	0.85%	0.33%		8.17	%		7,251		30	%
4/1/2011 - 3/31/2012		12.22		0.03			0.26			0.29			(0.03	)		—		(0.03	)		12.48	0.99%	0.85%	0.27%		2.43	%		6,662		13	%
4/1/2010 - 3/31/2011		10.61		0.02			1.65			1.67			(0.06	)		—		(0.06	)		12.22	1.05%	0.76%	0.19%		16.02	%		5,553		26	%

See Notes to Financial Statements See explanation of references on B-17

B-13

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	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (1)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (2)	Expenses After Reductions (2), (3)	Net Investment Income (Loss) (2)	Total Returns (4)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Portfolio Optimization Aggressive-Growth (Continued)
Advisor Class
4/1/2015 - 9/30/2015 (5)		$15.86		($0.03	)		($1.22	)		($1.25	)		$—			$—			$—			$14.61	0.42%	0.35%	(0.35%)		(7.88	%)		$8,105		27	%
4/1/2014 - 3/31/2015		15.23		0.19			0.79			0.98			(0.35	)		—			(0.35	)		15.86	0.43%	0.35%	1.22%		6.50	%		6,480		20	%
4/1/2013 - 3/31/2014		13.51		0.11			1.76			1.87			(0.15	)		—			(0.15	)		15.23	0.46%	0.40%	0.78%		13.84	%		2,719		5	%
12/31/2012 - 3/31/2013		12.56		(0.01	)		0.96			0.95			—			—			—			13.51	0.48%	0.40%	(0.40%)		7.56	%		222		30	%
Pacific Funds Short Duration Income
Class A
4/1/2015 - 9/30/2015 (5)		$10.41		$0.09			($0.15	)		($0.06	)		($0.09	)		$—			($0.09	)		$10.26	1.07%	0.85%	1.77%		(0.57	%)		$52,789		25	%
4/1/2014 - 3/31/2015		10.46		0.19			(0.03	)		0.16			(0.18	)		(0.03	)		(0.21	)		10.41	1.09%	0.85%	1.77%		1.51	%		48,685		78	%
4/1/2013 - 3/31/2014		10.46		0.17			0.04			0.21			(0.18	)		(0.03	)		(0.21	)		10.46	1.14%	0.85%	1.68%		2.00	%		60,012		98	%
6/29/2012 - 3/31/2013		10.20		0.16			0.32			0.48			(0.15	)		(0.07	)		(0.22	)		10.46	1.24%	0.85%	2.02%		4.78	%		22,589		146	%
Class C
4/1/2015 - 9/30/2015 (5)		$10.39		$0.05			($0.15	)		($0.10	)		($0.05	)		$—			($0.05	)		$10.24	1.82%	1.60%	1.02%		(0.94	%)		$36,352		25	%
4/1/2014 - 3/31/2015		10.45		0.11			(0.03	)		0.08			(0.11	)		(0.03	)		(0.14	)		10.39	1.84%	1.60%	1.02%		0.68	%		31,569		78	%
4/1/2013 - 3/31/2014		10.45		0.10			0.03			0.13			(0.10	)		(0.03	)		(0.13	)		10.45	1.89%	1.60%	0.93%		1.28	%		23,769		98	%
6/29/2012 - 3/31/2013		10.20		0.10			0.33			0.43			(0.11	)		(0.07	)		(0.18	)		10.45	1.99%	1.60%	1.27%		4.28	%		10,307		146	%
Class I
4/1/2015 - 9/30/2015 (5)		$10.39		$0.11			($0.15	)		($0.04	)		($0.11	)		$—			($0.11	)		$10.24	0.67%	0.55%	2.07%		(0.43	%)		$1,782		25	%
4/1/2014 - 3/31/2015		10.45		0.21			(0.03	)		0.18			(0.21	)		(0.03	)		(0.24	)		10.39	0.69%	0.57%	2.05%		1.70	%		1,516		78	%
4/1/2013 - 3/31/2014		10.45		0.21			0.02			0.23			(0.20	)		(0.03	)		(0.23	)		10.45	0.74%	0.60%	1.93%		2.20	%		979		98	%
4/1/2012 - 3/31/2013		10.14		0.23			0.38			0.61			(0.23	)		(0.07	)		(0.30	)		10.45	1.08%	0.60%	2.27%		6.10	%		13,280		146	%
12/19/2011 - 3/31/2012		10.00		0.06			0.15			0.21			(0.07	)		—			(0.07	)		10.14	2.04%	0.60%	2.06%		2.10	%		12,251		73	%
Advisor Class
4/1/2015 - 9/30/2015 (5)		$10.41		$0.10			($0.15	)		($0.05	)		($0.10	)		$—			($0.10	)		$10.26	0.82%	0.60%	2.02%		(0.45	%)		$75,955		25	%
4/1/2014 - 3/31/2015		10.46		0.21			(0.02	)		0.19			(0.21	)		(0.03	)		(0.24	)		10.41	0.83%	0.60%	2.02%		1.78	%		51,901		78	%
4/1/2013 - 3/31/2014		10.46		0.20			0.03			0.23			(0.20	)		(0.03	)		(0.23	)		10.46	0.89%	0.60%	1.93%		2.25	%		9,595		98	%
6/29/2012 - 3/31/2013		10.20		0.18			0.31			0.49			(0.16	)		(0.07	)		(0.23	)		10.46	0.99%	0.60%	2.27%		4.85	%		3,148		146	%
Pacific Funds Core Income (7)
Class A
4/1/2015 - 9/30/2015 (5)		$10.79		$0.16			($0.42	)		($0.26	)		($0.16	)		$—			($0.16	)		$10.37	1.13%	0.95%	2.94%		(2.46	%)		$215,739		30	%
4/1/2014 - 3/31/2015		10.66		0.31			0.13			0.44			(0.31	)		—			(0.31	)		10.79	1.14%	0.93%	2.93%		4.17	%		218,368		53	%
4/1/2013 - 3/31/2014		10.92		0.32			(0.09	)		0.23			(0.33	)		(0.16	)		(0.49	)		10.66	1.16%	0.90%	3.03%		2.27	%		221,086		120	%
4/1/2012 - 3/31/2013		10.61		0.30			0.55			0.85			(0.29	)		(0.25	)		(0.54	)		10.92	1.17%	0.90%	2.76%		8.13	%		333,987		171	%
4/1/2011 - 3/31/2012		10.16		0.30			0.48			0.78			(0.30	)		(0.03	)		(0.33	)		10.61	1.35%	0.90%	2.94%		7.79	%		247,522		199	%
12/31/2010 - 3/31/2011		10.00		0.09			0.16			0.25			(0.09	)		—			(0.09	)		10.16	1.77%	0.90%	3.62%		2.46	%		5,300		142	%
Class C
4/1/2015 - 9/30/2015 (5)		$10.79		$0.12			($0.42	)		($0.30	)		($0.12	)		$—			($0.12	)		$10.37	1.88%	1.70%	2.19%		(2.83	%)		$177,619		30	%
4/1/2014 - 3/31/2015		10.66		0.23			0.13			0.36			(0.23	)		—			(0.23	)		10.79	1.89%	1.68%	2.18%		3.42	%		183,952		53	%
4/1/2013 - 3/31/2014		10.93		0.24			(0.10	)		0.14			(0.25	)		(0.16	)		(0.41	)		10.66	1.91%	1.65%	2.28%		1.41	%		122,946		120	%
4/1/2012 - 3/31/2013		10.62		0.22			0.55			0.77			(0.21	)		(0.25	)		(0.46	)		10.93	1.92%	1.65%	2.01%		7.37	%		160,472		171	%
6/30/2011 - 3/31/2012		10.32		0.17			0.33			0.50			(0.17	)		(0.03	)		(0.20	)		10.62	2.07%	1.65%	2.17%		4.89	%		76,726		199	%
Class I
4/1/2015 - 9/30/2015 (5)		$10.80		$0.17			($0.42	)		($0.25	)		($0.17	)		$—			($0.17	)		$10.38	0.73%	0.65%	3.24%		(2.31	%)		$3,903		30	%
4/1/2014 - 3/31/2015		10.67		0.34			0.13			0.47			(0.34	)		—			(0.34	)		10.80	0.73%	0.65%	3.21%		4.46	%		3,806		53	%
4/1/2013 - 3/31/2014		10.93		0.35			(0.09	)		0.26			(0.36	)		(0.16	)		(0.52	)		10.67	0.76%	0.65%	3.28%		2.53	%		1,187		120	%
4/1/2012 - 3/31/2013		10.62		0.33			0.55			0.88			(0.32	)		(0.25	)		(0.57	)		10.93	0.77%	0.65%	3.01%		8.39	%		1,794		171	%
4/1/2011 - 3/31/2012		10.16		0.36			0.44			0.80			(0.31	)		(0.03	)		(0.34	)		10.62	0.95%	0.65%	3.42%		7.95	%		1,292		199	%
12/31/2010 - 3/31/2011		10.00		0.10			0.15			0.25			(0.09	)		—			(0.09	)		10.16	1.37%	0.65%	3.87%		2.48	%		51,231		142	%
Class P
4/27/2015 - 9/30/2015 (5)		$10.88		$0.14			($0.47	)		($0.33	)		($0.14	)		$—			($0.14	)		$10.41	0.73%	0.70%	3.19%		(3.03	%)		$16,638		30	%
Advisor Class
4/1/2015 - 9/30/2015 (5)		$10.81		$0.17			($0.42	)		($0.25	)		($0.17	)		$—			($0.17	)		$10.39	0.88%	0.70%	3.19%		(2.33	%)		$228,715		30	%
4/1/2014 - 3/31/2015		10.68		0.34			0.13			0.47			(0.34	)		—			(0.34	)		10.81	0.88%	0.69%	3.17%		4.43	%		219,437		53	%
4/1/2013 - 3/31/2014		10.95		0.35			(0.10	)		0.25			(0.36	)		(0.16	)		(0.52	)		10.68	0.91%	0.65%	3.28%		2.53	%		69,489		120	%
6/29/2012 - 3/31/2013		10.79		0.24			0.41			0.65			(0.24	)		(0.25	)		(0.49	)		10.95	0.94%	0.67%	2.99%		5.97	%		93,966		171	%

See Notes to Financial Statements See explanation of references on B-17

B-14

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	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (1)		Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (2)	Expenses After Reductions (2), (3)	Net Investment Income (Loss) (2)	Total Returns (4)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Strategic Income
Class A
4/1/2015 - 9/30/2015 (5)		$10.75		$0.21		($0.58	)		($0.37	)		($0.20	)		$—			($0.20	)		$10.18	1.25%	1.05%	3.95%		(3.46	%)		$60,767		41	%
4/1/2014 - 3/31/2015		11.20		0.46		(0.37	)		0.09			(0.44	)		(0.10	)		(0.54	)		10.75	1.28%	1.05%	4.18%		0.84	%		51,175		157	%
4/1/2013 - 3/31/2014		11.23		0.48		0.30			0.78			(0.49	)		(0.32	)		(0.81	)		11.20	1.43%	1.05%	4.34%		7.25	%		37,896		190	%
6/29/2012 - 3/31/2013		10.53		0.38		0.98			1.36			(0.36	)		(0.30	)		(0.66	)		11.23	1.47%	1.05%	4.55%		13.12	%		20,963		353	%
Class C
4/1/2015 - 9/30/2015 (5)		$10.73		$0.17		($0.58	)		($0.41	)		($0.16	)		$—			($0.16	)		$10.16	2.00%	1.80%	3.20%		(3.83	%)		$45,392		41	%
4/1/2014 - 3/31/2015		11.19		0.38		(0.38	)		—			(0.36	)		(0.10	)		(0.46	)		10.73	2.03%	1.80%	3.43%		0.03	%		42,684		157	%
4/1/2013 - 3/31/2014		11.22		0.40		0.30			0.70			(0.41	)		(0.32	)		(0.73	)		11.19	2.18%	1.80%	3.59%		6.51	%		23,451		190	%
6/29/2012 - 3/31/2013		10.53		0.32		0.98			1.30			(0.31	)		(0.30	)		(0.61	)		11.22	2.22%	1.80%	3.80%		12.52	%		7,948		353	%
Class I
4/1/2015 - 9/30/2015 (5)		$10.70		$0.23		($0.59	)		($0.36	)		($0.22	)		$—			($0.22	)		$10.12	0.85%	0.75%	4.25%		(3.43	%)		$1,332		41	%
4/1/2014 - 3/31/2015		11.15		0.49		(0.37	)		0.12			(0.47	)		(0.10	)		(0.57	)		10.70	0.88%	0.77%	4.46%		1.13	%		1,381		157	%
4/1/2013 - 3/31/2014		11.18		0.52		0.28			0.80			(0.51	)		(0.32	)		(0.83	)		11.15	1.03%	0.80%	4.59%		7.51	%		1,686		190	%
4/1/2012 - 3/31/2013		10.40		0.52		1.09			1.61			(0.53	)		(0.30	)		(0.83	)		11.18	1.22%	0.80%	4.80%		15.94	%		22,099		353	%
12/19/2011 - 3/31/2012		10.00		0.14		0.38			0.52			(0.12	)		—			(0.12	)		10.40	1.78%	0.80%	4.84%		5.22	%		17,796		156	%
Advisor Class
4/1/2015 - 9/30/2015 (5)		$10.76		$0.22		($0.58	)		($0.36	)		($0.22	)		$—			($0.22	)		$10.18	1.00%	0.80%	4.20%		(3.43	%)		$123,856		41	%
4/1/2014 - 3/31/2015		11.20		0.48		(0.35	)		0.13			(0.47	)		(0.10	)		(0.57	)		10.76	1.03%	0.80%	4.43%		1.20	%		66,223		157	%
4/1/2013 - 3/31/2014		11.24		0.51		0.29			0.80			(0.52	)		(0.32	)		(0.84	)		11.20	1.18%	0.80%	4.59%		7.42	%		9,302		190	%
6/29/2012 - 3/31/2013		10.53		0.40		0.97			1.37			(0.36	)		(0.30	)		(0.66	)		11.24	1.24%	0.82%	4.78%		13.31	%		1,575		353	%
Pacific Funds Floating Rate Income
Class A
4/1/2015 - 9/30/2015 (5)		$10.08		$0.21		($0.23	)		($0.02	)		($0.21	)		$—			($0.21	)		$9.85	1.30%	1.12%	4.15%		(0.22	%)		$205,981		28	%
4/1/2014 - 3/31/2015		10.51		0.44		(0.40	)		0.04			(0.44	)		(0.03	)		(0.47	)		10.08	1.29%	1.07%	4.20%		0.38	%		215,160		80	%
4/1/2013 - 3/31/2014		10.46		0.40		0.04			0.44			(0.37	)		(0.02	)		(0.39	)		10.51	1.30%	1.05%	3.86%		4.30	%		375,848		123	%
4/1/2012 - 3/31/2013		10.07		0.46		0.46			0.92			(0.43	)		(0.10	)		(0.53	)		10.46	1.43%	1.05%	4.46%		9.36	%		125,007		186	%
12/30/2011 - 3/31/2012		9.81		0.13		0.24			0.37			(0.11	)		—			(0.11	)		10.07	1.55%	1.05%	5.33%		3.79	%		12,071		139	%
Class C
4/1/2015 - 9/30/2015 (5)		$10.06		$0.17		($0.23	)		($0.06	)		($0.17	)		$—			($0.17	)		$9.83	2.05%	1.87%	3.40%		(0.59	%)		$169,330		28	%
4/1/2014 - 3/31/2015		10.50		0.36		(0.40	)		(0.04	)		(0.37	)		(0.03	)		(0.40	)		10.06	2.04%	1.82%	3.45%		(0.46	%)		179,798		80	%
4/1/2013 - 3/31/2014		10.45		0.33		0.04			0.37			(0.30	)		(0.02	)		(0.32	)		10.50	2.05%	1.80%	3.11%		3.57	%		214,365		123	%
4/1/2012 - 3/31/2013		10.07		0.38		0.46			0.84			(0.36	)		(0.10	)		(0.46	)		10.45	2.18%	1.80%	3.71%		8.56	%		63,045		186	%
12/30/2011 - 3/31/2012		9.81		0.11		0.25			0.36			(0.10	)		—			(0.10	)		10.07	2.30%	1.80%	4.61%		3.68	%		3,372		139	%
Class I
4/1/2015 - 9/30/2015 (5)		$10.09		$0.22		($0.22	)		($0.00	)(6)		($0.23	)		$—			($0.23	)		$9.86	0.90%	0.82%	4.45%		(0.06	%)		$108,256		28	%
4/1/2014 - 3/31/2015		10.53		0.46		(0.40	)		0.06			(0.47	)		(0.03	)		(0.50	)		10.09	0.89%	0.81%	4.46%		0.55	%		88,508		80	%
4/1/2013 - 3/31/2014		10.47		0.43		0.05			0.48			(0.40	)		(0.02	)		(0.42	)		10.53	0.90%	0.80%	4.11%		4.65	%		96,635		123	%
4/1/2012 - 3/31/2013		10.08		0.48		0.46			0.94			(0.45	)		(0.10	)		(0.55	)		10.47	1.03%	0.80%	4.71%		9.56	%		10,726		186	%
6/30/2011 - 3/31/2012		10.00		0.34		0.06			0.40			(0.32	)		—			(0.32	)		10.08	1.24%	0.80%	4.60%		4.11	%		41,834		139	%
Class P
4/1/2015 - 9/30/2015 (5)		$10.09		$0.22		($0.23	)		($0.01	)		($0.22	)		$—			($0.22	)		$9.86	0.90%	0.87%	4.40%		(0.09	%)		$392		28	%
4/1/2014 - 3/31/2015		10.52		0.45		(0.38	)		0.07			(0.47	)		(0.03	)		(0.50	)		10.09	0.89%	0.83%	4.44%		0.64	%		691		80	%
4/1/2013 - 3/31/2014		10.47		0.43		0.04			0.47			(0.40	)		(0.02	)		(0.42	)		10.52	0.90%	0.80%	4.11%		4.53	%		249		123	%
12/31/2012 - 3/31/2013		10.29		0.12		0.16			0.28			(0.10	)		—			(0.10	)		10.47	0.99%	0.80%	4.70%		2.74	%		14		186	%
Advisor Class
4/1/2015 - 9/30/2015 (5)		$10.11		$0.22		($0.23	)		($0.01	)		($0.22	)		$—			($0.22	)		$9.88	1.05%	0.87%	4.40%		(0.09	%)		$261,728		28	%
4/1/2014 - 3/31/2015		10.54		0.46		(0.39	)		0.07			(0.47	)		(0.03	)		(0.50	)		10.11	1.04%	0.82%	4.45%		0.63	%		270,383		80	%
4/1/2013 - 3/31/2014		10.49		0.43		0.04			0.47			(0.40	)		(0.02	)		(0.42	)		10.54	1.05%	0.80%	4.11%		4.54	%		368,122		123	%
6/29/2012 - 3/31/2013		10.12		0.36		0.45			0.81			(0.34	)		(0.10	)		(0.44	)		10.49	1.15%	0.80%	4.70%		8.13	%		35,648		186	%
Pacific Funds Limited Duration High Income
Class A
4/1/2015 - 9/30/2015 (5)		$9.60		$0.22		($0.51	)		($0.29	)		($0.22	)		$—			($0.22	)		$9.09	1.47%	1.08%	4.54%		(3.08	%)		$5,808		18	%
4/1/2014 - 3/31/2015		10.22		0.45		(0.58	)		(0.13	)		(0.45	)		(0.04	)		(0.49	)		9.60	1.49%	1.08%	4.51%		(1.27	%)		7,094		49	%
7/31/2013 - 3/31/2014		10.00		0.26		0.22			0.48			(0.25	)		(0.01	)		(0.26	)		10.22	1.67%	1.08%	3.94%		4.85	%		8,677		53	%

See Notes to Financial Statements See explanation of references on B-17

B-15

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	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (1)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (2)	Expenses After Reductions (2), (3)	Net Investment Income (Loss) (2)	Total Returns (4)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Limited Duration High Income (Continued)
Class C
4/1/2015 - 9/30/2015 (5)		$9.58		$0.18			($0.50	)		($0.32	)		($0.19	)		$—			($0.19	)		$9.07	2.22%	1.83%	3.79%		(3.45%	)		$3,243		18%
4/1/2014 - 3/31/2015		10.20		0.37			(0.57	)		(0.20	)		(0.38	)		(0.04	)		(0.42	)		9.58	2.21%	1.83%	3.76%		(1.99%	)		3,664		49%
7/31/2013 - 3/31/2014		10.00		0.21			0.22			0.43			(0.22	)		(0.01	)		(0.23	)		10.20	2.42%	1.83%	3.19%		4.28%			2,442		53%
Class I
4/1/2015 - 9/30/2015 (5)		$9.60		$0.23			($0.50	)		($0.27	)		($0.24	)		$—			($0.24	)		$9.09	1.07%	0.78%	4.84%		(2.93%	)		$21,280		18%
4/1/2014 - 3/31/2015		10.22		0.48			(0.58	)		(0.10	)		(0.48	)		(0.04	)		(0.52	)		9.60	1.09%	0.80%	4.79%		(0.89%	)		21,921		49%
7/31/2013 - 3/31/2014		10.00		0.28			0.21			0.49			(0.26	)		(0.01	)		(0.27	)		10.22	1.27%	0.83%	4.19%		4.87%			22,227		53%
Advisor Class
4/1/2015 - 9/30/2015 (5)		$9.60		$0.23			($0.52	)		($0.29	)		($0.23	)		$—			($0.23	)		$9.08	1.22%	0.83%	4.79%		(3.06%	)		$6,218		18%
4/1/2014 - 3/31/2015		10.21		0.46			(0.55	)		(0.09	)		(0.48	)		(0.04	)		(0.52	)		9.60	1.18%	0.83%	4.76%		(0.92%	)		5,669		49%
7/31/2013 - 3/31/2014		10.00		0.28			0.21			0.49			(0.27	)		(0.01	)		(0.28	)		10.21	1.42%	0.83%	4.19%		4.89%			1,860		53%
Pacific Funds High Income
Class A
4/1/2015 - 9/30/2015 (5)		$10.48		$0.25			($0.79	)		($0.54	)		($0.23	)		$—			($0.23	)		$9.71	1.26%	1.05%	4.81%		(5.29%	)		$5,808		26%
4/1/2014 - 3/31/2015		11.22		0.54			(0.60	)		(0.06	)		(0.52	)		(0.16	)		(0.68	)		10.48	1.50%	1.05%	4.90%		(0.49%	)		5,900		60%
4/1/2013 - 3/31/2014		11.16		0.56			0.25			0.81			(0.55	)		(0.20	)		(0.75	)		11.22	1.67%	1.05%	5.03%		7.50%			6,441		99%
6/29/2012 - 3/31/2013		10.57		0.46			0.84			1.30			(0.44	)		(0.27	)		(0.71	)		11.16	1.87%	1.05%	5.57%		12.59%			3,497		154%
Class C
4/1/2015 - 9/30/2015 (5)		$10.47		$0.21			($0.79	)		($0.58	)		($0.19	)		$—			($0.19	)		$9.70	2.01%	1.80%	4.06%		(5.66%	)		$4,545		26%
4/1/2014 - 3/31/2015		11.21		0.45			(0.59	)		(0.14	)		(0.44	)		(0.16	)		(0.60	)		10.47	2.24%	1.80%	4.15%		(1.22%	)		5,419		60%
4/1/2013 - 3/31/2014		11.16		0.47			0.25			0.72			(0.47	)		(0.20	)		(0.67	)		11.21	2.42%	1.80%	4.28%		6.65%			5,245		99%
6/29/2012 - 3/31/2013		10.57		0.40			0.85			1.25			(0.39	)		(0.27	)		(0.66	)		11.16	2.62%	1.80%	4.82%		12.11%			2,203		154%
Class I
4/1/2015 - 9/30/2015 (5)		$10.41		$0.26			($0.78	)		($0.52	)		($0.24	)		$—			($0.24	)		$9.65	0.86%	0.75%	5.11%		(5.08%	)		$222		26%
4/1/2014 - 3/31/2015		11.14		0.57			(0.61	)		(0.04	)		(0.53	)		(0.16	)		(0.69	)		10.41	1.10%	0.77%	5.18%		(0.30%	)		241		60%
4/1/2013 - 3/31/2014		11.09		0.58			0.24			0.82			(0.57	)		(0.20	)		(0.77	)		11.14	1.27%	0.80%	5.28%		7.72%			9,493		99%
4/1/2012 - 3/31/2013		10.58		0.63			0.82			1.45			(0.67	)		(0.27	)		(0.94	)		11.09	1.78%	0.80%	5.82%		14.21%			8,810		154%
12/19/2011 - 3/31/2012		10.00		0.20			0.55			0.75			(0.17	)		—			(0.17	)		10.58	2.82%	0.80%	6.73%		7.50%			7,523		93%
Class P
4/1/2015 - 9/30/2015 (5)		$10.40		$0.26			($0.78	)		($0.52	)		($0.24	)		$—			($0.24	)		$9.64	0.86%	0.80%	5.06%		(5.20%	)		$118,251		26%
1/14/2015 - 3/31/2015		10.22		0.11			0.19			0.30			(0.12	)		—			(0.12	)		10.40	1.06%	0.80%	5.15%		2.94%			38,919		60%
Advisor Class
4/1/2015 - 9/30/2015 (5)		$10.49		$0.26			($0.79	)		($0.53	)		($0.24	)		$—			($0.24	)		$9.72	1.01%	0.80%	5.06%		(5.17%	)		$2,905		26%
4/1/2014 - 3/31/2015		11.23		0.57			(0.60	)		(0.03	)		(0.55	)		(0.16	)		(0.71	)		10.49	1.24%	0.80%	5.15%		(0.23%	)		3,807		60%
4/1/2013 - 3/31/2014		11.18		0.58			0.24			0.82			(0.57	)		(0.20	)		(0.77	)		11.23	1.42%	0.80%	5.28%		7.67%			3,064		99%
6/29/2012 - 3/31/2013		10.57		0.48			0.85			1.33			(0.45	)		(0.27	)		(0.72	)		11.18	1.63%	0.81%	5.81%		12.87%			279		154%
Pacific Funds Diversified Alternatives
Class A
4/1/2015 - 9/30/2015 (5)		$10.00		($0.02	)		($0.25	)		($0.27	)		$—			$—			$—			$9.73	1.67%	0.85%	(0.49%)		(2.70%	)		$1,418		43%
4/1/2014 - 3/31/2015		9.99		0.38			(0.06	)		0.32			(0.29	)		(0.02	)		(0.31	)		10.00	2.83%	0.85%	3.77%		3.19%			1,465		23%
12/31/2013 - 3/31/2014		10.00		(0.01	)		(0.00	)(6)		(0.01	)		—			—			—			9.99	3.36%	0.85%	(0.34%)		(0.10%	)		10		1%
Class C
4/1/2015 - 9/30/2015 (5)		$9.92		($0.06	)		($0.24	)		($0.30	)		$—			$—			$—			$9.62	2.42%	1.60%	(1.24%)		(3.03%	)		$726		43%
4/1/2014 - 3/31/2015		9.97		0.30			(0.06	)		0.24			(0.27	)		(0.02	)		(0.29	)		9.92	3.58%	1.60%	3.02%		2.39%			558		23%
12/31/2013 - 3/31/2014		10.00		(0.03	)		(0.00	)(6)		(0.03	)		—			—			—			9.97	4.11%	1.60%	(1.09%)		(0.30%	)		10		1%
Advisor Class
4/1/2015 - 9/30/2015 (5)		$10.01		($0.01	)		($0.24	)		($0.25	)		$—			$—			$—			$9.76	1.42%	0.60%	(0.24%)		(2.50%	)		$2,614		43%
4/1/2014 - 3/31/2015		9.99		0.41			(0.08	)		0.33			(0.29	)		(0.02	)		(0.31	)		10.01	2.58%	0.60%	4.02%		3.37%			3,771		23%
12/31/2013 - 3/31/2014		10.00		(0.00	)(6)		(0.01	)		(0.01	)		—			—			—			9.99	3.11%	0.60%	(0.09%)		(0.10%	)		1,978		1%

See Notes to Financial Statements See explanation of references on B-17

B-16

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

(1) Net investment income (loss) per share has been calculated using the average shares method.

(2) The ratios are annualized for periods of less than one full year.

(3) The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any, as discussed in Notes 6 and 7B in Notes to Financial Statements. The expense ratios for all the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives do not include fees and expenses of the underlying funds (see Note 1 in Notes to Financial Statements) in which the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives invest.

(4) The total returns include reinvestment of all dividends and capital gains 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.

(5) Unaudited for the six-month period ended September 30, 2015.

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

(7) The Class P shares of Pacific Funds Core Income commenced operations on April 27, 2015.

See Notes to Financial Statements

B-17

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

1. ORGANIZATION

Pacific Funds Series Trust (formerly Pacific Life Funds) (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 an open-end management investment company and is registered as a Delaware statutory trust. Pacific Life Fund Advisors LLC (“PLFA” or the “Adviser”) serves as investment adviser to the Trust. As of September 30, 2015, the Trust was comprised of thirty-six separate funds, twelve of which are presented in these financial statements (each individually, a “Fund”, and collectively the “Funds”):

Fund	Fund
Pacific FundsSM Portfolio Optimization Conservative*	Pacific FundsSM Core Income
Pacific FundsSM Portfolio Optimization Moderate-Conservative*	Pacific FundsSM Strategic Income
Pacific FundsSM Portfolio Optimization Moderate*	Pacific FundsSM Floating Rate Income
Pacific FundsSM Portfolio Optimization Growth*	Pacific FundsSM Limited Duration High Income
Pacific FundsSM Portfolio Optimization Aggressive-Growth*	Pacific FundsSM High Income
Pacific FundsSM Short Duration Income	Pacific FundsSM Diversified Alternatives

* These Funds are collectively known as the “Portfolio Optimization Funds”.

The Portfolio Optimization Funds offer Class A, Class B, Class C, Class R, and Advisor Class shares. Pacific Funds Diversified Alternatives offers Class A, Class C, and Advisor Class shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees (see Note 6) and in general: (i) Class A shares are subject to a maximum 5.50% front-end sales charge; (ii) Class B shares are subject to a maximum 5.00% contingent deferred sales charge (“CDSC”); (iii) Class C shares are subject to a maximum 1.00% CDSC; and (iv) Class R and Advisor Class shares are sold at net asset value without a sales charge. The sales charge for Class A shares is reduced for purchases of $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.

Pacific Funds Short Duration Income, Pacific Funds Core Income, Pacific Funds Strategic Income, Pacific Funds Floating Rate Income, Pacific Funds Limited Duration High Income, and Pacific Funds High Income offer Class A, Class C, Class I, and Advisor Class shares. 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 (see Note 6) and in general: (i) Class A shares of Pacific Funds Short Duration Income, Pacific Funds Floating Rate Income, and Pacific Funds Limited Duration High Income are subject to a maximum 3.00% front-end sales charge, and Class A shares of Pacific Funds Core Income, Pacific Funds Strategic Income, and Pacific Funds High Income are subject to a maximum 4.25% front-end sales charge; (ii) Class C shares are subject to a maximum 1.00% CDSC; and (iii) Class I, Class P, and Advisor Class shares are sold at net asset value without a sales charge. The sales charge for Class A shares is reduced for purchases of $100,000 or more and may be waived in certain circumstances. There is no sales charge for Class A shares for purchases of $500,000 or more, although there is a CDSC of 1.00% of such Class A shares within one year of purchase, which may be waived in certain circumstances.

The Trust’s distributor receives all net commissions (front-end sales charges and CDSCs) from the sales of all applicable share classes (see Note 6).

The Portfolio Optimization Funds invest their assets in Class P shares of other funds of the Trust (collectively, the “PF Underlying Funds”) and Class P shares of Pacific Funds Core Income and Pacific Funds High Income. Pacific Funds Diversified Alternatives invests all of its assets in certain PF Underlying Funds and Class P shares of Pacific Funds Floating Rate Income.

There is a separate semi-annual report containing the financial statements for the PF Underlying Funds, which is available without charge. For information on how to obtain the semi-annual report for the PF Underlying Funds, see the Where to Go for More Information section of this report on page D-3.

On April 27, 2015, the PF Precious Metals Fund (a PF Underlying Fund) was liquidated pursuant to a plan of liquidation approved by the Trust’s Board of Trustees. Because the PF Precious Metals Fund was liquidated prior to September 30, 2015, no financial information is presented in this report except for in the Transactions with Affiliates disclosure under Investments in Affiliated Funds (see Note 7C).

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 (United States Generally Accepted Accounting Principles, or “U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund qualifies as an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to the Investment Companies Topic of U.S. GAAP.

Effective April 1, 2015, the Trust implemented Accounting Standards Update (“ASU”) No. 2014-11 issued by the Financial Accounting Standards Board (“FASB”). The ASU requires two new disclosures. The first disclosure requires an entity to disclose information on transfers accounted for as sales in transactions that are economically similar to repurchase agreements. The second disclosure provides increased

C-1

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

transparency about the types of collateral pledged in repurchase agreements and repurchase-to-maturity transactions accounted for as secured borrowings. None of the Funds presented in these financial statements had transactions requiring this disclosure for the six-month period ended September 30, 2015.

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 gains 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 (see Note 4) 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, which is also used for Federal income tax purposes. Gains and losses realized on principal paydowns from mortgage-backed and asset-backed securities are recorded as interest income.

B. DISTRIBUTIONS TO SHAREHOLDERS

For the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives, dividends on net investment income, if any, are generally declared and paid annually. For Pacific Funds Short Duration Income, Pacific Funds Core Income, Pacific Funds Strategic Income, Pacific Funds Floating Rate Income, Pacific Funds Limited Duration High Income, and Pacific Funds High Income, dividends on net investment income, if any, are generally declared and paid monthly. Dividends may be declared more or less frequently if advantageous to the specific Fund and its 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.

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 that 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, printing, and support services (see Notes 6 and 7A). 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. RECENT ACCOUNTING PRONOUNCEMENT

In May 2015, the FASB issued an ASU that eliminates the requirement to classify the investments measured at an investment’s fair value using the net asset value per share practical expedient within the fair value hierarchy. In addition, the ASU eliminates the requirement to make specific disclosures for all investments eligible to be assessed at fair value with the net asset value per share practical expedient. Instead, such disclosures are restricted only to investments that the entity has decided to measure using the practical expedient. This ASU is effective for fiscal years beginning after December 15, 2015. Management is currently evaluating the impact that the implementation of this ASU will have on the Trust’s financial statement disclosures.

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3. VALUATION AND FAIR VALUE MEASUREMENTS

A. VALUATION POLICY

The Trust’s Board of Trustees (the “Board”) has adopted a policy (“Valuation Policy”) for determining the value of the Trust’s investments each business day. Under the Valuation Policy, the Board has delegated certain functions to the Trustee Valuation Committee (“TVC”) and/or the Valuation Oversight Committee (“VOC”) or its delegate to determine the fair value of certain investments, which includes using third party pricing services. Each valuation committee that values the Funds’ investments does so in accordance with the Valuation Policy. Notes 3B and 3C below describe in greater detail the methodologies used to value each Fund’s investments.

B. NET ASSET VALUE

Each Fund of the Trust presented in these financial statements is divided into shares and share classes. The price per share of each class of a Fund’s shares is called the net asset value (“NAV”). The NAV forms the basis for all transactions involving buying, selling, exchanging or reinvesting shares. Each Fund’s NAV is calculated by taking the total value of a Fund’s assets, subtracting a Fund’s liabilities, and dividing by the total number of shares outstanding.

Each Fund’s NAV is calculated once per day, every day the New York Stock Exchange (“NYSE”) is open, including days when foreign markets and/or bond markets are closed. For purposes of calculating the NAV, the value of investments held by each Fund is generally determined as of the scheduled closing time of the NYSE, which is usually 4:00 p.m. Eastern Time. Information that becomes known to the Trust or its agents after the scheduled close of the NYSE on a particular day will not normally be used to retroactively adjust the price of an investment for that same business 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.

Each Fund’s NAV 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 regular holiday or weekend, (ii) trading on the NYSE is restricted, (iii) an emergency exists (as determined by the 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.

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.

C. INVESTMENT VALUATION

The value of each security or other investment is the amount which a Fund might reasonably expect to receive for the investment upon its current sale in the ordinary course of business. For purposes of calculating the NAV, the value of investments held by each Fund is based primarily on pricing data obtained from various sources approved by the Board.

Domestic Equity Investments

For domestic equity investments (including exchange-traded funds), the Trust generally uses the official closing price or last reported sale price from an exchange as of the scheduled closing time of the NYSE and does not normally take into account trading, clearances or settlements that take place after the scheduled 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.

Over-the-Counter (“OTC”) Investments

OTC investments (including swaps and options) are generally valued by approved pricing services that use evaluated prices from various observable market and other factors. Certain OTC swap agreements are generally valued using industry pricing models, broker quotes or other methodologies pursuant to the Valuation Policy.

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.

Portfolio Optimization Funds

The investments of each Portfolio Optimization Fund consist of Class P shares of Pacific Funds Core Income, Pacific Funds High Income, and the applicable PF Underlying Funds they hold, which are valued at their respective NAVs.

Pacific Funds Diversified Alternatives

The investments of Pacific Funds Diversified Alternatives consist of Class P shares of Pacific Funds Floating Rate Income and the applicable PF Underlying Funds it holds, which are valued at their respective NAVs.

Investments in Other Investment Companies

Fund investments in other investment companies are valued at their respective NAVs.

Investment Values Determined by a Valuation Committee

The Trust’s Valuation Policy includes methodologies approved for valuing investments in circumstances where market quotations are not readily available. In such circumstances, the Valuation Policy provides that the value of such investments may be determined in accordance with Board approved formulas and methodologies (“Alternate Valuation Methodologies”). Under the Valuation Policy these Alternate Valuation

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Methodologies may include, among others, amortized cost, the use of broker quotes, the use of purchase prices, and benchmark and matrix pricing. In the event market quotations or Alternate Valuation Methodologies are not readily available or are determined to be unreliable, the value of the investments will be determined in good faith by the TVC or determined by the VOC or its delegate pursuant to the Valuation Policy and then subsequently submitted for approval or ratification to either the TVC or the Board. Valuations determined by the TVC or the VOC or its delegate may require subjective inputs about the value of such investments. While these valuations are intended to estimate the value a Fund might reasonably expect to receive upon the current sale of the investments in the ordinary course of business, such values may differ from the value that a Fund would actually realize if the investments were sold or values that would be obtained if a different valuation methodology had been used.

Market quotations are considered not readily available if: (i) the market quotations received are deemed unreliable or inaccurate, (ii) approved pricing services do not provide a valuation for a particular investment, or (iii) material events occur after the close of the principal market for a particular investment but prior to the scheduled close of the NYSE.

D. FAIR VALUE MEASUREMENTS AND DISCLOSURES

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

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

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

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

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

The inputs or methodologies used for characterizing each Fund’s investments within the three-tier hierarchy are not necessarily an indication of the relative risks associated with investing in those investments. If a Fund had an amount of Level 3 investments at the beginning and/or end of the reporting period that was meaningful in relation to its net assets, the Trust presents a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. If a Fund had an amount of total transfers between each level within the three-tier hierarchy during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period, the Trust also discloses the amounts and reasons for such transfers. A summary of each Fund’s investments as of September 30, 2015 as categorized under the three-tier hierarchy of inputs, the reconciliation of Level 3 investments, and information on transfers between each level, if applicable, can be found in the Notes to Schedule of Investments section of each Fund’s Schedule of Investments.

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

Equity Securities (Common and Preferred Stock) and Mutual Funds

Equity securities 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 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 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 Securities 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

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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.

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.

Swap Agreements

Total Return Swaps – Total return swaps that are actively traded and cleared on a securities exchange or swap execution facility are fair valued based on quoted prices from the applicable exchange and are categorized as Level 2. Total Return swaps traded over-the-counter 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.

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.

Market and Regulatory Risks

Events in the financial markets and economy may cause volatility and uncertainty and affect Fund performance. 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 the Fund invests. 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.

Fund of Funds Investments

The Portfolio Optimization Funds are exposed to the same risks as the applicable PF Underlying Funds, Pacific Funds Core Income, and Pacific Funds High Income in direct proportion to the allocation of assets among those funds. This semi-annual report contains information about the risks associated with investing in Pacific Funds Core Income and Pacific Funds High Income. The semi-annual report for the PF Underlying Funds contains information about the risks associated with investing in the PF Underlying Funds. Allocations among the

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PF Underlying Funds, Pacific Funds Core 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, 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, and Pacific Funds High Income (See Note 7C).

Pacific Funds Diversified Alternatives is exposed to the same risks as the PF Underlying Funds and Pacific Funds Floating Rate Income in direct proportion to the allocation of assets among those funds. This semi-annual report contains information about the risks associated with investing in Pacific Funds Floating Rate Income. The semi-annual report for the PF Underlying Funds contains information about the risks associated with investing in the PF Underlying Funds. Allocations among the PF Underlying Funds and Pacific Funds Floating Rate Income are determined using an asset allocation process, which seeks to provide performance that has a low to moderate correlation with the performance of traditional equity and fixed income asset classes over long-term periods. The allocations of Pacific Funds Diversified Alternatives may not effectively decrease risk or increase returns for investors, and the selection and weighting of allocations to asset classes and/or the PF Underlying Funds and Pacific Funds Floating Rate Income may cause them to underperform other mutual funds with a similar investment objective. Pacific Funds Diversified Alternatives may invest a significant portion of its assets in any one or several PF Underlying Funds and Pacific Funds Floating Rate Income (See Note 7C).

Equity Investments

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

Debt Investments

Debt investments are subject to many risks, including, but not limited to, interest rate risk, credit risk, market and regulatory risk, price volatility, and liquidity risk, which may affect their value. There is a risk that an issuer or guarantor of a debt investment might be unable or unwilling to meet its financial obligations and might not make interest or principal payments on an instrument when those payments are due (“default”). Defaults may potentially reduce a Fund’s income or ability to recover amounts due and may reduce the value of the debt investment, sometimes dramatically. High yield/high risk or “junk” securities may be more volatile than higher rated securities. High yield/high risk securities (including loans) are typically issued by companies that are highly leveraged, less creditworthy or financially distressed and are considered to be mostly speculative in nature (high risk), subject to greater liquidity risk, and subject to a greater risk of default than higher rated securities, especially during periods of economic uncertainty or during economic downturns. Debt investments, including bonds, fixed rate loans, and short-term instruments may be affected by changes in interest rates. Debt investments with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt investments with shorter durations or floating or adjustable interest rates. The value of debt investments may fall when interest rates rise. Certain debt investments may be difficult to value, purchase, and sell, particularly during adverse market conditions, because there is a limited market for the investment or there are restrictions on resale.

Given the historically low interest rate environment in the U.S., risks associated with rising interest rates are heightened. The negative impact on debt investments from potential interest rate increases could be swift and significant, including falling market values, increased redemptions and reduced liquidity. Substantial redemptions from bond and other income funds may worsen that impact. Additionally, regulations applicable to and changing business practices of broker-dealers that make markets in debt investments may result in those broker-dealers restricting their market making activities for certain debt investments, which may reduce the liquidity and increase the volatility of such debt investments.

Certain asset-backed instruments, such as collateralized debt obligations, collateralized mortgage obligations, and other mortgage-related securities, structured investment vehicles, and other debt investments may have exposure to subprime loans or subprime mortgages, which are loans to persons with lower credit ratings. These instruments may present credit risk that is not transparent and that is greater than indicated by their ratings. The value of these instruments may be more acutely affected by downturns in the credit markets or the real estate market than certain other investments, and it may be difficult to value these instruments because of a thin secondary market.

Foreign and Emerging Markets Investments

Exposure to foreign markets can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Investments in or exposure to investments in emerging market countries may be riskier than investments in or exposure to investments in U.S. and certain developed markets.

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

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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 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, London Interbank Offered Rates (“LIBOR”) 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.

When a Fund purchases assignments, it acquires all the rights and obligations under the loan agreement of the assigning lender. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than those held by the assigning lender.

When a Fund purchases a participation of a Senior Loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation. A participation interest in Senior Loans includes the right to receive payments of principal, interest, and any fees to which it is entitled from the lender and only upon receipt by the lender of payments from the Borrower, but not from the Borrower directly. When investing in a participation interest, if a Borrower is unable to meet its obligations under a loan agreement, a Fund generally has no right to enforce compliance with the terms of the loan agreement. As a result, the Fund assumes the credit risk of the Borrower, the selling participant, and any other persons that are interpositioned between the Fund and the Borrower. If the lead lender in a typical lending syndicate becomes insolvent, enters Federal Deposit Insurance Corporation (“FDIC”) receivership or, if not FDIC insured, enters into bankruptcy, the Fund may incur certain costs and delays in receiving payment or may suffer a loss of principal and/or interest. As of September 30, 2015, no participation interest in Senior Loans was held by any of the Funds presented in these financial statements.

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.

Segregation and Collateral

If a Fund engages in certain transactions, such as derivative investments or repurchase agreements, 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 fund manager. 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

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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.

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 a Fund 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.

A Fund’s transactions in listed securities are settled/paid for upon delivery with 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.

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.

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

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NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

the OTC market or may be executed in a multilateral or other execution facility platform, such as a registered commodities exchange (“centrally cleared swaps”). In connection with these agreements, 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.

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, Pacific Funds High Income entered into total return swaps on credit indices to obtain long exposure to the broader high yield market.

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:

	Location on the Statements of Assets and Liabilities
Derivative Investments Risk Type	Asset Derivative Investments	Liability Derivative Investments
Interest rate contracts	Swap agreements, at value	Swap agreements, at value

The following is a summary of fair values of derivative investments disclosed in Pacific Funds High Income’s Statement of Assets and Liabilities, categorized by primary risk exposure as of September 30, 2015:

Derivative Investments Risk Type	Total Value at September 30, 2015
Interest rate contracts (Liability)		($353,611	)

The following is a summary of the location of realized gains and losses and changes in net unrealized appreciation and depreciation of 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
Interest rate contracts	Net realized gain (loss) on swap transactions Change in net unrealized appreciation (depreciation) on swaps

The following is a summary of Pacific Funds High Income’s net realized gain or loss and change in net unrealized appreciation or depreciation on derivative investments recognized in its Statement of Operations categorized by primary risk exposure for the six-month period ended September 30, 2015:

Derivative Investments Risk Type	Realized Gain (Loss)			Change in Net Unrealized Appreciation (Depreciation)
Interest rate contracts		($205,428	)		($412,912	)

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 average number of positions and value of derivative investments in interest rate contracts held by Pacific Funds High Income for the six-month period ended September 30, 2015 were 2 and ($132,176), respectively. The average number of positions and value of derivative investments and the amounts of net realized gain or loss and changes in net unrealized appreciation or depreciation on derivative investments as disclosed in its Statement of Operations serve as indicators of volume of financial derivative activity for Pacific Funds High Income for the six-month period ended September 30, 2015.

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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. 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. 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. 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 netting agreements (or similar arrangements) and collateral received and pledged in connection with the master netting agreements (or similar arrangements) for Pacific Funds High Income as of September 30, 2015:

	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
Swaps		$—		$—		$—		$—		($353,611	)		$—		$280,000		($73,611	)

6. INVESTMENT ADVISORY, ADMINISTRATION AND SHAREHOLDER SERVICES, SUPPORT SERVICES, AND DISTRIBUTION AGREEMENTS

Pursuant to an Investment Advisory Agreement, PLFA, a wholly-owned subsidiary of Pacific Life Insurance Company (“Pacific Life”), serves as Adviser to each Fund of the Trust. PLFA manages the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives. PLFA also manages Pacific Funds Short Duration Income, Pacific Funds Core Income, Pacific Funds Strategic Income, Pacific Funds Floating Rate Income, Pacific Funds Limited Duration High Income, and Pacific Funds High Income under the name Pacific Asset Management. PLFA receives investment advisory fees from each Fund based on the following advisory fee rates, which are based on an annual percentage of average daily net assets of each Fund:

Fund	Advisory Fee  Rate
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) Pacific Funds Portfolio Optimization Aggressive-Growth (1) Pacific Funds Diversified Alternatives (1)	0.20%
Pacific Funds Short Duration Income (2)	0.40%
Pacific Funds Core Income (2)	0.50%
Pacific Funds Strategic Income (2) Pacific Funds High Income (2)	0.60%
Pacific Funds Floating Rate Income (2) Pacific Funds Limited Duration High Income (2), (3)	0.65%

(1) PLFA has agreed to waive the following amounts from the advisory fee rate through July 31, 2016: 1) 0.025% on net assets above $2 billion through $3 billion; 2) 0.050% on net assets above $3 billion through $5 billion; 3) 0.075% on net assets above $5 billion through $7.5 billion; and 4) 0.100% on net assets above $7.5 billion. The fee waiver agreement will terminate: (i) if the investment advisory agreement is terminated; (ii) upon approval of the Board of Trustees and 90 days’ prior written notice to PLFA; (iii) upon 90 days’ written notice by PLFA prior to the beginning of the next one-year term; or (iv) if PLFA’s advisory fee rate for a Fund changes. There is no guarantee that PLFA will continue such waiver after July 31, 2016.

(2) PLFA has agreed to waive the following amounts from the advisory fee rate through July 31, 2016: 1) 0.025% on net assets above $1 billion through $2 billion; 2) 0.050% on net assets above $2 billion through $3 billion; and 3) 0.075% on net assets above $3 billion. The fee waiver agreement will terminate: (i) if the investment advisory agreement is terminated; (ii) upon approval of the Board of Trustees and 90 days’ prior written notice to PLFA; (iii) upon 90 days’ written notice by PLFA prior to the beginning of the next one-year term; or (iv) if PLFA’s advisory fee rate for a Fund changes. There is no guarantee that PLFA will continue such waiver after July 31, 2016.

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PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

(3) PLFA agreed to waive 0.02% of its advisory fee through July 31, 2016 for Pacific Funds Limited Duration High Income. The agreement will terminate if the investment advisory agreement is terminated or upon approval by the Board. There is no guarantee that PLFA will continue such waiver after that date.

Pursuant to an Administration and Shareholder Services Agreement (the “Administration Agreement”), Pacific Life serves as administrator (the “Administrator”) to the Trust. The administration fee is for procuring or providing administrative, transfer agency, and shareholder services. In addition, Pacific Life and PLFA provide support services to the Trust that are outside the scope of the Administrator’s and Adviser’s responsibilities under the Administration Agreement and Investment Advisory Agreement. Under the Support Services Agreement, the Trust compensates Pacific Life and PLFA for their expenses in providing support services to the Trust in connection with various matters, some of which include the time spent by legal, accounting, and compliance personnel of Pacific Life and PLFA (including individuals who may be officers or Trustees of the Trust), to attend meetings of the Board and to provide assistance with the coordination and supervision in connection with the services procured for the Trust under the Administration Agreement. Support services do not include services for which PLFA is responsible pursuant to the Investment Advisory Agreement. The Trust reimburses Pacific Life and PLFA for these support services on an approximate cost basis.

Pacific Life receives an administration fee from each Fund and share class presented in these financial statements based on the following administration fee rates, which are based on an annual percentage of average daily net assets of each Fund:

Fund	Share Class	Administration Fee  Rate
Portfolio Optimization Funds	A, B, C, R, and Advisor Class	0.15%
Pacific Funds Short Duration Income Pacific Funds Strategic Income	A, C, and Advisor Class	0.30%
Pacific Funds Limited Duration High Income	I	0.15%
Pacific Funds Core Income Pacific Funds Floating Rate Income Pacific Funds High Income	A, C, and Advisor Class	0.30%
	I and P	0.15%
Pacific Funds Diversified Alternatives	A, C, and Advisor Class	0.15%

Pursuant to a Distribution Agreement, Pacific Select Distributors, LLC (the “Distributor”), a wholly-owned subsidiary of Pacific Life, serves as distributor of the Trust’s shares. Under the Distribution Agreement, the Distributor bears all expenses of providing services, including costs of sales presentations, mailings, advertisements, and other marketing efforts by the Distributor in connection with the distribution or sale of the Trust’s shares and makes distribution and/or service payments to selling groups in connection with the sale of certain of the Trust’s shares and subsequent servicing needs of shareholders provided by selling groups. The Distributor receives distribution and service fees pursuant to class-specific distribution and service plans, each adopted in accordance with Rule 12b-1 (“12b-1”) under the 1940 Act (together the “12b-1 Plans”) for Class B, C, and R shares. The Distributor also receives service fees pursuant to a non-12b-1 Class A Service Plan (“Class A Plan”). The Distributor receives distribution and/or service fees from each Fund and applicable share class presented in these financial statements based on the following distribution and service fee rates, which are based on an annual percentage of average daily net assets:

Plan	Share Class	Distribution Fee Rate	Service Fee Rate
12b-1 Plans	B and C	0.75%	0.25%
	R	0.25%	0.25%
Class A Plan	A		0.25%

There are no distribution and service fees for Class I, Class P, and Advisor Class shares. The distribution and service fees are accrued daily. For the six-month period ended September 30, 2015, the Distributor, acting as underwriter, received net commissions (front-end sales charges) of $6,331,413 from the sale of Class A shares and received $256,849 in CDSC from redemptions of Class A, B, and C shares.

7. TRANSACTIONS WITH AFFILIATES

A. ADVISORY FEES, ADMINISTRATION FEES, DISTRIBUTION AND/OR SERVICE FEES, AND EXPENSES FOR SUPPORT SERVICES

The Adviser, the Distributor, and Pacific Life are related parties. The advisory fees earned by the Adviser, the administration fees earned by Pacific Life, the distribution and/or service fees earned by the Distributor, and expenses for support services recovered by PLFA and Pacific Life (see Note 6) from each Fund presented in these financial statements for the six-month period ended September 30, 2015 are presented in the Statements of Operations. The amounts of each of these fees that remained payable as of September 30, 2015 are presented in the Statements of Assets and Liabilities.

B. EXPENSE LIMITATION AGREEMENTS

To help limit the Trust’s expenses, PLFA has entered into expense limitation agreements with the Trust and has contractually agreed to reimburse each Fund presented in these financial statements for certain operating expenses that exceed an annual rate based on a percentage of a Fund’s average daily net assets. These operating expenses include, but are not limited to: administration fees; organizational expenses; custody expenses; expenses for audit, tax, and certain legal services; preparation, printing, filing, and distribution to existing shareholders of proxies, prospectuses and shareholder reports, and other regulatory documents, as applicable; independent trustees’ fees; and establishing, overseeing and administering the Trust’s compliance program. These operating expenses do not include: investment advisory fees; distribution and/or service fees; dividends on securities sold short; acquired fund fees and expenses; interest (including commitment fees, if any); taxes (including foreign taxes on dividends, interest or gains); brokerage commissions and other transactional expenses, and extraordinary expenses

C-11

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

such as litigation expenses and other expenses not incurred in the ordinary course of each Fund’s business. The expense caps for each Fund and share class presented in these financial statements are as follows:

Fund	Share Class	Expense Caps
Portfolio Optimization Funds	A, B, C, R, and Advisor Class	0.15% through 7/31/2016 and 0.30% thereafter through 7/31/2023
Pacific Funds Short Duration Income Pacific Funds Core Income Pacific Funds Strategic Income Pacific Funds Floating Rate Income Pacific Funds Limited Duration High Income Pacific Funds High Income	A, C, and Advisor Class	0.20% through 7/31/2016
	I	0.15% through 7/31/2016
Pacific Funds Core Income Pacific Funds Floating Rate Income Pacific Funds High Income	P	0.20% through 7/31/2016
Pacific Funds Diversified Alternatives	A, C, and Advisor Class	0.40% through 7/31/2017

There is no guarantee that PLFA will continue to reimburse 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 for a period of time as permitted under regulatory and accounting guidance (currently 3 years from the end of the fiscal year in which the reimbursement took place) to the extent such recoupment would not cause the Fund to exceed the expense cap that was in effect at the time of the reimbursement. Any amounts repaid to PLFA will have the effect of increasing such expenses of the Fund, but not above the expense cap. The amounts of adviser’s expense reimbursement to each of the applicable Funds presented in these financial statements for the six-month period ended September 30, 2015 are presented in the Statements of Operations. Any amounts that remained due from the Adviser as of September 30, 2015 are presented in the Statements of Assets and Liabilities. There was no recoupment of expense reimbursement by PLFA from any Funds presented in these financial statements during the six-month period ended September 30, 2015.

The cumulative expense reimbursement amounts, if any, as of September 30, 2015 that are subject to recoupment by PLFA from each Fund presented in these financial statements are as follows:

	Expiration Date
Fund	3/31/2016		3/31/2017		3/31/2018		3/31/2019
Pacific Funds Portfolio Optimization Conservative		$504,164		$485,486		$341,046		$154,992
Pacific Funds Portfolio Optimization Moderate-Conservative		475,646		509,594		412,969		200,034
Pacific Funds Portfolio Optimization Moderate		1,124,770		1,236,620		1,039,248		505,643
Pacific Funds Portfolio Optimization Growth		814,333		857,348		722,497		358,283
Pacific Funds Portfolio Optimization Aggressive-Growth		306,272		297,159		255,368		127,008
Pacific Funds Short Duration Income		97,734		192,031		287,988		157,953
Pacific Funds Core Income		1,323,370		1,326,276		1,007,441		560,858
Pacific Funds Strategic Income		118,217		181,996		294,682		205,971
Pacific Funds Floating Rate Income		347,661		1,642,470		1,908,310		612,347
Pacific Funds Limited Duration High Income				82,357		119,970		61,637
Pacific Funds High Income		97,325		98,786		124,757		52,274
Pacific Funds Diversified Alternatives				7,432		78,329		24,456
		$5,209,492		$6,917,555		$6,592,605		$3,021,456

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PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

C. INVESTMENTS IN AFFILIATED FUNDS

As of September 30, 2015, each of the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives (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 Pacific Funds High Income. A summary of holdings and transactions with affiliated mutual fund investments as of and for the six-month period ended September 30, 2015 is as follows:

Fund/Underlying Fund	Beginning Value as of April 1, 2015		Purchase Cost (1)		Distributions Received and Reinvested (2)		Sales Proceeds		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			As of September 30, 2015
															Ending Value		Shares Balance
Pacific Funds Portfolio Optimization Conservative
PF Floating Rate Loan		$27,309,681		$191,946		$—		$5,280,887		($46,470	)		($295,528	)		$21,878,742		2,253,218
PF Inflation Managed		31,902,949		624,148		—		21,964,812		(2,830,998	)		2,247,078			9,978,365		1,171,170
PF Managed Bond		145,722,279		2,544,011		—		39,600,489		332,555			(2,318,722	)		106,679,634		9,805,113
PF Short Duration Bond		58,014,980		609,494		—		24,231,365		(154,351	)		169,555			34,408,313		3,437,394
Pacific Funds Core Income		—		4,334,159		54,572		195,558		(4,849	)		(177,150	)		4,011,174		385,319
Pacific Funds High Income		—		23,867,368		525,504		1,075,576		(32,243	)		(2,035,387	)		21,249,666		2,206,611
PF Emerging Markets Debt		29,215,298		467,311		—		13,824,800		(1,393,414	)		888,050			15,352,445		1,812,567
PF Comstock		14,795,989		4,457,897		—		3,162,239		649,806			(2,284,725	)		14,456,728		944,267
PF Growth		6,523,446		4,632,186		—		1,847,220		163,032			(755,470	)		8,715,974		472,923
PF Large-Cap Growth		8,739,156		6,075,035		—		3,090,584		525,933			(1,378,084	)		10,871,456		1,068,973
PF Large-Cap Value		21,090,455		7,469,989		—		1,349,952		(29,743	)		(2,015,199	)		25,165,550		1,644,807
PF Main Street Core		6,423,991		6,154,824		—		2,591,364		117,503			(773,970	)		9,330,984		688,126
PF Mid-Cap Equity		6,691,356		41,803		—		2,603,038		635,078			(971,404	)		3,793,795		337,526
PF Mid-Cap Growth		4,391,022		23,472		—		2,737,649		189,179			(425,234	)		1,440,790		188,585
PF Mid-Cap Value		—		20,712,212		—		395,012		(10,610	)		(1,393,340	)		18,913,250		2,031,498
PF Small-Cap Value		—		4,127,064		—		79,002		(2,194	)		(288,179	)		3,757,689		401,034
PF International Large-Cap		14,930,761		5,965,126		—		3,741,937		130,976			(1,576,398	)		15,708,528		931,152
PF International Value		8,933,268		1,174,098		—		1,410,701		(22,541	)		(725,835	)		7,948,289		918,877
PF Absolute Return		—		17,277,154		—		782,236		(12,219	)		(704,031	)		15,778,668		1,648,764
PF Currency Strategies		12,246,116		2,238,985		—		4,097,073		(102,902	)		(28,253	)		10,256,873		1,045,553
PF Equity Long/Short		—		12,815,594		—		3,361,756		156,135			605,656			10,215,629		961,019
PF Global Absolute Return		21,233,974		4,219,069		—		5,299,706		46,635			(668,171	)		19,531,801		2,011,514
PF Precious Metals (3)		1,711,613		91,701		—		1,886,680		(296,798	)		380,164			—		—
		$419,876,334		$130,114,646		$580,076		$144,609,636		($1,992,500	)		($14,524,577	)		$389,444,343
Pacific Funds Portfolio Optimization Moderate-Conservative
PF Floating Rate Loan		$34,655,118		$355,628		$—		$8,305,107		($218,384	)		($168,838	)		$26,318,417		2,710,444
PF Inflation Managed		41,093,121		869,113		—		28,725,987		(3,862,346	)		3,119,859			12,493,760		1,466,404
PF Managed Bond		138,740,124		7,673,264		—		25,794,299		250,012			(2,089,000	)		118,780,101		10,917,289
PF Short Duration Bond		57,583,655		634,317		—		32,340,304		(213,472	)		252,896			25,917,092		2,589,120
Pacific Funds Core Income		—		4,846,250		61,460		137,919		(3,149	)		(201,157	)		4,565,485		438,567
Pacific Funds High Income		—		28,752,698		624,955		792,915		(23,657	)		(2,449,167	)		26,111,914		2,711,518
PF Emerging Markets Debt		28,756,672		576,139		—		7,893,821		(935,742	)		(22,816	)		20,480,432		2,417,997
PF Comstock		28,998,538		316,989		—		4,339,080		426,165			(2,965,152	)		22,437,460		1,465,543
PF Growth		16,163,662		137,104		—		1,505,960		181,653			(816,308	)		14,160,151		768,321
PF Large-Cap Growth		19,850,162		167,573		—		2,320,351		207,056			(1,017,781	)		16,886,659		1,660,438
PF Large-Cap Value		43,423,289		659,340		—		3,303,727		(52,695	)		(2,785,875	)		37,940,332		2,479,760
PF Main Street Core		29,505,804		175,526		—		13,461,903		3,246,214			(3,620,905	)		15,844,736		1,168,491
PF Mid-Cap Equity		18,423,135		144,501		—		2,209,414		(128,550	)		(1,116,976	)		15,112,696		1,344,546
PF Mid-Cap Growth		6,044,402		40,984		—		1,683,346		133,096			(691,062	)		3,844,074		503,151
PF Mid-Cap Value		—		30,887,507		—		363,043		(18,631	)		(2,098,278	)		28,407,555		3,051,295
PF Small-Cap Growth		6,273,994		31,187		—		3,542,137		786,469			(1,105,156	)		2,444,357		190,816
PF Small-Cap Value		6,119,771		6,246,964		—		649,179		(25,580	)		(998,931	)		10,693,045		1,141,200
PF Emerging Markets		11,560,237		381,712		—		4,330,863		(364,523	)		(990,521	)		6,256,042		551,193
PF International Large-Cap		16,983,923		13,812,691		—		880,993		86,946			(2,945,229	)		27,057,338		1,603,873
PF International Small-Cap		12,025,083		2,128,441		—		2,067,038		(30,548	)		(474,041	)		11,581,897		1,127,741
PF International Value		11,123,271		4,241,574		—		408,632		11,212			(1,463,734	)		13,503,691		1,561,120
PF Real Estate		—		2,913,916		—		34,249		(1,647	)		(112,145	)		2,765,875		179,021
PF Absolute Return		—		19,922,673		—		568,913		(8,291	)		(824,651	)		18,520,818		1,935,300
PF Currency Strategies		22,458,560		691,342		—		5,362,911		(129,074	)		(147,909	)		17,510,008		1,784,914
PF Equity Long/Short		—		19,779,773		—		551,443		(1,487	)		1,119,327			20,346,170		1,914,033
PF Global Absolute Return		29,281,032		6,020,163		—		6,622,831		61,060			(948,494	)		27,790,930		2,862,094
PF Precious Metals (3)		2,448,773		119,510		—		2,689,846		(279,509	)		401,072			—		—
		$581,512,326		$152,526,879		$686,415		$160,886,211		($907,402	)		($25,160,972	)		$547,771,035

C-13

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

Fund/Underlying Fund	Beginning Value as of April 1, 2015		Purchase Cost (1)		Distributions Received and Reinvested (2)		Sales Proceeds		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			As of September 30, 2015
															Ending Value		Shares Balance
Pacific Funds Portfolio Optimization Moderate
PF Floating Rate Loan		$65,095,653		$348,030		$—		$28,974,419		($600,649	)		$140,493			$36,009,108		3,708,456
PF Inflation Managed		41,758,590		1,970,540		—		16,865,965		(1,479,582	)		309,336			25,692,919		3,015,601
PF Managed Bond		258,754,419		2,284,590		—		84,494,493		1,021,376			(3,944,620	)		173,621,272		15,957,837
PF Short Duration Bond		86,788,689		621,890		—		66,307,174		(308,635	)		376,894			21,171,664		2,115,051
Pacific Funds Core Income		—		8,575,326		109,410		251,910		(6,351	)		(357,718	)		8,068,757		775,097
Pacific Funds High Income		16,354,018		51,094,345		1,419,607		9,178,560		(300,565	)		(4,984,894	)		54,403,951		5,649,424
PF Emerging Markets Debt		81,551,868		506,970		—		34,598,719		(3,328,766	)		2,192,175			46,323,528		5,469,130
PF Comstock		115,316,171		384,843		—		18,551,818		1,969,847			(11,851,654	)		87,267,389		5,700,025
PF Growth		59,239,445		93,341		—		12,459,818		2,102,117			(3,750,738	)		45,224,347		2,453,844
PF Large-Cap Growth		76,539,280		153,096		—		16,598,528		1,788,697			(3,985,334	)		57,897,211		5,692,941
PF Large-Cap Value		147,894,145		2,358,090		—		27,324,059		3,631,666			(11,855,965	)		114,703,877		7,496,985
PF Main Street Core		100,421,674		180,473		—		22,778,338		3,117,032			(6,257,203	)		74,683,638		5,507,643
PF Mid-Cap Equity		69,495,072		106,809		—		11,718,514		379,955			(4,849,042	)		53,414,280		4,752,160
PF Mid-Cap Growth		34,200,413		53,405		—		5,276,178		234,458			(3,854,932	)		25,357,166		3,319,001
PF Mid-Cap Value		—		107,428,363		—		1,569,912		(53,087	)		(7,298,873	)		98,506,491		10,580,719
PF Small-Cap Growth		26,635,313		37,128		—		10,874,520		897,831			(2,876,611	)		13,819,141		1,078,778
PF Small-Cap Value		51,944,969		29,855,950		—		2,318,660		(59,186	)		(7,618,094	)		71,804,979		7,663,285
PF Emerging Markets		57,505,615		9,435,140		—		3,762,161		(253,084	)		(9,818,395	)		53,107,115		4,679,041
PF International Large-Cap		85,501,471		54,579,372		—		12,446,614		2,515,500			(14,246,561	)		115,903,168		6,870,372
PF International Small-Cap		51,075,364		5,018,730		—		5,687,865		(8,379	)		(2,024,996	)		48,372,854		4,710,112
PF International Value		55,908,117		12,211,141		—		7,087,733		655,811			(6,189,519	)		55,497,817		6,415,933
PF Real Estate		16,173,730		9,707,627		—		665,328		(14,879	)		(1,739,959	)		23,461,191		1,518,524
PF Absolute Return		—		50,750,117		—		17,271,831		(312,551	)		(1,425,658	)		31,740,077		3,316,622
PF Currency Strategies		79,299,144		1,208,173		—		29,803,040		(587,321	)		(600,240	)		49,516,716		5,047,575
PF Equity Long/Short		—		71,871,187		—		2,136,041		8,904			4,227,374			73,971,424		6,958,742
PF Global Absolute Return		66,258,258		16,468,707		—		17,863,801		168,137			(2,167,221	)		62,864,080		6,474,158
PF Precious Metals (3)		13,859,883		463,769		—		15,005,767		(3,181,908	)		3,864,023			—		—
		$1,657,571,301		$437,767,152		$1,529,017		$481,871,766		$7,996,388			($100,587,932	)		$1,522,404,160
Pacific Funds Portfolio Optimization Growth
PF Inflation Managed		$11,050,432		$699,684		$—		$5,794,616		($197,878	)		($101,896	)		$5,655,726		663,818
PF Managed Bond		90,200,780		1,208,637		—		51,962,733		158,199			(1,314,684	)		38,290,199		3,519,320
PF Short Duration Bond		11,027,497		10,352		—		11,048,131		144,902			(134,620	)		—		—
Pacific Funds High Income		22,565,894		825,245		459,533		6,012,790		(26,136	)		(1,388,135	)		16,423,611		1,705,463
PF Emerging Markets Debt		16,840,969		6,641,022		—		611,438		(80,466	)		(1,036,752	)		21,753,335		2,568,280
PF Comstock		85,538,619		1,438,023		—		13,847,260		967,123			(8,420,683	)		65,675,822		4,289,734
PF Growth		52,511,875		138,697		—		17,682,129		2,751,015			(3,776,499	)		33,942,959		1,841,723
PF Large-Cap Growth		73,862,683		276,900		—		29,169,712		3,366,859			(4,425,637	)		43,911,093		4,317,708
PF Large-Cap Value		102,261,261		3,102,973		—		15,801,922		1,118,537			(7,210,587	)		83,470,262		5,455,573
PF Main Street Core		104,153,810		1,230,243		—		32,322,382		3,461,424			(6,053,231	)		70,469,864		5,196,893
PF Mid-Cap Equity		94,642,106		421,041		—		13,538,233		(823,525	)		(5,455,119	)		75,246,270		6,694,508
PF Mid-Cap Growth		29,476,799		86,148		—		6,193,779		478,491			(3,435,366	)		20,412,293		2,671,766
PF Mid-Cap Value		—		83,905,713		—		1,308,097		(43,951	)		(5,696,080	)		76,857,585		8,255,380
PF Small-Cap Growth		36,733,465		10,610,334		—		21,648,233		675,168			(3,863,786	)		22,506,948		1,756,983
PF Small-Cap Value		63,308,583		26,458,346		—		2,397,291		(72,603	)		(8,502,854	)		78,794,181		8,409,197
PF Emerging Markets		45,297,817		34,112,513		—		1,945,313		(274,782	)		(12,021,391	)		65,168,844		5,741,748
PF International Large-Cap		80,538,988		44,721,966		—		14,466,564		2,092,166			(12,020,506	)		100,866,050		5,979,019
PF International Small-Cap		47,313,934		468,913		—		4,325,097		431,796			(1,951,378	)		41,938,168		4,083,561
PF International Value		52,792,009		10,977,546		—		7,914,031		342,287			(5,308,568	)		50,889,243		5,883,149
PF Real Estate		22,561,435		7,993,449		—		784,970		(41,676	)		(2,185,011	)		27,543,227		1,782,733
PF Absolute Return		—		17,785,720		—		8,863,649		(161,487	)		(376,382	)		8,384,202		876,092
PF Currency Strategies		54,919,006		1,313,797		—		9,069,134		(210,863	)		(447,377	)		46,505,429		4,740,615
PF Equity Long/Short		—		47,454,377		—		9,795,710		464,569			2,401,880			40,525,116		3,812,335
PF Global Absolute Return		45,908,693		75,796		—		23,290,891		246,632			(799,391	)		22,140,839		2,280,210
PF Precious Metals (3)		14,369,611		605,150		—		15,684,797		(2,533,482	)		3,243,518			—		—
		$1,157,876,266		$302,562,585		$459,533		$325,478,902		$12,232,319			($90,280,535	)		$1,057,371,266

C-14

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

Fund/Underlying Fund	Beginning Value as of April 1, 2015		Purchase Cost (1)		Distributions Received and Reinvested (2)		Sales Proceeds		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			As of September 30, 2015
															Ending Value		Shares Balance
Pacific Funds Portfolio Optimization Aggressive-Growth
PF Managed Bond		$10,531,485		$212,370		$—		$10,641,420		$285,784			($388,219	)		$—		—
PF Emerging Markets Debt		4,853,343		70,607		—		5,035,866		(373,013	)		484,929			—		—
PF Comstock		25,000,795		1,020,741		—		3,813,585		45,069			(2,300,170	)		19,952,850		1,303,256
PF Growth		13,420,882		456,661		—		1,726,646		200,843			(691,405	)		11,660,335		632,682
PF Large-Cap Growth		20,226,335		329,414		—		4,715,114		464,638			(1,052,942	)		15,252,331		1,499,738
PF Large-Cap Value		29,837,369		1,303,431		—		3,137,873		(19,200	)		(1,921,067	)		26,062,660		1,703,442
PF Main Street Core		30,273,022		893,083		—		8,376,760		1,051,662			(1,921,442	)		21,919,565		1,616,487
PF Mid-Cap Equity		28,917,400		852,095		—		5,490,039		(332,468	)		(1,547,759	)		22,399,229		1,992,814
PF Mid-Cap Growth		11,857,662		270,138		—		3,244,732		272,157			(1,405,810	)		7,749,415		1,014,321
PF Mid-Cap Value		—		29,256,439		—		237,282		(9,026	)		(1,999,767	)		27,010,364		2,901,221
PF Small-Cap Growth		14,069,404		294,483		—		4,229,205		884,978			(2,172,124	)		8,847,536		690,674
PF Small-Cap Value		24,364,411		4,884,731		—		759,176		(4,946	)		(2,810,224	)		25,674,796		2,740,106
PF Emerging Markets		23,270,146		4,555,060		—		761,996		(74,269	)		(4,281,905	)		22,707,036		2,000,620
PF International Large-Cap		22,929,475		19,260,953		—		914,304		(25,053	)		(3,995,157	)		37,255,914		2,208,412
PF International Small-Cap		17,097,278		412,925		—		1,313,751		117,851			(708,151	)		15,606,152		1,519,586
PF International Value		13,951,960		7,143,280		—		555,037		(18,601	)		(2,092,304	)		18,429,298		2,130,555
PF Real Estate		10,379,767		2,380,776		—		326,159		(24,611	)		(930,854	)		11,478,919		742,972
PF Absolute Return		—		1,745,590		—		1,714,475		(31,115	)		—			—		—
PF Currency Strategies		17,300,088		592,719		—		10,679,735		(247,257	)		(46,078	)		6,919,737		705,376
PF Equity Long/Short		—		14,004,604		—		4,492,210		213,035			612,777			10,338,206		972,550
PF Global Absolute Return		13,506,118		87,004		—		10,252,981		118,316			(163,500	)		3,294,957		339,336
PF Precious Metals (3)		7,414,919		271,758		—		8,054,066		(1,333,218	)		1,700,607			—		—
		$339,201,859		$90,298,862		$—		$90,472,412		$1,161,556			($27,630,565	)		$312,559,300
Pacific Funds Diversified Alternatives
PF Inflation Managed		$322,386		$19,576		$—		$195,296		($4,848	)		$712			$142,530		16,729
Pacific Funds Floating Rate Income		691,239		94,174		10,561		395,596		(10,610	)		2,102			391,870		39,743
PF Emerging Markets Debt		781,749		51,104		—		460,959		(31,693	)		23,706			363,907		42,964
PF Emerging Markets		585,662		52,667		—		399,963		(37,256	)		3,259			204,369		18,006
PF International Small-Cap		—		398,972		—		93,860		(7,208	)		(27,848	)		270,056		26,296
PF Real Estate		360,686		23,373		—		226,414		9,132			(29,479	)		137,298		8,887
PF Absolute Return		—		731,181		—		172,076		(3,921	)		(22,897	)		532,287		55,620
PF Currency Strategies		1,390,230		234,584		—		536,461		(16,739	)		2,053			1,073,667		109,446
PF Equity Long/Short		—		642,673		—		178,706		2,994			29,454			496,415		46,699
PF Global Absolute Return		1,476,711		246,194		—		537,133		(7,936	)		(34,941	)		1,142,895		117,703
PF Precious Metals (3)		166,805		935		—		175,994		(8,130	)		16,384			—		—
		$5,775,468		$2,495,433		$10,561		$3,372,458		($116,215	)		($37,495	)		$4,755,294

(1) Purchase cost excludes distributions received and reinvested, if any.

(2) Distributions received include distributions from net investment income, if any, from the PF Underlying Funds, Pacific Funds Core Income, Pacific Funds High Income, and Pacific Funds Floating Rate Income.

(3) The PF Precious Metals Fund was liquidated on April 27, 2015.

As of September 30, 2015, 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 Limited Duration High Income		57.86%
Pacific Funds Diversified Alternatives		42.18%

D. INDEPENDENT TRUSTEES

The Trust pays each independent trustee of the Board retainer fees and specified amounts 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 each Fund at the time of such deferral and are payable in accordance with the Plan. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain Funds. An independent trustee who defers compensation has the option to select credit rate options that track the performance, at NAV without a sales load, of Class A shares of the Portfolio Optimization Funds, Pacific Funds Short Duration Income, Pacific Funds Core Income, Pacific Funds Strategic Income, Pacific Funds Floating Rate Income, Pacific Funds Limited Duration High Income, Pacific Funds High Income, and/or Pacific Funds Diversified Alternatives, and/or Class P shares of the PF Underlying Funds. The obligation of each Fund 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 six-month period ended September 30, 2015, such expenses decreased by $1,955 for all applicable Funds presented in

C-15

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

these financial statements as a result of the market value appreciation on such accounts. As of September 30, 2015, the total amount in the DCP Liability accounts for all applicable Funds presented in these financial statements was $14,061.

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.

8. UNFUNDED SENIOR LOAN COMMITMENTS

Unfunded loan commitments on senior loan participations and assignments (see Note 4), if any, are marked to market daily and valued according to the Trust’s valuation policies and procedures. Any outstanding unfunded loan commitments are presented in the Notes to Schedules of Investments section of each applicable Fund’s Schedule of Investments. Any applicable net unrealized appreciation or depreciation at the end of the reporting period is recorded as an asset (unfunded loan commitment appreciation) or a liability (unfunded loan commitment depreciation) and any change in net unrealized appreciation or depreciation for the reporting period is recorded as a change in net unrealized appreciation or depreciation on unfunded loan commitment. As of September 30, 2015, Pacific Funds Floating Rate Income had an unfunded loan commitment of $377,623 (see details in the Notes to Schedules of Investments).

9. COMMITTED LINE OF CREDIT

The Trust has an unsecured $75,000,000 committed revolving line of credit agreement with The Bank of New York Mellon (the “Bank”), which is renewed annually. The committed line of credit applies to Pacific Funds Floating Rate Income only. The interest rate on borrowing is the higher of the Federal funds effective rate or the overnight Eurodollar rate, plus 1.20%. Pacific Funds Floating Rate Income pays the Bank a commitment fee equal to 0.18% per annum on the daily unused portion of the committed line up to a maximum of $135,000. As of September 30, 2015, the actual interest rate on borrowing by the Trust was 1.32%. The commitment fees and interest incurred by Pacific Funds Floating Rate Income are recorded as an expense. For the six-month period ended September 30, 2015, Pacific Funds Floating Rate Income had no loans outstanding in connection with this line of credit.

10. PURCHASES AND SALES OF INVESTMENTS

The cost of purchases and proceeds from sales of investments (excluding short-term investments) for the six-month period ended September 30, 2015, are summarized in the following table:

	U.S. Government Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Pacific Funds Portfolio Optimization Conservative		$—		$—		$130,694,722		$144,609,636
Pacific Funds Portfolio Optimization Moderate-Conservative		—		—		153,213,294		160,886,211
Pacific Funds Portfolio Optimization Moderate		—		—		439,296,169		481,871,766
Pacific Funds Portfolio Optimization Growth		—		—		303,022,118		325,478,902
Pacific Funds Portfolio Optimization Aggressive-Growth		—		—		90,298,862		90,472,412
Pacific Funds Short Duration Income		4,504,395		—		62,283,199		35,167,841
Pacific Funds Core Income		17,775,273		20,220,469		206,308,294		164,872,871
Pacific Funds Strategic Income		—		—		168,616,742		79,280,122
Pacific Funds Floating Rate Income		—		—		201,524,650		208,579,424
Pacific Funds Limited Duration High Income		—		—		6,888,292		6,918,359
Pacific Funds High Income		—		—		115,343,665		29,479,114
Pacific Funds Diversified Alternatives		—		—		2,505,994		3,372,458

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 year or period ended March 31, 2015, 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.

C-16

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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, 2015:

				Distributable Earnings				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		$—			$26,270		$3,692,720		$664,881		$101,082		$—			$765,963
Pacific Funds Portfolio Optimization Moderate-Conservative		—			—		15,556,423		1,395,844		—		—			1,395,844
Pacific Funds Portfolio Optimization Moderate		—			—		60,451,871		3,647,249		—		—			3,647,249
Pacific Funds Portfolio Optimization Growth		—			—		54,815,418		902,480		—		—			902,480
Pacific Funds Portfolio Optimization Aggressive-Growth		—			1,367,953		3,936,767		—		—		—			—
Pacific Funds Short Duration Income		—			46,847		—		—		171,334		(5,295	)		166,039
Pacific Funds Core Income		(3,210,301	)		302,592		—		—		—		—			—
Pacific Funds Strategic Income		—			92,351		—		—		515,197		609,691			1,124,888
Pacific Funds Floating Rate Income		(9,880,291	)		452,841		—		—		—		—			—
Pacific Funds Limited Duration High Income		—			25,391		—		—		196,210		98,683			294,893
Pacific Funds High Income		—			67,451		—		—		102,501		207,157			309,658
Pacific Funds Diversified Alternatives		—			—		17,498		—		—		—			—

Accumulated capital losses represent net capital loss carryovers as of March 31, 2015 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, 2015 and capital loss carryover from prior years utilized during the year ended March 31, 2015:

	Unlimited Period of Net Capital Loss Carryover						Accumulated Capital Loss Carryover			Capital Loss Carryover Utilized During the Year Ended March 31, 2015
Fund	Short- Term			Long- Term
Pacific Funds Portfolio Optimization Growth		$—			$—			$—			$5,747,574
Pacific Funds Portfolio Optimization Aggressive-Growth		—			—			—			16,342,075
Pacific Funds Core Income		(1,947,374	)		(1,262,927	)		(3,210,301	)		848,068
Pacific Funds Floating Rate Income		(6,719,153	)		(3,161,138	)		(9,880,291	)		—
Pacific Funds Diversified Alternatives		—			—			—			44

The aggregate cost of investments and the composition of unrealized appreciation and depreciation on investments for Federal income tax purposes as of September 30, 2015, 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
Pacific Funds Portfolio Optimization Conservative		$377,944,451		$19,472,454		($7,972,562	)		$11,499,892
Pacific Funds Portfolio Optimization Moderate-Conservative		516,967,318		42,258,078		(11,454,361	)		30,803,717
Pacific Funds Portfolio Optimization Moderate		1,397,931,134		152,630,891		(28,157,865	)		124,473,026
Pacific Funds Portfolio Optimization Growth		953,198,465		120,224,301		(16,051,500	)		104,172,801
Pacific Funds Portfolio Optimization Aggressive-Growth		274,848,770		40,655,536		(2,945,006	)		37,710,530
Pacific Funds Short Duration Income		168,930,119		703,680		(1,717,769	)		(1,014,089	)
Pacific Funds Core Income		656,424,452		5,253,530		(19,530,791	)		(14,277,261	)
Pacific Funds Strategic Income		252,358,408		1,024,064		(15,306,126	)		(14,282,062	)
Pacific Funds Floating Rate Income		766,992,119		988,932		(13,271,961	)		(12,283,029	)
Pacific Funds Limited Duration High Income		38,702,245		72,136		(3,075,707	)		(3,003,571	)
Pacific Funds High Income		141,711,898		230,238		(11,275,913	)		(11,045,675	)
Pacific Funds Diversified Alternatives		4,924,813		50,709		(220,228	)		(169,519	)

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

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 after March 31, 2011.

C-17

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 six-month period ended September 30, 2015 and the year or period ended March 31, 2015, were as follows:

	For the Six-Month Period Ended September  30, 2015						For the Year or Period Ended March 31, 2015
Fund	Ordinary Income		Long-Term Capital Gains		Total Distributions		Ordinary Income		Long-Term Capital Gains		Total Distributions
Pacific Funds Portfolio Optimization Conservative		$—		$—		$—		$7,338,787		$9,527,590		$16,866,377
Pacific Funds Portfolio Optimization Moderate-Conservative		—		—		—		10,004,845		9,025,060		19,029,905
Pacific Funds Portfolio Optimization Moderate		—		—		—		31,993,315		21,610,601		53,603,916
Pacific Funds Portfolio Optimization Growth		—		—		—		20,924,761		—		20,924,761
Pacific Funds Portfolio Optimization Aggressive-Growth		—		—		—		5,577,616		—		5,577,616
Pacific Funds Short Duration Income		1,245,093		—		1,245,093		2,221,977		140,319		2,362,296
Pacific Funds Core Income		9,284,299		—		9,284,299		13,788,833		—		13,788,833
Pacific Funds Strategic Income		4,090,722		—		4,090,722		6,132,667		586,980		6,719,647
Pacific Funds Floating Rate Income		15,479,614		—		15,479,614		42,313,767		257,129		42,570,896
Pacific Funds Limited Duration High Income		932,866		—		932,866		1,942,957		—		1,942,957
Pacific Funds High Income		3,344,583		—		3,344,583		1,787,150		260,279		2,047,429
Pacific Funds Diversified Alternatives		—		—		—		163,758		403		164,161

13. SHARES OF BENEFICIAL INTEREST

Each Fund is authorized to issue an unlimited number of shares of beneficial interest with no par value. Changes in shares of beneficial interest of each Fund for the six-month period ended September 30, 2015 and the year ended March 31, 2015, were as follows:

	Pacific Funds Portfolio Optimization Conservative						Pacific Funds  Portfolio Optimization Moderate-Conservative						Pacific Funds Portfolio Optimization Moderate						Pacific Funds Portfolio Optimization Growth
	Six-Month Period Ended 9/30/2015			Year Ended 3/31/2015			Six-Month Period Ended 9/30/2015			Year Ended 3/31/2015			Six-Month Period Ended 9/30/2015			Year Ended 3/31/2015			Six-Month Period Ended 9/30/2015			Year Ended 3/31/2015
Class A
Shares sold		1,458,698			3,466,839			2,085,765			4,511,260			4,626,144			11,346,310			3,140,966			7,344,971
Dividends and distribution reinvested		—			622,256			—			757,388			—			2,098,409			—			840,587
Shares repurchased		(1,954,476	)		(5,817,823	)		(2,360,521	)		(5,328,482	)		(5,997,115	)		(12,205,209	)		(3,488,631	)		(6,259,190	)
Net increase (decrease)		(495,778	)		(1,728,728	)		(274,756	)		(59,834	)		(1,370,971	)		1,239,510			(347,665	)		1,926,368
Beginning shares outstanding		15,146,271			16,874,999			21,958,536			22,018,370			59,503,625			58,264,115			39,600,947			37,674,579
Ending shares outstanding		14,650,493			15,146,271			21,683,780			21,958,536			58,132,654			59,503,625			39,253,282			39,600,947
Class B
Shares sold		281,786			472,427			284,614			464,335			671,344			1,304,004			354,952			891,716
Dividends and distribution reinvested		—			118,848			—			121,983			—			319,592			—			110,190
Shares repurchased		(442,813	)		(670,159	)		(318,929	)		(706,515	)		(1,034,483	)		(1,543,812	)		(790,149	)		(1,347,223	)
Net increase (decrease)		(161,027	)		(78,884	)		(34,315	)		(120,197	)		(363,139	)		79,784			(435,197	)		(345,317	)
Beginning shares outstanding		3,436,883			3,515,767			4,110,368			4,230,565			11,344,118			11,264,334			7,829,390			8,174,707
Ending shares outstanding		3,275,856			3,436,883			4,076,053			4,110,368			10,980,979			11,344,118			7,394,193			7,829,390
Class C
Shares sold		1,956,648			3,788,707			1,719,087			3,870,804			3,361,458			8,169,466			1,931,756			4,516,157
Dividends and distribution reinvested		—			627,274			—			566,755			—			1,182,463			—			377,665
Shares repurchased		(2,293,663	)		(5,377,695	)		(1,895,853	)		(3,593,542	)		(4,005,912	)		(7,439,579	)		(2,282,419	)		(4,363,712	)
Net increase (decrease)		(337,015	)		(961,714	)		(176,766	)		844,017			(644,454	)		1,912,350			(350,663	)		530,110
Beginning shares outstanding		17,377,797			18,339,511			19,334,445			18,490,428			42,739,143			40,826,793			26,263,498			25,733,388
Ending shares outstanding		17,040,782			17,377,797			19,157,679			19,334,445			42,094,689			42,739,143			25,912,835			26,263,498
Class R
Shares sold		80,982			248,444			55,724			194,385			203,755			513,876			137,812			388,812
Dividends and distribution reinvested		—			45,682			—			18,454			—			64,834			—			27,523
Shares repurchased		(141,012	)		(225,527	)		(77,675	)		(227,585	)		(377,859	)		(863,813	)		(233,821	)		(401,135	)
Net increase (decrease)		(60,030	)		68,599			(21,951	)		(14,746	)		(174,104	)		(285,103	)		(96,009	)		15,200
Beginning shares outstanding		1,059,101			990,502			547,818			562,564			1,981,585			2,266,688			1,395,676			1,380,476
Ending shares outstanding		999,071			1,059,101			525,867			547,818			1,807,481			1,981,585			1,299,667			1,395,676
Advisor Class
Shares sold		72,078			734,195			119,753			414,065			304,112			1,307,013			242,824			602,354
Dividends and distribution reinvested		—			22,922			—			11,994			—			53,648			—			9,189
Shares repurchased		(315,639	)		(398,554	)		(101,939	)		(216,504	)		(366,576	)		(1,244,886	)		(183,973	)		(295,816	)
Net increase (decrease)		(243,561	)		358,563			17,814			209,555			(62,464	)		115,775			58,851			315,727
Beginning shares outstanding		700,990			342,427			441,084			231,529			1,542,047			1,426,272			662,319			346,592
Ending shares outstanding		457,429			700,990			458,898			441,084			1,479,583			1,542,047			721,170			662,319

C-18

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	Pacific Funds Portfolio Optimization Aggressive-Growth						Pacific Funds Short Duration Income						Pacific Funds Core Income (1)						Pacific Funds Strategic Income
	Six-Month Period Ended 9/30/2015			Year Ended 3/31/2015			Six-Month Period Ended 9/30/2015			Year Ended 3/31/2015			Six-Month Period Ended 9/30/2015			Year Ended 3/31/2015			Six-Month Period Ended 9/30/2015			Year Ended 3/31/2015
Class A
Shares sold		1,162,471			2,201,261			1,862,520			3,918,230			4,237,754			7,322,424			2,137,093			3,534,856
Dividends and distribution reinvested		—			216,733			36,480			86,530			283,838			524,939			102,341			208,390
Shares repurchased		(930,191	)		(1,867,373	)		(1,430,886	)		(5,061,616	)		(3,950,637	)		(8,341,806	)		(1,026,643	)		(2,367,604	)
Net increase (decrease)		232,280			550,621			468,114			(1,056,856	)		570,955			(494,443	)		1,212,791			1,375,642
Beginning shares outstanding		11,180,714			10,630,093			4,678,679			5,735,535			20,239,885			20,734,328			4,758,815			3,383,173
Ending shares outstanding		11,412,994			11,180,714			5,146,793			4,678,679			20,810,840			20,239,885			5,971,606			4,758,815
Class B
Shares sold		163,797			276,076
Dividends and distribution reinvested		—			29,761
Shares repurchased		(294,363	)		(526,825	)
Net increase (decrease)		(130,566	)		(220,988	)
Beginning shares outstanding		2,302,140			2,523,128
Ending shares outstanding		2,171,574			2,302,140
Class C
Shares sold		654,060			1,957,244			1,024,713			1,766,299			1,851,596			8,301,714			1,016,235			2,496,412
Dividends and distribution reinvested		—			89,177			16,206			34,464			174,212			281,557			64,073			139,977
Shares repurchased		(734,700	)		(1,780,108	)		(529,411	)		(1,036,872	)		(1,942,193	)		(3,062,232	)		(588,032	)		(756,671	)
Net increase (decrease)		(80,640	)		266,313			511,508			763,891			83,615			5,521,039			492,276			1,879,718
Beginning shares outstanding		7,089,451			6,823,138			3,039,333			2,275,442			17,049,183			11,528,144			3,976,280			2,096,562
Ending shares outstanding		7,008,811			7,089,451			3,550,841			3,039,333			17,132,798			17,049,183			4,468,556			3,976,280
Class I
Shares sold								32,389			105,386			82,756			325,300			17,271			38,888
Dividends and distribution reinvested								1,637			2,418			6,025			6,319			2,657			8,031
Shares repurchased								(5,966	)		(55,548	)		(65,048	)		(90,359	)		(17,457	)		(68,999	)
Net increase (decrease)								28,060			52,256			23,733			241,260			2,471			(22,080	)
Beginning shares outstanding								145,895			93,639			352,452			111,192			129,145			151,225
Ending shares outstanding								173,955			145,895			376,185			352,452			131,616			129,145
Class P
Shares sold														1,632,780
Dividends and distribution reinvested														21,326
Shares repurchased														(55,123	)
Net increase (decrease)														1,598,983
Beginning shares outstanding														—
Ending shares outstanding														1,598,983
Class R
Shares sold		60,361			161,755
Dividends and distribution reinvested		—			9,683
Shares repurchased		(116,934	)		(145,571	)
Net increase (decrease)		(56,573	)		25,867
Beginning shares outstanding		564,057			538,190
Ending shares outstanding		507,484			564,057
Advisor Class
Shares sold		211,487			290,948			4,142,846			9,479,480			8,174,902			18,154,740			7,982,972			8,799,280
Dividends and distribution reinvested		—			7,247			48,261			76,163			267,762			338,574			183,572			193,732
Shares repurchased		(65,297	)		(67,997	)		(1,773,493	)		(5,484,758	)		(6,722,415	)		(4,700,822	)		(2,154,098	)		(3,666,388	)
Net increase (decrease)		146,190			230,198			2,417,614			4,070,885			1,720,249			13,792,492			6,012,446			5,326,624
Beginning shares outstanding		408,691			178,493			4,987,783			916,898			20,296,488			6,503,996			6,156,898			830,274
Ending shares outstanding		554,881			408,691			7,405,397			4,987,783			22,016,737			20,296,488			12,169,344			6,156,898

C-19

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	Pacific Funds Floating Rate Income						Pacific Funds Limited Duration High Income						Pacific Funds High Income (2)						Pacific Funds Diversified Alternatives
	Six-Month Period Ended 9/30/2015			Year Ended 3/31/2015			Six-Month Period Ended 9/30/2015			Year Ended 3/31/2015			Six-Month Period Ended 9/30/2015			Year Ended 3/31/2015			Six-Month Period Ended 9/30/2015			Year Ended 3/31/2015
Class A
Shares sold		2,979,635			8,110,113			150,343			405,840			222,179			458,964			23,144			157,611
Dividends and distribution reinvested		416,290			1,150,085			15,008			42,690			12,851			41,249			—			3,341
Shares repurchased		(3,824,938	)		(23,664,874	)		(265,135	)		(558,876	)		(199,806	)		(511,372	)		(23,951	)		(15,416	)
Net increase (decrease)		(429,013	)		(14,404,676	)		(99,784	)		(110,346	)		35,224			(11,159	)		(807	)		145,536
Beginning shares outstanding		21,345,550			35,750,226			738,720			849,066			562,927			574,086			146,536			1,000
Ending shares outstanding		20,916,537			21,345,550			638,936			738,720			598,151			562,927			145,729			146,536
Class C
Shares sold		1,565,658			5,548,363			76,256			256,137			59,615			191,835			25,053			87,119
Dividends and distribution reinvested		273,176			689,369			7,389			15,995			8,818			29,261			—			1,296
Shares repurchased		(2,483,328	)		(8,792,080	)		(108,448	)		(129,219	)		(117,577	)		(171,371	)		(5,800	)		(33,165	)
Net increase (decrease)		(644,494	)		(2,554,348	)		(24,803	)		142,913			(49,144	)		49,725			19,253			55,250
Beginning shares outstanding		17,866,268			20,420,616			382,326			239,413			517,586			467,861			56,250			1,000
Ending shares outstanding		17,221,774			17,866,268			357,523			382,326			468,442			517,586			75,503			56,250
Class I
Shares sold		2,995,943			9,568,161			1,887			1,764			213			842
Dividends and distribution reinvested		204,307			516,742			57,404			117,558			533			48,549
Shares repurchased		(991,350	)		(10,493,871	)		(1,107	)		(11,785	)		(899	)		(878,631	)
Net increase (decrease)		2,208,900			(408,968	)		58,184			107,537			(153	)		(829,240	)
Beginning shares outstanding		8,768,481			9,177,449			2,283,057			2,175,520			23,164			852,404
Ending shares outstanding		10,977,381			8,768,481			2,341,241			2,283,057			23,011			23,164
Class P
Shares sold		9,313			50,628									9,899,040			3,744,725
Dividends and distribution reinvested		1,052			2,348									298,273			42,964
Shares repurchased		(39,129	)		(8,145	)								(1,666,596	)		(45,390	)
Net increase (decrease)		(28,764	)		44,831									8,530,717			3,742,299
Beginning shares outstanding		68,507			23,676									3,742,299			—
Ending shares outstanding		39,743			68,507									12,273,016			3,742,299
Advisor Class
Shares sold		5,972,774			19,718,929			313,441			495,955			31,756			784,324			36,368			221,961
Dividends and distribution reinvested		523,348			1,335,612			16,323			15,223			7,735			24,534			—			11,619
Shares repurchased		(6,746,584	)		(29,226,022	)		(235,887	)		(102,640	)		(103,520	)		(718,744	)		(145,033	)		(55,043	)
Net increase (decrease)		(250,462	)		(8,171,481	)		93,877			408,538			(64,029	)		90,114			(108,665	)		178,537
Beginning shares outstanding		26,744,813			34,916,294			590,732			182,194			363,028			272,914			376,537			198,000
Ending shares outstanding		26,494,351			26,744,813			684,609			590,732			298,999			363,028			267,872			376,537

(1) The Class P shares of the Pacific Funds Core Income commenced operations on April 27, 2015.

(2) The Class P shares of the Pacific Funds High Income commenced operations on January 14, 2015.

C-20

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, 2015 to September 30, 2015.

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 09/30/15” column shown is derived from the fund’s actual performance; the “Annualized Expense Ratio” column shows the fund’s actual annualized expense ratio; and the “Expenses Paid During the Period 04/01/15-09/30/15” 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, 2015 to September 30, 2015.

You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, for each fund in your account, simply divide that fund’s value by $1,000.00 (for example, an $8,600.00 fund value divided by $1,000.00 = 8.6), then multiply the result by the number given for your fund(s) in the “Expenses Paid During the Period 04/01/15-09/30/15.”

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 04/01/15		Ending Account Value at 09/30/15		Annualized Expense Ratio		Expenses Paid During the Period 04/01/15 - 09/30/15 (1)
Pacific Funds Portfolio Optimization Conservative (2)
Actual Fund Return
Class A		$1,000.00		$958.10		0.60%		$2.94
Class B		1,000.00		953.80		1.35%		6.59
Class C		1,000.00		953.80		1.35%		6.59
Class R		1,000.00		957.00		0.85%		4.16
Advisor Class		1,000.00		959.00		0.35%		1.71
Hypothetical
Class A		$1,000.00		$1,022.00		0.60%		$3.03
Class B		1,000.00		1,018.25		1.35%		6.81
Class C		1,000.00		1,018.25		1.35%		6.81
Class R		1,000.00		1,020.75		0.85%		4.29
Advisor Class		1,000.00		1,023.25		0.35%		1.77
Pacific Funds Portfolio Optimization Moderate-Conservative (2)
Actual Fund Return
Class A		$1,000.00		$953.20		0.60%		$2.93
Class B		1,000.00		949.40		1.35%		6.58
Class C		1,000.00		949.40		1.35%		6.58
Class R		1,000.00		952.20		0.85%		4.15
Advisor Class		1,000.00		954.80		0.35%		1.71
Hypothetical
Class A		$1,000.00		$1,022.00		0.60%		$3.03
Class B		1,000.00		1,018.25		1.35%		6.81
Class C		1,000.00		1,018.25		1.35%		6.81
Class R		1,000.00		1,020.75		0.85%		4.29
Advisor Class		1,000.00		1,023.25		0.35%		1.77
Pacific Funds Portfolio Optimization Moderate (2)
Actual Fund Return
Class A		$1,000.00		$940.80		0.60%		$2.91
Class B		1,000.00		936.90		1.35%		6.54
Class C		1,000.00		936.80		1.35%		6.54
Class R		1,000.00		940.10		0.85%		4.12
Advisor Class		1,000.00		942.30		0.35%		1.70
Hypothetical
Class A		$1,000.00		$1,022.00		0.60%		$3.03
Class B		1,000.00		1,018.25		1.35%		6.81
Class C		1,000.00		1,018.25		1.35%		6.81
Class R		1,000.00		1,020.75		0.85%		4.29
Advisor Class		1,000.00		1,023.25		0.35%		1.77
Pacific Funds Portfolio Optimization Growth (2)
Actual Fund Return
Class A		$1,000.00		$928.90		0.60%		$2.89
Class B		1,000.00		925.10		1.35%		6.50
Class C		1,000.00		924.90		1.35%		6.50
Class R		1,000.00		928.20		0.85%		4.10
Advisor Class		1,000.00		930.30		0.35%		1.69
Hypothetical
Class A		$1,000.00		$1,022.00		0.60%		$3.03
Class B		1,000.00		1,018.25		1.35%		6.81
Class C		1,000.00		1,018.25		1.35%		6.81
Class R		1,000.00		1,020.75		0.85%		4.29
Advisor Class		1,000.00		1,023.25		0.35%		1.77

See explanation of references on page D-2

D-1

PACIFIC FUNDS

DISCLOSURE OF FUND EXPENSES (Continued)

(Unaudited)

	Beginning Account Value at 04/01/15		Ending Account Value at 09/30/15		Annualized Expense Ratio		Expenses Paid During the Period 04/01/15 - 09/30/15 (1)
Pacific Funds Portfolio Optimization Aggressive-Growth (2)
Actual Fund Return
Class A		$1,000.00		$919.90		0.60%		$2.88
Class B		1,000.00		914.60		1.35%		6.46
Class C		1,000.00		914.50		1.35%		6.46
Class R		1,000.00		918.20		0.85%		4.08
Advisor Class		1,000.00		921.20		0.35%		1.68
Hypothetical
Class A		$1,000.00		$1,022.00		0.60%		$3.03
Class B		1,000.00		1,018.25		1.35%		6.81
Class C		1,000.00		1,018.25		1.35%		6.81
Class R		1,000.00		1,020.75		0.85%		4.29
Advisor Class		1,000.00		1,023.25		0.35%		1.77
Pacific Funds Short Duration Income
Actual Fund Return
Class A		$1,000.00		$994.30		0.85%		$4.24
Class C		1,000.00		990.60		1.60%		7.96
Class I		1,000.00		995.70		0.55%		2.74
Advisor Class		1,000.00		995.50		0.60%		2.99
Hypothetical
Class A		$1,000.00		$1,020.75		0.85%		$4.29
Class C		1,000.00		1,017.00		1.60%		8.07
Class I		1,000.00		1,022.25		0.55%		2.78
Advisor Class		1,000.00		1,022.00		0.60%		3.03
Pacific Funds Core Income (3)
Actual Fund Return
Class A		$1,000.00		$975.40		0.95%		$4.69
Class C		1,000.00		971.70		1.70%		8.38
Class I		1,000.00		976.90		0.65%		3.21
Class P (3)		1,000.00		969.70		0.70%		2.96
Advisor Class		1,000.00		976.70		0.70%		3.46
Hypothetical
Class A		$1,000.00		$1,020.25		0.95%		$4.80
Class C		1,000.00		1,016.50		1.70%		8.57
Class I		1,000.00		1,021.75		0.65%		3.29
Class P (3)		1,000.00		1,021.50		0.70%		3.54
Advisor Class		1,000.00		1,021.50		0.70%		3.54
Pacific Funds Strategic Income
Actual Fund Return
Class A		$1,000.00		$965.40		1.05%		$5.16
Class C		1,000.00		961.70		1.80%		8.83
Class I		1,000.00		965.70		0.75%		3.69
Advisor Class		1,000.00		965.70		0.80%		3.93
Hypothetical
Class A		$1,000.00		$1,019.75		1.05%		$5.30
Class C		1,000.00		1,016.00		1.80%		9.07
Class I		1,000.00		1,021.25		0.75%		3.79
Advisor Class		1,000.00		1,021.00		0.80%		4.04

	Beginning Account Value at 04/01/15		Ending Account Value at 09/30/15		Annualized Expense Ratio		Expenses Paid During the Period 04/01/15 - 09/30/15 (1)
Pacific Funds Floating Rate Income
Actual Fund Return
Class A		$1,000.00		$997.80		1.12%		$5.59
Class C		1,000.00		994.10		1.87%		9.32
Class I		1,000.00		999.40		0.82%		4.10
Class P		1,000.00		999.10		0.87%		4.35
Advisor Class		1,000.00		999.10		0.87%		4.35
Hypothetical
Class A		$1,000.00		$1,019.40		1.12%		$5.65
Class C		1,000.00		1,015.65		1.87%		9.42
Class I		1,000.00		1,020.90		0.82%		4.14
Class P		1,000.00		1,020.65		0.87%		4.39
Advisor Class		1,000.00		1,020.65		0.87%		4.39
Pacific Funds Limited Duration High Income
Actual Fund Return
Class A		$1,000.00		$969.20		1.08%		$5.32
Class C		1,000.00		965.50		1.83%		8.99
Class I		1,000.00		970.70		0.78%		3.84
Advisor Class		1,000.00		969.40		0.83%		4.09
Hypothetical
Class A		$1,000.00		$1,019.60		1.08%		$5.45
Class C		1,000.00		1,015.85		1.83%		9.22
Class I		1,000.00		1,021.10		0.78%		3.94
Advisor Class		1,000.00		1,020.85		0.83%		4.19
Pacific Funds High Income
Actual Fund Return
Class A		$1,000.00		$947.10		1.05%		$5.11
Class C		1,000.00		943.40		1.80%		8.75
Class I		1,000.00		949.20		0.75%		3.65
Class P		1,000.00		948.00		0.80%		3.90
Advisor Class		1,000.00		948.30		0.80%		3.90
Hypothetical
Class A		$1,000.00		$1,019.75		1.05%		$5.30
Class C		1,000.00		1,016.00		1.80%		9.07
Class I		1,000.00		1,021.25		0.75%		3.79
Class P		1,000.00		1,021.00		0.80%		4.04
Advisor Class		1,000.00		1,021.00		0.80%		4.04
Pacific Funds Diversified Alternatives (2)
Actual Fund Return
Class A		$1,000.00		$973.00		0.85%		$4.19
Class C		1,000.00		969.70		1.60%		7.88
Advisor Class		1,000.00		975.00		0.60%		2.96
Hypothetical
Class A		$1,000.00		$1,020.75		0.85%		$4.29
Class C		1,000.00		1,017.00		1.60%		8.07
Advisor Class		1,000.00		1,022.00		0.60%		3.03

(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 366 days.

(2) The annualized expense ratios for the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives do not include fees and expenses of the PF Underlying Funds, the Class P shares of Pacific Funds Core Income, Pacific Funds Floating Rate Income, and Pacific Funds High Income in which the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives invest (see Note 1 in Notes to Financial Statements).

(3) The Class P shares of Pacific Funds Core Income commenced operations on April 27, 2015. The actual fund return and expenses paid during the period for Class P shares was for the period April 27, 2015 to September 30, 2015, instead of the entire six-month period. The hypothetical return and expenses paid during the period are based on the entire six-month period for comparison purposes.

D-2

PACIFIC FUNDS

WHERE TO GO FOR MORE INFORMATION

(Unaudited)

Availability of Quarterly Holdings

The Trust files Form N-Q (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 Form N-Q, (when required) is filed pursuant to applicable regulations and is available after filing (i) on the SEC’s website at http://www.sec.gov; (ii) for review and copying at the SEC’s Public Reference Room in Washington, D.C. (information on the operations of the Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330); and (iii) on the Trust’s website at https://www.pacificlife.com/pacificfunds.html. The SEC may charge you a fee for this information.

Availability of Proxy Voting Record

By August 31 of each year, the Trust files information regarding how the Trust’s fund 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”). For a description of bond ratings, please see the Trust’s 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 the PF Underlying Funds’ annual and semi-annual reports are available:

• On the Trust’s website at https://www.pacificlife.com/pacificfunds.html

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

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

D-3

PF Underlying Funds

Semi-Annual Report

As of September 30, 2015

PACIFIC FUNDS

SEMI-ANNUAL REPORT

AS OF SEPTEMBER 30, 2015

TABLE OF CONTENTS
Schedules of Investments	A-1
Financial Statements:
Statements of Assets and Liabilities	B-1
Statements of Operations	B-5
Statements of Changes in Net Assets	B-9
Statement of Cash Flows	B-13
Financial Highlights	B-14
Notes to Financial Statements	C-1
Disclosure of Fund Expenses	D-1
Approval of Investment Advisory and Sub-Advisory Agreements	D-3
Where to Go for More Information	D-11

PACIFIC FUNDS^SM

PF FLOATING RATE LOAN FUND

Schedule of Investments

September 30, 2015 (Unaudited)

	Shares		Value
CONVERTIBLE PREFERRED STOCKS - 0.0%
Consumer Discretionary - 0.0%
Education Management Corp Series A1 * +		1,358		$18,279
Total Convertible Preferred Stocks (Cost $964)				18,279
COMMON STOCKS - 0.0%
Consumer Discretionary - 0.0%
Education Management Corp +		1,220,450		—
Total Common Stocks (Cost $693)				—
	Principal Amount
SENIOR LOAN NOTES - 95.7%
Consumer Discretionary - 24.3%
99 Cents Only Stores Tranche B-2 4.500% due 01/11/19 §		$287,610		232,381
Acosta Inc Term B 4.250% due 09/26/21 §		399,000		395,708
Affinia Group Inc Tranche B-2 4.750% due 04/27/20 §		498,999		500,715
Altice France SA Term B-5 4.000% due 07/29/22 §		50,000		49,393
Amaya Holdings BV Term B (1st Lien) 5.000% due 08/01/21 §		566,268		561,446
Ancestry.com Inc 5.000% due 08/29/22 §		150,000		149,438
Answers Corp (1st Lien) 6.250% due 10/01/21 §		148,875		108,679
ARG IH Corp 4.764% due 11/15/20 §		488,044		489,715
Ascena Retail Group Inc Tranche B 5.250% due 08/21/22 §		200,000		193,167
Ascend Learning LLC (1st Lien) 5.500% due 07/31/19 §		669,850		671,804
Asurion LLC (2nd Lien) 8.500% due 03/03/21 §		125,000		113,531
Tranche B-1 5.000% due 05/24/19 §		480,570		459,095
Tranche B-4 5.000% due 08/04/22 §		598,500		568,762
Auction.Com LLC 6.000% due 05/12/19 §		124,375		124,297
Bass Pro Group LLC 4.000% due 06/05/20 §		248,750		248,024
Block Communications Inc Term B 4.000% due 11/07/21 §		24,750		24,874
Burlington Coat Factory Warehouse Corp Term B-3 4.250% due 08/13/21 §		69,813		69,987
Caesars Entertainment Operating Co Inc Term B-6 1.500% due 03/01/17 * § W		217,047		203,327
Campaign Monitor Finance Property Ltd 6.250% due 03/18/21 §		98,500		98,131
Charter Communications Operating LLC Term I 3.500% due 01/23/23 §		250,000		248,848
Cirque Du Soleil (1st Lien) 5.000% due 07/08/22 §		50,000		50,183
Cumulus Media Holdings Inc 4.250% due 12/23/20 §		540,607		471,679

	Principal Amount		Value
David’s Bridal Inc 5.250% due 10/11/19 §		$71,658		$63,507
Dayco Products LLC 5.250% due 12/12/19 §		297,234		297,792
Education Management II LLC Tranche A 5.500% due 07/02/20 § +		101,866		48,763
Tranche B 8.500% due 07/02/20 § +		175,432		46,104
Entravision Communications Corp Tranche B 3.500% due 05/31/20 §		90,250		89,272
Extreme Reach Inc (1st Lien) 6.750% due 02/07/20 §		87,400		87,126
Fender Musical Instruments Corp 5.750% due 04/03/19 §		30,125		30,134
Getty Images Inc 4.750% due 10/18/19 §		956,126		626,661
Go Daddy Operating Co LLC 4.250% due 05/13/21 §		556,191		556,886
Horizon Global Corp Term B 7.000% due 06/30/21 §		49,375		48,881
Hubbard radio LLC 4.250% due 05/27/22 §		73,958		73,681
iHeartCommunications Inc Tranche D 6.944% due 01/30/19 §		367,529		305,968
Tranche E 7.694% due 07/30/19 §		118,204		99,143
J Crew Group Inc 4.000% due 03/05/21 §		395,000		306,537
Jo-Ann Stores Inc Term B 4.000% due 03/16/18 §		536,124		529,753
KC MergerSub Inc (1st Lien) 6.000% due 08/12/22 §		100,000		98,500
Landry’s Inc 4.000% due 04/30/18 §		7,564		7,576
Laureate Education Inc 5.000% due 06/15/18 §		288,675		257,642
McGraw-Hill Global Education Holdings LLC Term B 4.750% due 03/22/19 §		83,448		83,787
MediArena Acquisition BV Term B (1st Lien) 6.750% due 08/13/21 §		198,622		193,780
Michaels Stores Inc 4.000% due 01/28/20 §		123,750		123,917
Term B 3.750% due 01/28/20 §		317,688		317,456
New Red Finance Inc Term B-2 (Canada) 3.750% due 12/10/21 §		881,824		881,427
Nord Anglia Education Finance LLC 5.000% due 03/31/21 §		496,231		489,408
Party City Holdings Inc 4.250% due 08/06/22 §		275,000		275,115
Pilot Travel Centers LLC Tranche B 4.250% due 10/01/21 §		272,250		273,847
Pinnacle Entertainment Inc Tranche B-2 3.750% due 08/13/20 §		41,023		41,056
ProQuest LLC 5.250% due 10/24/21 §		99,249		99,704
Scientific Games International Inc 6.000% due 10/18/20 §		466,688		461,904
Scientific Games Term B-2 6.000% due 10/01/21 §		124,063		122,775
Serta Simons Holdings LLC Term B 4.250% due 10/01/19 §		939,808		941,627
Springer Science Business Media Two GmbH Term B9 (Germany) 4.750% due 08/14/20 §		349,000		350,309
SRAM LLC Term B 4.000% due 04/04/20 §		191,911		186,873

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-1

PACIFIC FUNDS

PF FLOATING RATE LOAN FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
Steinway Musical Instruments Inc (1st Lien) 4.750% due 09/19/19 §		$293,274		$293,916
SurveyMonkey.com LLC 6.250% due 02/07/19 §		496,183		488,740
The Goodyear Tire & Rubber Co (2nd Lien) 3.750% due 04/30/19 §		1,187,500		1,191,752
The Men’s Wearhouse Inc Tranche B 4.500% due 06/18/21 §		125,636		125,871
The Neiman Marcus Group Inc 4.250% due 10/25/20 §		540,396		530,110
The Servicemaster Co LLC 4.250% due 07/01/21 §		497,487		498,465
TI Group Automotive Systems LLC 4.500% due 06/30/22 §		150,000		147,500
Town Sports International LLC 4.500% due 11/15/20 §		141,207		88,254
Toys ‘R’ US Property Co I LLC 6.000% due 08/21/19 §		471,635		440,586
Travelport Finance SARL (Luxembourg) 5.750% due 09/08/20 §		303,036		302,633
TWCC Holding Corp (2nd Lien) 7.000% due 06/26/20 §		100,000		94,125
Term B-1 5.750% due 02/11/17 §		348,278		345,993
Univision Communications Inc (1st Lien) 4.000% due 03/01/20 §		560,339		556,215
Wash MultiFamily Acquisition Inc (1st Lien)
4.250% due 04/30/22 §		21,221		21,009
4.250% due 04/30/22 §		3,716		3,679
Weight Watchers International Inc Tranche B-2 4.000% due 04/02/20 §		755,625		410,871
Zuffa LLC 3.750% due 02/25/20 §		492,410		486,747
				20,476,561
Consumer Staples - 10.4%
AdvancePierre Foods Inc (1st Lien) 5.750% due 07/10/17 §		439,536		440,426
Albertson’s LLC Term B-2 5.375% due 03/21/19 §		1,215,039		1,216,833
Charger OpCo BV Term B-1 (Netherlands) 4.250% due 07/02/22 §		291,750		292,389
Clearwater Seafoods Ltd Partnership Term B (Canada) 4.753% due 06/26/19 §		428,973		429,866
Del Monte Foods Inc (1st Lien) 4.250% due 02/18/21 §		398,987		379,038
Dole Food Co Inc Tranche B 4.500% due 11/01/18 §		534,492		533,823
Flavors Holdings Inc Tranche B (1st Lien) 6.750% due 04/03/20 §		95,000		90,725
High Liner Foods Inc (Canada) 4.250% due 04/24/21 §		98,500		98,397
JBS USA LLC 1.500% due 07/10/23 §		75,000		75,046
NBTY Inc Term B-2 3.500% due 10/01/17 §		325,000		323,619
New Albertson’s Inc Term B 4.750% due 06/30/21 §		1,141,375		1,141,232
Post Holdings Inc 3.750% due 06/02/21 §		17,790		17,815
Reynolds Group Holdings
4.500% due 12/01/18 §		566,389		567,452
Spectrum Brands Inc 3.813% due 06/23/22 §		211,539		212,547
Supervalu Inc 4.500% due 03/21/19 §		1,448,327		1,453,593

	Principal Amount		Value
The Sun Products Corp Tranche B 5.500% due 03/23/20 §		$266,932		$252,251
US Foods Inc 4.500% due 03/31/19 §		1,248,787		1,249,563
				8,774,615
Energy - 7.5%
Alpha Natural Resources Inc Term B 3.500% due 05/22/20 * § W		73,313		34,029
Arch Coal Inc 6.250% due 05/16/18 §		387,202		218,446
Bronco Midstream Funding LLC 5.000% due 08/15/20 §		956,086		903,501
Chesapeake Finance 2 Ltd Tranche B 4.250% due 09/30/20 §		49,250		48,819
CITGO Holding Inc 9.500% due 05/12/18 §		193,947		191,361
CITGO Petroleum Corp Term B 4.500% due 07/29/21 §		1,014,750		1,008,408
Drillships Ocean Ventures Inc 5.500% due 07/25/21 §		148,500		99,031
Energy Transfer Equity LP
3.250% due 12/02/19 §		225,000		217,969
4.000% due 12/02/19 §		46,471		45,841
Fieldwood Energy LLC
3.875% due 10/01/18 §		1,112,467		955,331
(2nd Lien)
8.375% due 09/30/20 §		200,000		57,833
MEG Energy Corp (Canada) 3.750% due 03/31/20 §		1,050,397		983,217
Obsidian Natural Gas Trust 7.000% due 11/02/15 §		45,297		45,241
Samson Investment Co Tranche 1 (2nd Lien) 4.000% due 09/25/18 * § W		100,000		14,750
Seadrill Operating LP 4.000% due 02/21/21 §		491,558		301,817
Sheridan Investment Partners I LLC Tranche B-2 4.250% due 10/01/19 §		443,112		344,520
Sheridan Investment Partners II LP
4.250% due 12/11/20 §		413,078		309,808
4.250% due 12/16/20 §		21,430		16,073
Term A2
4.250% due 12/11/20 §		57,462		43,097
Sheridan Production Partners I-A LP Tranche B-2 4.250% due 10/01/19 §		58,716		45,652
Sheridan Production Partners I-M LP Tranche B-2 4.250% due 10/01/19 §		35,864		27,884
Targa Resources Corp 5.750% due 02/27/22 §		37,209		37,256
Tervita Corp 6.250% due 05/15/18 §		450,258		352,046
				6,301,930
Financials - 8.3%
Alliant Holdings I LLC 4.500% due 08/12/22 §		225,000		224,438
Altisource Solutions SARL Term B 4.500% due 12/09/20 §		320,118		284,905
American Beacon Advisors Inc Term B 5.500% due 03/15/22 §		49,875		50,124
Amwins Group LLC (1st Lien) 5.250% due 09/06/19 §		121,750		122,311
Armor Holding II LLC (1st Lien) 5.750% due 06/26/20 §		496,132		493,444
Citco Funding LLC 4.250% due 06/29/18 §		527,386		528,266
Corporate Capital Trust Inc Term B 4.000% due 05/20/19 §		222,120		222,120
DTZ Worldwide Ltd 4.250% due 11/04/21 §		249,375		247,310

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-2

PACIFIC FUNDS

PF FLOATING RATE LOAN FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
First Data Corp
3.696% due 03/23/18 §		$623,620		$619,187
3.696% due 09/24/18 §		200,000		198,646
Term C1
3.946% due 07/08/22 §		100,000		99,538
Guggenheim Partners Investment Management Holdings LLC 4.250% due 07/22/20 §		1,264,161		1,266,268
Hamilton Lane Advisors LLC 4.250% due 07/08/22 §		50,000		50,109
Harbourvest Partners LP 3.250% due 02/04/21 §		307,898		307,128
ION Trading Technologies SARL Tranche B-1 (Luxembourg) 4.250% due 06/10/21 §		204,412		202,879
MCS AMS Sub-Holdings LLC 7.500% due 10/15/19 § +		66,563		46,015
NXT Capital Inc 6.250% due 05/29/20 §		74,619		74,806
Ocwen Loan Servicing LLC 5.000% due 02/15/18 §		632,746		632,944
PGX Holdings Inc (1st Lien) 5.750% due 09/29/20 §		236,560		237,398
RCS Capital Corp (1st Lien) 7.500% due 04/29/19 §		226,096		214,791
Salient Partners LP 7.500% due 06/09/21 §		99,750		98,254
USI Inc 4.250% due 12/27/19 §		298,477		296,363
Walker & Dunlop Inc 5.250% due 12/20/20 §		271,651		272,330
Walter Investment Management Corp Tranche B 4.750% due 12/18/20 §		268,290		249,733
				7,039,307
Health Care - 12.1%
Acadia Healthcare Co Inc Tranche B 4.250% due 02/11/22 §		24,813		24,974
ADMI Corp 5.500% due 04/29/22 §		49,875		50,228
Alere Inc Term B 4.250% due 06/20/22 §		199,500		199,915
AMAG Pharmaceuticals Inc 4.750% due 08/17/21 §		100,000		99,375
Amneal Pharmaceuticals LLC Term B 4.500% due 11/01/19 §		502,440		504,010
Ardent Legacy Acquisitions Inc 6.500% due 08/04/21 §		50,000		50,125
Auris Luxembourg III SARL Facility B4 4.250% due 01/17/22 §		99,501		99,749
Aveta Inc 9.750% due 12/30/17 §		46,847		35,135
BioScrip Inc
6.500% due 07/31/20 §		75,000		70,500
Term B
6.500% due 07/31/20 §		125,000		117,500
Carecore National LLC 5.500% due 03/05/21 §		471,224		454,731
CHS/Community Health Systems Inc
Term G
3.750% due 12/31/19 §		341,709		341,923
Term H
4.000% due 01/27/21 §		628,739		630,049
CPI Buyer LLC (1st Lien) 4.500% due 08/16/21 §		298,124		295,143
Endo Luxembourg Finance Co I SARL Term B (Luxembourg) 3.750% due 06/27/22 §		300,000		299,602
Global Healthcare Exchange LLC 5.500% due 08/15/22 §		100,000		100,125
Horizon Pharma Inc 4.500% due 05/07/21 §		325,000		323,917

	Principal Amount		Value
Indivior Finance SARL (United Kingdom) 7.000% due 12/19/19 §		$144,375		$138,780
InVentiv Health Inc Term B-4 7.750% due 05/15/18 §		963,957		964,358
JLL/Delta Dutch Newco BV
4.250% due 03/11/21 §		493,750		487,455
Kindred Healthcare Inc 4.250% due 04/09/21 §		1,189,962		1,188,951
Millennium Laboratories LLC Tranche B 5.250% due 04/16/21 §		765,313		242,987
MMM Holdings Inc 9.750% due 12/12/17 §		64,439		48,329
National Mentor Holdings Inc Tranche B 4.250% due 01/31/21 §		49,250		49,173
Onex Carestream Finance LP (1st Lien) 5.000% due 06/07/19 §		924,447		890,474
Pharmaceutical Product Development Inc 4.250% due 08/18/22 §		423,938		421,244
Physio-Control International Inc Term B (1st Lien) 5.500% due 12/30/99 §		50,000		49,750
Radnet Management Inc Tranche B 4.250% due 10/10/18 §		24,342		24,266
RegionalCare Hospital Partners Inc (1st Lien) 5.250% due 04/23/19 §		297,739		296,064
Steward Health Care System LLC 6.750% due 04/10/20 §		491,206		490,746
Truven Health Analytics Inc Term B 4.500% due 05/31/19 §		194,023		192,868
Valeant Pharmaceuticals Series F-1 Tranche B 4.000% due 04/01/22 §		995,000		986,035
				10,168,481
Industrials - 13.3%
Accudyne Industries LLC 4.000% due 12/13/19 §		686,530		629,891
AlixPartners LLP 4.500% due 07/15/22 §		75,000		75,012
Ameriforge Group Inc (1st Lien) 5.000% due 12/19/19 §		369,198		256,593
Ceridian HCM Holding Inc 4.500% due 09/15/20 §		73,624		70,004
CPG International Inc 4.750% due 09/30/20 §		296,222		294,000
CPM Acquisition Corp (1st Lien) 6.000% due 04/11/22 §		49,875		50,062
CSC Holdings due 09/25/22 µ		375,000		369,375
Custom Sensors & Technologies 4.500% due 09/30/21 §		496,241		495,776
Doosan Infracore International Inc Tranche B 4.500% due 05/28/21 §		1,125,724		1,129,476
Dynacast International LLC Term B-1 (1st Lien) 4.500% due 01/28/22 §		74,625		74,483
EnergySolutions LLC 6.750% due 05/29/20 §		117,232		116,206
EWT Holdings III Corp (1st Lien) 4.750% due 01/15/21 §		992,424		987,462
Floatel Delaware LLC 6.000% due 06/27/20 §		147,750		101,209
Gardner Denver Inc 4.250% due 07/30/20 §		1,087,661		1,032,523
Gates Global LLC 4.250% due 07/06/21 §		892,737		849,495
Generac Power Systems Inc Term B 3.500% due 05/31/20 §		159,000		155,470
Granite Acquisition Inc Term B (1st Lien) 5.000% due 12/17/21 §		356,501		349,966
Term C (1st Lien) 5.000% due 12/17/21 §		15,805		15,515

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-3

PACIFIC FUNDS

PF FLOATING RATE LOAN FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
IG Investments Holdings LLC Tranche B 6.000% due 10/31/21 §		$220,730		$220,454
John Maneely Co 4.750% due 04/01/17 §		962,274		947,840
Kenan Advantage Group Holdings Corp
4.000% due 07/29/22 §		45,213		45,175
Merrill Communications LLC 6.250% due 06/01/22 §		74,551		74,179
Milacron LLC 4.500% due 09/28/20 §		165,068		166,307
NN Inc 7.250% due 08/27/21 §		181,945		182,400
Pelican Products Inc (1st Lien) 5.250% due 04/10/20 §		184,798		185,029
Rexnord LLC Term B 4.000% due 08/21/20 §		1,058,450		1,051,645
SIG Combibloc Holdings SCA 4.250% due 03/11/22 §		373,125		373,514
Stena International SA (Sweden) 4.000% due 03/03/21 §		221,625		192,537
Tank Holding Corp 5.250% due 03/16/22 §		111,720		111,301
Tecomet Inc (1st Lien) 5.750% due 12/03/21 §		148,875		141,431
Transdigm Inc Term C 3.750% due 02/28/20 §		152,493		151,264
Tranche D 3.750% due 06/04/21 §		246,875		244,792
VAT Lux III SARL (Switzerland) 4.250% due 02/11/21 §		39,006		38,957
				11,179,343
Information Technology - 8.2%
Commscope Inc Tranche 5 3.750% due 12/29/22 §		100,000		99,984
CompuCom Systems Inc 4.250% due 05/09/20 §		204,542		168,065
Dell International LLC Term B-2 4.000% due 04/29/20 §		698,250		697,114
EIG Investors Corp (1st Lien) 5.000% due 11/09/19 §		986,846		988,902
Evergreen (1st Lien) 5.750% due 04/28/21 §		693,992		628,063
Excelitas Technologies Corp Term B 6.000% due 11/02/20 §		235,439		228,670
Infor (US) Inc Tranche B-5 3.750% due 06/03/20 §		682,026		662,844
Informatica Corp 4.500% due 08/05/22 §		275,000		273,253
Kronos Acquisition Intermediate Inc 6.000% due 08/26/22 §		150,000		147,125
Lattice Semiconductor Corp 5.250% due 03/10/21 §		223,875		212,681
MA Financeco LLC Tranche B 5.250% due 11/19/21 §		131,978		132,157
Tranche C 4.500% due 11/20/19 §		146,250		146,250
Mitel US Holdings Inc 5.500% due 04/29/22 §		99,750		99,345
Opal Acquisition Inc (1st Lien) 5.000% due 11/20/20 §		221,272		217,455
RP Crown Parent LLC (1st Lien) 6.000% due 12/21/18 §		432,791		392,487
SCS Holdings I Inc 6.250% due 12/07/18 §		297,950		298,322
Smart Technologies ULC Term B (Canada) 10.500% due 01/31/18 §		21,250		21,250

	Principal Amount		Value
SS&C European Holdings SARL Term B-1 4.000% due 07/08/22 §		$238,117		$238,966
Term B-2 4.000% due 07/08/22 §		37,668		37,803
SunEdison Semiconductor BV 6.500% due 05/27/19 §		123,438		124,209
Sybil Finance BV (Netherlands) 4.250% due 03/20/20 §		631,006		631,270
Wall Street Systems Delaware Inc 4.500% due 04/30/21 §		458,333		457,757
				6,903,972
Materials - 8.0%
ANGUS Chemical Term B-1 4.500% due 02/02/22 §		58,436		58,509
Axalta Coating Systems Dutch Holding BV Term B 3.750% due 02/01/20 §		326,908		325,228
AZ Chem US Inc (1st Lien) 4.500% due 06/11/21 §		655,122		655,429
Berry Plastics Corp Term E 3.750% due 01/06/21 §		90,611		90,183
Chemours Co Tranche B 3.750% due 05/12/22 §		124,688		108,894
Fairmount Minerals Ltd Tranche B-2 4.500% due 09/05/19 §		741,203		599,448
FMG Resources Property Ltd (Australia) 3.750% due 06/30/19 §		1,295,831		1,065,821
Gemini HDPE LLC 4.750% due 08/06/21 §		346,751		345,596
Headwaters Inc Term B 4.500% due 03/24/22 §		24,938		25,062
Hilex Novolex (1st Lien) 6.000% due 12/05/21 §		497,500		498,433
Ineos US Finance LLC 4.250% due 03/31/22 §		99,500		96,981
MacDermid Inc Tranche B (1st Lien) 4.500% due 06/07/20 §		670,715		651,013
Tranche B-2 4.750% due 06/07/20 §		74,438		72,949
Murray Energy Corp Term B-1 7.000% due 04/17/17 §		49,875		45,698
Term B-2 7.500% due 04/16/20 §		274,313		214,192
Neenah Foundry Co 6.750% due 04/26/17 §		61,084		60,626
NM Z Parent Inc 5.750% due 06/27/22 §		250,000		249,688
Noranda Aluminum Term B 5.750% due 02/28/19 §		120,625		82,930
Oxea SARL Tranche B-2 (1st Lien) 4.250% due 01/15/20 §		73,688		71,569
Sonneborn Dutch Holdings BV (Netherlands) 4.750% due 12/10/20 §		11,011		11,024
Sonneborn LLC 4.750% due 12/10/20 §		63,431		63,511
Summit Materials LLC 4.250% due 07/15/22 §		74,813		74,719
Trinseo Materials Operating SCA Term B 4.250% due 10/13/21 §		648,375		645,640
Tronox Inc Term B 4.250% due 03/19/20 §		700,490		613,415
				6,726,558
Telecommunication Services - 2.3%
Intelsat Jackson Holdings SA Tranche B-2 (Luxembourg) 3.750% due 06/30/19 §		1,000,000		977,250
IPC Corp Term B-1 (1st Lien) 5.500% due 08/06/21 §		248,750		245,641

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-4

PACIFIC FUNDS

PF FLOATING RATE LOAN FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
Syniverse Holdings Inc Tranche B 4.000% due 04/23/19 §		$721,190		$663,495
TNS Inc (1st Lien) 5.000% due 02/14/20 §		40,603		40,747
				1,927,133
Utilities - 1.3%
Calpine Corp 3.500% due 05/27/22 §		374,063		369,153
La Frontera 4.500% due 09/30/20 §		486,199		430,287
Longview Power LLC Term B 7.000% due 04/13/21 §		49,875		49,626
TPF II LC LLC 4.500% due 10/02/21 §		197,724		197,950
Viva Alamo LLC 5.250% due 02/22/21 §		74,247		61,625
				1,108,641
Total Senior Loan Notes (Cost $84,828,573)				80,606,541
	Shares
SHORT-TERM INVESTMENT - 3.7%
Money Market Fund - 3.7%
BlackRock Liquidity Funds T-Fund Portfolio		3,085,080		3,085,080
Total Short-Term Investment (Cost $3,085,080)				3,085,080
TOTAL INVESTMENTS - 99.4% (Cost $87,915,310)				83,709,900
OTHER ASSETS & LIABILITIES, NET - 0.6%				488,073
NET ASSETS - 100.0%				$84,197,973

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Consumer Discretionary	24.3%
Industrials	13.3%
Health Care	12.1%
Consumer Staples	10.4%
Financials	8.3%
Information Technology	8.2%
Materials	8.0%
Energy	7.5%
Short-Term Investment	3.7%
Others (each less than 3.0%)	3.6%
	99.4%
Other Assets & Liabilities, Net	0.6%
	100.0%

(b) Investments with a total aggregate value of $159,161 or 0.2% of the fund’s net assets were valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee, or to the Board of Trustees.

(c) Investments with a total aggregate value of $252,106 or 0.3% of the fund’s net assets were in default as of September 30, 2015.

(d) Pursuant to the terms of the following senior loan agreements, the fund had unfunded loan commitments of $104,263 or 0.1% of the net assets as of September 30, 2015, which could be extended at the option of the borrower:

Borrower	Unfunded Loan Commitments		Value		Unrealized Appreciation (Depreciation)
Berry Plastics Corp		$99,500		$99,973		$473
Kenan Advantage Group Holdings Corp		4,763		4,781		18
		$104,263		$104,754		$491

(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 (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Convertible Preferred Stocks (1)		$18,279		$—		$—		$18,279
	Senior Loan Notes		80,606,541		—		79,408,445		1,198,096
	Short-Term Investment		3,085,080		3,085,080		—		—
	Unfunded Loan Commitments		491		—		491		—
	Total		$83,710,391		$3,085,080		$79,408,936		$1,216,375

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-5

PACIFIC FUNDS

PF FLOATING RATE LOAN FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) for the six-month period ended September 30, 2015:

	Convertible Preferred Stocks		Common Stocks		Senior Loan Notes		Total
Value, Beginning of Period		$—		$—		$302,670		$302,670
Purchases		964		693		—		1,657
Sales (Includes Paydowns)		—		—		(3,643)		(3,643)
Accrued Discounts (Premiums)		—		—		124		124
Net Realized Gains (Losses)		—		—		62		62
Change in Net Unrealized Appreciation (Depreciation)		17,315		(693)		31,706		48,328
Transfers In		—		—		867,177		867,177
Transfers Out		—		—		—		—
Value, End of Period		$18,279		$—		$1,198,096		$1,216,375
Change in Net Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of Period, if Applicable		$17,315		($693)		$31,706		$48,328

Additional information about Level 3 fair value measurements as of September 30, 2015 were as follows:

					Range
	Value at 09/30/15		Valuation Technique(s)	Unobservable Input(s)	Low			High		Weighted Average
Convertible Preferred Stocks		$18,279	Weighted Probability Average	Discount for Lack of Marketability		30.0%			50.0%		30.0%
				Probability of Default		35.0%			55.0%		45.0%
				Projected Revenue Growth		(22.8%	)		6.5%		(3.2%	)
				Projected EBITDA Growth		1.3%			7.6%		5.6%
				EBITDA Multiple		2.8			9.6		5.0
Common Stocks		—	Weighted Probability Average	Discount for Lack of Marketability		30.0%			50.0%		40.0%
				Probability of Default		35.0%			55.0%		45.0%
				Projected Revenue Growth		(22.8%	)		6.5%		(3.2%	)
				Projected EBITDA Growth		1.3%			7.6%		5.6%
				EBITDA Multiple		2.8			9.6		5.0
Senior Loan Notes		140,882	Weighted Probability Average	Discount for Lack of Marketability		0.0%			50.0%		30.0%
				Estimated Liquidation Value		0.0%			46.5%		7.7%
				Probability of Default		35.0%			85.0%		55.6%
				EBITDA Multiple		6.1			17.1		11.5
				Projected Debt Restructuring Recovery		30.0%			50.0%		40.0%
			Demand Yield Model	Discount for Lack of Marketability		10.0%			30.0%		20.0%

Significant increases or decreases in any of the unobservable inputs could result in a significantly higher or lower fair value measurement.

All other significant unobservable inputs were provided by a vendor-priced single broker quote.

During the six-month period ended September 30, 2015, investments with a total aggregate value of $94,867 were transferred from Level 2 to Level 3 due to the investments being priced using a probability weighted average fair value versus an evaluated vendor price. During the same period, investments with a total aggregate value of $772,310 were transferred from Level 2 to Level 3 due to the investments being priced below 90 using a single broker quoted vendor price versus using a single and/or multiple broker quoted vendor price.

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-6

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments

September 30, 2015 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 4.2%
Energy - 0.1%
California Resources Corp 5.500% due 09/15/21		$100,000		$61,500
Financials - 2.9%
Bank of America NA 1.750% due 06/05/18		300,000		299,492
Barclays Bank PLC (United Kingdom) 7.625% due 11/21/22		200,000		224,500
Barclays PLC (United Kingdom) 6.500% due 12/29/49 §		EUR 200,000		219,437
Intesa Sanpaolo SPA (Italy) 3.125% due 01/15/16		$100,000		100,544
LBG Capital No.2 PLC (United Kingdom) 15.000% due 12/21/19 ~		GBP 190,000		403,791
Lloyds Bank PLC (United Kingdom) 1.750% due 05/14/18		$100,000		99,868
Navient Corp 6.250% due 01/25/16		200,000		202,133
				1,549,765
Health Care - 0.3%
Medtronic Inc 4.625% due 03/15/45 ~		150,000		155,136
Industrials - 0.8%
Hellenic Railways Organization SA (Greece) 4.028% due 03/17/17		EUR 100,000		94,700
International Lease Finance Corp
6.750% due 09/01/16 ~		$100,000		103,625
7.125% due 09/01/18 ~		200,000		220,722
				419,047
Information Technology - 0.1%
Hewlett Packard Enterprise Co
2.450% due 10/05/17 ~		35,000		34,980
2.850% due 10/05/18 ~		35,000		34,955
				69,935
Total Corporate Bonds & Notes (Cost $2,343,534)				2,255,383
MORTGAGE-BACKED SECURITIES - 4.3%
Collateralized Mortgage Obligations - Commercial - 0.4%
JP Morgan Chase Commercial Mortgage Securities Trust 5.336% due 05/15/47 "		105,115		108,699
Morgan Stanley Capital I Trust 6.114% due 06/11/49 " §		84,596		89,678
				198,377
Collateralized Mortgage Obligations - Residential - 3.9%
Banc of America Funding Trust 0.436% due 07/20/36 " §		360,265		338,543
Banc of America Mortgage Trust 2.748% due 07/25/35 " §		84,556		80,735
Bear Stearns Adjustable Rate Mortgage Trust
2.320% due 08/25/35 " §		12,216		12,367
2.515% due 03/25/35 " §		10,384		10,527
2.680% due 03/25/35 " §		41,426		41,698
Citigroup Mortgage Loan Trust Inc
2.210% due 09/25/35 " §		19,080		19,158
2.420% due 09/25/35 " §		16,615		16,749

	Principal Amount		Value
Countrywide Home Loan Mortgage Pass-Through Trust 2.326% due 01/19/34 " §		$36,140		$34,025
Fannie Mae
0.544% due 07/25/37 " §		112,630		113,122
0.574% due 07/25/37 " §		109,490		110,167
0.634% due 05/25/36 " §		101,777		102,036
0.639% due 02/25/37 " §		27,636		27,748
0.874% due 02/25/41 " §		209,826		212,100
First Horizon Mortgage Pass-Through Trust 2.587% due 06/25/35 " §		51,367		50,147
GSR Mortgage Loan Trust 2.702% due 09/25/35 " §		35,256		35,451
JP Morgan Mortgage Trust 2.561% due 06/25/35 " §		79,365		78,669
Merrill Lynch Mortgage Investors Trust 2.182% due 12/25/34 " §		102,119		102,628
New York Mortgage Trust 2.619% due 05/25/36 * " § W		377,773		344,578
Reperforming Loan REMIC Trust 0.534% due 06/25/35 " § ~		13,987		12,456
Residential Accredit Loans Inc Trust 0.379% due 06/25/46 " §		116,789		51,385
Structured Adjustable Rate Mortgage Loan Trust 0.444% due 02/25/35 " §		30,234		26,332
Structured Asset Mortgage Investments II Trust 0.404% due 05/25/46 " §		102,487		81,124
Wells Fargo Mortgage Backed Securities Trust 2.734% due 10/25/35 " §		224,354		226,133
				2,127,878
Total Mortgage-Backed Securities (Cost $2,176,451)				2,326,255
ASSET-BACKED SECURITIES - 4.7%
Bear Stearns Asset-Backed Securities Trust 2.294% due 03/25/35 " §		300,000		281,632
Elm CLO Ltd (Cayman) 1.689% due 01/17/23 " § ~		589,690		590,106
Freddie Mac Structured Pass-Through Securities 0.474% due 09/25/31 " §		1,535		1,518
Hillmark Funding Ltd CLO (Cayman) 0.583% due 05/21/21 " § ~		567,445		555,472
Park Place Securities Inc Asset-Backed Pass-Through Certificates 1.214% due 12/25/34 " §		28,675		28,763
SLM Student Loan Trust 0.222% due 12/15/23 " §		EUR 993,261		1,070,477
Wood Street II BV CLO (Netherlands) 0.280% due 03/29/21 " § ~		18,436		20,511
Total Asset-Backed Securities (Cost $2,796,600)				2,548,479
U.S. TREASURY OBLIGATIONS - 113.8%
U.S. Treasury Bonds - 1.9%
2.500% due 02/15/45		$120,000		110,581
2.875% due 08/15/45		50,000		50,016
3.000% due 05/15/45		830,000		850,215
				1,010,812
U.S. Treasury Inflation Protected Securities - 109.1%
0.125% due 04/15/17 ^		1,386,964		1,382,431
0.125% due 04/15/18 ^		10,024,348		10,018,175
0.125% due 04/15/19 ^		5,622,040		5,606,736
0.125% due 04/15/20 ^		1,712,088		1,702,836
0.125% due 01/15/22 ^		1,792,531		1,749,586
0.125% due 07/15/22 ^		882,122		861,602
0.125% due 01/15/23 ^		1,902,431		1,837,172

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-7

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
0.125% due 07/15/24 ^		$894,530		$855,068
0.250% due 01/15/25 ^		654,940		628,776
0.375% due 07/15/23 ^		1,271,632		1,251,738
0.375% due 07/15/25 ^		301,911		294,534
0.625% due 07/15/21 ^		14,432,029		14,652,252
0.625% due 01/15/24 ^		1,728,549		1,723,113
0.625% due 02/15/43 ^		280,268		236,903
0.750% due 02/15/42 ^		612,579		537,936
0.750% due 02/15/45 ^		679,025		590,827
1.125% due 01/15/21 ^		916,415		953,566
1.250% due 07/15/20 ^		864,505		908,625
1.375% due 07/15/18 ^		652,965		679,407
1.375% due 02/15/44 ^		3,809,282		3,876,516
1.625% due 01/15/18 ^		922,736		955,692
1.750% due 01/15/28 ^		478,456		529,924
2.000% due 01/15/26 ^		432,871		486,552
2.125% due 02/15/40 ^		110,416		130,514
2.125% due 02/15/41 ^		108,979		129,556
2.375% due 01/15/17 ^		508,871		522,666
2.375% due 01/15/25 ^		443,132		510,746
2.375% due 01/15/27 ^		2,402,343		2,816,951
2.500% due 07/15/16 ^		472,696		480,685
2.500% due 01/15/29 ^		689,173		828,404
3.375% due 04/15/32 ^		201,680		276,969
3.625% due 04/15/28 ^		324,619		431,061
3.875% due 04/15/29 ^		304,861		421,086
				58,868,605
U.S. Treasury Notes - 2.8%
2.000% due 07/31/22		400,000		406,979
2.125% due 05/15/25		1,100,000		1,107,004
				1,513,983
Total U.S. Treasury Obligations (Cost $62,627,675)				61,393,400
FOREIGN GOVERNMENT BONDS & NOTES - 9.5%
Autonomous Community of Catalonia (Spain) 4.950% due 02/11/20		EUR 100,000		119,882
Bundesrepublik Deutschland Bundesobligation Inflation Linked (Germany) 0.750% due 04/15/18 ^ ~		530,190		610,623
Italy Buoni Poliennali Del Tesoro (Italy)
2.100% due 09/15/21 ^ ~		43,240		53,290
2.250% due 04/22/17 ^ ~		301,386		345,986
2.350% due 09/15/24 ^ ~		401,084		507,220
2.550% due 10/22/16 ^ ~		221,016		252,243
3.100% due 09/15/26 ^ ~		52,907		72,094
Mexican Udibonos (Mexico)
4.000% due 11/08/46 ^		MXN 1,573,707		99,385
4.500% due 12/04/25 ^		12,892,499		864,108
New Zealand Government (New Zealand) 2.000% due 09/20/25 ^ ~		NZD 600,000		393,949
Slovenia Government (Slovenia) 4.700% due 11/01/16 ~		EUR 100,000		117,349
Spain Government (Spain)
2.750% due 10/31/24 ~		100,000		120,588
3.800% due 04/30/24 ~		100,000		129,958
4.400% due 10/31/23 ~		100,000		134,990
5.400% due 01/31/23 ~		100,000		141,865
United Kingdom Gilt Inflation-Linked (United Kingdom)
0.125% due 03/22/24 ^ ~		GBP 661,410		1,084,640
0.125% due 03/22/58 ^ ~		10,106		22,965
0.125% due 03/22/68 ^ ~		10,357		26,760
0.375% due 03/22/62 ^ ~		10,966		28,780
Total Foreign Government Bonds & Notes (Cost $5,726,223)				5,126,675
PURCHASED OPTIONS - 0.3%
(See Note (f) in Notes to Schedule of Investments) (Cost $226,550)				168,638

	Shares		Value
SHORT-TERM INVESTMENT - 5.2%
Money Market Fund - 5.2%
BlackRock Liquidity Funds T-Fund Portfolio		2,821,209		$2,821,209
Total Short-Term Investment (Cost $2,821,209)				2,821,209
TOTAL INVESTMENTS - 142.0% (Cost $78,718,242)				76,640,039
OTHER ASSETS & LIABILITIES, NET - (42.0%)				(22,687,598	)
NET ASSETS - 100.0%				$53,952,441

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

U.S. Treasury Obligations	113.8%
Foreign Government Bonds & Notes	9.5%
Short-Term Investment	5.2%
Asset-Backed Securities	4.7%
Mortgage-Backed Securities	4.3%
Corporate Bonds & Notes	4.2%
Others (each less than 3.0%)	0.3%
	142.0%
Other Assets & Liabilities, Net	(42.0%	)
	100.0%

(b) An investment with a value of $344,578 or 0.6% of the fund’s net assets was in default as of September 30, 2015.

(c) The average amount of borrowings by the fund on sale-buyback financing transactions (See Note 4 in Notes to Financial Statements) outstanding during the six-month period ended September 30, 2015 was $28,344,313 at a weighted average interest rate of (0.005%).

(d) Open futures contracts outstanding as of September 30, 2015 were as follows:

Long Futures Outstanding	Number of Contracts		Unrealized Appreciation (Depreciation)
Eurodollar (12/17)		3		($122	)
Eurodollar (12/17)		94		93,632
Euro-Bund (12/15)		1		3,205
U.S. Treasury 5-Year Notes (12/15)		11		3,425
U.S. Treasury 10-Year Notes (12/15)		34		31,421
				131,561
Short Futures Outstanding
Euro-BTP (12/15)		1		(2,783	)
Eurodollar (12/15)		38		(6,509	)
Eurodollar (03/16)		41		(11,023	)
Eurodollar (06/16)		1		(997	)
Eurodollar (09/16)		8		(10,279	)
Eurodollar (12/16)		35		(18,038	)
Eurodollar (03/17)		3		(4,680	)
Eurodollar (12/18)		90		(93,817	)
Eurodollar (12/18)		3		65
U.S. Treasury 5-Year Notes (12/15)		8		(557	)
U.S. Treasury 30-Year Bonds (12/15)		8		(11,650	)
				(160,268	)
Total Futures Contracts				($28,707	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-8

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

(e) Forward foreign currency contracts outstanding as of September 30, 2015 were as follows:

Currency Purchased		Currency Sold		Expiration	Counterparty	Unrealized Appreciation (Depreciation)
BRL	838,113	USD	232,799	10/15	JPM		($21,546	)
BRL	838,113	USD	207,095	11/15	DUB		1,687
EUR	97,000	USD	109,970	10/15	CIT		(1,578	)
EUR	332,000	USD	375,108	10/15	GSC		(4,117	)
EUR	217,000	USD	244,924	10/15	JPM		(2,440	)
EUR	29,000	USD	32,534	11/15	JPM		(113	)
GBP	96,000	USD	146,988	11/15	CIT		(1,796	)
GBP	19,000	USD	29,715	11/15	GSC		(979	)
GBP	22,000	USD	34,006	11/15	JPM		(733	)
INR	72,876,990	USD	1,133,743	10/15	JPM		(27,647	)
KRW	83,589,690	USD	72,000	10/15	GSC		(1,531	)
MXN	933,000	USD	54,651	12/15	BRC		186
NZD	690,000	USD	437,435	10/15	JPM		3,682
NZD	105,000	USD	68,443	11/15	GSC		(1,532	)
SGD	100,000	USD	69,784	10/15	CIT		465
USD	27,517	AUD	39,000	11/15	GSC		207
USD	209,214	BRL	838,113	10/15	DUB		(2,039	)
USD	340,000	BRL	1,133,560	04/16	JPM		71,232
USD	28,825	CAD	38,000	11/15	JPM		356
USD	8,934	EUR	8,000	10/15	CIT		(6	)
USD	4,755,161	EUR	4,213,826	10/15	GSC		46,465
USD	333,789	EUR	297,000	10/15	JPM		1,910
USD	4,352,216	EUR	3,872,826	11/15	GSC		22,452
USD	40,135	EUR	35,818	11/15	UBS		85
USD	1,733,668	GBP	1,125,000	10/15	GSC		31,846
USD	89,507	GBP	57,000	11/15	CIT		3,299
USD	1,786,390	GBP	1,178,000	11/15	JPM		984
USD	575,292	INR	37,422,720	11/15	CIT		10,413
USD	170,000	INR	11,304,660	11/15	JPM		(1,159	)
USD	230,312	JPY	27,900,000	10/15	DUB		(2,261	)
USD	232,680	JPY	27,900,000	11/15	JPM		12
USD	141,831	KRW	160,488,900	10/15	CIT		6,534
USD	50,000	KRW	59,610,000	10/15	JPM		(253	)
USD	541,992	MXN	9,142,863	12/15	CIT		4,630
USD	556,041	MXN	9,400,989	12/15	GSC		3,508
USD	442,133	NZD	690,000	10/15	GSC		1,082
USD	436,402	NZD	690,000	11/15	JPM		(3,587	)
USD	40,468	SGD	57,000	10/15	CIT		426
USD	30,632	SGD	43,000	10/15	JPM		425
USD	69,582	SGD	100,000	12/15	CIT		(519	)
USD	70,000	TWD	2,278,500	10/15	DUB		799
Total Forward Foreign Currency Contracts							$138,849

(f) Purchased options outstanding as of September 30, 2015 were as follows:

Credit Default Swaptions on Credit Indices – Buy Protection

Description	Exercise Rate	Expiration Date		Counter- Party		Notional Amount	Cost		Value
Put - CDX IG 24 5Y Index	2.000%		12/16/15		MSC	$100,000		$10		$5

Foreign Currency Options

Description	Exercise Price		Expiration Date		Counter- party	Notional Amount		Cost		Value
Call - EUR versus USD		$1.32		11/06/15	JPM		EUR 1,000,000		$110		$2
Call - EUR versus USD		1.33		11/27/15	JPM		100,000		11		1
									$121		$3

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-9

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Interest Rate Swaptions

Description	Pay/Receive Floating Rate	Floating Rate Index		Exercise Rate		Expiration Date	Counter- party	Notional Amount		Cost		Value
Call - 1-Year Interest Rate Swap	Pay		3-Month USD-LIBOR		0.800%	01/19/16	MSC		$2,800,000		$4,480		$5,847
Put - 20-Year Interest Rate Swap	Receive		3-Month USD-LIBOR		3.065%	10/05/15	MSC		800,000		8,941		—
Put - 1-Year Interest Rate Swap	Receive		3-Month USD-LIBOR		0.950%	12/15/15	CIT		3,400,000		4,182		414
Put - 1-Year Interest Rate Swap	Receive		3-Month USD-LIBOR		0.950%	12/15/15	MSC		1,600,000		1,840		195
Put - 30-Year Interest Rate Swap	Receive		3-Month USD-LIBOR		3.250%	02/08/16	DUB		200,000		2,400		901
Put - 1-Year Interest Rate Swap	Receive		3-Month USD-LIBOR		1.500%	04/06/16	MSC		3,200,000		2,960		408
Put - 1-Year Interest Rate Swap	Receive		3-Month USD-LIBOR		1.500%	04/11/16	CIT		8,600,000		7,310		1,180
Put - 1-Year Interest Rate Swap	Receive		3-Month USD-LIBOR		1.500%	04/29/16	GSC		1,600,000		1,280		311
Put - 1-Year Interest Rate Swap	Receive		3-Month USD-LIBOR		1.000%	06/23/16	MSC		2,000,000		3,700		2,964
Put - 1-Year Interest Rate Swap	Receive		3-Month USD-LIBOR		1.000%	06/24/16	MSC		2,000,000		3,580		2,986
Put - 30-Year Interest Rate Swap	Receive		3-Month USD-LIBOR		2.683%	12/11/17	MSC		1,000,000		140,000		101,012
											176,193		110,371
											$180,673		$116,218

Options on Futures

Description	Exercise Price		Expiration Date		Exchange	Number of Contracts		Cost		Value
Call - U.S. Treasury 5-Year Notes (11/15)		$120.50		10/23/15	CME		24		$9,078		$9,188
Call - U.S. Treasury 5-Year Notes (11/15)		122.00		10/23/15	CME		65		2,821		2,031
Call - U.S. Treasury 10-Year Notes (11/15)		128.50		10/23/15	CME		18		4,699		6,187
Call - U.S. Treasury 10-Year Notes (11/15)		129.50		10/23/15	CME		18		7,652		14,062
Call - U.S. Treasury 30-Year Bonds (11/15)		158.00		10/23/15	CME		10		9,876		15,469
Call - U.S. Treasury 30-Year Bonds (11/15)		165.00		10/23/15	CME		27		8,494		4,641
Call - U.S. Treasury 30-Year Bonds (12/15)		202.00		11/20/15	CME		4		34		62
									42,654		51,640
Put - U.S. Treasury 10-Year Notes (12/15)		107.00		11/20/15	CME		9		77		141
Put - U.S. Treasury 5-Year Notes (12/15)		109.50		11/20/15	CME		4		34		31
Put - U.S. Treasury 10-Year Notes (12/15)		109.50		11/20/15	CME		14		120		219
Put - U.S. Treasury 5-Year Notes (12/15)		110.00		11/20/15	CME		14		120		109
Put - U.S. Treasury 5-Year Notes (12/15)		111.50		11/20/15	CME		10		86		78
Put - Eurodollar (12/15)		99.38		12/14/15	CME		31		2,655		194
									3,092		772
									$45,746		$52,412
Total Purchased Options									$226,550		$168,638

(g) Transactions in written options for the six-month period ended September 30, 2015 were as follows:

	Number of Contracts			Notional Amount in EUR		Notional Amount in GBP		Notional Amount in $		Premium
Outstanding, March 31, 2015		—			1,992,000		—		15,750,000		$233,805
Call Options Written		120			620,000		400,000		10,979,000		296,944
Put Options Written		68			1,300,000		200,000		11,354,000		484,603
Call Options Closed		(6	)		(600,000)		—		(6,400,000)		(205,291)
Put Options Closed		(31	)		(600,000)		—		(5,200,000)		(423,673)
Call Options Expired		(17	)		(620,000)		(400,000)		(629,000)		(84,499)
Put Options Expired		(11	)		(2,092,000)		(200,000)		(5,754,000)		(69,936)
Outstanding, September 30, 2015		123			—		—		20,100,000		$231,953

(h) Premiums received and value of written options outstanding as of September 30, 2015 were as follows:

Inflation Floor/Cap Options

Description	Initial Index		Floating Rate	Expiration Date		Counter- party	Notional Amount		Premium		Value
Cap - U.S. CPI Urban Consumers NSA		0.00	Maximum of [(1+0.00%)10 - Inflation Adjustment] or $0		06/01/16	DUB		$200,000		$168		($1	)
Floor - U.S. CPI Urban Consumers NSA		0.00	Maximum of [(1+0.00%)10 - Inflation Adjustment] or $0		03/24/20	JPM		700,000		7,910		(9,827	)
Floor - U.S. CPI Urban Consumers NSA		0.00	Maximum of [(1+0.00%)10 - Inflation Adjustment] or $0		04/07/20	CIT		2,000,000		17,720		(2,003	)
Floor - U.S. CPI Urban Consumers NSA		0.00	Maximum of [(1+0.00%)10 - Inflation Adjustment] or $0		09/29/20	CIT		300,000		3,870		(337	)
Cap - U.S. CPI Urban Consumers NSA		0.00	Maximum of [(1+0.00%)10 - Inflation Adjustment] or $0		04/22/24	JPM		1,900,000		13,822		(3,627	)
Cap - U.S. CPI Urban Consumers NSA		0.00	Maximum of [(1+0.00%)10 - Inflation Adjustment] or $0		05/16/24	JPM		200,000		1,390		(393	)
										$44,880		($16,188	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-10

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Interest Rate Swaptions

Description	Pay/Receive Floating Rate	Floating Rate Index		Exercise Rate		Expiration Date	Counter- party		Notional Amount		Premium		Value
Call - 5-Year Interest Rate Swap	Receive		3-Month USD-LIBOR		2.800%	10/23/15		DUB		$800,000		$2,120		($5,307	)
Call - 1-Year Interest Rate Swap	Receive		3-Month USD-LIBOR		0.520%	01/19/16		MSC		2,800,000		1,680		(1,504	)
Call - 1-Year Interest Rate Swap	Receive		3-Month USD-LIBOR		0.660%	01/19/16		MSC		2,800,000		2,800		(3,296	)
Call - 30-Year Interest Rate Swap	Receive		3-Month USD-LIBOR		2.250%	02/08/16		DUB		200,000		2,620		(3,379	)
Call - 5-Year Interest Rate Swap	Receive		3-Month USD-LIBOR		2.500%	02/18/16		GSC		1,900,000		6,080		(11,613	)
Call - 5-Year Interest Rate Swap	Receive		3-Month USD-LIBOR		2.400%	03/14/16		GSC		1,100,000		4,125		(5,978	)
												19,425		(31,077	)
Put - 10-Year Interest Rate Swap	Pay		3-Month USD-LIBOR		2.750%	10/05/15		MSC		700,000		4,155		—
Put - 30-Year Interest Rate Swap	Pay		3-Month USD-LIBOR		3.120%	10/05/15		MSC		300,000		4,658		—
Put - 5-Year Interest Rate Swap	Pay		3-Month USD-LIBOR		2.500%	12/11/17		MSC		4,200,000		140,000		(73,558	)
												148,813		(73,558	)
												$168,238		($104,635	)

Options on Futures

Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Premium		Value
Call - U.S. Treasury 5-Year Notes (11/15)		$121.00		10/23/15		CME		24		$4,422		($4,313	)
Call - U.S. Treasury 10-Year Notes (11/15)		131.50		10/23/15		CME		36		1,852		(2,250	)
Call - U.S. Treasury 30-Year Bonds (11/15)		161.00		10/23/15		CME		10		3,874		(6,250	)
Call - U.S. Treasury 30-Year Bonds (11/15)		168.00		10/23/15		CME		27		3,678		(1,687	)
										13,826		(14,500	)
Put - U.S. Treasury 5-Year Notes (11/15)		119.50		10/23/15		CME		24		2,172		(1,688	)
Put - U.S. Treasury 30-Year Bonds (11/15)		155.00		10/23/15		CME		2		2,837		(1,750	)
										5,009		(3,438	)
										$18,835		($17,938	)
Total Written Options										$231,953		($138,761	)

(i) Swap agreements outstanding as of September 30, 2015 were as follows:

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

Referenced Obligation	Fixed Deal Receive Rate		Expiration Date		Counter- party	Implied Credit Spread at 09/30/15 (2)		Notional Amount (3)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Gazprom OAO		1.000%		03/20/16	GSC		3.472%		$150,000		($1,706	)		($8,916	)		$7,210
Gazprom OAO		1.000%		03/20/16	JPM		3.472%		150,000		(1,707	)		(11,205	)		9,498
Greek Government		1.000%		12/20/16	GSC		65.893%		50,000		(11,988	)		(3,750	)		(8,238	)
Italian Government		1.000%		03/20/19	DUB		0.860%		950,000		4,795			(16,437	)		21,232
Spain Government		1.000%		03/20/19	HSB		0.779%		200,000		1,567			(1,509	)		3,076
Spain Government		1.000%		03/20/19	MSC		0.779%		100,000		784			(614	)		1,398
Freeport-McMoran Inc		1.000%		09/20/20	JPM		6.509%		100,000		(21,910	)		(16,413	)		(5,497	)
Chesapeake Energy Corp		5.000%		09/20/20	GSC		12.616%		100,000		(23,810	)		(9,973	)		(13,837	)
											($53,975	)		($68,817	)		$14,842

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

Referenced Obligation	Fixed Deal Receive Rate		Expiration Date		Exchange		Notional Amount (3)		Value (4)			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CDX IG 25 5Y		1.000%		12/20/20		ICE		$100,000		$355			$371			($16	)
										($53,620	)		($68,446	)		$14,826

(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 of an emerging country 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. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-11

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

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

(4) The quoted market prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of period end. Increasing values, 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 of risk of default or other credit event occurring as defined under the terms of the agreement.

Interest Rate Swaps – Pay Floating Rate

Floating Rate Index	Counterparty	Fixed Rate		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
BRL - CDI Compounded	DUB		13.450%		01/04/21		BRL 900,000		($11,795	)		$66			($11,861	)
BRL - CDI Compounded	DUB		14.500%		01/04/21		1,100,000		(6,361	)		—			(6,361	)
U.S. CPI Urban Consumers	MSC		2.058%		05/12/25		$700,000		26,158			—			26,158
France CPI Excluding Tobacco	CIT		1.675%		06/15/25		EUR 400,000		24,412			—			24,412
GBP Retail Price	GSC		3.140%		01/14/30		GBP 950,000		15,326			—			15,326
GBP Retail Price	CIT		3.190%		04/15/30		300,000		4,149			—			4,149
GBP Retail Price	GSC		3.320%		05/15/30		100,000		4,368			—			4,368
GBP Retail Price	CIT		3.430%		06/15/30		200,000		13,491			138			13,353
									69,748			204			69,544
	Exchange
28-Day MXN TIIE	CME		5.145%		04/02/20		MXN 1,200,000		(480	)		(64	)		(416	)
6-Month EUR-LIBOR	CME		1.500%		03/16/46		EUR 100,000		(1,614	)		19,959			(21,573	)
									(2,094	)		19,895			(21,989	)
									$67,654			$20,099			$47,555

Interest Rate Swaps – Receive Floating Rate

Floating Rate Index	Counterparty	Fixed Rate		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Eurostat Eurozone HICP Ex Tobacco	DUB		0.605%		09/15/18		EUR 100,000		($72	)		$—			($72	)
	Exchange
3-Month USD-LIBOR	CME		1.500%		12/16/17		$2,600,000		(32,927	)		(15,678	)		(17,249	)
3-Month USD-LIBOR	CME		2.000%		12/16/20		100,000		(2,484	)		(2,453	)		(31	)
6-Month EUR-LIBOR	CME		1.000%		12/17/24		EUR 600,000		(9,455	)		—			(9,455	)
28-Day MXN TIIE	CME		6.390%		07/10/25		MXN 4,600,000		(774	)		799			(1,573	)
28-Day MXN TIIE	CME		6.420%		07/10/25		5,900,000		(584	)		—			(584	)
3-Month USD-LIBOR	CME		2.225%		09/16/25		$200,000		(3,948	)		—			(3,948	)
3-Month USD-LIBOR	CME		2.233%		09/16/25		300,000		(5,856	)		—			(5,856	)
3-Month USD-LIBOR	CME		2.500%		12/16/25		700,000		(27,346	)		(12,457	)		(14,889	)
3-Month USD-LIBOR	LCH		2.500%		12/16/25		5,000,000		(201,258	)		75,863			(277,121	)
6-Month EUR-LIBOR	CME		1.000%		03/16/26		EUR 200,000		1,159			2,242			(1,083	)
6-Month GBP-LIBOR	CME		2.000%		03/16/26		GBP 1,020,000		(14,032	)		14,754			(28,786	)
28-Day MXN TIIE	CME		7.030%		06/28/35		MXN 100,000		51			—			51
6-Month GBP-LIBOR	CME		2.000%		09/16/45		GBP 460,000		10,713			33,072			(22,359	)
3-Month USD-LIBOR	CME		2.750%		12/16/45		$100,000		(3,999	)		612			(4,611	)
									(290,740	)		96,754			(387,494	)
									($290,812	)		$96,754			($387,566	)
									($223,158	)		$116,853			($340,011	)
Total Swap Agreements									($276,778	)		$48,407			($325,185	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-12

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

September 30, 2015 (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 (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes	$2,255,383		$—		$2,255,383		$—
	Mortgage-Backed Securities	2,326,255		—		2,326,255		—
	Asset-Backed Securities	2,548,479		—		2,548,479		—
	U.S. Treasury Obligations	61,393,400		—		61,393,400		—
	Foreign Government Bonds & Notes	5,126,675		—		5,126,675		—
	Short-Term Investment	2,821,209		2,821,209		—		—
	Derivatives:
	Credit Contracts
	Purchased Options	5		—		5		—
	Swaps	7,501		—		7,501		—
	Total Credit Contracts	7,506		—		7,506		—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts	212,685		—		212,685		—
	Purchased Options	3		—		3		—
	Total Foreign Currency Contracts	212,688		—		212,688		—
	Interest Rate Contracts
	Futures	131,748		131,748		—		—
	Purchased Options	168,630		52,412		116,218		—
	Swaps	99,827		—		99,827		—
	Total Interest Rate Contracts	400,205		184,160		216,045		—
	Total Assets - Derivatives	620,399		184,160		436,239		—
	Total Assets	77,091,800		3,005,369		74,086,431		—
Liabilities	Derivatives:
	Credit Contracts
	Swaps	(61,121	)	—		(61,121	)	—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts	(73,836	)	—		(73,836	)	—
	Interest Rate Contracts
	Futures	(160,455	)	(160,455	)	—		—
	Written Options	(138,761	)	(17,938	)	(120,823	)	—
	Swaps	(322,985	)	—		(322,985	)	—
	Total Interest Rate Contracts	(622,201	)	(178,393	)	(443,808	)	—
	Total Liabilities - Derivatives	(757,158	)	(178,393	)	(578,765	)	—
	Total Liabilities	(757,158	)	(178,393	)	(578,765	)	—
	Total	$76,334,642		$2,826,976		$73,507,666		$—

Certain of the fund’s liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of September 30, 2015, such liabilities are categorized within the three-tier hierarchy of inputs as follows:

		Total Value at September 30, 2015			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Liabilities	Sale-buyback Financing Transactions		($24,186,005	)		$—		($24,186,005	)		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-13

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments

September 30, 2015 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 28.5%
Consumer Discretionary - 2.4%
21st Century Fox America Inc 6.200% due 12/15/34		$100,000		$114,668
Altice Financing SA (Luxembourg)
5.250% due 02/15/23 ~		EUR 300,000		330,921
6.625% due 02/15/23 ~		$400,000		385,000
Altice SA (United Kingdom) 6.250% due 02/15/25 ~		EUR 800,000		787,682
Amazon.com Inc 4.950% due 12/05/44		$200,000		205,218
Argos Merger Sub Inc 7.125% due 03/15/23 ~		120,000		121,650
CCO Safari II LLC
4.464% due 07/23/22 ~		900,000		901,026
6.384% due 10/23/35 ~		50,000		50,721
6.484% due 10/23/45 ~		360,000		363,885
Comcast Cable Communications Holdings Inc 9.455% due 11/15/22		200,000		279,387
Comcast Corp
5.150% due 03/01/20		550,000		621,333
5.650% due 06/15/35		20,000		23,115
6.550% due 07/01/39		270,000		343,680
6.950% due 08/15/37		200,000		263,862
DISH DBS Corp 5.875% due 11/15/24		400,000		341,000
Dollar Tree Inc
5.250% due 03/01/20 ~		90,000		92,736
5.750% due 03/01/23 ~		80,000		83,400
Fiat Chrysler Automobiles NV (United Kingdom) 4.500% due 04/15/20		200,000		191,000
Ford Motor Co 4.750% due 01/15/43		520,000		489,867
General Motors Co 6.250% due 10/02/43		50,000		53,039
Hilton Worldwide Finance LLC 5.625% due 10/15/21		300,000		311,250
MGM Resorts International 6.625% due 12/15/21		450,000		463,500
Motors Liquidation Co-Escrow Receipts 8.375% due 07/05/33 * W +		EUR 200,000		—
Netflix Inc
5.500% due 02/15/22 ~		$10,000		10,150
5.875% due 02/15/25 ~		40,000		41,300
New Red Finance Inc (Canada) 6.000% due 04/01/22 ~		180,000		183,150
Numericable-SFR SAS (France) 6.000% due 05/15/22 ~		400,000		386,500
Taylor Morrison Communities Inc 5.250% due 04/15/21 ~		300,000		300,000
Time Warner Cable Inc
4.125% due 02/15/21		100,000		102,908
5.875% due 11/15/40		200,000		191,065
6.550% due 05/01/37		190,000		187,302
7.300% due 07/01/38		90,000		94,654
8.250% due 04/01/19		60,000		70,046
Time Warner Entertainment Co LP 8.375% due 07/15/33		100,000		116,315
Time Warner Inc 7.700% due 05/01/32		800,000		1,041,922
Viacom Inc 4.250% due 09/01/23		120,000		117,792
Virgin Media Secured Finance PLC (United Kingdom) 5.375% due 04/15/21 ~		270,000		272,700
Wynn Las Vegas LLC 5.500% due 03/01/25 ~		400,000		344,500
				10,278,244

	Principal Amount		Value
Consumer Staples - 2.1%
Altria Group Inc
2.850% due 08/09/22		$270,000		$264,235
5.375% due 01/31/44		210,000		229,292
9.250% due 08/06/19		320,000		399,173
9.950% due 11/10/38		100,000		160,441
10.200% due 02/06/39		20,000		32,436
Anheuser-Busch InBev Worldwide Inc (Belgium)
2.500% due 07/15/22		640,000		612,154
5.375% due 01/15/20		220,000		245,883
Constellation Brands Inc
4.250% due 05/01/23		90,000		89,888
6.000% due 05/01/22		80,000		87,600
CVS Health Corp
2.750% due 12/01/22		1,000,000		985,489
3.875% due 07/20/25		160,000		165,327
5.125% due 07/20/45		410,000		442,939
Diageo Investment Corp (United Kingdom) 2.875% due 05/11/22		430,000		426,135
Kraft Foods Group Inc 3.500% due 06/06/22		170,000		173,753
Kraft Heinz Foods Co
3.950% due 07/15/25 ~		150,000		153,846
4.875% due 02/15/25 ~		342,000		365,417
5.000% due 07/15/35 ~		140,000		146,683
5.200% due 07/15/45 ~		120,000		127,649
Mondelez International Inc 4.000% due 02/01/24		470,000		488,061
Pernod Ricard SA (France)
4.450% due 01/15/22 ~		630,000		662,864
5.500% due 01/15/42 ~		150,000		161,286
Philip Morris International Inc
2.500% due 08/22/22		310,000		301,728
4.500% due 03/20/42		290,000		291,621
Reynolds American Inc
3.250% due 06/12/20		150,000		154,402
3.250% due 11/01/22		160,000		159,487
3.750% due 05/20/23 ~		260,000		261,684
4.450% due 06/12/25		100,000		104,880
5.850% due 08/15/45		360,000		402,121
6.150% due 09/15/43		30,000		34,206
6.750% due 06/15/17		200,000		216,596
8.125% due 06/23/19 ~		120,000		142,226
Reynolds Group Issuer Inc (New Zealand) 5.750% due 10/15/20		200,000		202,500
Spectrum Brands Inc 5.750% due 07/15/25 ~		50,000		51,250
Tyson Foods Inc 5.150% due 08/15/44		60,000		63,220
Wal-Mart Stores Inc 5.250% due 09/01/35		100,000		115,797
Wm Wrigley Jr Co 3.375% due 10/21/20 ~		400,000		417,130
				9,339,399
Energy - 3.5%
Anadarko Petroleum Corp
4.500% due 07/15/44		200,000		178,682
8.700% due 03/15/19		420,000		495,772
Apache Corp 4.250% due 01/15/44		330,000		281,820
BP Capital Markets PLC (United Kingdom) 3.506% due 03/17/25		350,000		346,464
California Resources Corp 6.000% due 11/15/24		300,000		181,125
Chesapeake Energy Corp 6.125% due 02/15/21		300,000		210,563
CNOOC Finance USA LLC (China) 3.500% due 05/05/25		690,000		657,947

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-14

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
CNPC General Capital Ltd (China) 1.209% due 05/14/17 § ~		$1,800,000		$1,792,685
Colorado Interstate Gas Co LLC 6.800% due 11/15/15		200,000		201,212
Concho Resources Inc 5.500% due 04/01/23		300,000		286,500
ConocoPhillips 6.500% due 02/01/39		100,000		121,019
Continental Resources Inc 5.000% due 09/15/22		20,000		17,525
Devon Energy Corp
3.250% due 05/15/22		220,000		211,291
7.950% due 04/15/32		270,000		332,816
Ecopetrol SA (Colombia)
5.375% due 06/26/26		310,000		270,863
5.875% due 05/28/45		300,000		228,000
Energy Transfer Partners LP 6.125% due 12/15/45		300,000		267,325
Ensco PLC (United Kingdom) 4.700% due 03/15/21		10,000		8,531
Enterprise Products Operating LLC 6.500% due 01/31/19		200,000		224,491
Freeport-McMoran Oil & Gas LLC 6.875% due 02/15/23		400,000		354,900
Kinder Morgan Energy Partners LP 6.850% due 02/15/20		210,000		237,117
Kinder Morgan Inc 5.000% due 02/15/21 ~		400,000		407,464
MarkWest Energy Partners LP
4.875% due 12/01/24		290,000		266,800
4.875% due 06/01/25		300,000		276,690
5.500% due 02/15/23		250,000		243,438
Noble Energy Inc
5.250% due 11/15/43		150,000		133,806
8.250% due 03/01/19		320,000		374,817
Occidental Petroleum Corp 4.625% due 06/15/45		110,000		111,082
Petrobras Global Finance BV (Brazil)
1.953% due 05/20/16 §		500,000		472,500
2.000% due 05/20/16		200,000		192,700
2.694% due 03/17/17 §		200,000		172,500
3.500% due 02/06/17		500,000		445,625
5.375% due 01/27/21		1,100,000		805,420
5.875% due 03/01/18		400,000		331,000
6.250% due 03/17/24		650,000		476,125
6.850% due 06/05/15		600,000		381,000
Petroleos Mexicanos (Mexico)
6.375% due 01/23/45		500,000		451,700
6.625% due 06/15/35		200,000		188,500
8.000% due 05/03/19		180,000		203,850
QEP Resources Inc
5.250% due 05/01/23		200,000		168,200
6.875% due 03/01/21		150,000		138,750
Range Resources Corp 5.000% due 03/15/23		310,000		275,706
Regency Energy Partners LP 5.875% due 03/01/22		100,000		102,636
Sabine Pass Liquefaction LLC 5.625% due 02/01/21		140,000		130,550
Samson Investment Co 9.750% due 02/15/20 * W		280,000		4,900
Shell International Finance BV (Netherlands)
4.125% due 05/11/35		130,000		126,946
4.375% due 03/25/20		390,000		428,609
4.375% due 05/11/45		90,000		88,982
Sinopec Group Overseas Development Ltd (China) 4.375% due 04/10/24 ~		550,000		573,839
The Williams Cos Inc 7.500% due 01/15/31		450,000		390,991
				15,271,774

	Principal Amount		Value
Financials - 12.7%
AerCap Ireland Capital Ltd (Netherlands)
3.750% due 05/15/19		$400,000		$394,000
4.625% due 07/01/22		160,000		159,800
Ally Financial Inc 2.750% due 01/30/17		1,000,000		994,890
American Express Credit Corp 1.386% due 09/14/20 §		800,000		803,057
American International Group Inc
3.750% due 07/10/25		1,070,000		1,089,243
6.250% due 03/15/37		731,000		798,618
AvalonBay Communities Inc REIT 3.450% due 06/01/25		300,000		296,426
Banco Santander Brasil SA (Brazil) 4.250% due 01/14/16 ~		300,000		299,160
Banco Santander Chile (Chile) 1.887% due 01/19/16 § ~		1,000,000		1,001,250
Bank of America Corp
2.600% due 01/15/19		660,000		667,636
3.875% due 08/01/25		290,000		294,661
4.000% due 04/01/24		1,550,000		1,598,896
4.100% due 07/24/23		500,000		520,545
4.125% due 01/22/24		1,000,000		1,047,618
4.200% due 08/26/24		390,000		390,005
4.875% due 04/01/44		600,000		627,329
5.000% due 05/13/21		600,000		661,996
5.650% due 05/01/18		900,000		982,330
5.700% due 05/02/17		150,000		158,362
5.750% due 12/01/17		50,000		54,075
6.250% § ±		480,000		469,800
6.400% due 08/28/17		500,000		542,838
Barclays PLC (United Kingdom) 6.500% § ±		EUR 1,100,000		1,204,563
BBVA Bancomer SA (Mexico) 6.500% due 03/10/21 ~		$1,000,000		1,072,250
BNP Paribas SA (France) 2.375% due 09/14/17		250,000		253,885
Caterpillar Financial Services Corp 5.450% due 04/15/18		220,000		241,321
CIT Group Inc 5.000% due 08/01/23		400,000		398,500
Citigroup Inc
4.400% due 06/10/25		400,000		403,249
4.450% due 09/29/27		260,000		258,693
4.650% due 07/30/45		720,000		720,409
5.500% due 09/13/25		520,000		568,759
5.950% § ±		1,030,000		980,313
6.675% due 09/13/43		130,000		159,831
Commonwealth Bank of Australia (Australia) 5.000% due 10/15/19 ~		100,000		110,659
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands)
4.375% due 08/04/25		330,000		331,030
5.750% due 12/01/43		250,000		274,931
8.375% § ± ~		400,000		413,609
11.000% § ± ~		520,000		641,290
Credit Agricole SA (France) 8.375% § ± ~		300,000		342,060
Credit Suisse Group Funding Guernsey Ltd (Switzerland)
3.750% due 03/26/25 ~		500,000		486,737
3.800% due 09/15/22 ~		500,000		501,222
4.875% due 05/15/45 ~		320,000		314,980
Crown Castle Towers LLC 3.663% due 05/15/45 ~		1,600,000		1,561,616
Daimler Finance North America LLC (Germany) 2.000% due 08/03/18 ~		500,000		492,951
Eksportfinans ASA (Norway)
2.375% due 05/25/16		900,000		902,385
5.500% due 05/25/16		1,000,000		1,021,750

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-15

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
ERP Operating LP REIT 3.375% due 06/01/25		$200,000		$197,733
First Data Corp 11.750% due 08/15/21		300,000		333,750
Ford Motor Credit Co LLC
2.459% due 03/27/20		220,000		215,662
3.664% due 09/08/24		290,000		282,097
3.984% due 06/15/16		100,000		101,794
General Electric Capital Corp
3.150% due 09/07/22		650,000		667,875
5.300% due 02/11/21		190,000		218,730
6.000% due 08/07/19		460,000		532,324
6.875% due 01/10/39		410,000		575,348
General Motors Financial Co Inc
3.150% due 01/15/20		400,000		396,530
3.200% due 07/13/20		600,000		593,357
4.375% due 09/25/21		330,000		336,968
Host Hotels & Resorts LP REIT 4.000% due 06/15/25		200,000		197,627
HSBC Holdings PLC (United Kingdom)
4.250% due 03/14/24		440,000		437,405
4.250% due 08/18/25		320,000		316,089
6.375% § ±		300,000		287,250
ICICI Bank Ltd (India) 4.750% due 11/25/16 ~		1,700,000		1,756,794
ING Bank NV (Netherlands) 5.800% due 09/25/23 ~		240,000		260,712
Intesa Sanpaolo SPA (Italy) 5.017% due 06/26/24 ~		520,000		514,221
JPMorgan Chase & Co
2.250% due 01/23/20		2,300,000		2,282,412
3.375% due 05/01/23		270,000		264,299
3.875% due 09/10/24		910,000		903,348
3.900% due 07/15/25		500,000		512,108
4.250% due 10/01/27		200,000		199,744
4.950% due 06/01/45		360,000		362,693
KKR Group Finance Co II LLC 5.500% due 02/01/43 ~		30,000		31,459
Lloyds Bank PLC (United Kingdom) 3.500% due 05/14/25		500,000		496,353
Lloyds Banking Group PLC (United Kingdom) 4.500% due 11/04/24		310,000		313,476
M&T Bank Corp 6.875% ±		450,000		453,375
MetLife Inc 4.750% due 02/08/21		230,000		255,611
Nationwide Building Society (United Kingdom) 3.900% due 07/21/25 ~		360,000		368,589
Navient Corp 8.000% due 03/25/20		330,000		316,800
Nordea Bank AB (Sweden) 4.875% due 05/13/21 ~		600,000		646,410
Rabobank Nederland (Netherlands) 8.400% § ± ~		500,000		533,669
Royal Bank of Scotland Group PLC (United Kingdom)
5.125% due 05/28/24		1,210,000		1,222,173
9.500% due 03/16/22 § ~		500,000		545,902
Royal Bank of Scotland NV (Netherlands) 4.650% due 06/04/18		70,000		72,394
Simon Property Group LP REIT 2.500% due 09/01/20		400,000		404,357
Standard Chartered PLC (United Kingdom) 5.700% due 03/26/44 ~		710,000		687,869
Teachers Insurance & Annuity Association of America 6.850% due 12/16/39 ~		200,000		251,041
The Depository Trust & Clearing Corp 4.875% § ± ~		250,000		249,375

	Principal Amount		Value
The Goldman Sachs Group Inc
1.537% due 09/15/20 §		$500,000		$500,609
3.500% due 01/23/25		700,000		690,306
3.750% due 05/22/25		600,000		603,282
3.850% due 07/08/24		930,000		949,423
5.150% due 05/22/45		220,000		216,876
6.250% due 02/01/41		360,000		436,042
6.750% due 10/01/37		580,000		693,496
UBS Group Funding Jersey Ltd (Switzerland) 4.125% due 09/24/25 ~		220,000		219,557
WEA Finance LLC (Australia) 3.750% due 09/17/24 ~		560,000		552,486
Wells Fargo & Co
2.600% due 07/22/20		900,000		909,758
3.450% due 02/13/23		210,000		209,290
4.300% due 07/22/27		700,000		714,734
4.600% due 04/01/21		1,120,000		1,230,087
5.606% due 01/15/44		500,000		559,585
				55,590,782
Health Care - 2.0%
AbbVie Inc 3.600% due 05/14/25		330,000		326,602
Actavis Funding SCS
3.450% due 03/15/22		220,000		217,308
3.800% due 03/15/25		310,000		300,490
4.550% due 03/15/35		140,000		129,272
4.750% due 03/15/45		170,000		155,024
Amgen Inc
3.625% due 05/22/24		100,000		100,511
5.375% due 05/15/43		50,000		53,533
Anthem Inc 3.125% due 05/15/22		90,000		89,242
Baxalta Inc
2.875% due 06/23/20 ~		500,000		500,621
5.250% due 06/23/45 ~		130,000		129,084
Becton Dickinson and Co 3.734% due 12/15/24		180,000		183,664
4.685% due 12/15/44		60,000		60,322
Celgene Corp
3.550% due 08/15/22		120,000		122,010
3.625% due 05/15/24		100,000		99,788
3.875% due 08/15/25		460,000		461,220
5.000% due 08/15/45		390,000		388,555
5.250% due 08/15/43		70,000		71,513
DaVita HealthCare Partners Inc 5.000% due 05/01/25		150,000		144,375
Gilead Sciences Inc
3.650% due 03/01/26		100,000		100,466
3.700% due 04/01/24		540,000		553,357
4.750% due 03/01/46		40,000		40,289
GlaxoSmithKline Capital Inc (United Kingdom) 6.375% due 05/15/38		150,000		190,928
GlaxoSmithKline Capital PLC (United Kingdom) 2.850% due 05/08/22		350,000		349,819
HCA Inc
4.250% due 10/15/19		210,000		212,363
7.500% due 02/15/22		300,000		339,750
Humana Inc
3.150% due 12/01/22		80,000		79,042
4.625% due 12/01/42		110,000		106,194
Medtronic Inc 3.500% due 03/15/25 ~		780,000		797,163
Merck & Co Inc 2.750% due 02/10/25		150,000		146,243
Pfizer Inc 7.200% due 03/15/39		160,000		219,457
UnitedHealth Group Inc
3.750% due 07/15/25		620,000		641,918
3.875% due 10/15/20		200,000		214,763

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-16

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
4.750% due 07/15/45		$110,000		$116,514
6.875% due 02/15/38		150,000		200,222
Valeant Pharmaceuticals International Inc 5.375% due 03/15/20 ~		370,000		360,519
Zimmer Biomet Holdings Inc 4.450% due 08/15/45		320,000		297,169
Zoetis Inc 3.250% due 02/01/23		100,000		96,213
				8,595,523
Industrials - 1.0%
CSC Holdings LLC 6.750% due 11/15/21		200,000		179,500
Delta Air Lines Pass-Through Trust ‘A’ 6.821% due 02/10/24		337,050		390,236
Eaton Corp
1.500% due 11/02/17		10,000		9,994
2.750% due 11/02/22		440,000		429,046
4.150% due 11/02/42		100,000		92,729
Florida East Coast Holdings Corp 6.750% due 05/01/19 ~		230,000		225,975
General Electric Co 4.500% due 03/11/44		110,000		114,339
Hellenic Railways Organization SA (Greece) 5.014% due 12/27/17 ~		EUR 500,000		472,104
International Lease Finance Corp (Netherlands) 5.750% due 05/15/16		$100,000		101,625
Raytheon Co 3.125% due 10/15/20		160,000		167,768
Schaeffler Holding Finance BV (Germany)
5.750% PIK due 11/15/21 ~		EUR 200,000		239,078
6.750% PIK due 11/15/22 ~		$240,000		259,200
The Boeing Co 4.875% due 02/15/20		400,000		450,412
UAL Pass-Through Trust 9.750% due 07/15/18		39,437		42,647
United Rentals North America Inc
5.500% due 07/15/25		40,000		37,550
7.375% due 05/15/20		50,000		52,750
United Technologies Corp
4.500% due 04/15/20		210,000		232,399
4.500% due 06/01/42		180,000		184,160
Waste Management Inc 3.500% due 05/15/24		150,000		152,502
West Corp 5.375% due 07/15/22 ~		350,000		324,625
				4,158,639
Information Technology - 0.1%
Activision Blizzard Inc 5.625% due 09/15/21 ~		150,000		158,250
Apple Inc 2.850% due 05/06/21		300,000		308,358
Intel Corp
3.700% due 07/29/25		70,000		72,006
4.900% due 07/29/45		70,000		72,651
				611,265
Materials - 1.6%
Ardagh Packaging Finance PLC (Ireland) 3.337% due 12/15/19 § ~		500,000		482,500
Barrick Gold Corp (Canada)
4.100% due 05/01/23		650,000		582,415
6.950% due 04/01/19		240,000		268,975
BHP Billiton Finance USA Ltd (Australia)
3.250% due 11/21/21		550,000		557,450
5.000% due 09/30/43		230,000		233,644
Celulosa Arauco y Constitucion SA (Chile) 4.500% due 08/01/24		260,000		256,452

	Principal Amount		Value
Eagle Spinco Inc 4.625% due 02/15/21		$320,000		$272,006
Ecolab Inc 4.350% due 12/08/21		100,000		108,220
FMG Resources Property Ltd (Australia) 9.750% due 03/01/22 ~		490,000		457,538
Glencore Finance Canada Ltd (Switzerland) 2.700% due 10/25/17 ~		580,000		521,962
Glencore Funding LLC (Switzerland) 2.875% due 04/16/20 ~		610,000		488,498
GTL Trade Finance Inc (Brazil) 7.250% due 10/20/17 ~		600,000		600,000
Hexion Inc 6.625% due 04/15/20		300,000		256,500
Murray Energy Corp 11.250% due 04/15/21 ~		500,000		265,000
OCP SA (Malaysia) 4.500% due 10/22/25 ~		200,000		188,000
Potash Corp of Saskatchewan Inc (Canada) 4.875% due 03/30/20		100,000		110,184
Rio Tinto Finance USA Ltd (United Kingdom) 3.750% due 09/20/21		340,000		348,913
Southern Copper Corp (Peru) 6.750% due 04/16/40		500,000		446,430
Vale Overseas Ltd (Brazil)
4.375% due 01/11/22		20,000		17,745
6.875% due 11/21/36		500,000		399,500
Vedanta Resources PLC (India) 9.500% due 07/18/18 ~		100,000		84,075
				6,946,007
Telecommunication Services - 2.1%
America Movil Sab de CV (Mexico) 5.000% due 03/30/20		400,000		441,312
AT&T Inc
3.400% due 05/15/25		1,010,000		966,403
4.350% due 06/15/45		130,000		111,574
5.500% due 02/01/18		350,000		379,470
Bharti Airtel Ltd (India) 4.375% due 06/10/25 ~		490,000		489,818
CenturyLink Inc
5.625% due 04/01/25 ~		90,000		72,338
6.150% due 09/15/19		150,000		150,000
Intelsat Jackson Holdings SA (Luxembourg)
5.500% due 08/01/23		300,000		248,250
7.500% due 04/01/21		270,000		250,088
Sprint Capital Corp 8.750% due 03/15/32		500,000		390,000
Sprint Corp 7.625% due 02/15/25		200,000		155,375
Telecom Italia Capital SA (Italy) 5.250% due 10/01/15		2,000,000		2,000,000
Telefonica Emisiones SAU (Spain) 5.134% due 04/27/20		200,000		219,070
Verizon Communications Inc
4.150% due 03/15/24		680,000		704,856
5.150% due 09/15/23		200,000		221,007
6.400% due 09/15/33		700,000		804,686
6.550% due 09/15/43		1,060,000		1,259,197
Windstream Corp 7.500% due 04/01/23		500,000		372,500
				9,235,944
Utilities - 1.0%
AES Corp 7.375% due 07/01/21		130,000		135,525
Berkshire Hathaway Energy Co 6.500% due 09/15/37		150,000		189,121
Calpine Corp 5.875% due 01/15/24 ~		120,000		124,200

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-17

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
Dynegy Inc
6.750% due 11/01/19 ~		$700,000		$705,250
7.375% due 11/01/22 ~		200,000		202,500
7.625% due 11/01/24 ~		100,000		101,500
FirstEnergy Corp
4.250% due 03/15/23		410,000		412,912
7.375% due 11/15/31		900,000		1,089,329
IPALCO Enterprises Inc 3.450% due 07/15/20 ~		800,000		778,000
Pacific Gas & Electric Co 6.050% due 03/01/34		510,000		617,891
Virginia Electric & Power Co 6.350% due 11/30/37		160,000		207,533
				4,563,761
Total Corporate Bonds & Notes (Cost $129,510,304)				124,591,338
SENIOR LOAN NOTES - 0.2%
Consumer Discretionary - 0.1%
Chrysler Group LLC Term B (United Kingdom) 3.500% due 05/24/17 §		536,084		535,217
Health Care - 0.1%
HCA Inc Term B5 2.946% due 03/31/17 §		296,977		291,038
Total Senior Loan Notes (Cost $832,717)				826,255
MORTGAGE-BACKED SECURITIES - 44.2%
Collateralized Mortgage Obligations - Commercial - 5.2%
Banc of America Commercial Mortgage Trust 5.794% due 04/10/49 " §		810,000		810,791
BBCCRE Trust 4.715% due 08/10/33 " § ~		210,000		187,625
Bear Stearns Commercial Mortgage Securities Trust
5.273% due 12/11/38 "		250,000		250,730
5.700% due 06/11/50 "		200,000		211,252
CD Commercial Mortgage Trust 5.398% due 12/11/49 " §		60,000		52,513
Citigroup Commercial Mortgage Trust
3.172% due 09/10/58 "		350,000		264,181
4.017% due 10/10/47 "		270,000		281,879
Commercial Mortgage Trust
4.239% due 11/10/47 "		160,000		166,091
4.499% due 02/10/48 " §		90,000		88,465
Core Industrial Trust 3.977% due 02/01/34 " § ~		400,000		381,777
Credit Suisse Commercial Mortgage Trust
5.373% due 12/15/39 "		190,000		184,375
5.467% due 09/15/39 "		715,970		731,659
CSMC Trust
3.953% due 09/15/37 " ~		520,000		549,717
4.373% due 09/15/37 " ~		900,000		810,761
4.707% due 03/15/17 " § ~		390,000		386,265
5.943% due 08/15/22 " §		1,500,000		1,500,089
Fannie Mae (IO) 0.386% due 10/25/24 " §		12,371,022		357,807
Freddie Mac Multifamily Structured Pass-Through Certificates 2.991% due 09/25/21 "		450,000		473,184

	Principal Amount		Value
Freddie Mac Multifamily Structured Pass-Through Certificates (IO) 0.693% due 08/25/19 " §		$24,736,541		$433,669
FREMF Mortgage Trust 3.635% due 08/25/48 " § ~		305,000		273,009
Government National Mortgage Association (IO) 0.709% due 04/16/47 " §		6,319,059		353,554
GS Mortgage Securities Trust 5.622% due 11/10/39 "		220,000		221,956
JP Morgan Chase Commercial Mortgage Securities Trust
2.298% due 08/15/27 " § ~		210,000		212,254
2.487% due 11/15/31 " § ~		490,000		489,226
3.507% due 08/15/27 " § ~		120,000		120,905
4.725% due 07/15/47 " §		380,000		381,929
5.411% due 05/15/47 "		1,960,000		1,697,011
5.502% due 06/12/47 " §		650,000		643,731
5.695% due 02/12/49 " §		1,090,000		1,021,977
JPMBB Commercial Mortgage Securities Trust
3.364% due 09/15/47 " § ~		680,000		483,286
3.801% due 08/15/48 "		260,000		274,690
4.116% due 11/15/47 " §		290,000		298,999
4.773% due 08/15/48 " §		610,000		627,477
LB-UBS Commercial Mortgage Trust 5.866% due 09/15/45 " §		448,023		482,965
LSTAR Commercial Mortgage Trust
2.729% due 04/20/48 " § ~		866,000		879,559
3.127% due 04/20/48 " § ~		850,000		869,607
ML-CFC Commercial Mortgage Trust 5.450% due 08/12/48 " §		210,000		207,117
Morgan Stanley Capital I Trust 5.731% due 07/12/44 " §		1,113,714		1,128,670
Motel 6 Trust 5.000% due 02/05/30 " ~		700,000		673,483
Wachovia Bank Commercial Mortgage Trust 5.342% due 12/15/43 "		600,000		621,298
Waterfall Commercial Mortgage 4.104% due 09/19/22 " §		1,430,000		1,439,447
Wells Fargo Commercial Mortgage Trust
3.184% due 04/15/50 "		340,000		342,177
3.848% due 05/15/48 " §		380,000		358,444
4.435% due 07/01/46 " §		290,000		313,681
WFRBS Commercial Mortgage Trust (IO) 1.721% due 03/15/44 " § ~		7,287,274		328,033
				22,867,315
Collateralized Mortgage Obligations - Residential - 8.2%
Alternative Loan Trust 2.770% due 06/25/37 " §		328,238		278,093
Banc of America Funding Ltd 0.459% due 10/03/39 " § ~		827,710		817,943
Banc of America Funding Trust
2.030% due 09/26/45 " § ~		4,046,960		3,042,417
2.717% due 05/25/35 " §		58,527		59,775
BCAP LLC Trust
0.599% due 03/28/37 " § ~		2,984,630		2,752,222
5.345% due 03/26/37 " § ~		74,482		72,749
Bear Stearns Adjustable Rate Mortgage Trust
2.596% due 08/25/33 " §		76,202		76,353
2.690% due 01/25/35 " §		880,438		867,998
2.812% due 10/25/36 * " § W		24,393		20,540
Bear Stearns ALT-A Trust
2.581% due 05/25/35 " §		41,946		40,791
2.709% due 11/25/36 " §		80,973		58,879
Chase Mortgage Finance Trust 5.455% due 09/25/36 * " § W		164,538		146,895
Chevy Chase Funding LLC 0.444% due 08/25/35 " § ~		42,608		39,317

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-18

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
Citigroup Mortgage Loan Trust 6.790% due 06/27/37 " § ~		$2,000,000		$2,020,800
Citigroup Mortgage Loan Trust Inc 2.420% due 08/25/35 " §		33,230		33,497
CitiMortgage Alternative Loan Trust (IO) 5.406% due 05/25/37 " §		7,869,555		1,378,596
Countrywide Home Loan Mortgage Pass-Through Trust 0.514% due 03/25/35 " §		21,225		18,768
Credit Suisse First Boston Mortgage Securities Corp 6.000% due 11/25/35 * " W		88,562		69,086
Downey Saving & Loan Association Mortgage Loan Trust 0.396% due 04/19/47 * " § W		187,748		63,671
Fannie Mae
1.625% due 11/25/23 " §		105,537		109,233
5.500% due 04/25/35 "		814,081		904,486
Fannie Mae (IO)
4.000% due 03/25/43 "		1,136,161		169,397
4.000% due 04/25/43 "		4,645,641		706,005
Fannie Mae Connecticut Avenue Securities 3.094% due 07/25/24 " §		1,500,000		1,362,779
Freddie Mac 8.000% due 04/15/30 "		138,287		161,557
Freddie Mac (IO)
3.500% due 04/15/43 "		1,767,501		284,097
4.000% due 04/15/43 "		1,079,287		139,740
5.943% due 12/15/42 " §		752,790		163,233
Freddie Mac Structured Agency Credit Risk Debt Notes
4.194% due 08/25/24 " §		540,000		528,528
4.294% due 08/25/24 " §		760,000		721,517
4.944% due 10/25/24 " §		1,140,000		1,154,193
Government National Mortgage Association 0.792% due 07/20/65 " §		898,569		898,873
Government National Mortgage Association (IO) 4.000% due 11/20/44 "		2,616,220		361,683
Granite Master Issuer PLC (United Kingdom)
0.117% due 12/20/54 " § ~		EUR 187,575		208,989
0.177% due 12/20/54 " § ~		301,730		336,352
0.476% due 12/20/54 " §		$149,928		149,928
Granite Mortgages PLC (United Kingdom)
0.361% due 01/20/44 " § ~		EUR 6,170		6,880
0.687% due 01/20/44 " §		143,974		142,844
0.866% due 06/20/44 " § ~		GBP 254,997		384,215
0.964% due 01/20/44 " § ~		6,244		9,429
0.966% due 09/20/44 " § ~		191,878		289,739
Great Hall Mortgages No 1 PLC (United Kingdom) 0.470% due 06/18/39 " § ~		$518,024		477,359
HarborView Mortgage Loan Trust 0.386% due 12/19/36 * " § W		431,067		321,858
JP Morgan Mortgage Trust
2.522% due 07/25/35 " §		105,752		104,886
5.750% due 01/25/36 * " W		29,634		26,288
JP Morgan Resecuritization Trust 0.409% due 12/25/36 " § ~		3,430,000		2,514,673
Ludgate Funding PLC (United Kingdom) 0.741% due 01/01/61 " § ~		GBP 703,273		947,621
Marche Mutui SARL (Italy) 0.381% due 10/27/65 " § ~		EUR 356,445		397,629
Merrill Lynch Mortgage Investors Trust 2.226% due 11/25/35 " §		$1,999,862		1,964,531
Morgan Stanley Resecuritization Trust
0.424% due 10/26/46 " § ~		817,405		800,142
0.893% due 12/25/46 " § ~		2,006,873		928,215
Nomura Resecuritization Trust 11.965% due 06/25/35 " § ~		1,927,336		1,948,730
Prime Mortgage Trust 5.500% due 05/25/35 " ~		2,081,811		1,998,046

	Principal Amount		Value
Reperforming Loan REMIC Trust 0.534% due 06/25/35 " § ~		$69,934		$62,278
Residential Asset Securitization Trust 0.594% due 05/25/33 " §		1,456		1,455
Structured Asset Securities Corp Mortgage Pass-Through Certificates
2.397% due 08/25/32 " §		34,967		34,522
2.711% due 10/28/35 * " § ~ W		7,797		7,753
WaMu Mortgage Pass-Through Certificates Trust
1.583% due 08/25/42 " §		3,018		2,881
1.909% due 03/25/47 " §		60,397		48,704
4.335% due 02/25/37 * " § W		303,294		282,370
Wells Fargo Mortgage-Backed Securities Trust
2.650% due 04/25/35 " §		1,509,079		1,532,542
2.651% due 03/25/36 " §		406,920		391,744
2.705% due 04/25/36 * " § W		43,342		42,478
2.714% due 12/25/34 " §		50,273		50,689
				35,939,481
Fannie Mae - 27.0%
1.383% due 10/01/44 " §		27,232		27,932
2.265% due 12/01/35 " §		14,349		15,068
2.283% due 09/01/35 " §		144,637		153,542
2.310% due 08/01/22 "		500,000		504,458
2.416% due 11/01/32 " §		107,757		114,424
2.552% due 11/01/34 " §		83,870		89,458
2.810% due 04/01/25 "		160,000		160,856
3.000% due 09/01/21 - 11/13/44 "		7,752,348		7,939,748
3.500% due 10/01/29 - 10/01/45 "		27,265,392		28,478,114
4.000% due 08/01/18 - 01/01/45 "		38,273,414		40,902,586
4.320% due 12/01/36 " §		8,795		9,370
4.500% due 07/01/18 - 02/01/45 "		20,124,296		22,037,601
5.000% due 02/01/25 - 11/01/44 "		4,598,088		5,079,141
5.500% due 12/01/20 - 12/01/44 "		7,196,603		8,031,534
6.000% due 09/01/22 - 05/01/41 "		3,868,678		4,383,162
6.500% due 03/01/17 "		5,454		5,630
				117,932,624
Freddie Mac - 1.8%
1.874% due 09/01/35 " §		17,588		18,590
2.370% due 09/01/35 " §		77,194		82,255
2.384% due 11/01/31 " §		4,329		4,614
2.435% due 06/01/35 " §		132,313		140,698
2.500% due 04/01/32 " §		17,110		18,106
3.500% due 10/01/42 - 11/01/45 "		3,304,655		3,445,277
4.000% due 12/01/42 - 11/01/45 "		1,980,547		2,116,112
4.500% due 11/01/44 "		272,270		299,528
5.500% due 03/01/23 - 05/01/40 "		1,378,059		1,527,099
6.000% due 12/01/22 - 03/01/23 "		40,466		45,551
				7,697,830
Government National Mortgage Association - 2.0%
3.500% due 10/01/44 - 12/01/45 "		6,100,000		6,383,987
4.000% due 11/01/45 "		1,000,000		1,064,121
5.000% due 10/15/38 - 04/15/39 "		1,294,823		1,432,113
				8,880,221
Total Mortgage-Backed Securities (Cost $192,318,753)				193,317,471
ASSET-BACKED SECURITIES - 6.6%
Aegis Asset Backed Securities Trust 1.094% due 10/25/34 " §		722,320		666,537
Argent Securities Inc
1.014% due 02/25/34 " §		1,032,066		931,476
1.319% due 11/25/34 " §		469,638		404,341
Asset-Backed Funding Certificates Trust 0.894% due 06/25/34 " §		83,719		78,600
Basic Asset Backed Securities Trust 0.504% due 04/25/36 " §		2,000,000		1,792,406

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-19

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
Bear Stearns Asset Backed Securities I Trust
0.394% due 12/25/36 " §		$379,125		$346,617
0.864% due 06/25/35 " §		300,000		267,191
Bosphorus CLO (Ireland) 1.126% due 11/10/23 " § ~		EUR 423,822		472,713
Business Loan Express Business Loan Trust 0.624% due 02/25/31 " § ~		$356,251		338,825
Chapel BV (Netherlands) 0.636% due 11/17/64 " § ~		EUR 152,776		163,725
Citigroup Mortgage Loan Trust
0.364% due 05/25/37 " §		$400,000		364,722
0.649% due 11/25/45 " § ~		3,700,000		3,359,160
Citigroup Mortgage Loan Trust Inc 1.844% due 07/25/37 " §		1,122,000		999,514
Community Funding CLO (Cayman) 5.750% due 11/01/27 " § ~		660,000		660,000
Countrywide Asset-Backed Certificates
0.544% due 05/25/46 " § ~		1,564,047		1,517,792
0.594% due 06/25/36 " §		500,000		364,036
HERO Funding Trust 3.990% due 09/21/40 " ~		401,251		403,793
Hillmark Funding Ltd (Cayman) 0.583% due 05/21/21 " § ~		567,445		555,472
Malin CLO BV (Netherlands) 0.171% due 05/07/23 " § ~		EUR 170,917		189,400
OneMain Financial Issuance Trust 3.190% due 03/18/26 " ~		$1,300,000		1,312,220
Park Place Securities Inc 1.919% due 02/25/35 " §		2,302,773		1,653,640
Santander Drive Auto Receivables Trust 0.487% due 08/15/17 " §		874,468		874,142
Securitized Asset-Backed Receivables LLC Trust 0.324% due 05/25/37 * " § W		105,390		75,226
SLM Student Loan Trust
1.945% due 07/25/22 " §		730,000		733,833
1.995% due 07/25/23 " §		780,000		784,211
SMB Private Education Loan Trust
1.357% due 05/15/26 " § ~		2,000,000		1,994,509
1.707% due 04/15/32 " § ~		550,000		539,959
3.050% due 05/15/26 " ~		2,200,000		2,277,743
SoFi Professional Loan Program LLC
1.444% due 08/25/32 " § ~		526,558		523,369
2.550% due 08/27/29 " ~		1,804,638		1,814,469
Structured Asset Investment Loan Trust 0.929% due 08/25/35 " §		1,200,000		1,160,497
Sunrise SARL (Italy) 0.467% due 08/27/31 " §		EUR 290,816		325,021
United States Small Business Administration
2.517% due 03/10/25 "		$109,094		110,942
2.829% due 09/10/25 "		460,000		468,847
3.370% due 10/01/33 "		366,487		384,359
Wood Street BV CLO (Netherlands) 0.305% due 11/22/21 " § ~		EUR 103,218		114,600
Total Asset-Backed Securities (Cost $27,998,470)				29,023,907
U.S. GOVERNMENT AGENCY ISSUES - 1.5%
Fannie Mae
2.173% due 10/09/19		$4,000,000		3,716,980
6.625% due 11/15/30		1,500,000		2,170,308
Tennessee Valley Authority 5.250% due 09/15/39		500,000		619,744
Total U.S. Government Agency Issues (Cost $6,442,868)				6,507,032

	Principal Amount		Value
U.S. TREASURY OBLIGATIONS - 18.7%
U.S. Treasury Bonds - 8.2%
2.500% due 02/15/45		$1,900,000		$1,750,869
2.750% due 08/15/42		1,400,000		1,366,586
2.750% due 11/15/42		1,600,000		1,559,458
2.875% due 05/15/43		2,500,000		2,493,815
2.875% due 05/15/45		5,670,000		5,808,093
2.875% due 08/15/45		4,340,000		4,341,354
3.000% due 11/15/44		3,000,000		3,066,405
3.000% due 05/15/45		1,200,000		1,232,063
3.125% due 02/15/42		1,300,000		1,369,232
3.125% due 02/15/43		3,500,000		3,668,256
3.125% due 08/15/44		3,000,000		3,142,188
3.375% due 05/15/44		300,000		329,508
4.250% due 05/15/39		1,100,000		1,387,575
4.375% due 11/15/39		1,800,000		2,311,124
4.375% due 05/15/40		500,000		642,292
4.500% due 08/15/39		800,000		1,044,506
4.625% due 02/15/40		400,000		531,971
				36,045,295
U.S. Treasury Inflation Protected Securities - 8.1%
0.125% due 04/15/17 ^		630,438		628,378
0.125% due 04/15/20 ^		713,370		709,515
0.125% due 01/15/23 ^		4,962,864		4,792,623
0.125% due 07/15/24 ^		6,432,576		6,148,803
0.375% due 07/15/25 ^		1,620,238		1,580,648
0.625% due 07/15/21 ^		6,141,504		6,235,223
0.625% due 02/15/43 ^		2,408,230		2,035,611
0.750% due 02/15/45 ^		912,123		793,648
1.750% due 01/15/28 ^		3,303,622		3,658,999
2.375% due 01/15/27 ^		5,207,048		6,105,706
2.500% due 01/15/29 ^		2,111,983		2,538,656
				35,227,810
U.S. Treasury Notes - 2.4%
1.375% due 08/31/20		220,000		220,326
1.375% due 09/30/20		1,880,000		1,880,122
1.625% due 07/31/20		940,000		951,750
1.750% due 09/30/22		1,260,000		1,259,803
1.875% due 08/31/22		1,950,000		1,967,127
2.250% due 11/15/24 ‡		3,200,000		3,261,645
2.500% due 05/15/24		100,000		104,223
2.750% due 02/15/24		800,000		850,666
				10,495,662
Total U.S. Treasury Obligations (Cost $82,783,177)				81,768,767
FOREIGN GOVERNMENT BONDS & NOTES - 6.5%
Banco Nacional de Desenvolvimento Economico e Social (Brazil) 4.125% due 09/15/17 ~		EUR 100,000		103,239
Brazil Notas do Tesouro Nacional ‘B’ (Brazil) 6.000% due 08/15/50 ^		BRL 950,000		547,635
Brazil Notas do Tesouro Nacional ‘F’ (Brazil) 10.000% due 01/01/17		4,184,000		995,097
Brazilian Government International Bond (Brazil)
5.000% due 01/27/45		$200,000		150,500
5.625% due 01/07/41		520,000		423,800
China Government Bond (China)
3.380% due 11/21/24		CNY 7,000,000		1,087,051
3.390% due 05/21/25		1,000,000		156,526
Colombia Government (Colombia) 5.625% due 02/26/44		$390,000		365,625
Cyprus Government International Bond (Cyprus) 4.750% due 06/25/19 ~		EUR 400,000		475,157

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-20

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
Indonesia Government (Indonesia)
3.750% due 04/25/22 ~		$250,000		$238,727
4.875% due 05/05/21 ~		500,000		518,111
Italy Buoni Poliennali del Tesoro (Italy)
3.750% due 09/01/24		EUR 5,030,000		6,590,771
Mexican Bonos (Mexico)
6.500% due 06/09/22		MXN 53,660,000		3,299,854
7.750% due 11/13/42		40,000,000		2,614,146
8.000% due 06/11/20		2,200,000		145,807
8.500% due 12/13/18		10,000,000		656,130
10.000% due 12/05/24		13,320,000		1,005,686
Mexico Government International Bond (Mexico) 3.600% due 01/30/25		$340,000		334,900
5.550% due 01/21/45		1,200,000		1,236,000
Peruvian Government International Bond (Peru)
5.625% due 11/18/50		250,000		259,375
6.550% due 03/14/37		40,000		46,100
Poland Government (Poland)
3.250% due 07/25/25		PLN 8,310,000		2,265,453
4.000% due 01/22/24		$730,000		773,417
Province of Ontario (Canada)
1.650% due 09/27/19		200,000		200,052
3.000% due 07/16/18		100,000		104,867
3.150% due 06/02/22		CAD 900,000		732,065
Province of Quebec (Canada) 3.500% due 07/29/20		$600,000		647,740
Russian Foreign (Russia) 7.500% due 03/31/30 § ~		656,250		773,092
South Africa Government (South Africa) 5.875% due 09/16/25		650,000		693,875
Spain Government (Spain) 2.150% due 10/31/25 ~		EUR 100,000		114,439
Turkey Government (Turkey)
4.875% due 04/16/43		$350,000		292,688
5.625% due 03/30/21		450,000		470,756
5.750% due 03/22/24		300,000		311,640
Total Foreign Government Bonds & Notes (Cost $31,959,680)				28,630,321
MUNICIPAL BONDS - 2.3%
City of Chicago IL
5.630% due 01/01/22		400,000		398,816
7.750% due 01/01/42		400,000		400,916
City of North Las Vegas NV 6.572% due 06/01/40		900,000		818,622
New Jersey Economic Development Authority ‘B’ 5.380% due 02/15/19		4,100,000		3,676,511
Southern California Public Power Authority 5.943% due 07/01/40		1,600,000		1,918,048
State of California
7.500% due 04/01/34		100,000		140,209
7.600% due 11/01/40		400,000		585,796
Tobacco Settlement Finance Authority of WV ‘A’ 7.467% due 06/01/47		765,000		668,885
University of Arizona ‘A’ 6.423% due 08/01/35		1,300,000		1,504,607
Total Municipal Bonds (Cost $9,316,426)				10,112,410
PURCHASED OPTIONS - 0.1%
(See Note (g) in Notes to Schedule of Investments) (Cost $407,271)				377,248

	Principal Amount		Value
SHORT-TERM INVESTMENTS - 9.1%
Commercial Paper - 0.5%
ENI Finance USA Inc 1.280% due 06/02/16		$500,000		$496,614
Ford Motor Credit 1.100% due 11/02/15		1,400,000		1,399,385
				1,895,999
Foreign Government Issue - 0.2%
Mexican Cetes Treasury Bills (Mexico) 3.629% due 05/26/16		MXN 14,000,000		810,067
U. S. Government Agency Issue - 0.0%
Federal Home Loan Bank 0.190% due 02/09/16		$100,000		99,931
	Shares
Money Market Fund - 8.4%
BlackRock Liquidity Funds T-Fund Portfolio		36,811,488		36,811,488
Total Short-Term Investments (Cost $39,660,468)				39,617,485
TOTAL INVESTMENTS - 117.7% (Cost $521,230,134)				514,772,234
OTHER ASSETS & LIABILITIES, NET - (17.7%)				(77,234,842	)
NET ASSETS - 100.0%				$437,537,392

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Mortgage-Backed Securities	44.2%
Corporate Bonds & Notes	28.5%
U.S. Treasury Obligations	18.7%
Short-Term Investments	9.1%
Asset-Backed Securities	6.6%
Foreign Government Bonds & Notes	6.5%
Others (each less than 3.0%)	4.1%
	117.7%
Other Assets & Liabilities, Net	(17.7%	)
	100.0%

(b) Investments with a total aggregate value of $1,061,065 or 0.2% of the fund’s net assets were in default as of September 30, 2015.

(c) As of September 30, 2015, an investment with a value of $2,088,472 was fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts, forward foreign currency contracts, option contracts and swap agreements.

(d) The average amount of borrowings by the fund on sale-buyback financing transactions (See Note 4 in Notes to Financial Statements) outstanding during the six-month period ended September 30, 2015 was $2,282,967 at a weighted average interest rate of 0.193%.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-21

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

(e) Open futures contracts outstanding as of September 30, 2015 were as follows:

Long Futures Outstanding	Number of Contracts		Unrealized Appreciation (Depreciation)
Euro-Bobl (12/15)		45		$40,538
Euro-BTP (12/15)		49		148,425
Eurodollar (06/16)		116		184,361
Eurodollar (12/16)		74		128,210
Eurodollar (03/17)		13		32,645
U.S. Treasury 5-Year Notes (12/15)		739		510,084
U.S. Treasury 10-Year Notes (12/15)		41		57,321
U.S. Ultra Long Bonds (12/15)		109		(312,932	)
U.S. Ultra Long Bonds (12/15)		105		122,745
				911,397

Short Futures Outstanding	Number of Contracts		Unrealized Appreciation (Depreciation)
90-Day LIBOR Sterling (03/17)		102		($73,822	)
90-Day LIBOR Sterling (06/17)		46		(36,786	)
Australia Treasury 10-Year Notes (12/15)		6		(193	)
Canada Treasury 10-Year Notes (12/15)		5		5,553
Euro FX (12/15)		67		26,832
Euro FX (12/15)		3		(1,772	)
Euro-Bund (12/15)		98		(256,187	)
Eurodollar (12/15)		23		(550	)
Eurodollar (03/16)		626		(257,872	)
Eurodollar (09/16)		69		(89,940	)
Eurodollar (12/16)		103		(143,183	)
Eurodollar (03/17)		66		(102,964	)
Eurodollar (12/17)		75		(125,427	)
GBP (12/15)		3		5,109
JPY (12/15)		9		602
U.S. Treasury 2-Year Notes (12/15)		8		(4,026	)
U.S. Treasury 2-Year Notes (12/15)		2		56
U.S. Treasury 10-Year Notes (12/15)		244		(344,527	)
U.S. Treasury 30-Year Bonds (12/15)		48		(121,169	)
U.S. Treasury 30-Year Bonds (12/15)		1		91
				(1,520,175	)
Total Futures Contracts				($608,778	)

(f) Forward foreign currency contracts outstanding as of September 30, 2015 were as follows:

Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
AUD	930,000	USD	664,917		11/15	CIT		($13,689	)
AUD	1,155,000	USD	823,584		11/15	GSC		(14,801	)
BRL	851,295	USD	206,000		10/15	CIT		8,576
BRL	8,806,508	USD	2,172,002		10/15	DUB		47,758
BRL	2,411,646	USD	660,797		10/15	GSC		(52,921	)
BRL	774,895	USD	193,000		10/15	GSC		2,319
BRL	37,350	USD	9,000		10/15	UBS		414
BRL	3,916,226	USD	979,130		11/15	DUB		(3,563	)
CNY	681,860	USD	107,244		10/15	UBS		—
CNY	4,803,324	USD	739,736		11/15	HSB		13,009
EUR	760,000	USD	856,096		11/15	CIT		(6,295	)
EUR	1,366,000	USD	1,506,608		11/15	CIT		20,788
EUR	959,000	USD	1,085,632		11/15	DUB		(13,324	)
EUR	2,835,000	USD	3,194,561		11/15	GSC		(24,599	)
EUR	1,001,000	USD	1,118,387		11/15	GSC		884
EUR	985,000	USD	1,104,023		11/15	UBS		(2,642	)
GBP	1,010,000	USD	1,528,282		10/15	CIT		(527	)
GBP	113,000	USD	174,553		11/15	GSC		(3,649	)
INR	25,600,000	USD	398,506		10/15	BRC		(9,668	)
INR	210,100,000	USD	3,270,039		10/15	CIT		(78,840	)
INR	79,878,340	USD	1,242,662		10/15	JPM		(30,303	)
INR	26,570,540	USD	408,463		11/15	CIT		(7,393	)
JPY	598,400,000	USD	4,948,360		11/15	GSC		42,399
JPY	97,900,000	USD	815,559		11/15	UBS		944
KRW	287,120,225	USD	244,302		10/15	CIT		(2,251	)
KRW	795,183,700	USD	669,628		10/15	DUB		734
KRW	124,215,000	USD	105,000		10/15	GSC		(283	)
MXN	17,173,000	USD	998,448		12/15	BRC		10,877
MXN	956,175	USD	55,000		12/15	DUB		1,198
MXN	7,929,940	USD	460,000		12/15	JPM		6,074
MXN	5,922,111	USD	349,000		12/15	UBS		(934	)
MXN	1,182,520	USD	68,000		12/15	UBS		1,501
MYR	1,161,879	USD	279,000		10/15	CIT		(15,060	)
MYR	2,341,080	USD	551,491		10/15	HSB		(19,675	)
MYR	589,875	USD	136,482		10/15	JPM		(2,482	)
PHP	5,685,200	USD	122,000		10/15	BRC		(534	)
PHP	8,676,500	USD	185,000		10/15	UBS		569

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-22

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
PHP	8,676,500	USD	183,941		01/16	UBS		$393
RUB	1,010,950	USD	15,446		10/15	DUB		(7	)
SGD	553,000	USD	385,904		10/15	CIT		2,573
TWD	7,363,880	USD	227,000		10/15	BRC		(3,349	)
TWD	6,881,220	USD	210,951		10/15	GSC		(1,959	)
TWD	1,235,950	USD	38,000		10/15	HSB		(464	)
TWD	2,626,020	USD	81,000		12/15	CIT		(1,221	)
TWD	1,914,550	USD	59,000		12/15	JPM		(836	)
USD	399,459	AUD	563,000		11/15	CIT		5,222
USD	1,095,914	AUD	1,530,000		11/15	GSC		24,539
USD	483,000	BRL	1,932,145		10/15	DUB		(4,361	)
USD	1,989,446	BRL	7,626,684		10/15	DUB		67,072
USD	246,000	BRL	948,453		10/15	GSC		6,934
USD	1,196,216	BRL	4,306,559		10/15	JPM		110,710
USD	2,478,184	BRL	10,078,577		11/15	DUB		(32,479	)
USD	304,000	BRL	1,209,920		11/15	UBS		2,598
USD	193,000	BRL	784,545		02/16	JPM		4,304
USD	750,979	CAD	990,000		11/15	JPM		9,286
USD	3,904,290	CNY	25,210,000		10/15	CIT		(56,006	)
USD	103,000	CNY	681,860		10/15	UBS		(4,133	)
USD	637,384	CNY	4,116,227		11/15	HSB		(7,684	)
USD	106,891	CNY	681,860		11/15	UBS		35
USD	1,037,925	EUR	940,000		10/15	BOA		(12,691	)
USD	3,261,550	EUR	2,960,000		10/15	BRC		(46,770	)
USD	791,582	EUR	690,000		10/15	BRC		20,386
USD	1,125,233	EUR	1,020,000		10/15	CIT		(14,796	)
USD	14,932,088	EUR	13,103,000		10/15	HSB		290,278
USD	2,471,775	EUR	2,262,308		11/15	BOA		(57,871	)
USD	1,168,014	EUR	1,058,000		11/15	CIT		(14,999	)
USD	2,259,802	EUR	1,970,000		11/15	CIT		57,042
USD	295,045	EUR	264,000		11/15	GSC		(147	)
USD	1,060,781	EUR	946,000		11/15	GSC		3,010
USD	1,567,278	GBP	1,010,000		10/15	CIT		39,523
USD	2,033,824	GBP	1,294,000		10/15	HSB		76,351
USD	100,437	GBP	64,000		11/15	GSC		3,642
USD	1,959,854	GBP	1,294,000		11/15	HSB		2,687
USD	389,413	INR	25,600,000		10/15	BRC		576
USD	3,179,606	INR	210,100,000		10/15	CIT		(11,592	)
USD	339,000	INR	22,404,510		10/15	JPM		(1,046	)
USD	1,222,389	INR	79,510,320		11/15	JPM		22,217
USD	7,117,681	JPY	850,293,434		10/15	HSB		29,660
USD	1,296,434	JPY	156,100,000		11/15	CIT		(5,467	)
USD	1,655,006	JPY	198,400,000		11/15	CIT		316
USD	2,593,776	JPY	317,200,000		11/15	GSC		(51,727	)
USD	7,091,688	JPY	850,293,434		11/15	HSB		788
USD	376,482	JPY	45,200,000		11/15	UBS		(494	)
USD	252,118	JPY	30,100,000		11/15	UBS		1,079
USD	322,070	KRW	383,424,300		10/15	CIT		(1,168	)
USD	325,285	KRW	382,298,118		10/15	CIT		2,997
USD	227,354	KRW	273,052,500		10/15	GSC		(2,837	)
USD	530,404	KRW	623,871,600		10/15	JPM		4,463
USD	1,347,926	MXN	22,926,464		10/15	BRC		(6,384	)
USD	2,234,748	MXN	35,234,929		10/15	BRC		153,354
USD	503,000	MXN	8,626,557		12/15	DUB		(4,017	)
USD	73,000	MXN	1,231,547		12/15	DUB		617
USD	1,080,657	MXN	18,185,882		12/15	GSC		11,801
USD	1,558,251	MXN	26,276,671		12/15	HSB		13,868
USD	153,000	MXN	2,609,798		12/15	RBC		(388	)
USD	255,000	MXN	4,383,195		12/15	UBS		(2,618	)
USD	176,000	MXN	2,939,499		12/15	UBS		3,234
USD	830,231	MXN	13,585,067		05/16	GSC		42,467
USD	67,000	MYR	266,493		10/15	DUB		6,462
USD	89,318	MYR	387,996		10/15	GSC		1,178
USD	372,849	MYR	1,552,282		10/15	HSB		20,223
USD	451,660	MYR	1,856,324		10/15	UBS		29,965
USD	313,000	PHP	14,620,230		10/15	CIT		635
USD	185,395	PHP	8,676,500		10/15	UBS		(173	)
USD	91,548	SGD	129,000		10/15	BRC		927
USD	302,944	SGD	424,000		10/15	JPM		5,088
USD	384,789	SGD	553,000		12/15	CIT		(2,872	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-23

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
USD	313,000	TWD	10,103,640		10/15	CIT		$6,139
USD	304,922	TWD	9,804,770		10/15	GSC		7,139
Total Forward Foreign Currency Contracts								$595,833

(g) Purchased options outstanding as of September 30, 2015 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 - 1-Year Interest Rate Swap	Pay		3-Month-USD LIBOR		0.800%		01/19/16		MSC		$8,000,000		$13,330		$16,706
Call - 5-Year Interest Rate Swap	Pay		3-Month-USD LIBOR		1.500%		01/29/16		MSC		1,300,000		11,700		10,432
Call - 10-Year Interest Rate Swap	Pay		3-Month-USD LIBOR		1.750%		01/29/16		MSC		1,300,000		20,150		7,612
Call - 2-Year Interest Rate Swap	Pay		3-Month-USD LIBOR		2.100%		01/30/18		JPM		2,700,000		38,340		37,185
													83,520		71,935
Put - 10-Year Interest Rate Swap	Receive		3-Month-USD LIBOR		2.580%		05/12/16		MSC		1,100,000		35,200		10,997
Put - 10-Year Interest Rate Swap	Receive		3-Month-USD LIBOR		2.580%		05/23/16		MSC		2,400,000		67,860		25,458
Put - 30-Year Interest Rate Swap	Receive		3-Month-USD LIBOR		2.905%		08/20/18		MSC		900,000		88,800		84,469
Put - 30-Year Interest Rate Swap	Receive		3-Month-USD LIBOR		2.940%		08/20/18		GSC		300,000		29,340		27,206
													221,200		148,130
													$304,720		$220,065
Options on Futures
Description				Exercise Price		Expiration Date		Exchange		Number of Contracts		Cost		Value
Call - U.S. Treasury 10-Year Notes (11/15)					$134.50		10/23/15		CME		300		$5,663		$4,688
Call - U.S. Treasury 30-Year Bonds (11/15)					154.00		10/23/15		CME		21		32,240		83,016
Call - U.S. Treasury 30-Year Bonds (11/15)					155.00		10/23/15		CME		11		16,192		35,406
Call - U.S. Treasury 30-Year Bonds (11/15)					156.00		10/23/15		CME		8		14,026		20,625
Call - Euro-Bund (11/15)					165.50		11/20/15		CME		28		340		313
Call - Euro-Bund (11/15)					167.00		11/20/15		CME		32		389		358
													68,850		144,406
Put - EUR FX (10/15)					1.10		10/09/15		CME		5		4,891		1,187
Put - U.S. Treasury 10-Year Notes (11/15)					127.50		10/23/15		CME		1		378		234
Put - U.S. Treasury 10-Year Notes (11/15)					128.00		10/23/15		CME		10		4,908		3,594
Put - U.S. Treasury 30-Year Bonds (11/15)					153.00		10/23/15		CME		9		8,936		3,656
Put - Eurodollar (11/15)					99.50		11/13/15		CME		133		13,732		3,325
Put - U.S. Treasury 5-Year Notes (12/15)					109.50		11/20/15		CME		100		856		781
													33,701		12,777
													$102,551		$157,183
Total Purchased Options													$407,271		$377,248

(h) Transactions in written options for the six-month period ended September 30, 2015 were as follows:

	Number of Contracts			Notional Amount in AUD		Notional Amount in EUR			Notional Amount in $			Premium
Outstanding, March 31, 2015		390			—		—			59,400,000			$536,974
Call Options Written		891			1,500,000		6,770,000			7,129,600			1,617,107
Put Options Written		442			—		1,300,000			64,382,000			1,109,272
Call Options Closed		106			—		—			(8,000,000	)		(328,222	)
Put Options Closed		(131	)		—		—			(3,700,000	)		(128,966	)
Call Options Expired		(764	)		—		—			(11,900,000	)		(1,111,895	)
Put Options Expired		(435	)		—		(1,300,000	)		(29,982,000	)		(917,867	)
Outstanding, September 30, 2015		499			1,500,000		6,770,000			77,329,600			$776,403

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-24

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

(i) Premiums received and value of written options outstanding as of September 30, 2015 were as follows:

Credit Default Swaptions on Credit Indices – Sell Protection

Description	Exercise Rate		Expiration Date		Counter- party	Notional Amount		Premium		Value
Put - CDX HY 24		1.000%		11/18/15	BNP		$1,029,600		$10,605		($8,516	)
Foreign Currency Options
Description	Exercise Price		Expiration Date		Counter- party	Notional Amount		Premium		Value
Call - INR versus USD		INR 68.00		10/28/15	JPM		$300,000		$2,100		($320	)
Call - INR versus USD		68.10		10/29/15	CIT		300,000		1,959		(326	)
Call - AUD versus USD		$0.73		11/05/15	HSB		AUD 1,500,000		6,017		(2,319	)
Call - EUR versus USD		1.15		11/12/15	UBS		EUR 1,300,000		9,970		(8,488	)
Call - EUR versus USD		1.10		11/13/15	BRC		2,670,000		37,941		(629	)
Call - EUR versus USD		1.17		11/20/15	CIT		1,500,000		10,679		(3,799	)
Call - EUR versus USD		1.15		11/25/15	UBS		1,300,000		11,288		(7,717	)
Call - INR versus USD		INR 69.00		11/26/15	BRC		$1,000,000		9,020		(2,414	)
Call - BRL versus USD		BRL 4.50		02/12/16	JPM		1,000,000		25,340		(34,038	)
Call - BRL versus USD		4.55		03/17/16	DUB		600,000		15,144		(23,649	)
									$129,458		($83,699	)

Inflation Floor/Cap Options

Description	Initial Index		Floating Rate	Expiration Date		Counter- party	Notional Amount		Premium		Value
Floor - U.S. CPI Urban Consumers NSA		0.00	Maximum of ((1 + 0.00%)10 - Inflation Adjustment) or $0		03/12/20	CIT		$1,200,000		$10,320		($1,132	)
Floor - U.S. CPI Urban Consumers NSA		0.00	Maximum of ((1 + 0.00%)10 - Inflation Adjustment) or $0		09/29/20	CIT		600,000		7,740		(674	)
										$18,060		($1,806	)

Interest Rate Swaptions

Description	Pay/Receive Floating Rate	Floating Rate Index		Exercise Rate		Expiration Date	Counter- party	Notional Amount		Premium		Value
Call - 1-Year Interest Rate Swap	Receive		3-Month USD-LIBOR		0.500%	01/19/16	MSC		$5,300,000		$3,180		($2,490	)
Call - 1-Year Interest Rate Swap	Receive		3-Month USD-LIBOR		0.520%	01/19/16	MSC		2,700,000		1,620		(1,450	)
Call - 1-Year Interest Rate Swap	Receive		3-Month USD-LIBOR		0.650%	01/19/16	MSC		5,300,000		5,830		(5,945	)
Call - 1-Year Interest Rate Swap	Receive		3-Month USD-LIBOR		0.660%	01/19/16	MSC		2,700,000		2,700		(3,178	)
Call - 5-Year Interest Rate Swap	Receive		3-Month USD-LIBOR		1.100%	01/29/16	MSC		1,300,000		4,940		(2,542	)
Call - 5-Year Interest Rate Swap	Receive		3-Month USD-LIBOR		1.300%	01/29/16	MSC		1,300,000		7,540		(5,485	)
Call - 2-Year Interest Rate Swap	Receive		3-Month USD-LIBOR		1.100%	01/30/18	JPM		2,700,000		14,040		(12,918	)
Call - 2-Year Interest Rate Swap	Receive		3-Month USD-LIBOR		1.600%	01/30/18	JPM		2,700,000		24,435		(23,083	)
											64,285		(57,091	)
Put - 7-Year Interest Rate Swap	Pay		3-Month USD-LIBOR		1.900%	10/29/15	DUB		1,700,000		4,522		(3,360	)
Put - 7-Year Interest Rate Swap	Pay		3-Month USD-LIBOR		2.000%	11/30/15	MSC		1,700,000		5,737		(4,922	)
Put - 10-Year Interest Rate Swap	Pay		3-Month USD-LIBOR		2.300%	11/30/15	MSC		1,700,000		8,160		(6,656	)
Put - 7-Year Interest Rate Swap	Pay		3-Month USD-LIBOR		2.200%	12/11/15	DUB		1,600,000		6,660		(2,452	)
Put - 7-Year Interest Rate Swap	Pay		3-Month USD-LIBOR		2.160%	12/14/15	GSC		2,300,000		8,510		(4,438	)
Put - 2-Year Interest Rate Swap	Pay		3-Month USD-LIBOR		2.500%	05/12/16	MSC		10,000,000		33,684		(6,126	)
Put - 2-Year Interest Rate Swap	Pay		3-Month USD-LIBOR		2.500%	05/23/16	MSC		23,300,000		72,809		(15,590	)
Put - 5-Year Interest Rate Swap	Pay		3-Month USD-LIBOR		2.800%	08/20/18	GSC		1,200,000		26,727		(22,621	)
Put - 5-Year Interest Rate Swap	Pay		3-Month USD-LIBOR		2.800%	08/20/18	MSC		3,800,000		84,793		(71,633	)
											251,602		(137,798	)
											$315,887		($194,889	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-25

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Options on Futures

Description	Exercise Price		Expiration Date		Exchange	Number of Contracts		Premium		Value
Call - U.S. Treasury 10-Year Notes (10/15)		$128.00		10/02/15	CME		8		$2,146		($6,625	)
Call - EUR FX (10/15)		1.16		10/09/15	CME		6		10,293		(187	)
Call - U.S. Treasury 10-Year Notes (11/15)		127.00		10/23/15	CME		3		2,115		(5,625	)
Call - U.S. Treasury 10-Year Notes (11/15)		127.50		10/23/15	CME		14		7,173		(20,562	)
Call - U.S. Treasury 10-Year Notes (11/15)		128.00		10/23/15	CME		195		91,163		(213,281	)
Call - U.S. Treasury 10-Year Notes (11/15)		128.50		10/23/15	CME		49		25,810		(38,281	)
Call - U.S. Treasury 10-Year Notes (11/15)		129.00		10/23/15	CME		14		6,298		(7,438	)
Call - U.S. Treasury 10-Year Notes (11/15)		129.50		10/23/15	CME		9		3,065		(3,094	)
Call - U.S. Treasury 10-Year Notes (11/15)		130.00		10/23/15	CME		5		1,624		(1,094	)
Call - Euro-Bund (10/15)		EUR 156.50		10/23/15	CME		8		4,776		(6,704	)
Call - U.S. Treasury 30-Year Bonds (11/15)		$157.00		10/23/15	CME		3		2,850		(6,047	)
Call - U.S. Treasury 30-Year Bonds (11/15)		158.00		10/23/15	CME		16		17,526		(24,750	)
Call - U.S. Treasury 30-Year Bonds (12/15)		159.00		10/23/15	CME		16		12,948		(18,500	)
Call - U.S. Treasury 30-Year Bonds (11/15)		160.00		10/23/15	CME		10		7,358		(8,594	)
Call - U.S. Treasury 30-Year Bonds (11/15)		162.00		10/23/15	CME		2		2,494		(906	)
Call - U.S. Treasury 10-Year Notes (12/15)		129.00		11/20/15	CME		6		3,356		(5,438	)
Call - Eurodollar (06/16)		99.00		06/13/16	CME		15		8,951		(14,812	)
									209,946		(381,938	)
Put - U.S. Treasury 10-Year Notes (10/15)		128.00		10/02/15	CME		3		365		(281	)
Put - EUR FX (10/15)		1.12		10/09/15	CME		5		6,271		(5,500	)
Put - U.S. Treasury 10-Year Notes (11/15)		126.00		10/23/15	CME		11		2,339		(687	)
Put - U.S. Treasury 10-Year Notes (11/15)		126.50		10/23/15	CME		8		2,599		(750	)
Put - U.S. Treasury 10-Year Notes (11/15)		127.00		10/23/15	CME		8		2,646		(1,125	)
Put - U.S. Treasury 30-Year Bonds (11/15)		150.00		10/23/15	CME		2		2,368		(219	)
Put - U.S. Treasury 30-Year Bonds (11/15)		152.00		10/23/15	CME		20		20,904		(5,312	)
Put - Euro-Bund (10/15)		EUR 154.00		10/23/15	CME		9		3,010		(2,414	)
Put - U.S. Treasury 30-Year Bonds (11/15)		$154.00		10/23/15	CME		2		1,775		(1,219	)
Put - Euro-Bund (10/15)		EUR 154.50		10/23/15	CME		9		4,097		(3,319	)
Put - U.S. Treasury 30-Year Bonds (11/15)		$155.00		10/23/15	CME		10		12,155		(8,750	)
Put - U.S. Treasury 30-Year Bonds (11/15)		156.00		10/23/15	CME		3		4,490		(3,703	)
Put - EUR FX (11/15)		1.09		11/06/15	CME		12		12,698		(8,550	)
Put - EUR FX (11/15)		1.10		11/06/15	CME		2		1,969		(2,075	)
Put - U.S. Treasury 10-Year Notes (12/15)		126.50		11/20/15	CME		6		3,543		(1,687	)
Put - U.S. Treasury 10-Year Notes (12/15)		127.00		11/20/15	CME		7		6,493		(2,734	)
Put - U.S. Treasury 30-Year Bonds (12/15)		150.00		11/20/15	CME		3		4,725		(1,641	)
									92,447		(49,966	)
									$302,393		($431,904	)
Total Written Options									$776,403		($720,814	)

(j) Swap agreements outstanding as of September 30, 2015 were as follows:

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

Referenced Obligation	Fixed Deal Receive Rate	Expiration Date		Counter- party	Implied Credit Spread at 09/30/15 (2)		Notional Amount (3)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
General Electric Capital Corp	1.000%		12/20/15	MSC		0.117%		$500,000		$1,131			($9,796	)		$10,927
Brazilian Government	1.000%		03/20/16	CIT		2.532%		2,200,000		(15,333	)		(15,567	)		234
Mexico Government	1.000%		03/20/16	CIT		0.723%		1,100,000		1,753			(8,978	)		10,731
Mexico Government	1.000%		03/20/16	DUB		0.461%		700,000		1,116			(5,135	)		6,251
Brazilian Government	1.000%		06/20/16	CIT		2.532%		700,000		(7,552	)		(2,363	)		(5,189	)
Brazilian Government	1.000%		09/20/16	GSC		2.983%		200,000		(3,783	)		(1,217	)		(2,566	)
Mexico Government	1.000%		09/20/16	JPM		0.828%		100,000		196			577			(381	)
Volkswagen International	1.000%		03/20/17	CIT		2.052%		EUR 400,000		(6,719	)		4,403			(11,122	)
MetLife Inc	1.000%		03/20/19	BRC		0.624%		$2,700,000		35,418			30,101			5,317
Colombia Government	1.000%		03/20/19	GSC		2.092%		1,800,000		(64,807	)		(16,452	)		(48,355	)
Colombia Government	1.000%		03/20/19	HSB		2.092%		3,500,000		(126,014	)		(28,642	)		(97,372	)
AT&T Inc	1.000%		03/20/19	MSC		0.551%		2,800,000		43,864			43,594			270
Petrobras International Co SA	1.000%		12/20/19	BRC		10.419%		100,000		(30,065	)		(10,916	)		(19,149	)
Petrobras International Co SA	1.000%		12/20/19	GSC		10.419%		300,000		(90,195	)		(32,995	)		(57,200	)
Petrobras International Co SA	1.000%		12/20/19	JPM		10.419%		200,000		(60,130	)		(22,568	)		(37,562	)
Mexico Government	1.000%		09/20/20	CIT		1.730%		900,000		(30,528	)		(20,056	)		(10,472	)
Mexico Government	1.000%		09/20/20	GSC		1.730%		500,000		(16,960	)		(11,031	)		(5,929	)
Mexico Government	1.000%		12/20/20	CIT		1.774%		400,000		(14,808	)		(17,036	)		2,228
Mexico Government	1.000%		12/20/20	DUB		1.774%		600,000		(22,554	)		(22,434	)		(120	)
Mexico Government	1.000%		12/20/20	GSC		1.770%		200,000		(6,922	)		(6,977	)		55
Telstra Corp Ltd	1.000%		06/20/21	DUB		0.794%		1,400,000		16,183			19,630			(3,447	)
										($396,709	)		($133,858	)		($262,851	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-26

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Credit Default Swaps on Credit Indices – Sell Protection (1)
Referenced Obligation	Fixed Deal Receive Rate		Expiration Date		Counter- party	Notional Amount (3)		Value (4)			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CDX IG 9 10Y		0.548%		12/20/17	GSC		$96,450		$1,015			$—			$1,015
ABX HE AAA		0.110%		05/25/46	BRC		2,352,948		(436,556	)		(480,110	)		43,554
									(435,541	)		(480,110	)		44,569
					Exchange
CDX IG 23 5Y		1.000%		12/20/19	CME		990,000		5,886			13,451			(7,565	)
CDX HY 23 5Y		5.000%		12/20/19	CME		87,300		4,170			5,716			(1,546	)
CDX IG 24 5Y		1.000%		06/20/20	CME		7,142,000		38,405			73,202			(34,797	)
CDX IG 24 5Y		1.000%		06/20/20	ICE		1,300,000		6,913			14,004			(7,091	)
CDX HY 24 5Y		5.000%		06/20/20	CME		2,600,730		76,625			105,445			(28,820	)
CDX HY 24 5Y		5.000%		06/20/20	ICE		3,762,000		109,827			201,911			(92,084	)
CDX IG 25 5Y		1.000%		12/20/20	ICE		400,000		1,425			1,535			(110	)
iTraxx Europe 24 5Y		1.000%		12/20/20	ICE		EUR 2,500,000		14,229			33,225			(18,996	)
									257,480			448,489			(191,009	)
									($178,061	)		($31,621	)		($146,440	)
									($574,770	)		($165,479	)		($409,291	)

(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 of an emerging country 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. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

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

(4) The quoted market prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of period end. Increasing values, 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 of risk of default or other credit event occurring as defined under the terms of the agreement.

Interest Rate Swaps – Pay Floating Rate

Floating Rate Index	Counter- party	Fixed Rate		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
BRL CDI Compounded	HBC		15.510%		07/01/16		BRL 21,100,000		$6,060			($3,977	)		$10,037
BRL CDI Compounded	MSC		15.510%		07/01/16		30,500,000		8,573			—			8,573
BRL CDI Compounded	HBC		15.700%		01/02/17		12,900,000		4,201			(595	)		4,796
BRL CDI Compounded	BRC		15.980%		01/02/17		8,600,000		4,626			4,626			—
BRL CDI Compounded	GSC		15.980%		01/02/17		8,100,000		(8,519	)		(8,327	)		(192	)
28-Day MXN TIIE	DUB		5.700%		01/18/19		MXN 10,000,000		16,233			(4,168	)		20,401
28-Day MXN TIIE	JPM		5.700%		01/18/19		3,000,000		4,870			(1,022	)		5,892
BRL CDI Compounded	DUB		15.900%		01/04/21		BRL 9,300,000		33,872			(754	)		34,626
									69,916			(14,217	)		84,133

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-27

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Floating Rate Index	Exchange	Fixed Rate		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
28-Day MXN TIIE	CME		4.060%		08/24/16		MXN 88,300,000		$11,840			$9,650			$2,190
28-Day MXN TIIE	CME		5.700%		01/18/19		3,000,000		(225	)		7,181			(7,406	)
28-Day MXN TIIE	CME		5.270%		02/05/20		22,000,000		2,159			(6,857	)		9,016
28-Day MXN TIIE	CME		5.615%		06/02/20		8,300,000		5,844			3,958			1,886
28-Day MXN TIIE	CME		5.495%		09/22/20		27,500,000		4,704			—			4,704
28-Day MXN TIIE	CME		5.480%		09/23/20		15,200,000		1,898			—			1,898
28-Day MXN TIIE	CME		5.608%		10/08/21		15,000,000		(4,545	)		(7,598	)		3,053
28-Day MXN TIIE	CME		5.430%		11/17/21		64,000,000		(65,688	)		(147,781	)		82,093
28-Day MXN TIIE	CME		6.000%		06/07/22		19,800,000		10,783			13,588			(2,805	)
28-Day MXN TIIE	CME		6.000%		09/02/22		25,800,000		(22,864	)		(82,100	)		59,236
28-Day MXN TIIE	CME		5.975%		09/16/22		18,100,000		2,935			—			2,935
28-Day MXN TIIE	CME		6.530%		06/05/25		22,500,000		21,112			17,784			3,328
28-Day MXN TIIE	CME		6.360%		06/09/25		16,000,000		1,737			—			1,737
28-Day MXN TIIE	CME		5.990%		01/08/30		2,900,000		(14,783	)		(5,875	)		(8,908	)
									(45,093	)		(198,050	)		152,957
									$24,823			($212,267	)		$237,090
Interest Rate Swaps – Receive Floating Rate
Floating Rate Index	Counterparty	Fixed Rate		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
3-Month USD-LIBOR	BOA		2.030%		07/31/22		$13,875,000		($252,971	)		($39,929	)		($213,042	)
3-Month USD-LIBOR	MSC		1.897%		08/31/22		10,000,000		(92,276	)		—			(92,276	)
3-Month USD-LIBOR	BRC		2.720%		02/15/41		3,036,000		(106,513	)		(5,212	)		(101,301	)
									(451,760	)		(45,141	)		(406,619	)
	Exchange
28-Day MXN TIIE	CME		3.450%		12/23/15		MXN 258,800,000		(1,058	)		—			(1,058	)
1-Day USD-Federal Funds	CME		0.500%		06/17/16		$1,200,000		(3,334	)		(1,308	)		(2,026	)
6-Month GBP-LIBOR	CME		1.880%		10/05/17		GBP 2,600,000		(72,944	)		(163,969	)		91,025
6-Month GBP-LIBOR	CME		1.500%		03/16/18		3,700,000		(45,224	)		(3,865	)		(41,359	)
3-Month USD-LIBOR	LCH		2.000%		12/16/20		$13,400,000		(337,507	)		58,176			(395,683	)
3-Month USD-LIBOR	LCH		2.250%		12/16/22		10,400,000		(326,531	)		129,024			(455,555	)
3-Month USD-LIBOR	CME		2.350%		08/05/25		2,500,000		(81,788	)		—			(81,788	)
3-Month USD-LIBOR	CME		2.500%		12/16/25		100,000		(3,907	)		1,409			(5,316	)
3-Month USD-LIBOR	LCH		2.500%		12/16/25		1,200,000		(48,302	)		18,207			(66,509	)
3-Month USD-LIBOR	CME		2.750%		12/16/45		17,100,000		(683,766	)		993,922			(1,677,688	)
									(1,604,361	)		1,031,596			(2,635,957	)
									($2,056,121	)		$986,455			($3,042,576	)
									($2,031,298	)		$774,188			($2,805,486	)
Total Swap Agreements									($2,606,068	)		$608,709			($3,214,777	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-28

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

(k) 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 (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$124,591,338			$—			$124,591,338			$—
	Senior Loan Notes		826,255			—			826,255			—
	Mortgage-Backed Securities		193,317,471			—			189,065,160			4,252,311
	Asset-Backed Securities		29,023,907			—			28,620,114			403,793
	U.S. Government Agency Issues		6,507,032			—			6,507,032			—
	U.S. Treasury Obligations		81,768,767			—			81,768,767			—
	Foreign Government Bonds & Notes		28,630,321			—			28,630,321			—
	Municipal Bonds		10,112,410			—			10,112,410			—
	Short-Term Investments		39,617,485			36,811,488			2,805,997			—
	Derivatives:
	Credit Contracts
	Swaps		358,156			—			358,156			—
	Foreign Currency Contracts
	Futures		32,543			32,543			—			—
	Forward Foreign Currency Contracts		1,249,822			—			1,249,822			—
	Purchased Options		1,187			1,187			—			—
	Total Foreign Currency Contracts		1,283,552			33,730			1,249,822			—
	Interest Rate Contracts
	Futures		1,230,029			1,230,029			—			—
	Purchased Options		376,061			155,996			220,065			—
	Swaps		141,447			—			141,447			—
	Total Interest Rate Contracts		1,747,537			1,386,025			361,512			—
	Total Assets - Derivatives		3,389,245			1,419,755			1,969,490			—
	Total Assets		517,784,231			38,231,243			474,896,884			4,656,104
Liabilities	Derivatives:
	Credit Contracts
	Written Options		(8,516	)		—			(8,516	)		—
	Swaps		(932,926	)		—			(932,926	)		—
	Total Credit Contracts		(941,442	)		—			(941,442	)		—
	Foreign Currency Contracts
	Futures		(1,772	)		(1,772	)		—			—
	Forward Foreign Currency Contracts		(653,989	)		—			(653,989	)		—
	Written Options		(100,011	)		(16,312	)		(83,699	)		—
	Total Foreign Currency Contracts		(755,772	)		(18,084	)		(737,688	)		—
	Interest Rate Contracts
	Futures		(1,869,578	)		(1,869,578	)		—			—
	Written Options		(612,287	)		(415,592	)		(196,695	)		—
	Swaps		(2,172,745	)		—			(2,172,745	)		—
	Total Interest Rate Contracts		(4,654,610	)		(2,285,170	)		(2,369,440	)		—
	Total Liabilities - Derivatives		(6,351,824	)		(2,303,254	)		(4,048,570	)		—
	Total Liabilities		(6,351,824	)		(2,303,254	)		(4,048,570	)		—
	Total		$511,432,407			$35,927,989			$470,848,314			$4,656,104

Certain of the fund’s liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of September 30, 2015, such liabilities are categorized within the three-tier hierarchy of inputs as follows:

		Total Value at September 30, 2015			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Liabilities	Sale-buyback Financing Transactions		($5,932,452	)		$—		($5,932,452	)		$—

The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) for the six-month period ended September 30, 2015:

	Mortgage-Backed Securities		Asset-Backed Securities		Total
Value, Beginning of Period		$2,866,801		$445,574		$3,312,375
Purchases		1,500,000		—		1,500,000
Sales (Includes Paydowns)		(139,771)		(33,543)		(173,314)
Accrued Discounts (Premiums)		—		—		—
Net Realized Gains (Losses)		11,531		22		11,553
Change in Net Unrealized Appreciation (Depreciation)		13,750		(8,260)		5,490
Transfers In		—		—		—
Transfers Out		—		—		—
Value, End of Period		$4,252,311		$403,793		$4,656,104
Change in Net Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of Period, if Applicable		$13,750		($8,260)		$5,490

The significant unobservable inputs were provided by a broker pricing matrix or by the Trustee Valuation Committee.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-29

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments

September 30, 2015 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 46.9%
Consumer Discretionary - 4.1%
AutoZone Inc 5.500% due 11/15/15		$110,000		$110,604
Brinker International Inc 2.600% due 05/15/18		105,000		105,871
CCO Safari II LLC 3.579% due 07/23/20 ~		120,000		119,229
Dollar General Corp 4.125% due 07/15/17		480,000		495,146
Dollar Tree Inc 5.250% due 03/01/20 ~		100,000		103,040
General Motors Co 3.500% due 10/02/18		245,000		247,590
GLP Capital LP 4.375% due 11/01/18		400,000		405,000
Mohawk Industries Inc 6.125% due 01/15/16		410,000		415,494
Pinnacle Entertainment Inc 7.500% due 04/15/21		95,000		99,513
The Interpublic Group of Cos Inc 2.250% due 11/15/17		295,000		295,876
Thomson Reuters Corp
0.875% due 05/23/16		255,000		254,813
1.650% due 09/29/17		370,000		370,005
Time Warner Cable Inc 8.250% due 04/01/19		205,000		239,324
Wyndham Worldwide Corp 2.950% due 03/01/17		60,000		60,751
				3,322,256
Consumer Staples - 1.4%
Bunge Ltd Finance Corp 3.200% due 06/15/17		430,000		438,179
CVS Health Corp 1.900% due 07/20/18		280,000		282,078
Imperial Tobacco Finance PLC (United Kingdom) 2.050% due 07/20/18 ~		200,000		200,033
Reynolds American Inc
1.050% due 10/30/15		125,000		125,002
2.300% due 06/12/18		120,000		121,378
				1,166,670
Energy - 13.6%
Anadarko Petroleum Corp 5.950% due 09/15/16		220,000		228,681
Cameron International Corp
1.150% due 12/15/16		85,000		84,754
1.400% due 06/15/17		165,000		163,978
Chesapeake Energy Corp 3.250% due 03/15/16		375,000		369,844
China Shenhua Overseas Capital Co Ltd (China) 3.125% due 01/20/20 ~		500,000		499,988
CNOOC Finance Ltd (China) 1.125% due 05/09/16		208,000		207,827
CNOOC Nexen Finance ULC (China) 1.625% due 04/30/17		245,000		244,728
Columbia Pipeline Group Inc 2.450% due 06/01/18 ~		130,000		130,344
Concho Resources Inc 7.000% due 01/15/21		200,000		204,000
Continental Resources Inc 7.125% due 04/01/21		500,000		515,000
DCP Midstream LLC 5.375% due 10/15/15 ~		365,000		365,375
DCP Midstream Operating LP
2.500% due 12/01/17		625,000		574,058
3.250% due 10/01/15		525,000		525,000

	Principal Amount		Value
Delek & Avner Tamar Bond Ltd (Israel) 2.803% due 12/30/16 ~		$ 165,000		$ 165,206
Ecopetrol SA (Colombia) 4.250% due 09/18/18		325,000		329,062
Enbridge Energy Partners LP 5.875% due 12/15/16		445,000		465,291
Energy Transfer Partners LP 6.700% due 07/01/18		195,000		214,129
EnLink Midstream Partners LP 2.700% due 04/01/19		85,000		84,078
Enterprise Products Operating LLC 2.550% due 10/15/19		225,000		224,582
Freeport-McMoran Oil & Gas LLC
6.125% due 06/15/19		75,000		69,938
6.500% due 11/15/20		315,000		284,091
Kinder Morgan Inc 2.000% due 12/01/17		110,000		109,260
Korea National Oil Corp (South Korea) 4.000% due 10/27/16 ~		240,000		247,215
Marathon Oil Corp 0.900% due 11/01/15		740,000		739,851
Murphy Oil Corp 2.500% due 12/01/17		460,000		449,363
Nabors Industries Inc 2.350% due 09/15/16		150,000		148,241
Noble Holding International Ltd 3.050% due 03/01/16		415,000		412,090
ONEOK Partners LP 3.200% due 09/15/18		40,000		40,224
Origin Energy Finance Ltd (Australia) 3.500% due 10/09/18 ~		280,000		272,233
Petroleos Mexicanos (Mexico)
3.125% due 01/23/19		80,000		78,500
3.500% due 07/23/20 ~		170,000		165,219
Pioneer Natural Resources Co 5.875% due 07/15/16		605,000		625,875
Rowan Cos Inc 5.000% due 09/01/17		120,000		117,728
SESI LLC
6.375% due 05/01/19		205,000		204,744
7.125% due 12/15/21		350,000		345,188
Southwestern Energy Co 3.300% due 01/23/18		115,000		113,061
Tennessee Gas Pipeline Co LLC 8.000% due 02/01/16		580,000		592,363
Transocean Inc
3.000% due 10/15/17		360,000		326,700
5.550% due 12/15/16		130,000		128,863
				11,066,672
Financials - 13.0%
American Campus Communities Operating Partnership LP 3.350% due 10/01/20		70,000		70,920
American Express Co 0.919% due 05/22/18 §		585,000		584,623
Bank of America Corp
1.250% due 01/11/16		365,000		365,570
1.500% due 10/09/15		110,000		110,009
5.650% due 05/01/18		175,000		191,009
6.400% due 08/28/17		205,000		222,564
Barclays Bank PLC (United Kingdom) 6.050% due 12/04/17 ~		450,000		487,149
Citigroup Inc
1.550% due 08/14/17		155,000		155,244
1.800% due 02/05/18		145,000		144,942
1.850% due 11/24/17		265,000		266,130
CNA Financial Corp 6.500% due 08/15/16		195,000		203,825

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-30

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
CNO Financial Group Inc 4.500% due 05/30/20		$ 75,000		$ 76,688
Discover Bank 7.000% due 04/15/20		410,000		475,843
Fidelity National Financial Inc 6.600% due 05/15/17		380,000		406,385
Ford Motor Credit Co LLC
1.700% due 05/09/16		295,000		295,880
3.000% due 06/12/17		210,000		213,416
General Motors Financial Co Inc 3.150% due 01/15/20		395,000		391,574
HBOS PLC (United Kingdom) 6.750% due 05/21/18 ~		485,000		535,808
Hyundai Capital America (South Korea)
1.450% due 02/06/17 ~		290,000		289,936
1.625% due 10/02/15 ~		195,000		195,000
1.875% due 08/09/16 ~		230,000		231,135
Hyundai Capital Services Inc (South Korea) 3.500% due 09/13/17 ~		200,000		206,250
Itau Unibanco Holding SA (Brazil) 2.850% due 05/26/18 ~		200,000		188,500
JPMorgan Chase & Co 2.000% due 08/15/17		415,000		418,550
Kilroy Realty LP REIT 5.000% due 11/03/15		405,000		406,219
McGraw Hill Financial Inc 2.500% due 08/15/18 ~		35,000		35,292
Morgan Stanley
1.143% due 01/24/19 §		550,000		550,776
1.575% due 04/25/18 §		280,000		284,119
National Bank of Canada (Canada) 1.450% due 11/07/17		355,000		354,183
Regions Bank 7.500% due 05/15/18		250,000		280,645
Santander Bank NA 2.000% due 01/12/18		250,000		249,296
Standard Chartered PLC (United Kingdom) 1.500% due 09/08/17 ~		395,000		396,418
The Goldman Sachs Group Inc
1.600% due 11/23/15		139,000		139,193
2.750% due 09/15/20		55,000		55,322
6.150% due 04/01/18		235,000		258,919
6.250% due 09/01/17		230,000		250,210
UBS Group Funding Jersey Ltd (Switzerland) 2.950% due 09/24/20 ~		265,000		265,830
Ventas Realty LP REIT 2.000% due 02/15/18		170,000		170,700
Volkswagen Group of America Finance LLC (Germany) 1.250% due 05/23/17 ~		210,000		202,806
				10,626,878
Health Care - 3.3%
AbbVie Inc
1.200% due 11/06/15		670,000		670,300
1.800% due 05/14/18		120,000		119,751
Actavis Funding SCS 2.350% due 03/12/18		410,000		411,874
Actavis Inc 1.875% due 10/01/17		255,000		254,495
Agilent Technologies Inc 6.500% due 11/01/17		87,000		94,362
Baxalta Inc 2.000% due 06/22/18 ~		50,000		49,886
Biogen Inc 2.900% due 09/15/20		80,000		80,729
Catholic Health Initiatives
1.600% due 11/01/17		65,000		64,843
2.600% due 08/01/18		305,000		311,554

	Principal Amount		Value
Gilead Sciences Inc 1.850% due 09/04/18		$ 90,000		$ 90,674
UnitedHealth Group Inc 1.900% due 07/16/18		280,000		283,039
Zimmer Biomet Holdings Inc 2.000% due 04/01/18		270,000		270,518
				2,702,025
Industrials - 4.4%
CNH Industrial Capital LLC 3.875% due 11/01/15		770,000		770,000
ERAC USA Finance LLC 2.800% due 11/01/18 ~		50,000		51,276
GATX Corp
1.250% due 03/04/17		295,000		293,540
2.375% due 07/30/18		110,000		110,182
2.600% due 03/30/20		25,000		24,688
HPHT Finance Ltd (Singapore) 2.250% due 03/17/18 ~		200,000		199,390
Hutchison Whampoa International Ltd (Hong Kong) 1.625% due 10/31/17 ~		420,000		418,798
International Lease Finance Corp 2.287% due 06/15/16 §		205,000		204,488
JB Hunt Transport Services Inc 2.400% due 03/15/19		105,000		105,950
Kansas City Southern de Mexico SA de CV 2.350% due 05/15/20		235,000		231,205
Penske Truck Leasing Co LP
2.500% due 06/15/19 ~		270,000		268,952
2.875% due 07/17/18 ~		150,000		152,462
3.200% due 07/15/20 ~		330,000		332,778
Southwest Airlines Co
2.750% due 11/06/19		300,000		306,004
5.750% due 12/15/16		85,000		89,589
				3,559,302
Information Technology - 2.9%
Alibaba Group Holding Ltd (China) 2.500% due 11/28/19 ~		220,000		216,323
Avnet Inc 6.625% due 09/15/16		115,000		120,302
Baidu Inc (China) 2.750% due 06/09/19		210,000		208,786
Fidelity National Information Services Inc 1.450% due 06/05/17		165,000		163,699
Hewlett Packard Enterprise Co 2.450% due 10/05/17 ~		320,000		319,821
Juniper Networks Inc 3.100% due 03/15/16		125,000		126,155
Keysight Technologies Inc 3.300% due 10/30/19 ~		1,040,000		1,044,962
Tencent Holdings Ltd (China) 2.875% due 02/11/20 ~		200,000		198,715
				2,398,763
Materials - 1.4%
Anglo American Capital PLC (United Kingdom) 1.239% due 04/15/16 § ~		240,000		239,836
INVISTA Finance LLC 4.250% due 10/15/19 ~		250,000		242,500
Martin Marietta Materials Inc 1.427% due 06/30/17 §		305,000		302,840
Rock-Tenn Co 3.500% due 03/01/20		225,000		233,173
Vale Overseas Ltd (Brazil) 6.250% due 01/23/17		110,000		112,034
				1,130,383

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-31

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
Telecommunication Services - 1.4%
CC Holdings GS V LLC 2.381% due 12/15/17		$ 400,000		$ 403,016
SBA Tower Trust
2.240% due 04/15/43 ~		300,000		298,499
2.933% due 12/15/42 ~		170,000		172,818
3.598% due 04/15/43 ~		250,000		251,606
				1,125,939
Utilities - 1.4%
Exelon Generation Co LLC 2.950% due 01/15/20		210,000		212,532
Monongahela Power Co 5.700% due 03/15/17 ~		65,000		68,692
PPL Capital Funding Inc 1.900% due 06/01/18		310,000		310,251
San Diego Gas & Electric Co 1.914% due 02/01/22		181,072		180,307
Zhejiang Energy Group Hong Kong Ltd (Hong Kong) 2.300% due 09/30/17 ~		385,000		382,624
				1,154,406
Total Corporate Bonds & Notes (Cost $38,484,803)				38,253,294
MORTGAGE-BACKED SECURITIES - 22.5%
Collateralized Mortgage Obligations - Commercial - 10.7%
Banc of America Commercial Mortgage Trust
5.448% due 09/10/47 "		30,000		30,834
5.634% due 07/10/46 "		799,657		813,277
6.002% due 02/10/51 " §		25,000		26,674
Citigroup Commercial Mortgage Trust
1.485% due 10/10/47 "		70,979		70,988
1.637% due 06/10/48 "		259,642		260,469
1.643% due 09/10/58 "		60,000		60,236
Commercial Mortgage Trust
1.044% due 02/13/32 " § ~		180,000		179,238
1.445% due 12/10/47 "		215,771		215,854
1.604% due 10/10/48 "		90,000		89,998
1.667% due 07/10/50 "		279,669		280,457
Credit Suisse Mortgage Trust 1.007% due 04/15/27 " § ~		100,000		99,655
Csail Commercial Mortgage Trust 1.454% due 06/15/57 "		554,782		555,718
Freddie Mac Multifamily Structured Pass-Through Certificates
1.369% due 05/25/19 "		478,312		481,283
1.426% due 08/25/17 "		640,000		645,074
GS Mortgage Securities Trust
1.593% due 07/10/48 "		92,734		93,012
5.553% due 04/10/38 " §		361,894		361,945
JPMBB Commercial Mortgage Securities Trust
1.445% due 10/15/48 "		80,436		80,278
1.539% due 11/15/47 "		57,816		57,875
1.596% due 01/15/48 "		549,630		550,634
1.626% due 05/15/48 "		111,404		111,578
1.738% due 07/15/48 "		496,160		498,431
Merrill Lynch Mortgage Trust 5.782% due 08/12/43 " §		175,000		180,285
ML-CFC Commercial Mortgage Trust 6.062% due 06/12/46 " §		484,290		492,949
Morgan Stanley Bank of America Merrill Lynch Trust
1.573% due 12/15/47 "		369,482		370,697
1.686% due 10/15/47 "		200,969		202,065
1.706% due 05/15/48 "		188,011		189,139
Morgan Stanley Capital I Trust
1.638% due 05/15/48 "		180,432		181,503
5.731% due 07/12/44 " §		229,294		232,373

	Principal Amount		Value
Wells Fargo Commercial Mortgage Trust
1.437% due 12/15/47 "		$ 455,112		$ 455,243
1.471% due 04/15/50 "		177,645		177,402
1.531% due 05/15/48 "		157,660		157,807
3.020% due 07/15/58 "		325,000		337,772
WFRBS Commercial Mortgage Trust
1.390% due 11/15/47 "		40,267		40,168
1.663% due 10/15/57 "		112,667		113,174
				8,694,085
Collateralized Mortgage Obligations - Residential - 4.9%
Alternative Loan Trust 2.512% due 12/25/34 " §		151,461		146,139
Deutsche Alt-A Securities Inc Mortgage Loan Trust 0.594% due 04/25/35 " §		175,634		156,001
DSLA Mortgage Loan Trust 1.056% due 09/19/44 " §		513,239		486,479
Fannie Mae
0.594% due 01/25/45 " §		206,264		206,840
5.000% due 08/25/19 "		108,708		112,865
Fannie Mae Connecticut Avenue Securities
1.694% due 02/25/25 " §		137,778		138,072
Fosse Master Issuer PLC (United Kingdom) 1.724% due 10/18/54 " § ~		136,177		136,255
Freddie Mac
0.557% due 02/15/45 " §		175,980		176,479
0.657% due 05/15/36 " §		42,806		43,263
0.707% due 08/15/41 " §		198,170		199,954
Freddie Mac Structured Agency Credit Risk Debt Notes
1.244% due 03/25/25 " §		232,888		232,655
1.294% due 05/25/25 " §		243,815		242,963
1.344% due 12/25/27 " §		244,330		244,385
1.444% due 03/25/28 " §		250,000		250,384
1.844% due 10/25/24 " §		165,114		165,346
GS Mortgage-Backed Securities Trust 2.489% due 07/25/44 " § ~		80,863		81,068
HarborView Mortgage Loan Trust 0.436% due 05/19/35 " §		123,193		102,797
JP Morgan Alternative Loan Trust 0.384% due 06/25/37 " §		80,760		75,770
Lanark Master Issuer PLC (United Kingdom) 0.829% due 12/22/54 " § ~		267,112		266,741
Silverstone Master Issuer PLC (United Kingdom) 1.842% due 01/21/55 " § ~		175,000		175,112
Structured Adjustable Rate Mortgage Loan Trust 2.565% due 11/25/34 " §		175,509		176,664
Towd Point Mortgage Trust 2.750% due 04/26/55 " § ~		170,000		170,062
				3,986,294
Fannie Mae - 5.3%
3.000% due 03/01/30 - 09/01/30 "		781,150		815,943
3.500% due 01/01/26 - 01/01/27 "		318,159		336,880
4.000% due 09/01/26 - 10/01/41 "		683,598		730,158
4.500% due 04/01/26 - 07/01/26 "		743,695		795,891
5.000% due 07/01/19 - 06/01/33 "		442,773		478,668
5.500% due 10/01/35 - 06/01/39 "		750,874		844,380
6.000% due 11/01/35 - 09/01/39 "		255,155		289,845
				4,291,765
Freddie Mac - 0.4%
5.000% due 11/01/16 - 04/01/18 "		27,172		28,268
5.500% due 01/01/20 - 12/01/39 "		282,511		312,585
				340,853
Government National Mortgage Association - 1.2%
3.000% due 10/20/44 " §		138,107		143,595
3.500% due 03/20/43 "		452,927		476,297

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-32

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
5.000% due 12/20/34 - 02/20/40 "		$121,684		$135,271
6.000% due 07/15/36 "		211,069		243,792
				998,955
Total Mortgage-Backed Securities (Cost $18,440,396)				18,311,952
ASSET-BACKED SECURITIES - 20.4%
Ally Auto Receivables Trust 3.150% due 10/15/18 " ~		135,000		136,616
American Express Credit Account Master Trust 1.070% due 05/15/18 " ~		100,000		100,014
AmeriCredit Automobile Receivables Trust
0.960% due 04/09/18 "		54,488		54,510
1.190% due 05/08/18 "		190,000		190,158
1.270% due 01/08/20 "		360,000		360,496
1.600% due 07/08/19 "		300,000		300,701
BMW Vehicle Owner Trust 1.500% due 02/25/21 "		325,000		327,325
Capital Auto Receivables Asset Trust
1.480% due 11/20/18 "		345,000		345,590
1.730% due 09/20/19 "		155,000		155,437
2.220% due 01/22/19 "		90,000		91,079
CarMax Auto Owner Trust
1.690% due 08/15/19 "		45,000		45,293
1.810% due 07/15/20 "		185,000		186,926
1.930% due 11/15/19 "		65,000		65,187
CCG Receivables Trust
1.060% due 11/15/21 " ~		183,441		183,136
1.460% due 11/14/18 " ~		255,000		255,423
Citigroup Mortgage Loan Trust Inc 0.354% due 06/25/37 " §		202,152		192,591
CNH Equipment Trust 1.370% due 07/15/20 "		370,000		371,240
DB Master Finance LLC 3.262% due 02/20/45 " ~		383,075		386,250
Diamond Resorts Owner Trust
2.540% due 05/20/27 " ~		266,222		269,153
2.730% due 07/20/27 " ~		319,112		322,332
Domino’s Pizza Master Issuer LLC 5.216% due 01/25/42 " ~		265,719		274,001
Elara HGV Timeshare Issuer LLC 2.530% due 02/25/27 " ~		164,342		164,604
Enterprise Fleet Financing LLC 1.590% due 02/22/21 " ~		365,000		366,280
Exeter Automobile Receivables Trust 1.060% due 08/15/18 " ~		34,439		34,387
Ford Credit Auto Lease Trust
1.230% due 11/15/16 "		285,000		285,173
1.510% due 08/15/17 "		195,000		195,502
Ford Credit Auto Owner Trust 1.410% due 02/15/20 "		165,000		165,542
Ford Credit Floorplan Master Owner Trust 1.420% due 01/15/20 "		380,000		382,407
GE Dealer Floorplan Master Note Trust 0.596% due 07/20/19 " §		315,000		312,915
GE Equipment Transportation LLC 1.280% due 02/25/19 "		122,000		122,584
GMF Floorplan Owner Revolving Trust 1.650% due 05/15/20 " ~		145,000		144,867
GreatAmerica Leasing Receivables 0.890% due 07/15/17 " ~		400,000		400,208
GSAA Home Equity Trust
0.250% due 07/25/37 " §		422,176		374,312
0.474% due 10/25/35 " §		84,452		78,286
0.564% due 10/25/35 " §		495,702		478,391
GSAA Trust 0.624% due 06/25/35 " §		293,517		279,105
Hilton Grand Vacations Trust 1.770% due 11/25/26 " ~		231,499		229,124

	Principal Amount		Value
Hyundai Auto Lease Securitization Trust 1.650% due 08/15/19 " ~		$535,000		$538,958
Hyundai Auto Receivables Trust 3.510% due 11/15/17 "		290,000		290,347
John Deere Owner Trust
1.320% due 06/17/19 "		145,000		145,478
1.440% due 10/15/19 "		155,000		155,464
Kubota Credit Owner Trust 1.540% due 03/15/19 " ~		530,000		530,870
MMAF Equipment Finance LLC 1.390% due 10/16/19 " ~		140,000		139,964
Motor PLC (United Kingdom) 0.674% due 08/25/21 " § ~		130,199		130,189
MVW Owner Trust 2.150% due 04/22/30 " ~		59,980		60,113
Nissan Auto Receivables Owner Trust 1.110% due 05/15/19 "		355,000		355,231
Nissan Master Owner Trust Receivables 1.440% due 02/15/20 "		365,000		365,306
Sierra Timeshare Receivables Funding LLC
2.050% due 06/20/31 " ~		148,594		149,792
2.300% due 10/20/31 " ~		209,939		211,342
2.400% due 03/22/32 " ~		365,876		368,058
2.430% due 06/20/32 " ~		259,570		259,043
SMART Trust (Australia)
0.840% due 09/14/16 "		8,078		8,078
0.970% due 03/14/17 "		70,228		70,165
0.990% due 08/14/17 "		265,000		265,485
1.180% due 02/14/19 "		580,000		575,473
1.590% due 10/14/16 " ~		50,208		50,218
Synchrony Credit Card Master Note Trust
1.600% due 04/15/21 "		370,000		371,562
1.690% due 03/15/21 "		485,000		487,853
Toyota Auto Receivables Owner Trust
1.440% due 04/15/20 "		200,000		201,168
1.690% due 12/15/20 "		350,000		353,249
Volkswagen Auto Lease Trust 0.800% due 04/20/17 "		150,000		150,013
Volkswagen Auto Loan Enhanced Trust 1.390% due 05/20/21 "		655,000		651,062
Wells Fargo Home Equity Trust 0.344% due 01/25/37 " §		207,510		191,899
Wendys Funding LLC 3.371% due 06/15/45 " ~		370,000		372,752
Wheels SPV LLC
0.840% due 03/20/23 " ~		207,677		207,254
1.270% due 04/22/24 " ~		200,000		199,643
World Omni Auto Receivables Trust 1.340% due 05/15/20 "		135,000		135,404
Total Asset-Backed Securities (Cost $16,533,219)				16,618,578
U.S. GOVERNMENT AGENCY ISSUES - 1.3%
Fannie Mae 0.375% due 07/05/16		605,000		604,818
Federal Home Loan Bank 0.625% due 12/28/16		440,000		441,007
Total U.S. Government Agency Issues (Cost $1,043,701)				1,045,825

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-33

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
U.S. TREASURY OBLIGATIONS - 4.2%
U.S. Treasury Notes - 4.2%
0.500% due 07/31/17		$830,000		$828,525
0.625% due 08/31/17		835,000		835,082
1.750% due 09/30/19 ‡		1,730,000		1,767,122
				3,430,729
Total U.S. Treasury Obligations (Cost $3,430,785)				3,430,729
FOREIGN GOVERNMENT BONDS & NOTES - 1.3%
Iceland Government International Bond (Iceland) 4.875% due 06/16/16 ~		221,000		225,992
Mexican Bonos (Mexico) 7.750% due 12/14/17		MXN 12,570,000		801,376
Total Foreign Government Bonds & Notes (Cost $1,130,724)				1,027,368
MUNICIPAL BONDS - 0.9%
State Board of Administration Finance Corp ‘A’ FL 1.298% due 07/01/16		$575,000		578,209
University of California 0.693% due 07/01/41 §		195,000		195,000
Total Municipal Bonds (Cost $770,000)				773,209

	Shares		Value
SHORT-TERM INVESTMENT - 2.6%
Money Market Fund - 2.6%
BlackRock Liquidity Funds T-Fund Portfolio		2,116,131		$2,116,131
Total Short-Term Investment (Cost $2,116,131)				2,116,131
TOTAL INVESTMENTS - 100.1% (Cost $81,949,759)				81,577,086
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(57,966	)
NET ASSETS - 100.0%				$81,519,120

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	46.9%
Mortgage-Backed Securities	22.5%
Asset-Backed Securities	20.4%
U.S. Treasury Obligations	4.2%
Others (each less than 3.0%)	6.1%
	100.1%
Other Assets & Liabilities, Net	(0.1%	)
	100.0%

(b) As of September 30, 2015, an investment with a value of $21,451 was fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts.

(c) Open futures contracts outstanding as of September 30, 2015 were as follows:

Short Futures Outstanding	Number of Contracts		Unrealized Appreciation (Depreciation)
U.S. Treasury 5-Year Notes (12/15)		19		($12,509	)

(d) Forward foreign currency contracts outstanding as of September 30, 2015 were as follows:

Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
USD	839,202	MXN	13,641,983		11/15	RBS		$34,757

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-34

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

September 30, 2015 (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 (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015			Level 1 Quoted Price			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$38,253,294			$—			$38,253,294		$—
	Mortgage-Backed Securities		18,311,952			—			18,311,952		—
	Asset-Backed Securities		16,618,578			—			16,618,578		—
	U.S. Government Agency Issues		1,045,825			—			1,045,825		—
	U.S. Treasury Obligations		3,430,729			—			3,430,729		—
	Foreign Government Bonds & Notes		1,027,368			—			1,027,368		—
	Municipal Bonds		773,209			—			773,209		—
	Short-Term Investment		2,116,131			2,116,131			—		—
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		34,757			—			34,757		—
	Total Assets - Derivatives		34,757			—			34,757		—
	Total Assets		81,611,843			2,116,131			79,495,712		—
Liabilities	Derivatives:
	Interest Rate Contracts
	Futures		(12,509	)		(12,509	)		—		—
	Total Liabilities - Derivatives		(12,509	)		(12,509	)		—		—
	Total Liabilities		(12,509	)		(12,509	)		—		—
	Total		$81,599,334			$2,103,622			$79,495,712		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-35

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments

September 30, 2015 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 35.6%
Azerbaijan - 0.6%
State Oil Co of the Azerbaijan Republic
4.750% due 03/13/23 ~		$450,000		$394,767
5.450% due 02/09/17 ~		200,000		204,000
				598,767
Bangladesh - 0.2%
Banglalink Digital Communications Ltd 8.625% due 05/06/19 ~		225,000		225,000
Barbados - 0.4%
Columbus International Inc 7.375% due 03/30/21 ~		385,000		399,919
Brazil - 2.6%
Marfrig Holding Europe BV
6.875% due 06/24/19 ~		200,000		173,500
8.375% due 05/09/18 ~		405,000		379,688
Marfrig Overseas Ltd 9.500% due 05/04/20 ~		150,000		147,000
Minerva Luxembourg SA 12.250% due 02/10/22 ~		300,000		325,530
Odebrecht Drilling Norbe Ltd 6.350% due 06/30/22 ~		164,000		59,450
Oi SA 5.750% due 02/10/22 ~		230,000		109,250
Petrobras Global Finance BV
3.000% due 01/15/19		65,000		47,125
5.375% due 01/27/21		199,000		145,270
5.750% due 01/20/20		98,000		73,500
5.875% due 03/01/18		5,000		4,137
6.250% due 03/17/24		415,000		303,075
6.850% due 06/05/15		45,000		28,913
6.875% due 01/20/40		575,000		376,625
7.875% due 03/15/19		100,000		82,220
QGOG Atlantic 5.250% due 07/30/19 ~		334,554		215,787
QGOG Constellation SA 6.250% due 11/09/19 ~		600,000		267,000
				2,738,070
Chile - 1.0%
Banco del Estado de Chile 4.125% due 10/07/20 ~		120,000		126,087
Corp Nacional del Cobre de Chile
3.875% due 11/03/21 ~		200,000		199,292
4.875% due 11/04/44 ~		200,000		170,071
Empresa Nacional del Petroleo
5.250% due 08/10/20 ~		100,000		104,738
6.250% due 07/08/19 ~		120,000		131,375
VTR Finance BV 6.875% due 01/15/24 ~		300,000		273,000
				1,004,563
China - 3.6%
Agile Property Holdings Ltd 9.875% due 03/20/17 ~		200,000		206,000
Amber Circle Funding Ltd 3.250% due 12/04/22 ~		250,000		248,398
Central China Real Estate Ltd 8.750% due 01/23/21 ~		200,000		188,746
China Hongqiao Group Ltd 6.875% due 05/03/18 ~		200,000		186,504
China Railway Resources Huitung Ltd 3.850% due 02/05/23 ~		210,000		208,918

	Principal Amount		Value
CIFI Holdings Group Co Ltd 12.250% due 04/15/18 ~		$220,000		$238,142
Franshion Development Ltd 6.750% due 04/15/21 ~		200,000		216,504
Kaisa Group Holdings Ltd
8.875% due 03/19/18 * W ~		225,000		111,375
10.250% due 01/08/20 * W ~		225,000		111,375
KWG Property Holding Ltd 8.975% due 01/14/19 ~		230,000		236,612
Longfor Properties Co Ltd 6.750% due 01/29/23 ~		200,000		199,636
Sinochem Overseas Capital Co Ltd
4.500% due 11/12/20 ~		200,000		210,031
6.300% due 11/12/40 ~		100,000		119,240
Sinopec Group Overseas Development Ltd 4.875% due 05/17/42 ~		200,000		205,906
Sunac China Holdings Ltd 9.375% due 04/05/18 ~		300,000		309,750
Times Property Holdings Ltd 12.625% due 03/21/19 ~		220,000		233,565
Trillion Chance Ltd 8.500% due 01/10/19 ~		200,000		193,740
Yingde Gases Investment Ltd 8.125% due 04/22/18 ~		225,000		187,875
Yuzhou Properties Co Ltd 8.625% due 01/24/19 ~		200,000		197,217
				3,809,534
Colombia - 1.1%
Ecopetrol SA 7.625% due 07/23/19		110,000		121,242
Empresa de Telecomunicaciones de Bogota 7.000% due 01/17/23 ~		COP 144,000,000		40,803
Pacific Exploration and Production Corp
5.125% due 03/28/23 ~		$340,000		119,000
5.375% due 01/26/19 ~		290,000		110,200
5.625% due 01/19/25 ~		1,405,000		498,354
7.250% due 12/12/21 ~		695,000		253,675
				1,143,274
Costa Rica - 0.3%
Banco Nacional de Costa Rica 6.250% due 11/01/23 ~		200,000		197,490
Instituto Costarricense de Electricidad 6.375% due 05/15/43 ~		200,000		161,000
				358,490
Czech Republic - 0.1%
New World Resources NV 8.000% PIK due 04/07/20 ~		EUR 140,573		62,831
Dominican Republic - 0.2%
Aeropuertos Dominicanos Siglo XXI SA 9.750% due 11/13/19 ~		$200,000		199,000
Ecuador - 0.7%
EP PetroEcuador 5.957% due 09/24/19 § ~		917,895		713,663
Georgia - 0.2%
Georgian Railway JSC 7.750% due 07/11/22 ~		200,000		202,250

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-36

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
Guatemala - 0.5%
Cementos Progreso Trust 7.125% due 11/06/23 ~		$310,000		$321,625
Comcel Trust 6.875% due 02/06/24 ~		245,000		242,624
				564,249
Hong Kong - 0.8%
CFG Investment SAC 9.750% due 07/30/19 ~		200,000		122,000
Industrial & Commercial Bank of China Asia Ltd 5.125% due 11/30/20 ~		100,000		107,230
MIE Holdings Corp
6.875% due 02/06/18 ~		200,000		103,000
7.500% due 04/25/19 ~		600,000		285,000
Shimao Property Holdings Ltd 8.375% due 02/10/22 ~		200,000		207,494
				824,724
India - 0.2%
Export-Import Bank of India 4.000% due 08/07/17 ~		200,000		207,440
Indonesia - 1.0%
Golden Legacy PTE Ltd 9.000% due 04/24/19 ~		200,000		178,500
Indo Energy Finance BV 7.000% due 05/07/18 ~		200,000		96,000
Indo Energy Finance II BV 6.375% due 01/24/23 ~		435,000		184,875
Majapahit Holding BV
7.750% due 01/20/20 ~		100,000		111,500
8.000% due 08/07/19 ~		100,000		110,380
P.T. Pertamina Persero 6.000% due 05/03/42 ~		200,000		166,321
P.T. Perusahaan Listrik Negara 5.500% due 11/22/21 ~		200,000		202,000
				1,049,576
Jamaica - 1.6%
Digicel Group Ltd
7.125% due 04/01/22 ~		285,000		247,238
8.250% due 09/30/20 ~		1,100,000		1,023,000
Digicel Ltd 6.000% due 04/15/21 ~		395,000		362,413
				1,632,651
Kazakhstan - 4.6%
Development Bank of Kazakhstan JSC 4.125% due 12/10/22 ~		220,000		188,664
Halyk Savings Bank of Kazakhstan JSC 7.250% due 01/28/21 ~		200,000		204,340
Kaspi Bank JSC 9.875% due 10/28/16 ~		200,000		203,000
Kazakhstan Temir Zholy Finance BV 6.950% due 07/10/42 ~		300,000		235,905
Kazkommertsbank JSC
5.500% due 12/21/22 ~		637,474		469,806
6.875% due 02/13/17		EUR 350,000		366,960
7.500% due 11/29/16 ~		$600,000		557,664
8.000% due 11/03/15 ~		160,000		158,960
8.500% due 05/11/18 ~		490,000		466,725
KazMunayGas National Co JSC
4.400% due 04/30/23 ~		200,000		168,750
5.750% due 04/30/43 ~		560,000		406,840
6.375% due 04/09/21 ~		200,000		196,500
7.000% due 05/05/20 ~		210,000		213,308
9.125% due 07/02/18 ~		230,000		250,010

	Principal Amount		Value
Zhaikmunai LLP
6.375% due 02/14/19 ~		$400,000		$320,000
7.125% due 11/13/19 ~		435,000		352,350
				4,759,782
Lithuania - 0.1%
Bite Finance International BV 7.476% due 02/15/18 § ~		EUR 100,000		110,634
Luxembourg - 0.4%
Millicom International Cellular SA
6.000% due 03/15/25 ~		$200,000		181,500
6.625% due 10/15/21 ~		275,000		273,350
				454,850
Malaysia - 0.5%
Axiata SPV1 Labuan Ltd 5.375% due 04/28/20 ~		100,000		111,038
Petronas Capital Ltd 5.250% due 08/12/19 ~		100,000		109,229
Wakala Global Sukuk Bhd 4.646% due 07/06/21 ~		250,000		272,150
				492,417
Mexico - 2.1%
Cemex Finance LLC 9.375% due 10/12/22 ~		490,000		523,663
Cemex SAB de CV 6.500% due 12/10/19 ~		325,000		321,750
Comision Federal de Electricidad
4.875% due 01/15/24 ~		200,000		203,518
5.750% due 02/14/42 ~		200,000		182,000
Elementia SAB de CV 5.500% due 01/15/25 ~		340,000		319,600
Petroleos Mexicanos
5.500% due 06/27/44		151,000		121,932
5.625% due 01/23/46 ~		275,000		224,840
6.000% due 03/05/20		85,000		91,239
6.500% due 06/02/41		160,000		147,980
7.190% due 09/12/24 ~		MXN 1,750,000		98,613
				2,235,135
Nigeria - 1.5%
Access Bank PLC 9.250% due 06/24/21 § ~		$200,000		170,500
Access Finance BV 7.250% due 07/25/17 ~		200,000		193,035
First Bank of Nigeria Ltd
8.000% due 07/23/21 § ~		540,000		415,800
8.250% due 08/07/20 § ~		280,000		224,140
Sea Trucks Group Ltd 9.000% due 03/26/18 ~		590,000		399,430
Seven Energy Ltd 10.250% due 10/11/21 ~		200,000		131,000
				1,533,905
Peru - 0.8%
Cementos Pacasmayo SAA 4.500% due 02/08/23 ~		250,000		228,750
InRetail Shopping Malls 6.500% due 07/09/21 ~		230,000		240,925
Union Andina de Cementos SAA 5.875% due 10/30/21 ~		330,000		318,450
				788,125

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-37

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
Philippines - 0.5%
Development Bank of the Philippines 5.500% due 03/25/21 ~		$200,000		$223,494
Power Sector Assets & Liabilities Management Corp 7.390% due 12/02/24 ~		230,000		299,000
				522,494
Russia - 5.7%
Alfa Bank OJSC 7.500% due 09/26/19 ~		250,000		252,323
Brunswick Rail Finance Ltd 6.500% due 11/01/17 ~		200,000		82,500
Credit Bank of Moscow 7.700% due 02/01/18 ~		295,000		293,378
Evraz Group SA 9.500% due 04/24/18 ~		100,000		105,053
Gazprom Neft OAO 4.375% due 09/19/22 ~		400,000		347,000
Gazprom OAO
4.300% due 11/12/15 ~		200,000		200,662
8.625% due 04/28/34 ~		95,000		103,748
9.250% due 04/23/19 ~		60,000		66,456
Metalloinvest Finance Ltd 5.625% due 04/17/20 ~		230,000		217,626
Mobile Telesystems OJSC 8.625% due 06/22/20 ~		370,000		402,005
Polyus Gold International Ltd 5.625% due 04/29/20 ~		200,000		190,250
Sberbank of Russia
5.250% due 05/23/23 ~		330,000		277,200
5.500% due 02/26/24 § ~		200,000		170,500
Sibur Securities Ltd 3.914% due 01/31/18 ~		410,000		400,775
Sistema JSFC 6.950% due 05/17/19 ~		405,000		398,318
TMK OAO 6.750% due 04/03/20 ~		485,000		428,740
Vimpel Communications 7.748% due 02/02/21 ~		200,000		205,126
VimpelCom Holdings BV 7.504% due 03/01/22 ~		350,000		352,188
Vnesheconombank
4.224% due 11/21/18 ~		300,000		288,000
5.450% due 11/22/17 ~		340,000		342,449
5.942% due 11/21/23 ~		220,000		202,556
6.025% due 07/05/22 ~		200,000		189,600
6.800% due 11/22/25 ~		370,000		352,027
6.902% due 07/09/20 ~		120,000		121,069
				5,989,549
Singapore - 0.2%
Puma International Financing SA 6.750% due 02/01/21 ~		200,000		198,500
South Africa - 0.1%
Transnet SOC Ltd 9.500% due 05/13/21 ~		ZAR 2,200,000		152,501
Ukraine - 0.6%
MHP SA 8.250% due 04/02/20 ~		$440,000		372,409
Ukreximbank 9.750% due 01/22/25 ~		240,000		207,600
				580,009

	Principal Amount		Value
United Arab Emirates - 0.8%
Dubai DOF Sukuk Ltd 6.450% due 05/02/22 ~		$50,000		$59,349
Dubai Holding Commercial Operations MTN Ltd 6.000% due 02/01/17		GBP 200,000		303,305
Emirates Airline 4.500% due 02/06/25 ~		$90,476		91,720
JAFZ Sukuk Ltd 7.000% due 06/19/19 ~		200,000		228,410
Topaz Marine SA 8.625% due 11/01/18 ~		200,000		178,750
				861,534
United Kingdom - 0.2%
Sable International Finance Ltd 6.875% due 08/01/22 ~		200,000		202,500
Venezuela - 2.4%
Petroleos de Venezuela SA
5.000% due 10/28/15		324,000		323,190
5.125% due 10/28/16		541,034		373,313
5.250% due 04/12/17 ~		177,000		80,429
5.375% due 04/12/27 ~		146,000		47,085
8.500% due 11/02/17 ~		1,818,200		1,218,194
9.000% due 11/17/21 ~		324,354		117,578
9.750% due 05/17/35 ~		669,278		245,960
12.750% due 02/17/22 ~		135,000		60,143
				2,465,892
Total Corporate Bonds & Notes (Cost $41,604,626)				37,081,828
CONVERTIBLE CORPORATE BONDS & NOTES - 0.0%
Czech Republic - 0.0%
New World Resources NV 4.000% PIK due 10/07/20 ~		EUR 112,846		15,762
Total Convertible Corporate Bonds & Notes (Cost $67,894)				15,762
SENIOR LOAN NOTES - 0.8%
Dubai - 0.8%
Dubai World Term B1 2.000% PIK due 09/30/18 §		$1,079,713		869,169
Total Senior Loan Notes (Cost $924,148)				869,169
FOREIGN GOVERNMENT BONDS & NOTES - 56.3%
Argentina - 0.4%
Argentine Republic Government
2.500% due 12/31/38 * W		652,217		378,612
8.280% due 12/31/33 * W		64,293		63,972
8.750% due 06/02/17 * W		18,777		18,965
				461,549
Azerbaijan - 0.2%
Republic of Azerbaijan 4.750% due 03/18/24 ~		200,000		188,000
Belarus - 0.9%
Republic of Belarus 8.950% due 01/26/18 ~		990,000		997,425

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-38

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
Bolivia - 0.3%
Bolivian Government
4.875% due 10/29/22 ~		$100,000		$101,250
5.950% due 08/22/23 ~		200,000		209,000
				310,250
Brazil - 5.1%
Banco Nacional de Desenvolvimento Economico e Social
5.750% due 09/26/23 ~		200,000		166,000
6.500% due 06/10/19 ~		170,000		163,880
Brazil Letras do Tesouro Nacional
11.868% due 01/01/16		BRL 4,541,000		1,107,001
12.924% due 01/01/18		11,248,000		2,028,564
12.803% due 07/01/18		3,771,000		631,107
15.745% due 01/01/19		1,700,000		263,778
Brazilian Government
2.625% due 01/05/23		$200,000		162,500
4.250% due 01/07/25		175,000		153,344
4.875% due 01/22/21		100,000		97,500
5.625% due 01/07/41		119,000		96,985
5.875% due 01/15/19		90,000		94,500
7.125% due 01/20/37		157,000		147,580
8.250% due 01/20/34		121,000		125,537
8.875% due 04/15/24		60,000		71,250
				5,309,526
Chile - 0.2%
Chile Government
3.250% due 09/14/21		100,000		103,750
6.000% due 01/01/20 ~		CLP 60,000,000		92,362
				196,112
Colombia - 4.3%
Colombia Government
4.000% due 02/26/24		$200,000		194,300
5.000% due 06/15/45		262,000		225,975
5.625% due 02/26/44		250,000		235,000
6.125% due 01/18/41		530,000		527,350
7.375% due 09/18/37		220,000		248,050
8.125% due 05/21/24		230,000		282,095
9.850% due 06/28/27		COP 227,000,000		83,954
11.750% due 02/25/20		$257,000		341,167
Colombian TES
6.000% due 04/28/28		COP 1,625,300,000		428,341
7.000% due 09/11/19		437,900,000		142,460
7.250% due 06/15/16		4,665,800,000		1,529,739
7.500% due 08/26/26		564,900,000		171,253
10.000% due 07/24/24		376,700,000		136,761
				4,546,445
Costa Rica - 0.3%
Costa Rica Government
4.250% due 01/26/23 ~		$200,000		174,000
4.375% due 04/30/25 ~		90,000		75,375
5.625% due 04/30/43 ~		90,000		68,063
				317,438
Croatia - 0.9%
Croatia Government
6.250% due 04/27/17 ~		200,000		210,165
6.375% due 03/24/21 ~		240,000		258,643
6.625% due 07/14/20 ~		260,000		282,711
6.750% due 11/05/19 ~		200,000		217,930
				969,449
Dominican Republic - 1.3%
Dominican Republic
5.500% due 01/27/25 ~		210,000		203,700
5.875% due 04/18/24 ~		360,000		355,500

	Principal Amount		Value
6.600% due 01/28/24 ~		$200,000		$208,000
6.850% due 01/27/45 ~		210,000		203,175
7.450% due 04/30/44 ~		130,000		133,575
7.500% due 05/06/21 ~		270,000		289,575
				1,393,525
Ecuador - 1.3%
Ecuador Government
7.950% due 06/20/24 ~		600,000		426,000
9.375% due 12/15/15 ~		415,000		405,662
10.500% due 03/24/20 ~		666,000		502,830
				1,334,492
Egypt - 0.2%
Egypt Government
5.750% due 04/29/20 ~		100,000		103,525
6.875% due 04/30/40 ~		100,000		94,500
				198,025
El Salvador - 0.5%
El Salvador Government
5.875% due 01/30/25 ~		135,000		117,450
6.375% due 01/18/27 ~		60,000		52,950
7.375% due 12/01/19 ~		100,000		104,250
7.650% due 06/15/35 ~		165,000		147,881
8.250% due 04/10/32 ~		105,000		103,425
				525,956
Ethiopia - 0.3%
Federal Democratic Republic of Ethiopia 6.625% due 12/11/24 ~		310,000		284,828
Gabon - 0.6%
Gabonese Republic 6.375% due 12/12/24 ~		800,000		665,536
Georgia - 0.2%
Georgia Government 6.875% due 04/12/21 ~		200,000		208,000
Guatemala - 0.2%
Guatemala Government 4.875% due 02/13/28 ~		200,000		195,500
Hungary - 3.2%
Hungary Government
3.000% due 06/26/24		HUF 27,640,000		96,024
3.500% due 06/24/20		11,610,000		43,640
4.125% due 02/19/18		$324,000		337,365
5.375% due 02/21/23		480,000		523,085
5.375% due 03/25/24		254,000		276,225
5.500% due 06/24/25		HUF 73,580,000		309,777
5.750% due 11/22/23		$460,000		512,900
6.000% due 11/24/23		HUF 9,900,000		42,368
6.250% due 01/29/20		$306,000		344,639
6.500% due 06/24/19		HUF 26,830,000		110,790
7.000% due 06/24/22		17,090,000		75,265
7.500% due 11/12/20		20,240,000		89,584
7.625% due 03/29/41		$416,000		553,800
				3,315,462
Indonesia - 1.5%
Indonesia Government
4.875% due 05/05/21 ~		200,000		207,244
5.125% due 01/15/45 ~		8,000		7,049
5.875% due 03/13/20 ~		100,000		109,243

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-39

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
6.875% due 01/17/18 ~		$215,000		$236,671
7.750% due 01/17/38 ~		100,000		117,858
11.625% due 03/04/19 ~		220,000		280,510
Indonesia Treasury
5.625% due 05/15/23		IDR 1,700,000,000		90,970
6.625% due 05/15/33		711,000,000		35,300
7.000% due 05/15/27		536,000,000		30,018
8.375% due 09/15/26		209,000,000		13,208
9.000% due 03/15/29		749,000,000		48,175
Perusahaan Penerbit SBSN Indonesia III
4.325% due 05/28/25 ~		$200,000		184,760
6.125% due 03/15/19 ~		200,000		219,750
				1,580,756
Iraq - 0.2%
Republic of Iraq 5.800% due 01/15/28 ~		280,000		194,168
Ivory Coast - 1.8%
Ivory Coast Government
5.375% due 07/23/24 ~		390,000		342,287
5.750% due 12/31/32 § ~		1,747,000		1,529,579
				1,871,866
Jamaica - 0.2%
Jamaica Government 7.875% due 07/28/45		200,000		200,500
Kazakhstan - 1.1%
KazAgro National Management Holding JSC 4.625% due 05/24/23 ~		200,000		160,300
Kazakhstan Government
4.875% due 10/14/44 ~		200,000		159,500
5.125% due 07/21/25 ~		430,000		416,025
6.500% due 07/21/45 ~		430,000		405,447
				1,141,272
Kenya - 0.2%
Kenya Government 6.875% due 06/24/24 ~		200,000		182,200
Lebanon - 1.6%
Lebanon Government
5.150% due 11/12/18 ~		70,000		70,140
5.450% due 11/28/19 ~		130,000		128,591
6.000% due 01/27/23 ~		100,000		99,270
6.100% due 10/04/22 ~		415,000		414,378
6.375% due 03/09/20		219,000		225,942
6.600% due 11/27/26 ~		430,000		431,109
8.250% due 04/12/21 ~		279,000		307,039
				1,676,469
Lithuania - 0.9%
Lithuania Government
6.125% due 03/09/21 ~		310,000		362,437
6.625% due 02/01/22 ~		200,000		242,050
7.375% due 02/11/20 ~		280,000		336,700
				941,187
Malaysia - 0.1%
Malaysia Government
4.254% due 05/31/35		MYR 33,000		7,044
4.935% due 09/30/43		235,000		54,530
				61,574

	Principal Amount		Value
Mexico - 6.7%
Mexican Bonos
6.500% due 06/10/21		MXN 18,340,000		$1,141,450
7.500% due 06/03/27		5,850,000		378,417
7.750% due 05/29/31		4,090,000		269,305
8.000% due 06/11/20		27,050,000		1,792,769
8.000% due 12/07/23		12,480,000		833,402
8.500% due 12/13/18		14,020,000		919,894
8.500% due 05/31/29		3,850,000		269,324
Mexico Government
4.000% due 03/15/15		EUR 419,000		388,015
4.600% due 01/23/46		$333,000		297,619
4.750% due 03/08/44		180,000		164,700
5.550% due 01/21/45		255,000		262,013
5.750% due 10/12/10		160,000		150,400
6.050% due 01/11/40		92,000		101,085
				6,968,393
Morocco - 0.5%
Morocco Government
4.250% due 12/11/22 ~		300,000		304,125
5.500% due 12/11/42 ~		200,000		199,050
				503,175
Pakistan - 1.3%
Pakistan Government
6.750% due 12/03/19 ~		350,000		358,726
6.875% due 06/01/17 ~		150,000		155,989
7.250% due 04/15/19 ~		380,000		391,296
8.250% due 04/15/24 ~		200,000		210,581
8.250% due 09/30/25 ~		200,000		205,470
				1,322,062
Panama - 0.8%
Panama Government
4.000% due 09/22/24		200,000		198,250
4.300% due 04/29/53		240,000		204,600
6.700% due 01/26/36		160,000		191,200
8.875% due 09/30/27		90,000		124,200
9.375% due 04/01/29		80,000		115,500
				833,750
Paraguay - 0.2%
Republic of Paraguay 4.625% due 01/25/23 ~		200,000		197,500
Peru - 1.5%
Peruvian Government
5.625% due 11/18/50		269,000		278,415
5.700% due 08/12/24 ~		PEN 592,000		163,773
6.950% due 08/12/31 ~		53,000		15,152
7.350% due 07/21/25		$408,000		510,000
8.200% due 08/12/26 ~		PEN 273,000		87,706
8.750% due 11/21/33		$347,000		490,137
				1,545,183
Philippines - 1.9%
Philippine Government
3.900% due 11/26/22		PHP 10,000,000		208,150
4.000% due 01/15/21		$380,000		409,439
4.950% due 01/15/21		PHP 5,000,000		109,098
6.375% due 10/23/34		$127,000		166,493
7.750% due 01/14/31		290,000		412,081
9.500% due 02/02/30		292,000		465,303
10.625% due 03/16/25		120,000		190,625
				1,961,189

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-40

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
Poland - 1.2%
Poland Government
1.500% due 04/25/20		PLN 479,000		$121,429
3.000% due 03/17/23		$58,000		58,038
3.250% due 07/25/19		PLN 1,073,000		293,517
3.250% due 07/25/25		2,399,000		654,010
4.000% due 10/25/23		41,000		11,764
5.000% due 03/23/22		$124,000		138,880
				1,277,638
Romania - 1.3%
Romanian Government
4.375% due 08/22/23 ~		554,000		578,736
6.125% due 01/22/44 ~		38,000		44,270
6.750% due 02/07/22 ~		592,000		700,040
				1,323,046
Russia - 0.7%
Russian Federal
6.200% due 01/31/18		RUB 1,425,000		19,740
6.400% due 05/27/20		6,232,000		80,082
6.700% due 05/15/19		932,000		12,554
6.800% due 12/11/19		6,988,000		92,524
7.000% due 01/25/23		7,372,000		91,290
7.000% due 08/16/23		3,521,000		43,197
7.400% due 06/14/17		10,263,000		148,989
7.500% due 03/15/18		5,849,000		83,337
7.500% due 02/27/19		1,692,000		23,510
7.600% due 04/14/21		2,759,000		36,432
8.150% due 02/03/27		4,094,000		52,575
Russian Foreign 7.500% due 03/31/30 § ~		$3,845		4,530
				688,760
Senegal - 0.2%
Senegal Government 8.750% due 05/13/21 ~		200,000		210,600
Serbia - 0.6%
Republic of Serbia
4.875% due 02/25/20 ~		200,000		202,524
5.875% due 12/03/18 ~		200,000		209,750
7.250% due 09/28/21 ~		210,000		235,988
				648,262
South Africa - 3.3%
South Africa Government
5.500% due 03/09/20		290,000		308,952
5.875% due 05/30/22		300,000		325,125
6.250% due 03/31/36		ZAR 3,120,000		168,061
6.875% due 05/27/19		$346,000		386,584
7.000% due 02/28/31		ZAR 7,240,000		440,768
7.750% due 02/28/23		2,930,000		205,175
8.000% due 01/31/30		3,460,000		232,688
8.250% due 03/31/32		4,910,000		331,677
8.500% due 01/31/37		2,850,000		195,076
8.750% due 01/31/44		2,850,000		197,815
8.750% due 02/28/48		5,580,000		388,750
10.500% due 12/21/26		3,650,000		302,119
				3,482,790
Thailand - 0.2%
Thailand Government
1.250% due 03/12/28 ^ ~		THB 3,766,233		87,290
4.675% due 06/29/44		2,788,000		90,020
				177,310

	Principal Amount		Value
Turkey - 2.8%
Turkey Government
3.000% due 02/23/22 ^		TRY 922,316		$297,393
3.250% due 03/23/23		$200,000		178,477
5.625% due 03/30/21		100,000		104,613
5.750% due 03/22/24		200,000		207,760
6.750% due 04/03/18		360,000		389,376
6.750% due 05/30/40		110,000		117,563
6.875% due 03/17/36		155,000		168,097
7.000% due 03/11/19		100,000		110,062
7.000% due 06/05/20		60,000		66,450
7.100% due 03/08/23		TRY 1,233,000		330,324
7.375% due 02/05/25		$190,000		217,716
7.500% due 07/14/17		220,000		237,595
7.500% due 11/07/19		100,000		112,595
8.000% due 03/12/25		TRY 810,000		225,502
10.400% due 03/20/24		440,000		141,874
				2,905,397
Ukraine - 1.1%
Ukraine Government
6.250% due 06/17/16 ~		$200,000		158,580
7.500% due 04/17/23 ~		200,000		160,262
7.800% due 11/28/22 ~		580,000		462,550
7.950% due 02/23/21 ~		200,000		159,500
9.250% due 07/24/17 ~		230,000		182,477
				1,123,369
Uruguay - 1.2%
Uruguay Government
3.700% due 06/26/37 ^		UYU 4,346,462		101,654
4.125% due 11/20/45		$128,548		102,196
4.250% due 04/05/27 ^		UYU 7,570,057		213,888
4.500% due 08/14/24		$279,235		282,725
5.100% due 06/18/50		145,000		127,600
7.625% due 03/21/36		152,000		188,670
7.875% PIK due 01/15/33		218,000		273,590
				1,290,323
Venezuela - 1.8%
Venezuela Government
5.750% due 02/26/16 ~		258,000		218,010
6.000% due 12/09/20 ~		162,000		54,270
7.650% due 04/21/25		135,000		45,225
7.750% due 10/13/19 ~		240,000		83,400
8.250% due 10/13/24 ~		272,000		92,480
9.000% due 05/07/23 ~		235,000		81,662
9.250% due 09/15/27		248,000		97,960
9.250% due 05/07/28 ~		259,000		88,707
11.750% due 10/21/26 ~		1,212,700		475,985
11.950% due 08/05/31 ~		1,437,800		571,526
12.750% due 08/23/22 ~		242,000		104,665
				1,913,890
Vietnam - 0.6%
Vietnam Government
4.800% due 11/19/24 ~		307,000		291,710
6.750% due 01/29/20 ~		280,000		305,896
				597,606
Zambia - 0.4%
Zambia Government
8.500% due 04/14/24 ~		200,000		161,000
8.970% due 07/30/27 ~		360,000		286,200
				447,200
Total Foreign Government Bonds & Notes (Cost $65,808,885)				58,684,953

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-41

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENT - 4.3%
Money Market Fund - 4.3%
BlackRock Liquidity Funds T-Fund Portfolio		4,524,748		$4,524,748
Total Short-Term Investment (Cost $4,524,748)				4,524,748
TOTAL INVESTMENTS - 97.0% (Cost $112,930,301)				101,176,460
OTHER ASSETS & LIABILITIES, NET - 3.0%				3,116,549
NET ASSETS - 100.0%				$104,293,009

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Foreign Government Bonds & Notes	56.3%
Corporate Bonds & Notes	35.6%
Short-Term Investment	4.3%
Others (each less than 3.0%)	0.8%
	97.0%
Other Assets & Liabilities, Net	3.0%
	100.0%

(b) As of September 30, 2015, the fund’s composition by country of risk as a percentage of net assets was as follows:

Mexico	8.8%
Brazil	7.7%
Russia	6.4%
Kazakhstan	5.7%
Colombia	5.4%
United States (Includes Short-Term Investment)	4.3%
Venezuela	4.2%
China	3.6%
South Africa	3.4%
Hungary	3.2%
Others (each less than 3.0%)	44.3%
	97.0%
Other Assets & Liabilities, Net	3.0%
	100.0%

(c) Investments with a total aggregate value of $684,299 or 0.7% of the fund’s net assets were in default as of September 30, 2015.

(d) Forward foreign currency contracts outstanding as of September 30, 2015 were as follows:

Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
BRL	1,669,565	USD	432,397		10/15	BNP		($11,569	)
BRL	2,496,501	USD	654,460		10/15	CSF		(25,194	)
BRL	4,092,688	USD	1,063,254		10/15	DUB		(31,656	)
BRL	2,934,545	USD	783,338		10/15	HSB		(43,661	)
BRL	1,452,093	USD	356,815		11/15	DUB		4,915
BRL	1,452,093	USD	359,078		11/15	GSC		2,651
BRL	1,370,552	USD	340,000		11/15	HSB		1,417
CLP	374,311,300	USD	550,000		10/15	BNP		(13,757	)
CLP	141,722,440	USD	214,926		10/15	SCB		(11,893	)
CNH	519,920	USD	80,000		02/16	BNP		382
CNH	9,316,916	USD	1,433,482		02/16	HSB		6,954
CNH	519,920	USD	78,919		09/16	BNP		398
CNH	12,427,231	USD	1,950,616		03/17	HSB		(74,455	)
CNY	3,350,251	USD	521,206		11/15	JPM		3,288
COP	370,440,000	USD	120,000		10/15	DUB		(457	)
COP	135,005,684	USD	43,271		10/15	DUB		296
COP	184,200,000	USD	60,000		10/15	JPM		(558	)
COP	1,828,216,361	USD	600,196		10/15	SCB		(9,492	)
CZK	14,265,272	USD	583,292		10/15	BRC		3,311
CZK	2,172,656	USD	90,000		10/15	DUB		(658	)
EUR	275,325	USD	311,617		10/15	BRC		(3,860	)
HUF	16,535,832	USD	60,000		10/15	BNP		(1,082	)
HUF	133,504,300	USD	473,399		10/15	BNP		2,284
HUF	24,803,809	USD	88,105		10/15	SCB		272
HUF	13,991,005	USD	50,000		10/15	UBS		(149	)
IDR	5,806,375,832	USD	397,802		10/15	BNP		(6,141	)
IDR	1,152,625,500	USD	79,300		10/15	HSB		(1,551	)
IDR	1,189,600,000	USD	80,000		10/15	HSB		243
IDR	3,899,409,000	USD	266,900		10/15	SCB		(3,871	)
ILS	1,126,057	USD	297,521		10/15	BNP		(10,398	)
ILS	157,737	USD	40,000		10/15	MSC		220
INR	39,153,633	USD	583,947		10/15	BNP		9,200
INR	62,446,280	USD	930,000		10/15	JPM		16,012
KRW	95,024,000	USD	80,000		11/15	JPM		5

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-42

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
KRW	2,034,551,203	USD	1,733,111		11/15	MSC		($20,139	)
MXN	2,365,146	USD	140,000		10/15	BRC		(457	)
MXN	14,542,274	USD	895,412		10/15	DUB		(37,420	)
MXN	48,940,676	USD	2,974,468		10/15	JPM		(86,976	)
MXN	13,516,342	USD	825,000		10/15	MER		(27,538	)
MYR	1,822,152	USD	423,238		10/15	BNP		(9,602	)
MYR	4,815,757	USD	1,142,637		10/15	JPM		(49,439	)
MYR	562,250	USD	130,000		10/15	UBS		(2,367	)
MYR	545,000	USD	129,300		11/15	BRC		(5,809	)
MYR	315,210	USD	74,400		11/15	DUB		(2,977	)
MYR	2,600,300	USD	613,640		11/15	MER		(24,442	)
MYR	696,139	USD	164,300		11/15	SCB		(6,563	)
PEN	429,514	USD	132,791		10/15	BNP		(1,130	)
PEN	54,048	USD	16,684		10/15	CIT		(116	)
PEN	219,343	USD	67,604		10/15	DUB		(368	)
PHP	1,873,200	USD	40,000		10/15	BNP		(6	)
PLN	1,911,070	USD	511,690		10/15	MER		(9,280	)
PLN	5,956,516	USD	1,573,508		10/15	SCB		(7,572	)
PLN	391,324	USD	103,722		10/15	UBS		(845	)
RON	195,840	USD	50,000		10/15	BNP		(498	)
RON	238,229	USD	60,000		10/15	DUB		217
RON	3,061,155	USD	768,015		10/15	MER		5,745
RUB	14,628,372	USD	220,000		10/15	BNP		1,751
RUB	30,708,808	USD	500,906		10/15	BRC		(35,392	)
RUB	13,458,603	USD	200,960		10/15	CSF		3,058
RUB	3,444,750	USD	50,000		10/15	HSB		2,219
RUB	50,080,089	USD	755,384		10/15	MER		3,779
RUB	12,774,865	USD	188,255		10/15	MSC		5,401
SGD	56,667	USD	40,000		10/15	ANZ		(222	)
SGD	169,218	USD	120,000		10/15	HSB		(1,216	)
SGD	1,833,680	USD	1,297,124		10/15	SCB		(9,952	)
SGD	788,200	USD	556,442		11/15	BRC		(3,698	)
THB	3,601,000	USD	100,000		10/15	HSB		(898	)
THB	3,980,350	USD	110,000		10/15	JPM		(458	)
THB	72,174,576	USD	1,971,983		11/15	DUB		12,119
TRY	938,249	USD	329,647		10/15	CIT		(22,602	)
TRY	204,555	USD	67,000		10/15	DUB		(59	)
TRY	336,180	USD	110,000		10/15	DUB		16
TRY	1,989,537	USD	650,877		10/15	HSB		204
TRY	590,531	USD	208,710		10/15	MER		(15,457	)
TRY	400,924	USD	130,000		10/15	MER		1,203
TWD	33,140,398	USD	1,010,840		10/15	DUB		(4,298	)
TWD	2,939,000	USD	90,000		10/15	JPM		(737	)
USD	250,000	BRL	959,000		10/15	BNP		8,276
USD	766,607	BRL	2,813,597		10/15	CIT		57,415
USD	690,769	BRL	2,788,656		10/15	DUB		(12,138	)
USD	363,023	BRL	1,452,093		10/15	GSC		(2,990	)
USD	9,669	BRL	31,299		10/15	GSC		1,779
USD	852,822	BRL	3,148,653		10/15	HSB		59,176
USD	657,876	CLP	461,121,345		10/15	BNP		(2,733	)
USD	112,124	CLP	78,773,837		10/15	DUB		(728	)
USD	36,000	CLP	24,448,680		10/15	MSC		975
USD	79,957	CNH	519,920		02/16	BNP		(425	)
USD	1,400,000	CNH	9,316,916		02/16	HSB		(40,436	)
USD	1,414,483	CNH	9,316,916		09/16	HSB		(7,049	)
USD	860,000	CNH	5,648,050		10/16	BNP		(610	)
USD	1,963,192	CNH	12,427,231		03/17	HSB		87,031
USD	520,000	CNY	3,334,760		11/15	HSB		(2,068	)
USD	825,000	COP	2,251,159,200		10/15	CSF		97,281
USD	169,523	COP	486,192,681		10/15	DUB		12,626
USD	183,419	COP	516,527,233		10/15	JPM		16,733
USD	71,000	CZK	1,756,773		10/15	MER		(1,240	)
USD	1,344,538	EUR	1,187,949		10/15	BRC		16,655
USD	150,574	GBP	97,473		10/15	HSB		3,138
USD	31,000	HUF	8,793,386		10/15	MER		(331	)
USD	174	IDR	2,556,750		10/15	BNP		2
USD	260,000	IDR	3,836,378,000		10/15	SCB		1,222
USD	58,000	ILS	219,145		10/15	MER		2,122
USD	40,000	INR	2,665,884		10/15	ANZ		(386	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-43

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
USD	1,222,106	MXN	20,802,072		10/15	BNP		($5,213	)
USD	1,459,491	MXN	24,659,360		10/15	BNP		4,593
USD	100,000	MXN	1,662,235		10/15	CIT		1,928
USD	390,000	MXN	6,483,204		10/15	DUB		7,492
USD	714,000	MXN	11,851,237		10/15	GSC		14,779
USD	1,225,130	MXN	20,586,835		10/15	JPM		10,510
USD	600,000	MXN	9,819,900		10/15	SCB		20,628
USD	89,800	MYR	384,164		10/15	DUB		2,593
USD	182,900	MYR	782,343		10/15	UBS		5,304
USD	50,418	PHP	2,378,226		10/15	HSB		(358	)
USD	180,862	PLN	676,404		10/15	BNP		3,039
USD	181,029	PLN	676,404		10/15	HSB		3,206
USD	433,000	PLN	1,650,803		10/15	MER		(987	)
USD	92,000	RON	372,008		10/15	BRC		(2,031	)
USD	527,660	RUB	35,046,016		10/15	CSF		(3,602	)
USD	30,000	RUB	2,003,700		10/15	HSB		(374	)
USD	220,000	RUB	13,473,900		10/15	MER		15,749
USD	560,000	SGD	788,200		11/15	MER		7,256
USD	560,000	TRY	1,576,254		10/15	DUB		44,166
USD	152,000	TRY	435,070		10/15	MER		9,622
USD	511,874	TRY	1,536,543		11/15	DUB		13,609
USD	40,000	TWD	1,297,600		10/15	MER		589
USD	264,270	ZAR	3,355,625		10/15	BNP		23,416
USD	450,000	ZAR	5,681,655		10/15	BRC		42,193
USD	67,820	ZAR	946,839		10/15	DUB		(140	)
USD	200,000	ZAR	2,752,612		10/15	DUB		2,428
USD	400,000	ZAR	5,480,426		10/15	GSC		6,636
USD	86,245	ZAR	1,095,958		10/15	HSB		7,581
USD	354,000	ZAR	4,583,099		10/15	MSC		25,043
USD	350,000	ZAR	4,786,460		10/15	UBS		6,446
USD	203,047	ZAR	2,831,590		11/15	HSB		909
USD	500,000	ZAR	7,048,890		11/15	MER		(3,197	)
ZAR	901,037	USD	66,000		10/15	CIT		(1,327	)
ZAR	1,341,992	USD	100,000		10/15	DUB		(3,677	)
ZAR	1,499,507	USD	110,313		10/15	GSC		(2,683	)
ZAR	1,527,460	USD	110,000		10/15	HSB		(365	)
ZAR	13,628,825	USD	1,001,000		10/15	MER		(22,774	)
ZAR	2,376,214	USD	174,000		10/15	SCB		(3,444	)
ZAR	7,950,572	USD	619,546		10/15	UBS		(48,885	)
Total Forward Foreign Currency Contracts								($77,420	)

(e) Swap agreements outstanding as of September 30, 2015 were as follows:

Cross Currency Swaps – Receive Floating Rate

Notional Amount on Fixed Rate (Currency Received)

Notional Amount on Floating Rate (Currency Delivered)

Floating Rate Index

Counter- party

Fixed Rate

Expiration Date

Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

EUR 80,000

$87,280

3-Month USD-LIBOR

HSB

1.078%

06/05/45

$1,505

$—

$1,505

Interest Rate Swaps – Pay Floating Rate

Floating Rate Index

Counter- party

Fixed Rate

Expiration Date

Notional Amount

Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Brazil CETIP Interbank

BNP

14.690%

01/02/18

BRL 7,002,740

($15,842

)

$—

($15,842

)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-44

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Interest Rate Swaps – Receive Floating Rate

Floating Rate Index	Counter- party		Fixed Rate		Expiration Date		Notional Amount		Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Brazil CETIP Interbank		BNP		13.278%		01/02/18		BRL 2,685,072		$26,516		$—		$26,516
Brazil CETIP Interbank		BNP		13.747%		01/02/18		2,719,996		19,634		—		19,634
Brazil CETIP Interbank		BNP		13.859%		01/02/18		954,411		6,305		—		6,305
										$52,455		$—		$52,455
										$36,613		$—		$36,613

Total Return Swaps

Receive Total Return	Counter- party		Expiration Date		Notional Amount		Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Indonesia Treasury 12.800% due 06/15/21		SCB		06/15/21		IDR 1,056,000,000		$84,519		$111,759		($27,240	)
Indonesia Treasury 8.375% due 03/15/24		ANZ		03/15/24		554,000,000		35,229		48,201		(12,972	)
Indonesia Treasury 8.375% due 03/15/24		SCB		03/15/24		989,000,000		62,890		86,048		(23,158	)
Indonesia Treasury 11.000% due 09/15/25		SCB		09/15/25		800,000,000		58,966		94,805		(35,839	)
Indonesia Treasury 8.375% due 09/15/26		SCB		09/15/26		814,000,000		51,644		67,563		(15,919	)
Indonesia Treasury 7.000% due 05/15/27		SCB		05/15/27		100,000,000		5,768		9,048		(3,280	)
Indonesia Treasury 9.000% due 03/15/29		ANZ		03/15/29		2,800,000,000		180,845		248,633		(67,788	)
Indonesia Treasury 10.500% due 08/15/30		SCB		08/15/30		1,500,000,000		108,547		177,195		(68,648	)
Indonesia Treasury 6.625% due 05/15/33		SCB		05/15/33		270,000,000		13,835		22,923		(9,088	)
Indonesia Treasury 8.375% due 03/15/34		ANZ		03/15/34		2,600,000,000		155,207		215,339		(60,132	)
Indonesia Treasury 8.375% due 03/15/34		HSB		03/15/34		584,000,000		34,862		49,786		(14,924	)
Indonesia Treasury 8.375% due 03/15/34		SCB		03/15/34		42,000,000		2,508		3,341		(833	)
Indonesia Treasury 8.250% due 05/15/36		SCB		05/15/36		1,537,000,000		92,851		114,351		(21,500	)
								$887,671		$1,248,992		($361,321	)
Total Swap Agreements								$925,789		$1,248,992		($323,203	)

(f) Fair Value Measurements

The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$37,081,828			$—		$37,081,828			$—
	Convertible Corporate Bonds & Notes		15,762			—		15,762			—
	Senior Loan Notes		869,169			—		869,169			—
	Foreign Government Bonds & Notes		58,684,953			—		58,684,953			—
	Short-Term Investment		4,524,748			4,524,748		—			—
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		731,706			—		731,706			—
	Swaps		1,505			—		1,505			—
	Total Foreign Currency Contracts		733,211			—		733,211			—
	Interest Rate Contracts
	Swaps		940,126			—		940,126			—
	Total Assets - Derivatives		1,673,337			—		1,673,337			—
	Total Assets		102,849,797			4,524,748		98,325,049			—
Liabilities	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(809,126	)		—		(809,126	)		—
	Interest Rate Contracts
	Swaps		(15,842	)		—		(15,842	)		—
	Total Liabilities - Derivatives		(824,968	)		—		(824,968	)		—
	Total Liabilities		(824,968	)		—		(824,968	)		—
	Total		$102,024,829			$4,524,748		$97,500,081			$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-45

PACIFIC FUNDS

PF COMSTOCK FUND

Schedule of Investments

September 30, 2015 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.8%
Consumer Discretionary - 16.0%
Carnival Corp		116,789		$5,804,413
CBS Corp ‘B’		19,488		777,571
Comcast Corp ‘A’		59,408		3,379,127
Fossil Group Inc *		10,904		609,316
General Motors Co		120,177		3,607,713
Johnson Controls Inc		90,768		3,754,164
Kohl’s Corp		54,991		2,546,633
Mattel Inc		28,364		597,346
Newell Rubbermaid Inc		43,128		1,712,613
Target Corp		32,830		2,582,408
Time Warner Cable Inc		13,565		2,433,154
Time Warner Inc		13,566		932,594
Twenty-First Century Fox Inc ‘B’		85,936		2,326,288
Viacom Inc ‘B’		57,306		2,472,754
				33,536,094
Consumer Staples - 6.2%
ConAgra Foods Inc		93,901		3,803,929
CVS Health Corp		10,315		995,191
Mondelez International Inc ‘A’		41,152		1,723,034
The Coca-Cola Co		82,825		3,322,939
Unilever NV ‘NY’ (United Kingdom)		23,524		945,665
Wal-Mart Stores Inc		32,613		2,114,627
				12,905,385
Energy - 13.3%
BP PLC ADR (United Kingdom)		107,227		3,276,857
Chevron Corp		32,551		2,567,623
Devon Energy Corp		52,596		1,950,786
Halliburton Co		52,076		1,840,887
Hess Corp		22,261		1,114,386
Murphy Oil Corp		55,249		1,337,026
Noble Corp PLC		91,680		1,000,229
Occidental Petroleum Corp		28,283		1,870,920
QEP Resources Inc		97,964		1,227,489
Royal Dutch Shell PLC ‘A’ ADR (Netherlands)		82,398		3,904,841
Suncor Energy Inc (Canada)		172,655		4,613,342
Weatherford International PLC *		387,036		3,282,065
				27,986,451
Financials - 28.3%
Aflac Inc		37,331		2,170,051
Ally Financial Inc *		95,639		1,949,123
Bank of America Corp		387,016		6,029,709
Citigroup Inc		207,752		10,306,577
Citizens Financial Group Inc		66,090		1,576,907
Fifth Third Bancorp		157,991		2,987,610
JPMorgan Chase & Co		128,013		7,804,953
MetLife Inc		63,891		3,012,461
Morgan Stanley		106,722		3,361,743
State Street Corp		51,841		3,484,234
The Allstate Corp		44,922		2,616,257
The Bank of New York Mellon Corp		84,764		3,318,511
The Goldman Sachs Group Inc		12,152		2,111,531
The PNC Financial Services Group Inc		40,466		3,609,567
US Bancorp		20,982		860,472
Wells Fargo & Co		82,027		4,212,086
				59,411,792
Health Care - 11.2%
AbbVie Inc		31,727		1,726,266
Anthem Inc		14,677		2,054,780
Express Scripts Holding Co *		22,346		1,809,132
GlaxoSmithKline PLC ADR (United Kingdom)		20,359		782,804
Medtronic PLC		21,585		1,444,900
Merck & Co Inc		80,071		3,954,707

	Shares		Value
Novartis AG (Switzerland)		34,042		$3,135,770
Pfizer Inc		115,605		3,631,153
Roche Holding AG ADR (Switzerland)		56,550		1,863,323
Sanofi ADR (France)		63,938		3,035,137
				23,437,972
Industrials - 6.5%
Caterpillar Inc		22,400		1,464,064
Emerson Electric Co		60,178		2,658,062
General Electric Co		222,830		5,619,773
Honeywell International Inc		4,671		442,297
Ingersoll-Rand PLC		22,301		1,132,222
Textron Inc		60,479		2,276,430
				13,592,848
Information Technology - 13.1%
Autodesk Inc *		13,653		602,643
Cisco Systems Inc		180,741		4,744,451
Citrix Systems Inc *		31,639		2,191,950
Corning Inc		77,857		1,332,912
eBay Inc *		92,160		2,252,390
Hewlett-Packard Co		103,628		2,653,913
Intel Corp		62,658		1,888,512
Microsoft Corp		70,494		3,120,064
NetApp Inc		99,639		2,949,314
PayPal Holdings Inc *		56,434		1,751,711
Symantec Corp		147,033		2,862,732
Yahoo! Inc *		35,767		1,034,024
				27,384,616
Materials - 1.4%
Alcoa Inc		149,454		1,443,726
International Paper Co		40,840		1,543,344
				2,987,070
Telecommunication Services - 0.7%
Frontier Communications Corp		328,899		1,562,270
Utilities - 1.1%
FirstEnergy Corp		30,136		943,558
PG&E Corp		26,121		1,379,189
				2,322,747
Total Common Stocks (Cost $157,831,944)				205,127,245
SHORT-TERM INVESTMENT - 2.3%
Money Market Fund - 2.3%
BlackRock Liquidity Funds T-Fund Portfolio		4,783,190		4,783,190
Total Short-Term Investment (Cost $4,783,190)				4,783,190
TOTAL INVESTMENTS - 100.1% (Cost $162,615,134)				209,910,435
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(115,181	)
NET ASSETS - 100.0%				$209,795,254

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-46

PACIFIC FUNDS

PF COMSTOCK FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Financials	28.3%
Consumer Discretionary	16.0%
Energy	13.3%
Information Technology	13.1%
Health Care	11.2%
Industrials	6.5%
Consumer Staples	6.2%
Others (each less than 3.0%)	5.5%
	100.1%
Other Assets & Liabilities, Net	(0.1%	)
	100.0%

(b) Forward foreign currency contracts outstanding as of September 30, 2015 were as follows:

Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
CHF	370,687	USD	381,979		10/15	DUB		($1,420	)
USD	931,763	CAD	1,234,427		10/15	CIB		6,829
USD	931,762	CAD	1,234,435		10/15	DUB		6,822
USD	931,895	CAD	1,234,435		10/15	GSC		6,956
USD	931,691	CAD	1,234,435		10/15	RBC		6,752
USD	1,116,107	CHF	1,082,088		10/15	CIB		5,201
USD	1,116,188	CHF	1,082,066		10/15	DUB		5,305
USD	1,115,911	CHF	1,082,088		10/15	GSC		5,005
USD	1,116,152	CHF	1,082,087		10/15	RBC		5,247
USD	1,357,503	EUR	1,199,464		10/15	BRC		16,891
USD	1,357,241	EUR	1,199,464		10/15	CIB		16,630
USD	1,357,115	EUR	1,199,464		10/15	DUB		16,504
USD	1,357,026	EUR	1,199,464		10/15	GSC		16,414
USD	1,357,421	EUR	1,199,464		10/15	RBC		16,810
USD	869,786	GBP	565,049		10/15	CIB		15,076
USD	869,492	GBP	565,049		10/15	DUB		14,783
USD	869,492	GBP	565,049		10/15	GSC		14,782
USD	869,658	GBP	565,054		10/15	RBC		14,941
Total Forward Foreign Currency Contracts								$189,528

(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 (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Consumer Discretionary		$33,536,094			$33,536,094		$—			$—
	Consumer Staples		12,905,385			12,905,385		—			—
	Energy		27,986,451			27,986,451		—			—
	Financials		59,411,792			59,411,792		—			—
	Health Care		23,437,972			20,302,202		3,135,770			—
	Industrials		13,592,848			13,592,848		—			—
	Information Technology		27,384,616			27,384,616		—			—
	Materials		2,987,070			2,987,070		—			—
	Telecommunication Services		1,562,270			1,562,270		—			—
	Utilities		2,322,747			2,322,747		—			—
			205,127,245			201,991,475		3,135,770			—
	Short-Term Investment		4,783,190			4,783,190		—			—
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		190,948			—		190,948			—
	Total Assets		210,101,383			206,774,665		3,326,718
Liabilities	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(1,420	)		—		(1,420	)		—
	Total Liabilities		(1,420	)		—		(1,420	)		—
	Total		$210,099,963			$206,774,665		$3,325,298			$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-47

PACIFIC FUNDS

PF GROWTH FUND

Schedule of Investments

September 30, 2015 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.6%
Consumer Discretionary - 22.6%
Amazon.com Inc *		6,251		$3,199,824
Aramark		40,760		1,208,126
AutoZone Inc *		1,975		1,429,564
Burlington Stores Inc *		8,392		428,328
Comcast Corp ‘Special A’		24,703		1,414,000
Dollar General Corp		17,891		1,296,024
Dollar Tree Inc *		16,787		1,119,021
LVMH Moet Hennessy Louis Vuitton SE (France)		1,772		302,379
Marriott International Inc ‘A’		9,542		650,764
Netflix Inc *		18,908		1,952,440
NIKE Inc ‘B’		9,104		1,119,519
PVH Corp		3,754		382,683
Ross Stores Inc		47,460		2,300,386
Starbucks Corp		34,144		1,940,745
The Priceline Group Inc *		1,704		2,107,609
The TJX Cos Inc		27,059		1,932,554
Time Inc l		—		5
Time Warner Inc		6,869		472,244
Tractor Supply Co		8,661		730,296
Twenty-First Century Fox Inc ‘A’		15,662		422,561
VF Corp		15,244		1,039,793
Wynn Resorts Ltd		1,193		63,372
Yum! Brands Inc		1,627		130,079
				25,642,316
Consumer Staples - 8.4%
Colgate-Palmolive Co		15,125		959,833
Constellation Brands Inc ‘A’		11,555		1,446,802
Costco Wholesale Corp		12,367		1,787,897
CVS Health Corp		19,992		1,928,828
Danone SA (France)		7,652		483,946
Mead Johnson Nutrition Co		8,242		580,237
Mondelez International Inc ‘A’		25,612		1,072,374
Pernod Ricard SA (France)		2,881		290,913
The Estee Lauder Cos Inc ‘A’		12,982		1,047,388
				9,598,218
Energy - 0.3%
Anadarko Petroleum Corp		1,735		104,777
Schlumberger Ltd		2,929		202,013
				306,790
Financials - 6.3%
Affiliated Managers Group Inc *		1,691		289,144
American Tower Corp REIT		24,258		2,134,219
BlackRock Inc		2,342		696,675
Intercontinental Exchange Inc		8,838		2,076,842
Moody’s Corp		6,021		591,262
Morgan Stanley		8,954		282,051
Realogy Holdings Corp *		9,505		357,673
The Charles Schwab Corp		26,655		761,267
				7,189,133
Health Care - 18.8%
Abbott Laboratories		26,313		1,058,309
Alexion Pharmaceuticals Inc *		7,648		1,196,071
Allergan PLC *		9,581		2,604,212
Biogen Inc *		4,373		1,276,085
Bristol-Myers Squibb Co		30,902		1,829,398
Celgene Corp *		15,408		1,666,683
Cerner Corp *		6,533		391,719
CR Bard Inc		3,308		616,313
Eli Lilly & Co		14,296		1,196,432
Gilead Sciences Inc		5,286		519,032
IMS Health Holdings Inc *		7,021		204,311
McKesson Corp		7,716		1,427,691

	Shares		Value
Medtronic PLC		18,264		$1,222,592
Regeneron Pharmaceuticals Inc *		2,698		1,254,948
Stryker Corp		4,151		390,609
The Cooper Cos Inc		2,855		424,995
Thermo Fisher Scientific Inc		21,551		2,635,256
Valeant Pharmaceuticals International Inc *		4,871		868,889
Vertex Pharmaceuticals Inc *		3,957		412,082
Zoetis Inc		5,573		229,496
				21,425,123
Industrials - 7.8%
AMETEK Inc		22,503		1,177,357
Canadian Pacific Railway Ltd (Canada)		4,825		692,725
Danaher Corp		33,822		2,881,973
Equifax Inc		6,995		679,774
FedEx Corp		3,250		467,935
Honeywell International Inc		5,553		525,814
Rockwell Collins Inc		2,235		182,912
Roper Industries Inc		6,555		1,027,169
Spirit Airlines Inc *		3,273		154,813
Union Pacific Corp		4,781		422,688
Verisk Analytics Inc *		9,315		688,472
				8,901,632
Information Technology - 29.9%
Adobe Systems Inc *		28,936		2,379,118
Akamai Technologies Inc *		3,271		225,895
Alibaba Group Holding Ltd SP ADR (China) *		1,754		103,433
Apple Inc		28,695		3,165,059
Avago Technologies Ltd (Singapore)		11,150		1,393,862
Cognizant Technology Solutions Corp ‘A’ *		29,106		1,822,327
EMC Corp		9,590		231,694
Facebook Inc ‘A’ *		40,342		3,626,746
Fiserv Inc *		15,705		1,360,210
FleetCor Technologies Inc *		6,643		914,210
Google Inc ‘A’ *		5,675		3,622,750
Google Inc ‘C’ *		4,769		2,901,555
Intuit Inc		10,977		974,209
LinkedIn Corp ‘A’ *		5,791		1,101,043
MasterCard Inc ‘A’		35,288		3,180,155
NVIDIA Corp		7,168		176,691
NXP Semiconductor NV (Netherlands) *		2,728		237,527
Sabre Corp		16,050		436,239
salesforce.com Inc *		27,238		1,891,134
Visa Inc ‘A’		61,211		4,263,958
				34,007,815
Materials - 3.5%
Ecolab Inc		6,744		739,952
Monsanto Co		9,773		834,028
The Sherwin-Williams Co		6,271		1,397,053
Vulcan Materials Co		11,086		988,871
				3,959,904
Total Common Stocks (Cost $87,058,456)				111,030,931
SHORT-TERM INVESTMENT - 3.0%
Money Market Fund - 3.0%
BlackRock Liquidity Funds T-Fund Portfolio		3,345,314		3,345,314
Total Short-Term Investment (Cost $3,345,314)				3,345,314
TOTAL INVESTMENTS - 100.6% (Cost $90,403,770)				114,376,245
OTHER ASSETS & LIABILITIES, NET - (0.6%)				(653,292	)
NET ASSETS - 100.0%				$113,722,953

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-48

PACIFIC FUNDS

PF GROWTH FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Information Technology	29.9%
Consumer Discretionary	22.6%
Health Care	18.8%
Consumer Staples	8.4%
Industrials	7.8%
Financials	6.3%
Materials	3.5%
Short-Term Investment	3.0%
Others (each less than 3.0%)	0.3%
	100.6%
Other Assets & Liabilities, Net	(0.6%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Consumer Discretionary		$25,642,316		$25,339,937		$302,379		$—
	Consumer Staples		9,598,218		8,823,359		774,859		—
	Energy		306,790		306,790		—		—
	Financials		7,189,133		7,189,133		—		—
	Health Care		21,425,123		21,425,123		—		—
	Industrials		8,901,632		8,901,632		—		—
	Information Technology		34,007,815		34,007,815		—		—
	Materials		3,959,904		3,959,904		—		—
			111,030,931		109,953,693		1,077,238		—
	Short-Term Investment		3,345,314		3,345,314		—		—
	Total		$114,376,245		$113,299,007		$1,077,238		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-49

PACIFIC FUNDS

PF LARGE-CAP GROWTH FUND

Schedule of Investments

September 30, 2015 (Unaudited)

	Shares		Value
COMMON STOCKS - 95.7%
Consumer Discretionary - 23.0%
Amazon.com Inc *		10,033		$5,135,792
Delphi Automotive PLC (United Kingdom)		22,878		1,739,643
Dollar General Corp		42,523		3,080,366
Hanesbrands Inc		54,843		1,587,157
Liberty Global PLC ‘A’ (United Kingdom) *		73,099		3,138,871
Netflix Inc *		40,167		4,147,644
NIKE Inc ‘B’		21,726		2,671,646
Restoration Hardware Holdings Inc *		20,127		1,878,050
Starbucks Corp		24,407		1,387,294
The Home Depot Inc		26,669		3,080,003
The Walt Disney Co		19,031		1,944,968
TripAdvisor Inc *		54,481		3,433,393
				33,224,827
Consumer Staples - 5.5%
Constellation Brands Inc ‘A’		20,449		2,560,419
Costco Wholesale Corp		16,755		2,422,270
CVS Health Corp		24,077		2,322,949
Mead Johnson Nutrition Co		10,034		706,394
				8,012,032
Energy - 0.8%
Concho Resources Inc *		12,448		1,223,638
Financials - 5.3%
Berkshire Hathaway Inc ‘B’ *		23,230		3,029,192
Crown Castle International Corp REIT		33,354		2,630,630
Moody’s Corp		20,972		2,059,450
				7,719,272
Health Care - 20.9%
AbbVie Inc		56,147		3,054,958
Allergan PLC *		9,967		2,709,130
Biogen Inc *		13,578		3,962,196
Celgene Corp *		14,845		1,605,784
Humana Inc		15,492		2,773,068
Illumina Inc *		6,712		1,180,104
Perrigo Co PLC		21,506		3,382,249
United Therapeutics Corp *		31,329		4,111,618
UnitedHealth Group Inc		33,690		3,908,377
Valeant Pharmaceuticals International Inc *		11,470		2,046,019
Vertex Pharmaceuticals Inc *		13,967		1,454,523
				30,188,026
Industrials - 3.3%
Delta Air Lines Inc		35,293		1,583,597
Union Pacific Corp		36,752		3,249,244
				4,832,841
Information Technology - 34.3%
Alliance Data Systems Corp *		13,616		3,526,272
Apple Inc		42,222		4,657,087
Facebook Inc ‘A’ *		103,965		9,346,454
Google Inc ‘A’ *		15,259		9,740,888
LinkedIn Corp ‘A’ *		11,461		2,179,080
MasterCard Inc ‘A’		23,156		2,086,819
Mobileye NV *		38,220		1,738,246
salesforce.com Inc *		62,221		4,320,004
Splunk Inc *		24,122		1,335,153
Tencent Holdings Ltd (China)		173,900		2,924,743
Visa Inc ‘A’		88,832		6,188,037
Workday Inc ‘A’ *		23,214		1,598,516
				49,641,299

	Shares		Value
Materials - 2.6%
Ecolab Inc		13,100		$1,437,332
The Sherwin-Williams Co		10,254		2,284,386
				3,721,718
Total Common Stocks (Cost $115,416,647)				138,563,653
SHORT-TERM INVESTMENT - 5.1%
Money Market Fund - 5.1%
BlackRock Liquidity Funds T-Fund Portfolio		7,357,776		7,357,776
Total Short-Term Investment (Cost $7,357,776)				7,357,776
TOTAL INVESTMENTS - 100.8% (Cost $122,774,423)				145,921,429
OTHER ASSETS & LIABILITIES, NET - (0.8%)				(1,142,620	)
NET ASSETS - 100.0%				$144,778,809

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Information Technology	34.3%
Consumer Discretionary	23.0%
Health Care	20.9%
Consumer Staples	5.5%
Financials	5.3%
Short-Term Investment	5.1%
Industrials	3.3%
Others (each less than 3.0%)	3.4%
	100.8%
Other Assets & Liabilities, Net	(0.8%	)
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-50

PACIFIC FUNDS

PF LARGE-CAP GROWTH FUND

Schedule of Investments (Continued)

September 30, 2015 (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 (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Consumer Discretionary		$33,224,827		$33,224,827		$—		$—
	Consumer Staples		8,012,032		8,012,032		—		—
	Energy		1,223,638		1,223,638		—		—
	Financials		7,719,272		7,719,272		—		—
	Health Care		30,188,026		30,188,026		—		—
	Industrials		4,832,841		4,832,841		—		—
	Information Technology		49,641,299		46,716,556		2,924,743		—
	Materials		3,721,718		3,721,718		—		—
			138,563,653		135,638,910		2,924,743		—
	Short-Term Investment		7,357,776		7,357,776		—		—
	Total		$145,921,429		$142,996,686		$2,924,743		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-51

PACIFIC FUNDS

PF LARGE-CAP VALUE FUND

Schedule of Investments

September 30, 2015 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.6%
Consumer Discretionary - 15.7%
DISH Network Corp ‘A’ *		155,044		$9,045,267
SES SA FDR ‘A’ (Luxembourg)		86,807		2,739,217
Target Corp		90,261		7,099,930
The Home Depot Inc		36,557		4,221,968
Time Warner Cable Inc		50,010		8,970,294
Time Warner Inc		117,151		8,054,131
Twenty-First Century Fox Inc ‘B’		183,401		4,964,665
				45,095,472
Consumer Staples - 10.1%
Anheuser-Busch InBev SA/NV ADR (Belgium)		25,611		2,722,962
CVS Health Corp		112,750		10,878,120
Kimberly-Clark Corp		38,754		4,225,736
Philip Morris International Inc		80,587		6,392,967
Reynolds American Inc		109,756		4,858,898
				29,078,683
Energy - 9.9%
Chevron Corp		57,772		4,557,055
Exxon Mobil Corp		78,279		5,820,044
Halliburton Co		166,752		5,894,683
National Oilwell Varco Inc		75,469		2,841,408
Royal Dutch Shell PLC ‘A’ ADR (Netherlands)		48,164		2,282,492
Schlumberger Ltd		68,610		4,732,032
Suncor Energy Inc (Canada)		84,181		2,249,316
				28,377,030
Financials - 26.1%
American Express Co		92,105		6,827,744
American Tower Corp REIT		41,809		3,678,356
Capital One Financial Corp		46,681		3,385,306
Citigroup Inc		96,433		4,784,041
JPMorgan Chase & Co		184,457		11,246,343
Marsh & McLennan Cos Inc		83,924		4,382,511
MetLife Inc		67,489		3,182,106
State Street Corp		74,426		5,002,171
Synchrony Financial *		103,131		3,228,000
The Bank of New York Mellon Corp		90,783		3,554,154
The Progressive Corp		67,818		2,077,944
The Travelers Cos Inc		56,307		5,604,236
US Bancorp		186,018		7,628,598
Wells Fargo & Co		202,811		10,414,345
				74,995,855
Health Care - 11.0%
Amgen Inc		37,614		5,202,769
Anthem Inc		45,859		6,420,260
Johnson & Johnson		51,828		4,838,144
Merck & Co Inc		135,889		6,711,558
Novartis AG ADR (Switzerland)		36,800		3,382,656
Teva Pharmaceutical Industries Ltd ADR (Israel)		87,738		4,953,688
				31,509,075
Industrials - 8.4%
General Electric Co		286,775		7,232,466
Honeywell International Inc		76,031		7,199,375
Illinois Tool Works Inc		63,781		5,249,814
United Technologies Corp		50,075		4,456,174
				24,137,829
Information Technology - 10.1%
EMC Corp		184,814		4,465,106
International Business Machines Corp		15,675		2,272,405
Microsoft Corp		98,515		4,360,274
Motorola Solutions Inc		71,516		4,890,264
Nuance Communications Inc *		248,517		4,068,223

	Shares		Value
TE Connectivity Ltd (Switzerland)		85,463		$5,118,379
Xerox Corp		410,654		3,995,663
				29,170,314
Materials - 4.7%
Air Products & Chemicals Inc		20,275		2,586,685
Crown Holdings Inc *		104,992		4,803,384
Freeport-McMoRan Inc		206,689		2,002,816
Martin Marietta Materials Inc		26,944		4,094,141
				13,487,026
Utilities - 1.6%
Sempra Energy		48,266		4,668,288
Total Common Stocks (Cost $185,073,161)				280,519,572
SHORT-TERM INVESTMENT - 1.3%
Money Market Fund - 1.3%
BlackRock Liquidity Funds T-Fund Portfolio		3,707,430		3,707,430
Total Short-Term Investment (Cost $3,707,430)				3,707,430
TOTAL INVESTMENTS - 98.9% (Cost $188,780,591)				284,227,002
OTHER ASSETS & LIABILITIES, NET - 1.1%				3,120,380
NET ASSETS - 100.0%				$287,347,382

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Financials	26.1%
Consumer Discretionary	15.7%
Health Care	11.0%
Information Technology	10.1%
Consumer Staples	10.1%
Energy	9.9%
Industrials	8.4%
Materials	4.7%
Others (each less than 3.0%)	2.9%
	98.9%
Other Assets & Liabilities, Net	1.1%
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-52

PACIFIC FUNDS

PF LARGE-CAP VALUE FUND

Schedule of Investments (Continued)

September 30, 2015 (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 (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Consumer Discretionary		$45,095,472		$42,356,255		$2,739,217		$—
	Consumer Staples		29,078,683		29,078,683		—		—
	Energy		28,377,030		28,377,030		—		—
	Financials		74,995,855		74,995,855		—		—
	Health Care		31,509,075		31,509,075		—		—
	Industrials		24,137,829		24,137,829		—		—
	Information Technology		29,170,314		29,170,314		—		—
	Materials		13,487,026		13,487,026		—		—
	Utilities		4,668,288		4,668,288		—		—
			280,519,572		277,780,355		2,739,217		—
	Short-Term Investment		3,707,430		3,707,430		—		—
	Total		$284,227,002		$281,487,785		$2,739,217		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-53

PACIFIC FUNDS

PF MAIN STREET^® CORE FUND

Schedule of Investments

September 30, 2015 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.9%
Consumer Discretionary - 10.3%
Amazon.com Inc *		5,140		$2,631,115
AutoZone Inc *		4,490		3,249,997
Comcast Corp ‘A’		74,640		4,245,523
Delphi Automotive PLC (United Kingdom)		28,590		2,173,984
Dunkin’ Brands Group Inc		24,700		1,210,300
General Motors Co		47,440		1,424,149
Harley-Davidson Inc		21,800		1,196,820
The Home Depot Inc		32,360		3,737,256
				19,869,144
Consumer Staples - 10.9%
Diageo PLC (United Kingdom)		31,540		848,754
Henkel AG & Co KGaA (Germany)		35,387		3,124,560
Mondelez International Inc ‘A’		156,320		6,545,118
PepsiCo Inc		51,280		4,835,704
Philip Morris International Inc		70,055		5,557,463
				20,911,599
Energy - 6.4%
Chevron Corp		55,524		4,379,733
HollyFrontier Corp		27,140		1,325,518
Magellan Midstream Partners LP		17,785		1,069,056
Noble Energy Inc		74,356		2,244,064
Suncor Energy Inc (Canada)		125,410		3,350,955
				12,369,326
Financials - 18.4%
American International Group Inc		56,980		3,237,604
Berkshire Hathaway Inc ‘B’ *		29,820		3,888,528
Citigroup Inc		138,507		6,871,332
CME Group Inc ‘A’		61,040		5,660,850
Discover Financial Services		43,367		2,254,650
Genworth Financial Inc ‘A’ *		161,940		748,163
M&T Bank Corp		13,860		1,690,227
Marsh & McLennan Cos Inc		47,250		2,467,395
McGraw Hill Financial Inc		32,778		2,835,297
Simon Property Group Inc REIT		13,940		2,561,057
The Bank of New York Mellon Corp		78,140		3,059,181
				35,274,284
Health Care - 14.7%
Allergan PLC *		11,180		3,038,836
Boston Scientific Corp *		141,230		2,317,584
Bristol-Myers Squibb Co		55,390		3,279,088
Express Scripts Holding Co *		49,479		4,005,820
Gilead Sciences Inc		30,560		3,000,686
HCA Holdings Inc *		21,660		1,675,618
Merck & Co Inc		74,820		3,695,360
Mylan NV *		39,610		1,594,699
UnitedHealth Group Inc		33,050		3,834,131
Zoetis Inc		42,990		1,770,328
				28,212,150
Industrials - 11.7%
Canadian National Railway Co (Canada)		52,950		3,005,442
CSX Corp		39,580		1,064,702
Deere & Co		40,360		2,986,640
General Electric Co		215,830		5,443,233
Lockheed Martin Corp		7,810		1,619,091
Nielsen Holdings PLC		54,790		2,436,511
Republic Services Inc		16,500		679,800
Tyco International PLC		79,085		2,646,184
United Technologies Corp		18,670		1,661,443
Waste Connections Inc		20,660		1,003,663
				22,546,709

	Shares		Value
Information Technology - 18.8%
Amdocs Ltd		71,770		$4,082,278
Apple Inc		85,464		9,426,679
Applied Materials Inc		121,900		1,790,711
Facebook Inc ‘A’ *		33,230		2,987,377
Google Inc ‘C’ *		14,743		8,969,936
MasterCard Inc ‘A’		24,230		2,183,608
PayPal Holdings Inc *		86,050		2,670,992
Western Digital Corp		26,380		2,095,627
Xerox Corp		195,880		1,905,912
				36,113,120
Materials - 1.7%
PPG Industries Inc		13,220		1,159,262
Teck Resources Ltd ‘B’ (Canada)		33,890		162,672
Vulcan Materials Co		21,600		1,926,720
				3,248,654
Telecommunication Services - 1.6%
Verizon Communications Inc		72,470		3,153,170
Utilities - 3.4%
AmeriGas Partners LP		23,115		959,966
ITC Holdings Corp		33,380		1,112,889
PG&E Corp		83,010		4,382,928
				6,455,783
Total Common Stocks (Cost $156,274,397)				188,153,939
SHORT-TERM INVESTMENT - 1.5%
Money Market Fund - 1.5%
BlackRock Liquidity Funds T-Fund Portfolio		2,959,752		2,959,752
Total Short-Term Investment (Cost $2,959,752)				2,959,752
TOTAL INVESTMENTS - 99.4% (Cost $159,234,149)				191,113,691
OTHER ASSETS & LIABILITIES, NET - 0.6%				1,095,184
NET ASSETS - 100.0%				$192,208,875

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Information Technology	18.8%
Financials	18.4%
Health Care	14.7%
Industrials	11.7%
Consumer Staples	10.9%
Consumer Discretionary	10.3%
Energy	6.4%
Utilities	3.4%
Others (each less than 3.0%)	4.8%
	99.4%
Other Assets & Liabilities, Net	0.6%
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-54

PACIFIC FUNDS

PF MAIN STREET CORE FUND

Schedule of Investments (Continued)

September 30, 2015 (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 (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Consumer Discretionary		$19,869,144		$19,869,144		$—		$—
	Consumer Staples		20,911,599		16,938,285		3,973,314		—
	Energy		12,369,326		12,369,326		—		—
	Financials		35,274,284		35,274,284		—		—
	Health Care		28,212,150		28,212,150		—		—
	Industrials		22,546,709		22,546,709		—		—
	Information Technology		36,113,120		36,113,120		—		—
	Materials		3,248,654		3,248,654		—		—
	Telecommunication Services		3,153,170		3,153,170		—		—
	Utilities		6,455,783		6,455,783		—		—
			188,153,939		184,180,625		3,973,314		—
	Short-Term Investment		2,959,752		2,959,752		—		—
	Total		$191,113,691		$187,140,377		$3,973,314		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-55

PACIFIC FUNDS

PF MID-CAP EQUITY FUND

Schedule of Investments

September 30, 2015 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.0%
Consumer Discretionary - 19.5%
American Eagle Outfitters Inc		88,820		$1,388,257
Big Lots Inc		29,517		1,414,455
Chipotle Mexican Grill Inc *		354		254,968
Cracker Barrel Old Country Store Inc		4,520		665,706
Darden Restaurants Inc		23,113		1,584,165
Dollar Tree Inc *		9,802		653,401
DR Horton Inc		45,001		1,321,229
DSW Inc ‘A’		37,883		958,819
Expedia Inc		9,293		1,093,600
Hanesbrands Inc		22,499		651,121
Harman International Industries Inc		12,792		1,227,904
Lear Corp		17,105		1,860,682
lululemon athletica Inc *		19,814		1,003,579
NVR Inc *		496		756,509
O’Reilly Automotive Inc *		6,906		1,726,500
Panera Bread Co ‘A’ *		5,652		1,093,153
PulteGroup Inc		82,289		1,552,793
PVH Corp		11,290		1,150,903
Ross Stores Inc		17,554		850,842
Royal Caribbean Cruises Ltd		34,590		3,081,623
Sally Beauty Holdings Inc *		27,745		658,944
Texas Roadhouse Inc		61,537		2,289,176
The Priceline Group Inc *		545		674,089
Thor Industries Inc		28,836		1,493,705
Tractor Supply Co		19,156		1,615,234
Ulta Salon Cosmetics & Fragrance Inc *		13,188		2,154,260
				33,175,617
Consumer Staples - 8.9%
Casey’s General Stores Inc		17,154		1,765,490
ConAgra Foods Inc		61,838		2,505,057
Hormel Foods Corp		20,282		1,284,053
Molson Coors Brewing Co ‘B’		13,853		1,150,076
Monster Beverage Corp *		11,817		1,596,949
The Hain Celestial Group Inc *		18,007		929,161
The JM Smucker Co		11,856		1,352,651
The Kroger Co		54,224		1,955,860
Tyson Foods Inc ‘A’		60,660		2,614,446
				15,153,743
Energy - 3.0%
Diamondback Energy Inc *		9,474		612,020
Energen Corp		22,998		1,146,680
Gulfport Energy Corp *		40,599		1,204,978
Oceaneering International Inc		21,187		832,225
Pioneer Natural Resources Co		9,887		1,202,655
				4,998,558
Financials - 23.6%
Affiliated Managers Group Inc *		12,602		2,154,816
Arch Capital Group Ltd *		36,801		2,703,769
Axis Capital Holdings Ltd		20,665		1,110,124
BankUnited Inc		63,631		2,274,808
CBOE Holdings Inc		24,270		1,628,032
Host Hotels & Resorts Inc REIT		55,993		885,249
KeyCorp		203,895		2,652,674
Lincoln National Corp		50,813		2,411,585
National Retail Properties Inc REIT		62,510		2,267,238
Omega Healthcare Investors Inc REIT		68,925		2,422,714
Outfront Media Inc REIT		77,404		1,610,003
Public Storage REIT		15,318		3,241,748
Senior Housing Properties Trust REIT		193,179		3,129,500
Signature Bank *		15,207		2,091,875
SunTrust Banks Inc		47,054		1,799,345
T Rowe Price Group Inc		28,692		1,994,094
The Hartford Financial Services Group Inc		72,637		3,325,322

	Shares		Value
White Mountains Insurance Group Ltd		2,272		$1,697,866
Zions Bancorp		27,945		769,605
				40,170,367
Health Care - 9.9%
ABIOMED Inc *		10,925		1,013,403
AmerisourceBergen Corp		6,955		660,655
Amsurg Corp *		16,826		1,307,548
BioMarin Pharmaceutical Inc *		3,398		357,877
Centene Corp *		10,548		572,018
Cigna Corp		4,835		652,822
DaVita HealthCare Partners Inc *		16,924		1,224,113
Edwards Lifesciences Corp *		11,745		1,669,787
Health Net Inc *		17,414		1,048,671
Humana Inc		5,609		1,004,011
Incyte Corp *		5,971		658,780
Isis Pharmaceuticals Inc *		8,885		359,132
Medivation Inc *		11,913		506,303
Molina Healthcare Inc *		8,877		611,181
PAREXEL International Corp *		19,081		1,181,496
PerkinElmer Inc		22,811		1,048,394
Perrigo Co PLC		2,589		407,172
St Jude Medical Inc		23,412		1,477,063
Universal Health Services Inc ‘B’		4,587		572,503
Vertex Pharmaceuticals Inc *		4,453		463,735
				16,796,664
Industrials - 9.3%
Acuity Brands Inc		12,678		2,226,003
AMERCO		3,025		1,190,247
BWX Technologies Inc		93,917		2,475,652
Hexcel Corp		16,846		755,711
Huntington Ingalls Industries Inc		12,574		1,347,304
JetBlue Airways Corp *		8,963		230,977
Kirby Corp *		8,288		513,442
ManpowerGroup Inc		11,959		979,323
Southwest Airlines Co		47,715		1,815,079
Textron Inc		18,240		686,554
The Timken Co		4,677		128,571
Trinity Industries Inc		7,287		165,196
United Rentals Inc *		19,298		1,158,845
Verisk Analytics Inc *		28,811		2,129,421
				15,802,325
Information Technology - 13.4%
Activision Blizzard Inc		47,451		1,465,761
Avago Technologies Ltd (Singapore)		5,406		675,804
Avnet Inc		15,807		674,643
Computer Sciences Corp		82,177		5,044,024
DST Systems Inc		23,135		2,432,414
Fidelity National Information Services Inc		15,071		1,010,963
Harris Corp		23,138		1,692,545
HomeAway Inc *		10,169		269,885
IAC/InterActiveCorp		12,013		784,089
Micron Technology Inc *		55,017		824,155
NVIDIA Corp		61,820		1,523,863
NXP Semiconductor NV (Netherlands) *		10,215		889,420
Palo Alto Networks Inc *		13,265		2,281,580
Science Applications International Corp		35,249		1,417,362
Skyworks Solutions Inc		12,051		1,014,815
Take-Two Interactive Software Inc *		27,715		796,252
				22,797,575
Materials - 2.3%
Agnico Eagle Mines Ltd (Canada)		45,742		1,158,187
CF Industries Holdings Inc		11,321		508,313
Louisiana-Pacific Corp *		42,638		607,165
Martin Marietta Materials Inc		7,188		1,092,217
Vulcan Materials Co		5,257		468,924
				3,834,806

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-56

PACIFIC FUNDS

PF MID-CAP EQUITY FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Shares		Value
Utilities - 7.1%
Atmos Energy Corp		118,049		$6,868,091
DTE Energy Co		35,006		2,813,432
Xcel Energy Inc		65,792		2,329,695
				12,011,218
Total Common Stocks (Cost $156,136,763)				164,740,873
SHORT-TERM INVESTMENT - 2.7%
Money Market Fund - 2.7%
BlackRock Liquidity Funds T-Fund Portfolio		4,660,264		4,660,264
Total Short-Term Investment (Cost $4,660,264)				4,660,264
TOTAL INVESTMENTS - 99.7% (Cost $160,797,027)				169,401,137
OTHER ASSETS & LIABILITIES, NET - 0.3%				527,394
NET ASSETS - 100.0%				$169,928,531

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Financials	23.6%
Consumer Discretionary	19.5%
Information Technology	13.4%
Health Care	9.9%
Industrials	9.3%
Consumer Staples	8.9%
Utilities	7.1%
Energy	3.0%
Others (each less than 3.0%)	5.0%
	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 (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks (1)		$164,740,873		$164,740,873		$—		$—
	Short-Term Investment		4,660,264		4,660,264		—		—
	Total		$169,401,137		$169,401,137		$—		$—

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-57

PACIFIC FUNDS

PF MID-CAP GROWTH FUND

Schedule of Investments

September 30, 2015 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.9%
Consumer Discretionary - 21.0%
Bed Bath & Beyond Inc *		16,139		$920,246
BorgWarner Inc		21,177		880,751
Burberry Group PLC (United Kingdom)		31,286		649,302
DR Horton Inc		17,259		506,724
DSW Inc ‘A’		27,080		685,395
Dunkin’ Brands Group Inc		24,585		1,204,665
Kate Spade & Co *		25,782		492,694
Mattel Inc		38,071		801,775
Polaris Industries Inc		9,595		1,150,153
PulteGroup Inc		26,317		496,602
Ralph Lauren Corp		8,035		949,416
Tiffany & Co		10,273		793,281
Tractor Supply Co		5,289		445,968
TripAdvisor Inc *		9,024		568,692
Under Armour Inc ‘A’ *		5,493		531,613
Urban Outfitters Inc *		29,536		867,768
Williams-Sonoma Inc		5,433		414,810
				12,359,855
Consumer Staples - 6.6%
Blue Buffalo Pet Products Inc *		21,055		377,095
Brown-Forman Corp ‘B’		5,468		529,849
Mead Johnson Nutrition Co		16,218		1,141,747
The Hain Celestial Group Inc *		20,523		1,058,987
Whole Foods Market Inc		24,218		766,500
				3,874,178
Energy - 4.1%
Cabot Oil & Gas Corp		24,499		535,548
Cimarex Energy Co		5,074		519,984
Continental Resources Inc *		23,780		688,907
Noble Energy Inc		16,064		484,812
Oasis Petroleum Inc *		21,150		183,582
				2,412,833
Financials - 11.6%
CME Group Inc ‘A’		15,781		1,463,530
First Republic Bank		20,991		1,317,605
Northern Trust Corp		23,501		1,601,828
Oaktree Capital Group LLC		10,904		539,748
Signature Bank *		10,438		1,435,851
UMB Financial Corp		8,817		447,992
				6,806,554
Health Care - 18.4%
Acadia Healthcare Co Inc *		8,579		568,530
ACADIA Pharmaceuticals Inc *		13,257		438,409
Align Technology Inc *		15,446		876,715
Alkermes PLC *		19,241		1,128,869
BioMarin Pharmaceutical Inc *		8,422		887,005
Cerner Corp *		12,147		728,334
Diplomat Pharmacy Inc *		9,019		259,116
Henry Schein Inc *		7,106		943,108
Incyte Corp *		4,945		545,582
Intuitive Surgical Inc *		3,552		1,632,428
Laboratory Corp of America Holdings *		7,824		848,669
Medivation Inc *		13,035		553,988
Zoetis Inc		34,087		1,403,703
				10,814,456
Industrials - 14.9%
Expeditors International of Washington Inc		24,906		1,171,827
Fastenal Co		33,796		1,237,272
Flowserve Corp		14,003		576,083
Fortune Brands Home & Security Inc		31,072		1,474,988
Generac Holdings Inc *		9,990		300,599

	Shares		Value
JB Hunt Transport Services Inc		8,178		$583,909
Stericycle Inc *		5,367		747,677
Towers Watson & Co ‘A’		10,324		1,211,831
Verisk Analytics Inc *		15,940		1,178,125
Woodward Inc		6,994		284,656
				8,766,967
Information Technology - 19.6%
Alliance Data Systems Corp *		4,170		1,079,947
ANSYS Inc *		10,391		915,863
CoStar Group Inc *		6,942		1,201,383
Electronic Arts Inc *		23,632		1,601,068
F5 Networks Inc *		6,332		733,246
GrubHub Inc *		23,813		579,608
Microchip Technology Inc		33,451		1,441,404
Pandora Media Inc *		76,154		1,625,126
SanDisk Corp		14,200		771,486
ServiceNow Inc *		13,052		906,461
Teradata Corp *		24,474		708,767
				11,564,359
Materials - 2.7%
The Scotts Miracle-Gro Co ‘A’		11,343		689,881
The Valspar Corp		12,640		908,563
				1,598,444
Total Common Stocks (Cost $58,442,952)				58,197,646
SHORT-TERM INVESTMENT - 1.2%
Money Market Fund - 1.2%
BlackRock Liquidity Funds T-Fund Portfolio		703,726		703,726
Total Short-Term Investment (Cost $703,726)				703,726
TOTAL INVESTMENTS - 100.1% (Cost $59,146,678)				58,901,372
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(74,417	)
NET ASSETS - 100.0%				$58,826,955

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Consumer Discretionary	21.0%
Information Technology	19.6%
Health Care	18.4%
Industrials	14.9%
Financials	11.6%
Consumer Staples	6.6%
Energy	4.1%
Others (each less than 3.0%)	3.9%
	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-119 and A-120

A-58

PACIFIC FUNDS

PF MID-CAP GROWTH FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

(b) Transactions in written options for the six-month period ended September 30, 2015 were as follows:

	Number of Contracts			Premium
Outstanding, March 31, 2015		188			$33,954
Call Options Written		184			17,211
Put Options Written		613			471,690
Put Options Closed		(555	)		(347,861	)
Call Options Expired		(142	)		(13,326	)
Put Options Expired		(149	)		(17,023	)
Call Options Exercised		(91	)		(9,765	)
Outstanding, September 30, 2015		48			$134,880

(c) Premium received and value of written options outstanding as of September 30, 2015 were as follows:

Options on Securities

Description

Exercise Price

Expiration Date

Counter- party

Number of Contracts

Premium

Value

Put - Pacira Pharmaceuticals Inc

$85.00

11/20/15

GSC

48

$134,880

($215,280

)

(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 (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Consumer Discretionary		$12,359,855			$11,710,553		$649,302			$—
	Consumer Staples		3,874,178			3,874,178		—			—
	Energy		2,412,833			2,412,833		—			—
	Financials		6,806,554			6,806,554		—			—
	Health Care		10,814,456			10,814,456		—			—
	Industrials		8,766,967			8,766,967		—			—
	Information Technology		11,564,359			11,564,359		—			—
	Materials		1,598,444			1,598,444		—			—
			58,197,646			57,548,344		649,302			—
	Short-Term Investment		703,726			703,726		—			—
	Total Assets		58,901,372			58,252,070		649,302			—
Liabilities	Derivatives:
	Equity Contracts
	Written Options		(215,280	)		—		(215,280	)		—
	Total Liabilities		(215,280	)		—		(215,280	)		—
	Total		$58,686,092			$58,252,070		$434,022			$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-59

PACIFIC FUNDS

PF MID-CAP VALUE FUND

Schedule of Investments

September 30, 2015 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.1%
Consumer Discretionary - 8.6%
Brunswick Corp		40,846		$1,956,115
CBS Corp ‘B’		16,150		644,385
Expedia Inc		30,573		3,597,831
Foot Locker Inc		16,716		1,203,051
H&R Block Inc		57,979		2,098,840
Harley-Davidson Inc		19,402		1,065,170
Lear Corp		31,053		3,377,945
Macy’s Inc		14,123		724,792
Newell Rubbermaid Inc		89,861		3,568,380
Omnicom Group Inc		30,831		2,031,763
Tenneco Inc *		26,289		1,176,959
				21,445,231
Consumer Staples - 2.2%
Coca-Cola Enterprises Inc		26,550		1,283,693
Constellation Brands Inc ‘A’		23,134		2,896,608
Tyson Foods Inc ‘A’		27,607		1,189,862
				5,370,163
Energy - 5.0%
Diamondback Energy Inc *		31,935		2,063,001
Energen Corp		49,016		2,443,938
EQT Corp		20,423		1,322,798
Kosmos Energy Ltd *		72,000		401,760
Marathon Petroleum Corp		44,930		2,081,607
Parsley Energy Inc ‘A’ *		70,489		1,062,269
QEP Resources Inc		58,205		729,309
Rice Energy Inc *		37,783		610,573
RSP Permian Inc *		31,111		629,998
Western Refining Inc		25,529		1,126,339
				12,471,592
Financials - 32.6%
Alleghany Corp *		5,105		2,389,702
Ally Financial Inc *		80,833		1,647,377
American Assets Trust Inc REIT		23,487		959,679
American Homes 4 Rent ‘A’ REIT		75,565		1,215,085
Aon PLC		35,740		3,166,921
BB&T Corp		88,000		3,132,800
Boston Properties Inc REIT		32,676		3,868,838
Discover Financial Services		54,121		2,813,751
Douglas Emmett Inc REIT		42,888		1,231,743
East West Bancorp Inc		64,332		2,471,635
Equity Residential REIT		46,973		3,528,612
Essex Property Trust Inc REIT		10,213		2,281,788
Fifth Third Bancorp		179,721		3,398,524
Huntington Bancshares Inc		260,390		2,760,134
Kilroy Realty Corp REIT		20,423		1,330,763
Kimco Realty Corp REIT		98,570		2,408,065
LaSalle Hotel Properties REIT		23,945		679,799
Loews Corp		36,761		1,328,543
Marsh & McLennan Cos Inc		50,036		2,612,880
McGraw Hill Financial Inc		17,360		1,501,640
Moody’s Corp		12,254		1,203,343
Navient Corp		88,839		998,550
Raymond James Financial Inc		72,501		3,598,225
Regency Centers Corp REIT		46,055		2,862,318
Reinsurance Group of America Inc		20,459		1,853,381
SEI Investments Co		42,888		2,068,488
SL Green Realty Corp REIT		25,529		2,761,217
SLM Corp *		107,218		793,413
State Street Corp		24,507		1,647,115
SunTrust Banks Inc		65,353		2,499,099
Symetra Financial Corp		50,784		1,606,806
TD Ameritrade Holding Corp		136,832		4,356,731
The Allstate Corp		17,262		1,005,339

	Shares		Value
The Charles Schwab Corp		43,000		$1,228,080
The Macerich Co REIT		6,713		515,693
Torchmark Corp		33,906		1,912,298
Unum Group		76,888		2,466,567
WR Berkley Corp		26,550		1,443,524
XL Group PLC (Ireland)		52,079		1,891,509
				81,439,975
Health Care - 6.3%
Becton Dickinson and Co		11,232		1,490,037
Boston Scientific Corp *		118,696		1,947,801
Bruker Corp *		45,951		754,975
Cardinal Health Inc		36,737		2,822,136
DaVita HealthCare Partners Inc *		12,255		886,404
ICON PLC		34,719		2,464,007
Laboratory Corp of America Holdings *		15,318		1,661,543
St Jude Medical Inc		26,155		1,650,119
Zimmer Biomet Holdings Inc		20,983		1,970,933
				15,647,955
Industrials - 14.4%
Carlisle Cos Inc		16,339		1,427,702
Curtiss-Wright Corp		18,000		1,123,560
Delta Air Lines Inc		22,067		990,146
Equifax Inc		34,719		3,373,992
Fluor Corp		21,444		908,153
Hubbell Inc ‘B’		9,192		780,860
Huntington Ingalls Industries Inc		25,000		2,678,750
Ingersoll-Rand PLC		33,698		1,710,847
ManpowerGroup Inc		31,656		2,592,310
Masco Corp		109,261		2,751,192
Parker-Hannifin Corp		15,380		1,496,474
Raytheon Co		12,254		1,338,872
Robert Half International Inc		89,861		4,597,289
Stanley Black & Decker Inc		23,742		2,302,499
Textron Inc		42,285		1,591,607
The Timken Co		25,352		696,926
Towers Watson & Co ‘A’		26,550		3,116,439
WABCO Holdings Inc *		11,232		1,177,451
WESCO International Inc *		29,614		1,376,163
				36,031,232
Information Technology - 17.0%
Activision Blizzard Inc		165,424		5,109,947
Alliance Data Systems Corp *		7,149		1,851,448
Amdocs Ltd		77,607		4,414,286
Arrow Electronics Inc *		35,740		1,975,707
Avago Technologies Ltd (Singapore)		19,298		2,412,443
Avnet Inc		44,930		1,917,612
Brocade Communications Systems Inc		54,794		568,762
Fidelity National Information Services Inc		41,866		2,808,371
Flextronics International Ltd *		90,881		957,886
Global Payments Inc		12,101		1,388,348
Harris Corp		33,583		2,456,596
IAC/InterActiveCorp		10,213		666,603
Jabil Circuit Inc		94,966		2,124,389
Microsemi Corp *		47,994		1,575,163
NetEase Inc ADR (China)		12,254		1,471,950
NXP Semiconductors NV * (Netherlands)		16,216		1,411,927
ON Semiconductor Corp *		74,542		700,695
Seagate Technology PLC		21,003		940,934
TE Connectivity Ltd (Switzerland)		21,444		1,284,281
Total System Services Inc		39,824		1,809,204
Western Digital Corp		58,205		4,623,805
				42,470,357
Materials - 5.5%
Avery Dennison Corp		24,846		1,405,538
Crown Holdings Inc *		66,374		3,036,611

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-60

PACIFIC FUNDS

PF MID-CAP VALUE FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Shares		Value
Graphic Packaging Holding Co		313,491		$4,009,550
International Paper Co		28,592		1,080,492
Packaging Corp of America		17,343		1,043,355
PolyOne Corp		26,550		778,977
The Valspar Corp		32,676		2,348,751
				13,703,274
Utilities - 6.5%
AES Corp		100,927		988,075
Alliant Energy Corp		35,740		2,090,433
Ameren Corp		32,676		1,381,216
American Electric Power Co Inc		57,184		3,251,482
Edison International		51,058		3,220,228
FirstEnergy Corp		24,507		767,314
Great Plains Energy Inc		64,332		1,738,251
PG&E Corp		23,487		1,240,114
Westar Energy Inc		37,782		1,452,340
				16,129,453
Total Common Stocks (Cost $262,614,588)				244,709,232
SHORT-TERM INVESTMENT - 1.5%
Money Market Fund - 1.5%
BlackRock Liquidity Funds T-Fund Portfolio		3,867,841		3,867,841
Total Short-Term Investment (Cost $3,867,841)				3,867,841
TOTAL INVESTMENTS - 99.6% (Cost $266,482,429)				248,577,073
OTHER ASSETS & LIABILITIES, NET - 0.4%				994,397
NET ASSETS - 100.0%				$249,571,470

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Financials	32.6%
Information Technology	17.0%
Industrials	14.4%
Consumer Discretionary	8.6%
Utilities	6.5%
Health Care	6.3%
Materials	5.5%
Energy	5.0%
Others (each less than 3.0%)	3.7%
	99.6%
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 (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks (1)		$244,709,232		$244,709,232		$—		$—
	Short-Term Investment		3,867,841		3,867,841		—		—
	Total		$248,577,073		$248,577,073		$—		$—

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-61

PACIFIC FUNDS

PF SMALL-CAP GROWTH FUND

Schedule of Investments

September 30, 2015 (Unaudited)

	Shares		Value
WARRANTS - 0.0%
Health Care - 0.0%
Neuralstem Inc Exercise @ $3.64 Exp 01/02/19 *		15,525		$3,322
Total Warrants (Cost $0)				3,322
COMMON STOCKS - 95.1%
Consumer Discretionary - 22.8%
2U Inc *		28,052		1,007,067
Asbury Automotive Group Inc *		6,143		498,504
BJ’s Restaurants Inc *		9,052		389,508
Bright Horizons Family Solutions Inc *		8,176		525,226
Brunswick Corp		5,114		244,909
Buffalo Wild Wings Inc *		5,676		1,097,909
Dunkin’ Brands Group Inc		6,002		294,098
Etsy Inc *		16,602		227,281
G-III Apparel Group Ltd *		9,550		588,853
IMAX Corp *		16,000		540,640
Liberty TripAdvisor Holdings Inc ‘A’ *		7,640		169,379
Monro Muffler Brake Inc		1,979		133,681
Panera Bread Co ‘A’ *		4,217		815,610
Pool Corp		5,334		385,648
Rentrak Corp *		6,089		329,232
Restoration Hardware Holdings Inc *		8,449		788,376
Skechers U.S.A. Inc ‘A’ *		3,445		461,906
Steven Madden Ltd *		13,173		482,395
Tempur Sealy International Inc *		8,691		620,798
The Habit Restaurants Inc ‘A’ *		4,819		103,175
Wayfair Inc ‘A’ *		18,573		651,169
Zoe’s Kitchen Inc *		12,194		481,541
				10,836,905
Consumer Staples - 3.0%
Blue Buffalo Pet Products Inc *		12,142		217,463
Calavo Growers Inc		5,716		255,162
Casey’s General Stores Inc		7,062		726,821
Snyder’s-Lance Inc		926		31,234
The Hain Celestial Group Inc *		4,189		216,152
				1,446,832
Energy - 0.2%
GasLog Ltd (Monaco)		12,274		118,076
Financials - 8.3%
Bofi Holding Inc *		1,872		241,170
CBOE Holdings Inc		8,187		549,184
Essent Group Ltd *		17,528		435,571
Evercore Partners Inc ‘A’		8,084		406,140
MarketAxess Holdings Inc		9,088		844,093
PrivateBancorp Inc		8,831		338,492
Stifel Financial Corp *		2,738		115,270
SVB Financial Group *		2,041		235,817
Western Alliance Bancorp *		13,693		420,512
WisdomTree Investments Inc		21,587		348,198
				3,934,447
Health Care - 23.5%
ABIOMED Inc *		7,716		715,736
ACADIA Pharmaceuticals Inc *		7,875		260,426
Agios Pharmaceuticals Inc *		536		37,836
Align Technology Inc *		1,861		105,630
Amicus Therapeutics Inc *		27,238		381,060
Anacor Pharmaceuticals Inc *		2,237		263,317

	Shares		Value
Bluebird Bio Inc *		1,221		$104,457
Blueprint Medicines Corp *		4,162		88,817
Celldex Therapeutics Inc *		3,617		38,123
Cepheid *		7,389		333,983
Chimerix Inc *		6,462		246,848
Clovis Oncology Inc *		2,621		241,027
DexCom Inc *		4,100		352,026
Diplomat Pharmacy Inc *		6,574		188,871
Dyax Corp *		12,246		233,776
Endologix Inc *		5,994		73,486
Evolent Health Inc ‘A’ *		25,721		410,507
Foundation Medicine Inc *		5,392		99,482
Glaukos Corp *		4,581		110,814
Global Blood Therapeutics Inc *		1,129		47,599
HealthEquity Inc *		13,532		399,871
Intersect ENT Inc *		9,137		213,806
Juno Therapeutics Inc *		2,988		121,582
Lannett Co Inc *		2,573		106,831
LDR Holding Corp *		13,027		449,822
Medidata Solutions Inc *		10,447		439,923
Molina Healthcare Inc *		4,962		341,634
Neurocrine Biosciences Inc *		5,992		238,422
Nevro Corp *		2,815		130,588
Ophthotech Corp *		1,146		46,436
Penumbra Inc *		2,123		85,132
Press Ganey Holdings Inc *		14,238		421,302
Prestige Brands Holdings Inc *		16,311		736,605
Sage Therapeutics Inc *		2,571		108,805
Seres Therapeutics Inc *		1,251		37,080
Spark Therapeutics Inc *		6,179		257,850
Team Health Holdings Inc *		13,093		707,415
TESARO Inc *		5,984		239,958
Ultragenyx Pharmaceutical Inc *		2,599		250,310
Veeva Systems Inc ‘A’ *		16,890		395,395
WellCare Health Plans Inc *		4,025		346,875
Zeltiq Aesthetics Inc *		23,494		752,513
				11,161,976
Industrials - 7.5%
Apogee Enterprises Inc		5,291		236,243
Astronics Corp *		4,015		162,326
Builders FirstSource Inc *		42,903		544,010
Healthcare Services Group Inc		1,042		35,115
Hexcel Corp		8,279		371,396
Knight Transportation Inc		16,864		404,736
Proto Labs Inc *		6,960		466,320
RBC Bearings Inc *		5,224		312,030
The Advisory Board Co *		4,598		209,393
US Ecology Inc		10,386		453,349
USG Corp *		14,228		378,749
				3,573,667
Information Technology - 29.8%
Ambarella Inc *		695		40,164
Arista Networks Inc *		3,835		234,664
Benefitfocus Inc *		16,978		530,563
Callidus Software Inc *		9,929		168,694
Cavium Inc *		9,266		568,654
Cimpress NV (Netherlands) *		2,210		168,203
Cirrus Logic Inc *		11,160		351,652
comScore Inc *		8,156		376,399
Cornerstone OnDemand Inc *		12,307		406,131
Criteo SA ADR (France) *		15,250		572,485
CyberArk Software Ltd (Israel) *		7,370		369,532
Demandware Inc *		4,685		242,121
EPAM Systems Inc *		7,902		588,857
FireEye Inc *		7,137		227,099
FleetMatics Group PLC *		2,994		146,976
Glu Mobile Inc *		73,814		322,567
Gogo Inc *		26,330		402,322

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-62

PACIFIC FUNDS

PF SMALL-CAP GROWTH FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Shares		Value
GrubHub Inc *		4,586		$111,623
HomeAway Inc *		8,875		235,543
Infinera Corp *		28,373		554,976
Manhattan Associates Inc *		8,625		537,338
Materialise NV ADR (Belgium) *		9,293		71,463
MAXIMUS Inc		8,234		490,417
New Relic Inc *		3,843		146,457
Nimble Storage Inc *		20,958		505,507
Pandora Media Inc *		24,245		517,388
Paycom Software Inc *		16,981		609,788
Paylocity Holdings Corp *		16,893		506,621
Proofpoint Inc *		8,780		529,610
Qlik Technologies Inc *		3,190		116,276
Rambus Inc *		18,651		220,082
Shopify Inc ‘A’ (Canada) *		8,783		309,162
SunPower Corp *		6,223		124,709
Synaptics Inc *		1,677		138,285
Synchronoss Technologies Inc *		6,620		217,136
Tableau Software Inc ‘A’ *		1,716		136,903
Tessera Technologies Inc		5,429		175,954
The Ultimate Software Group Inc *		5,476		980,259
Tyler Technologies Inc *		3,912		584,101
Virtusa Corp *		8,109		416,073
Zendesk Inc *		12,011		236,737
				14,189,491
Total Common Stocks (Cost $42,657,149)				45,261,394
SHORT-TERM INVESTMENT - 5.1%
Money Market Fund - 5.1%
BlackRock Liquidity Funds T-Fund Portfolio		2,459,192		2,459,192
Total Short-Term Investment (Cost $2,459,192)				2,459,192
TOTAL INVESTMENTS - 100.2% (Cost $45,116,341)				47,723,908
OTHER ASSETS & LIABILITIES, NET - (0.2%)				(116,657	)
NET ASSETS - 100.0%				$47,607,251

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Information Technology	29.8%
Health Care	23.5%
Consumer Discretionary	22.8%
Financials	8.3%
Industrials	7.5%
Short-Term Investment	5.1%
Consumer Staples	3.0%
Others (each less than 3.0%)	0.2%
	100.2%
Other Assets & Liabilities, Net	(0.2%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
Assets	Warrants (1)		$3,322		$—		$3,322		$—
	Common Stocks (1)		45,261,394		45,261,394		—		—
	Short-Term Investment		2,459,192		2,459,192		—		—
	Total		$47,723,908		$47,720,586		$3,322		$—

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-63

PACIFIC FUNDS

PF SMALL-CAP VALUE FUND

Schedule of Investments

September 30, 2015 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.7%
Consumer Discretionary - 17.3%
Big Lots Inc		61,400		$2,942,288
Bloomin’ Brands Inc		124,450		2,262,501
Cable One Inc *		3,120		1,308,590
Caleres Inc		49,990		1,526,195
Citi Trends Inc		115,370		2,697,351
Crocs Inc *		175,060		2,262,650
Dana Holding Corp		134,120		2,129,826
Ethan Allen Interiors Inc		55,130		1,455,983
GameStop Corp ‘A’		38,450		1,584,525
Helen of Troy Ltd *		20,720		1,850,296
MarineMax Inc *		80,000		1,130,400
Meritage Homes Corp *		53,840		1,966,237
Murphy USA Inc *		29,680		1,630,916
Office Depot Inc *		217,110		1,393,846
Pier 1 Imports Inc		154,720		1,067,568
Scholastic Corp		57,400		2,236,304
Tenneco Inc *		25,730		1,151,932
The Children’s Place Inc		40,270		2,322,371
				32,919,779
Consumer Staples - 2.8%
Cott Corp (Canada)		238,000		2,577,540
Dean Foods Co		79,860		1,319,287
SpartanNash Co		55,400		1,432,090
				5,328,917
Energy - 3.0%
Noble Energy Inc l		1		27
QEP Resources Inc		178,350		2,234,726
SM Energy Co		66,400		2,127,456
Synergy Resources Corp *		141,450		1,386,210
				5,748,419
Financials - 29.3%
1st Source Corp		49,599		1,527,649
Aspen Insurance Holdings Ltd (Bermuda)		52,820		2,454,545
Associated Banc-Corp		119,760		2,152,087
CNO Financial Group Inc		153,350		2,884,513
Customers Bancorp Inc *		82,386		2,117,320
Essent Group Ltd *		76,540		1,902,019
First American Financial Corp		83,280		3,253,750
First Commonwealth Financial Corp		150,200		1,365,318
First Niagara Financial Group Inc		212,670		2,171,361
FirstMerit Corp		123,050		2,174,294
Fulton Financial Corp		143,190		1,732,599
Gramercy Property Trust Inc REIT		105,590		2,193,104
HomeStreet Inc *		83,190		1,921,689
Independent Bank Group Inc		34,630		1,330,831
LTC Properties Inc REIT		49,810		2,125,393
National Storage Affiliates Trust REIT		125,780		1,704,319
Ramco-Gershenson Properties Trust REIT		111,550		1,674,366
STAG Industrial Inc REIT		72,400		1,318,404
Sterling Bancorp		128,860		1,916,148
Summit Hotel Properties Inc REIT		110,530		1,289,885
Synovus Financial Corp		67,700		2,003,920
Texas Capital Bancshares Inc *		36,300		1,902,846
The Hanover Insurance Group Inc		30,820		2,394,714
Validus Holdings Ltd		55,510		2,501,836
Webster Financial Corp		75,920		2,705,030
Wilshire Bancorp Inc		178,520		1,876,245
WSFS Financial Corp		48,435		1,395,412
Zions Bancorp		69,870		1,924,220
				55,913,817

	Shares		Value
Health Care - 3.2%
LifePoint Health Inc *		30,390		$2,154,651
Molina Healthcare Inc *		23,050		1,586,992
WellCare Health Plans Inc *		27,270		2,350,129
				6,091,772
Industrials - 17.7%
AECOM *		87,149		2,397,461
Aegion Corp *		123,360		2,032,973
Air Transport Services Group Inc *		199,110		1,702,391
Columbus Mckinnon Corp		84,770		1,539,423
Con-way Inc		43,320		2,055,534
EMCOR Group Inc		62,480		2,764,740
General Cable Corp		65,700		781,830
Granite Construction Inc		73,460		2,179,558
Hawaiian Holdings Inc *		60,580		1,495,114
Mistras Group Inc *		116,400		1,495,740
MRC Global Inc *		150,030		1,672,835
Oshkosh Corp		52,380		1,902,965
Regal Beloit Corp		33,020		1,863,979
SkyWest Inc		185,960		3,101,813
Tutor Perini Corp *		27,214		447,942
Viad Corp		104,870		3,040,181
Wabash National Corp *		163,990		1,736,654
WESCO International Inc *		34,480		1,602,286
				33,813,419
Information Technology - 18.5%
Advanced Micro Devices Inc *		190,430		327,540
Avnet Inc		43,000		1,835,240
Booz Allen Hamilton Holding Corp		96,620		2,532,410
Celestica Inc (Canada) *		131,010		1,688,719
CSG Systems International Inc		92,060		2,835,448
Cypress Semiconductor Corp *		138,086		1,176,493
ExlService Holdings Inc *		65,590		2,422,239
Fairchild Semiconductor International Inc *		202,540		2,843,662
Finisar Corp *		146,960		1,635,665
FormFactor Inc *		305,260		2,069,663
Insight Enterprises Inc *		50,350		1,301,547
Mitel Networks Corp *		245,270		1,581,991
MKS Instruments Inc		57,350		1,922,945
Photronics Inc *		165,520		1,499,611
Polycom Inc *		129,640		1,358,627
SunEdison Semiconductor Ltd *		165,630		1,745,740
Sykes Enterprises Inc *		82,770		2,110,635
TTM Technologies Inc *		139,520		869,210
Unisys Corp *		93,140		1,108,366
Vishay Intertechnology Inc		240,970		2,334,999
				35,200,750
Materials - 1.9%
A Schulman Inc		65,970		2,142,046
Graphic Packaging Holding Co		116,950		1,495,790
				3,637,836
Utilities - 4.0%
PNM Resources Inc		103,990		2,916,920
Southwest Gas Corp		50,760		2,960,323
UGI Corp		50,665		1,764,155
				7,641,398
Total Common Stocks (Cost $193,331,323)				186,296,107

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-64

PACIFIC FUNDS

PF SMALL-CAP VALUE FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENT - 2.2%
Money Market Fund - 2.2%
BlackRock Liquidity Funds T-Fund Portfolio		4,222,249		$4,222,249
Total Short-Term Investment (Cost $4,222,249)				4,222,249
TOTAL INVESTMENTS - 99.9% (Cost $197,553,572)				190,518,356
OTHER ASSETS & LIABILITIES, NET - 0.1%				274,110
NET ASSETS - 100.0%				$190,792,466

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Financials	29.3%
Information Technology	18.5%
Industrials	17.7%
Consumer Discretionary	17.3%
Utilities	4.0%
Health Care	3.2%
Energy	3.0%
Others (each less than 3.0%)	6.9%
	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 (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks (1)		$186,296,107		$186,296,107		$—		$—
	Short-Term Investment		4,222,249		4,222,249		—		—
	Total		$190,518,356		$190,518,356		$—		$—

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-65

PACIFIC FUNDS

PF EMERGING MARKETS FUND

Schedule of Investments

September 30, 2015 (Unaudited)

	Shares		Value
WARRANTS - 0.0%
Malaysia - 0.0%
Genting Bhd Exercise @ MYR 7.96 Exp 12/18/18 *		137,750		$26,793
Total Warrants (Cost $64,905)				26,793
PREFERRED STOCKS - 2.8%
Brazil - 2.0%
Cia Brasileira de Distribuicao		86,000		1,081,372
Lojas Americanas SA		487,032		1,992,599
				3,073,971
Colombia - 0.7%
Banco Davivienda SA		63,927		496,459
Bancolombia SA ADR		16,890		543,858
				1,040,317
India - 0.1%
Zee Entertainment Enterprises Ltd		7,089,243		95,042
Total Preferred Stocks (Cost $6,001,653)				4,209,330
COMMON STOCKS - 91.7%
Argentina - 0.7%
MercadoLibre Inc		12,030		1,095,454
Brazil - 4.5%
B2W Cia Digital *		59,350		221,412
BM&FBovespa SA		549,816		1,525,533
Cyrela Brazil Realty SA Empreendimentos e Participacoes		150,000		315,551
Diagnosticos da America SA		105,500		240,831
Embraer SA ADR		67,630		1,729,975
Estacio Participacoes SA		226,000		794,663
Kroton Educacional SA		572,243		1,120,092
Natura Cosmeticos SA		7,400		36,305
Sul America SA		135,835		620,157
				6,604,519
Canada - 0.2%
First Quantum Minerals Ltd		66,387		243,261
China - 21.0%
Alibaba Group Holding Ltd ADR *		61,600		3,632,552
Baidu Inc ADR *		22,510		3,093,099
China Life Insurance Co Ltd ‘H’		382,000		1,333,406
China Lodging Group Ltd ADR *		8,002		194,689
China Oilfield Services Ltd ‘H’		356,000		358,981
China Pacific Insurance Group Co Ltd ‘H’		360,000		1,333,280
Ctrip.com International Ltd ADR *		39,100		2,470,338
Homeinns Hotel Group ADR *		33,260		955,892
JD.com Inc ADR *		119,124		3,104,371
New Oriental Education & Technology Group Inc ADR		73,800		1,491,498
PICC Property & Casualty Co Ltd ‘H’		444,000		870,620
Qunar Cayman Islands Ltd ADR *		20,500		616,435
Sinopharm Group Co Ltd ‘H’		553,400		1,946,583
SOHO China Ltd		901,500		351,219
Tencent Holdings Ltd		305,622		5,140,114

	Shares		Value
The People’s Insurance Co Group of China Ltd ‘H’		770,000		$377,307
Tingyi Cayman Islands Holding Corp		988,000		1,584,194
Tsingtao Brewery Co Ltd ‘H’		102,000		448,546
Want Want China Holdings Ltd		1,398,000		1,154,192
WuXi PharmaTech Cayman Inc ADR *		11,519		497,736
				30,955,052
Colombia - 2.0%
Almacenes Exito SA		77,571		333,114
Almacenes Exito SA GDR ~		53,400		231,099
Grupo Aval Acciones y Valores SA ADR		170,430		1,305,494
Grupo de Inversiones Suramericana SA		87,561		1,017,450
				2,887,157
Egypt - 0.6%
Commercial International Bank Egypt SAE		141,215		957,118
France - 2.3%
Casino Guichard Perrachon SA		2,310		123,020
Kering		8,330		1,363,435
LVMH Moet Hennessy Louis Vuitton SE		10,948		1,868,199
				3,354,654
Hong Kong - 6.9%
AIA Group Ltd		465,600		2,424,167
Galaxy Entertainment Group Ltd		247,000		634,325
Hang Lung Group Ltd		195,000		663,448
Hang Lung Properties Ltd		777,000		1,748,513
Hong Kong Exchanges and Clearing Ltd		70,712		1,627,068
Jardine Strategic Holdings Ltd		58,511		1,571,293
Melco Crown Entertainment Ltd ADR		106,330		1,463,101
				10,131,915
India - 17.1%
Ambuja Cements Ltd		126,709		398,217
Apollo Hospitals Enterprise Ltd		59,825		1,317,320
Asian Paints Ltd		21,854		280,870
Cipla Ltd		68,483		665,203
Dr Reddy’s Laboratories Ltd		35,912		2,278,647
Glenmark Pharmaceuticals Ltd		31,738		509,236
Housing Development Finance Corp Ltd		334,017		6,188,225
ICICI Bank Ltd ADR		228,340		1,913,489
Infosys Ltd		254,175		4,530,479
Kotak Mahindra Bank Ltd		47,266		467,736
Lupin Ltd		15,992		496,271
Sun Pharmaceutical Industries Ltd		74,768		991,799
Tata Consultancy Services Ltd		54,335		2,144,762
UltraTech Cement Ltd		19,213		784,114
Zee Entertainment Enterprises Ltd		381,504		2,287,653
				25,254,021
Indonesia - 1.9%
P.T. Astra International Tbk		4,694,000		1,681,146
P.T. Indocement Tunggal Prakarsa Tbk		508,500		574,356
P.T. Semen Indonesia Persero Tbk		791,500		491,313
P.T. Sumber Alfaria Trijaya Tbk		5,200		203
				2,747,018
Italy - 1.6%
Prada SPA		625,200		2,407,262
Luxembourg - 0.4%
Tenaris SA ADR		26,320		634,575

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-66

PACIFIC FUNDS

PF EMERGING MARKETS FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Shares		Value
Malaysia - 1.6%
Genting Bhd		1,088,800		$1,803,048
Genting Malaysia Bhd		586,700		554,557
				2,357,605
Mexico - 6.8%
America Movil SAB de CV ‘L’ ADR		69,470		1,149,729
Fomento Economico Mexicano SAB de CV		196,371		1,755,675
Grupo Aeroportuario del Sureste SAB de CV ‘B’		42,226		644,372
Grupo Financiero Banorte SAB de CV ‘O’		496,934		2,437,504
Grupo Financiero Inbursa SAB de CV ‘O’		720,844		1,489,455
Grupo Televisa SAB ADR		68,120		1,772,482
Wal-Mart de Mexico SAB de CV		300,562		741,586
				9,990,803
Nigeria - 1.3%
Guaranty Trust Bank PLC		4,026,722		485,025
Nigerian Breweries PLC		1,126,984		831,368
Zenith Bank PLC		6,327,182		534,029
				1,850,422
Philippines - 2.9%
Jollibee Foods Corp		229,260		946,634
SM Investments Corp		91,615		1,748,344
SM Prime Holdings Inc		3,625,070		1,605,885
				4,300,863
Russia - 6.6%
Alrosa AO		1,044,693		926,999
Magnit PJSC (RTS) *		28,161		5,000,269
NOVATEK OAO GDR (LI) ~		39,352		3,649,961
Yandex NV ‘A’ *		21,410		229,729
				9,806,958
Singapore - 0.6%
Genting Singapore PLC		91,000		46,396
Global Logistic Properties Ltd		546,000		785,353
				831,749
South Africa - 1.0%
MTN Group Ltd		114,257		1,470,964
South Korea - 1.1%
NAVER Corp		3,734		1,621,850
Switzerland - 0.9%
Cie Financiere Richemont SA		9,734		758,354
Glencore PLC		365,665		509,553
				1,267,907
Taiwan - 2.2%
MediaTek Inc		45,000		335,817
Taiwan Semiconductor Manufacturing Co Ltd		747,995		2,984,878
				3,320,695
Thailand - 0.9%
Airports of Thailand PCL		49,200		380,912
CP ALL PCL		702,400		924,083
				1,304,995
Turkey - 2.0%
Anadolu Efes Biracilik Ve Malt Sanayii AS		111,065		784,408
BIM Birlesik Magazalar AS		46,995		833,632
Haci Omer Sabanci Holding AS		431,484		1,266,232
				2,884,272

	Shares		Value
United Arab Emirates - 1.5%
DP World Ltd		105,650		$2,249,798
United Kingdom - 2.3%
Old Mutual PLC		696,621		1,995,388
SABMiller PLC		25,131		1,424,080
				3,419,468
United States - 0.8%
Las Vegas Sands Corp		31,870		1,210,104
Total Common Stocks (Cost $137,077,660)				135,160,459
SHORT-TERM INVESTMENT - 5.6%
Money Market Fund - 5.6%
BlackRock Liquidity Funds T-Fund Portfolio		8,271,023		8,271,023
Total Short-Term Investment (Cost $8,271,023)				8,271,023
TOTAL INVESTMENTS - 100.1% (Cost $151,415,241)				147,667,605
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(208,660	)
NET ASSETS - 100.0%				$147,458,945

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Financials	24.7%
Consumer Discretionary	21.8%
Information Technology	16.8%
Consumer Staples	11.7%
Health Care	6.0%
Industrials	5.7%
Short-Term Investment	5.6%
Energy	3.1%
Others (each less than 3.0%)	4.7%
	100.1%
Other Assets & Liabilities, Net	(0.1%	)
	100.0%

(b) As of September 30, 2015, the fund’s composition by country of risk as a percentage of net assets was as follows:

China	21.0%
India	17.2%
Hong Kong	6.9%
Mexico	6.8%
Russia	6.6%
Brazil	6.5%
United States (Includes Short-Term Investment)	6.4%
Others (each less than 3.0%)	28.7%
	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-119 and A-120

A-67

PACIFIC FUNDS

PF EMERGING MARKETS FUND

Schedule of Investments (Continued)

September 30, 2015 (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 (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Warrants (1)		$26,793		$26,793		$—		$—
	Preferred Stocks (1)		4,209,330		4,209,330		—		—
	Common Stocks
	Argentina		1,095,454		1,095,454		—		—
	Brazil		6,604,519		6,604,519		—		—
	Canada		243,261		243,261		—		—
	China		30,955,052		16,056,610		14,898,442		—
	Colombia		2,887,157		2,656,058		231,099		—
	Egypt		957,118		957,118		—		—
	France		3,354,654		—		3,354,654		—
	Hong Kong		10,131,915		1,463,101		8,668,814		—
	India		25,254,021		1,913,489		23,340,532		—
	Indonesia		2,747,018		—		2,747,018		—
	Italy		2,407,262		—		2,407,262		—
	Luxembourg		634,575		634,575		—		—
	Malaysia		2,357,605		—		2,357,605		—
	Mexico		9,990,803		9,990,803		—		—
	Nigeria		1,850,422		—		1,850,422		—
	Philippines		4,300,863		—		4,300,863		—
	Russia		9,806,958		229,729		9,577,229		—
	Singapore		831,749		—		831,749		—
	South Africa		1,470,964		—		1,470,964		—
	South Korea		1,621,850		—		1,621,850		—
	Switzerland		1,267,907		—		1,267,907		—
	Taiwan		3,320,695		—		3,320,695		—
	Thailand		1,304,995		1,304,995		—		—
	Turkey		2,884,272		—		2,884,272		—
	United Arab Emirates		2,249,798		—		2,249,798		—
	United Kingdom		3,419,468		—		3,419,468		—
	United States		1,210,104		1,210,104		—		—
			135,160,459		44,359,816		90,800,643		—
	Short-Term Investment		8,271,023		8,271,023		—		—
	Total		$147,667,605		$56,866,962		$90,800,643		$—

(1) For equity investments categorized in a single level, refer to the schedule of investments for further geographical region breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-68

PACIFIC FUNDS

PF INTERNATIONAL LARGE-CAP FUND

Schedule of Investments

September 30, 2015 (Unaudited)

	Shares		Value
PREFERRED STOCKS - 0.4%
Brazil - 0.4%
Itau Unibanco Holding SA ADR		176,619		$1,169,218
Total Preferred Stocks (Cost $1,880,928)				1,169,218
COMMON STOCKS - 98.6%
Australia - 0.4%
Orica Ltd		124,082		1,314,336
Belgium - 0.7%
KBC Groep NV		34,566		2,179,724
Canada - 4.2%
Canadian National Railway Co		105,078		5,964,227
Element Financial Corp *		120,236		1,641,589
Loblaw Cos Ltd		50,153		2,582,250
Suncor Energy Inc		83,683		2,238,026
				12,426,092
China - 0.4%
Alibaba Group Holding Ltd ADR *		19,139		1,128,627
Denmark - 0.5%
Carlsberg AS ‘B’		20,573		1,583,254
France - 13.6%
Air Liquide SA		54,106		6,411,519
Bureau Veritas SA		76,659		1,617,299
Danone SA		100,923		6,382,807
Dassault Systemes		26,541		1,959,604
Engie SA		211,184		3,419,803
Hermes International		1,943		707,399
L’Oreal SA		5,457		948,906
Legrand SA		45,758		2,432,783
LVMH Moet Hennessy Louis Vuitton SE		32,467		5,540,266
Pernod Ricard SA		57,844		5,840,876
Schneider Electric SE		91,141		5,111,117
				40,372,379
Germany - 11.2%
Bayer AG		84,845		10,843,951
Beiersdorf AG		62,816		5,558,175
Linde AG		33,066		5,356,211
Merck KGaA		29,372		2,600,337
MTU Aero Engines AG		14,153		1,182,139
ProSiebenSat.1 Media SE		56,775		2,780,276
SAP SE		76,553		4,952,730
				33,273,819
Hong Kong - 3.2%
AIA Group Ltd		1,137,662		5,923,287
Global Brands Group Holding Ltd *		5,352,639		1,113,538
Li & Fung Ltd		3,269,358		2,511,804
				9,548,629
India - 1.6%
Housing Development Finance Corp Ltd		175,129		3,244,559
Tata Consultancy Services Ltd		39,283		1,550,615
				4,795,174

	Shares		Value
Israel - 0.7%
Check Point Software Technologies Ltd *		25,522		$2,024,660
Japan - 12.4%
Denso Corp		142,000		6,020,043
FANUC Corp		18,300		2,821,296
Honda Motor Co Ltd		174,300		5,197,399
Hoya Corp		189,600		6,230,194
Inpex Corp		345,300		3,084,963
Japan Tobacco Inc		119,900		3,729,828
Kyocera Corp		70,400		3,230,482
Shin-Etsu Chemical Co Ltd		35,500		1,824,664
Terumo Corp		161,500		4,579,169
				36,718,038
Netherlands - 5.8%
Akzo Nobel NV		73,237		4,761,213
Heineken NV		21,380		1,730,480
ING Groep NV CVA		439,523		6,239,366
Randstad Holding NV		74,628		4,453,205
				17,184,264
Singapore - 1.8%
DBS Group Holdings Ltd		359,200		4,103,895
Singapore Telecommunications Ltd		494,462		1,254,303
				5,358,198
Spain - 1.3%
Amadeus IT Holding SA ‘A’		90,099		3,852,586
Sweden - 1.3%
Hennes & Mauritz AB ‘B’		105,746		3,866,449
Switzerland - 13.1%
Julius Baer Group Ltd		39,878		1,814,373
Kuehne + Nagel International AG		9,159		1,178,722
Nestle SA		142,000		10,693,523
Novartis AG		69,083		6,363,563
Roche Holding AG		38,435		10,160,446
Sonova Holding AG		13,038		1,681,328
UBS Group AG		374,481		6,939,552
				38,831,507
Taiwan - 2.6%
Hon Hai Precision Industry Co Ltd		533,031		1,394,255
Taiwan Semiconductor Manufacturing Co Ltd ADR		305,364		6,336,303
				7,730,558
United Kingdom - 20.8%
Barclays PLC		953,204		3,524,035
BG Group PLC		164,046		2,365,491
Compass Group PLC		559,775		8,936,833
Delphi Automotive PLC		29,826		2,267,969
Diageo PLC		223,155		6,005,190
HSBC Holdings PLC		664,361		5,025,737
Prudential PLC		145,151		3,068,564
Reckitt Benckiser Group PLC		74,306		6,744,817
Rio Tinto PLC		74,268		2,491,591
Rolls-Royce Holdings PLC *		290,521		2,983,178
Sky PLC		318,628		5,041,993
Smiths Group PLC		185,161		2,821,147
Standard Chartered PLC		196,616		1,911,475
WPP PLC		407,840		8,493,170
				61,681,190

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-69

PACIFIC FUNDS

PF INTERNATIONAL LARGE-CAP FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Shares		Value
United States - 3.0%
Valeant Pharmaceuticals International Inc *		12,278		$2,190,150
Yum! Brands Inc		81,978		6,554,141
				8,744,291
Total Common Stocks (Cost $261,427,514)				292,613,775
SHORT-TERM INVESTMENT - 0.9%
Money Market Fund - 0.9%
BlackRock Liquidity Funds T-Fund Portfolio		2,833,960		2,833,960
Total Short-Term Investment (Cost $2,833,960)				2,833,960
TOTAL INVESTMENTS - 99.9% (Cost $266,142,402)				296,616,953
OTHER ASSETS & LIABILITIES, NET - 0.1%				206,851
NET ASSETS - 100.0%				$296,823,804

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Consumer Discretionary	19.9%
Consumer Staples	17.5%
Financials	15.8%
Health Care	15.0%
Industrials	10.3%
Information Technology	8.9%
Materials	7.4%
Others (each less than 3.0%)	5.1%
	99.9%
Other Assets & Liabilities, Net	0.1%
	100.0%

(b) As of September 30, 2015, the fund’s composition by country of risk as a percentage of net assets was as follows:

United Kingdom	20.8%
France	13.6%
Switzerland	13.1%
Japan	12.4%
Germany	11.2%
Netherlands	5.8%
Canada	4.2%
United States (Includes Short-Term Investment)	3.9%
Hong Kong	3.2%
Others (each less than 3.0%)	11.7%
	99.9%
Other Assets & Liabilities, Net	0.1%
	100.0%

(c) Fair Value Measurements

The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Preferred Stocks (1)		$1,169,218		$1,169,218		$—		$—
	Common Stocks
	Australia		1,314,336		—		1,314,336		—
	Belgium		2,179,724		—		2,179,724		—
	Canada		12,426,092		12,426,092		—		—
	China		1,128,627		1,128,627		—		—
	Denmark		1,583,254		—		1,583,254		—
	France		40,372,379		—		40,372,379		—
	Germany		33,273,819		—		33,273,819		—
	Hong Kong		9,548,629		—		9,548,629		—
	India		4,795,174		—		4,795,174		—
	Israel		2,024,660		2,024,660		—		—
	Japan		36,718,038		—		36,718,038		—
	Netherlands		17,184,264		—		17,184,264		—
	Singapore		5,358,198		—		5,358,198		—
	Spain		3,852,586		—		3,852,586		—
	Sweden		3,866,449		—		3,866,449		—
	Switzerland		38,831,507		—		38,831,507		—
	Taiwan		7,730,558		6,336,303		1,394,255		—
	United Kingdom		61,681,190		2,267,969		59,413,221		—
	United States		8,744,291		8,744,291		—		—
			292,613,775		32,927,942		259,685,833		—
	Short-Term Investment		2,833,960		2,833,960		—		—
	Total		$296,616,953		$36,931,120		$259,685,833		$—

(1) For equity investments categorized in a single level, refer to the schedule of investments for further geographical region breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-70

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments

September 30, 2015 (Unaudited)

	Shares		Value
RIGHTS - 0.0%
South Korea - 0.0%
Mirae Asset Securities Co Ltd Exp 11/18/15 *		9,524		$40,978
Total Rights (Cost $0)				40,978
PREFERRED STOCKS - 0.3%
Germany - 0.3%
Jungheinrich AG		4,892		353,700
Total Preferred Stocks (Cost $307,684)				353,700
COMMON STOCKS - 98.9%
Australia - 5.0%
Alumina Ltd		313,784		248,657
Aveo Group »		163,081		307,540
Beach Energy Ltd		373,221		120,787
Cabcharge Australia Ltd		98,506		207,895
Challenger Ltd		75,926		381,714
Cover-More Group Ltd		160,294		252,559
CSR Ltd		137,032		280,154
Echo Entertainment Group Ltd		156,064		531,428
Genworth Mortgage Insurance Australia Ltd		90,705		146,907
Independence Group NL		83,168		148,266
JB Hi-Fi Ltd		24,995		336,008
M2 Group Ltd		55,144		368,340
Nufarm Ltd		83,662		479,297
Orora Ltd		294,270		481,596
OzForex Group Ltd		160,294		302,354
Sandfire Resources NL		82,801		314,382
Slater & Gordon Ltd		69,122		144,231
Steadfast Group Ltd		295,194		296,089
Veda Group Ltd		217,999		409,752
Western Areas Ltd		100,233		152,616
				5,910,572
Austria - 0.3%
Zumtobel Group AG		13,810		304,125
Belgium - 1.3%
bpost SA		11,355		269,611
Cie D’entreprises CFE		2,176		275,825
Melexis NV		9,161		423,892
Nyrstar NV *		52,782		118,827
Ontex Group NV		15,325		471,268
				1,559,423
Canada - 6.6%
Advantage Oil & Gas Ltd *		69,200		361,427
Aimia Inc		26,300		230,187
Birchcliff Energy Ltd *		57,100		272,985
Canfor Pulp Products Inc		25,500		233,694
Cascades Inc		61,600		397,434
CCL Industries Inc ‘B’		4,300		603,611
Celestica Inc *		22,500		289,659
Chorus Aviation Inc		85,600		348,943
Concordia Healthcare Corp		4,000		170,671
Empire Co Ltd ‘A’		10,200		209,809
Great Canadian Gaming Corp *		18,000		251,555
Intertape Polymer Group Inc		27,000		288,715

	Shares		Value
Laurentian Bank of Canada		8,800		$331,888
Linamar Corp		6,300		330,225
Lucara Diamond Corp		11,427		12,844
Martinrea International Inc		43,500		344,219
Milestone Apartments REIT		34,800		399,763
Parex Resources Inc *		42,000		291,120
Parkland Fuel Corp		18,200		311,766
Ritchie Bros Auctioneers Inc		14,500		374,859
Sandvine Corp *		93,900		163,243
SEMAFO Inc *		91,400		197,936
The Intertain Group Ltd *		34,600		297,646
Transcontinental Inc ‘A’		32,700		465,568
Western Energy Services Corp		78,000		300,427
Westshore Terminals Investment Corp		16,000		304,533
				7,784,727
China - 0.2%
Yangzijiang Shipbuilding Holdings Ltd		256,000		204,716
Denmark - 2.1%
Bakkafrost PF		13,570		434,157
NKT Holding AS		5,927		313,106
Royal Unibrew AS		12,070		452,573
SimCorp AS		6,745		339,936
Sydbank AS		16,332		622,319
Topdanmark AS *		9,420		267,986
				2,430,077
Finland - 0.9%
Kesko OYJ ‘B’		7,035		249,103
Sponda OYJ		63,965		250,104
Valmet OYJ		28,064		272,431
YIT OYJ		47,542		261,038
				1,032,676
France - 6.3%
Atos SE		6,824		524,081
Coface SA		37,461		329,907
Eiffage SA		6,628		409,778
Eutelsat Communications SA		14,605		448,189
Faurecia		11,078		345,316
Ipsen SA		6,843		424,605
IPSOS		15,195		298,767
Peugeot SA *		47,917		723,901
Saft Groupe SA		7,795		255,084
SCOR SE		18,548		666,201
Societe BIC SA		3,358		521,998
Technicolor SA		55,578		384,116
UBISOFT Entertainment *		25,043		507,927
Valeo SA		3,332		451,224
Veolia Environnement SA		34,095		781,337
Wendel SA		3,223		377,307
				7,449,738
Germany - 6.0%
Aareal Bank AG		8,505		302,645
Aurubis AG		7,581		481,847
Deutz AG		63,590		213,182
Freenet AG		14,256		470,533
Gerresheimer AG		5,349		390,196
Hannover Rueck SE		5,000		511,194
HOCHTIEF AG		4,372		363,980
KION Group AG *		8,259		366,131
Krones AG		3,141		330,311
Nordex SE *		22,971		627,360
OSRAM Licht AG		10,032		518,333
Pfeiffer Vacuum Technology AG		525		60,500
Rheinmetall AG		5,660		346,345
Salzgitter AG		11,471		284,375
Software AG		16,972		494,550

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-71

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Shares		Value
STADA Arzneimittel AG		8,383		$299,744
Talanx AG		10,992		328,749
United Internet AG		14,077		712,116
				7,102,091
Hong Kong - 2.8%
Dah Sing Banking Group Ltd		232,000		427,411
Fortune REIT		360,900		339,422
HK Electric Investments & HK Electric Investments Ltd » ~		554,500		395,240
Hutchison Telecommunications Hong Kong Holdings Ltd		696,000		280,426
Kerry Properties Ltd		95,500		262,481
Lifestyle International Holdings Ltd		131,500		188,053
Orient Overseas International Ltd		48,500		228,479
SmarTone Telecommunications Holdings Ltd		180,000		340,419
Texwinca Holdings Ltd		388,000		349,979
The United Laboratories International Holdings Ltd *		500,000		256,607
Value Partners Group Ltd		248,000		234,870
				3,303,387
Ireland - 0.3%
Irish Continental Group PLC		18,919		92,606
UDG Healthcare PLC		40,694		310,090
				402,696
Israel - 0.8%
Israel Discount Bank Ltd ‘A’ *		168,295		307,629
Mizrahi Tefahot Bank Ltd		33,633		397,717
Syneron Medical Ltd *		28,490		203,704
				909,050
Italy - 2.8%
Amplifon SpA		37,148		281,222
Anima Holding SpA ~		65,687		575,194
Brembo SpA		11,585		449,137
DiaSorin SpA		5,956		260,635
ERG SpA		34,077		476,790
Moncler SpA		20,218		362,526
Salini Impregilo SpA		90,665		345,604
Saras SpA *		260,777		555,681
				3,306,789
Japan - 22.2%
Asatsu-DK Inc		14,600		329,010
ASKA Pharmaceutical Co Ltd		23,700		258,758
Bank of the Ryukyus Ltd		22,800		336,259
Central Glass Co Ltd		80,000		351,628
CyberAgent Inc		7,000		274,221
Daihen Corp		75,000		356,899
Daikyonishikawa Corp		8,500		395,751
Daiwabo Holdings Co Ltd		183,000		321,425
Denka Co Ltd		82,000		324,249
Eiken Chemical Co Ltd		15,600		267,158
Fuji Electric Co Ltd		64,000		232,982
Fujimi Inc		16,100		218,365
Fujitsu General Ltd		32,000		349,107
HANEDA ZENITH HOLDINGS Co Ltd		97,500		172,667
Happinet Corp		23,000		224,975
Haseko Corp		52,100		592,803
Hokuhoku Financial Group Inc		155,000		356,759
Iino Kaiun Kaisha Ltd		41,000		186,279
Japan Aviation Electronics Industry Ltd		19,000		285,699
Japan Medical Dynamic Marketing Inc		51,400		266,381
Jeol Ltd		48,000		275,472
Kaken Pharmaceutical Co Ltd		9,000		838,737
Kawasaki Kisen Kaisha Ltd		148,000		326,214
Keihin Corp		23,100		328,263
Kinden Corp		30,000		381,499
Kitagawa Iron Works Co Ltd		123,000		280,802

	Shares		Value
Kyudenko Corp		28,000		$467,909
Lasertec Corp		25,600		261,902
Leopalace21 Corp *		58,700		275,117
Meidensha Corp		99,000		295,251
Meisei Industrial Co Ltd		51,000		223,957
Mirait Holdings Corp		23,100		209,859
Morinaga & Co Ltd		40,224		198,997
Nakanishi Inc		7,700		286,155
Nexon Co Ltd		32,500		435,298
Nichi-iko Pharmaceutical Co Ltd		18,900		499,277
Nihon Unisys Ltd		33,300		344,979
Nikkiso Co Ltd		25,641		172,216
Nippon Piston Ring Co Ltd		14,900		221,321
Nippon Suisan Kaisha Ltd		118,300		353,820
Nippon Thompson Co Ltd		63,000		261,098
Nishimatsuya Chain Co Ltd		39,200		364,754
Nissha Printing Co Ltd		21,300		406,427
North Pacific Bank Ltd		90,000		357,793
NTN Corp		68,000		281,477
OAK Capital Corp *		86,200		166,542
Obayashi Road Corp		46,000		252,126
Okasan Securities Group Inc		41,000		247,820
OKUMA Corp		38,000		238,264
Oracle Corp		7,400		313,266
Pacific Metals Co Ltd		103,000		238,666
Pigeon Corp		15,500		363,909
Riso Kagaku Corp		17,200		294,188
Ryobi Ltd		90,000		338,547
S Foods Inc		14,100		282,871
San-A Co Ltd		8,600		377,526
Sanden Holdings Corp		65,000		203,474
Sankyu Inc		82,000		398,070
Sanyo Special Steel Co Ltd		112,000		426,895
Senshu Ikeda Holdings Inc		67,200		292,318
Sumitomo Osaka Cement Co Ltd		115,000		408,619
Sumitomo Real Estate Sales Co Ltd		16,000		410,362
T-Gaia Corp		21,400		335,205
Takuma Co Ltd		54,000		407,518
TASAKI & Co Ltd *		17,800		200,597
TOA ROAD Corp		82,000		291,832
Toagosei Co Ltd		47,500		345,763
Toho Gas Co Ltd		87,000		514,888
Toho Zinc Co Ltd		115,000		264,692
Token Corp		7,400		559,893
Tokyo Seimitsu Co Ltd		15,000		280,097
Tokyo Tekko Co Ltd		71,000		293,378
Toridoll.Corp		22,200		264,227
Tosei Corp		47,200		305,862
Towa Corp		64,100		398,688
Tsubakimoto Chain Co		37,000		232,582
Tsuruha Holdings Inc		4,800		414,582
Valor Co Ltd		3,251		81,744
Yamaichi Electronics Co Ltd		44,800		345,693
Yuasa Trading Co Ltd		18,200		375,168
Zenkoku Hosho Co Ltd		14,600		486,840
				26,102,681
Jordan - 0.4%
Hikma Pharmaceuticals PLC		13,393		462,737
Luxembourg - 0.2%
APERAM SA *		10,265		277,369
Netherlands - 1.8%
ASM International NV		7,051		228,725
BE Semiconductor Industries NV		14,749		229,394
BinckBank NV		29,288		241,651
Boskalis Westminster		11,295		494,459

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-72

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Shares		Value
Corbion NV		16,444		$377,669
Delta Lloyd NV		23,427		197,163
Euronext NV ~		6,651		283,453
				2,052,514
Norway - 0.2%
BW Offshore Ltd		126,684		51,300
Protector Forsikring ASA		29,552		208,577
				259,877
Portugal - 1.0%
NOS SGPS SA		57,336		473,512
REN - Redes Energeticas Nacionais SGPS SA		115,345		346,105
Sonae SGPS SA		257,651		317,121
				1,136,738
Singapore - 1.1%
CDL Hospitality Trusts REIT		219,000		200,202
Mapletree Greater China Commercial Trust REIT		412,709		269,881
Mapletree Industrial Trust REIT		296,400		309,240
Mapletree Logistics Trust REIT		458,000		315,532
Starhill Global REIT		423,600		225,066
				1,319,921
South Africa - 0.7%
Mondi PLC		40,803		856,345
South Korea - 3.6%
Dongbu Insurance Co Ltd		6,395		330,823
Hanjin Shipping Co Ltd *		51,221		237,572
Hanwha Life Insurance Co Ltd		39,478		271,731
Hyundai Marine & Fire Insurance Co Ltd		13,018		332,971
Hyundai Mipo Dockyard Co Ltd *		4,150		234,187
Korea United Pharm Inc		21,774		393,406
Mirae Asset Securities Co Ltd		10,932		259,486
NS Shopping Co Ltd *		1,825		355,503
Osstem Implant Co Ltd *		9,717		537,743
S-Oil Corp		4,776		254,652
Seah Besteel Corp		9,496		242,122
Silicon Works Co Ltd		9,230		254,817
Tongyang Life Insurance Co Ltd		44,857		534,540
				4,239,553
Spain - 2.0%
Acciona SA		5,074		359,463
Almirall SA		7,623		136,040
Cia de Distribucion Integral Logista Holdings SA		17,384		328,284
Gamesa Corp Tecnologica SA		53,425		740,669
Grupo Catalana Occidente SA		13,649		392,936
Mediaset Espana Comunicacion SA		32,159		351,251
				2,308,643
Sweden - 4.0%
Axfood AB		20,984		346,297
Betsson AB *		13,661		230,023
Bilia AB ‘A’		14,850		297,573
BillerudKorsnas AB		33,537		483,755
Boliden AB		20,577		322,139
Clas Ohlson AB ‘B’		22,881		350,183
Hemfosa Fastigheter AB		24,160		257,871
Hexpol AB		38,610		431,881
Intrum Justitia AB		13,031		450,806
Inwido AB		35,114		362,149
JM AB		13,591		365,296
Medivir AB ‘B’ *		24,034		207,913
Nobia AB		28,753		351,581
Wihlborgs Fastigheter AB		15,042		270,025
				4,727,492

	Shares		Value
Switzerland - 7.5%
Actelion Ltd *		4,543		$577,904
Adecco SA *		10,181		746,520
Ascom Holding AG		15,434		284,613
Autoneum Holding AG *		1,690		308,030
Baloise Holding AG		5,160		592,787
Cembra Money Bank AG *		6,506		384,962
Emmi AG *		613		256,246
Flughafen Zuerich AG		626		436,175
Forbo Holding AG *		410		461,933
Givaudan SA *		435		708,803
Julius Baer Group Ltd *		12,671		576,506
Leonteq AG *		2,912		515,754
Logitech International SA		28,455		371,484
Lonza Group AG *		5,432		714,366
Oriflame Holdings AG *		3,098		38,490
Partners Group Holding AG		1,687		573,169
Rieter Holding AG *		1,584		234,596
Straumann Holding AG		1,583		455,823
Swiss Life Holding AG *		2,836		634,034
				8,872,195
Thailand - 0.2%
GFPT PCL		932,204		248,039
United Kingdom - 18.3%
3i Group PLC		101,296		716,485
Acacia Mining PLC		77,282		290,149
Barratt Developments PLC		84,426		825,873
Beazley PLC		114,085		617,519
Bellway PLC		19,878		749,513
Berkeley Group Holdings PLC		11,759		595,389
Bodycote PLC		38,255		319,683
Booker Group PLC		194,241		544,377
Britvic PLC		24,313		249,993
Chemring Group PLC		101,478		342,726
Close Brothers Group PLC		12,014		271,857
Daily Mail & General Trust PLC ‘A’		27,082		309,328
Debenhams PLC		362,568		434,115
Derwent London PLC REIT		10,186		562,110
Dialog Semiconductor PLC *		14,475		579,198
Dixons Carphone PLC		70,834		455,841
DS Smith PLC		106,468		636,052
Galliford Try PLC		22,391		539,529
Genus PLC		12,815		275,762
Go-Ahead Group PLC		10,299		383,208
Grafton Group PLC		38,716		391,737
Greene King PLC		23,133		278,760
Hays PLC		240,340		558,731
Inchcape PLC		50,584		551,610
Inmarsat PLC		23,985		357,011
Intermediate Capital Group PLC		58,630		459,113
John Wood Group PLC		41,736		389,087
Kier Group PLC		6,514		133,154
LondonMetric Property PLC REIT		185,229		460,499
Man Group PLC		184,662		429,687
Mitie Group PLC		83,406		385,941
Moneysupermarket.com Group PLC		90,717		464,807
OneSavings Bank PLC		69,671		411,202
Pace PLC		81,813		446,292
Persimmon PLC *		31,776		968,195
Phoenix Group Holdings		19,637		243,261
Premier Foods PLC *		450,384		217,839
QinetiQ Group PLC		127,240		434,769
Rathbone Brothers PLC		8,277		258,272
Safestore Holdings PLC REIT		86,754		387,548
Savills PLC		23,995		331,841
Segro PLC REIT		47,962		311,917

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-73

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Shares		Value
ST Modwen Properties PLC		37,298		$234,434
Synthomer PLC		72,168		372,102
Taylor Wimpey PLC		256,646		761,395
Vesuvius PLC		44,630		238,365
WH Smith PLC		18,538		439,249
Workspace Group PLC REIT		33,537		476,203
WS Atkins PLC		20,887		439,420
				21,531,148
United States - 0.3%
AVG Technologies NV *		15,500		337,125
Total Common Stocks (Cost $117,066,756)				116,432,444
SHORT-TERM INVESTMENT - 1.5%
Money Market Fund - 1.5%
BlackRock Liquidity Funds T-Fund Portfolio		1,700,524		1,700,524
Total Short-Term Investment (Cost $1,700,524)				1,700,524
TOTAL INVESTMENTS - 100.7% (Cost $119,074,964)				118,527,646
OTHER ASSETS & LIABILITIES, NET - (0.7%)				(768,301	)
NET ASSETS - 100.0%				$117,759,345

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Financials	22.3%
Industrials	20.8%
Consumer Discretionary	17.9%
Materials	10.1%
Information Technology	8.4%
Health Care	7.8%
Consumer Staples	5.5%
Others (each less than 3.0%)	7.9%
	100.7%
Other Assets & Liabilities, Net	(0.7%	)
	100.0%

(b) As of September 30, 2015, the fund’s composition by country of risk as a percentage of net assets was as follows:

Japan	22.2%
United Kingdom	18.3%
Switzerland	7.5%
Canada	6.6%
Germany	6.3%
France	6.3%
Australia	5.0%
Sweden	4.0%
South Korea	3.6%
Others (each less than 3.0%)	20.9%
	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-119 and A-120

A-74

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments (Continued)

September 30, 2015 (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 (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Rights (1)		$40,978		$—		$40,978		$—
	Preferred Stocks (1)		353,700		—		353,700		—
	Common Stocks
	Australia		5,910,572		—		5,910,572		—
	Austria		304,125		—		304,125		—
	Belgium		1,559,423		—		1,559,423		—
	Canada		7,784,727		7,784,727		—		—
	China		204,716		—		204,716		—
	Denmark		2,430,077		—		2,430,077		—
	Finland		1,032,676		—		1,032,676		—
	France		7,449,738		—		7,449,738		—
	Germany		7,102,091		—		7,102,091		—
	Hong Kong		3,303,387		—		3,303,387		—
	Ireland		402,696		—		402,696		—
	Israel		909,050		203,704		705,346		—
	Italy		3,306,789		—		3,306,789		—
	Japan		26,102,681		—		26,102,681		—
	Jordan		462,737		—		462,737		—
	Luxembourg		277,369		—		277,369		—
	Netherlands		2,052,514		—		2,052,514		—
	Norway		259,877		—		259,877		—
	Portugal		1,136,738		—		1,136,738		—
	Singapore		1,319,921		—		1,319,921		—
	South Africa		856,345		—		856,345		—
	South Korea		4,239,553		—		4,239,553		—
	Spain		2,308,643		—		2,308,643		—
	Sweden		4,727,492		—		4,727,492		—
	Switzerland		8,872,195		—		8,872,195		—
	Thailand		248,039		—		248,039		—
	United Kingdom		21,531,148		—		21,531,148		—
	United States		337,125		337,125		—		—
			116,432,444		8,325,556		108,106,888		—
	Short-Term Investment		1,700,524		1,700,524		—		—
	Total		$118,527,646		$10,026,080		$108,501,566		$—

(1) For equity investments categorized in a single level, refer to the schedule of investments for further geographical region breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-75

PACIFIC FUNDS

PF INTERNATIONAL VALUE FUND

Schedule of Investments

September 30, 2015 (Unaudited)

	Shares		Value
PREFERRED STOCKS - 0.6%
Brazil - 0.6%
Itau Unibanco Holding SA ADR		138,821		$918,995
Total Preferred Stocks (Cost $1,368,614)				918,995
COMMON STOCKS - 98.3%
Australia - 3.2%
Australia & New Zealand Banking Group Ltd		114,841		2,200,007
Goodman Group REIT		302,490		1,245,750
Oil Search Ltd		232,128		1,176,992
				4,622,749
Belgium - 0.3%
Solvay SA		4,741		484,577
China - 1.1%
CNOOC Ltd		966,000		998,666
Industrial & Commercial Bank of China Ltd ‘H’		991,000		574,541
				1,573,207
Finland - 2.7%
Nokia OYJ		312,719		2,142,459
UPM-Kymmene OYJ		122,812		1,845,158
				3,987,617
France - 12.8%
Airbus Group SE		11,954		710,024
AXA SA		124,985		3,034,297
BNP Paribas SA		55,478		3,266,881
Cap Gemini SA		15,367		1,369,298
Engie SA		84,243		1,364,187
Renault SA		21,581		1,550,308
Societe Generale SA		21,034		940,899
Sodexo SA		8,188		679,158
Thales SA		21,732		1,514,046
TOTAL SA		96,457		4,348,796
				18,777,894
Germany - 6.8%
Bayer AG		18,447		2,357,692
Brenntag AG		23,223		1,249,771
Daimler AG		31,234		2,264,135
Deutsche Bank AG		48,696		1,309,135
HeidelbergCement AG		10,522		720,485
Infineon Technologies AG		99,845		1,122,074
TUI AG		48,492		895,842
				9,919,134
Hong Kong - 1.9%
Cheung Kong Property Holdings Ltd		160,021		1,172,771
CK Hutchison Holdings Ltd		123,521		1,608,593
				2,781,364
Ireland - 2.3%
Ryanair Holdings PLC ADR		20,674		1,618,774
Shire PLC		26,533		1,810,978
				3,429,752
Italy - 5.3%
Enel SPA		585,838		2,619,532
Intesa Sanpaolo SPA		644,548		2,276,234
Telecom Italia SPA *		1,520,099		1,868,989
UniCredit SPA		169,206		1,054,544
				7,819,299

	Shares		Value
Japan - 23.1%
Daikin Industries Ltd		20,700		$1,163,870
Daiwa House Industry Co Ltd		74,500		1,849,191
Dentsu Inc		23,400		1,199,635
Japan Airlines Co Ltd		53,100		1,874,555
Japan Tobacco Inc		20,900		650,154
Kawasaki Heavy Industries Ltd		244,000		844,707
Mitsubishi Corp		97,900		1,609,606
Mitsubishi UFJ Financial Group Inc		728,900		4,405,367
Mitsui Fudosan Co Ltd		80,000		2,200,056
Nippon Telegraph & Telephone Corp		96,600		3,392,565
Nissan Motor Co Ltd		182,600		1,682,014
Seven & i Holdings Co Ltd		32,500		1,489,072
Sompo Japan Nipponkoa Holdings Inc		51,100		1,489,960
Sony Corp		83,800		2,049,031
Sumitomo Mitsui Financial Group Inc		42,600		1,621,675
The Dai-ichi Life Insurance Co Ltd		74,400		1,189,829
Toyota Motor Corp		85,300		5,016,864
				33,728,151
Luxembourg - 0.6%
ArcelorMittal		161,605		844,394
Netherlands - 3.8%
ING Groep NV CVA		164,584		2,336,396
Koninklijke KPN NV		511,388		1,916,876
NN Group NV		46,877		1,344,721
				5,597,993
Norway - 1.9%
DNB ASA		94,453		1,230,910
Norsk Hydro ASA		461,971		1,543,004
				2,773,914
Singapore - 0.5%
DBS Group Holdings Ltd		61,800		706,071
South Korea - 0.9%
Samsung Electronics Co Ltd		1,320		1,269,440
Spain - 0.7%
Bankia SA		757,245		981,241
Sweden - 2.1%
Electrolux AB ‘B’		84,299		2,385,101
Sandvik AB		78,471		669,450
				3,054,551
Switzerland - 8.5%
Credit Suisse Group AG		72,050		1,733,357
Nestle SA		29,985		2,258,065
Novartis AG		38,415		3,538,588
Roche Holding AG		10,320		2,728,133
Wolseley PLC		36,505		2,135,509
				12,393,652
United Kingdom - 19.8%
AstraZeneca PLC		46,009		2,919,877
Aviva PLC		267,705		1,835,129
Barclays PLC		687,690		2,542,419
Barratt Developments PLC		72,604		710,228
BG Group PLC		171,971		2,479,767
British American Tobacco PLC		30,648		1,693,807
Dixons Carphone PLC		183,244		1,179,238
InterContinental Hotels Group PLC		29,322		1,014,042

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-76

PACIFIC FUNDS

PF INTERNATIONAL VALUE FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Shares		Value
Lloyds Banking Group PLC		2,284,277		$2,604,792
National Grid PLC		168,295		2,343,797
Prudential PLC		123,408		2,608,906
Rio Tinto PLC		34,579		1,160,078
SABMiller PLC		15,800		895,327
The British Land Co PLC REIT		61,149		777,465
Vodafone Group PLC		1,345,831		4,255,557
				29,020,429
Total Common Stocks (Cost $144,956,851)				143,765,429
SHORT-TERM INVESTMENT - 0.8%
Money Market Fund - 0.8%
BlackRock Liquidity Funds T-Fund Portfolio		1,167,387		1,167,387
Total Short-Term Investment (Cost $1,167,387)				1,167,387
TOTAL INVESTMENTS - 99.7% (Cost $147,492,852)				145,851,811
OTHER ASSETS & LIABILITIES, NET - 0.3%				476,495
NET ASSETS - 100.0%				$146,328,306

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Financials	33.8%
Consumer Discretionary	14.1%
Industrials	10.3%
Health Care	9.1%
Telecommunication Services	7.8%
Energy	6.2%
Consumer Staples	4.8%
Materials	4.5%
Utilities	4.3%
Information Technology	4.0%
Others (each less than 3.0%)	0.8%
	99.7%
Other Assets & Liabilities, Net	0.3%
	100.0%

(b) As of September 30, 2015, the fund’s composition by country of risk as a percentage of net assets was as follows:

Japan	23.1%
United Kingdom	19.8%
France	12.8%
Switzerland	8.5%
Germany	6.8%
Italy	5.3%
Netherlands	3.8%
Australia	3.2%
Others (each less than 3.0%)	16.4%
	99.7%
Other Assets & Liabilities, Net	0.3%
	100.0%

(c) Forward foreign currency contracts outstanding as of September 30, 2015 were as follows:

Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
AUD	1,566,474	USD	1,154,780		11/15	DUB		($57,407	)
AUD	6,252,379	USD	4,546,822		11/15	GSC		(166,802	)
CHF	334,735	USD	343,580		11/15	GSC		298
CHF	2,407,984	USD	2,501,853		11/15	SCB		(28,095	)
CHF	381,310	USD	397,698		11/15	SSB		(5,973	)
DKK	15,854,746	USD	2,332,476		11/15	SCB		43,870
EUR	671,324	AUD	1,072,789		11/15	MSC		(985	)
EUR	581,581	GBP	431,580		11/15	GSC		(2,547	)
EUR	281,382	USD	316,001		11/15	GSC		(1,414	)
EUR	1,254,066	USD	1,398,136		11/15	HSB		3,916
EUR	340,610	USD	384,496		11/15	MSC		(3,692	)
EUR	1,675,362	USD	1,888,688		11/15	SCB		(15,626	)
EUR	331,323	USD	375,124		11/15	SSB		(4,704	)
GBP	309,006	USD	487,769		11/15	GSC		(20,403	)
HKD	14,689,443	USD	1,894,651		11/15	GSC		709
JPY	82,843,295	EUR	609,792		11/15	DUB		9,110
JPY	42,706,986	USD	345,565		11/15	GSC		10,584
JPY	48,458,661	USD	390,648		11/15	MSC		13,466
JPY	68,710,660	USD	556,687		11/15	SSB		16,316
JPY	68,455,878	USD	568,594		11/15	UBS		2,284
SEK	20,189,589	USD	2,351,668		11/15	GSC		62,405
SGD	575,445	USD	409,603		11/15	SGN		(5,727	)
SGD	749,515	USD	543,111		11/15	SSB		(17,063	)
USD	843,831	EUR	738,721		11/15	CIT		17,938
USD	421,872	EUR	381,131		11/15	RBC		(4,234	)
USD	8,000,179	EUR	7,296,919		11/15	SCB		(157,807	)
USD	343,551	GBP	222,691		11/15	CIT		6,735
USD	666,676	GBP	431,517		11/15	MSC		14,012
USD	1,067,493	GBP	702,870		11/15	RBC		4,412

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-77

PACIFIC FUNDS

PF INTERNATIONAL VALUE FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
USD	2,401,475	GBP	1,548,754		11/15	SCB		$59,008
USD	437,957	GBP	283,259		11/15	SGN		9,532
USD	549,731	HKD	4,261,696		11/15	GSC		(150	)
USD	785,222	HKD	6,085,614		11/15	SSB		3
USD	614,940	JPY	73,424,858		11/15	GSC		2,624
USD	3,094,473	JPY	382,024,812		11/15	MSC		(91,369	)
USD	1,104,385	JPY	136,803,439		11/15	SSB		(36,468	)
USD	1,945,952	NOK	15,964,057		11/15	DUB		71,834
USD	353,388	SEK	3,002,152		11/15	RBC		(5,580	)
USD	377,302	SEK	3,203,909		11/15	SSB		(5,791	)
Total Forward Foreign Currency Contracts								($282,781	)

(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 (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015			Level 1 Quoted Price		Level 2 Significant Observable Input			Level 3 Significant Unobservable Input
Assets	Preferred Stocks (1)		$918,995			$918,995		$—			$—
	Common Stocks
	Australia		4,622,749			—		4,622,749			—
	Belgium		484,577			—		484,577			—
	China		1,573,207			—		1,573,207			—
	Finland		3,987,617			—		3,987,617			—
	France		18,777,894			—		18,777,894			—
	Germany		9,919,134			—		9,919,134			—
	Hong Kong		2,781,364			—		2,781,364			—
	Ireland		3,429,752			1,618,774		1,810,978			—
	Italy		7,819,299			—		7,819,299			—
	Japan		33,728,151			—		33,728,151			—
	Luxembourg		844,394			—		844,394			—
	Netherlands		5,597,993			—		5,597,993			—
	Norway		2,773,914			—		2,773,914			—
	Singapore		706,071			—		706,071			—
	South Korea		1,269,440			—		1,269,440			—
	Spain		981,241			—		981,241			—
	Sweden		3,054,551			—		3,054,551			—
	Switzerland		12,393,652			—		12,393,652			—
	United Kingdom		29,020,429			—		29,020,429			—
			143,765,429			1,618,774		142,146,655			—
	Short-Term Investment		1,167,387			1,167,387		—			—
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		349,056			—		349,056			—
	Total Assets		146,200,867			3,705,156		142,495,711			—
Liabilities	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(631,837	)		—		(631,837	)		—
	Total Liabilities		(631,837	)		—		(631,837	)		—
	Total		$145,569,030			$3,705,156		$141,863,874			$—

(1) For equity investments categorized in a single level, refer to the schedule of investments for further geographical region breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-78

PACIFIC FUNDS

PF REAL ESTATE FUND

Schedule of Investments

September 30, 2015 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.5%
Consumer Discretionary - 5.0%
Hilton Worldwide Holdings Inc		75,707		$1,736,719
La Quinta Holdings Inc *		6,960		109,829
Starwood Hotels & Resorts Worldwide Inc		21,727		1,444,411
				3,290,959
Financials - 93.5%
Acadia Realty Trust REIT		3,306		99,411
Alexandria Real Estate Equities Inc REIT		613		51,903
Apartment Investment & Management Co ‘A’ REIT		387		14,327
AvalonBay Communities Inc REIT		18,710		3,270,882
BioMed Realty Trust Inc REIT		22,903		457,602
Boston Properties Inc REIT		30,607		3,623,869
Camden Property Trust REIT		29,558		2,184,336
Chesapeake Lodging Trust REIT		31,777		828,109
Corporate Office Properties Trust REIT		21,530		452,776
Cousins Properties Inc REIT		53,448		492,791
CubeSmart REIT		7,207		196,103
DCT Industrial Trust Inc REIT		2,218		74,658
DDR Corp REIT		30,658		471,520
Douglas Emmett Inc REIT		41,670		1,196,762
Duke Realty Corp REIT		27,884		531,190
Equity Lifestyle Properties Inc REIT		12,283		719,415
Equity Residential REIT		79,456		5,968,735
Essex Property Trust Inc REIT		3,471		775,491
Federal Realty Investment Trust REIT		1,559		212,726
General Growth Properties Inc REIT		87,493		2,272,193
Healthcare Realty Trust Inc REIT		12,592		312,911
Host Hotels & Resorts Inc REIT		206,468		3,264,259
Hudson Pacific Properties Inc REIT		30,743		885,091
Kimco Realty Corp REIT		68,845		1,681,883
LaSalle Hotel Properties REIT		15,108		428,916
Lexington Realty Trust REIT		1,473		11,931
Liberty Property Trust REIT		20,266		638,582
Mack-Cali Realty Corp REIT		27,414		517,576
Mid-America Apartment Communities Inc REIT		2,216		181,424
National Retail Properties Inc REIT		21,105		765,478
Paramount Group Inc REIT		17,405		292,404
Prologis Inc REIT		33,499		1,303,111
Public Storage REIT		17,019		3,601,731
Realty Income Corp REIT		6,280		297,609
Regency Centers Corp REIT		33,800		2,100,670
Rexford Industrial Realty Inc REIT		12,200		168,238
Senior Housing Properties Trust REIT		43,287		701,249
Simon Property Group Inc REIT		46,216		8,490,804
Sovran Self Storage Inc REIT		3,337		314,679

	Shares		Value
Spirit Realty Capital Inc REIT		373		$3,409
STORE Capital Corp REIT		39,836		823,012
Tanger Factory Outlet Centers Inc REIT		48,336		1,593,638
The Macerich Co REIT		4,152		318,957
Ventas Inc REIT		31,373		1,758,770
Vornado Realty Trust REIT		48,638		4,397,848
Welltower Inc REIT		19,677		1,332,526
WP GLIMCHER Inc REIT		61,820		720,821
Xenia Hotels & Resorts Inc REIT		16,536		288,719
				61,091,045
Total Common Stocks (Cost $47,773,737)				64,382,004
SHORT-TERM INVESTMENT - 1.3%
Money Market Fund - 1.3%
BlackRock Liquidity Funds T-Fund Portfolio		892,504		892,504
Total Short-Term Investment (Cost $892,504)				892,504
TOTAL INVESTMENTS - 99.8% (Cost $48,666,241)				65,274,508
OTHER ASSETS & LIABILITIES, NET - 0.2%				109,936
NET ASSETS - 100.0%				$65,384,444

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition by property sector as a percentage of net assets was as follows:

Retail	29.1%
Residential	20.0%
Office	18.2%
Hotels, Resorts & Cruise Lines	12.4%
Specialized	6.3%
Health Care	6.3%
Diversified	3.8%
Others (each less than 3.0%)	2.4%
	98.5%
Short-Term Investment	1.3%
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 (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks (1)		$64,382,004		$64,382,004		$—		$—
	Short-Term Investment		892,504		892,504		—		—
	Total		$65,274,508		$65,274,508		$—		$—

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-79

PACIFIC FUNDS

PF ABSOLUTE RETURN FUND

Schedule of Investments

September 30, 2015 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 38.0%
Austria - 0.3%
UNIQA Insurance Group AG 6.000% due 07/27/46 § ~		EUR 200,000		$223,056
Canada - 0.3%
Teck Resources Ltd 4.750% due 01/15/22		$380,000		244,451
Denmark - 0.6%
TDC AS
1.750% due 02/27/27 ~		EUR 210,000		205,765
3.500% due 02/26/15 § ~		200,000		204,686
				410,451
Finland - 0.4%
Nokia OYJ 6.625% due 05/15/39		$300,000		315,000
France - 3.2%
Credit Agricole Assurances SA 4.250% § ± ~		EUR 300,000		308,996
Electricite de France SA 5.000% § ± ~		700,000		779,369
Groupama SA 6.375% § ± ~		500,000		535,306
Orange SA 5.000% § ± ~		390,000		429,491
Sogecap SA 4.125% § ± ~		100,000		102,801
TOTAL SA 2.250% § ± ~		200,000		206,844
				2,362,807
Germany - 1.6%
Bayer AG 3.750% due 07/01/74 § ~		293,000		321,032
Bertelsmann SE & Co KGaA 3.000% due 04/23/75 § ~		200,000		201,884
ZF North America Capital Inc 2.250% due 04/26/19 ~		600,000		643,626
				1,166,542
Ireland - 1.1%
Baggot Securities Ltd 10.240% ± ~		450,000		510,380
Bank of Ireland 7.375% § ± ~		200,000		225,157
LCH Clearnet SA 6.576% § ±		50,000		57,826
				793,363
Italy - 2.0%
Enel SPA 5.000% due 01/15/75 § ~		620,000		710,849
Generali Finance BV 4.596% § ± ~		271,000		280,648
Intesa Sanpaolo SPA 7.700% § ± ~		$200,000		195,224
Unipol Gruppo Finanziario SPA 3.000% due 03/18/25 ~		EUR 297,000		302,115
				1,488,836

	Principal Amount		Value
Netherlands - 1.0%
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 5.500% § ± ~		EUR 700,000		$780,229
Portugal - 0.6%
EDP Finance BV 2.625% due 01/18/22 ~		380,000		427,361
Spain - 2.6%
Banco Bilbao Vizcaya Argentaria SA 6.750% § ± ~		800,000		858,950
Cellnex Telecom SAU 3.125% due 07/27/22 ~		200,000		213,004
Telefonica Europe BV
5.000% § ± ~		300,000		335,513
5.875% § ± ~		500,000		561,190
				1,968,657
Switzerland - 4.8%
Credit Suisse AG 0.281% due 07/22/16 § ~		760,000		850,197
UBS AG
4.750% due 05/22/23 § ~		$200,000		201,332
4.750% due 02/12/26 § ~		EUR 850,000		1,000,428
5.125% due 05/15/24 ~		$560,000		551,488
UBS Group AG 7.000% § ± ~		520,000		531,050
UBS Group Funding Jersey Ltd 4.125% due 09/24/25 ~		500,000		498,994
				3,633,489
United Kingdom - 6.7%
AA Bond Co Ltd
3.781% due 07/31/43 ~		GBP 450,000		698,768
5.500% due 07/31/43 ~		250,000		358,899
6.269% due 07/02/43 ~		250,000		454,253
CPUK Finance Ltd
7.000% due 08/28/20 ~		100,000		152,031
7.239% due 02/28/42 ~		160,000		307,269
LBG Capital PLC 15.000% due 12/21/19 ~		560,000		1,190,122
Royal Bank of Scotland Group PLC
7.500% § ±		$280,000		280,087
8.000% § ±		400,000		404,000
Sky PLC
1.875% due 11/24/23 ~		EUR 400,000		434,588
2.500% due 09/15/26 ~		360,000		396,982
Whitbread Group PLC 3.375% due 10/16/25 ~		GBP 250,000		380,338
				5,057,337
United States - 12.8%
Atwood Oceanics Inc 6.500% due 02/01/20		$394,000		318,155
Biogen Inc
3.625% due 09/15/22		260,000		262,480
4.050% due 09/15/25		280,000		283,616
5.200% due 09/15/45		131,000		132,759
CCO Safari II LLC
4.464% due 07/23/22 ~		500,000		500,570
4.908% due 07/23/25 ~		400,000		398,857
6.484% due 10/23/45 ~		280,000		283,022
6.834% due 10/23/55 ~		130,000		129,674
Citigroup Inc 1.177% due 07/30/18 §		1,100,000		1,100,124

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-80

PACIFIC FUNDS

PF ABSOLUTE RETURN FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
Continental Resources Inc
3.800% due 06/01/24		$141,000		$114,609
4.500% due 04/15/23		400,000		344,029
DIRECTV Holdings LLC 6.000% due 08/15/40		350,000		362,390
Energy Transfer Equity LP 5.500% due 06/01/27		250,000		208,750
General Motors Co 6.250% due 10/02/43		500,000		530,388
Gilead Sciences Inc
3.650% due 03/01/26		274,000		275,278
4.600% due 09/01/35		140,000		140,346
4.750% due 03/01/46		230,000		231,664
International Game Technology PLC 4.750% due 02/15/23 ~		EUR 240,000		248,878
Kinder Morgan Inc
1.500% due 03/16/22		160,000		155,961
5.300% due 12/01/34		$170,000		145,234
KLA-Tencor Corp 4.650% due 11/01/24		950,000		951,429
MPT Operating Partnership LP 4.000% due 08/19/22		EUR 170,000		192,295
Noble Holding International Ltd 4.625% due 03/01/21		$415,000		320,063
ONEOK Inc 7.500% due 09/01/23		240,000		231,749
Seagate HDD Cayman 4.875% due 06/01/27 ~		750,000		699,455
Select Income REIT 4.500% due 02/01/25		83,000		80,009
The Priceline Group Inc 1.800% due 03/03/27		EUR 260,000		252,962
Walgreens Boots Alliance Inc 2.125% due 11/20/26		230,000		244,241
WPX Energy Inc
7.500% due 08/01/20		$340,000		312,800
8.250% due 08/01/23		200,000		182,000
				9,633,787
Total Corporate Bonds & Notes (Cost $30,195,665)				28,505,366
U.S. TREASURY OBLIGATIONS - 8.6%
U.S. Treasury Bonds - 8.6%
2.875% due 08/15/45		1,010,000		1,010,315
4.500% due 02/15/36		4,170,000		5,470,844
				6,481,159
Total U.S. Treasury Obligations (Cost $6,340,662)				6,481,159
FOREIGN GOVERNMENT BONDS & NOTES - 29.8%
Bulgaria - 2.4%
Bulgaria Government 2.950% due 09/03/24 ~		EUR 1,600,000		1,802,510
Chile - 1.1%
Chile Government 1.875% due 05/27/30		812,000		840,418
Croatia - 1.1%
Croatia Government
3.000% due 03/11/25 ~		250,000		253,749
3.875% due 05/30/22 ~		480,000		539,144
				792,893

	Principal Amount		Value
Cyprus - 3.2%
Cyprus Government 4.750% due 06/25/19 ~		EUR 2,000,000		$2,375,784
Germany - 1.1%
Bundesrepublik Deutschland
1.750% due 02/15/24 ~		122,000		151,878
2.500% due 08/15/46 ~		490,000		709,535
				861,413
Iceland - 2.0%
Iceland Government
2.500% due 07/15/20 ~		1,000,000		1,162,640
5.875% due 05/11/22 ~		$300,000		342,128
				1,504,768
Indonesia - 0.7%
Indonesia Government 2.875% due 07/08/21 ~		EUR 515,000		552,445
Israel - 0.7%
Israel Government 2.875% due 01/29/24 ~		400,000		492,631
Latvia - 2.0%
Republic of Latvia
2.750% due 01/12/20 ~		$780,000		794,625
5.250% due 06/16/21 ~		600,000		682,500
				1,477,125
Mexico - 2.5%
Mexico Government
3.000% due 03/06/45		EUR 950,000		877,094
4.000% due 03/15/15		1,100,000		1,018,655
				1,895,749
Morocco - 0.3%
Morocco Government 3.500% due 06/19/24 ~		200,000		225,437
Slovenia - 5.5%
Slovenia Government
4.125% due 02/18/19 ~		$1,100,000		1,163,250
4.750% due 05/10/18 ~		530,000		565,113
5.500% due 10/26/22 ~		1,520,000		1,712,666
5.850% due 05/10/23 ~		610,000		700,024
				4,141,053
Spain - 7.2%
Autonomous Community of Catalonia 4.950% due 02/11/20		EUR 1,160,000		1,390,633
Spain Government
1.600% due 04/30/25 ~		801,000		878,624
2.150% due 10/31/25 ~		1,887,000		2,159,468
4.650% due 07/30/25 ~		680,000		949,062
				5,377,787
Total Foreign Government Bonds & Notes (Cost $22,948,979)				22,340,013
PURCHASED OPTIONS - 0.0%
(See Note (d) in Notes to Schedule of Investments) (Cost $51,790)				1,833

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-81

PACIFIC FUNDS

PF ABSOLUTE RETURN FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENT - 15.0%
Money Market Fund - 15.0%
BlackRock Liquidity Funds T-Fund Portfolio		11,294,886		$11,294,886
Total Short-Term Investment (Cost $11,294,886)				11,294,886
TOTAL INVESTMENTS - 91.4% (Cost $70,831,982)				68,623,257
OTHER ASSETS & LIABILITIES, NET - 8.6%				6,434,986
NET ASSETS - 100.0%				$75,058,243

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	38.0%
Foreign Government Bonds & Notes	29.8%
Short-Term Investment	15.0%
U.S. Treasury Obligations	8.6%
	91.4%
Other Assets & Liabilities, Net	8.6%
	100.0%

(b) Open futures contracts outstanding as September 30, 2015 were as follows:

Short Futures Outstanding	Number of Contracts		Unrealized Appreciation (Depreciation)
Euro-Bobl (12/15)		6		($4,470)
Euro-BTP (12/15)		15		(54,770)
Euro-Bund (12/15)		3		(3,646)
Eurodollar (12/16)		79		(111,993)
U.S. Treasury 10-Year Notes (12/15)		11		(16,425)
U.S. Treasury 20-Year Bonds (12/15)		7		(9,648)
U.S. Treasury Ultra Bonds (12/15)		7		(9,161)
United Kingdom 10-Year Notes (12/15)		8		(10,514)
				($220,627)

(c) Forward foreign currency contracts outstanding as of September 30, 2015 were as follows:

Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
EUR	650,943	HUF	205,030,735		10/15	BRC		($4,125	)
EUR	597,000	USD	666,628		10/15	MER		749
HUF	205,030,735	EUR	650,000		10/15	BRC		3,889
JPY	269,865,000	USD	2,260,744		10/15	CSF		(10,381	)
MYR	4,970,821	USD	1,146,490		10/15	HSB		(16,820	)
MYR	4,384,000	USD	1,000,000		11/15	BNP		(5,575	)
MYR	4,442,174	USD	1,039,227		11/15	HSB		(31,607	)
USD	5,700,000	CNH	36,800,340		10/15	CIT		(56,124	)
USD	33,525,793	EUR	29,583,000		10/15	CSF		455,403
USD	3,641,370	GBP	2,363,000		10/15	BRC		67,209
USD	2,250,000	JPY	269,865,000		10/15	CSF		(363	)
USD	990,611	MYR	4,340,859		10/15	BNP		4,123
USD	144,605	MYR	629,963		10/15	HSB		1,422
USD	1,986,160	MYR	8,826,174		11/15	BNP		(15,885	)
Total Forward Foreign Currency Contracts								$391,915

(d) Purchased options outstanding as of September 30, 2015 were as follows:

Option on Indices
Description	Exercise Price		Expiration Date		Exchange	Number of Contracts		Cost		Value
Call - Dow Jones Euro STOXX 50 (10/15)		3,500.00		10/16/15	EUX		410		$51,790		$1,833
Total Purchased Options									$51,790		$1,833

(e) Transactions in written options for the period from inception through September 30, 2015 were as follows:

	Number of Contracts		Premium
Outstanding, April 27, 2015		—		$—
Call Options Written		1,506		204,475
Put Options Written		2,429		739,170
Call Options Closed		(814)		(113,791)
Put Options Closed		(2,429)		(739,170)
Call Options Expired		(692)		(90,684)
Outstanding, September 30, 2015		—		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-82

PACIFIC FUNDS

PF ABSOLUTE RETURN FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

(f) Swap agreements outstanding as of September 30, 2015 were as follows:

Credit Default Swaps on Corporate Issues – Buy Protection (1)

Referenced Obligation	Fixed Deal Pay Rate		Expiration Date		Counter- party	Implied Credit Spread at 09/30/15 (3)		Notional Amount (4)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
BorgWarner Inc		1.000%		06/20/20	CSF		1.333%		$590,000		$8,722			($10,730	)		$19,452
Anadarko Petroleum Corp		1.000%		09/20/20	CIT		1.980%		91,000		4,113			1,543			2,570
Anglo American Capital PLC		1.000%		12/20/20	CIT		5.060%		EUR 220,000		43,598			26,357			17,241
Diageo Capital PLC		1.000%		12/20/20	CIT		0.608%		326,000		(7,485	)		(7,261	)		(224	)
Repsol International Finance BV		1.000%		12/20/20	CIT		2.194%		33,000		2,152			1,425			727
Statoil ASA		1.000%		12/20/20	CIT		0.670%		347,000		(6,706	)		(7,113	)		407
Anadarko Petroleum Corp		1.000%		12/20/20	CSF		2.068%		$75,000		3,854			2,231			1,623
Boston Scientific Corp		1.000%		12/20/20	CSF		0.713%		560,000		(8,252	)		(7,821	)		(431	)
Cardinal Health Inc		1.000%		12/20/20	CSF		0.278%		450,000		(16,694	)		(15,765	)		(929	)
Ingersoll-Rand Co		1.000%		12/20/20	CSF		0.399%		480,000		(14,806	)		(15,059	)		253
Nordstrom Inc		1.000%		12/20/20	CSF		0.552%		590,000		(13,565	)		(13,941	)		376
Xerox Corp		1.000%		12/20/20	CSF		1.571%		150,000		4,187			2,906			1,281
Anadarko Petroleum Corp		1.000%		12/20/20	GSC		2.068%		107,000		5,498			3,183			2,315
Dover Corp		1.000%		12/20/20	GSC		0.705%		200,000		(3,023	)		(2,642	)		(381	)
Newell Rubbermaid Inc		1.000%		12/20/20	GSC		0.482%		450,000		(11,944	)		(12,021	)		77
Packaging Corp of America		1.000%		12/20/20	GSC		1.183%		410,000		3,638			(404	)		4,042
Quest Diagnostics Inc		1.000%		12/20/20	GSC		0.931%		590,000		(2,206	)		(3,215	)		1,009
Stanley Black & Decker Inc		1.000%		12/20/20	GSC		0.797%		590,000		(6,172	)		(6,164	)		(8	)
Jaguar Land Rover Automotive PLC		5.000%		12/20/20	CIT		3.513%		EUR 169,000		(13,361	)		(19,997	)		6,636
											($28,452	)		($84,488	)		$56,036

Credit Default Swaps on Corporate Issues – Sell Protection (2)

Referenced Obligation	Fixed Deal Receive Rate		Expiration Date		Counter- party	Implied Credit Spread at 09/30/15 (3)		Notional Amount (4)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Barclays Bank PLC		1.000%		06/20/20	CIT		1.574%		EUR 110,000		($3,209	)		($1,846	)		($1,363	)
The Royal Bank of Scotland PLC		1.000%		06/20/20	CIT		1.817%		570,000		(23,601	)		(11,769	)		(11,832	)
Diamond Offshore Drilling Inc		1.000%		09/20/20	CIT		5.317%		$190,000		(34,601	)		(22,955	)		(11,646	)
Tesco PLC		1.000%		09/20/20	CSF		2.608%		EUR 411,000		(34,072	)		(21,422	)		(12,650	)
Casino Guichard Perrachon SA		1.000%		12/20/20	CIT		2.722%		287,000		(26,530	)		(22,133	)		(4,397	)
Volkswagen International Finance NV		1.000%		12/20/20	CIT		2.656%		156,000		(13,664	)		(10,715	)		(2,949	)
Casino Guichard Perrachon SA		1.000%		12/20/20	CSF		2.722%		213,000		(19,689	)		(16,957	)		(2,732	)
Tesco PLC		1.000%		12/20/20	CSF		2.690%		200,000		(18,165	)		(19,885	)		1,720
Volkswagen International Finance NV		1.000%		12/20/20	GSC		2.656%		71,000		(6,217	)		(4,397	)		(1,820	)
Energias de Portugal SA		5.000%		12/20/20	GSC		1.521%		290,000		57,089			62,076			(4,987	)
											($122,659	)		($70,003	)		($52,656	)

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

Referenced Obligation	Fixed Deal Pay Rate		Expiration Date		Counter- party		Notional Amount (4)		Value (5)			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
iTraxx Asia		1.000%		12/20/20		CIT		$2,200,000		$63,496			$56,168			$7,328
					Exchange
iTraxx Crossover		5.000%		12/20/20		ICE		EUR 3,790,000		46,385			—			46,385
										$109,881			$56,168			$53,713
										($41,230	)		($98,323	)		$57,093

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

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

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-83

PACIFIC FUNDS

PF ABSOLUTE RETURN FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

(3) 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 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. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

(4) 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.

(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 likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of period end. Increasing values, 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 of risk of default or other credit event occurring as defined under the terms of the agreement.

Interest Rate Swaps – Pay Floating Rate

Floating Rate Index	Exchange	Fixed Rate		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
3-Month USD-LIBOR	LCH		2.090%		01/04/26		$12,300,000		$6,147			$—			$6,147
Interest Rate Swaps – Receive Floating Rate
Floating Rate Index	Counter- party	Fixed Rate		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
6-Month EUR-LIBOR	CIT		1.771%		10/13/65		EUR 560,000		($68,746	)		$—			($68,746	)
	Exchange
3-Month USD-LIBOR	LCH		1.668%		11/27/20		$3,690,000		(35,037	)		—			(35,037	)
6-Month EUR-LIBOR	LCH		0.432%		12/10/20		EUR 5,110,000		(15,202	)		—			(15,202	)
3-Month USD-LIBOR	LCH		2.212%		11/30/25		$2,070,000		(29,087	)		—			(29,087	)
6-Month EUR-LIBOR	LCH		1.115%		12/07/25		EUR 2,970,000		(37,227	)		—			(37,227	)
3-Month USD-LIBOR	LCH		2.367%		12/16/25		$4,040,000		(110,224	)		—			(110,224	)
3-Month USD-LIBOR	LCH		2.660%		02/15/36		4,740,000		(147,934	)		—			(147,934	)
									(374,711	)		—			(374,711	)
									($443,457	)		$—			($443,457	)
									($437,310	)		$—			($437,310	)
Total Swap Agreements									($478,540	)		($98,323	)		($380,217	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-84

PACIFIC FUNDS

PF ABSOLUTE RETURN FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

(g) Fair Value Measurements

The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes	$28,505,366		$—		$28,505,366		$—
	U.S. Treasury Obligations	6,481,159		—		6,481,159		—
	Foreign Government Bonds & Notes	22,340,013		—		22,340,013		—
	Short-Term Investment	11,294,886		11,294,886		—		—
	Derivatives:
	Credit Contracts
	Swaps	242,732		—		242,732		—
	Equity Contracts
	Purchased Options	1,833		1,833		—		—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts	532,795		—		532,795		—
	Interest Rate Contracts
	Swaps	6,147		—		6,147		—
	Total Assets - Derivatives	783,507		1,833		781,674		—
	Total Assets	69,404,931		11,296,719		58,108,212		—
Liabilities	Derivatives:
	Credit Contracts
	Swaps	(283,962	)	—		(283,962	)	—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts	(140,880	)	—		(140,880	)	—
	Interest Rate Contracts
	Futures	(220,627	)	(220,627	)	—		—
	Swaps	(443,457	)	—		(443,457	)	—
	Total Interest Rate Contracts	(664,084	)	(220,627	)	(443,457	)	—
	Total Liabilities - Derivatives	(1,088,926	)	(220,627	)	(868,299	)	—
	Total Liabilities	(1,088,926	)	(220,627	)	(868,299	)	—
	Total	$68,316,005		$11,076,092		$57,239,913		$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-85

PACIFIC FUNDS

PF CURRENCY STRATEGIES FUND

Schedule of Investments

September 30, 2015 (Unaudited)

	Principal Amount		Value
U.S. TREASURY OBLIGATIONS - 4.5%
U.S. Treasury Notes - 4.5%
0.375% due 01/31/16 ‡		$6,000,000		$6,006,096
Total U.S. Treasury Obligations (Cost $6,003,483)				6,006,096
FOREIGN GOVERNMENT BONDS & NOTES - 16.8%
Canada - 4.6%
Canadian Government 1.250% due 02/01/16		CAD 7,980,000		5,994,716
France - 3.5%
France Government OAT 3.250% due 04/25/16 ~		EUR 4,050,000		4,613,791
Germany - 4.3%
Bundesrepublik Deutschland 3.500% due 01/04/16 ~		5,040,000		5,686,505
United Kingdom - 4.4%
United Kingdom Gilt 8.000% due 12/07/15 ~		GBP 3,800,000		5,827,426
Total Foreign Government Bonds & Notes (Cost $22,592,371)				22,122,438

	Shares		Value
SHORT-TERM INVESTMENTS - 79.6%
Money Market Fund - 41.6%
BlackRock Liquidity Funds T-Fund Portfolio		54,839,344		$54,839,344
	Principal Amount
U.S. Treasury Bills - 38.0%
0.095% due 10/15/15 ‡		$6,000,000		5,999,895
0.104% due 11/12/15		8,000,000		8,000,160
0.210% due 02/04/16 ‡		6,000,000		5,999,766
0.198% due 03/31/16		8,000,000		7,997,168
0.210% due 04/28/16 ‡		6,000,000		5,997,810
0.362% due 05/26/16		8,000,000		7,995,968
0.331% due 06/23/16		8,000,000		7,990,392
				49,981,159
Total Short-Term Investments (Cost $104,786,163)				104,820,503
TOTAL INVESTMENTS - 100.9% (Cost $133,382,017)				132,949,037
OTHER ASSETS & LIABILITIES, NET - (0.9%)				(1,206,309	)
NET ASSETS - 100.0%				$131,742,728

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Short-Term Investments	79.6%
Foreign Government Bonds & Notes	16.8%
U.S. Treasury Obligations	4.5%
	100.9%
Other Assets & Liabilities, Net	(0.9%	)
	100.0%

(b) As of September 30, 2015, investments with a total aggregate value of $2,801,061 were fully or partially segregated with the broker(s)/custodian as collateral for forward foreign currency contracts.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-86

PACIFIC FUNDS

PF CURRENCY STRATEGIES FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

(c) Forward foreign currency contracts outstanding as of September 30, 2015 were as follows:

Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
AUD	850,436	USD	595,673		11/15	BRC		($408	)
CAD	21,900,113	USD	16,534,777		11/15	CIT		(128,105	)
CHF	12,432,402	USD	12,766,698		11/15	ANZ		12,581
CHF	1,352,078	USD	1,386,121		11/15	BRC		3,681
CHF	12,521,747	USD	12,922,113		11/15	BRC		(50,996	)
CHF	4,991,140	USD	5,146,704		11/15	CIT		(16,306	)
CHF	10,060,601	USD	10,300,352		11/15	GSC		40,950
CHF	21,365,491	USD	21,906,391		11/15	RBC		55,220
EUR	3,490,000	USD	3,886,680		10/15	DUB		14,832
EUR	10,139,323	USD	11,309,502		11/15	SCB		29,305
GBP	6,865,910	USD	10,506,772		11/15	DUB		(123,105	)
GBP	4,864,886	USD	7,444,846		11/15	SEB		(87,431	)
INR	476,590,000	USD	7,075,792		10/15	JPM		144,174
JPY	3,455,000,000	USD	28,795,986		10/15	JPM		14,732
JPY	968,090,000	USD	8,063,620		11/15	ANZ		11,209
JPY	1,565,950,000	USD	13,043,333		11/15	BRC		18,239
JPY	2,389,645,931	USD	19,899,124		11/15	DUB		32,888
MXN	121,120,000	USD	7,123,658		10/15	CIB		22,402
MYR	30,814,000	USD	6,958,426		10/15	MSC		36,489
NZD	6,878,809	USD	4,326,548		11/15	ANZ		54,475
NZD	3,465,296	USD	2,184,817		11/15	DUB		22,184
NZD	59,758,259	USD	37,546,583		11/15	GSC		512,663
PHP	337,950,000	USD	7,199,923		10/15	BRC		15,449
SEK	26,427,158	USD	3,143,151		11/15	BRC		18,000
SEK	27,693,520	USD	3,298,055		11/15	SCB		14,575
USD	2,250,000	AUD	3,226,200		11/15	ANZ		(8,187	)
USD	2,076,548	AUD	2,964,253		11/15	ANZ		1,711
USD	2,184,817	AUD	3,118,873		11/15	DUB		1,754
USD	20,021,549	AUD	28,452,028		11/15	GSC		106,476
USD	6,450,000	AUD	9,233,875		11/15	RBC		(13,276	)
USD	5,608,025	CAD	7,455,000		10/15	CIB		22,542
USD	421,900	CAD	565,000		10/15	CSF		(1,413	)
USD	5,145,188	CAD	6,901,730		11/15	CIT		(25,306	)
USD	12,932,062	CAD	17,128,360		11/15	CIT		100,192
USD	35,709,527	CHF	34,840,000		10/15	MSC		(75,741	)
USD	17,735,378	CHF	17,270,976		11/15	ANZ		(17,477	)
USD	36,317,456	CHF	35,373,202		11/15	BRC		(42,695	)
USD	28,284,897	CHF	27,557,127		11/15	RBC		(41,102	)
USD	515,456	EUR	461,438		11/15	BRC		(570	)
USD	6,446,645	EUR	5,774,908		11/15	CIT		(11,436	)
USD	11,048,652	EUR	9,900,989		11/15	GSC		(23,627	)
USD	17,333,691	EUR	15,540,197		11/15	SCB		(44,915	)
USD	386,215	GBP	255,000		10/15	CSF		521
USD	16,061,812	GBP	10,566,363		11/15	BRC		81,762
USD	17,034,017	GBP	11,191,992		11/15	DUB		107,144
USD	3,298,055	GBP	2,166,737		11/15	SCB		21,188
USD	1,586,582	JPY	189,912,135		11/15	BRC		2,527
USD	14,141,032	KRW	16,825,000,000		10/15	CSF		(37,538	)
USD	7,082,050	MYR	30,814,000		10/15	DUB		87,135
USD	6,453,000	NOK	55,450,629		11/15	GSC		(55,022	)
USD	19,732,247	NZD	31,474,461		11/15	GSC		(324,199	)
USD	6,441,761	SEK	54,048,948		11/15	SEB		(23,441	)
USD	6,825,003	THB	247,850,000		10/15	JPM		3,991
Total Forward Foreign Currency Contracts								$458,695

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-87

PACIFIC FUNDS

PF CURRENCY STRATEGIES FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

(d) Fair Value Measurements

The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	U.S. Treasury Obligations		$6,006,096			$—		$6,006,096			$—
	Foreign Government Bonds & Notes		22,122,438			—		22,122,438			—
	Short-Term Investments		104,820,503			54,839,344		49,981,159			—
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		1,610,991			—		1,610,991			—
	Total Assets		134,560,028			54,839,344		79,720,684			—
Liabilities	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(1,152,296	)		—		(1,152,296	)		—
	Total Liabilities		(1,152,296	)		—		(1,152,296	)		—
	Total		$133,407,732			$54,839,344		$78,568,388			$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-88

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments

September 30, 2015 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENTS - 76.7%
Money Market Fund - 15.2%
BlackRock Liquidity Funds T-Fund Portfolio		23,729,053		$23,729,053
	Principal Amount
U.S. Treasury Bills - 61.5%
0.053% due 10/22/15		$47,917,000		47,915,463
0.070% due 10/29/15 ‡		47,917,000		47,914,298
				95,829,761
Total Short-Term Investments (Cost $119,558,814)				119,558,814
TOTAL INVESTMENTS - 76.7% (Cost $119,558,814)				119,558,814
OTHER ASSETS & LIABILITIES, NET - 23.3%				36,330,642
NET ASSETS - 100.0%				$155,889,456

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Short-Term Investments	76.7%
Other Assets & Liabilities, Net	23.3%
	100.0%

(b) An investment (within a total return basket swap) with a value of $109,587 or less than 0.1% of the fund’s net assets was valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or to the Board of Trustees.

(c) As of September 30, 2015, an investment with a value of $24,780,297 was fully or partially segregated with the broker(s)/custodian as collateral for open swap agreements.

(d) Open futures contracts outstanding as September 30, 2015 were as follows:

Long Futures Outstanding	Number of Contracts		Unrealized Appreciation (Depreciation)
AEX Index (10/15)		16		($1,379	)
CAC 40 Index (10/15)		83		(53,555	)
DAX Index (12/15)		12		(161,092	)
FTSE 100 Index (12/15)		88		(41,791	)
FTSE MIB Index (12/15)		9		(8,837	)
Hang Seng Index (10/15)		19		(8,400	)
IBEX 35 Index (10/15)		12		(20,583	)
MSCI Singapore Index (10/15)		30		(1,818	)
OMX Index (10/15)		80		(32,078	)
S&P/TSE 60 Index (12/15)		45		(19,397	)
S&P 500 E-Mini Index (12/15)		524		(740,444	)
SPI 200 Index (12/15)		11		(12,158	)
TOPIX Index (12/15)		57		(111,793	)
				(1,213,325	)
Short Futures Outstanding
Dow Jones Euro STOXX 50 Index (12/15)		158		2,718
Total Futures Contracts				($1,210,607	)

(e) Forward foreign currency contracts outstanding as of September 30, 2015 were as follows:

Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
AUD	1,306,000	USD	921,411		12/15	CIT		($8,497	)
AUD	1,306,000	USD	921,402		12/15	CSF		(8,488	)
CAD	1,675,500	USD	1,266,219		12/15	CIT		(11,099	)
CAD	1,675,500	USD	1,266,209		12/15	CSF		(11,089	)
CHF	1,347,500	USD	1,391,649		12/15	CIT		(5,042	)
CHF	1,347,500	USD	1,391,614		12/15	CSF		(5,007	)
DKK	1,702,000	USD	255,408		12/15	CIT		(31	)
DKK	1,702,000	USD	255,402		12/15	CSF		(25	)
EUR	3,946,000	USD	4,423,602		12/15	CIT		(8,444	)
EUR	3,946,000	USD	4,423,593		12/15	CSF		(8,436	)
GBP	1,893,500	USD	2,891,442		12/15	CIT		(27,926	)
GBP	1,893,500	USD	2,891,442		12/15	CSF		(27,926	)
HKD	3,303,500	USD	426,192		12/15	CIT		44
HKD	3,303,500	USD	426,188		12/15	CSF		48
ILS	374,500	USD	95,019		12/15	CIT		549
ILS	374,500	USD	95,018		12/15	CSF		550
JPY	402,589,500	USD	3,352,425		12/15	CIT		8,082
JPY	402,589,500	USD	3,352,415		12/15	CSF		8,092
NOK	699,500	USD	84,532		12/15	CIT		(2,466	)
NOK	699,500	USD	84,531		12/15	CSF		(2,465	)
NZD	32,000	USD	20,330		12/15	CIT		15
NZD	32,000	USD	20,328		12/15	CSF		16
SEK	3,612,500	USD	428,979		12/15	CIT		3,428
SEK	3,612,500	USD	428,977		12/15	CSF		3,430
SGD	257,000	USD	181,881		12/15	CIT		(1,750	)
SGD	257,000	USD	181,881		12/15	CSF		(1,750	)
Total Forward Foreign Currency Contracts								($106,187	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-89

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

(f) Swap agreements outstanding as of September 30, 2015 were as follows:

Total Return Basket Swaps

Description	Counter- party		Expiration Dates (1)		Value
The fund receives or pays the total return on all long and short positions within the basket and pays or receives the 1-Month USD-LIBOR plus or minus a specified spread, which is denominated in USD based on the local currencies of the positions within the swap.		GSC		05/02/25- 09/12/25	$10,077,687

The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2015:

Referenced Entity	Shares		Notional Amount (2)		Unrealized Appreciation (Depreciation)
Long Positions:
Bermuda
Aspen Insurance Holdings Ltd		648		$31,624		($1,511	)
Marvell Technology Group Ltd		60,731		851,598		(301,982	)
RenaissanceRe Holdings Ltd		10,182		1,050,769		31,781
						(271,712	)
Switzerland
TE Connectivity Ltd		3,096		209,648		(24,229	)
United Kingdom
Delphi Automotive PLC		11,266		947,672		(91,006	)
United States
3M Co		17,461		2,751,857		(276,411	)
Abbott Laboratories		11,831		553,285		(77,442	)
Accenture PLC		6,592		615,877		31,853
ACE Ltd		9,945		1,066,412		(38,099	)
Activision Blizzard Inc		18,179		416,212		145,338
Acuity Brands Inc		2,975		507,879		14,471
AES Corp		10,917		146,767		(39,890	)
Aetna Inc		14,942		1,605,177		29,627
Aflac Inc		21,497		1,367,621		(118,000	)
AGCO Corp		1,385		70,892		(6,309	)
Agilent Technologies Inc		11,282		428,598		(41,287	)
Akamai Technologies Inc		11,460		854,106		(62,678	)
Alaska Air Group Inc		4,926		311,999		79,372
Allied World Assurance Co Holdings AG		744		31,738		(3,340	)
Ally Financial Inc		10,008		219,124		(15,161	)
Altria Group Inc		41,556		2,094,355		166,291
Amazon.com Inc		762		324,016		66,044
Amdocs Ltd		17,854		984,051		31,485
Ameren Corp		5,470		221,418		9,799
American Eagle Outfitters Inc		12,505		203,804		(8,351	)
American Electric Power Co Inc		12,453		696,188		11,890
American Express Co		9,140		710,855		(33,307	)
Ameriprise Financial Inc		9,970		1,247,676		(159,650	)
AmerisourceBergen Corp		20,715		2,327,003		(359,285	)
Amgen Inc		11,382		1,811,750		(237,391	)
ANSYS Inc		2,006		173,156		3,653
Anthem Inc		4,902		754,944		(68,664	)
AO Smith Corp		5,351		352,771		(3,940	)
Apollo Education Group Inc		8,517		100,557		(6,359	)
Apple Inc		7,706		966,679		(116,708	)
Applied Materials Inc		19,276		376,886		(93,722	)
Archer-Daniels-Midland Co		18,331		909,537		(149,717	)
Armstrong World Industries Inc		1,228		68,557		(9,932	)
Arrow Electronics Inc		9,033		552,713		(53,369	)
Assurant Inc		8,262		519,201		133,579
Assured Guaranty Ltd		44,376		1,130,104		(20,704	)
Atwood Oceanics Inc		6,793		188,096		(87,492	)
Automatic Data Processing Inc		9,304		794,749		(47,080	)
AutoNation Inc		1,494		93,414		(6,493	)
Avery Dennison Corp		2,186		128,816		(5,154	)
Avnet Inc		17,044		747,307		(19,869	)

Referenced Entity	Shares		Notional Amount (2)		Unrealized Appreciation (Depreciation)
Avon Products Inc		18,508		$143,878		($83,727	)
Axis Capital Holdings Ltd		4,278		245,938		(16,123	)
Baxter International Inc		14,484		541,957		(66,158	)
BB&T Corp		9,030		350,037		(28,569	)
Becton Dickinson and Co		4,017		569,580		(36,685	)
Bed Bath & Beyond Inc		3,871		274,440		(53,716	)
Bemis Co Inc		13,944		630,673		(78,909	)
Best Buy Co Inc		28,503		1,000,027		58,004
Big Lots Inc		4,172		192,136		7,786
Biogen Inc		4,905		1,879,547		(448,219	)
BioMarin Pharmaceutical Inc		444		51,146		(4,383	)
BlackRock Inc		1,120		410,666		(77,500	)
Brinker International Inc		1,446		80,410		(4,250	)
Bristol-Myers Squibb Co		5,457		352,409		(29,354	)
Broadridge Financial Solutions Inc		12,583		674,798		21,671
Brocade Communications Systems Inc		103,481		1,219,853		(145,720	)
Brunswick Corp		5,158		260,903		(13,887	)
Bunge Ltd		6,703		570,588		(79,258	)
BWX Technologies Inc		3,350		87,771		535
CA Inc		16,549		524,278		(72,490	)
California Resources Corp		13,540		120,588		(85,384	)
Capital One Financial Corp		14,992		1,226,304		(139,084	)
Cardinal Health Inc		6,497		555,708		(56,608	)
Carlisle Cos Inc		767		74,547		(7,527	)
Carnival Corp		9,092		424,539		27,333
Carter’s Inc		8,341		836,732		(80,703	)
CDW Corp		8,341		321,525		19,288
CEB Inc		1,027		75,126		(4,941	)
Centene Corp		19,242		1,329,203		(285,709	)
CF Industries Holdings Inc		6,504		378,921		(86,892	)
Charles River Laboratories International Inc		1,450		100,223		(8,119	)
Chico’s FAS Inc		13,240		224,787		(16,521	)
Church & Dwight Co Inc		11,488		938,358		25,485
Cintas Corp		5,281		426,727		26,119
Cisco Systems Inc		52,798		1,527,734		(141,786	)
CIT Group Inc		9,688		438,627		(50,816	)
Citrix Systems Inc		4,049		270,996		9,519
CME Group Inc		12,602		1,142,179		26,531
Coach Inc		5,551		211,727		(51,136	)
Comcast Corp		19,710		1,143,954		(22,850	)
Community Health Systems Inc		17,393		981,892		(237,993	)
Compass Minerals International Inc		645		57,048		(6,500	)
Computer Sciences Corp		4,486		290,528		(15,177	)
ConocoPhillips		2,826		190,504		(54,969	)
Consolidated Edison Inc		14,604		890,831		85,447
Convergys Corp		1,879		42,887		537
Corning Inc		48,303		1,014,354		(187,407	)
Costco Wholesale Corp		958		138,634		(136	)
Coty Inc		6,822		197,551		(12,948	)
CR Bard Inc		2,622		439,837		48,668
Crane Co		5,022		305,746		(71,671	)
Credit Acceptance Corp		1,024		223,757		(22,163	)
CSX Corp		14,570		520,659		(128,726	)
Cummins Inc		8,234		1,147,668		(253,621	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-90

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Referenced Entity	Shares		Notional Amount (2)		Unrealized Appreciation (Depreciation)
CVS Health Corp		15,875		$1,576,552		($44,932	)
Danaher Corp		18,903		1,558,720		52,005
Darden Restaurants Inc		8,385		532,151		42,556
Dean Foods Co		5,402		91,012		(1,771	)
Deckers Outdoor Corp		8,851		647,360		(133,471	)
Delta Air Lines Inc		13,998		626,369		1,721
Denbury Resources Inc		63,179		542,186		(388,029	)
DENTSPLY International Inc		3,858		198,650		(3,551	)
Devon Energy Corp		4,807		326,950		(148,658	)
Dick’s Sporting Goods Inc		5,357		293,452		(27,691	)
Dillard’s Inc		1,943		247,188		(77,389	)
Discover Financial Services		14,784		865,787		(97,166	)
Dollar General Corp		6,774		497,324		(6,616	)
Domino’s Pizza Inc		734		78,822		384
Domtar Corp		9,005		386,515		(64,586	)
DR Horton Inc		5,866		148,349		23,877
Dr Pepper Snapple Group Inc		16,180		1,220,137		58,892
DST Systems Inc		3,052		354,215		(33,328	)
DTE Energy Co		8,389		652,401		21,823
eBay Inc		40,145		1,013,550		(32,406	)
Edgewell Personal Care Co		1,355		141,026		(30,458	)
Edison International		6,011		367,155		11,958
Edwards Lifesciences Corp		6,119		765,133		104,805
EI du Pont de Nemours & Co		7,754		538,298		(164,555	)
Electronic Arts Inc		8,290		496,426		65,222
Eli Lilly & Co		7,011		505,889		80,861
Emerson Electric Co		13,057		763,662		(186,934	)
Entergy Corp		1,932		148,203		(22,430	)
EOG Resources Inc		5,069		495,768		(126,745	)
EP Energy Corp		51,631		386,617		(120,717	)
Equifax Inc		8,097		794,808		(7,942	)
Expedia Inc		6,720		657,285		133,524
Expeditors International of Washington Inc		2,155		99,914		1,478
Express Scripts Holding Co		3,073		263,918		(15,128	)
F5 Networks Inc		2,306		281,757		(14,722	)
FactSet Research Systems Inc		1,526		242,741		1,129
Fairchild Semiconductor International Inc		21,468		405,551		(104,140	)
FedEx Corp		4,161		707,571		(108,471	)
Fidelity National Information Services Inc		6,062		383,479		23,160
Fifth Third Bancorp		23,434		474,767		(31,630	)
First American Financial Corp		4,198		145,702		18,314
First Solar Inc		19,345		1,015,982		(188,983	)
Fiserv Inc		5,731		449,972		46,389
Flextronics International Ltd		46,827		555,974		(62,417	)
FMC Technologies Inc		2,390		102,730		(28,640	)
Foot Locker Inc		11,666		702,807		136,795
Ford Motor Co		33,743		525,311		(67,418	)
Fortune Brands Home & Security Inc		7,825		345,821		25,632
Franklin Resources Inc		7,094		369,424		(105,101	)
General Dynamics Corp		14,971		2,068,618		(3,368	)
General Electric Co		20,285		550,093		(38,505	)
General Motors Co		45,398		1,591,959		(229,111	)
Gilead Sciences Inc		21,804		2,354,330		(213,396	)
GNC Holdings Inc		1,952		86,923		(8,023	)
Google Inc		1,405		765,522		131,388
Graham Holdings Co		507		320,792		(28,253	)
Groupon Inc		64,581		276,508		(65,973	)
H&R Block Inc		14,236		434,115		81,228
HCA Holdings Inc		8,687		646,677		25,349
Helix Energy Solutions Group Inc		20,795		284,367		(184,759	)
Henry Schein Inc		3,956		545,372		(20,332	)
Hess Corp		3,561		270,137		(91,874	)
Hewlett-Packard Co		44,607		1,475,748		(333,362	)
Hilton Worldwide Holdings Inc		11,060		324,685		(70,969	)

Referenced Entity	Shares		Notional Amount (2)		Unrealized Appreciation (Depreciation)
HollyFrontier Corp		19,077		$751,584		$180,137
Honeywell International Inc		1,930		195,256		(12,504	)
Hormel Foods Corp		4,551		250,717		37,407
Hubbell Inc		3,109		339,892		(75,782	)
Huntington Ingalls Industries Inc		9,838		1,239,033		(184,891	)
IAC/InterActiveCorp		9,851		721,539		(78,565	)
Illinois Tool Works Inc		3,642		344,343		(44,570	)
Ingersoll-Rand PLC		2,629		174,652		(41,178	)
Ingram Micro Inc		12,667		342,490		2,559
Ingredion Inc		1,373		109,784		10,092
Integrated Device Technology Inc		33,431		637,896		40,753
Intel Corp		17,420		560,688		(35,649	)
International Business Machines Corp		10,036		1,725,978		(271,059	)
International Game Technology PLC		9,598		180,068		(32,931	)
International Paper Co		28,765		1,495,072		(408,042	)
Intuit Inc		6,329		634,293		(72,594	)
Invesco Ltd		13,406		551,817		(133,148	)
ITT Corp		5,153		210,062		(37,798	)
Jabil Circuit Inc		7,869		180,809		(4,779	)
Janus Capital Group Inc		7,666		138,591		(34,334	)
JetBlue Airways Corp		6,024		126,499		28,740
Johnson & Johnson		17,560		1,745,914		(106,688	)
JPMorgan Chase & Co		29,799		1,909,106		(92,261	)
Kimberly-Clark Corp		10,326		1,134,777		(8,830	)
KLA-Tencor Corp		2,296		135,479		(20,679	)
Kohl’s Corp		5,025		363,820		(131,113	)
L Brands Inc		6,167		556,118		(286	)
L-3 Communications Holdings Inc		5,878		676,244		(61,875	)
Landstar System Inc		812		51,309		228
Lear Corp		2,148		239,827		(6,167	)
Legg Mason Inc		3,371		182,765		(42,498	)
Leidos Holdings Inc		1,257		53,221		(1,295	)
Lennox International Inc		1,346		143,425		9,118
Lexmark International Inc		9,471		412,574		(138,104	)
Liberty Interactive Corp QVC Group		5,268		151,094		(12,914	)
LifePoint Health Inc		2,257		160,479		(458	)
Lincoln Electric Holdings Inc		4,316		288,112		(61,825	)
Lincoln National Corp		15,315		888,189		(161,339	)
Lockheed Martin Corp		2,514		470,926		50,251
Lowe’s Cos Inc		15,574		1,096,410		(23,050	)
LyondellBasell Industries NV		10,277		1,068,919		(212,229	)
Macy’s Inc		11,043		712,763		(146,036	)
Mallinckrodt PLC		1,857		157,724		(38,987	)
ManpowerGroup Inc		19,100		1,631,824		(67,725	)
Marathon Oil Corp		11,396		348,670		(173,172	)
Marathon Petroleum Corp		31,950		1,617,803		(137,560	)
Marriott International Inc		3,812		305,767		(45,788	)
Masco Corp		39,175		966,929		19,498
Maxim Integrated Products Inc		7,882		256,947		6,311
McDonald’s Corp		11,083		1,070,675		21,333
McGraw Hill Financial Inc		3,433		360,030		(63,075	)
McKesson Corp		1,252		244,833		(13,176	)
Medivation Inc		14,168		794,339		(192,199	)
Medtronic PLC		12,748		954,001		(100,650	)
Merck & Co Inc		24,111		1,450,250		(259,407	)
MetLife Inc		42,587		2,214,282		(206,305	)
Michael Kors Holdings Ltd		4,542		221,302		(29,448	)
Micron Technology Inc		31,240		818,287		(350,312	)
Microsoft Corp		19,266		907,987		(55,274	)
Molson Coors Brewing Co		3,918		287,929		37,343
Mondelez International Inc		18,667		716,678		64,909
Moody’s Corp		3,503		376,964		(32,969	)
Morgan Stanley		23,396		874,598		(137,624	)
MSCI Inc		5,665		347,369		(10,528	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-91

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Referenced Entity	Shares		Notional Amount (2)		Unrealized Appreciation (Depreciation)
Murphy Oil Corp		3,329		$157,166		($76,604	)
Murphy USA Inc		6,396		398,283		(46,823	)
Nabors Industries Ltd		47,691		703,459		(252,779	)
Nasdaq Inc		8,014		393,912		33,475
National Oilwell Varco Inc		6,609		361,395		(112,566	)
Navient Corp		21,662		425,768		(182,288	)
NCR Corp		1,148		28,737		(2,620	)
NetApp Inc		18,326		662,095		(119,646	)
Newfield Exploration Co		6,853		254,774		(29,310	)
NIKE Inc		14,634		1,465,105		334,438
Northrop Grumman Corp		13,150		2,034,307		147,936
Oceaneering International Inc		5,161		282,213		(79,489	)
Oil States International Inc		12,321		455,944		(133,996	)
Old Dominion Freight Line Inc		1,086		77,697		(11,451	)
Omnicom Group Inc		3,888		296,123		(39,904	)
ON Semiconductor Corp		29,521		354,196		(76,698	)
OPKO Health Inc		6,002		63,195		(12,718	)
Oracle Corp		32,541		1,428,795		(253,414	)
Orbital ATK Inc		2,139		157,441		(3,711	)
O’Reilly Automotive Inc		796		175,378		23,622
Owens Corning		28,433		1,115,704		75,923
Packaging Corp of America		2,896		199,457		(25,233	)
Parker-Hannifin Corp		4,561		552,555		(108,770	)
Patterson Cos Inc		1,019		47,176		(3,104	)
Paychex Inc		3,286		160,567		(4,055	)
PBF Energy Inc		2,688		73,748		2,134
PepsiCo Inc		36,318		3,456,733		(31,946	)
Pfizer Inc		39,878		1,352,121		(99,553	)
PG&E Corp		19,610		1,028,110		7,298
Phillips 66		10,938		879,833		(39,357	)
Pinnacle Foods Inc		4,421		179,239		5,913
Pinnacle West Capital Corp		7,299		437,569		30,589
Pitney Bowes Inc		45,772		1,024,158		(115,584	)
Polycom Inc		5,208		55,045		(465	)
PTC Inc		5,924		224,667		(36,640	)
Public Service Enterprise Group Inc		42,364		1,725,071		60,996
QEP Resources Inc		12,200		171,157		(18,291	)
Quest Diagnostics Inc		4,862		344,127		(45,260	)
Quintiles Transnational Holdings Inc		4,631		302,138		20,041
Rackspace Hosting Inc		21,144		854,156		(332,322	)
Ralph Lauren Corp		5,052		679,911		(82,967	)
Raytheon Co		10,934		1,148,880		45,769
Red Hat Inc		684		51,450		(2,284	)
Regal Beloit Corp		438		34,017		(9,292	)
Regions Financial Corp		37,842		376,662		(35,705	)
Reinsurance Group of America Inc		4,321		398,709		(7,270	)
Reliance Steel & Aluminum Co		2,205		142,934		(23,842	)
Republic Services Inc		3,808		153,591		3,298
Rite Aid Corp		35,512		308,372		(92,815	)
Robert Half International Inc		8,958		487,292		(29,001	)
Rockwell Automation Inc		3,098		370,580		(56,226	)
Ross Stores Inc		12,966		652,829		(24,366	)
Ryder System Inc		1,444		138,090		(31,176	)
Sally Beauty Holdings Inc		1,679		52,554		(12,678	)
Santander Consumer USA Holdings Inc		11,314		272,224		(41,192	)
SEI Investments Co		5,054		232,842		10,913
Service Corp International		2,911		80,267		(1,379	)
Skechers U.S.A. Inc		804		113,195		(5,395	)
Skyworks Solutions Inc		3,679		348,554		(38,746	)
SM Energy Co		9,913		565,814		(248,201	)
Snap-on Inc		2,568		389,293		(1,679	)
SolarWinds Inc		2,704		131,280		(25,175	)
Southwest Airlines Co		25,599		1,052,570		(78,784	)
Spirit AeroSystems Holdings Inc		27,499		1,447,934		(118,633	)

Referenced Entity	Shares		Notional Amount (2)		Unrealized Appreciation (Depreciation)
Springleaf Holdings Inc		3,146		$144,084		($6,541	)
SPX Corp		622		12,106		(4,692	)
SPX FLOW Inc		622		36,319		(14,904	)
St Jude Medical Inc		4,150		295,796		(33,973	)
Stanley Black & Decker Inc		4,274		430,188		(15,696	)
Staples Inc		19,115		313,135		(88,916	)
Starwood Hotels & Resorts Worldwide Inc		3,808		327,689		(74,533	)
State Street Corp		13,670		1,065,408		(146,647	)
Steel Dynamics Inc		17,746		390,792		(85,916	)
Stryker Corp		5,513		512,211		6,562
Superior Energy Services Inc		1,971		27,917		(3,023	)
SUPERVALU Inc		86,941		759,551		(135,314	)
Synopsys Inc		7,370		348,035		(7,688	)
Sysco Corp		7,001		252,804		20,025
Talen Energy Corp		3,977		54,538		(14,370	)
Target Corp		18,523		1,465,966		(8,947	)
Tech Data Corp		1,911		129,836		1,068
TEGNA Inc		12,711		355,798		(71,199	)
Telephone & Data Systems Inc		1,042		28,605		(2,597	)
Teradyne Inc		15,950		311,036		(23,776	)
Terex Corp		8,385		191,795		(41,368	)
Tesoro Corp		6,725		595,093		58,846
Texas Instruments Inc		798		42,826		(3,309	)
Textron Inc		3,429		152,683		(23,616	)
The Allstate Corp		21,378		1,478,963		(233,908	)
The Boeing Co		5,457		784,468		(69,874	)
The Clorox Co		3,742		397,383		34,929
The Coca-Cola Co		30,873		1,255,013		(16,388	)
The Dow Chemical Co		12,039		619,474		(109,021	)
The Dun & Bradstreet Corp		4,917		624,316		(108,031	)
The Estee Lauder Cos Inc		9,192		789,884		(48,273	)
The Gap Inc		18,319		726,042		(203,950	)
The Goodyear Tire & Rubber Co		36,185		1,016,089		45,217
The Hartford Financial Services Group Inc		11,182		459,910		52,002
The Home Depot Inc		11,697		1,269,088		81,798
The Interpublic Group of Cos Inc		30,646		639,150		(52,892	)
The Kroger Co		26,584		919,395		39,490
The Mosaic Co		6,317		280,793		(84,271	)
The PNC Financial Services Group Inc		7,779		720,968		(27,081	)
The Priceline Group Inc		154		191,734		(1,257	)
The Procter & Gamble Co		28,086		2,248,727		(228,220	)
The Timken Co		2,753		108,723		(33,044	)
The TJX Cos Inc		12,267		804,061		72,048
The Travelers Cos Inc		16,161		1,646,948		(38,443	)
The Walt Disney Co		622		68,423		(4,855	)
The Western Union Co		15,814		334,818		(44,473	)
Thermo Fisher Scientific Inc		2,146		272,197		(9,784	)
Time Warner Inc		7,413		627,472		(117,828	)
Torchmark Corp		3,460		195,725		(580	)
Total System Services Inc		2,521		101,513		13,016
Trinity Industries Inc		12,134		334,183		(59,106	)
Triumph Group Inc		1,712		97,757		(25,716	)
Tupperware Brands Corp		720		48,047		(12,414	)
Twenty-First Century Fox Inc		6,308		215,666		(45,476	)
Tyco International Plc		7,030		278,430		(43,207	)
Tyson Foods Inc		8,226		331,626		22,915
Ulta Salon Cosmetics & Fragrance Inc		453		69,130		4,868
Union Pacific Corp		6,818		727,354		(124,575	)
United Technologies Corp		3,505		403,193		(91,283	)
United Therapeutics Corp		3,984		665,511		(142,651	)
UnitedHealth Group Inc		20,272		2,298,070		53,685
Universal Health Services Inc		4,545		528,091		39,170
Unum Group		16,528		575,018		(44,800	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-92

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Referenced Entity	Shares			Notional Amount (2)			Unrealized Appreciation (Depreciation)
US Bancorp		16,117			$695,684			($34,725	)
Valero Energy Corp		26,801			1,551,791			58,949
Validus Holdings Ltd		5,675			245,155			10,617
VCA Inc		2,468			125,423			4,517
Vectren Corp		2,366			99,938			(542	)
VeriSign Inc		6,471			408,534			48,060
VF Corp		8,273			594,608			(30,307	)
Viacom Inc		19,486			1,224,429			(383,608	)
Voya Financial Inc		21,544			923,004			(87,743	)
Wal-Mart Stores Inc		24,855			1,940,313			(328,715	)
Waste Management Inc		5,617			277,216			2,567
Waters Corp		1,542			195,525			(13,245	)
Wells Fargo & Co		22,101			1,222,423			(87,537	)
WESCO International Inc		1,521			108,998			(38,317	)
Western Digital Corp		9,094			881,658			(159,231	)
Western Refining Inc		16,362			724,526			(2,635	)
Westlake Chemical Corp		2,015			147,677			(43,118	)
WestRock Co		8,245			515,592			(91,470	)
Whirlpool Corp		1,045			187,175			(33,289	)
Whiting Petroleum Corp		5,885			218,801			(128,937	)
Williams-Sonoma Inc		1,782			133,562			2,494
World Fuel Services Corp		4,615			185,361			(20,144	)
WPX Energy Inc		4,505			60,812			(30,989	)
WR Berkley Corp		5,138			252,800			26,553
Wyndham Worldwide Corp		3,011			258,631			(42,140	)
Xcel Energy Inc		9,055			307,047			13,590
Xerox Corp		62,369			718,759			(111,908	)
Xilinx Inc		11,395			495,908			(12,760	)
Yahoo! Inc		21,623			905,781			(280,660	)
Yelp Inc		8,512			214,439			(30,069	)
Zoetis Inc		5,082			230,788			(21,512	)
Zynga Inc		52,375			136,583			(17,168	)
								(17,705,532	)
Total Long Positions								(18,092,479	)
Short Positions:
Bermuda
Golar LNG Ltd		(15,436	)		(655,120	)		224,764
Teekay Corp		(8,938	)		(429,983	)		165,061
								389,825
Canada
Restaurant Brands International Inc		(8,707	)		(354,816	)		42,061
Panama
Copa Holdings SA		(2,210	)		(210,687	)		118,021
Singapore
Avago Technologies Ltd		(3,559	)		(442,013	)		(2,897	)
United Kingdom
Liberty Global PLC		(816	)		(39,059	)		4,020
Pentair PLC		(4,423	)		(274,934	)		49,184
								53,204
United States
Abercrombie & Fitch Co		(1,386	)		(27,235	)		(2,134	)
Acadia Healthcare Co Inc		(1,821	)		(136,744	)		16,067
Acxiom Corp		(1,747	)		(36,190	)		1,670
Adobe Systems Inc		(2,428	)		(181,426	)		(18,204	)
Advance Auto Parts Inc		(6,090	)		(877,481	)		(276,757	)
AECOM		(23,959	)		(757,920	)		98,808
Air Lease Corp		(4,468	)		(174,750	)		36,599
Air Products & Chemicals Inc		(2,899	)		(424,751	)		54,897

Referenced Entity	Shares			Notional Amount (2)			Unrealized Appreciation (Depreciation)
Airgas Inc		(973	)		($99,195	)		$12,277
Akorn Inc		(26,890	)		(1,120,832	)		354,333
Albemarle Corp		(8,511	)		(391,980	)		16,645
Alcoa Inc		(9,118	)		(125,681	)		37,601
Alexion Pharmaceuticals Inc		(3,895	)		(700,735	)		91,596
Align Technology Inc		(11,443	)		(678,848	)		29,343
Alkermes PLC		(5,821	)		(331,097	)		(10,422	)
Alleghany Corp		(2,503	)		(1,191,934	)		20,254
Allegheny Technologies Inc		(10,822	)		(374,454	)		220,998
Allegion PLC		(2,110	)		(129,501	)		7,839
Allergan PLC		(3,557	)		(1,015,864	)		49,036
Alliance Data Systems Corp		(7,484	)		(2,233,723	)		295,517
Alliant Energy Corp		(20,725	)		(1,252,808	)		40,603
Allison Transmission Holdings Inc		(5,467	)		(168,452	)		22,538
Alnylam Pharmaceuticals Inc		(6,542	)		(696,549	)		170,834
AMC Networks Inc		(684	)		(54,393	)		4,345
AMETEK Inc		(8,279	)		(435,320	)		2,163
Amphenol Corp		(11,509	)		(643,219	)		56,720
Anadarko Petroleum Corp		(9,950	)		(818,862	)		217,982
Analog Devices Inc		(4,345	)		(270,130	)		25,029
Antero Resources Corp		(1,128	)		(49,861	)		25,992
Aon PLC		(7,182	)		(701,518	)		65,121
Apache Corp		(15,716	)		(1,070,387	)		454,948
Arista Networks Inc		(2,536	)		(192,317	)		37,139
ARRIS Group Inc		(55,953	)		(1,681,316	)		228,216
Arthur J Gallagher & Co		(3,230	)		(153,826	)		20,492
Ascena Retail Group Inc		(4,527	)		(56,174	)		(6,797	)
AT&T Inc		(22,099	)		(738,902	)		18,917
athenahealth Inc		(1,744	)		(234,366	)		1,804
Atmel Corp		(44,225	)		(350,348	)		(6,548	)
Atmos Energy Corp		(2,074	)		(112,058	)		(8,607	)
Autodesk Inc		(1,975	)		(113,423	)		26,247
AutoZone Inc		(327	)		(221,603	)		(15,089	)
Avis Budget Group Inc		(23,717	)		(1,048,820	)		12,861
B/E Aerospace Inc		(9,148	)		(546,671	)		145,074
Ball Corp		(10,548	)		(771,670	)		115,584
Bank of America Corp		(25,862	)		(421,651	)		18,721
BankUnited Inc		(3,455	)		(113,801	)		(9,715	)
Bio-Techne Corp		(979	)		(92,123	)		1,604
Black Knight Financial Services Inc		(1,076	)		(37,436	)		2,413
Bluebird Bio Inc		(524	)		(69,219	)		24,391
BorgWarner Inc		(25,215	)		(1,483,381	)		434,689
Boston Scientific Corp		(22,757	)		(395,071	)		21,629
Brookdale Senior Living Inc		(52,189	)		(1,889,509	)		691,249
Brown-Forman Corp		(8,335	)		(802,905	)		(4,757	)
Cabela’s Inc		(8,998	)		(480,046	)		69,738
Cablevision Systems Corp		(23,164	)		(472,645	)		(279,490	)
Cabot Oil & Gas Corp		(31,463	)		(1,063,098	)		375,317
Cadence Design Systems Inc		(3,766	)		(71,198	)		(6,683	)
Calpine Corp		(2,696	)		(54,929	)		15,567
Campbell Soup Co		(3,844	)		(173,484	)		(21,330	)
CarMax Inc		(20,815	)		(1,449,617	)		214,871
Caterpillar Inc		(4,347	)		(378,379	)		94,259
CBOE Holdings Inc		(3,438	)		(191,932	)		(38,689	)
CDK Global Inc		(12,702	)		(619,160	)		12,258
CenterPoint Energy Inc		(22,609	)		(469,366	)		61,500
CenturyLink Inc		(22,745	)		(807,693	)		236,338
CH Robinson Worldwide Inc		(7,347	)		(473,080	)		(24,900	)
Cheniere Energy Inc		(10,330	)		(756,004	)		257,065
Chevron Corp		(9,277	)		(960,431	)		228,661
Chipotle Mexican Grill Inc		(1,486	)		(931,690	)		(138,602	)
Ciena Corp		(26,747	)		(601,924	)		47,726
Cimarex Energy Co		(3,032	)		(371,123	)		60,403
Cincinnati Financial Corp		(9,499	)		(482,920	)		(28,126	)
Citigroup Inc		(10,770	)		(569,328	)		35,028
Clean Harbors Inc		(7,693	)		(425,956	)		87,695
CMS Energy Corp		(5,697	)		(190,638	)		(10,580	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-93

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Referenced Entity	Shares			Notional Amount (2)			Unrealized Appreciation (Depreciation)
Cobalt International Energy Inc		(87,470	)		($887,319	)		$268,031
Colfax Corp		(17,493	)		(871,381	)		348,165
Colgate-Palmolive Co		(4,620	)		(312,692	)		19,507
Columbia Pipeline Group Inc		(32,052	)		(844,218	)		257,986
Comerica Inc		(4,093	)		(194,899	)		26,677
ConAgra Foods Inc		(5,901	)		(218,120	)		(20,929	)
Concho Resources Inc		(6,625	)		(824,721	)		173,483
CONSOL Energy Inc		(59,227	)		(1,809,679	)		1,229,255
Constellation Brands Inc		(10,384	)		(1,204,503	)		(95,677	)
Con-way Inc		(900	)		(37,054	)		(5,651	)
Core Laboratories NV		(7,574	)		(990,302	)		234,417
CoStar Group Inc		(1,678	)		(336,459	)		46,064
CST Brands Inc		(4,623	)		(189,011	)		33,400
Cullen/Frost Bankers Inc		(2,068	)		(151,549	)		20,066
Cypress Semiconductor Corp		(56,743	)		(620,870	)		137,420
Dana Holding Corp		(12,535	)		(270,470	)		71,414
DaVita HealthCare Partners Inc		(13,057	)		(1,067,952	)		123,539
Deere & Co		(3,729	)		(336,308	)		60,362
DeVry Education Group Inc		(1,567	)		(40,545	)		(2,093	)
Diebold Inc		(1,964	)		(59,466	)		997
Discovery Communications Inc		(25,126	)		(815,069	)		161,039
DISH Network Corp		(7,542	)		(509,263	)		69,263
Dolby Laboratories Inc		(1,743	)		(55,127	)		(1,695	)
Dollar Tree Inc		(3,794	)		(259,066	)		6,158
Dominion Resources Inc		(32,922	)		(2,334,067	)		17,016
Dover Corp		(6,522	)		(492,709	)		119,781
Dril-Quip Inc		(2,237	)		(177,456	)		47,218
Dunkin’ Brands Group Inc		(4,931	)		(254,019	)		12,400
E*TRADE Financial Corp		(23,745	)		(687,413	)		62,208
Eagle Materials Inc		(5,751	)		(485,866	)		92,383
East West Bancorp Inc		(1,100	)		(44,893	)		2,631
Eastman Chemical Co		(4,646	)		(364,286	)		63,597
Ecolab Inc		(9,315	)		(1,051,769	)		29,728
Endo International PLC		(14,600	)		(1,241,903	)		230,415
Energen Corp		(2,967	)		(209,079	)		61,144
Ensco PLC		(4,834	)		(132,390	)		64,327
Envision Healthcare Holdings Inc		(49,692	)		(1,838,487	)		10,319
EQT Corp		(6,242	)		(558,056	)		153,762
Esterline Technologies Corp		(545	)		(58,798	)		19,618
Eversource Energy		(12,095	)		(586,564	)		(25,685	)
Exxon Mobil Corp		(7,871	)		(694,989	)		109,780
Facebook Inc		(5,895	)		(458,999	)		(70,961	)
Fastenal Co		(20,837	)		(878,233	)		115,390
FEI Co		(5,610	)		(436,195	)		26,441
FireEye Inc		(3,644	)		(147,619	)		31,667
First Horizon National Corp		(9,199	)		(131,730	)		1,288
First Niagara Financial Group Inc		(53,512	)		(479,150	)		(67,207	)
First Republic Bank		(3,665	)		(214,415	)		(15,637	)
FirstEnergy Corp		(17,863	)		(635,088	)		75,798
FleetCor Technologies Inc		(7,839	)		(1,228,021	)		149,218
FLIR Systems Inc		(1,518	)		(47,296	)		4,807
Flowserve Corp		(3,014	)		(169,862	)		45,866
Fluor Corp		(1,096	)		(65,757	)		19,341
FMC Corp		(5,757	)		(321,633	)		126,413
FNF Group		(6,070	)		(220,433	)		5,130
Forest City Enterprises Inc		(3,136	)		(74,986	)		11,858
Fortinet Inc		(7,226	)		(274,756	)		(32,204	)
Fossil Group Inc		(609	)		(50,630	)		16,599
Freeport-McMoRan Inc		(26,993	)		(628,372	)		366,810
Frontier Communications Corp		(140,591	)		(927,375	)		259,567
General Mills Inc		(4,495	)		(249,055	)		(3,249	)
Genesee & Wyoming Inc		(5,198	)		(481,661	)		174,564
Gentex Corp		(27,577	)		(479,848	)		52,404
Genworth Financial Inc		(75,072	)		(655,231	)		308,399

Referenced Entity	Shares			Notional Amount (2)			Unrealized Appreciation (Depreciation)
Global Payments Inc		(2,381	)		($240,727	)		($32,446	)
Graphic Packaging Holding Co		(2,337	)		(33,024	)		3,134
Great Plains Energy Inc		(4,212	)		(109,629	)		(4,179	)
Greif Inc		(1,053	)		(36,490	)		2,889
Halliburton Co		(18,733	)		(913,020	)		250,809
Hancock Holding Co		(3,214	)		(93,768	)		6,829
Hanesbrands Inc		(6,133	)		(184,952	)		7,463
Harley-Davidson Inc		(6,514	)		(367,891	)		10,272
Harman International Industries Inc		(605	)		(77,209	)		19,136
Harris Corp		(824	)		(62,778	)		2,503
Harsco Corp		(3,524	)		(39,433	)		7,470
Hasbro Inc		(5,307	)		(374,172	)		(8,675	)
Helmerich & Payne Inc		(10,175	)		(794,570	)		313,699
Hertz Global Holdings Inc		(69,963	)		(1,452,460	)		281,979
Hexcel Corp		(20,884	)		(1,049,211	)		112,354
Hologic Inc		(10,083	)		(340,726	)		(53,822	)
Huntington Bancshares Inc		(16,366	)		(178,672	)		5,192
Huntsman Corp		(19,648	)		(454,878	)		264,489
IDEX Corp		(693	)		(52,331	)		2,921
IDEXX Laboratories Inc		(17,315	)		(1,116,469	)		(169,170	)
IHS Inc		(559	)		(70,936	)		6,092
Illumina Inc		(8,387	)		(1,576,846	)		102,243
Incyte Corp		(7,588	)		(748,905	)		(88,280	)
Intercontinental Exchange Inc		(1,277	)		(290,335	)		(9,747	)
Intuitive Surgical Inc		(2,280	)		(1,123,295	)		75,453
IPG Photonics Corp		(3,587	)		(327,024	)		54,519
ITC Holdings Corp		(7,757	)		(276,483	)		17,865
Jacobs Engineering Group Inc		(5,676	)		(243,366	)		30,914
Jarden Corp		(17,018	)		(876,652	)		44,812
Jazz Pharmaceuticals PLC		(6,167	)		(1,093,125	)		274,086
JB Hunt Transport Services Inc		(7,995	)		(699,018	)		128,175
JC Penney Co Inc		(6,093	)		(50,376	)		(6,228	)
Johnson Controls Inc		(8,339	)		(421,097	)		76,196
Joy Global Inc		(4,845	)		(207,873	)		135,537
Juniper Networks Inc		(5,329	)		(142,631	)		5,622
Kansas City Southern		(18,649	)		(1,914,072	)		219,251
KAR Auction Services Inc		(1,137	)		(41,825	)		1,461
Kate Spade & Co		(21,431	)		(702,440	)		292,893
Kellogg Co		(7,263	)		(459,540	)		(23,813	)
Kennametal Inc		(2,591	)		(97,333	)		32,843
Keurig Green Mountain Inc		(9,185	)		(983,769	)		504,864
KeyCorp		(3,798	)		(55,495	)		6,083
Kinder Morgan Inc		(46,611	)		(1,994,765	)		704,572
Kirby Corp		(3,424	)		(275,711	)		63,594
KLX Inc		(16,851	)		(700,524	)		98,270
Laboratory Corp of America Holdings		(7,988	)		(945,931	)		79,473
Lam Research Corp		(2,281	)		(172,602	)		23,584
Las Vegas Sands Corp		(16,493	)		(867,557	)		241,318
Leggett & Platt Inc		(14,717	)		(671,007	)		63,931
Lennar Corp		(16,444	)		(754,515	)		(36,935	)
Leucadia National Corp		(8,820	)		(184,211	)		5,518
Level 3 Communications Inc		(43,646	)		(2,444,056	)		537,162
Liberty Broadband Corp		(986	)		(53,902	)		3,449
LinkedIn Corp		(3,112	)		(642,584	)		50,900
Lions Gate Entertainment Corp		(9,621	)		(299,359	)		(54,694	)
Live Nation Entertainment Inc		(3,816	)		(96,482	)		4,746
Loews Corp		(27,108	)		(1,097,222	)		117,539
Louisiana-Pacific Corp		(66,617	)		(1,089,324	)		140,698
lululemon athletica Inc		(3,021	)		(194,481	)		41,467
Lumentum Holdings Inc		(5,947	)		(147,926	)		47,118
M&T Bank Corp		(4,105	)		(493,596	)		(7,009	)
Macquarie Infrastructure Corp		(664	)		(52,513	)		2,939
Marsh & McLennan Cos Inc		(7,826	)		(442,419	)		33,745
Martin Marietta Materials Inc		(8,165	)		(1,189,191	)		(51,481	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-94

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Referenced Entity	Shares			Notional Amount (2)			Unrealized Appreciation (Depreciation)
MasterCard Inc		(7,325	)		($664,273	)		$4,144
Mattel Inc		(38,067	)		(983,957	)		182,266
McCormick & Co Inc		(4,202	)		(318,072	)		(27,248	)
MDC Holdings Inc		(4,972	)		(134,488	)		4,321
MDU Resources Group Inc		(41,499	)		(853,941	)		140,158
MEDNAX Inc		(3,948	)		(280,834	)		(22,333	)
Memorial Resource Development Corp		(7,800	)		(154,855	)		17,731
Mettler-Toledo International Inc		(309	)		(98,722	)		10,737
MGM Resorts International		(47,695	)		(970,084	)		90,111
Microchip Technology Inc		(2,046	)		(97,783	)		9,621
Mohawk Industries Inc		(1,542	)		(271,018	)		(9,302	)
Monsanto Co		(5,387	)		(625,770	)		166,043
Monster Beverage Corp		(7,400	)		(1,008,432	)		8,396
Motorola Solutions Inc		(133	)		(7,805	)		(1,289	)
MSC Industrial Direct Co Inc		(7,875	)		(564,709	)		84,098
Mylan NV		(6,647	)		(321,592	)		53,983
National Fuel Gas Co		(10,606	)		(668,520	)		138,432
NetSuite Inc		(12,604	)		(1,185,168	)		127,693
Newell Rubbermaid Inc		(5,787	)		(225,562	)		(4,239	)
News Corp		(3,217	)		(49,892	)		9,293
NextEra Energy Inc		(4,092	)		(411,345	)		12,170
Nielsen Holdings PLC		(21,542	)		(973,181	)		15,208
Noble Energy Inc		(9,857	)		(480,921	)		183,437
Norfolk Southern Corp		(2,625	)		(263,563	)		63,013
Northern Trust Corp		(2,652	)		(195,362	)		14,602
Norwegian Cruise Line Holdings Ltd		(7,484	)		(364,960	)		(63,873	)
NRG Energy Inc		(46,911	)		(1,178,812	)		482,184
Nuance Communications Inc		(2,873	)		(44,107	)		(2,924	)
Nucor Corp		(4,760	)		(233,051	)		54,313
NVR Inc		(49	)		(65,073	)		(9,663	)
Occidental Petroleum Corp		(10,160	)		(811,259	)		139,175
OGE Energy Corp		(15,936	)		(513,409	)		77,400
ONEOK Inc		(19,637	)		(861,517	)		229,205
Oshkosh Corp		(5,591	)		(296,843	)		93,721
Owens-Illinois Inc		(8,079	)		(196,828	)		29,431
PACCAR Inc		(4,665	)		(304,668	)		61,294
PacWest Bancorp		(4,484	)		(203,481	)		11,521
Palo Alto Networks Inc		(9,005	)		(1,329,640	)		(219,220	)
Pandora Media Inc		(26,120	)		(469,616	)		(87,785	)
Panera Bread Co		(711	)		(129,644	)		(7,871	)
Patterson-UTI Energy Inc		(19,395	)		(428,662	)		173,812
People’s United Financial Inc		(10,877	)		(164,453	)		(6,643	)
PerkinElmer Inc		(19,892	)		(1,021,686	)		107,449
Philip Morris International Inc		(1,250	)		(103,948	)		4,786
Platform Specialty Products Corp		(9,033	)		(162,719	)		48,451
Polaris Industries Inc		(5,344	)		(746,822	)		106,237
PolyOne Corp		(1,797	)		(71,758	)		19,034
Post Holdings Inc		(13,963	)		(665,507	)		(159,707	)
PPG Industries Inc		(3,244	)		(360,467	)		76,001
PPL Corp		(7,106	)		(221,339	)		(12,377	)
Praxair Inc		(6,892	)		(838,606	)		136,587
Principal Financial Group Inc		(1,241	)		(64,046	)		5,297
Prosperity Bancshares Inc		(1,297	)		(68,905	)		5,209
PVH Corp		(3,058	)		(320,251	)		8,519
QIAGEN NV		(3,249	)		(85,965	)		2,141
Qorvo Inc		(4,244	)		(288,014	)		96,822
QUALCOMM Inc		(11,432	)		(742,244	)		128,003
Quanta Services Inc		(4,541	)		(129,401	)		19,463
Questar Corp		(10,191	)		(237,357	)		39,550
Range Resources Corp		(19,517	)		(1,228,714	)		601,828
Regeneron Pharmaceuticals Inc		(3,038	)		(1,418,758	)		5,663
Rent-A-Center Inc		(1,191	)		(37,635	)		8,754
Reynolds American Inc		(20,875	)		(768,590	)		(155,546	)
Rice Energy Inc		(22,406	)		(528,447	)		166,366
Roper Technologies Inc		(4,104	)		(692,446	)		49,350

Referenced Entity	Shares			Notional Amount (2)			Unrealized Appreciation (Depreciation)
Rowan Cos Plc		(6,227	)		($141,707	)		$41,141
Royal Caribbean Cruises Ltd		(2,691	)		(179,902	)		(59,839	)
RPM International Inc		(4,466	)		(214,369	)		27,288
salesforce.com Inc		(13,552	)		(990,557	)		49,642
SanDisk Corp		(1,174	)		(78,417	)		14,633
SBA Communications Corp		(13,609	)		(1,584,326	)		158,919
SCANA Corp		(1,791	)		(93,854	)		(6,908	)
Schlumberger Ltd		(806	)		(74,409	)		18,820
Scripps Networks Interactive Inc		(1,408	)		(98,665	)		29,405
Seagate Technology PLC		(2,905	)		(170,315	)		40,171
Sealed Air Corp		(16,746	)		(771,303	)		(13,749	)
Seattle Genetics Inc		(13,842	)		(565,543	)		31,795
Sempra Energy		(9,254	)		(969,099	)		74,053
Semtech Corp		(1,683	)		(28,920	)		3,506
Sensata Technologies Holding NV		(38,197	)		(2,021,543	)		327,888
ServiceNow Inc		(7,427	)		(548,375	)		32,570
Signature Bank		(2,360	)		(319,524	)		(5,118	)
Signet Jewelers Ltd		(3,962	)		(536,546	)		(2,801	)
Silicon Laboratories Inc		(641	)		(28,430	)		1,803
Sirius XM Holdings Inc		(191,992	)		(743,778	)		25,728
Sirona Dental Systems Inc		(2,414	)		(225,795	)		472
SLM Corp		(25,655	)		(264,402	)		74,555
Solera Holdings Inc		(1,823	)		(89,993	)		(8,449	)
Sotheby’s		(13,450	)		(566,291	)		136,160
Southwestern Energy Co		(30,374	)		(849,188	)		463,742
Spectra Energy Corp		(26,843	)		(990,366	)		285,200
Spectrum Brands Holdings Inc		(9,149	)		(897,443	)		60,218
Spirit Airlines Inc		(15,458	)		(1,014,088	)		282,924
Splunk Inc		(10,749	)		(713,374	)		118,417
Sprint Corp		(300,041	)		(1,378,775	)		226,617
Sprouts Farmers Market Inc		(87,706	)		(2,438,038	)		587,441
Starbucks Corp		(718	)		(35,156	)		(5,656	)
Stericycle Inc		(8,766	)		(1,169,405	)		(51,786	)
STERIS Corp		(2,946	)		(197,242	)		5,841
SunEdison Inc		(76,847	)		(1,946,184	)		1,394,422
SunPower Corp		(5,258	)		(139,787	)		34,417
SunTrust Banks Inc		(41,121	)		(1,727,533	)		155,066
SVB Financial Group		(2,132	)		(280,095	)		33,764
Synovus Financial Corp		(4,242	)		(117,869	)		(7,695	)
T Rowe Price Group Inc		(21,932	)		(1,780,980	)		256,706
T-Mobile US Inc		(19,427	)		(650,844	)		(122,545	)
Tableau Software Inc		(733	)		(71,224	)		12,746
Targa Resources Corp		(19,021	)		(1,773,847	)		793,894
Tempur Sealy International Inc		(7,971	)		(486,472	)		(82,896	)
Tenet Healthcare Corp		(17,079	)		(819,860	)		189,303
Tesla Motors Inc		(10,364	)		(2,382,595	)		(191,823	)
The ADT Corp		(18,080	)		(651,940	)		111,348
The Charles Schwab Corp		(69,259	)		(2,163,322	)		185,285
The Cooper Cos Inc		(3,044	)		(541,689	)		88,559
The Hain Celestial Group Inc		(9,402	)		(565,449	)		80,306
The Hershey Co		(4,206	)		(391,181	)		4,734
The Howard Hughes Corp		(2,209	)		(318,634	)		65,174
The JM Smucker Co		(1,548	)		(179,698	)		3,086
The Madison Square Garden Co		(1,672	)		(138,786	)		18,168
The Manitowoc Co Inc		(12,759	)		(252,028	)		60,643
The Middleby Corp		(1,963	)		(200,488	)		(6,000	)
The Progressive Corp		(50,844	)		(1,370,266	)		(187,594	)
The Sherwin-Williams Co		(1,028	)		(286,074	)		57,056
The Southern Co		(19,532	)		(864,739	)		(8,341	)
The Ultimate Software Group Inc		(3,342	)		(549,902	)		(48,350	)
The Valspar Corp		(1,553	)		(127,086	)		15,456
The Wendy’s Co		(5,899	)		(63,786	)		12,759
The WhiteWave Foods Co		(6,480	)		(283,829	)		23,657
Thomson Reuters Corp		(3,748	)		(153,671	)		2,777

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-95

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Referenced Entity	Shares			Notional Amount (2)			Unrealized Appreciation (Depreciation)
Tiffany & Co		(5,416	)		($476,732	)		$58,509
Toll Brothers Inc		(3,442	)		(123,179	)		5,325
Tractor Supply Co		(1,620	)		(138,297	)		1,698
TransDigm Group Inc		(6,275	)		(1,385,920	)		53,047
TreeHouse Foods Inc		(6,359	)		(513,055	)		18,389
Trimble Navigation Ltd		(16,578	)		(406,384	)		134,173
TripAdvisor Inc		(9,306	)		(709,305	)		122,841
Twitter Inc		(34,593	)		(1,221,635	)		289,700
UGI Corp		(2,417	)		(83,911	)		(249	)
Under Armour Inc		(18,179	)		(1,407,659	)		(351,704	)
United Natural Foods Inc		(3,686	)		(249,082	)		70,274
United Parcel Service Inc		(9,150	)		(917,203	)		14,190
United Rentals Inc		(6,078	)		(599,797	)		234,813
USG Corp		(66,380	)		(1,832,059	)		65,023
Vantiv Inc		(7,577	)		(301,243	)		(39,116	)
Varian Medical Systems Inc		(5,294	)		(458,954	)		68,363
VeriFone Systems Inc		(12,671	)		(453,341	)		101,974
Verisk Analytics Inc		(2,648	)		(199,233	)		3,519
Vertex Pharmaceuticals Inc		(5,970	)		(737,179	)		115,463
Viavi Solutions Inc		(51,668	)		(375,872	)		98,414
Visa Inc		(19,339	)		(1,278,802	)		(68,353	)
Vista Outdoor Inc		(610	)		(28,332	)		1,230
Visteon Corp		(7,799	)		(796,865	)		7,294
VMware Inc		(883	)		(77,581	)		8,009
Vulcan Materials Co		(1,916	)		(165,516	)		(5,391	)
WABCO Holdings Inc		(2,462	)		(308,644	)		50,553
Wabtec Corp		(2,205	)		(215,948	)		21,798

Referenced Entity	Shares			Notional Amount (2)			Unrealized Appreciation (Depreciation)
Walgreens Boots Alliance Inc		(11,594	)		($965,162	)		$1,701
Waste Connections Inc		(4,474	)		(210,897	)		(6,450	)
Watsco Inc		(1,368	)		(165,629	)		3,548
Weatherford International PLC		(42,676	)		(621,951	)		260,058
WEC Energy Group Inc		(6,457	)		(312,506	)		(24,679	)
WellCare Health Plans Inc		(2,405	)		(195,811	)		(11,452	)
Westar Energy Inc		(964	)		(35,357	)		(1,700	)
WEX Inc		(3,370	)		(385,782	)		93,131
Whole Foods Market Inc		(1,012	)		(48,618	)		16,588
Willis Group Holdings PLC		(4,795	)		(229,916	)		33,465
WisdomTree Investments Inc		(17,254	)		(318,672	)		40,365
Workday Inc		(9,452	)		(852,205	)		201,340
WR Grace & Co		(5,899	)		(571,316	)		22,414
WW Grainger Inc		(2,371	)		(586,847	)		77,058
Wynn Resorts Ltd		(11,081	)		(1,258,758	)		670,135
Xylem Inc		(3,281	)		(120,446	)		12,666
Zebra Technologies Corp		(8,504	)		(757,174	)		106,193
Zions Bancorporation		(14,321	)		(409,118	)		14,718
								27,998,128
Total Short Positions								28,598,342
Total Long and Short Positions								10,505,863
Net Cash and Other Receivables (Payables) (3)								(428,176	)
								$10,077,687

Description	Counter- party		Expiration Dates (1)		Value
The fund receives or pays the total return on all long and short positions within the basket and pays or receives the 1-Month AUD-BBSW plus or minus a specified spread, which is denominated in AUD based on the local currencies of the positions within the swap.		JPM		06/06/16- 10/14/16	$270,559

The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2015:

Referenced Entity	Shares		Notional Amount (2)		Unrealized Appreciation (Depreciation)
Long Positions:
Australia
Amcor Ltd		40,913		$428,361		($48,277	)
Ansell Ltd		7,852		122,743		(18,532	)
Boral Ltd		96,540		434,376		(76,600	)
Caltex Australia Ltd		27,922		762,602		(144,702	)
Cochlear Ltd		857		56,476		(6,184	)
Echo Entertainment Group Ltd		132,966		464,182		(11,406	)
Harvey Norman Holdings Ltd		19,747		56,155		(1,942	)
Iluka Resources Ltd		7,430		50,759		(18,257	)
Newcrest Mining Ltd		17,635		182,716		(23,105	)
Qantas Airways Ltd		230,222		601,736		1,065
Tabcorp Holdings Ltd		72,938		261,291		(21,448	)
Telstra Corp Ltd		192,988		968,776		(206,907	)
Treasury Wine Estates Ltd		35,469		150,055		13,893
Woodside Petroleum Ltd		30,715		847,886		(219,873	)
						(782,275	)
New Zealand
Fletcher Building Ltd		13,183		64,209		(6,560	)
Total Long Positions						(788,835	)

Referenced Entity	Shares			Notional Amount (2)			Unrealized Appreciation (Depreciation)
Short Positions:
Australia
ALS Ltd		(7,957	)		($29,540	)		$3,757
AMP Ltd		(35,998	)		(185,857	)		44,845
Australia & New Zealand Banking Group Ltd		(8,176	)		(221,182	)		64,555
Bank of Queensland Ltd		(4,230	)		(45,042	)		10,455
Brambles Ltd		(51,923	)		(451,140	)		95,146
Commonwealth Bank of Australia		(1,581	)		(107,554	)		26,213
Crown Resorts Ltd		(26,027	)		(273,498	)		92,141
Insurance Australia Group Ltd		(17,159	)		(76,597	)		17,900
National Australia Bank Ltd		(4,723	)		(132,422	)		32,200
Origin Energy Ltd +		(18,333	)		(190,535	)		109,587
QBE Insurance Group Ltd		(34,176	)		(372,373	)		62,098
REA Group Ltd		(1,343	)		(41,452	)		(458	)
Seek Ltd		(76,878	)		(869,851	)		217,543
Suncorp Group Ltd		(4,303	)		(44,626	)		7,550
Transurban Group		(25,423	)		(205,899	)		28,101
Westpac Banking Corp		(12,188	)		(338,828	)		82,615
Woolworths Ltd		(29,515	)		(682,130	)		166,014
								1,060,262

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-96

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Referenced Entity	Shares			Notional Amount (2)			Unrealized Appreciation (Depreciation)
Ireland
James Hardie Industries PLC		(4,064	)		($48,163	)		($887	)
Total Short Positions								1,059,375
Total Long and Short Positions								270,540
Net Cash and Other Receivables (Payables) (3)								19
								$270,559

Description	Counter- party		Expiration Dates (1)		Value
The fund receives or pays the total return on all long and short positions within the basket and pays or receives the 1-Month GBP-LIBOR plus or minus a specified spread, which is denominated in GBP based on the local currencies of the positions within the swap.		JPM		06/01/16- 10/11/16	$3,001,341

The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2015:

Referenced Entity	Shares		Notional Amount (2)		Unrealized Appreciation (Depreciation)
Long Positions:
Australia
BHP Billiton PLC		16,958		$410,204		($151,322	)
Germany
TUI AG		3,013		55,715		(53	)
India
Vedanta Resources PLC		12,856		127,714		(44,760	)
South Africa
Investec PLC		7,980		74,576		(13,407	)
Mondi PLC		14,079		282,335		13,145
						(262	)
Switzerland
Coca-Cola HBC AG		2,069		42,984		887
Wolseley PLC		1,753		103,265		(716	)
						171
United Kingdom
AstraZeneca PLC		7,145		484,348		(30,903	)
BAE Systems PLC		9,201		70,633		(8,165	)
Barclays PLC		77,240		296,997		(11,438	)
Barratt Developments PLC		80,033		624,490		158,410
Berkeley Group Holdings PLC		7,993		311,595		93,111
BT Group PLC		137,076		951,822		(79,568	)
Bunzl PLC		4,145		116,400		(5,140	)
Centrica PLC		24,343		95,583		(10,992	)
Compass Group PLC		36,383		638,657		(57,801	)
Daily Mail & General Trust PLC		3,824		51,579		(7,901	)
DCC PLC		4,725		332,065		25,370
Direct Line Insurance Group PLC		21,632		114,239		8,699
DS Smith PLC		34,418		197,841		7,777
easyJet PLC		1,935		52,797		(649	)
GKN PLC		24,805		132,632		(31,722	)
Greene King PLC		7,387		92,311		(3,295	)
Howden Joinery Group PLC		31,532		235,221		(2,586	)
Imperial Tobacco Group PLC		6,121		298,527		18,284
Indivior PLC		11,111		35,201		3,017
Intermediate Capital Group PLC		5,014		45,015		(5,752	)
International Consolidated Airlines Group SA		38,658		321,107		23,885
ITV PLC		42,886		163,968		(3,954	)
John Wood Group PLC		12,117		124,515		(11,553	)
Just Eat PLC		38,442		241,118		(1,999	)

Referenced Entity	Shares			Notional Amount (2)			Unrealized Appreciation (Depreciation)
Kingfisher PLC		105,878			$569,910			$5,829
Legal & General Group PLC		37,998			150,403			(13,189	)
Man Group PLC		379,196			1,006,991			(124,646	)
Marks & Spencer Group PLC		50,603			414,181			(29,647	)
National Grid PLC		94,059			1,263,526			46,407
Pearson PLC		20,088			403,381			(60,057	)
Persimmon PLC		28,149			730,469			127,213
Playtech PLC		2,737			37,547			(3,200	)
Rio Tinto PLC		7,784			350,260			(89,117	)
Smith & Nephew PLC		15,538			266,329			5,392
Smiths Group PLC		5,887			103,312			(13,616	)
Stagecoach Group PLC		10,862			64,502			(8,983	)
Tate & Lyle PLC		6,583			59,942			(1,153	)
Taylor Wimpey PLC		419,896			1,050,968			194,742
Thomas Cook Group PLC		132,008			290,640			(58,978	)
Vodafone Group PLC		258,293			909,368			(92,638	)
Whitbread PLC		1,288			101,612			(10,510	)
William Hill PLC		35,370			198,558			(10,533	)
WPP PLC		35,528			825,592			(85,730	)
								(157,279	)
Total Long Positions								(353,505	)
Short Positions:
Chile
Antofagasta PLC		(120,884	)		(1,380,759	)		464,095
Ireland
Experian PLC		(4,332	)		(76,946	)		7,422
Switzerland
Glencore PLC		(107,094	)		(507,801	)		358,566
United Kingdom
Aberdeen Asset Management PLC		(49,827	)		(345,390	)		121,289
Admiral Group PLC		(16,099	)		(381,205	)		14,686
Aggreko PLC		(6,104	)		(151,114	)		63,074
Anglo American PLC		(31,358	)		(537,989	)		275,658
ARM Holdings PLC		(43,013	)		(739,465	)		119,598
Ashtead Group PLC		(2,382	)		(40,994	)		7,374
ASOS PLC		(847	)		(47,284	)		11,776
Associated British Foods PLC		(11,208	)		(487,342	)		(80,690	)
Aviva PLC		(35,326	)		(279,575	)		37,414
Babcock International Group PLC		(15,574	)		(238,344	)		22,900
Balfour Beatty PLC		(25,647	)		(94,056	)		(3,735	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-97

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Referenced Entity	Shares			Notional Amount (2)			Unrealized Appreciation (Depreciation)
British American Tobacco PLC		(39,989	)		($2,195,824	)		($14,227	)
Cable & Wireless Communications PLC		(39,099	)		(35,585	)		2,733
Cobham PLC		(71,678	)		(321,965	)		11,567
Croda International PLC		(1,703	)		(73,505	)		3,558
Diageo PLC		(42,530	)		(1,174,311	)		29,812
G4S PLC		(7,660	)		(34,000	)		7,211
Hargreaves Lansdown PLC		(48,470	)		(889,864	)		2,383
HSBC Holdings PLC		(115,017	)		(1,123,025	)		252,949
Inmarsat PLC		(9,406	)		(142,661	)		2,655
Intertek Group PLC		(8,839	)		(355,295	)		29,474
J Sainsbury PLC		(41,678	)		(171,274	)		6,322
Johnson Matthey PLC		(2,456	)		(124,209	)		32,979
Ladbrokes PLC		(71,433	)		(137,705	)		34,024
Meggitt PLC		(7,713	)		(61,951	)		6,261
Next PLC		(677	)		(74,725	)		(3,410	)
Ocado Group PLC		(6,015	)		(31,229	)		2,046
Old Mutual PLC		(126,740	)		(448,741	)		85,071
Petrofac Ltd		(26,359	)		(359,672	)		52,432
Prudential PLC		(11,922	)		(295,302	)		43,265
Reckitt Benckiser Group PLC		(2,681	)		(235,558	)		(7,798	)

Referenced Entity	Shares			Notional Amount (2)			Unrealized Appreciation (Depreciation)
Rolls-Royce Holdings PLC		(91,651	)		($1,449,691	)		$508,585
Rotork PLC		(17,999	)		(65,385	)		20,420
Royal Bank of Scotland Group PLC		(23,631	)		(122,848	)		9,926
RSA Insurance Group PLC		(26,879	)		(176,669	)		12,565
Serco Group PLC		(124,607	)		(243,844	)		51,381
Sky PLC		(7,722	)		(126,872	)		4,679
Sports Direct International PLC		(8,139	)		(76,861	)		(16,513	)
SSE PLC		(5,556	)		(131,890	)		5,888
Standard Chartered PLC		(32,085	)		(520,971	)		209,045
Standard Life PLC		(72,190	)		(511,418	)		86,579
Tesco PLC		(443,389	)		(1,442,910	)		210,860
The Weir Group PLC		(22,796	)		(663,187	)		258,858
								2,530,924
Total Short Positions								3,361,007
Total Long and Short Positions								3,007,502
Net Cash and Other Receivables (Payables) (3)								(6,161	)
								$3,001,341

Description	Counter- party		Expiration Dates (1)		Value
The fund receives or pays the total return on all long and short positions within the basket and pays or receives the 1-Month HKD-HIBOR plus or minus a specified spread, which is denominated in HKD based on the local currencies of the positions within the swap.		JPM		06/06/16- 10/11/16	$647,231

The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2015:

Referenced Entity	Shares		Notional Amount (2)		Unrealized Appreciation (Depreciation)
Long Positions:
Hong Kong
BOC Hong Kong Holdings Ltd		68,000		$239,128		($37,975	)
CK Hutchison Holdings Ltd		70,500		1,010,089		(91,981	)
CLP Holdings Ltd		79,000		678,483		(4,757	)
Hang Lung Properties Ltd		58,000		180,171		(49,652	)
Hang Seng Bank Ltd		3,000		59,453		(5,304	)
Henderson Land Development Co Ltd		45,100		329,489		(59,562	)
Kerry Properties Ltd		66,500		257,119		(74,345	)
Li & Fung Ltd		200,000		153,734		(77	)
MTR Corp Ltd		33,500		166,188		(20,161	)
New World Development Co Ltd		295,000		386,979		(99,915	)
Orient Overseas International Ltd		15,000		79,018		(8,355	)
Power Assets Holdings Ltd		3,500		30,979		2,213
Sino Land Co Ltd		82,000		128,674		(3,529	)
Sun Hung Kai Properties Ltd		6,000		76,803		1,401
WH Group Ltd		668,000		462,182		(129,416	)
Yue Yuen Industrial Holdings Ltd		10,000		36,732		460
						(580,955	)
Total Long Positions						(580,955	)

Referenced Entity	Shares			Notional Amount (2)			Unrealized Appreciation (Depreciation)
Short Positions:
China
MGM China Holdings Ltd		(336,597	)		($652,693	)		$260,847
Wynn Macau Ltd		(276,770	)		(544,363	)		226,991
								487,838
Hong Kong
Cathay Pacific Airways Ltd		(91,000	)		(221,619	)		50,175
Galaxy Entertainment Group Ltd		(193,709	)		(866,843	)		369,375
HKT Trust & HKT Ltd		(218,484	)		(265,410	)		5,067
Hong Kong & China Gas Co Ltd		(588,592	)		(1,236,193	)		131,213
Sands China Ltd		(72,800	)		(298,195	)		76,775
SJM Holdings Ltd		(127,295	)		(157,500	)		66,883
Swire Properties Ltd		(108,392	)		(352,098	)		51,192
Techtronic Industries Co Ltd		(133,219	)		(463,488	)		(32,687	)
The Wharf Holdings Ltd		(12,000	)		(86,739	)		18,934
								736,927
United States
Samsonite International SA		(149,272	)		(493,373	)		3,421
Total Short Positions								1,228,186
Total Long and Short Positions								647,231
Net Cash and Other Receivables (Payables) (3)								—
								$647,231

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-98

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Description	Counter- party		Expiration Date (1)		Value
The fund receives or pays the total return on all long and short positions within the basket and pays or receives the 1-Month SGD-SIBOR plus or minus a specified spread, which is denominated in SGD based on the local currencies of the positions within the swap.		JPM		06/06/16	$241,886

The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2015:

Referenced Entity	Shares			Notional Amount (2)			Unrealized Appreciation (Depreciation)
Long Positions:
Singapore
ComfortDelGro Corp Ltd		72,600			$166,329			($19,351	)
Singapore Airlines Ltd		37,400			313,500			(31,777	)
								(51,128	)
Total Long Positions								(51,128	)
Short Positions:
Singapore
DBS Group Holdings Ltd		(8,700	)		(136,729	)		37,331
Global Logistic Properties Ltd		(51,900	)		(107,022	)		32,370

Referenced Entity	Shares			Notional Amount (2)			Unrealized Appreciation (Depreciation)
Golden Agri-Resources Ltd		(342,600	)		($101,888	)		$22,262
Keppel Corp Ltd		(125,486	)		(775,878	)		174,256
Oversea-Chinese Banking Corp Ltd		(15,258	)		(121,257	)		26,787
								293,006
Total Short Positions								293,006
Total Long and Short Positions								241,878
Net Cash and Other Receivables (Payables) (3)								8
								$241,886

Description	Counter- party		Expiration Date (1)		Value
The fund receives or pays the total return on all long and short positions within the basket and pays or receives the 1-Month USD-LIBOR plus or minus a specified spread, which is denominated in USD based on the local currencies of the positions within the swap.		JPM		06/06/16	$187,779

The following table represents the individual short positions and related values within the total return basket swap as of September 30, 2015:

Referenced Entity	Shares			Notional Amount (2)			Unrealized Appreciation (Depreciation)
Short Positions:
Hong Kong
Jardine Matheson Holdings Ltd		(4,100	)		($241,366	)		$47,536
Singapore
Hutchison Port Holdings Trust		(105,000	)		(68,680	)		10,818
Total Short Positions								58,354
Net Cash and Other Receivables (Payables) (3)								129,425
								$187,779

Description	Counter- party		Expiration Date (1)		Value
The fund receives or pays the total return on all long and short positions within the basket and pays or receives the 1-Day CAD-USD Discount Rate plus or minus a specified spread, which is denominated in CAD based on the local currencies of the positions within the swap.		MSC		05/04/16	$2,069,293

The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2015:

Referenced Entity	Shares		Notional Amount (2)		Unrealized Appreciation (Depreciation)
Long Positions:
Canada
Air Canada		20,178		$189,979		($27,739	)
Alimentation Couche-Tard Inc		7,447		286,066		56,402
Bank of Montreal		4,875		316,471		(50,602	)
BCE Inc		4,042		179,588		(14,152	)
BlackBerry Ltd		67,269		644,351		(231,513	)
Canadian Imperial Bank of Commerce		3,799		302,443		(29,496	)

Referenced Entity	Shares		Notional Amount (2)		Unrealized Appreciation (Depreciation)
Canadian National Railway Co		2,162		$139,287		($16,517	)
Canadian Tire Corp Ltd		1,578		166,296		(24,341	)
Canfor Corp		19,882		378,478		(141,443	)
CCL Industries Inc		211		29,164		455
CGI Group Inc		9,375		394,865		(55,201	)
CI Financial Corp		2,854		82,124		(17,323	)
Constellation Software Inc		1,383		562,521		17,157
Dollarama Inc		3,925		225,376		39,712
Empire Co Ltd		5,274		126,086		(17,602	)
Fairfax Financial Holdings Ltd		438		233,689		(34,221	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-99

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Referenced Entity	Shares			Notional Amount (2)			Unrealized Appreciation (Depreciation)
Finning International Inc		18,478			$366,472			($95,360	)
IGM Financial Inc		1,423			53,236			(17,131	)
Intact Financial Corp		1,189			89,309			(5,807	)
Kinross Gold Corp		62,204			153,792			(45,652	)
Linamar Corp		6,968			418,385			(53,146	)
Magna International Inc		27,206			1,443,272			(138,322	)
Metro Inc		7,030			197,076			(5,536	)
National Bank of Canada		2,230			89,826			(18,639	)
Open Text Corp		5,028			222,718			2,440
Ritchie Bros Auctioneers Inc		1,068			28,978			(1,368	)
Royal Bank of Canada		8,493			561,426			(91,813	)
Shaw Communications Inc		3,567			80,955			(11,887	)
The Bank of Nova Scotia		5,689			313,317			(62,523	)
The Toronto-Dominion Bank		9,128			419,659			(59,874	)
West Fraser Timber Co Ltd		10,670			504,167			(165,157	)
								(1,316,199	)
Total Long Positions:								(1,316,199	)
Short Positions:
Canada
Agnico Eagle Mines Ltd		(17,003	)		(521,791	)		90,759
Agrium Inc		(1,459	)		(152,797	)		22,039
AltaGas Ltd		(6,412	)		(200,406	)		42,425
ARC Resources Ltd		(9,302	)		(135,199	)		12,241
Barrick Gold Corp		(15,800	)		(203,073	)		102,555
CAE Inc		(1,539	)		(18,691	)		2,384
Cameco Corp		(10,025	)		(171,824	)		49,601
Canadian Natural Resources Ltd		(5,071	)		(104,612	)		5,852
Canadian Oil Sands Ltd		(14,130	)		(147,263	)		80,451
Canadian Pacific Railway Ltd		(842	)		(160,566	)		39,715
Canadian Utilities Ltd		(7,731	)		(227,487	)		18,295
Cenovus Energy Inc		(38,684	)		(660,974	)		74,265
Eldorado Gold Corp		(22,427	)		(111,911	)		39,983
Enbridge Inc		(8,309	)		(420,954	)		112,441

Referenced Entity	Shares			Notional Amount (2)			Unrealized Appreciation (Depreciation)
Encana Corp		(18,015	)		($126,585	)		$10,625
First Quantum Minerals Ltd		(80,281	)		(1,154,149	)		859,976
Fortis Inc		(3,325	)		(107,194	)		12,091
Gildan Activewear Inc		(18,780	)		(601,514	)		34,666
Goldcorp Inc		(26,097	)		(490,955	)		163,789
Husky Energy Inc		(41,807	)		(813,740	)		161,807
Imperial Oil Ltd		(12,099	)		(472,404	)		89,080
Manulife Financial Corp		(8,383	)		(154,639	)		24,983
Methanex Corp		(3,744	)		(213,794	)		89,733
Peyto Exploration & Development Corp		(2,805	)		(79,905	)		21,577
Potash Corp of Saskatchewan Inc		(12,541	)		(405,768	)		147,993
Power Financial Corp		(1,728	)		(53,476	)		13,853
Precision Drilling Corp		(30,940	)		(185,705	)		71,172
Rogers Communications Inc		(10,502	)		(375,124	)		13,279
Silver Wheaton Corp		(19,649	)		(370,379	)		134,208
SNC-Lavalin Group Inc		(980	)		(34,995	)		7,104
Sun Life Financial Inc		(3,179	)		(103,958	)		1,430
Teck Resources Ltd		(27,557	)		(362,893	)		231,355
Tourmaline Oil Corp		(11,796	)		(357,040	)		82,404
TransCanada Corp		(13,344	)		(578,545	)		156,577
Vermilion Energy Inc		(3,835	)		(179,308	)		55,823
Yamana Gold Inc		(30,452	)		(84,895	)		33,552
								3,110,083
United States
Valeant Pharmaceuticals International Inc		(4,911	)		(1,152,974	)		276,391
Total Short Positions								3,386,474
Total Long and Short Positions								2,070,275
Net Cash and Other Receivables (Payables) (3)								(982	)
								$2,069,293

Description	Counter- party		Expiration Date (1)		Value
The fund receives or pays the total return on all long and short positions within the basket and pays or receives the 1-Day CHF-TOIS plus or minus a specified spread, which is denominated in CHF based on the local currencies of the positions within the swap.		MSC		05/04/16	$185,767

The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2015:

Referenced Entity	Shares		Notional Amount (2)		Unrealized Appreciation (Depreciation)
Long Positions:
Switzerland
Actelion Ltd		11,251		$1,574,165		($142,953	)
Adecco SA		1,122		92,266		(9,996	)
Baloise Holding AG		1,563		199,753		(20,194	)
Flughafen Zuerich AG		348		272,294		(29,820	)
Geberit AG		815		292,362		(42,835	)
Givaudan SA		66		124,879		(17,336	)
Helvetia Holding AG		297		168,676		(22,721	)
Kuehne + Nagel International AG		466		70,226		(10,254	)
Lonza Group AG		1,242		177,048		(13,712	)
Novartis AG		12,097		1,252,490		(138,178	)
Partners Group Holding AG		302		96,109		6,497
Swiss Life Holding AG		1,185		284,760		(19,833	)
Swiss Re AG		8,569		766,075		(29,489	)
Swisscom AG		285		172,063		(29,590	)
Zurich Insurance Group AG		640		201,331		(43,878	)
						(564,292	)
Total Long Positions						(564,292	)

Referenced Entity	Shares			Notional Amount (2)			Unrealized Appreciation (Depreciation)
Short Positions:
Switzerland
Aryzta AG		(7,467	)		($400,317	)		$83,428
Barry Callebaut AG		(80	)		(97,264	)		10,108
Cie Financiere Richemont SA		(9,426	)		(851,642	)		117,284
Credit Suisse Group AG		(24,060	)		(635,680	)		56,852
Dufry AG		(1,167	)		(157,430	)		20,583
LafargeHolcim Ltd		(5,117	)		(386,396	)		117,562
Nestle SA		(18,034	)		(1,413,682	)		55,605
OC Oerlikon Corp AG		(6,862	)		(91,048	)		23,592
SGS SA		(95	)		(187,042	)		20,946
Sonova Holding AG		(360	)		(50,191	)		3,767
The Swatch Group AG		(2,628	)		(1,137,049	)		161,054
UBS Group AG		(27,971	)		(597,409	)		79,075
								749,856
Total Short Positions								749,856
Total Long and Short Positions								185,564
Net Cash and Other Receivables (Payables) (3)								203
								$185,767

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-100

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Description	Counter- party		Expiration Date (1)		Value
The fund receives or pays the total return on all long and short positions within the basket and pays or receives the 1-Day EUR-EONIA plus or minus a specified spread, which is denominated in EUR based on the local currencies of the positions within the swap.		MSC		05/04/16	$3,059,700

The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2015:

Referenced Entity	Shares		Notional Amount (2)		Unrealized Appreciation (Depreciation)
Long Positions:
Belgium
bpost SA		4,215		$104,801		($4,721	)
KBC Groep NV		5,337		368,831		(32,281	)
Proximus		12,598		470,101		(35,931	)
Solvay SA		493		73,565		(23,176	)
						(96,109	)
Finland
Amer Sports OYJ		2,452		67,457		(5,000	)
Elisa OYJ		3,195		98,349		9,803
Neste OYJ		6,848		182,331		(24,522	)
Orion OYJ		4,678		153,738		23,344
UPM-Kymmene OYJ		10,169		183,997		(31,215	)
						(27,590	)
France
Accor SA		1,584		87,383		(13,231	)
AXA SA		13,574		345,027		(15,487	)
Cap Gemini SA		4,622		416,279		(4,429	)
Cie Generale des Etablissements Michelin		1,290		144,814		(27,099	)
Eiffage SA		1,646		99,937		1,828
Eutelsat Communications SA		4,648		161,710		(19,075	)
Ingenico Group		249		29,278		799
Lagardere SCA		2,154		68,814		(9,106	)
L’Oreal SA		1,127		215,240		(19,268	)
Numericable-SFR SAS		579		29,044		(2,226	)
Orange SA		48,254		787,102		(57,347	)
Peugeot SA		89,021		1,691,821		(346,944	)
Publicis Groupe SA		4,244		354,386		(64,433	)
Sanofi		6,899		711,065		(53,824	)
SCOR SE		3,806		131,526		5,177
SEB SA		1,122		108,812		(5,311	)
Societe BIC SA		619		102,831		(6,608	)
Sodexo SA		1,982		202,157		(37,759	)
Teleperformance		887		64,295		2,982
Thales SA		6,920		463,819		18,291
Valeo SA		642		103,838		(16,897	)
Veolia Environnement SA		5,451		114,299		10,619
Vivendi SA		24,920		625,412		(35,429	)
						(694,777	)
Germany
Allianz SE		6,459		1,116,530		(104,171	)
Aurubis AG		3,509		227,742		(4,710	)
Bayer AG		4,486		652,376		(79,025	)
Brenntag AG		1,332		80,042		(8,359	)
Deutsche Lufthansa AG		22,312		313,748		(4,031	)
Deutsche Post AG		4,722		156,797		(26,107	)
Freenet AG		28,865		960,083		(7,366	)
GEA Group AG		1,434		69,769		(15,269	)
Hannover Rueck SE		2,455		249,859		1,138
HeidelbergCement AG		803		63,761		(8,777	)
Henkel AG & Co KGaA		517		61,212		(8,093	)
HOCHTIEF AG		2,368		190,870		6,272
HUGO BOSS AG		1,987		245,582		(22,755	)
KION Group AG		3,051		141,120		(5,865	)
Linde AG		666		131,907		(24,025	)
Merck KGaA		3,859		426,615		(84,974	)
MTU Aero Engines AG		475		46,764		(7,090	)

Referenced Entity	Shares		Notional Amount (2)		Unrealized Appreciation (Depreciation)
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		3,264		$640,348		($32,277	)
OSRAM Licht AG		1,221		68,078		(4,992	)
Porsche Automobil Holding SE		2,810		266,731		(147,129	)
ProSiebenSat.1 Media SE		5,346		277,682		(15,888	)
Symrise AG		1,987		125,020		(5,662	)
Zalando SE		2,954		99,160		(1,318	)
						(610,473	)
Italy
A2A SpA		80,696		93,733		6,612
Atlantia SpA		3,035		84,493		482
Autogrill SpA		41,682		390,482		(10,003	)
Azimut Holding SpA		8,763		214,420		(25,828	)
Banca Generali SpA		3,917		124,949		(14,302	)
Banca Popolare di Milano Scarl		341,946		354,500		(16,529	)
FinecoBank Banca Fineco SpA		21,330		173,021		(31,209	)
Finmeccanica SpA		2,175		29,303		(2,003	)
Mediaset SpA		31,187		159,696		(15,948	)
Moncler SpA		10,488		191,958		(3,900	)
Pirelli & C. SpA		17,265		298,934		(10,006	)
Prysmian SpA		28,249		639,961		(55,586	)
Recordati SpA		6,179		152,841		(10,129	)
Snam SpA		15,205		79,549		(1,301	)
UnipolSai SpA		28,409		76,573		(14,612	)
						(204,262	)
Luxembourg
SES SA		5,066		176,713		(16,854	)
Netherlands
Aegon NV		18,597		145,978		(38,881	)
Akzo Nobel NV		554		42,299		(6,283	)
Boskalis Westminster		8,928		467,639		(76,800	)
Delta Lloyd NV		16,214		284,111		(147,653	)
Koninklijke Ahold NV		15,429		299,300		1,836
Koninklijke DSM NV		618		35,164		(6,628	)
Koninklijke KPN NV		50,560		190,833		(1,315	)
Randstad Holding NV		7,283		438,469		(3,877	)
Wolters Kluwer NV		18,460		593,031		(23,871	)
						(303,472	)
Portugal
NOS SGPS SA		7,124		59,002		(168	)
Spain
ACS Actividades de Construccion y Servicios SA		1,060		37,401		(6,920	)
Almirall SA		3,306		66,421		(7,423	)
Enagas SA		3,929		120,760		(8,149	)
Endesa SA		21,582		426,021		28,712
Gamesa Corp Tecnologica SA		34,469		558,012		(80,143	)
Iberdrola SA		146,649		983,873		(8,161	)
Mediaset Espana Comunicacion SA		7,260		96,970		(17,674	)
Red Electrica Corp SA		919		77,242		(902	)
						(100,660	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-101

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Referenced Entity	Shares			Notional Amount (2)			Unrealized Appreciation (Depreciation)
United Kingdom
Dialog Semiconductor PLC		13,095			$615,324			($91,346	)
RELX NV		39,262			619,693			21,326
Unilever NV		4,834			212,239			(17,698	)
								(87,718	)
Total Long Positions								(2,142,083	)
Short Positions
Belgium
Anheuser-Busch InBev SA		(2,857	)		(347,983	)		44,528
UCB SA		(710	)		(50,436	)		(5,134	)
								39,394
Finland
Nokia OYJ		(26,378	)		(176,133	)		(4,584	)
Nokian Renkaat OYJ		(1,095	)		(33,502	)		(1,995	)
Sampo OYJ		(8,519	)		(413,224	)		65
								(6,514	)
France
Airbus Group SE		(2,156	)		(148,366	)		20,307
Arkema SA		(1,096	)		(88,402	)		17,280
BNP Paribas SA		(15,871	)		(1,006,345	)		71,764
Bollore SA		(56,842	)		(310,303	)		33,161
Carrefour SA		(13,832	)		(479,821	)		69,901
Casino Guichard Perrachon SA		(7,686	)		(570,530	)		161,210
Credit Agricole SA		(11,948	)		(186,777	)		49,685
Danone SA		(8,091	)		(588,244	)		76,534
Edenred		(1,760	)		(47,679	)		18,890
Electricite de France SA		(6,294	)		(155,964	)		44,789
Engie SA		(17,514	)		(350,286	)		66,673
Kering		(471	)		(88,532	)		11,440
LVMH Moet Hennessy Louis Vuitton SE		(328	)		(57,725	)		1,754
Natixis SA		(6,444	)		(52,446	)		16,841
Renault SA		(4,243	)		(444,811	)		140,008
Schneider Electric SE		(13,220	)		(1,004,005	)		262,638
Societe Generale SA		(2,513	)		(127,315	)		14,903
Technip SA		(20,548	)		(1,156,105	)		185,283
TOTAL SA		(5,290	)		(244,106	)		5,604
Vallourec SA		(16,821	)		(347,872	)		198,670
Zodiac Aerospace		(37,389	)		(1,264,556	)		408,725
								1,876,060
Germany
adidas AG		(4,689	)		(393,773	)		16,349
BASF SE		(7,775	)		(769,570	)		176,300
Bayerische Motoren Werke AG		(5,572	)		(541,328	)		48,300
Commerzbank AG		(24,212	)		(328,189	)		73,329
Continental AG		(755	)		(177,806	)		17,429
Deutsche Bank AG		(30,000	)		(962,729	)		156,214

Referenced Entity	Shares			Notional Amount (2)			Unrealized Appreciation (Depreciation)
E.ON SE		(84,444	)		($1,091,516	)		$367,076
Infineon Technologies AG		(20,872	)		(254,406	)		19,844
METRO AG		(2,070	)		(76,192	)		19,087
Rheinmetall AG		(2,932	)		(150,908	)		(28,506	)
RWE AG		(55,426	)		(1,148,448	)		520,439
SAP SE		(5,863	)		(448,007	)		68,690
Telefonica Deutschland Holding AG		(4,712	)		(29,905	)		1,147
ThyssenKrupp AG		(5,124	)		(139,951	)		50,225
Volkswagen AG		(1,158	)		(222,718	)		96,081
								1,602,004
Italy
Enel Green Power SpA		(92,530	)		(181,174	)		5,877
Telecom Italia SpA		(229,478	)		(271,158	)		(10,989	)
Unione di Banche Italiane SCpA		(15,921	)		(125,704	)		12,740
								7,628
Luxembourg
ArcelorMittal		(127,061	)		(1,280,326	)		616,427
Tenaris SA		(89,284	)		(1,264,660	)		190,333
								806,760
Netherlands
Altice NV ‘A’		(13,332	)		(356,157	)		77,205
Altice NV ‘B’		(3,504	)		(96,931	)		18,761
ASML Holding NV		(8,810	)		(956,171	)		183,770
Fugro NV		(3,104	)		(58,759	)		3,789
Koninklijke Philips NV		(13,656	)		(388,771	)		66,764
SBM Offshore NV		(7,122	)		(80,995	)		(9,179	)
								341,110
Spain
Banco Popular Espanol SA		(105,581	)		(539,816	)		154,801
Banco Santander SA		(65,233	)		(390,199	)		42,852
Bankia SA		(212,678	)		(292,591	)		17,002
CaixaBank SA		(25,300	)		(125,317	)		27,794
Cellnex Telecom SAU		(3,781	)		(67,735	)		3,391
Grifols SA		(1,492	)		(63,160	)		1,445
								247,285
Switzerland
STMicroelectronics NV		(50,620	)		(401,199	)		55,959
United Kingdom
CNH Industrial NV		(107,994	)		(934,537	)		229,576
Total Short Positions								5,199,262
Total Long and Short Positions								3,057,179
Net Cash and Other Receivables (Payables) (3)								2,521
								$3,059,700

Description	Counter- party		Expiration Date (1)		Value
The fund receives or pays the total return on all long and short positions within the basket and pays or receives the 1-Day JPY-MUTSC plus or minus a specified spread, which is denominated in JPY based on the local currencies of the positions within the swap.		MSC		05/09/16	$1,092,998

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-102

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2015:

Referenced Entity	Shares		Notional Amount (2)		Unrealized Appreciation (Depreciation)
Long Positions:
Japan
Ajinomoto Co Inc		26,000		$574,016		($24,925	)
Aozora Bank Ltd		114,000		427,110		(30,764	)
Asahi Kasei Corp		38,000		356,883		(88,629	)
Astellas Pharma Inc		32,000		494,439		(79,012	)
Bandai Namco Holdings Inc		19,400		410,148		41,696
Bridgestone Corp		8,500		352,299		(56,788	)
Calbee Inc		10,000		401,425		(76,385	)
Central Japan Railway Co		4,600		818,810		(74,874	)
Chubu Electric Power Co Inc		30,000		450,296		(6,683	)
Dai Nippon Printing Co Ltd		9,000		91,673		(4,157	)
Daicel Corp		29,400		356,324		5,330
DeNA Co Ltd		6,600		124,688		(1,463	)
Disco Corp		4,100		368,623		(80,066	)
Don Quijote Holdings Co Ltd		8,000		305,406		(2,701	)
East Japan Railway Co		1,100		97,764		(4,677	)
Ezaki Glico Co Ltd		1,100		57,978		(7,064	)
Fuji Electric Co Ltd		21,000		98,141		(21,693	)
Fuji Heavy Industries Ltd		49,500		1,674,202		117,040
Hakuhodo DY Holdings Inc		3,700		36,167		(883	)
Haseko Corp		55,900		697,293		(61,253	)
Hitachi Chemical Co Ltd		2,000		38,196		(10,543	)
Hitachi High- Technologies Corp		11,700		304,918		(50,802	)
Hitachi Metals Ltd		15,000		233,501		(58,655	)
Hokuhoku Financial Group Inc		72,000		173,194		(7,473	)
Hoshizaki Electric Co Ltd		500		32,057		3,014
Hoya Corp		25,400		986,156		(151,521	)
Iida Group Holdings Co Ltd		10,800		192,665		(23,506	)
Isuzu Motors Ltd		31,600		421,765		(103,343	)
ITOCHU Corp		9,600		118,569		(16,744	)
Itochu Techno-Solutions Corp		1,800		38,164		302
Izumi Co Ltd		2,500		109,653		(8,012	)
Japan Airlines Co Ltd		59,200		1,956,627		133,272
Japan Petroleum Exploration Co Ltd		1,200		35,933		(4,209	)
JSR Corp		18,000		305,773		(45,727	)
JTEKT Corp		5,100		85,743		(14,179	)
Kajima Corp		61,000		285,941		38,815
Kaken Pharmaceutical Co Ltd		5,000		467,892		(1,926	)
Kamigumi Co Ltd		9,000		78,396		(4,524	)
Kawasaki Heavy Industries Ltd		10,000		50,743		(16,124	)
Keisei Electric Railway Co Ltd		4,000		47,144		(3,129	)
Kewpie Corp		5,900		130,652		(12,734	)
Kobe Steel Ltd		107,000		191,632		(75,152	)
Koito Manufacturing Co Ltd		10,100		351,896		(20,635	)
Konami Holdings Corp		8,000		166,026		7,677
Konica Minolta Inc		14,100		164,396		(15,554	)
Kurita Water Industries Ltd		1,500		37,255		(5,353	)
M3 Inc		2,300		50,974		(5,090	)
Mabuchi Motor Co Ltd		3,300		183,405		(39,217	)
Mazda Motor Corp		6,800		139,011		(31,056	)
Medipal Holdings Corp		12,800		229,562		(25,672	)
MEIJI Holdings Co Ltd		800		45,338		13,528
MISUMI Group Inc		11,300		131,560		(14,585	)
Mitsubishi Chemical Holdings Corp		46,000		284,670		(43,390	)
Mitsubishi Electric Corp		70,000		913,383		(270,663	)
Mitsubishi Materials Corp		10,000		36,806		(6,301	)
Mitsubishi Motors Corp		52,200		487,435		(87,446	)
Mitsubishi Tanabe Pharma Corp		45,400		760,634		38,493
Mitsui & Co Ltd		3,400		47,505		(9,215	)
Mixi Inc		11,500		463,502		(67,940	)
Mizuho Financial Group Inc		245,800		470,125		(8,425	)

Referenced Entity	Shares		Notional Amount (2)		Unrealized Appreciation (Depreciation)
MS&AD Insurance Group Holdings Inc		2,300		$66,990		($5,125	)
Murata Manufacturing Co Ltd		2,200		314,772		(29,062	)
Nexon Co Ltd		7,000		95,859		(2,102	)
NHK Spring Co Ltd		7,100		72,570		(3,555	)
Nintendo Co Ltd		2,000		395,663		(57,779	)
Nippon Express Co Ltd		87,000		442,832		(26,366	)
Nippon Shokubai Co Ltd		3,200		219,557		(1,522	)
Nippon Yusen KK		72,000		223,478		(56,403	)
Nitori Holdings Co Ltd		1,500		122,409		(4,289	)
Nitto Denko Corp		6,400		429,153		(44,762	)
NOK Corp		36,500		1,099,221		(308,995	)
Nomura Research Institute Ltd		5,060		185,367		9,572
NTT DOCOMO Inc		14,600		259,479		(14,700	)
Obic Co Ltd		1,900		83,733		3,408
Omron Corp		6,500		294,114		(97,647	)
ORIX Corp		9,700		144,499		(19,027	)
Osaka Gas Co Ltd		40,000		164,514		(12,279	)
Otsuka Corp		9,400		446,583		12,354
Otsuka Holdings Co Ltd		23,000		769,481		(30,249	)
Panasonic Corp		85,500		1,212,029		(344,027	)
Park24 Co Ltd		3,800		69,476		2,019
Pola Orbis Holdings Inc		3,600		221,495		2,688
Recruit Holdings Co Ltd		9,800		322,774		(27,983	)
Resona Holdings Inc		91,500		484,542		(17,048	)
Rohm Co Ltd		4,400		301,435		(104,709	)
Ryohin Keikaku Co Ltd		200		41,314		(367	)
Santen Pharmaceutical Co Ltd		40,500		543,633		2,193
Seiko Epson Corp		9,500		168,914		(34,433	)
Sekisui Chemical Co Ltd		57,000		724,085		(123,702	)
Shimadzu Corp		19,000		285,936		(11,366	)
Shimamura Co Ltd		4,100		395,879		46,571
Shimizu Corp		21,000		149,600		31,162
Shin-Etsu Chemical Co Ltd		1,900		118,713		(21,055	)
Sojitz Corp		366,400		804,761		(122,159	)
Sompo Japan Nipponkoa Holdings Inc		13,200		444,082		(59,200	)
Sony Corp		17,700		534,660		(101,869	)
Sugi Holdings Co Ltd		3,000		144,026		(8,860	)
Sumitomo Heavy Industries Ltd		105,000		645,416		(228,898	)
Sumitomo Rubber Industries Ltd		25,400		445,356		(92,044	)
Suruga Bank Ltd		5,200		108,311		(11,409	)
Suzuken Co Ltd/Aichi Japan		4,700		169,566		(12,505	)
T&D Holdings Inc		20,600		297,883		(53,891	)
Taiheiyo Cement Corp		32,000		101,980		(5,700	)
TDK Corp		4,100		294,239		(61,029	)
Teijin Ltd		25,000		91,443		(15,333	)
The Bank of Kyoto Ltd		4,000		45,971		(5,137	)
The Bank of Yokohama Ltd		12,000		76,184		(3,074	)
The Chiba Bank Ltd		8,000		65,658		(8,721	)
The Dai-ichi Life Insurance Co Ltd		22,100		391,154		(37,724	)
The Gunma Bank Ltd		18,000		130,251		(15,140	)
The Hachijuni Bank Ltd		16,000		120,878		(7,718	)
The Hiroshima Bank Ltd		11,000		65,616		(1,869	)
The Iyo Bank Ltd		7,500		92,764		(6,291	)
The Joyo Bank Ltd		17,000		99,208		(9,383	)
THK Co Ltd		5,200		123,866		(41,126	)
Tohoku Electric Power Co Inc		74,700		988,538		28,450
Tokio Marine Holdings Inc		4,400		180,617		(15,950	)
Tokyo Electric Power Co Inc		172,000		800,792		353,390
Tokyo Gas Co Ltd		55,000		313,373		(46,015	)
Toppan Printing Co Ltd		9,000		74,505		(1,876	)
Trend Micro Inc		2,200		75,407		2,512

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-103

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Referenced Entity	Shares			Notional Amount (2)			Unrealized Appreciation (Depreciation)
Tsuruha Holdings Inc		3,500			$296,475			$5,824
West Japan Railway Co		5,600			315,296			35,279
Yamaguchi Financial Group Inc		7,000			90,516			(4,558	)
Yamaha Corp		3,600			66,660			13,247
Yamaha Motor Co Ltd		9,600			225,615			(31,994	)
								(3,341,051	)
Total Long Positions								(3,341,051	)
Short Positions:
Japan
Aeon Co Ltd		(44,100	)		(551,278	)		(135,241	)
AEON Financial Service Co Ltd		(8,800	)		(223,075	)		48,827
Aisin Seiki Co Ltd		(1,100	)		(49,132	)		12,135
Asahi Group Holdings Ltd		(1,400	)		(45,373	)		(188	)
Asics Corp		(1,800	)		(46,034	)		2,962
Canon Inc		(2,700	)		(96,478	)		18,256
Chiyoda Corp		(91,000	)		(824,984	)		203,466
Chugai Pharmaceutical Co Ltd		(4,200	)		(129,294	)		26
Credit Saison Co Ltd		(18,900	)		(354,619	)		10,646
Daikin Industries Ltd		(19,700	)		(1,334,200	)		226,555
Daiwa Securities Group Inc		(21,000	)		(172,711	)		36,614
Denso Corp		(15,700	)		(765,059	)		99,463
Dentsu Inc		(1,400	)		(65,814	)		(5,959	)
Eisai Co Ltd		(5,500	)		(363,575	)		37,349
Fast Retailing Co Ltd		(1,200	)		(474,925	)		(12,323	)
Hamamatsu Photonics KK		(2,000	)		(58,065	)		12,801
Hirose Electric Co Ltd		(1,400	)		(194,057	)		41,169
Hitachi Ltd		(32,000	)		(218,780	)		57,048
Honda Motor Co Ltd		(30,600	)		(1,062,643	)		150,190
IHI Corp		(254,000	)		(1,170,806	)		516,814
Inpex Corp		(7,000	)		(87,647	)		25,108
Isetan Mitsukoshi Holdings Ltd		(50,000	)		(807,707	)		53,805
J Front Retailing Co Ltd		(32,500	)		(541,804	)		11,404
Japan Display Inc		(106,300	)		(431,630	)		125,169
Japan Tobacco Inc		(17,500	)		(622,480	)		78,093
JFE Holdings Inc		(5,200	)		(117,232	)		48,856
JGC Corp		(37,000	)		(748,673	)		256,634
Kikkoman Corp		(5,000	)		(141,968	)		3,982
Kintetsu Group Holdings Co Ltd		(81,000	)		(283,974	)		(7,905	)
Kirin Holdings Co Ltd		(22,000	)		(298,690	)		8,896
Komatsu Ltd		(13,000	)		(262,625	)		71,292
Kubota Corp		(23,000	)		(363,174	)		46,438
Kyocera Corp		(5,900	)		(312,570	)		41,834
Kyushu Electric Power Co Inc		(156,600	)		(1,748,798	)		40,719
Makita Corp		(2,057	)		(104,891	)		(4,829	)
Marui Group Co Ltd		(92,953	)		(1,098,973	)		(25,435	)
Minebea Co Ltd		(42,000	)		(648,523	)		201,355
Mitsubishi Heavy Industries Ltd		(22,000	)		(124,509	)		25,916
Mitsubishi Logistics Corp		(3,000	)		(38,151	)		3,413
Mitsui OSK Lines Ltd		(302,000	)		(936,767	)		210,621
NGK Insulators Ltd		(12,000	)		(269,631	)		39,315
NGK Spark Plug Co Ltd		(26,500	)		(711,657	)		103,139
Nidec Corp		(8,800	)		(690,075	)		83,785

Referenced Entity	Shares			Notional Amount (2)			Unrealized Appreciation (Depreciation)
Nikon Corp		(3,600	)		($46,526	)		$2,952
Nippon Electric Glass Co Ltd		(24,000	)		(122,815	)		6,538
Nippon Paint Holdings Co Ltd		(4,600	)		(141,485	)		60,947
Nomura Holdings Inc		(37,100	)		(239,159	)		23,897
NTT Data Corp		(2,300	)		(102,505	)		(13,629	)
Odakyu Electric Railway Co Ltd		(8,000	)		(75,334	)		3,182
Oji Holdings Corp		(13,000	)		(57,060	)		1,230
Olympus Corp		(11,800	)		(422,121	)		54,661
Ono Pharmaceutical Co Ltd		(1,300	)		(141,018	)		(13,609	)
Rakuten Inc		(10,000	)		(172,735	)		44,487
Ricoh Co Ltd		(198,500	)		(2,038,862	)		31,555
Rinnai Corp		(1,000	)		(75,328	)		(1,117	)
Sega Sammy Holdings Inc		(2,900	)		(40,209	)		11,814
Seibu Holdings Inc		(8,500	)		(227,860	)		55,246
Shimano Inc		(700	)		(100,290	)		1,635
Shionogi & Co Ltd		(2,400	)		(80,164	)		(6,105	)
Shiseido Co Ltd		(21,900	)		(442,321	)		(37,654	)
SoftBank Group Corp		(26,500	)		(1,638,167	)		418,891
Stanley Electric Co Ltd		(2,600	)		(58,448	)		6,365
Sumco Corp		(40,600	)		(454,623	)		90,213
Sumitomo Corp		(6,500	)		(76,493	)		13,745
Sumitomo Dainippon Pharma Co Ltd		(15,300	)		(170,859	)		17,648
Sumitomo Mitsui Trust Holdings Inc		(103,000	)		(456,013	)		76,095
Suntory Beverage & Food Ltd		(8,400	)		(354,951	)		31,690
Sysmex Corp		(1,100	)		(59,435	)		1,269
Taisei Corp		(16,000	)		(91,005	)		(13,662	)
Takashimaya Co Ltd		(27,000	)		(243,732	)		24,659
Takeda Pharmaceutical Co Ltd		(1,500	)		(76,990	)		10,874
Terumo Corp		(23,200	)		(576,136	)		(81,677	)
The Chugoku Electric Power Co Inc		(4,500	)		(65,292	)		3,150
The Kansai Electric Power Co Inc		(34,300	)		(363,142	)		(20,817	)
Toray Industries Inc		(8,000	)		(68,900	)		(433	)
Toshiba Corp		(158,000	)		(585,508	)		186,508
TOTO Ltd		(3,000	)		(93,476	)		(426	)
Toyo Seikan Group Holdings Ltd		(3,000	)		(49,088	)		1,410
Toyota Industries Corp		(7,600	)		(433,662	)		71,402
Toyota Motor Corp		(8,500	)		(587,812	)		87,890
Unicharm Corp		(29,500	)		(681,341	)		157,872
Yahoo Japan Corp		(181,800	)		(744,208	)		50,103
Yakult Honsha Co Ltd		(3,700	)		(223,682	)		38,356
Yamato Holdings Co Ltd		(32,900	)		(714,446	)		83,607
Yaskawa Electric Corp		(58,400	)		(756,847	)		160,346
Yokogawa Electric Corp		(23,100	)		(273,030	)		30,929
								4,434,252
Total Short Positions								4,434,252
Total Long and Short Positions								1,093,201
Net Cash and Other Receivables (Payables) (3)								(203	)
								$1,092,998

Description	Counter- party		Expiration Date (1)		Value
The fund receives or pays the total return on all long and short positions within the basket and pays or receives the 1-Week DKK-CIBOR plus or minus a specified spread, which is denominated in DKK based on the local currencies of the positions within the swap.		MSC		05/04/16	$65,053

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-104

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2015:

Referenced Entity	Shares		Notional Amount (2)		Unrealized Appreciation (Depreciation)
Long Positions:
Denmark
Chr Hansen Holding AS		3,692		$180,320		$26,434
DSV AS		1,632		55,916		5,162
Genmab AS		3,178		299,098		(6,953	)
GN Store Nord AS		1,825		39,225		(6,408	)
ISS AS		2,827		95,563		(1,528	)
Novo Nordisk AS		25,425		1,443,043		(74,560	)
Pandora AS		6,628		713,976		61,478
						3,625
Total Long Positions						3,625

Referenced Entity	Shares			Notional Amount (2)			Unrealized Appreciation (Depreciation)
Short Positions:
Denmark
Carlsberg AS		(4,936	)		($440,522	)		$60,658
Jyske Bank AS		(601	)		(29,251	)		(4,055	)
Novozymes AS		(1,279	)		(60,336	)		4,482
								61,085
Total Short Positions								61,085
Total Long and Short Positions								64,710
Net Cash and Other Receivables (Payables) (3)								343
								$65,053

Description	Counter- party		Expiration Date (1)		Value
The fund receives or pays the total return on all long and short positions within the basket and pays or receives the 1-Week NOK-NIBOR plus or minus a specified spread, which is denominated in NOK based on the local currencies of the positions within the swap.		MSC		05/04/16	($154,669)

The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2015:

Referenced Entity	Shares		Notional Amount (2)		Unrealized Appreciation (Depreciation)
Long Positions:
Norway
Marine Harvest ASA		10,774		$131,890		$5,743
Norsk Hydro ASA		93,671		461,238		(148,373	)
Yara International ASA		4,926		256,286		(59,439	)
						(202,069	)
Total Long Positions						(202,069	)

Referenced Entity	Shares			Notional Amount (2)			Unrealized Appreciation (Depreciation)
Short Positions:
Norway
Gjensidige Forsikring ASA		(2,518	)		($43,268	)		$9,319
Schibsted ASA		(7,319	)		(234,826	)		(13,786	)
Statoil ASA		(12,172	)		(230,684	)		53,132
								48,665
Total Short Positions								48,665
Total Long and Short Positions								(153,404	)
Net Cash and Other Receivables (Payables) (3)								(1,265	)
								($154,669	)

Description	Counter- party		Expiration Date (1)		Value
The fund receives or pays the total return on all long and short positions within the basket and pays or receives the 1-Week SEK-STIBOR plus or minus a specified spread, which is denominated in SEK based on the local currencies of the positions within the swap.		MSC		05/04/16	($515,352)

The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2015:

Referenced Entity	Shares		Notional Amount (2)		Unrealized Appreciation (Depreciation)
Long Positions:
Sweden
Assa Abloy AB		1,980		$39,150		($3,585	)
Boliden AB		27,640		599,310		(166,597	)
Electrolux AB		20,092		607,629		(39,159	)
Husqvarna AB		21,469		158,914		(18,011	)
ICA Gruppen AB		2,062		76,257		(6,498	)
NCC AB		3,368		109,979		(8,335	)
Nordea Bank AB		9,432		118,671		(13,333	)
Securitas AB		20,337		295,342		(46,644	)
Skanska AB		10,533		230,676		(23,824	)
Swedish Orphan Biovitrum AB		12,374		165,588		(2,177	)
Tele2 AB		30,299		403,229		(107,670	)
TeliaSonera AB		55,738		345,884		(45,275	)
						(481,108	)
Total Long Positions						(481,108	)

Referenced Entity	Shares			Notional Amount (2)			Unrealized Appreciation (Depreciation)
Short Positions:
Sweden
Alfa Laval AB		(3,182	)		($60,218	)		$8,108
Getinge AB		(5,574	)		(136,952	)		12,479
Hexagon AB		(1,658	)		(61,180	)		10,438
Sandvik AB		(13,888	)		(171,912	)		53,431
Volvo AB		(35,173	)		(476,700	)		139,045
								223,501
Total Short Positions								223,501
Total Long and Short Positions								(257,607	)
Net Cash and Other Receivables (Payables) (3)								(257,745	)
								(515,352	)
Total Basket Swaps								$20,229,273

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-105

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

(1) The maturity dates are measured from the commencement of investment in each underlying swap position.

(2) Notional amount represents the market value (including any fees or commissions) of the long and short positions when they are established.

(3) Cash and other receivables (payables) includes the gains (or losses) realized within the swap when the swap resets.

Total Return Swaps

Receive Total Return	Pay	Counter- party		Expiration Date		Number of Contracts		Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Positive return on MSCI Singapore Index	Negative return on MSCI Singapore Index		GSC		10/30/15		1		($71,430	)		$—		($71,430	)
Positive return on Swiss Market Index	Negative return on Swiss Market Index		GSC		12/18/15		42		900			—		900
									($70,530	)		$—		($70,530	)
Total Swap Agreements									$20,158,743			$—		$20,158,743

(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 (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Short-Term Investments		$119,558,814			$23,729,053			$95,829,761			$—
	Derivatives:
	Equity Contracts
	Futures		2,718			2,718			—			—
	Swaps		20,900,194			900			20,899,294			—
	Total Equity Contracts		20,902,912			3,618			20,899,294			—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		24,254			—			24,254			—
	Total Assets - Derivatives		20,927,166			3,618			20,923,548			—
	Total Assets		140,485,980			23,732,671			116,753,309			—
Liabilities	Derivatives:
	Equity Contracts
	Futures		(1,213,325	)		(1,213,325	)		—			—
	Swaps		(741,451	)		(71,430	)		(670,021	)		—
	Total Equity Contracts		(1,954,776	)		(1,284,755	)		(670,021	)		—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(130,441	)		—			(130,441	)		—
	Total Liabilities - Derivatives		(2,085,217	)		(1,284,755	)		(800,462	)		—
	Total Liabilities		(2,085,217	)		(1,284,755	)		(800,462	)		—
	Total		$138,400,763			$22,447,916			$115,952,847			$—

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-106

PACIFIC FUNDS

PF GLOBAL ABSOLUTE RETURN FUND

Schedule of Investments

September 30, 2015 (Unaudited)

	Shares		Value
RIGHTS - 0.0%
Romania - 0.0%
Societatea Nationala Nuclearelectrica SA Exp 08/12/16 *		11,000		$—
Total Rights (Cost $0)				—
COMMON STOCKS - 0.8%
Romania - 0.4%
Banca Transilvania *		156,700		90,834
BRD-Groupe Societe Generale SA *		30,800		81,119
Electrica SA		25,800		76,953
OMV Petrom SA		839,900		71,211
Societatea Nationala de Gaze Naturale ROMGAZ SA		8,800		66,759
Societatea Nationala Nuclearelectrica SA		11,000		19,526
Transelectrica SA		12,700		83,640
Transgaz SA Medias		1,200		78,981
				569,023
Singapore - 0.4%
Yoma Strategic Holdings Ltd *		1,972,467		508,978
Total Common Stocks (Cost $1,426,305)				1,078,001
CLOSED-END MUTUAL FUND - 0.4%
Romania - 0.4%
Fondul Proprietatea SA *		2,869,379		573,575
Total Closed-End Mutual Fund (Cost $705,505)				573,575
	Principal Amount
CORPORATE BONDS & NOTES - 2.8%
Angola - 0.7%
Republic of Angola 7.000% due 08/16/19 ~		$1,031,000		978,460
Azerbaijan - 0.5%
International Bank of Azerbaijan 6.170% due 05/10/17 § ~		700,000		679,770
Georgia - 1.0%
Bank of Georgia JSC 7.750% due 07/05/17 ~		1,338,000		1,390,396
Russia - 0.6%
Gazprom OAO 3.755% due 03/15/17~		EUR 548,000		611,193
Sberbank of Russia 5.400% due 03/24/17~		$203,000		206,888
				818,081
Total Corporate Bonds & Notes (Cost $3,880,203)				3,866,707

	Principal Amount		Value
SENIOR LOAN NOTES - 0.4%
Ethiopia - 0.4%
Eithiopian Railways Corp 4.230% due 08/01/21 § +		$617,585		$573,993
Total Senior Loan Notes (Cost $573,488)				573,993
MORTGAGE-BACKED SECURITIES - 0.8%
United States - 0.8%
Fannie Mae (IO) 5.000% due 12/25/42 "		1,757,931		351,538
5.956% due 01/25/43 " §		2,330,675		484,340
6.056% due 07/25/42 " §		1,892,885		310,929
				1,146,807
Total Mortgage-Backed Securities (Cost $1,119,372)				1,146,807
FOREIGN GOVERNMENT BONDS & NOTES - 75.8%
Argentina - 1.7%
Argentina Bonar 8.750% due 05/07/24		1,172,000		1,082,961
Argentine Republic Government 8.280% due 12/31/33 * W		1,239,402		1,261,091
				2,344,052
Armenia - 1.4%
Republic of Armenia 6.000% due 09/30/20 ~		200,000		190,438
7.150% due 03/26/25 ~		1,847,000		1,751,362
				1,941,800
Barbados - 1.0%
Barbados Government 6.625% due 12/05/35 ~		1,521,000		1,350,336
Colombia - 0.5%
Colombia Government 5.000% due 06/15/45		780,000		670,800
Cyprus - 3.6%
Cyprus Government 3.750% due 11/01/15 ~		EUR 1,249,000		1,395,082
3.875% due 05/06/22 ~		1,301,000		1,473,632
4.625% due 02/03/20 ~		608,000		717,564
4.750% due 06/25/19 ~		1,131,000		1,343,506
				4,929,784
Dominican Republic - 2.8%
Dominican Republic 5.500% due 01/27/25 ~		$515,000		499,550
8.625% due 04/20/27 ~		653,000		759,965
10.400% due 05/10/19 ~		DOP 68,900,000		1,560,019
13.500% due 08/04/17 ~		3,000,000		70,983
14.000% due 06/08/18 ~		16,400,000		401,577
15.000% due 04/05/19 ~		11,200,000		287,084
16.000% due 02/10/17 ~		11,900,000		285,745
				3,864,923

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-107

PACIFIC FUNDS

PF GLOBAL ABSOLUTE RETURN FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
Ecuador - 7.1%
Ecuador Government 7.950% due 06/20/24 ~		$6,308,000		$4,478,680
9.375% due 12/15/15 ~		3,165,000		3,093,788
10.500% due 03/24/20 ~		2,825,000		2,189,375
				9,761,843
India - 4.8%
India Government 7.160% due 05/20/23		INR 140,000,000		2,049,230
8.830% due 11/25/23		275,000,000		4,456,307
				6,505,537
Indonesia - 1.5%
Indonesia Government 3.375% due 07/30/25 ~		EUR 2,022,000		2,084,314
Iraq - 2.3%
Republic of Iraq 5.800% due 01/15/28 ~		$4,531,000		3,142,049
Ivory Coast - 1.0%
Ivory Coast Government 6.375% due 03/03/28 ~		1,123,000		996,663
5.750% due 12/31/32 ~		348,000		304,690
				1,301,353
Kazakhstan - 4.3%
Kazakhstan Government 5.125% due 07/21/25 ~		5,664,000		5,479,920
6.500% due 07/21/45 ~		410,000		386,589
				5,866,509
Kenya - 0.4%
Kenya Government 6.875% due 06/24/24 ~		611,000		556,621
Lebanon - 4.8%
Lebanon Government 4.500% due 04/22/16		1,305,000		1,315,570
8.500% due 01/19/16 ~		2,692,000		2,726,781
Lebanon Treasury 6.500% due 12/10/15		LBP 2,911,150,000		1,937,999
6.500% due 12/27/15		872,860,000		581,540
				6,561,890
Macedonia - 3.6%
Republic of Macedonia 3.975% due 07/24/21 ~		EUR 4,371,000		4,736,795
4.625% due 12/08/15		214,000		239,868
				4,976,663
Mongolia - 1.0%
Mongolia Government 4.125% due 01/05/18 ~		$479,000		444,273
5.125% due 12/05/22 ~		1,079,000		888,837
				1,333,110
New Zealand - 2.6%
New Zealand Government 2.000% due 09/20/25 ^ ~		NZD 2,754,335		1,760,022
3.000% due 09/20/30 ^ ~		2,473,240		1,740,982
				3,501,004
Nigeria - 1.0%
Nigeria Government 5.125% due 07/12/18 ~		$1,440,000		1,387,800

	Principal Amount		Value
Pakistan - 4.0%
Pakistan Government 6.875% due 06/01/17 ~		$335,000		$348,375
7.125% due 03/31/16 ~		502,000		510,170
7.250% due 04/15/19 ~		928,000		955,586
8.250% due 04/15/24 ~		3,508,000		3,693,594
				5,507,725
Philippines - 0.8%
Philippine Government 6.250% due 01/14/36		PHP 44,000,000		1,039,308
Romania - 3.6%
Romania Government 3.625% due 04/24/24 ~		EUR 1,063,000		1,280,154
4.375% due 08/22/23 ~		$20,000		20,893
4.875% due 01/22/24 ~		40,000		43,250
5.800% due 07/26/27		RON 3,750,000		1,114,565
5.850% due 04/26/23		5,890,000		1,730,359
6.750% due 02/07/22 ~		$614,000		726,055
				4,915,276
Rwanda - 0.9%
Rwanda Government 6.625% due 05/02/23 ~		1,262,000		1,195,997
Serbia - 8.9%
Republic of Serbia 5.250% due 11/21/17 ~		1,056,000		1,096,920
5.875% due 12/03/18 ~		1,602,000		1,680,098
Serbia Treasury 10.000% due 04/01/17		RSD 164,390,000		1,632,492
10.000% due 05/08/17		276,810,000		2,754,356
10.000% due 01/24/18		103,830,000		1,036,894
10.000% due 03/02/18		138,200,000		1,397,479
10.000% due 06/05/21		185,040,000		1,923,683
10.000% due 02/05/22		57,510,000		598,683
				12,120,605
Slovenia - 1.4%
Slovenia Government 5.500% due 10/26/22 ~		$1,665,000		1,876,045
Sri Lanka - 1.6%
Sri Lanka Government 5.875% due 07/25/22 ~		1,027,000		996,080
6.250% due 10/04/20 ~		619,000		628,271
6.250% due 07/27/21 ~		600,000		601,419
				2,225,770
Tanzania - 1.5%
Tanzania Government 6.538% due 03/09/20 § ~		2,115,000		2,025,113
Thailand - 1.1%
Thailand Government 1.250% due 03/12/28 ^ ~		THB 64,966,764		1,505,734
Ukraine - 0.1%
Ukraine Government 6.875% due 10/03/15 * W ~		$100,000		82,000

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-108

PACIFIC FUNDS

PF GLOBAL ABSOLUTE RETURN FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

	Principal Amount		Value
Uruguay - 1.2%
Uruguay Letras de Regulacion Monetaria En UI 15.328% due 01/14/16 ^		UYU 1,000,000		$33,078
Uruguay Notas del Tesoro 2.750% due 06/16/16 ^		15,576,866		527,953
Uruguay Treasury 12.969% due 07/28/16		8,220,000		252,170
13.441% due 05/17/16		810,000		25,222
14.089% due 09/15/16		4,945,000		149,064
14.500% due 11/26/15		4,580,000		154,287
15.000% due 10/08/15		14,620,000		501,530
15.425% due 04/21/16		1,313,000		41,842
				1,685,146
Venezuela - 3.6%
Venezuela Government 5.750% due 02/26/16 ~		$1,003,500		847,958
7.650% due 04/21/25		389,000		130,315
9.250% due 09/15/27		4,972,000		1,963,940
11.950% due 08/05/31 ~		5,016,000		1,993,860
				4,936,073
Zambia - 1.7%
Zambia Government 5.375% due 09/20/22 ~		613,000		438,908
8.500% due 04/14/24 ~		1,570,000		1,263,850
8.970% due 07/30/27 ~		866,000		688,470
				2,391,228
Total Foreign Government Bonds & Notes (Cost $111,198,927)				103,586,408
PURCHASED OPTIONS - 2.7%
(See Note (i) in Notes to Schedule of Investments) (Cost $3,123,789)				3,647,280
SHORT-TERM INVESTMENTS - 16.4%
Foreign Government Issues - 2.2%
Lebanon Treasury Bills (Lebanon) 0.764% due 10/15/15		LBP 442,670,000		293,166
5.355% due 01/28/16		4,057,230,000		2,652,928
				2,946,094
	Shares
Money Market Fund - 11.2%
BlackRock Liquidity Funds T-Fund Portfolio		15,326,032		15,326,032
	Principal Amount
U.S. Treasury Bills - 2.2%
0.059% due 12/17/15 ‡		$500,000		500,020
0.010% due 10/15/15 ‡		2,500,000		2,500,055
				3,000,075
Repurchase Agreements - 0.8%
Barclays PLC (5.000%) open maturity date (Dated 07/29/15, collateralized by Ukraine Government: 7.750% due 09/23/20 and value $83,193)		58,839		58,839

	Principal Amount		Value
JPMorgan Chase & Co (0.300%) due 10/07/15 (Dated 09/15/15, repurchase price of $1,086,576; collateralized by Spain Government: 5.400% due 01/31/23 and value $1,064,816)		EUR 972,579		$1,086,766
				1,145,605
Total Short-Term Investments (Cost $22,413,820)				22,417,806
TOTAL INVESTMENTS - 100.1% (Cost $144,441,409)				136,890,577
SECURITIES SOLD SHORT - (0.8%)
(See Note (f) in Notes to Schedule of Investments)
(Proceeds $1,045,738)				(1,118,803	)
OTHER ASSETS & LIABILITIES, NET - 0.7%				935,571
NET ASSETS - 100.0%				$136,707,345

Notes to Schedule of Investments

(a) As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows:

Foreign Government Bonds & Notes	75.8%
Short-Term Investments	16.4%
Others (each less than 3.0%)	7.9%
	100.1%
Securities Sold Short	(0.8%	)
Other Assets & Liabilities, Net	0.7%
	100.0%

(b) Investments with a total aggregate value of $568,176 or 0.4% of the fund’s net assets were valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee, or to the Board of Trustees.

(c) Investments with a total aggregate value of $1,259,899 or 1.0% of the fund’s net assets were in default as of September 30, 2015.

(d) As of September 30, 2015, investments with a total aggregate value of $2,643,063, were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts, forward foreign currency contracts, option contracts and swap agreements.

(e) Pursuant to the terms of the following senior loan agreement, the fund had an unfunded loan commitment of $82,416 or less than 0.1% of net assets as of September 30, 2015, which could be extended at the option of the borrower:

Borrower	Unfunded Loan Commitment		Value		Unrealized Appreciation (Depreciation)
Ethiopia Railways Corp +		$82,416		$76,599		($5,817	)

(f) Securities sold short outstanding as of September 30, 2015 were as follows:

Description	Principal Amount		Value
Foreign Government Bonds & Notes - (0.8%)
Spain Government 5.400% due 01/31/23		EUR 730,000		($1,035,611	)
Ukraine Government 7.750% due 09/23/20 W		$103,000		(83,192	)
Total Securities Sold Short (Proceeds $1,045,738)				($1,118,803	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-109

PACIFIC FUNDS

PF GLOBAL ABSOLUTE RETURN FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

(g) Open futures contracts outstanding as of September 30, 2015 were as follows:

Long Futures Outstanding	Number of Contracts		Unrealized Appreciation (Depreciation)
Dow Jones Euro STOXX 50 Index (12/15)		39		($38,713)
Eris 10-Year Interest Rate Swap (12/15)		27		(51,141)
Euro-Bund (12/15)		4		10,312
Nikkei 225 Index (12/15)		5		(750)
SGX CNX Nifty Index (10/15)		87		5,809
TOPIX Index (12/15)		27		(55,591)
				(130,074)
Short Futures Outstanding
90-Day LIBOR Sterling (03/16)		295		(64,934)
Eurodollar (03/17)		204		(352,511)
Eurodollar (09/17)		55		(60,500)
SET50 Index (12/15)		139		20,623
S&P 500 E-Mini Index (12/15)		34		59,886
U.S. 2-Year Interest Rate Swap (12/15)		62		(19,442)
U.S. 5-Year Interest Rate Swap (12/15)		105		(121,439)
U.S. 10-Year Interest Rate Swap (12/15)		206		(463,606)
U.S. 30-Year Interest Rate Swap (12/15)		8		(29,853)
U.S. Treasury 10-Year Notes (12/15)		4		(5,694)
				(1,037,470)
Total Futures Contracts				($1,167,544)

(h) Forward foreign currency contracts outstanding as of September 30, 2015 were as follows:

Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
AUD	3,546,000	USD	2,536,773		10/15	GSC		($50,622	)
AUD	4,310,000	USD	3,038,856		10/15	JPM		(15,866	)
CHF	5,427,000	USD	5,617,140		12/15	BNP		(32,201	)
CLP	371,214,000	USD	537,680		11/15	BNP		(6,842	)
CNH	5,780,000	USD	890,807		10/15	GSC		16,880
CNH	8,030,000	USD	1,239,102		10/15	SCB		21,924
CNH	4,020,000	USD	618,890		11/15	DUB		10,915
CNH	7,422,000	USD	1,141,758		11/15	GSC		21,031
CNH	11,021,497	USD	1,682,252		06/16	SCB		9,693
CNH	16,885,679	USD	2,570,795		07/16	GSC		13,996
CNH	9,451,065	USD	1,438,628		07/16	SCB		8,104
CNY	7,364,000	USD	1,153,057		03/16	BNP		(7,053	)
CNY	15,189,000	USD	2,378,395		03/16	JPM		(14,006	)
CNY	23,057,000	USD	3,610,442		03/16	SCB		(21,617	)
EUR	831,870	HUF	263,711,000		10/15	BNP		(10,226	)
EUR	3,057,220	HUF	952,324,000		10/15	MSC		21,797
EUR	4,842,490	HUF	1,501,663,753		11/15	JPM		63,324
EUR	939,272	HUF	293,842,000		12/15	DUB		3,756
EUR	261,411	USD	286,490		10/15	SCB		5,713
EUR	2,007,000	USD	2,210,289		11/15	SCB		33,768
GBP	1,857,824	EUR	2,512,219		12/15	BNP		(572	)
GBP	1,839,045	EUR	2,502,000		12/15	MSC		(17,540	)
HUF	263,711,000	EUR	847,929		10/15	BNP		(7,720	)
HUF	952,324,000	EUR	3,073,867		10/15	MSC		(40,399	)
HUF	1,501,663,753	EUR	4,844,239		11/15	JPM		(43,062	)
HUF	293,842,000	EUR	942,614		12/15	DUB		(7,495	)
INR	155,246,000	USD	2,403,606		10/15	DUB		(50,431	)
INR	72,406,000	USD	1,122,400		10/15	SCB		(24,890	)
JPY	132,851,253	USD	1,097,101		10/15	GSC		10,534
JPY	249,293,000	USD	2,070,505		11/15	JPM		8,769
MXN	68,997,000	USD	4,159,202		11/15	SCB		(94,593	)
OMR	888,000	USD	2,296,591		04/16	BNP		(12,020	)
OMR	1,565,000	USD	4,042,152		06/16	BNP		(31,923	)
PHP	178,043,000	USD	3,770,101		11/15	BNP		39,121
PHP	75,365,000	USD	1,594,520		11/15	CIT		17,910
PLN	3,044,000	EUR	721,532		10/15	BNP		(5,526	)
PLN	10,845,382	EUR	2,600,343		11/15	JPM		(56,267	)
PLN	6,314,000	EUR	1,497,308		12/15	DUB		(17,754	)
RSD	253,330,000	EUR	1,935,294		10/15	CIT		194,416
RSD	30,943,000	EUR	237,111		10/15	DUB		22,938
RSD	52,038,283	EUR	407,818		01/16	CIT		20,731

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-110

PACIFIC FUNDS

PF GLOBAL ABSOLUTE RETURN FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
RSD	9,424,000	EUR	74,380		01/16	DUB		$3,165
SEK	46,660,000	USD	5,652,332		12/15	BNP		(67,005	)
SGD	682,007	USD	478,165		10/15	SCB		1,058
THB	5,941,043	USD	167,271		11/15	DUB		(3,833	)
TRY	2,690,000	ZAR	13,410,995		01/16	SCB		(349,389	)
USD	2,428,541	AUD	3,292,000		10/15	GSC		120,474
USD	4,298,116	AUD	5,795,265		10/15	JPM		233,376
USD	186,597	AUD	254,000		10/15	SCB		8,514
USD	4,546,924	AUD	6,307,061		11/15	MSC		128,826
USD	8,470,795	CAD	11,248,326		12/15	SCB		44,825
USD	5,620,980	CHF	5,427,000		12/15	BNP		36,041
USD	2,357,296	CLP	1,638,789,000		11/15	BNP		13,819
USD	1,394,034	CLP	986,000,000		11/15	SCB		(15,952	)
USD	899,611	CNH	5,780,000		10/15	GSC		(5,884	)
USD	1,250,000	CNH	8,030,000		10/15	SCB		(7,980	)
USD	623,497	CNH	4,020,000		11/15	DUB		(3,972	)
USD	1,151,233	CNH	7,422,000		11/15	GSC		(7,243	)
USD	1,652,398	CNH	11,021,497		06/16	SCB		(79,656	)
USD	2,521,374	CNH	16,885,679		07/16	GSC		(99,110	)
USD	1,401,840	CNH	9,451,065		07/16	SCB		(44,886	)
USD	7,325,730	CNY	45,610,000		03/16	SCB		226,511
USD	1,242,172	EUR	1,133,462		10/15	GSC		(24,900	)
USD	2,466,901	EUR	2,251,870		10/15	SCB		(50,225	)
USD	617,973	EUR	559,181		11/15	DUB		(7,194	)
USD	5,363,783	EUR	4,806,037		11/15	GSC		(11,254	)
USD	3,089,771	EUR	2,822,000		11/15	SCB		(65,551	)
USD	4,380,499	EUR	3,910,000		12/15	GSC		6,750
USD	5,020,684	EUR	4,440,411		12/15	JPM		58,943
USD	10,017,281	EUR	8,709,614		12/15	SCB		275,137
USD	2,071,791	INR	137,194,000		10/15	BNP		(14,778	)
USD	2,000,491	INR	134,462,000		10/15	SCB		(47,986	)
USD	1,074,206	JPY	132,851,253		10/15	GSC		(33,429	)
USD	2,005,720	JPY	249,293,000		11/15	JPM		(73,554	)
USD	99,672	NOK	829,617		10/15	BNP		2,267
USD	2,837,509	NOK	23,305,000		10/15	DUB		101,283
USD	98,328	NOK	820,000		10/15	JPM		2,053
USD	1,280,195	NZD	1,971,092		11/15	GSC		23,929
USD	2,386,871	NZD	3,677,970		11/15	SCB		43,525
USD	890,287	NZD	1,422,184		12/15	DUB		(13,854	)
USD	2,296,948	OMR	888,000		04/16	BNP		12,377
USD	4,039,262	OMR	1,565,000		06/16	BNP		29,033
USD	2,316,931	OMR	902,630		08/16	BNP		14,017
USD	2,296,392	OMR	891,000		03/17	BNP		28,245
USD	1,459,873	OMR	573,000		05/17	BNP		1,210
USD	2,188,608	OMR	858,000		06/17	BNP		4,427
USD	6,251,590	OMR	2,453,000		08/17	BNP		6,947
USD	666,570	PEN	2,298,000		02/16	BNP		(17,417	)
USD	444,380	PEN	1,522,000		02/16	SCB		(8,819	)
USD	666,572	PEN	2,343,000		08/16	SCB		(58,299	)
USD	1,095,228	PHP	50,490,000		11/15	GSC		18,043
USD	1,592,304	RON	6,423,469		10/15	BNP		(31,481	)
USD	2,473,728	RON	9,735,352		11/15	BNP		14,030
USD	5,587,574	SEK	46,660,000		12/15	BNP		2,246
USD	1,017,189	SGD	1,411,000		10/15	BNP		26,403
USD	1,007,592	SGD	1,420,000		10/15	DUB		10,486
USD	999,646	SGD	1,410,000		10/15	GSC		9,561
USD	505,265	SGD	682,007		10/15	JPM		26,042
USD	767,485	SGD	1,082,000		10/15	SCB		7,718
USD	4,691,235	SGD	6,594,000		11/15	GSC		65,557
USD	476,329	SGD	682,007		01/16	SCB		—
USD	624,771	THB	22,463,000		10/15	DUB		6,479
USD	634,528	THB	23,100,000		11/15	DUB		(817	)
USD	119,342	THB	4,348,000		11/15	JPM		(245	)
USD	455,374	THB	16,439,000		11/15	SCB		3,122
USD	1,470,797	TRY	4,596,903		12/15	SCB		(14,397	)
USD	325,472	TRY	886,000		01/16	BNP		42,167
USD	662,257	TRY	1,804,000		01/16	SCB		85,413
USD	2,017,469	TWD	63,520,000		10/15	CIT		88,240
USD	792,575	TWD	25,085,000		10/15	DUB		30,694
USD	262,611	TWD	8,548,000		10/15	JPM		2,994

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-111

PACIFIC FUNDS

PF GLOBAL ABSOLUTE RETURN FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
USD	1,865,031	TWD	60,874,000		11/15	BNP		$15,901
USD	1,372,004	TWD	44,597,000		11/15	GSC		17,338
USD	835,262	TWD	27,430,000		11/15	JPM		2,003
USD	1,632,271	TWD	54,020,000		12/15	DUB		(8,832	)
USD	1,036,452	TWD	34,291,000		12/15	GSC		(5,293	)
UYU	7,000,000	USD	252,389		10/15	HSB		(14,212	)
ZAR	13,410,995	USD	981,663		01/16	SCB		227,875
ZMW	1,048,000	USD	135,226		11/15	SCB		(50,309	)
ZMW	709,000	USD	88,847		12/15	CIT		(32,101	)
ZMW	2,289,000	USD	291,733		12/15	SCB		(107,865	)
ZMW	475,000	USD	59,043		01/16	BNP		(21,390	)
ZMW	1,180,000	USD	148,055		01/16	CIT		(54,702	)
ZMW	7,431,000	USD	898,688		01/16	SCB		(311,705	)
Total Forward Foreign Currency Contracts								$340,240

(i) Purchased options outstanding as of September 30, 2015 were as follows:

Foreign Currency Options

Description					Exercise Price		Expiration Date		Counter- party	Notional Amount		Cost		Value
Call - EUR versus USD						$1.06		11/10/15	GSC		$4,959,000		$43,449		$8,658
Call - EUR versus USD						1.06		11/10/15	JPM		4,959,000		43,887		8,262
Call - GBP versus USD						1.52		11/10/15	BNP		1,404,000		48,508		17,931
Call - GBP versus USD						1.52		11/10/15	GSC		5,748,000		202,186		73,408
Call - JPY versus USD						JPY 120.00		11/11/15	GSC		2,490,000		87,312		34,751
Call - JPY versus USD						120.00		11/11/15	JPM		2,880,000		101,376		40,193
Call - CNH versus USD						CNH 6.34		06/07/16	CIT		1,650,000		22,547		54,745
Call - CNH versus USD						6.34		06/07/16	SCB		2,035,000		27,554		67,519
Call - CNH versus USD						6.39		07/27/16	GSC		1,690,000		28,139		54,393
Call - CNH versus USD						6.39		07/27/16	SCB		1,770,000		29,559		56,875
Call - CNH versus USD						6.40		07/27/16	DUB		1,550,000		25,931		49,375
Call - EUR versus USD						$1.10		11/01/16	DUB		5,440,000		268,138		179,596
Call - EUR versus USD						1.18		11/01/16	DUB		5,337,000		288,831		346,062
Call - EUR versus USD						1.28		11/01/16	DUB		5,446,000		228,623		648,455
Call - CNH versus USD						CNH 6.47		06/15/17	SCB		3,668,000		82,232		176,063
Call - EUR versus USD						$1.19		10/29/19	GSC		5,440,000		435,131		438,785
Call - EUR versus USD						1.38		10/29/19	GSC		5,446,000		403,167		840,263
													2,366,570		3,095,334
Put - INR versus USD						INR 65.52		01/04/16	SCB		2,076,000		43,976		15,229
Put - INR versus USD						65.58		01/04/16	JPM		2,890,000		62,229		22,126
													106,205		37,355
													$2,472,775		$3,132,689
Interest Rate Swaptions
Description	Pay/Receive Floating Rate		Floating Rate Index		Exercise Rate		Expiration Date		Counter- party	Notional Amount		Cost		Value
Put - 4-Year Interest Rate Swap		Receive		3-Month SAR-SAIBOR		2.840%		08/18/16	GSC		SAR 5,783,000		$18,503		$4,243
Put - 4-Year Interest Rate Swap		Receive		3-Month SAR-SAIBOR		2.875%		08/18/16	GSC		11,833,000		37,863		8,032
													$56,366		$12,275
Options on Indices
Description					Exercise Price		Expiration Date		Counter- party	Number of Contracts		Cost		Value
Call - Nikkei 225 (11/15)						20,000.00		11/13/15	DUB		14		$126,301		$6,502
Call - Hang Seng China Enterprise (12/15)						11,800.00		12/30/15	DUB		45		34,265		10,591
Call - Hang Seng China Enterprise (12/15)						14,000.00		12/30/15	CIT		27		191,699		760
Call - Nikkei 225 (05/16)						16,000.00		05/13/16	GSC		28		242,383		484,463
													$594,648		$502,316
Total Purchased Options													$3,123,789		$3,647,280

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-112

PACIFIC FUNDS

PF GLOBAL ABSOLUTE RETURN FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

(j) Transactions in written options for the six-month period ended September 30, 2015 were as follows:

	Number of Contracts		Notional Amount in $			Premium
Outstanding, March 31, 2015		28		77,120,182			$5,006,878
Call Options Written		14		25,007,000			1,237,187
Put Options Written		—		4,626,093			59,678
Call Options Expired		—		(60,891,182	)		(2,686,945	)
Outstanding, September 30, 2015		42		45,862,093			$3,616,798

(k) Premiums received and value of written options outstanding as of September 30, 2015 were as follows:

Foreign Currency Options

Description	Exercise Price		Expiration Date		Counter- party	Notional Amount		Premium		Value
Call - GBP versus USD		$1.52		11/10/15	BNP		$1,404,000		$31,150		($17,931	)
Call - GBP versus USD		1.52		11/10/15	GSC		5,748,000		126,617		(73,408	)
Call - JPY versus USD		JPY 120.00		11/11/15	GSC		2,490,000		85,756		(34,751	)
Call - JPY versus USD		120.00		11/11/15	JPM		2,880,000		98,168		(40,193	)
Call - CNH versus USD		CNH 6.34		06/07/16	SCB		2,035,000		103,657		(67,519	)
Call - CNH versus USD		6.39		07/27/16	GSC		1,690,000		78,754		(54,393	)
Call - CNH versus USD		6.39		07/27/16	SCB		1,770,000		95,302		(56,875	)
Call - CNH versus USD		6.40		07/27/16	GSC		1,550,000		76,725		(49,375	)
Call - EUR versus USD		$1.18		11/01/16	DUB		5,337,000		443,665		(346,062	)
Call - EUR versus USD		1.28		11/01/16	DUB		5,446,000		513,846		(648,455	)
Call - EUR versus USD		1.19		10/29/19	GSC		5,440,000		425,462		(438,785	)
Call - EUR versus USD		1.38		10/29/19	GSC		5,446,000		818,512		(840,263	)
									$2,897,614		($2,668,010	)

Interest Rate Swaptions

Description	Pay/Receive Floating Rate		Floating Rate Index		Exercise Rate	Expiration Date		Counter- party		Notional Amount		Premium		Value
Put - 4-Year Interest Rate Swap		Pay		3-Month USD-LIBOR	1.983%		08/18/16		GSC		$1,531,093		$19,598		($9,632	)
Put - 4-Year Interest Rate Swap		Pay		3-Month USD-LIBOR	2.010%		08/18/16		MSC		3,095,000		40,080		(18,577	)
													$59,678		($28,209	)

Options on Indices
Description	Exercise Price		Expiration Date		Counter- party	Number of Contracts		Premium		Value
Call - Nikkei 225 (11/15)		20,000.00		11/13/15	GSC		14		$115,596		($6,502	)
Call - Nikkei 225 (05/16)		16,000.00		05/13/16	GSC		28		543,910		(484,463	)
									$659,506		($490,965	)
Total Written Options									$3,616,798		($3,187,184	)

(l) Swap agreements outstanding as of September 30, 2015 were as follows:

Credit Default Swaps on Sovereign Issues – Buy Protection (1)

Referenced Obligation	Fixed Deal Pay Rate		Expiration Date		Counter- party	Implied Credit Spread at 09/30/15 (3)		Notional Amount (4)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Croatia Government		1.000%		12/20/16	MSC		1.548%		$198,000		$1,263			$10,567			($9,304	)
China Government		1.000%		12/20/17	JPM		0.605%		1,210,000		(10,947	)		(23,080	)		12,133
Croatia Government		1.000%		03/20/18	CIT		2.154%		1,200,000		32,968			83,000			(50,032	)
Thailand Government		1.000%		03/20/18	CIT		0.915%		1,088,000		(2,557	)		(5,413	)		2,856
Croatia Government		1.000%		03/20/18	HSB		2.154%		313,000		8,599			29,014			(20,415	)
Banque Centrale de Tunisie SA		1.000%		03/20/18	JPM		2.458%		375,000		13,097			40,581			(27,484	)
China Government		1.000%		03/20/18	JPM		0.672%		1,100,000		(9,183	)		(17,333	)		8,150
Croatia Government		1.000%		03/20/18	MSC		2.154%		2,262,000		62,138			194,313			(132,175	)
Lebanon Government		5.000%		03/20/18	JPM		3.104%		689,000		(32,107	)		(29,026	)		(3,081	)
Croatia Government		1.000%		06/20/18	CIT		2.266%		800,000		26,459			76,719			(50,260	)
Lebanon Government		1.000%		06/20/18	GSC		3.263%		5,166,000		302,319			715,241			(412,922	)
Croatia Government		1.000%		06/20/18	MSC		2.266%		921,000		30,461			92,071			(61,610	)
Bulgaria Government		1.000%		12/20/18	GSC		1.373%		500,000		5,712			5,633			79
Qatar Government		1.000%		12/20/18	JPM		0.485%		1,838,000		(30,746	)		(31,386	)		640
Lebanon Government		5.000%		12/20/18	GSC		3.504%		663,000		(31,056	)		(39,103	)		8,047
Croatia Government		1.000%		03/20/19	GSC		2.524%		400,000		20,011			24,108			(4,097	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-113

PACIFIC FUNDS

PF GLOBAL ABSOLUTE RETURN FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Referenced Obligation	Fixed Deal Pay Rate		Expiration Date		Counter- party	Implied Credit Spread at 09/30/15 (3)		Notional Amount (4)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Qatar Government		1.000%		03/20/19	GSC		0.534%		$490,000		($7,978	)		($8,606	)		$628
Qatar Government		1.000%		03/20/19	JPM		0.534%		160,000		(2,605	)		(3,076	)		471
Qatar Government		1.000%		06/20/19	CIT		0.577%		1,210,000		(19,124	)		(28,206	)		9,082
Qatar Government		1.000%		06/20/19	JPM		0.577%		806,000		(12,737	)		(17,605	)		4,868
Poland Government		1.000%		09/20/19	CIT		0.586%		817,000		(13,460	)		(15,311	)		1,851
Poland Government		1.000%		09/20/19	DUB		0.586%		902,000		(14,860	)		(17,267	)		2,407
Croatia Government		1.000%		03/20/20	BNP		2.815%		2,280,000		170,403			179,317			(8,914	)
Croatia Government		1.000%		03/20/20	CIT		2.815%		1,750,000		130,791			126,470			4,321
Croatia Government		1.000%		03/20/20	GSC		2.815%		2,560,000		191,327			191,925			(598	)
Croatia Government		1.000%		06/20/20	CIT		2.892%		443,000		36,192			34,132			2,060
Russia Government		1.000%		06/20/20	CIT		3.350%		4,400,000		439,133			498,345			(59,212	)
Croatia Government		1.000%		06/20/20	GSC		2.892%		700,000		57,189			54,113			3,076
Qatar Government		1.000%		12/20/22	GSC		0.997%		1,040,000		(560	)		(11,099	)		10,539
Mexico Government		1.000%		12/20/22	HSB		2.041%		1,976,000		132,161			66,059			66,102
South Africa Government		1.000%		12/20/22	HSB		3.213%		7,803,000		1,056,987			671,561			385,426
Spain Government		1.000%		12/20/22	HSB		1.205%		2,169,000		28,618			402,781			(374,163	)
Qatar Government		1.000%		12/20/23	GSC		1.076%		874,000		4,705			284			4,421
Qatar Government		1.000%		09/20/24	GSC		1.123%		290,000		2,797			(622	)		3,419
											$2,565,410			$3,249,101			($683,691	)

Credit Default Swaps on Sovereign Issues – Sell Protection (2)

Referenced Obligation	Fixed Deal Receive Rate		Expiration Date		Counter- party	Implied Credit Spread at 09/30/15 (3)		Notional Amount (4)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Nigeria Government		3.500%		06/20/16	CIT		2.859%		$420,000		$2,378			$—			$2,378
Nigeria Government		1.000%		09/20/16	CIT		2.811%		100,000		(1,760	)		(2,753	)		993
Croatia Government		1.000%		03/20/17	CIT		1.725%		290,000		(2,980	)		(4,056	)		1,076
Turkey Government		1.000%		09/20/18	CIT		2.544%		2,980,000		(130,564	)		(55,873	)		(74,691	)
Turkey Government		1.000%		09/20/18	GSC		2.544%		2,615,000		(114,572	)		(48,135	)		(66,437	)
Turkey Government		1.000%		09/20/18	MSC		2.544%		5,157,031		(225,946	)		(98,207	)		(127,739	)
Slovenia Government		1.000%		12/20/19	GSC		0.945%		545,000		1,368			(6,832	)		8,200
Colombia Government		1.000%		03/20/20	BNP		2.298%		400,000		(21,617	)		(12,043	)		(9,574	)
Colombia Government		1.000%		03/20/20	GSC		2.298%		338,000		(18,266	)		(10,915	)		(7,351	)
Slovenia Government		1.000%		03/20/20	GSC		1.014%		2,455,000		(777	)		(29,929	)		29,152
Colombia Government		1.000%		03/20/20	JPM		2.298%		370,000		(19,996	)		(11,450	)		(8,546	)
Turkey Government		1.000%		09/20/20	BNP		3.043%		900,000		(82,692	)		(68,295	)		(14,397	)
											($615,424	)		($348,488	)		($266,936	)
											$1,949,986			$2,900,613			($950,627	)

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

(2) 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.

(3) 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 sovereign issues of an emerging country 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. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

(4) 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.

Cross Currency Swaps – Pay Floating Rate

Notional Amount on Fixed Rate (Currency Delivered)

Notional Amount on Floating Rate (Currency Received)

Floating Rate Index

Counter- party

Fixed Rate

Expiration Date

Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

TRY 4,247,000

$1,993,897

3-Month USD LIBOR

JPM

10.757%

04/08/16

$673,099

$—

$673,099

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-114

PACIFIC FUNDS

PF GLOBAL ABSOLUTE RETURN FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Interest Rate Swaps – Pay Floating Rate

Floating Rate Index	Counter- party	Fixed Rate		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
1-Day BRL-CETIP	GSC		12.023%		01/02/17		BRL 1,856,835		$315,003			$—			$315,003
1-Day BRL-CETIP	GSC		12.080%		01/02/17		22,867,890		(255,261	)		—			(255,261	)
7-Day CNY-CNRR07	DUB		2.450%		06/18/17		CNY 15,476,000		(1,062	)		—			(1,062	)
7-Day CNY-CNRR07	GSC		2.450%		06/18/17		15,475,000		336			—			336
7-Day CNY-CNRR07	BNP		2.450%		06/24/17		7,623,000		(616	)		—			(616	)
7-Day CNY-CNRR07	DUB		2.460%		06/24/17		8,145,000		(444	)		—			(444	)
7-Day CNY-CNRR07	GSC		2.460%		06/24/17		16,290,000		(888	)		—			(888	)
7-Day CNY-CNRR07	SCB		2.463%		06/24/17		16,290,000		(781	)		—			(781	)
7-Day CNY-CNRR07	DUB		2.453%		06/25/17		18,395,000		(1,485	)		—			(1,485	)
7-Day CNY-CNRR07	BNP		2.490%		06/25/17		8,012,000		135			—			135
7-Day CNY-CNRR07	GSC		2.490%		06/25/17		16,023,000		271			—			271
7-Day CNY-CNRR07	JPM		2.490%		06/25/17		16,024,000		271			—			271
7-Day CNY-CNRR07	SCB		2.501%		06/25/17		19,228,000		6,353			—			6,353
7-Day CNY-CNRR07	SCB		2.445%		07/16/17		19,106,000		(1,791	)		—			(1,791	)
7-Day CNY-CNRR07	GSC		2.450%		07/16/17		19,822,000		(1,588	)		—			(1,588	)
7-Day CNY-CNRR07	DUB		2.457%		07/16/17		15,201,000		(948	)		—			(948	)
7-Day CNY-CNRR07	GSC		2.450%		08/20/17		14,103,000		(1,296	)		—			(1,296	)
7-Day CNY-CNRR07	SCB		2.450%		08/21/17		9,025,000		(783	)		—			(783	)
7-Day CNY-CNRR07	DUB		2.453%		08/21/17		9,872,000		(859	)		—			(859	)
7-Day CNY-CNRR07	DUB		2.455%		08/21/17		18,898,000		(1,510	)		—			(1,510	)
7-Day CNY-CNRR07	DUB		2.460%		08/21/17		24,839,000		(1,442	)		—			(1,442	)
6-Month PLN-WIBOR	HSB		3.430%		12/12/17		PLN 60,000,000		602,837			—			602,837
1-Day BRL-CETIP	DUB		12.960%		01/02/18		BRL 7,050,394		(105,427	)		—			(105,427	)
1-Day BRL-CETIP	DUB		13.000%		01/02/18		21,084,033		(310,505	)		—			(310,505	)
1-Day BRL-CETIP	GSC		13.185%		01/02/18		5,739,291		(78,881	)		—			(78,881	)
1-Day BRL-CETIP	GSC		13.262%		01/02/18		29,651,838		(409,091	)		—			(409,091	)
1-Day BRL-CETIP	GSC		13.274%		01/02/18		10,665,445		(146,318	)		—			(146,318	)
3-Month NZD Bank Bills	JPM		4.060%		06/04/23		NZD 810,000		37,104			—			37,104
								(358,666)			—			(358,666)
	Exchange
6-Month PLN-WIBOR	LCH		1.722%		02/27/20		PLN 5,554,000		(4,136	)		—			(4,136	)
6-Month PLN-WIBOR	LCH		1.775%		02/27/20		3,549,000		32,906			—			32,906
6-Month PLN-WIBOR	LCH		1.778%		02/27/20		16,587,000		(15,805	)		—			(15,805	)
3-Month USD-LIBOR	LCH		1.795%		06/29/20		$420,000		9,084			—			9,084
3-Month USD-LIBOR	LCH		1.800%		06/29/20		790,000		18,478			—			18,478
3-Month USD-LIBOR	LCH		1.744%		07/31/20		1,800,000		36,058			—			36,058
3-Month USD-LIBOR	LCH		1.750%		07/31/20		535,000		14,793			—			14,793
3-Month USD-LIBOR	LCH		1.784%		07/31/20		535,000		11,932			—			11,932
6-Month PLN-WIBOR	LCH		2.310%		08/11/20		PLN 6,109,000		27,145			—			27,145
3-Month USD-LIBOR	LCH		1.739%		08/12/20		$1,348,000		24,802			—			24,802
3-Month USD-LIBOR	LCH		1.621%		08/14/20		1,430,000		18,432			—			18,432
3-Month USD-LIBOR	LCH		1.680%		08/17/20		1,535,000		27,358			—			27,358
3-Month USD-LIBOR	LCH		1.689%		08/17/20		1,638,000		29,999			—			29,999
3-Month USD-LIBOR	LCH		1.698%		08/19/20		2,749,000		44,853			—			44,853
3-Month USD-LIBOR	LCH		1.566%		09/17/20		2,216,000		19,778			—			19,778
3-Month USD-LIBOR	LCH		1.649%		09/18/20		1,607,000		20,427			—			20,427
3-Month USD-LIBOR	LCH		1.650%		09/18/20		652,000		8,202			—			8,202
3-Month USD-LIBOR	LCH		1.541%		09/23/20		90,000		647			—			647
3-Month USD-LIBOR	LCH		1.545%		09/23/20		80,000		590			—			590
3-Month USD-LIBOR	LCH		2.100%		07/27/22		737,000		23,402			(375	)		23,777
3-Month USD-LIBOR	LCH		2.058%		07/30/22		748,000		21,359			—			21,359
3-Month NZD Bank Bills	LCH		4.960%		04/29/24		NZD 5,271,000		393,835			—			393,835
3-Month NZD Bank Bills	LCH		4.052%		06/16/25		1,305,000		53,666			—			53,666
3-Month NZD Bank Bills	LCH		4.053%		06/16/25		800,000		33,472			—			33,472
3-Month NZD Bank Bills	LCH		3.923%		06/25/25		2,142,000		54,483			—			54,483
3-Month NZD Bank Bills	LCH		3.805%		07/20/25		1,537,000		29,394			—			29,394
									935,154			(375	)		935,529
									$576,488			($375	)		$576,863

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-115

PACIFIC FUNDS

PF GLOBAL ABSOLUTE RETURN FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

Interest Rate Swaps – Receive Floating Rate

Floating Rate Index	Counterparty	Fixed Rate		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
6-Month PLN-WIBOR	HSB		3.356%		12/12/17		PLN 6,880,000		($147,479	)		$—			($147,479	)
6-Month PLN-WIBOR	HSB		3.620%		12/12/17		13,000,000		(144,092	)		—			(144,092	)
3-Month SAR-SAIBOR	DUB		2.150%		06/28/20		SAR 2,960,000		(8,110	)		—			(8,110	)
3-Month SAR-SAIBOR	GSC		2.170%		06/29/20		1,570,000		(5,839	)		—			(5,839	)
3-Month SAR-SAIBOR	DUB		2.130%		08/02/20		3,000,000		(6,906	)		—			(6,906	)
3-Month SAR-SAIBOR	DUB		2.190%		08/02/20		2,002,000		(5,561	)		—			(5,561	)
3-Month SAR-SAIBOR	DUB		2.310%		08/02/20		2,075,000		(10,606	)		—			(10,606	)
3-Month SAR-SAIBOR	GSC		2.160%		08/03/20		3,990,000		(8,427	)		—			(8,427	)
3-Month SAR-SAIBOR	GSC		2.350%		08/12/20		5,188,000		(18,570	)		—			(18,570	)
3-Month SAR-SAIBOR	GSC		2.328%		08/17/20		5,598,000		(24,290	)		—			(24,290	)
3-Month SAR-SAIBOR	GSC		2.395%		08/17/20		6,117,000		(46,450	)		—			(46,450	)
3-Month SAR-SAIBOR	GSC		2.400%		08/17/20		5,775,000		(30,400	)		—			(30,400	)
3-Month SAR-SAIBOR	GSC		2.458%		08/19/20		6,291,000		(42,237	)		—			(42,237	)
3-Month SAR-SAIBOR	GSC		2.260%		09/17/20		8,682,000		(25,406	)		—			(25,406	)
3-Month SAR-SAIBOR	GSC		2.338%		09/21/20		8,682,000		(32,699	)		—			(32,699	)
3-Month SAR-SAIBOR	GSC		2.228%		09/28/20		3,152,000		(7,214	)		—			(7,214	)
3-Month SAR-SAIBOR	GSC		2.640%		07/27/22		2,892,000		(10,393	)		—			(10,393	)
3-Month SAR-SAIBOR	GSC		2.613%		07/30/22		2,868,000		(8,338	)		—			(8,338	)
1-Day BRL-CETIP	GSC		11.505%		01/02/23		BRL 5,406,016		327,431			—			327,431
1-Day BRL-CETIP	GSC		11.635%		01/02/23		482,594		31,695			—			31,695
								(223,891)			—			(223,891)
	Exchange
6-Month EUR-LIBOR	LCH		0.250%		12/16/17		EUR 442,000		(1,843	)		(1,471	)		(372	)
6-Month EUR-LIBOR	LCH		0.211%		04/15/20		7,900,000		30,797			—			30,797
6-Month EUR-LIBOR	LCH		0.212%		04/15/20		3,367,000		7,993			—			7,993
6-Month EUR-LIBOR	LCH		0.427%		08/11/20		1,103,000		(4,211	)		—			(4,211	)
6-Month EUR-LIBOR	LCH		0.500%		12/16/20		7,568,600		(46,434	)		(4,283	)		(42,151	)
6-Month JPY-LIBOR	LCH		0.753%		06/12/24		JPY 266,080,000		(67,976	)		—			(67,976	)
6-Month JPY-LIBOR	LCH		0.512%		01/07/25		110,536,000		(8,530	)		—			(8,530	)
6-Month JPY-LIBOR	LCH		0.635%		05/14/25		75,590,000		(13,111	)		—			(13,111	)
6-Month JPY-LIBOR	LCH		0.591%		08/10/25		578,845,000		(43,499	)		—			(43,499	)
6-Month EUR-LIBOR	LCH		0.750%		12/16/25		EUR 4,244,000		114,819			191,405			(76,586	)
3-Month USD-LIBOR	LCH		2.500%		12/16/25		$1,050,000		(42,264	)		(12,999	)		(29,265	)
									(74,259	)		172,652			(246,911	)
									($298,150	)		$172,652			($470,802	)
									$278,338			$172,277			$106,061
Total Swap Agreements									$2,901,423			$3,072,890			($171,467	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-116

PACIFIC FUNDS

PF GLOBAL ABSOLUTE RETURN FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

(m) 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 (See Note 3D in Notes to Financial Statements) as of September 30, 2015:

		Total Value at September 30, 2015			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Common Stocks (1)		$1,078,001			$—			$1,078,001			$—
	Closed-End Mutual Fund (1)		573,575			—			573,575			—
	Corporate Bond & Notes		3,866,707			—			3,866,707			—
	Senior Loan Notes		573,993			—			573,993			—
	Mortgage-Backed Securities		1,146,807			—			1,146,807			—
	Foreign Government Bonds & Notes		103,586,408			—			101,268,084			2,318,324
	Short-Term Investments		22,417,806			15,326,032			7,091,774			—
	Derivatives:
	Credit Contracts
	Swaps		2,757,076			—			2,757,076			—
	Equity Contracts
	Futures		86,318			86,318			—			—
	Purchased Options		502,316			—			502,316			—
	Total Equity Contracts		588,634			86,318			502,316			—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		2,674,384			—			2,674,384			—
	Purchased Options		3,132,689			—			3,132,689			—
	Swaps		673,099			—			673,099			—
	Total Foreign Currency Contracts		6,480,172			—			6,480,172			—
	Interest Rate Contracts
	Futures		10,312			10,312			—			—
	Purchased Options		12,275			—			12,275			—
	Swaps		2,430,140			—			2,430,140			—
	Total Interest Rate Contracts		2,452,727			10,312			2,442,415			—
	Total Assets - Derivatives		12,278,609			96,630			12,181,979			—
	Total Assets		145,521,906			15,422,662			127,780,920			2,318,324
Liabilities	Unfunded Loan Commitment		(5,817	)		—			(5,817	)		—
	Securities Sold Short:
	Foreign Government Bonds & Notes		(1,118,803	)		—			(1,118,803	)		—
	Derivatives:
	Credit Contracts
	Swaps		(807,090	)		—			(807,090	)		—
	Equity Contracts
	Futures		(95,054	)		(95,054	)		—			—
	Written Options		(490,965	)		—			(490,965	)		—
	Total Equity Contracts		(586,019	)		(95,054	)		(490,965	)		—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(2,334,144	)		—			(2,334,144	)		—
	Written Options		(2,668,010	)		—			(2,668,010	)		—
	Total Foreign Currency Contracts		(5,002,154	)		—			(5,002,154	)		—
	Interest Rate Contracts
	Futures		(1,169,120	)		(1,169,120	)		—			—
	Written Options		(28,209	)		—			(28,209	)		—
	Swaps		(2,151,802	)		—			(2,151,802	)		—
	Total Interest Rate Contracts		(3,349,131	)		(1,169,120	)		(2,180,011	)		—
	Total Liabilities - Derivatives		(9,744,394	)		(1,264,174	)		(8,480,220	)		—
	Total Liabilities		(10,869,014	)		(1,264,174	)		(9,604,840	)		—
	Total		$134,652,892			$14,158,488			$118,176,080			$2,318,324

(1) For equity investments categorized in a single level, refer to the schedule of investments for further geographical region breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-117

PACIFIC FUNDS

PF GLOBAL ABSOLUTE RETURN FUND

Schedule of Investments (Continued)

September 30, 2015 (Unaudited)

The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) for the six-month period ended September 30, 2015:

	Foreign Government Bonds & Notes
Value, Beginning of Period		$1,102,450
Purchases		2,341,961
Sales (Includes Paydowns)		(1,077,343	)
Accrued Discounts (Premiums)		(1,324	)
Net Realized Gains (Losses)		10,656
Change in Net Unrealized Appreciation (Depreciation)		(58,076	)
Transfers In		—
Transfers Out		—
Value, End of Period		$2,318,324
Change in Net Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of Period, if Applicable		($22,269	)

The significant unobservable inputs were provided by a vendor-priced single broker quote.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-119 and A-120

A-118

PACIFIC FUNDS

Schedule of Investments (Continued)

Explanation of Symbols and Terms

September 30, 2015 (Unaudited)

Explanation of Symbols:
*	Non-income producing investments.
"	Pass-through securities backed by a pool of mortgages or other loans on which principal payments are periodically made. Therefore, the effective maturity is shorter than the stated maturity.
^	Investments with their principal amount adjusted for inflation.
§	Variable rate investments. The rate shown is based on the latest available information as of September 30, 2015. For Senior Loan Notes, the rate shown may represent a weighted average interest rate.
W	Investments were in default as of September 30, 2015.
±	The security is a perpetual bond and has no definite maturity date.
µ	Unsettled position. Contract rates do not take effect until settlement date.
~	Securities are not registered under the Securities Act of 1933 (1933 Act). 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 were fully or partially segregated with the broker(s)/custodian as collateral for securities sold short, futures contracts, forward foreign currency contracts, options contracts and/or swap agreements, if any, as of September 30, 2015.
+	The values of these investments were determined by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee, or to the Board of Trustees (the “Board”). Each determination was made in good faith in accordance with the procedures established by the Board and the provisions of the Investment Company Act of 1940 (See Note 3C in Notes to Financial Statements).
»	Stapled Security. A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.
l	Total shares owned by the fund as of September 30, 2015 were less than one share.
Counterparty & Exchange Abbreviations:
ANZ	Australia and New Zealand Banking Group
BNP	BNP Paribas
BOA	Bank of America
BRC	Barclays
CIB	Canadian Imperial Bank of Commerce
CIT	Citigroup
CME	Chicago Mercantile Exchange
CSF	Credit Suisse
DUB	Deutsche Bank
EUX	Eurex Exchange
GSC	Goldman Sachs
HSB	HSBC
ICE	Intercontinental Exchange Inc
JPM	JPMorgan Chase
LCH	London Clearing House
MER	Merrill Lynch
MSC	Morgan Stanley
RBC	Royal Bank of Canada
RBS	Royal Bank of Scotland
SCB	Standard Chartered Bank
SEB	Skandinaviska Enskilda Banken
SGN	Societe Generale
SSB	State Street Bank
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
DOP	Dominican Peso
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	Korean Won
LBP	Lebanese Pound
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
OMR	Omani Rial
PEN	Peruvian Nuevo Sol
PHP	Philippine Peso
PLN	Polish Zloty
RON	Romanian Leu
RSD	Serbian Dinar
RUB	Russian Ruble
SAR	Saudi Arabian Riyal
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TRY	Turkish Lira
TWD	Taiwan Dollar
USD	United States Dollar
UYU	Uruguayan Peso
ZAR	South African Rand
ZMW	Zambian Kwacha
Index Abbreviations:
1-Day CAD-USD Discount Rate	Canadian Dollar - United States Dollar     Discount Rate
1-Day CHF-TOIS	Switzerland Tomnext Offered Indexed     Swaps
1-Day EUR-EONIA	Euro Effective Overnight Index Average
1-Day JPY-MUTSC	Bank of Japan Estimate Unsecured     Overnight Call Rate
1-Month AUD-BBSW	Australian Bank Bill Short-Term Rate
1-Month GBP-LIBOR	British Pound London Interbank Offered     Rate
1-Month HKD-HIBOR	Hong Kong Interbank Offered Rate
1-Month SGD-SIBOR	Singapore Interbank Offered Rate
1-Month USD-LIBOR	United States Dollar London Interbank     Offered Rate
1-Week DKK-CIBOR	Copenhagen Interbank Offered Rate
1-Week NOK-NIBOR	Norway Interbank Offered Rate
1-Week SEK-STIBOR	Stockholm Interbank Offered Rate
ABX HE	Asset-Backed Securities Index - Home     Equity
CDX HY	Credit Derivatives Index - High Yield
CDX IG	Credit Derivatives Index - Investment     Grade
iTraxx Asia	International Index - Asia
iTraxx Crossover	International Index - Europe     Sub-Investment Grade
iTraxx Europe	International Index - Europe

See Notes to Financial Statements

A-119

PACIFIC FUNDS

Schedule of Investments (Continued)

Explanation of Symbols and Terms (Continued)

September 30, 2015 (Unaudited)

Other Abbreviations:
ADR	American Depositary Receipt
FDR	Fiduciary Depositary Receipt
GDR	Global Depositary Receipt
IO	Interest Only
NVDR	Non-voting Depositary Receipt
‘NY’	New York Shares
PIK	Payment In Kind
REIT	Real Estate Investment Trust

Notes:

(1) For debt investments, the interest rates disclosed in the Schedule of Investments reflect the stated coupon rate or for discounted investments or zero coupon bonds, the annualized effective yield on the date of purchase.

(2) The countries listed in the Schedule of Investments are based on country of risk (See Note 4 in Notes to Financial Statements under Investments and Risks - Foreign and Emerging Markets Investments).

See Notes to Financial Statements

A-120

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

SEPTEMBER 30, 2015 (Unaudited)

		PF Floating Rate Loan Fund			PF Inflation Managed Fund			PF Managed Bond Fund			PF Short Duration Bond Fund			PF Emerging Markets Debt Fund			PF Comstock Fund
ASSETS
Investments, at cost			$87,915,310			$78,718,242			$521,230,134			$81,949,759			$112,930,301			$162,615,134
Investments, at value			$83,709,900			$76,640,039			$514,772,234			$81,577,086			$101,176,460			$209,910,435
Cash (1)			—			80,063			1,816,167			1,100			388,274			—
Foreign currency held, at value (2)			—			161,940			1,128,383			—			76,932			694
Receivables:
	Dividends and interest		719,534			190,834			2,794,203			441,048			1,904,106			395,079
	Fund shares sold		—			—			—			—			—			10,357
	Securities sold		259,501			653,804			72,979,033			—			814,510			66,901
	Variation margin		—			564,973			3,903,636			594			—			—
	Swap agreements		—			—			58,866			—			—			—
	Due from adviser		8,421			9,119			33,963			12,452			13,968			12,797
Forward foreign currency contracts appreciation			—			212,685			1,249,822			34,757			731,706			190,948
Unfunded loan commitment appreciation			491			—			—			—			—			—
Swap agreements, at value			—			95,050			179,111			—			941,631			—
Prepaid expenses and other assets			426			617			2,169			891			545			849
Total Assets			84,698,273			78,609,124			598,917,587			82,067,928			106,048,132			210,588,060
LIABILITIES
Payables:
	Fund shares redeemed		35,024			19,586			175,691			40,927			37,454			63,725
	Securities purchased		369,375			99,239			151,760,819			409,819			757,360			520,622
	Sale-buyback financing transactions		—			24,186,005			5,932,452			—			—			—
	Swap agreements		—			—			4,626			—			—			—
	Due to brokers (3)		—			—			390,000			—			—			—
	Accrued advisory fees		45,350			16,900			144,076			26,810			68,503			129,450
	Accrued administration fees		10,465			6,671			54,029			10,054			13,090			26,418
	Accrued support service expenses		4,741			4,579			23,523			7,201			5,881			9,983
	Accrued custodian fees and expenses		4,517			1,852			5,158			2,039			21,023			2,295
	Accrued transfer agency out-of-pocket expenses		2,133			2,256			10,523			3,554			2,625			4,169
	Accrued legal, audit and tax service fees		8,130			8,228			40,778			12,316			10,258			18,351
	Accrued trustees’ fees and expenses and deferred compensation		950			2,792			11,506			2,390			497			3,618
	Accrued other		19,615			16,629			59,006			33,698			13,464			12,755
Forward foreign currency contracts depreciation			—			73,836			653,989			—			809,126			1,420
Outstanding options written, at value (premiums received $231,953 and $776,403			—			138,761			720,814			—			—			—
Swap agreements, at value			—			79,349			1,393,205			—			15,842			—
Total Liabilities			500,300			24,656,683			161,380,195			548,808			1,755,123			792,806
NET ASSETS			$84,197,973			$53,952,441			$437,537,392			$81,519,120			$104,293,009			$209,795,254
NET ASSETS CONSIST OF:
Paid-in capital			$86,512,436			$65,962,602			$425,715,908			$81,963,586			$126,155,232			$137,230,987
Undistributed/accumulated net investment income (loss)			3,203,108			767,831			8,809,392			1,176,984			1,327,385			5,531,605
Undistributed/accumulated net realized gain (loss)			(1,312,652	)		(10,550,501	)		12,648,192			(1,270,331	)		(11,022,547	)		19,551,689
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies			(4,204,919	)		(2,227,491	)		(9,636,100	)		(351,119	)		(12,167,061	)		47,480,973
NET ASSETS			$84,197,973			$53,952,441			$437,537,392			$81,519,120			$104,293,009			$209,795,254
Class P Shares:
	Shares of beneficial interest outstanding		8,672,118			6,333,721			40,199,559			8,141,565			12,310,938			13,702,825
	Net Asset Value Per Share		$9.71			$8.52			$10.88			$10.01			$8.47			$15.31

(1) Includes cash collateral segregated for certain derivative instruments (see Notes to Schedules of Investments) in the PF Inflation Managed, PF Managed Bond, and PF Emerging Markets Debt Funds of $80,063, $1,816,167, and $388,274, respectively.

(2) The cost of foreign currency for the PF Inflation Managed, PF Managed Bond, PF Emerging Markets Debt, and PF Comstock Funds was $162,541, $1,135,274, $77,001, and $699, respectively.

(3) The PF Managed Bond Fund received cash collateral to mitigate risk of loss to certain counterparties, which will be repaid based on master netting arrangements between the Fund and the respective counterparties. The Fund invests such cash collateral in investment securities (See Note 5 in Notes to Financial Statements).

See Notes to Financial Statements

B-1

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

SEPTEMBER 30, 2015 (Unaudited)

		PF Growth Fund		PF Large-Cap Growth Fund			PF Large-Cap Value Fund		PF Main Street Core Fund		PF Mid-Cap Equity Fund		PF Mid-Cap Growth Fund
ASSETS
Investments, at cost			$90,403,770		$122,774,423			$188,780,591		$159,234,149		$160,797,027		$59,146,678
Investments, at value			$114,376,245		$145,921,429			$284,227,002		$191,113,691		$169,401,137		$58,901,372
Foreign currency held, at value (1)			—		91			—		—		—		—
Receivables:
	Dividends and interest		60,631		21,280			642,197		340,272		155,164		40,542
	Fund shares sold		—		5,720			—		—		—		—
	Securities sold		826,051		1,196,482			2,808,455		2,262,982		7,304,710		416,862
	Due from adviser		4,907		8,752			16,233		13,017		10,269		4,001
Prepaid expenses and other assets			394		571			1,077		763		629		257
Total Assets			115,268,228		147,154,325			287,694,964		193,730,725		176,871,909		59,363,034
LIABILITIES
Payables:
	Fund shares redeemed		34,362		44,333			89,894		53,457		45,143		15,286
	Securities purchased		1,413,276		2,185,588			—		1,323,778		6,747,104		247,297
	Accrued advisory fees		52,617		86,778			156,265		72,364		92,496		32,529
	Accrued administration fees		14,350		18,463			36,061		24,121		21,345		7,507
	Accrued support service expenses		5,587		7,245			13,157		10,121		7,975		3,036
	Accrued custodian fees and expenses		969		1,681			1,778		1,721		948		422
	Accrued transfer agency out-of-pocket expenses		2,378		3,077			5,467		4,424		3,379		1,307
	Accrued legal, audit and tax service fees		9,991		12,802			23,973		18,407		14,453		5,567
	Accrued trustees’ fees and expenses and deferred compensation		3,045		7,163			5,696		1,796		1,112		3,047
	Accrued other		8,700		8,386			15,291		11,661		9,423		4,801
Outstanding options written, at value (premiums received $134,880)			—		—			—		—		—		215,280
Total Liabilities			1,545,275		2,375,516			347,582		1,521,850		6,943,378		536,079
NET ASSETS			$113,722,953		$144,778,809			$287,347,382		$192,208,875		$169,928,531		$58,826,955
NET ASSETS CONSIST OF:
Paid-in capital			$84,808,976		$103,607,781			$165,664,610		$125,434,096		$150,104,427		$53,501,303
Undistributed/accumulated net investment income (loss)			65,813		(250,589	)		3,522,729		2,029,332		734,510		104,001
Undistributed/accumulated net realized gain (loss)			4,875,689		18,274,716			22,713,632		32,868,124		10,485,484		5,547,594
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies			23,972,475		23,146,901			95,446,411		31,877,323		8,604,110		(325,943	)
NET ASSETS			$113,722,953		$144,778,809			$287,347,382		$192,208,875		$169,928,531		$58,826,955
Class P Shares:
	Shares of beneficial interest outstanding		6,169,494		14,239,798			18,780,567		14,177,639		15,121,554		7,696,824
	Net Asset Value Per Share		$18.43		$10.17			$15.30		$13.56		$11.24		$7.64

(1) The cost of foreign currency for the PF Large-Cap Growth Fund was $91.

See Notes to Financial Statements

B-2

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

SEPTEMBER 30, 2015 (Unaudited)

		PF Mid-Cap Value Fund			PF Small-Cap Growth Fund			PF Small-Cap Value Fund			PF Emerging Markets Fund			PF International Large-Cap Fund			PF International Small-Cap Fund
ASSETS
Investments, at cost			$266,482,429			$45,116,341			$197,553,572			$151,415,241			$266,142,402			$119,074,964
Investments, at value			$248,577,073			$47,723,908			$190,518,356			$147,667,605			$296,616,953			$118,527,646
Cash			213,587			—			—			—			—			—
Foreign currency held, at value (1), (2)			—			—			—			8,873			251			625,911
Receivables:
	Dividends and interest		384,147			—			190,516			198,728			1,066,194			321,296
	Fund shares sold		—			10,768			—			30,831			19,366			—
	Securities sold		1,295,916			1,284,074			293,190			180,779			—			841,798
	Due from adviser		—			5,182			9,057			31,840			21,008			—
Prepaid expenses and other assets			590			230			411			558			764			162
Total Assets			250,471,313			49,024,162			191,011,530			148,119,214			297,724,536			120,316,813
LIABILITIES
Payables:
	Fund shares redeemed		73,010			12,330			48,127			37,103			84,185			29,235
	Securities purchased		615,324			1,356,110			—			134,039			501,891			2,379,109
	Due to custodian		—			—			—			211,586			—			—
	Accrued advisory fees		145,652			24,848			120,403			97,591			210,118			81,777
	Accrued administration fees		31,211			6,212			24,081			18,298			37,080			14,779
	Accrued support service expenses		8,006			2,876			5,239			4,751			7,725			5,188
	Accrued custodian fees and expenses		495			376			590			56,691			30,086			14,859
	Accrued transfer agency out-of-pocket expenses		2,849			1,295			1,671			1,703			2,241			2,124
	Accrued legal, audit and tax service fees		9,156			5,606			10,281			9,409			14,191			9,210
	Accrued trustees’ fees and expenses and deferred compensation		—			2,061			330			211			1,187			122
	Accrued foreign capital gains tax		—			—			—			68,721			—			—
	Accrued offering expenses		8,221			—			—			—			—			—
	Accrued other		5,919			5,197			8,342			20,166			12,028			21,065
Total Liabilities			899,843			1,416,911			219,064			660,269			900,732			2,557,468
NET ASSETS			$249,571,470			$47,607,251			$190,792,466			$147,458,945			$296,823,804			$117,759,345
NET ASSETS CONSIST OF:
Paid-in capital			$268,316,889			$39,052,323			$197,328,170			$161,462,364			$266,863,502			$114,153,205
Undistributed/accumulated net investment income (loss)			502,501			(236,547	)		637,032			(345,824	)		3,323,047			2,606,028
Undistributed/accumulated net realized gain (loss)			(1,342,564	)		6,183,908			(137,520	)		(9,820,181	)		(3,789,800	)		1,552,013
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies			(17,905,356	)		2,607,567			(7,035,216	)		(3,837,414	)		30,427,055			(551,901	)
NET ASSETS			$249,571,470			$47,607,251			$190,792,466			$147,458,945			$296,823,804			$117,759,345
Class P Shares:
	Shares of beneficial interest outstanding		26,820,112			3,717,251			20,354,823			12,990,609			17,592,827			11,467,296
	Net Asset Value Per Share		$9.31			$12.81			$9.37			$11.35			$16.87			$10.27

(1) The cost of foreign currency for the PF International Large-Cap and PF International Small-Cap Funds were $251 and $629,614, respectively.

(2) Includes $8,873 of restricted foreign cash in the PF Emerging Markets Fund (See Note 4 in Notes to Financial Statements).

See Notes to Financial Statements

B-3

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

SEPTEMBER 30, 2015 (Unaudited)

		PF International Value Fund			PF Real Estate Fund		PF Absolute Return Fund			PF Currency Strategies Fund			PF Equity Long/Short Fund			PF Global Absolute Return Fund
ASSETS
Investments and repurchase agreements, at cost			$147,492,852			$48,666,241		$70,831,982			$133,382,017			$119,558,814			$144,441,409
Investments, at value			$145,851,811			$65,274,508		$68,623,257			$132,949,037			$119,558,814			$135,744,972
Repurchase agreements, at value			—			—		—			—			—			1,145,605
Cash (1)			—			—		—			—			9,926,485			—
Foreign currency held, at value (2)			103,315			—		1,969,031			—			—			105,190
Receivables:
	Dividends and interest		685,469			238,990		770,621			368,751			—			2,334,514
	Fund shares sold		10,424			—		—			—			—			—
	Securities sold		1,521,909			181,344		303,178			—			—			3,951,966
	Variation margin		—			—		3,670,500			—			7,676,270			1,158,897
	Due from adviser		22,717			2,493		—			—			—			10,499
Forward foreign currency contracts appreciation			349,056			—		532,795			1,610,991			24,254			2,674,384
Swap agreements, at value			—			—		196,347			—			20,900,194			4,751,611
Prepaid expenses and other assets			538			290		14,482			633			17,348			588
Total Assets			148,545,239			65,697,625		76,080,211			134,929,412			158,103,365			151,878,226
LIABILITIES
Payables:
	Fund shares redeemed		42,304			14,487		28,973			38,097			41,952			46,572
	Securities purchased		1,395,500			234,182		—			—			539,167			4,418,844
	Securities sold short, at value (proceeds $1,045,738)		—			—		—			—			—			1,118,803
	Due to custodian		—			—		86,796			—			579,553			—
	Due to brokers (3)		—			—		320,000			1,880,000			—			1,130,838
	Accrued advisory fees		79,920			47,414		50,208			69,961			123,902			91,170
	Accrued administration fees		18,443			7,902		9,414			16,145			18,585			17,094
	Accrued support service expenses		5,180			1,763		3,121			6,506			5,086			6,177
	Accrued custodian fees and expenses		17,659			268		15,940			3,090			2,986			45,169
	Accrued transfer agency out-of-pocket expenses		1,884			568		1,290			2,855			1,908			2,570
	Accrued legal, audit and tax service fees		9,520			3,325		5,107			11,394			8,087			10,398
	Accrued trustees’ fees and expenses and deferred compensation		3,161			56		98			469			—			228
	Accrued interest		—			—		—			—			—			29,765
	Accrued other		11,525			3,216		7,433			5,871			20,791			15,025
Forward foreign currency contracts depreciation			631,837			—		140,880			1,152,296			130,441			2,334,144
Unfunded loan commitment depreciation			—			—		—			—			—			5,817
Outstanding options written, at value (premiums received $3,616,798)			—			—		—			—			—			3,187,184
Swap agreements, at value			—			—		352,708			—			741,451			2,711,083
Total Liabilities			2,216,933			313,181		1,021,968			3,186,684			2,213,909			15,170,881
NET ASSETS			$146,328,306			$65,384,444		$75,058,243			$131,742,728			$155,889,456			$136,707,345
NET ASSETS CONSIST OF:
Paid-in capital			$192,518,139			$44,826,480		$78,839,256			$134,515,675			$146,052,342			$136,053,541
Undistributed/accumulated net investment income (loss)			2,101,122			440,757		285,528			1,071,322			(838,741	)		10,043,138
Undistributed/accumulated net realized gain (loss)			(46,332,005	)		3,508,940		(1,648,619	)		(3,867,046	)		(8,166,034	)		(1,280,884	)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies			(1,958,950	)		16,608,267		(2,417,922	)		22,777			18,841,889			(8,108,450	)
NET ASSETS			$146,328,306			$65,384,444		$75,058,243			$131,742,728			$155,889,456			$136,707,345
Class P Shares:
	Shares of beneficial interest outstanding		16,909,634			4,232,137		7,832,398			13,433,479			14,665,377			14,085,016
	Net Asset Value Per Share		$8.65			$15.45		$9.58			$9.81			$10.63			$9.71

(1) Includes cash collateral segregated for certain derivative instruments (see Notes to Schedule of Investments) in the PF Equity Long/Short Fund of $9,926,485.

(2) The cost of foreign currency for the PF International Value, PF Absolute Return, and PF Global Absolute Return Funds was $105,111, $1,970,287, and $107,523, respectively.

(3) The PF Absolute Return, PF Currency Strategies, and PF Global Absolute Return Funds received cash collateral to mitigate risk of loss to certain counterparties, which will be repaid based on master netting arrangements between the Funds and the respective counterparties. The Funds invest such cash collateral in investment securities (See Note 5 in Notes to Financial Statements).

See Notes to Financial Statements

B-4

PACIFIC FUNDS

STATEMENTS OF OPERATIONS

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2015 (Unaudited)

		PF Floating Rate Loan Fund			PF Inflation Managed Fund			PF Managed Bond Fund			PF Short Duration Bond Fund			PF Emerging Markets Debt Fund			PF Comstock Fund
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$361			$760			$—			$171			$—			$2,786,099
Interest, net of foreign taxes withheld			2,473,476			2,813,324			8,190,874			1,227,222			4,776,013			—
Other			497			—			—			—			2,867			—
Total Investment Income			2,474,334			2,814,084			8,190,874			1,227,393			4,778,880			2,786,099
EXPENSES
Advisory fees			381,181			193,190			1,031,625			270,542			506,994			960,248
Administration fees			76,236			72,446			386,859			101,453			96,878			192,050
Support services expenses			7,789			8,033			38,971			11,035			9,571			18,421
Custodian fees and expenses			11,994			8,885			18,443			4,496			47,395			2,705
Shareholder report expenses			2,478			2,553			12,434			3,605			3,092			5,831
Transfer agency out-of-pocket expenses			5,036			5,185			25,221			7,300			6,245			11,780
Legal, audit and tax service fees			8,794			9,049			44,179			12,928			11,012			20,545
Trustees’ fees and expenses			2,485			2,565			12,448			3,614			3,083			5,814
Interest expense			—			33,264			2,564			—			100			—
Other			24,599			25,428			77,109			44,317			18,406			9,097
Total Expenses			520,592			360,598			1,649,853			459,290			702,776			1,226,491
Advisory Fee Waiver (1)			(50,824	)		(9,659	)		—			—			—			(19,205	)
Adviser Expense Reimbursement (2)			(63,175	)		(61,698	)		(228,805	)		(87,294	)		(98,804	)		(74,193	)
Net Expenses			406,593			289,241			1,421,048			371,996			603,972			1,133,093
NET INVESTMENT INCOME (LOSS)			2,067,741			2,524,843			6,769,826			855,397			4,174,908			1,653,006
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions		12,519			(1,870,694	)		1,967,652			225,594			(1,901,716	)		13,059,342
	Closed short positions		—			1,074			5,468			—			722			—
	Futures contract transactions		—			(612,081	)		604,130			(6,056	)		—			—
	Swap transactions		—			441,365			(422,387	)		—			(374,956	)		—
	Written option transactions		—			417,581			2,150,641			—			—			—
	Foreign currency transactions		—			(1,067,544	)		(548,440	)		5,398			(4,318,514	)		(906,971	)
	Net Realized Gain (Loss)		12,519			(2,690,299	)		3,757,064			224,936			(6,594,464	)		12,152,371
Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities		(3,342,220	)		(1,879,289	)		(16,297,608	)		(846,462	)		(1,378,203	)		(38,177,123	)
	Unfunded loan commitments		491			—			—			—			—			—
	Futures contracts		—			90,904			(1,419,882	)		(3,928	)		—			—
	Swaps		—			(259,872	)		116,120			—			40,869			—
	Written options		—			69,175			(181,251	)		—			—			—
	Foreign currencies		—			(693,582	)		(517,851	)		5,976			151,668			557,344
	Change in Net Unrealized Appreciation (Depreciation)		(3,341,729	)		(2,672,664	)		(18,300,472	)		(844,414	)		(1,185,666	)		(37,619,779	)
NET GAIN (LOSS)			(3,329,210	)		(5,362,963	)		(14,543,408	)		(619,478	)		(7,780,130	)		(25,467,408	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			($1,261,469	)		($2,838,120	)		($7,773,582	)		$235,919			($3,605,222	)		($23,814,402	)
Foreign taxes withheld on dividends and interest			$—			$—			$—			$—			$36,722			$70,700

(1) See Note 6 in Notes to Financial Statements.

(2) See Note 7B in Notes to Financial Statements.

See Notes to Financial Statements

B-5

PACIFIC FUNDS

STATEMENTS OF OPERATIONS (Continued)

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2015 (Unaudited)

		PF Growth Fund			PF Large-Cap Growth Fund			PF Large-Cap Value Fund			PF Main Street Core Fund			PF Mid-Cap Equity Fund			PF Mid-Cap Growth Fund
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$536,791			$629,517			$3,648,428			$2,093,622			$1,346,013			$331,992
Interest, net of foreign taxes withheld			1,522			—			—			—			—			—
Total Investment Income			538,313			629,517			3,648,428			2,093,622			1,346,013			331,992
EXPENSES
Advisory fees			371,889			656,127			1,094,058			560,352			654,287			271,147
Administration fees			101,424			131,226			252,475			186,784			150,989			58,103
Support services expenses			9,869			12,575			24,096			18,357			14,539			5,739
Custodian fees and expenses			2,338			4,707			4,783			5,074			2,755			1,216
Shareholder report expenses			3,134			4,002			7,615			5,827			4,590			1,788
Transfer agency out-of-pocket expenses			6,330			8,060			15,389			11,742			9,278			3,646
Legal, audit and tax service fees			11,054			14,110			26,816			20,522			16,159			6,295
Trustees’ fees and expenses			3,121			3,976			7,592			5,793			4,576			1,798
Other			6,755			6,254			9,904			8,374			9,027			4,650
Total Expenses			515,914			841,037			1,442,728			822,825			866,200			354,382
Advisory Fee Waiver (1)			—			(39,368	)		—			—			—			(19,368	)
Adviser Expense Reimbursement (2)			(42,601	)		(53,684	)		(96,195	)		(75,689	)		(60,924	)		(25,133	)
Net Expenses			473,313			747,985			1,346,533			747,136			805,276			309,881
NET INVESTMENT INCOME (LOSS)			65,000			(118,468	)		2,301,895			1,346,486			540,737			22,111
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions		4,723,624			8,926,431			17,401,892			20,390,461			6,518,934			3,178,657
	Written option transactions		—			—			—			—			—			(99,739	)
	Foreign currency transactions		(171	)		(75	)		(410	)		(354	)		—			(51	)
	Net Realized Gain (Loss)		4,723,453			8,926,356			17,401,482			20,390,107			6,518,934			3,078,867
Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities		(9,195,061	)		(14,274,591	)		(40,735,331	)		(29,445,976	)		(21,279,004	)		(11,521,070	)
	Written options		—			—			—			—			—			(80,618	)
	Foreign currencies		319			—			—			2,101			—			(12	)
	Change in Net Unrealized Appreciation (Depreciation)		(9,194,742	)		(14,274,591	)		(40,735,331	)		(29,443,875	)		(21,279,004	)		(11,601,700	)
NET GAIN (LOSS)			(4,471,289	)		(5,348,235	)		(23,333,849	)		(9,053,768	)		(14,760,070	)		(8,522,833	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			($4,406,289	)		($5,466,703	)		($21,031,954	)		($7,707,282	)		($14,219,333	)		($8,500,722	)
Foreign taxes withheld on dividends and interest			$16,599			$—			$87,147			$39,847			$303			$—

(1) See Note 6 in Notes to Financial Statements.

(2) See Note 7B in Notes to Financial Statements.

See Notes to Financial Statements

B-6

PACIFIC FUNDS

STATEMENTS OF OPERATIONS (Continued)

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2015 (Unaudited)

		PF Mid-Cap Value Fund (1)			PF Small-Cap Growth Fund			PF Small-Cap Value Fund			PF Emerging Markets Fund			PF International Large-Cap Fund			PF International Small-Cap Fund
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$924,115			$58,502			$1,187,483			$1,648,834			$3,424,177			$1,859,253
Interest, net of foreign taxes withheld			403			—			—			—			581			—
Total Investment Income			924,518			58,502			1,187,483			1,648,834			3,424,758			1,859,253
EXPENSES
Advisory fees			314,401			234,608			671,108			596,313			1,046,459			561,993
Administration fees			67,372			58,652			134,221			111,809			184,669			99,175
Support services expenses			8,006			5,782			10,832			9,685			13,992			9,547
Custodian fees and expenses			512			1,559			1,999			141,571			61,489			31,140
Shareholder report expenses			3,444			1,822			3,392			3,035			4,448			2,986
Transfer agency out-of-pocket expenses			4,624			3,683			6,855			6,185			9,013			6,009
Legal, audit and tax service fees			9,156			6,413			11,889			10,702			15,742			10,420
Trustees’ fees and expenses			2,255			1,819			3,383			3,057			4,452			2,938
Offering expenses			8,606			—			—			—			—			234
Other			3,641			6,507			7,896			32,280			14,461			10,891
Total Expenses			422,017			320,845			851,575			914,637			1,354,725			735,333
Advisory Fee Waiver (2)			—			—			—			—			—			(13,223	)
Adviser Expense Reimbursement (3)			—			(27,585	)		(46,246	)		(206,514	)		(123,597	)		(8,049	)
Net Expenses			422,017			293,260			805,329			708,123			1,231,128			714,061
NET INVESTMENT INCOME (LOSS)			502,501			(234,758	)		382,154			940,711			2,193,630			1,145,192
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions		(666,549	)		6,279,526			(913,608	)		(5,539,136	)		4,750,405			1,230,714
	Futures contract transactions		(676,015	)		—			(113,986	)		—			647,994			(40,410	)
	Foreign currency transactions		—			—			—			(61,101	)		(739,470	)		59,734
	Net Realized Gain (Loss)		(1,342,564	)		6,279,526			(1,027,594	)		(5,600,237	)		4,658,929			1,250,038
Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities (4)		(17,905,356	)		(12,847,476	)		(19,733,218	)		(23,463,479	)		(36,821,405	)		(7,069,732	)
	Foreign currencies		—			—			—			3,542			4,487			311
	Change in Net Unrealized Appreciation (Depreciation)		(17,905,356	)		(12,847,476	)		(19,733,218	)		(23,459,937	)		(36,816,918	)		(7,069,421	)
NET GAIN (LOSS)			(19,247,920	)		(6,567,950	)		(20,760,812	)		(29,060,174	)		(32,157,989	)		(5,819,383	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			($18,745,419	)		($6,802,708	)		($20,378,658	)		($28,119,463	)		($29,964,359	)		($4,674,191	)
Foreign taxes withheld on dividends and interest			$—			$—			$7,117			$189,737			$524,060			$200,152

(1) PF Mid-Cap Value Fund commenced operations on July 29, 2015.

(2) See Note 6 in Notes to Financial Statements.

(3) See Note 7B in Notes to Financial Statements.

(4) Change in net unrealized appreciation (depreciation) on investment securities for the PF Emerging Markets Fund was net of decrease in deferred foreign capital gains tax of $112,192.

See Notes to Financial Statements

B-7

PACIFIC FUNDS

STATEMENTS OF OPERATIONS (Continued)

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2015 (Unaudited)

		PF International Value Fund			PF Real Estate Fund			PF Absolute Return Fund (1)			PF Currency Strategies Fund			PF Equity Long/Short Fund (1)			PF Global Absolute Return Fund
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$2,235,048			$729,150			$5,781			$3,615			$—			$—
Interest, net of foreign taxes withheld			—			—			736,666			9,152			26,708			3,970,740
Total Investment Income			2,235,048			729,150			742,447			12,767			26,708			3,970,740
EXPENSES
Advisory fees			475,563			246,980			321,368			488,907			777,605			549,050
Administration fees			109,745			41,163			60,256			112,825			101,427			102,947
Support services expenses			9,556			3,326			7,379			10,915			11,373			9,369
Custodian fees and expenses			47,337			665			23,443			7,940			5,953			103,506
Shareholder report expenses			3,026			1,056			2,053			3,495			3,197			3,053
Transfer agency out-of-pocket expenses			6,111			2,135			4,202			7,059			6,479			6,166
Legal, audit and tax service fees			10,657			3,731			6,752			12,386			10,516			10,920
Trustees’ fees and expenses			3,019			1,058			2,035			3,484			3,138			3,046
Offering expenses			—			—			21,311			—			21,311			—
Interest expense			—			—			—			—			—			22,117
Other			20,334			3,116			8,120			2,731			25,877			21,036
Total Expenses			685,348			303,230			456,919			649,742			966,876			831,210
Advisory Fee Waiver (2)			—			—			—			—			(101,427	)		—
Adviser Expense Reimbursement (3)			(100,040	)		(15,087	)		—			—			—			(88,466	)
Net Expenses			585,308			288,143			456,919			649,742			865,449			742,744
NET INVESTMENT INCOME (LOSS)			1,649,740			441,007			285,528			(636,975	)		(838,741	)		3,227,996
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions		(386,427	)		979,606			(1,903,675	)		(18,926	)		111			204,256
	Futures contract transactions		56,872			—			(522,159	)		—			(9,379,699	)		(1,684,705	)
	Swap transactions		—			—			857,459			—			1,687,352			3,057,446
	Written option transactions		—			—			702,350			—			—			2,686,945
	Foreign currency transactions		31,649			—			(782,594	)		(3,842,183	)		(473,798	)		(4,520,286	)
	Forward bond contracts		—			—			—			—			—			(3,607	)
	Net Realized Gain (Loss)		(297,906	)		979,606			(1,648,619	)		(3,861,109	)		(8,166,034	)		(259,951	)
Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities		(15,550,056	)		(6,504,364	)		(2,208,725	)		2,271,446			—			(6,285,554	)
	Unfunded loan commitments		—			—			—			—			—			(182	)
	Short positions		—			—			—			—			—			(19,061	)
	Futures contracts		10,614			—			(220,627	)		—			(1,210,607	)		(181,618	)
	Swaps		—			—			(380,217	)		—			20,158,743			(4,056,777	)
	Written options		—			—			—			—			—			5,862,560
	Foreign currencies		(508,646	)		—			391,647			(334,074	)		(106,247	)		(2,537,813	)
	Forward bonds		—			—			—			—			—			52,646
	Change in Net Unrealized Appreciation (Depreciation)		(16,048,088	)		(6,504,364	)		(2,417,922	)		1,937,372			18,841,889			(7,165,799	)
NET GAIN (LOSS)			(16,345,994	)		(5,524,758	)		(4,066,541	)		(1,923,737	)		10,675,855			(7,425,750	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			($14,696,254	)		($5,083,751	)		($3,781,013	)		($2,560,712	)		$9,837,114			($4,197,754	)
Foreign taxes withheld on dividends and interest			$307,075			$—			$855			$5,134			$—			$4,291

(1) PF Absolute Return and PF Equity Long/Short Funds commenced operations on April 27, 2015.

(2) See Note 6 in Notes to Financial Statements.

(3) See Note 7B in Notes to Financial Statements.

See Notes to Financial Statements

B-8

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	Six-Month Period Ended September 30, 2015 (1)			Year Ended March 31, 2015			Six-Month Period Ended September 30, 2015 (1)			Year Ended March 31, 2015			Six-Month Period Ended September 30, 2015 (1)			Year Ended March 31, 2015
	PF Floating Rate Loan Fund						PF Inflation Managed Fund						PF Managed Bond Fund
OPERATIONS
Net investment income (loss)		$2,067,741			$4,486,703			$2,524,843			$1,069,992			$6,769,826			$8,656,737
Net realized gain (loss)		12,519			(1,323,615	)		(2,690,299	)		(863,026	)		3,757,064			24,586,442
Change in net unrealized appreciation (depreciation)		(3,341,729	)		(850,541	)		(2,672,664	)		4,655,716			(18,300,472	)		5,768,017
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,261,469	)		2,312,547			(2,838,120	)		4,862,682			(7,773,582	)		39,011,196
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income - Class P		—			(4,425,588	)		—			(3,604,677	)		—			(10,397,287	)
Net realized gains - Class P		—			(17,189	)		—			—			—			(11,648,530	)
Net Decrease from Dividends and Distributions to Shareholders		—			(4,442,777	)		—			(3,604,677	)		—			(22,045,817	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		895,604			12,400,990			4,183,063			15,641,976			13,922,868			94,581,849
Dividends and distribution reinvestments - Class P		—			4,442,777			—			3,604,677			—			22,045,817
Cost of shares repurchased - Class P		(42,560,412	)		(10,705,218	)		(73,546,676	)		(80,115,002	)		(212,493,433	)		(69,464,458	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(41,664,808	)		6,138,549			(69,363,613	)		(60,868,349	)		(198,570,565	)		47,163,208
NET INCREASE (DECREASE) IN NET ASSETS		(42,926,277	)		4,008,319			(72,201,733	)		(59,610,344	)		(206,344,147	)		64,128,587
NET ASSETS
Beginning of Year or Period		127,124,250			123,115,931			126,154,174			185,764,518			643,881,539			579,752,952
End of Year or Period		$84,197,973			$127,124,250			$53,952,441			$126,154,174			$437,537,392			$643,881,539
Undistributed/Accumulated Net Investment Income (Loss)		$3,203,108			$1,135,367			$767,831			($1,757,012	)		$8,809,392			$2,039,566
	PF Short Duration Bond Fund						PF Emerging Markets Debt Fund						PF Comstock Fund
OPERATIONS
Net investment income (loss)		$855,397			$2,601,158			$4,174,908			$7,965,251			$1,653,006			$3,552,802
Net realized gain (loss)		224,936			(144,386	)		(6,594,464	)		(6,640,664	)		12,152,371			40,790,115
Change in net unrealized appreciation (depreciation)		(844,414	)		(451,214	)		(1,185,666	)		(10,068,715	)		(37,619,779	)		(24,050,355	)
Net Increase (Decrease) in Net Assets Resulting from Operations		235,919			2,005,558			(3,605,222	)		(8,744,128	)		(23,814,402	)		20,292,562
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income - Class P		—			(3,085,384	)		—			(5,962,219	)		—			(5,782,909	)
Net realized gains - Class P		—			—			—			—			—			(20,835,136	)
Net Decrease from Dividends and Distributions to Shareholders		—			(3,085,384	)		—			(5,962,219	)		—			(26,618,045	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		1,876,053			32,351,679			8,313,151			55,948,293			7,618,493			8,417,197
Dividends and distribution reinvestments - Class P		—			3,085,384			—			5,962,219			—			26,618,045
Cost of shares repurchased - Class P		(133,926,974	)		(50,211,811	)		(62,425,600	)		(15,709,434	)		(43,713,983	)		(67,602,421	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(132,050,921	)		(14,774,748	)		(54,112,449	)		46,201,078			(36,095,490	)		(32,567,179	)
NET INCREASE (DECREASE) IN NET ASSETS		(131,815,002	)		(15,854,574	)		(57,717,671	)		31,494,731			(59,909,892	)		(38,892,662	)
NET ASSETS
Beginning of Year or Period		213,334,122			229,188,696			162,010,680			130,515,949			269,705,146			308,597,808
End of Year or Period		$81,519,120			$213,334,122			$104,293,009			$162,010,680			$209,795,254			$269,705,146
Undistributed/Accumulated Net Investment Income (Loss)		$1,176,984			$321,587			$1,327,385			($2,847,523	)		$5,531,605			$3,878,599

(1) Unaudited.

See Notes to Financial Statements

B-9

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Six-Month Period Ended September 30, 2015 (1)			Year Ended March 31, 2015			Six-Month Period Ended September 30, 2015 (1)			Year Ended March 31, 2015			Six-Month Period Ended September 30, 2015 (1)			Year Ended March 31, 2015
	PF Growth Fund						PF Large-Cap Growth Fund						PF Large-Cap Value Fund
OPERATIONS
Net investment income (loss)		$65,000			$376,463			($118,468	)		($294,494	)		$2,301,895			$4,916,528
Net realized gain (loss)		4,723,453			2,014,771			8,926,356			19,639,072			17,401,482			30,890,520
Change in net unrealized appreciation (depreciation)		(9,194,742	)		14,020,253			(14,274,591	)		6,699,795			(40,735,331	)		(3,677,051	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(4,406,289	)		16,411,487			(5,466,703	)		26,044,373			(21,031,954	)		32,129,997
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income - Class P		—			(934,282	)		—			—			—			(7,915,128	)
Net realized gains - Class P		—			(1,038,567	)		—			(18,093,817	)		—			(28,296,928	)
Net Decrease from Dividends and Distributions to Shareholders		—			(1,972,849	)		—			(18,093,817	)		—			(36,212,056	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		5,457,992			37,943,943			7,002,019			15,780,162			14,893,823			6,185,532
Dividends and distribution reinvestments - Class P		—			1,972,849			—			18,093,817			—			36,212,056
Cost of shares repurchased - Class P		(35,221,775	)		(7,747,052	)		(55,894,289	)		(15,300,089	)		(50,917,534	)		(74,284,892	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(29,763,783	)		32,169,740			(48,892,270	)		18,573,890			(36,023,711	)		(31,887,304	)
NET INCREASE (DECREASE) IN NET ASSETS		(34,170,072	)		46,608,378			(54,358,973	)		26,524,446			(57,055,665	)		(35,969,363	)
NET ASSETS
Beginning of Year or Period		147,893,025			101,284,647			199,137,782			172,613,336			344,403,047			380,372,410
End of Year or Period		$113,722,953			$147,893,025			$144,778,809			$199,137,782			$287,347,382			$344,403,047
Undistributed/Accumulated Net Investment Income (Loss)		$65,813			$813			($250,589	)		($132,121	)		$3,522,729			$1,220,834
	PF Main Street Core Fund						PF Mid-Cap Equity Fund						PF Mid-Cap Growth Fund
OPERATIONS
Net investment income (loss)		$1,346,486			$2,767,554			$540,737			$783,450			$22,111			$67,258
Net realized gain (loss)		20,390,107			30,062,767			6,518,934			15,534,514			3,078,867			3,264,379
Change in net unrealized appreciation (depreciation)		(29,443,875	)		(4,711,178	)		(21,279,004	)		(824,794	)		(11,601,700	)		5,773,848
Net Increase (Decrease) in Net Assets Resulting from Operations		(7,707,282	)		28,119,143			(14,219,333	)		15,493,170			(8,500,722	)		9,105,485
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income - Class P		—			(2,609,422	)		—			(552,479	)		—			(78,530	)
Net realized gains - Class P		—			(33,766,232	)		—			(23,955,351	)		—			(3,795,355	)
Net Decrease from Dividends and Distributions to Shareholders		—			(36,375,654	)		—			(24,507,830	)		—			(3,873,885	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		8,634,148			16,338,975			1,566,249			42,773,692			474,144			3,181,727
Dividends and distribution reinvestments - Class P		—			36,375,654			—			24,507,830			—			3,873,885
Cost of shares repurchased - Class P		(79,530,747	)		(31,220,364	)		(35,559,238	)		(11,482,907	)		(19,135,683	)		(17,101,717	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(70,896,599	)		21,494,265			(33,992,989	)		55,798,615			(18,661,539	)		(10,046,105	)
NET INCREASE (DECREASE) IN NET ASSETS		(78,603,881	)		13,237,754			(48,212,322	)		46,783,955			(27,162,261	)		(4,814,505	)
NET ASSETS
Beginning of Year or Period		270,812,756			257,575,002			218,140,853			171,356,898			85,989,216			90,803,721
End of Year or Period		$192,208,875			$270,812,756			$169,928,531			$218,140,853			$58,826,955			$85,989,216
Undistributed/Accumulated Net Investment Income (Loss)		$2,029,332			$682,846			$734,510			$193,773			$104,001			$81,890

(1) Unaudited.

See Notes to Financial Statements

B-10

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Periods Ended September 30, 2015 (1)			Year Ended March 31, 2015			Six-Month Period Ended September 30, 2015 (1)			Year Ended March 31, 2015			Six-Month Period Ended September 30, 2015 (1)			Year/Period Ended March 31, 2015
	PF Mid-Cap Value Fund (2)						PF Small-Cap Growth Fund						PF Small-Cap Value Fund
OPERATIONS
Net investment income (loss)		$502,501						($234,758	)		($253,016	)		$382,154			$784,571
Net realized gain (loss)		(1,342,564	)					6,279,526			6,392,830			(1,027,594	)		37,370,520
Change in net unrealized appreciation (depreciation)		(17,905,356	)					(12,847,476	)		2,170,370			(19,733,218	)		(22,821,057	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(18,745,419	)					(6,802,708	)		8,310,184			(20,378,658	)		15,334,034
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income - Class P		—						—			—			—			(1,964,806	)
Net realized gains - Class P		—						—			(9,980,804	)		—			(42,372,312	)
Net Decrease from Dividends and Distributions to Shareholders		—						—			(9,980,804	)		—			(44,337,118	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		272,190,243						10,973,132			23,567,029			71,573,054			5,352,768
Dividends and distribution reinvestments - Class P		—						—			9,980,804			—			44,337,117
Cost of shares repurchased - Class P		(3,873,354	)					(40,294,095	)		(8,067,624	)		(6,203,306	)		(22,587,682	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		268,316,889						(29,320,963	)		25,480,209			65,369,748			27,102,203
NET INCREASE (DECREASE) IN NET ASSETS		249,571,470						(36,123,671	)		23,809,589			44,991,090			(1,900,881	)
NET ASSETS
Beginning of Year or Period		—						83,730,922			59,921,333			145,801,376			147,702,257
End of Year or Period		$249,571,470						$47,607,251			$83,730,922			$190,792,466			$145,801,376
Undistributed/Accumulated Net Investment Income (Loss)		$502,501						($236,547	)		($1,789	)		$637,032			$254,878
	PF Emerging Markets Fund						PF International Large-Cap Fund						PF International Small-Cap Fund (3)
OPERATIONS
Net investment income (loss)		$940,711			$1,265,408			$2,193,630			$3,838,274			$1,145,192			$350,195
Net realized gain (loss)		(5,600,237	)		(813,060	)		4,658,929			3,588,949			1,250,038			1,408,309
Change in net unrealized appreciation (depreciation)		(23,459,937	)		(6,907,306	)		(36,816,918	)		(7,448,352	)		(7,069,421	)		6,517,520
Net Increase (Decrease) in Net Assets Resulting from Operations		(28,119,463	)		(6,454,958	)		(29,964,359	)		(21,129	)		(4,674,191	)		8,276,024
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income - Class P		—			(2,127,430	)		—			(4,006,574	)		—			—
Net realized gains - Class P		—			(4,072,435	)		—			—			—			—
Net Decrease from Dividends and Distributions to Shareholders		—			(6,199,865	)		—			(4,006,574	)		—			—
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		48,537,090			16,226,138			138,340,108			66,621,995			8,427,982			120,878,084
Dividends and distribution reinvestments - Class P		—			6,199,865			—			4,006,574			—			—
Cost of shares repurchased - Class P		(11,200,295	)		(24,862,187	)		(32,450,412	)		(86,224,547	)		(13,487,609	)		(1,660,945	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		37,336,795			(2,436,184	)		105,889,696			(15,595,978	)		(5,059,627	)		119,217,139
NET INCREASE (DECREASE) IN NET ASSETS		9,217,332			(15,091,007	)		75,925,337			(19,623,681	)		(9,733,818	)		127,493,163
NET ASSETS
Beginning of Year or Period		138,241,613			153,332,620			220,898,467			240,522,148			127,493,163			—
End of Year or Period		$147,458,945			$138,241,613			$296,823,804			$220,898,467			$117,759,345			$127,493,163
Undistributed/Accumulated Net Investment Income (Loss)		($345,824	)		($1,286,535	)		$3,323,047			$1,129,417			$2,606,028			$1,460,836

(1) Unaudited.

(2) PF Mid-Cap Value Fund commenced operations on July 29, 2015.

(3) PF International Small-Cap Fund commenced operations on January 14, 2015.

See Notes to Financial Statements

B-11

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Six-Month Period Ended September 30, 2015 (1)			Year Ended March 31, 2015			Periods Ended September 30, 2015 (1)			Year Ended March 31, 2015			Periods Ended September 30, 2015 (1)			Year Ended March 31, 2015
	PF International Value Fund						PF Real Estate Fund						PF Absolute Return Fund (2)
OPERATIONS
Net investment income (loss)		$1,649,740			$3,615,405			$441,007			$895,564			$285,528
Net realized gain (loss)		(297,906	)		3,415,655			979,606			10,839,909			(1,648,619	)
Change in net unrealized appreciation (depreciation)		(16,048,088	)		(15,745,887	)		(6,504,364	)		(144,708	)		(2,417,922	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(14,696,254	)		(8,714,827	)		(5,083,751	)		11,590,765			(3,781,013	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income - Class P		—			(6,815,945	)		—			(989,152	)		—
Net realized gains - Class P		—			—			—			(1,049,057	)		—
Net Decrease from Dividends and Distributions to Shareholders		—			(6,815,945	)		—			(2,038,209	)		—
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		35,747,637			29,202,505			23,019,140			3,243,808			108,212,445
Dividends and distribution reinvestments - Class P		—			6,815,945			—			2,038,209			—
Cost of shares repurchased - Class P		(17,376,133	)		(54,375,493	)		(2,037,119	)		(39,175,965	)		(29,373,189	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		18,371,504			(18,357,043	)		20,982,021			(33,893,948	)		78,839,256
NET INCREASE (DECREASE) IN NET ASSETS		3,675,250			(33,887,815	)		15,898,270			(24,341,392	)		75,058,243
NET ASSETS
Beginning of Year or Period		142,653,056			176,540,871			49,486,174			73,827,566			—
End of Year or Period		$146,328,306			$142,653,056			$65,384,444			$49,486,174			$75,058,243
Undistributed/Accumulated Net Investment Income (Loss)		$2,101,122			$451,382			$440,757			($250	)		$285,528
	PF Currency Strategies Fund						PF Equity Long/Short Fund (2)						PF Global Absolute Return Fund
OPERATIONS
Net investment income (loss)		($636,975	)		($1,321,106	)		($838,741	)					$3,227,996			$9,001,761
Net realized gain (loss)		(3,861,109	)		11,943,545			(8,166,034	)					(259,951	)		8,443,594
Change in net unrealized appreciation (depreciation)		1,937,372			1,522,465			18,841,889						(7,165,799	)		(1,196,552	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,560,712	)		12,144,904			9,837,114						(4,197,754	)		16,248,803
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income - Class P		—			(4,113,282	)		—						—			(9,239,168	)
Net realized gains - Class P		—			—			—						—			—
Net Decrease from Dividends and Distributions to Shareholders		—			(4,113,282	)		—						—			(9,239,168	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		6,279,603			65,220,121			166,568,219						27,116,932			9,675,333
Dividends and distribution reinvestments - Class P		—			4,113,282			—						—			9,239,168
Cost of shares repurchased - Class P		(59,548,355	)		(20,815,948	)		(20,515,877	)					(63,867,342	)		(46,628,422	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(53,268,752	)		48,517,455			146,052,342						(36,750,410	)		(27,713,921	)
NET INCREASE (DECREASE) IN NET ASSETS		(55,829,464	)		56,549,077			155,889,456						(40,948,164	)		(20,704,286	)
NET ASSETS
Beginning of Year or Period		187,572,192			131,023,115			—						177,655,509			198,359,795
End of Year or Period		$131,742,728			$187,572,192			$155,889,456						$136,707,345			$177,655,509
Undistributed/Accumulated Net Investment Income (Loss)		$1,071,322			$1,708,297			($838,741	)					$10,043,138			$6,815,142

(1) Unaudited.

(2) PF Absolute Return and PF Equity Long/Short Funds commenced operations on April 27, 2015.

See Notes to Financial Statements

B-12

PACIFIC FUNDS (1)

STATEMENT OF CASH FLOWS (2)

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2015

	PF Inflation Managed Fund
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase (decrease) in net assets from operations		($2,838,120	)
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		(52,327,339	)
Proceeds from disposition of long-term securities		129,845,083
Proceeds of short-term securities, net		(1,183,662	)
(Increase) decrease in dividends and interest receivable		134,048
(Increase) decrease in receivable for securities sold		(653,804	)
(Increase) decrease in receivable due from adviser		3,240
(Increase) decrease in prepaid expenses and other assets		1,473
(Increase) decrease in variation margin		(570,962	)
(Increase) decrease in swap premiums		(251,934	)
Increase (decrease) in payable for securities purchased		99,239
Increase (decrease) in payable for swap agreements		(28,616	)
Increase (decrease) in payable due to brokers		(612,000	)
Increase (decrease) in accrued advisory fees		(23,757	)
Increase (decrease) in accrued administration fees		(9,378	)
Increase (decrease) in accrued support services expenses		364
Increase (decrease) in accrued custodian fees and expenses		(2,231	)
Increase (decrease) in accrued transfer agency out-of-pocket expenses		59
Increase (decrease) in accrued legal, audit and tax service fees		(3,698	)
Increase (decrease) in accrued trustees’ fees and expenses and deferred compensation		690
Increase (decrease) in accrued other payables		546
Increase (decrease) in accrued interest expenses (3)		(579	)
Change in net unrealized (appreciation) depreciation on investment securities		1,879,289
Change in net unrealized (appreciation) depreciation on swaps		259,872
Change in net unrealized (appreciation) depreciation on written options		(69,175	)
Change in net unrealized (appreciation) depreciation on foreign currencies		693,582
Net realized (gain) loss on investment security transactions		1,870,694
Net realized (gain) loss on closed short positions		(1,074	)
Net realized (gain) loss on written option transactions		(417,581	)
Net amortization on investments		193,901
Net cash provided by (used in) operating activities		75,988,170
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from shares sold		4,232,788
Payment of shares redeemed		(73,551,303	)
Increase (decrease) in payable for reverse repurchase agreement		(2,983,375	)
Increase (decrease) in payable for sale-buyback financing transactions		(3,980,935	)
Net cash provided by (used in) financing activities		(76,282,825	)
NET INCREASE (DECREASE) IN CASH AND FOREIGN CURRENCY		(294,655	)
CASH AND FOREIGN CURRENCY:
Beginning of Period		536,658
End of Period		$242,003

(1) See Note 1 in Notes to Financial Statements regarding name changes that occurred during the six-month period ended September 30, 2015.

(2) 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, on hand at the custodian bank and do not include any short-term investments. The PF Inflation Managed Fund has not met the exemption criteria under the Financial Accounting Standards Board Accounting Standards Codification Topic 230, Statement of Cash Flows, and therefore includes a Statement of Cash Flows. All other funds have met the exemption criteria.

(3) Interest paid by the PF Inflation Managed Fund was $33,264.

See Notes to Financial Statements

B-13

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (1)

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	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 Floating Rate Loan Fund
4/1/2015 - 9/30/2015 (6)		$9.87		$0.20			($0.36	)		($0.16	)		$—			$—			$—			$9.71	1.02%	0.80%	4.07%		(1.62	%)		$84,198		28	%
4/1/2014 - 3/31/2015		10.05		0.36			(0.19	)		0.17			(0.35	)		(0.00	) (7)		(0.35	)		9.87	1.03%	0.80%	3.55%		1.78	%		127,124		69	%
4/1/2013 - 3/31/2014		10.24		0.38			(0.04	)		0.34			(0.38	)		(0.15	)		(0.53	)		10.05	1.02%	0.80%	3.73%		3.39	%		123,116		73	%
4/1/2012 - 3/31/2013		10.10		0.46			0.18			0.64			(0.47	)		(0.03	)		(0.50	)		10.24	1.03%	0.80%	4.45%		6.40	%		110,204		94	%
4/1/2011 - 3/31/2012		10.12		0.43			(0.06	)		0.37			(0.39	)		—			(0.39	)		10.10	1.04%	0.80%	4.33%		3.80	%		112,088		45	%
4/1/2010 - 3/31/2011		9.88		0.34			0.19			0.53			(0.29	)		—			(0.29	)		10.12	1.22%	0.90%	4.29%		5.51	%		86,066		92	%
PF Inflation Managed Fund
4/1/2015 - 9/30/2015 (6)		$8.80		$0.23			($0.51	)		($0.28	)		$—			$—			$—			$8.52	0.75%	0.60%	5.23%		(3.18	%)		$53,952		50	%
4/1/2014 - 3/31/2015		8.84		0.06			0.15			0.21			(0.25	)		—			(0.25	)		8.80	0.68%	0.58%	0.68%		2.38	%		126,154		139	%
4/1/2013 - 3/31/2014		9.73		0.07			(0.78	)		(0.71	)		(0.04	)		(0.14	)		(0.18	)		8.84	0.64%	0.56%	0.83%		(7.40	%)		185,765		36	%
4/1/2012 - 3/31/2013		10.79		0.21			0.52			0.73			(0.51	)		(1.28	)		(1.79	)		9.73	0.69%	0.58%	1.95%		6.79	%		164,281		111	%
4/1/2011 - 3/31/2012		10.53		0.31			0.85			1.16			(0.40	)		(0.50	)		(0.90	)		10.79	0.67%	0.56%	2.83%		11.11	%		287,956		372	%
4/1/2010 - 3/31/2011		10.10		0.24			0.61			0.85			(0.21	)		(0.21	)		(0.42	)		10.53	0.82%	0.64%	2.31%		8.56	%		229,356		323	%
PF Managed Bond Fund
4/1/2015 - 9/30/2015 (6)		$11.06		$0.14			($0.32	)		($0.18	)		$—			$—			$—			$10.88	0.64%	0.55%	2.62%		(1.63	%)		$437,537		204	%
4/1/2014 - 3/31/2015		10.76		0.15			0.52			0.67			(0.17	)		(0.20	)		(0.37	)		11.06	0.63%	0.55%	1.37%		6.32	%		643,882		578	%
4/1/2013 - 3/31/2014		11.11		0.13			(0.27	)		(0.14	)		(0.15	)		(0.06	)		(0.21	)		10.76	0.63%	0.55%	1.16%		(1.22	%)		579,753		530	%
4/1/2012 - 3/31/2013		10.86		0.20			0.55			0.75			(0.35	)		(0.15	)		(0.50	)		11.11	0.66%	0.56%	1.75%		6.85	%		565,285		495	%
4/1/2011 - 3/31/2012		10.75		0.25			0.15			0.40			(0.29	)		—			(0.29	)		10.86	0.67%	0.55%	2.33%		4.02	%		486,215		519	%
4/1/2010 - 3/31/2011		10.75		0.24			0.43			0.67			(0.30	)		(0.37	)		(0.67	)		10.75	0.82%	0.63%	2.16%		6.31	%		378,982		502	%
PF Short Duration Bond Fund
4/1/2015 - 9/30/2015 (6)		$10.01		$0.06			($0.06	)		$0.00	(7)		$—			$—			$—			$10.01	0.68%	0.55%	1.26%		0.00	%		$81,519		65	%
4/1/2014 - 3/31/2015		10.05		0.11			(0.02	)		0.09			(0.13	)		—			(0.13	)		10.01	0.64%	0.55%	1.11%		0.88	%		213,334		60	%
4/1/2013 - 3/31/2014		10.12		0.10			(0.04	)		0.06			(0.13	)		—			(0.13	)		10.05	0.64%	0.55%	1.02%		0.64	%		229,189		43	%
4/1/2012 - 3/31/2013		10.07		0.11			0.08			0.19			(0.14	)		(0.00	)(7)		(0.14	)		10.12	0.65%	0.55%	1.08%		1.86	%		223,601		63	%
4/1/2011 - 3/31/2012		10.04		0.11			0.05			0.16			(0.12	)		(0.01	)		(0.13	)		10.07	0.68%	0.55%	1.14%		1.62	%		155,368		150	%
4/1/2010 - 3/31/2011		10.00		0.10			0.06			0.16			(0.08	)		(0.04	)		(0.12	)		10.04	0.81%	0.64%	1.00%		1.57	%		121,133		196	%
PF Emerging Markets Debt Fund
4/1/2015 - 9/30/2015 (6)		$8.89		$0.29			($0.71	)		($0.42	)		$—			$—			$—			$8.47	1.09%	0.94%	6.46%		(4.72	%)		$104,293		42	%
4/1/2014 - 3/31/2015		9.69		0.50			(0.95	)		(0.45	)		(0.35	)		—			(0.35	)		8.89	1.08%	0.94%	5.20%		(4.73	%)		162,011		105	%
4/1/2013 - 3/31/2014		10.53		0.47			(0.90	)		(0.43	)		(0.32	)		(0.09	)		(0.41	)		9.69	1.06%	0.94%	4.71%		(3.92	%)		130,516		116	%
6/29/2012 - 3/31/2013		10.00		0.37			0.46			0.83			(0.27	)		(0.03	)		(0.30	)		10.53	1.17%	0.94%	4.67%		8.24	%		85,846		61	%
PF Comstock Fund
4/1/2015 - 9/30/2015 (6)		$17.07		$0.11			($1.87	)		($1.76	)		$—			$—			$—			$15.31	0.96%	0.89%	1.29%		(10.31	%)		$209,795		9	%
4/1/2014 - 3/31/2015		17.61		0.22			1.07			1.29			(0.37	)		(1.46	)		(1.83	)		17.07	0.96%	0.89%	1.25%		7.22	%		269,705		21	%
4/1/2013 - 3/31/2014		14.40		0.25			3.11			3.36			(0.15	)		—			(0.15	)		17.61	0.97%	0.89%	1.53%		23.36	%		308,598		14	%
4/1/2012 - 3/31/2013		12.47		0.19			1.91			2.10			(0.17	)		—			(0.17	)		14.40	0.97%	0.89%	1.51%		16.96	%		261,671		35	%
4/1/2011 - 3/31/2012		12.13		0.17			0.32			0.49			(0.15	)		—			(0.15	)		12.47	0.99%	0.89%	1.47%		4.22	%		207,330		24	%
4/1/2010 - 3/31/2011		10.69		0.13			1.41			1.54			(0.10	)		—			(0.10	)		12.13	1.13%	0.99%	1.16%		14.55	%		166,465		31	%
PF Growth Fund
4/1/2015 - 9/30/2015 (6)		$19.30		$0.01			($0.88	)		($0.87	)		$—			$—			$—			$18.43	0.76%	0.70%	0.10%		(4.51	%)		$113,723		18	%
4/1/2014 - 3/31/2015		17.33		0.05			2.19			2.24			(0.13	)		(0.14	)		(0.27	)		19.30	0.76%	0.70%	0.30%		12.96	%		147,893		39	%
4/1/2013 - 3/31/2014		13.93		0.03			3.47			3.50			(0.10	)		—			(0.10	)		17.33	0.79%	0.70%	0.20%		25.15	%		101,285		76	%
4/1/2012 - 3/31/2013		13.12		0.08			0.90			0.98			(0.17	)		—			(0.17	)		13.93	0.86%	0.70%	0.63%		7.53	%		48,611		72	%
4/1/2011 - 3/31/2012		12.42		0.06			0.71			0.77			(0.07	)		—			(0.07	)		13.12	0.85%	0.70%	0.54%		6.26	%		108,340		84	%
4/1/2010 - 3/31/2011		11.21		0.07			1.14			1.21			—			—			—			12.42	0.95%	0.79%	0.58%		10.79	%		115,576		83	%
PF Large-Cap Growth Fund
4/1/2015 - 9/30/2015 (6)		$10.71		($0.01	)		($0.53	)		($0.54	)		$—			$—			$—			$10.17	0.96%	0.85%	(0.14%)		(5.04	%)		$144,779		33	%
4/1/2014 - 3/31/2015		10.28		(0.02	)		1.51			1.49			—			(1.06	)		(1.06	)		10.71	0.96%	0.86%	(0.16%)		14.84	%		199,138		100	%
4/1/2013 - 3/31/2014		10.40		(0.01	)		2.41			2.40			(0.02	)		(2.50	)		(2.52	)		10.28	0.97%	0.84%	(0.06%)		23.58	%		172,613		163	%
4/1/2012 - 3/31/2013		10.30		0.03			0.70			0.73			—			(0.63	)		(0.63	)		10.40	0.99%	0.81%	0.31%		7.66	%		142,398		131	%
4/1/2011 - 3/31/2012		9.23		(0.02	)		1.25			1.23			—			(0.16	)		(0.16	)		10.30	1.00%	0.88%	(0.26%)		13.65	%		129,222		76	%
4/1/2010 - 3/31/2011		7.71		(0.01	)		1.53			1.52			—			—			—			9.23	1.12%	0.95%	(0.11%)		19.72	%		99,101		102	%

See Notes to Financial Statements See explanation of references, if any, on page B-16

B-14

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (1) (Continued)

Selected per share, ratios and supplemental data for each year 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	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 Large-Cap Value Fund
4/1/2015 - 9/30/2015 (6)		$16.46		$0.11			($1.27	)		($1.16	)		$—			$—			$—			$15.30	0.86%	0.80%	1.37%		(7.05	%)		$287,347		6	%
4/1/2014 - 3/31/2015		16.71		0.23			1.36			1.59			(0.38	)		(1.46	)		(1.84	)		16.46	0.86%	0.80%	1.37%		9.40	%		344,403		13	%
4/1/2013 - 3/31/2014		13.96		0.36			2.62			2.98			(0.23	)		—			(0.23	)		16.71	0.86%	0.80%	2.33%		21.41	%		380,372		13	%
4/1/2012 - 3/31/2013		12.31		0.23			1.66			1.89			(0.24	)		—			(0.24	)		13.96	0.87%	0.80%	1.80%		15.54	%		324,085		26	%
4/1/2011 - 3/31/2012		11.59		0.22			0.71			0.93			(0.21	)		—			(0.21	)		12.31	0.89%	0.80%	1.96%		8.21	%		262,917		20	%
4/1/2010 - 3/31/2011		10.42		0.16			1.15			1.31			(0.14	)		—			(0.14	)		11.59	1.01%	0.89%	1.56%		12.69	%		228,436		19	%
PF Main Street Core Fund
4/1/2015 - 9/30/2015 (6)		$14.26		$0.08			($0.78	)		($0.70	)		$—			$—			$—			$13.56	0.66%	0.60%	1.08%		(4.91	%)		$192,209		24	%
4/1/2014 - 3/31/2015		14.85		0.16			1.51			1.67			(0.14	)		(2.12	)		(2.26	)		14.26	0.66%	0.60%	1.06%		11.36	%		270,813		46	%
4/1/2013 - 3/31/2014		12.20		0.13			2.65			2.78			(0.13	)		—			(0.13	)		14.85	0.67%	0.60%	0.99%		22.84	%		257,575		66	%
4/1/2012 - 3/31/2013		11.26		0.14			0.96			1.10			(0.16	)		—			(0.16	)		12.20	0.68%	0.60%	1.21%		9.93	%		212,428		60	%
4/1/2011 - 3/31/2012		10.13		0.10			1.11			1.21			(0.08	)		—			(0.08	)		11.26	0.70%	0.60%	1.00%		12.12	%		193,538		48	%
4/1/2010 - 3/31/2011		9.00		0.09			1.10			1.19			(0.06	)		—			(0.06	)		10.13	0.83%	0.70%	0.93%		13.28	%		157,890		58	%
PF Mid-Cap Equity Fund
4/1/2015 - 9/30/2015 (6)		$12.15		$0.03			($0.94	)		($0.91	)		$—			$—			$—			$11.24	0.86%	0.80%	0.54%		(7.49	%)		$169,929		96	%
4/1/2014 - 3/31/2015		12.84		0.05			0.80			0.85			(0.03	)		(1.51	)		(1.54	)		12.15	0.86%	0.80%	0.40%		7.44	%		218,141		172	%
4/1/2013 - 3/31/2014		11.00		0.04			2.84			2.88			(0.06	)		(0.98	)		(1.04	)		12.84	0.87%	0.80%	0.36%		26.82	%		171,357		114	%
4/1/2012 - 3/31/2013		10.29		0.06			0.72			0.78			(0.07	)		—			(0.07	)		11.00	0.90%	0.80%	0.65%		7.63	%		138,416		191	%
4/1/2011 - 3/31/2012		10.46		0.05			(0.18	)		(0.13	)		(0.04	)		—			(0.04	)		10.29	0.89%	0.80%	0.51%		(1.17	%)		165,168		102	%
4/1/2010 - 3/31/2011		8.66		0.08			1.79			1.87			(0.07	)		—			(0.07	)		10.46	1.02%	0.89%	0.87%		21.70	%		135,755		87	%
PF Mid-Cap Growth Fund
4/1/2015 - 9/30/2015 (6)		$8.71		$0.00	(7)		($1.07	)		($1.07	)		$—			$—			$—			$7.64	0.91%	0.80%	0.06%		(12.28	%)		$58,827		22	%
4/1/2014 - 3/31/2015		8.17		0.01			0.92			0.93			(0.01	)		(0.38	)		(0.39	)		8.71	0.91%	0.80%	0.08%		11.57	%		85,989		35	%
4/1/2013 - 3/31/2014		8.58		(0.01	)		1.93			1.92			(0.01	)		(2.32	)		(2.33	)		8.17	0.93%	0.83%	(0.09%)		23.39	%		90,804		135	%
4/1/2012 - 3/31/2013		8.87		0.05			(0.03	)		0.02			(0.02	)		(0.29	)		(0.31	)		8.58	1.00%	0.85%	0.60%		0.61	%		61,557		48	%
4/1/2011 - 3/31/2012		10.28		(0.02	)		(0.28	)		(0.30	)		(0.05	)		(1.06	)		(1.11	)		8.87	0.98%	0.85%	(0.21%)		(1.08	%)		73,586		27	%
4/1/2010 - 3/31/2011		8.41		0.02			2.83			2.85			(0.02	)		(0.96	)		(0.98	)		10.28	1.17%	0.95%	0.24%		35.16	%		64,476		44	%
PF Mid-Cap Value Fund (8)
7/29/2015 - 9/30/2015 (6)		$10.00		$0.02			($0.71)			($0.69)			$—			$—			$—			$9.31	0.94%	0.94%	1.12%		(6.90	%)		$249,571		7	%
PF Small-Cap Growth Fund
4/1/2015 - 9/30/2015 (6)		$14.80		($0.04	)		($1.95	)		($1.99	)		$—			$—			$—			$12.81	0.82%	0.75%	(0.60%)		(13.45	%)		$47,607		107	%
4/1/2014 - 3/31/2015		15.54		(0.05	)		1.20			1.15			—			(1.89	)		(1.89	)		14.80	0.82%	0.75%	(0.35%)		8.36	%		83,731		264	%
4/1/2013 - 3/31/2014		13.29		(0.04	)		2.67			2.63			(0.02	)		(0.36	)		(0.38	)		15.54	0.83%	0.75%	(0.28%)		19.90	%		59,921		84	%
4/1/2012 - 3/31/2013		11.86		0.03			1.40			1.43			—			—			—			13.29	0.90%	0.75%	0.21%		12.06	%		50,898		92	%
4/1/2011 - 3/31/2012		11.90		(0.03	)		(0.01	)		(0.04	)		—			—			—			11.86	0.93%	0.75%	(0.31%)		(0.34	%)		36,370		67	%
4/1/2010 - 3/31/2011		9.41		(0.06	)		2.55			2.49			—			—			—			11.90	1.11%	0.84%	(0.63%)		26.46	%		32,355		86	%
PF Small-Cap Value Fund
4/1/2015 - 9/30/2015 (6)		$10.45		$0.02			($1.10	)		($1.08	)		$—			$—			$—			$9.37	0.95%	0.90%	0.43%		(10.34	%)		$190,792		28	%
4/1/2014 - 3/31/2015		13.55		0.07			1.17			1.24			(0.14	)		(4.20	)		(4.34	)		10.45	0.96%	0.90%	0.55%		11.55	%		145,801		140	%
4/1/2013 - 3/31/2014		12.15		0.20			1.98			2.18			(0.16	)		(0.62	)		(0.78	)		13.55	0.97%	0.90%	1.52%		18.13	%		147,702		41	%
4/1/2012 - 3/31/2013		10.58		0.22			1.52			1.74			(0.17	)		—			(0.17	)		12.15	1.00%	0.90%	2.08%		16.72	%		125,647		38	%
4/1/2011 - 3/31/2012		10.60		0.16			(0.05	)		0.11			(0.13	)		—			(0.13	)		10.58	1.02%	0.90%	1.59%		1.19	%		86,152		21	%
4/1/2010 - 3/31/2011		8.57		0.16			1.98			2.14			(0.11	)		—			(0.11	)		10.60	1.13%	0.97%	1.71%		25.11	%		76,247		31	%
PF Emerging Markets Fund
4/1/2015 - 9/30/2015 (6)		$13.58		$0.08			($2.31	)		($2.23	)		$—			$—			$—			$11.35	1.23%	0.95%	1.26%		(16.42	%)		$147,459		19	%
4/1/2014 - 3/31/2015		14.75		0.12			(0.71	)		(0.59	)		(0.19	)		(0.39	)		(0.58	)		13.58	1.23%	0.95%	0.81%		(4.15	%)		138,242		40	%
4/1/2013 - 3/31/2014		14.22		0.09			0.83			0.92			(0.10	)		(0.29	)		(0.39	)		14.75	1.27%	0.95%	0.59%		6.43	%		153,333		31	%
4/1/2012 - 3/31/2013		13.55		0.08			0.68			0.76			(0.09	)		—			(0.09	)		14.22	1.36%	0.95%	0.62%		5.60	%		110,810		40	%
4/1/2011 - 3/31/2012		14.68		0.14			(0.95	)		(0.81	)		(0.07	)		(0.25	)		(0.32	)		13.55	1.49%	0.95%	1.09%		(5.15	%)		85,483		30	%
4/1/2010 - 3/31/2011		12.19		0.11			2.64			2.75			(0.26	)		—			(0.26	)		14.68	1.56%	1.04%	0.80%		22.53	%		64,270		46	%

See Notes to Financial Statements See explanation of references, if any, on page B-16

B-15

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (1) (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	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)	Expenses After Reductions (3), (4)	Net Investment Income (Loss) (3)	Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
PF International Large-Cap Fund
4/1/2015 - 9/30/2015 (6)		$18.50		$0.16			($1.79	)		($1.63	)		$—			$—			$—			$16.87	1.10%	1.00%	1.78%		(8.81	%)		$296,824		16	%
4/1/2014 - 3/31/2015		18.46		0.29			0.01			0.30			(0.26	)		—			(0.26	)		18.50	1.10%	1.00%	1.56%		1.70	%		220,898		41	%
4/1/2013 - 3/31/2014		16.48		0.22			1.97			2.19			(0.21	)		—			(0.21	)		18.46	1.10%	1.00%	1.23%		13.28	%		240,522		14	%
4/1/2012 - 3/31/2013		15.12		0.23			1.40			1.63			(0.27	)		—			(0.27	)		16.48	1.13%	1.00%	1.55%		10.88	%		198,963		28	%
4/1/2011 - 3/31/2012		15.37		0.22			(0.30	)		(0.08	)		(0.17	)		—			(0.17	)		15.12	1.17%	1.00%	1.52%		(0.32	%)		203,944		24	%
4/1/2010 - 3/31/2011		13.83		0.16			1.52			1.68			(0.14	)		—			(0.14	)		15.37	1.30%	1.09%	1.16%		12.36	%		138,033		34	%
PF International Small-Cap Fund
4/1/2015 - 9/30/2015 (6)		$10.69		$0.10			($0.52	)		($0.42	)		$—			$—			$—			$10.27	1.11%	1.08%	1.73%		(3.93	%)		$117,759		26	%
1/14/2015 - 3/31/2015		10.00		0.03			0.66			0.69			—			—			—			10.69	1.24%	1.08%	1.34%		6.90	%		127,493		8	%
PF International Value Fund
4/1/2015 - 9/30/2015 (6)		$9.51		$0.11			($0.97	)		($0.86	)		$—			$—			$—			$8.65	0.94%	0.80%	2.25%		(9.04	%)		$146,328		35	%
4/1/2014 - 3/31/2015		10.33		0.22			(0.65	)		(0.43	)		(0.39	)		—			(0.39	)		9.51	0.91%	0.80%	2.19%		(4.07	%)		142,653		87	%
4/1/2013 - 3/31/2014		9.10		0.39			1.08			1.47			(0.24	)		—			(0.24	)		10.33	0.91%	0.80%	3.89%		16.15	%		176,541		54	%
4/1/2012 - 3/31/2013		8.62		0.20			0.51			0.71			(0.23	)		—			(0.23	)		9.10	0.94%	0.80%	2.30%		8.26	%		146,550		66	%
4/1/2011 - 3/31/2012		9.51		0.26			(0.89	)		(0.63	)		(0.26	)		—			(0.26	)		8.62	1.02%	0.80%	3.06%		(6.20	%)		111,119		63	%
4/1/2010 - 3/31/2011		9.19		0.18			0.35			0.53			(0.21	)		—			(0.21	)		9.51	1.14%	0.90%	2.01%		5.99	%		90,242		150	%
PF Real Estate Fund
4/1/2015 - 9/30/2015 (6)		$16.87		$0.13			($1.55	)		($1.42	)		$—			$—			$—			$15.45	1.10%	1.05%	1.61%		(8.42	%)		$65,384		11	%
4/1/2014 - 3/31/2015		14.19		0.22			3.11			3.33			(0.31	)		(0.34)			(0.65	)		16.87	1.11%	1.05%	1.41%		23.69	%		49,486		34	%
4/1/2013 - 3/31/2014		13.67		0.21			0.54			0.75			(0.23	)		—			(0.23	)		14.19	1.12%	1.05%	1.52%		5.61	%		73,828		18	%
4/1/2012 - 3/31/2013		12.59		0.17			1.08			1.25			(0.17	)		—			(0.17	)		13.67	1.16%	1.05%	1.35%		9.98	%		60,138		23	%
4/1/2011 - 3/31/2012		11.46		0.13			1.08			1.21			(0.08	)		—			(0.08	)		12.59	1.18%	1.05%	1.13%		10.62	%		52,679		24	%
4/1/2010 - 3/31/2011		9.24		0.08			2.23			2.31			(0.09	)		—			(0.09	)		11.46	1.34%	1.14%	0.77%		25.16	%		41,860		32	%
PF Absolute Return Fund (9)
4/27/2015 - 9/30/2015 (6)		$10.00		$0.03			($0.45	)		($0.42	)		$—			$—			$—			$9.58	1.14%	1.14%	0.71%		(4.30	%)		$75,058		130	%
PF Currency Strategies Fund
4/1/2015 - 9/30/2015 (6)		$9.92		($0.04	)		($0.07	)		($0.11	)		$—			$—			$—			$9.81	0.86%	0.86%	(0.85%)		(1.11	%)		$131,743		0	%
4/1/2014 - 3/31/2015		9.41		(0.07	)		0.79			0.72			(0.21	)		—			(0.21	)		9.92	0.86%	0.86%	(0.76%)		7.69	%		187,572		141	%
4/1/2013 - 3/31/2014		10.32		(0.07	)		(0.52	)		(0.59	)		(0.32	)		—			(0.32	)		9.41	0.89%	0.85%	(0.68%)		(5.98	%)		131,023		49	%
12/7/2012 - 3/31/2013		10.00		(0.02	)		0.34			0.32			—			—			—			10.32	0.94%	0.85%	(0.69%)		3.20	%		118,643		49	%
PF Equity Long/Short Fund (9)
4/27/2015 - 9/30/2015 (6)		$10.00		($0.05	)		$0.68			$0.63			$—			$—			$—			$10.63	1.43%	1.28%	(1.24%)		6.30	%		$155,889		0	%
PF Global Absolute Return Fund
4/1/2015 - 9/30/2015 (6)		$10.03		$0.24			($0.56	)		($0.32	)		$—			$—			$—			$9.71	1.21%	1.08%	4.70%		(3.19	%)		$136,707		80	%
4/1/2014 - 3/31/2015		9.69		0.48			0.39			0.87			(0.53	)		—			(0.53	)		10.03	1.21%	1.10%	4.82%		9.13	%		177,656		132	%
4/1/2013 - 3/31/2014		10.19		0.36			(0.65	)		(0.29	)		(0.20	)		(0.01	)		(0.21	)		9.69	1.36%	1.18%	3.64%		(2.80	%)		198,360		115	%
12/7/2012 - 3/31/2013		10.00		0.07			0.13			0.20			(0.01	)		—			(0.01	)		10.19	1.20%	1.06%	2.25%		1.96	%		171,925		38	%

(1) All the funds presented in these financial statements currently offer Class P shares only. Effective July 2, 2010, all Class A shares of those funds that commenced operations prior to that date were converted to Class P shares. Performance information prior to the conversion for these funds pertains to Class A shares and reflects the fees and expenses associated with 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, as discussed in Note 6 and Note 7B, respectively, in Notes to the Financial Statements.

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

(6) Unaudited for the six-month period ended September 30, 2015.

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

(8) PF Mid-Cap Value Fund commenced operations on July 29, 2015.

(9) PF Absolute Return and PF Equity Long/Short Funds commenced operations on April 27, 2015.

See Notes to Financial Statements

B-16

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

1. ORGANIZATION

Pacific Funds Series Trust (formerly Pacific Life Funds) (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 an open-end, management investment company and is organized as a Delaware statutory trust. Pacific Life Fund Advisors LLC (“PLFA” or “Adviser”) serves as investment adviser to the Trust. As of September 30, 2015, the Trust was comprised of thirty-six separate funds, twenty-four of which are presented in these financial statements (each individually, a “Fund”, and collectively the “Funds”):

Fund*
PF Floating Rate Loan Fund	PF Large-Cap Value Fund	PF International Large-Cap Fund
PF Inflation Managed Fund	PF Main  Street® Core Fund	PF International Small-Cap Fund
PF Managed Bond Fund	PF Mid-Cap Equity Fund	PF International Value Fund
PF Short Duration Bond Fund	PF Mid-Cap Growth Fund	PF Real Estate Fund
PF Emerging Markets Debt Fund	PF Mid-Cap Value Fund	PF Absolute Return Fund
PF Comstock Fund	PF Small-Cap Growth Fund	PF Currency Strategies Fund
PF Growth Fund	PF Small-Cap Value Fund	PF Equity Long/Short Fund
PF Large-Cap Growth Fund	PF Emerging Markets Fund	PF Global Absolute Return Fund

* These Funds are collectively known as the “PF Underlying Funds.”

The PF Underlying Funds offer Class P shares only, which are sold at net asset value. Presently, only the following Funds, the Adviser, and certain of its affiliates can invest in Class P shares of the PF Underlying Funds, Pacific Funds^SM Floating Rate Income, Pacific Funds^SM Core Income, and Pacific Funds^SM High Income.

Fund
Pacific FundsSM Portfolio Optimization Conservative**	Pacific FundsSM Portfolio Optimization Growth**
Pacific FundsSM Portfolio Optimization Moderate-Conservative**	Pacific FundsSM Portfolio Optimization Aggressive-Growth**
Pacific FundsSM Portfolio Optimization Moderate**	Pacific FundsSM Diversified Alternatives

** These Funds are collectively known as the “Portfolio Optimization Funds.”

There is a separate semi-annual report containing the financial statements for the Portfolio Optimization Funds, Pacific Funds Diversified Alternatives, Pacific Funds Floating Rate Income, Pacific Funds Core Income, and Pacific Funds High Income, which is available without charge. For information on how to obtain the semi-annual report for the Portfolio Optimization Funds, Pacific Funds Diversified Alternatives, Pacific Funds Floating Rate Income, Pacific Funds Core Income, and Pacific Funds High Income, see the Where to Go for More Information section of this report on page D-11.

On April 27, 2015, the PF Precious Metals Fund was liquidated pursuant to a plan of liquidation approved by the Trust’s Board of Trustees. Because the PF Precious Metals Fund was liquidated prior to September 30, 2015, no financial information is presented in this report.

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 (United States Generally Accepted Accounting Principles, or “U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund qualifies as an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to the Investment Companies Topic of U.S. GAAP.

Effective April 1, 2015, the Trust implemented Accounting Standards Update (“ASU”) No. 2014-11 issued by the Financial Accounting Standards Board (“FASB”). The ASU requires two new disclosures. The first disclosure requires an entity to disclose information on transfers accounted for as sales in transactions that are economically similar to repurchase agreements. The second disclosure provides increased transparency about the types of collateral pledged in repurchase agreements and repurchase-to-maturity transactions accounted for as secured borrowings (see required disclosure in Note 10).

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 gains 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.

C-1

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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 a Fund invests. Facility fees and other fees (such as origination fees) received from floating rate senior loan notes purchased (see Note 4) by that 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, which is also used for Federal income tax purposes. Gains and losses realized on principal paydowns from mortgage-backed and asset-backed securities are recorded as interest income.

B. DISTRIBUTIONS TO SHAREHOLDERS

Each Fund presented in these financial statements distributes all of its net investment income and realized capital gains, if any, to shareholders at least annually, although distributions could occur more often if advantageous to the applicable Fund and its shareholders. Dividends and distributions paid to shareholders are recorded on the ex-dividend date.

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

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). 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, printing, and support services (see Notes 6 and 7A). 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. RECENT ACCOUNTING PRONOUNCEMENT

In May 2015, the FASB issued an ASU that eliminates the requirement to classify the investments measured at an investment’s fair value using the net asset value per share practical expedient within the fair value hierarchy. In addition, the ASU eliminates the requirement to make specific disclosures for all investments eligible to be assessed at fair value with the net asset value per share practical expedient. Instead, such disclosures are restricted only to investments that the entity has decided to measure using the practical expedient. This ASU is effective for fiscal years beginning after December 15, 2015. Management is currently evaluating the impact that the implementation of this ASU will have on the Trust’s financial statement disclosures.

3. VALUATION AND FAIR VALUE MEASUREMENTS

A. VALUATION POLICY

The Trust’s Board of Trustees (the “Board”) has adopted a policy (“Valuation Policy”) for determining the value of the Trust’s investments each business day. Under the Valuation Policy, the Board has delegated certain functions to the Trustee Valuation Committee (“TVC”) and/or the Valuation Oversight Committee (“VOC”) or its delegate to determine the fair value of certain investments, which includes using third party pricing services. Each valuation committee that values the Funds’ investments does so in accordance with the Valuation Policy. Notes 3B and 3C below describe in greater detail the methodologies used to value each Fund’s investments.

B. NET ASSET VALUE

Each Fund of the Trust presented in these financial statements is divided into shares. The price per share of a Fund’s shares is called the net asset value (“NAV”). The NAV forms the basis for all transactions involving buying, selling, exchanging or reinvesting shares. Each Fund’s NAV is calculated by taking the total value of a Fund’s assets, subtracting a Fund’s liabilities, and dividing by the total number of shares outstanding.

Each Fund’s NAV is calculated once per day, every day the New York Stock Exchange (“NYSE”) is open, including days when foreign markets and/or bond markets are closed. For purposes of calculating the NAV, the value of investments held by each Fund is generally determined as of the scheduled closing time of the NYSE, which is usually 4:00 p.m. Eastern Time. Information that becomes known to the Trust or its agents after the scheduled close of the NYSE on a particular day will not normally be used to retroactively adjust the price of an investment for that same business 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.

Each Fund’s NAV 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 regular holiday or weekend, (ii) trading on the NYSE is restricted, (iii) an emergency exists (as determined by the

C-2

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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.

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.

C. INVESTMENT VALUATION

The value of each security or other investment is the amount which a Fund might reasonably expect to receive for the investment upon its current sale in the ordinary course of business. For purposes of calculating the NAV, the value of investments held by each Fund is based primarily on pricing data obtained from various sources approved by the Board.

Domestic Equity Investments

For domestic equity investments (including exchange-traded funds), the Trust generally uses the official closing price or last reported sale price from an exchange as of the scheduled closing time of the NYSE and does not normally take into account trading, clearances or settlements that take place after the scheduled close of the NYSE. Investments, for which no official closing price or last reported sales price are reported, are generally valued at the mean between the most recent bid and ask prices obtained from approved pricing services, established market makers, or from broker-dealers.

Foreign Equity Investments

For foreign equity investments, the Trust generally uses the official closing price or last reported sale price from the principal foreign exchanges, which may be earlier than the scheduled close of the NYSE. The Trust then may adjust for market events occurring between the close of certain foreign exchanges and the scheduled close of the NYSE. The Trust has retained an independent statistical analysis service approved by the Board to assist in determining the value of certain foreign equity investments. This service utilizes proprietary computer models based on historical performance of markets and other considerations to determine adjustments for market events. Quotations of foreign investments in foreign currencies and those valued using forward currency rates are converted into U.S. dollar equivalents using a foreign exchange quotation from an approved source.

Exchange Traded Futures, Options, and Swaps

Exchange traded futures, options, and swaps are generally valued using the settlement price determined by the relevant exchange. Exchange traded futures, options, and swaps for which no settlement price is 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.

Over-the-Counter (“OTC”) Investments

OTC investments (including swaps and options) are generally valued by approved pricing services that use evaluated prices from various observable market and other factors. Certain OTC swap agreements are generally 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 gathered from leading market makers.

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.

Investments in Other Investment Companies

Fund investments in other investment companies are valued at their respective NAVs.

Investment Values Determined by a Valuation Committee

The Trust’s Valuation Policy includes methodologies approved for valuing investments in circumstances where market quotations are not readily available. In such circumstances, the Valuation Policy provides that the value of such investments may be determined in accordance with Board approved formulas and methodologies (“Alternate Valuation Methodologies”). Under the Valuation Policy these Alternate Valuation Methodologies may include, among others, amortized cost, the use of broker quotes, the use of purchase prices for initial public offerings, and benchmark and matrix pricing. In the event market quotations or Alternate Valuation Methodologies are not readily available or are determined to be unreliable, the value of the investments will be determined in good faith by the TVC, or determined by the VOC or its delegate pursuant to the Valuation Policy and then subsequently submitted for approval or ratification to either the TVC or the Board. Valuations determined by the TVC or the VOC or its delegate may require subjective inputs about the value of such investments. While these valuations are intended to estimate the value a Fund might reasonably expect to receive upon the current sale of the investments in the ordinary course of business, such values may differ from the value that a Fund would actually realize if the investments were sold or values that would be obtained if a different valuation methodology had been used.

Market quotations are considered not readily available if: (i) the market quotations received are deemed unreliable or inaccurate, (ii) approved pricing services do not provide a valuation for a particular investment, or (iii) material events occur after the close of the principal market for a particular investment but prior to the scheduled close of the NYSE.

D. FAIR VALUE MEASUREMENTS AND DISCLOSURES

The Trust characterizes its investments as Level 1, Level 2 or Level 3 based upon the various inputs or methodologies used to value the investments. Under the Valuation Policy, the VOC determines the level in which each investment is characterized. The VOC includes

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investment, legal, and compliance members of the Trust’s Adviser, accounting members of the Trust’s Administrator (see Note 6), and the Trust’s Chief Compliance Officer (“CCO”). The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

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

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

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

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

The inputs or methodologies used for characterizing each Fund’s investments within the three-tier hierarchy are not necessarily an indication of the relative risks associated with investing in those investments. Foreign equity investments that are valued with the assistance of a statistical research service approved by the Board and based on significant observable inputs (as described in Note 3C) are reflected as Level 2. If a Fund had an amount of Level 3 investments at the beginning and/or end of the reporting period that was meaningful in relation to its net assets, the Trust presents a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. If a Fund had an amount of total transfers between each level within the three-tier hierarchy during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period, the Trust also discloses the amounts and reasons for such transfers. A summary of each Fund’s investments as of September 30, 2015 as categorized under the three-tier hierarchy of inputs, the reconciliation of Level 3 investments, and information on transfers between each level, if applicable, can be found in the Notes to Schedule of Investments section of each Fund’s Schedule of Investments. Additional information about Level 3 fair value measurements as of September 30, 2015, which includes such valuation techniques as Weighted Probability Average and Demand Yield Model, can be found in the Notes to Schedule of Investments section of the PF Floating Rate Loan Fund’s Schedule of Investments on page A-6.

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 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 Securities 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.

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Municipal Bonds

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

Foreign Government Bonds and Notes

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

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

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

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

Futures Contracts

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

Option Contracts

Exchange listed option contracts that are actively traded on securities exchanges are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to exchange listed option contracts, they are categorized as Level 1. If valuation adjustments are applied and such adjustments are observable and timely, the fair values of exchange listed option contracts would be categorized as Level 2; 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 various inputs and techniques, which include broker-dealer quotations and 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.

Forward Bond Contracts

Forward bond contracts are generally valued based on the current price of the underlying bond as provided by a third party pricing service and current interest rates. To the extent that these inputs are observable and timely, the fair values of forward bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Swap Agreements

Interest Rate Swaps – Interest rate swaps that are actively traded and cleared on a securities exchange or swap execution facility are fair valued based on quoted prices from the applicable exchange and are categorized as Level 2. Interest rate swaps traded over-the-counter 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 that are actively traded and cleared on a securities exchange or swap execution facility are fair valued based on quoted prices from the applicable exchange and are categorized as Level 2. Credit default swaps traded over-the-counter are

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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 that are actively traded and cleared on a securities exchange or swap execution facility are fair valued based on quoted prices from the applicable exchange and are categorized as Level 2. Total Return swaps traded over-the-counter 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.

Total Return Basket Swaps – The value of total return basket swaps are derived from a combination of (i) the net value of the underlying positions, which are valued daily using the last sale or closing price on the principal exchange on which the securities are traded; (ii) financing costs; (iii) the value of dividends or accrued interest; (iv) cash balances within the swap; and (v) other factors, as applicable. To the extent that these inputs are observable and timely, the fair values of total return basket swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Volatility Swaps – Volatility swaps traded over-the-counter are fair valued using pricing models that are based on real-time snap shots of relevant discount interest rate curves, volatility inputs, and present value, which are observable from the market and built using the most actively traded securities for a given maturity. In addition, market data pertaining to volatility swaps are monitored regularly to ensure that volatility rates are properly depicting the current volatility rate. To the extent that these inputs are observable and timely, the fair values of volatility 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.

Credit-Oriented Investments

For non-publicly traded instruments that represent debt to the Trust, the carrying amount approximates fair value due to the relatively short-term maturity of these financial instruments. The Trust may use market transactions for identical or similar instruments or a market yield approach, which utilizes expected future cash flows that are discounted using estimated current market rates. Discounted cash flow calculations may be adjusted to reflect current market conditions and/or the perceived credit risk of each Fund as applicable. Consideration may also include an evaluation of collateral. To the extent that these inputs are observable and timely, the fair values for credit-oriented investments are categorized as Level 2; otherwise the fair values would be categorized as Level 3.

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.

Market and Regulatory Risks

Events in the financial markets and economy may cause volatility and uncertainty and affect Fund performance. 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 the Fund invests. 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.

Equity Investments

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

Debt Investments

Debt investments are subject to many risks, including, but not limited to, interest rate risk, credit risk, market and regulatory risk, and liquidity risk, which may affect their value. 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 or “junk” securities may be more volatile than higher rated securities. High yield securities (including loans) are typically issued by

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companies that are highly leveraged, less creditworthy or financially distressed and are considered to be mostly speculative in nature (high risk), subject to greater liquidity risk, and subject to a greater risk of default than higher rated securities, especially during periods of economic uncertainty or during economic downturns. Debt investments, including bonds, fixed rate loans, and short-term instruments may be affected by changes in interest rates. Debt investments with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt investments with shorter durations or floating or adjustable interest rates. The value of debt investments may fall when interest rates rise. Certain debt investments may be difficult to value, purchase, and sell, particularly during adverse market conditions, because there is a limited market for the investment or there are restrictions on resale.

Given the historically low interest rate environment in the U.S., risks associated with rising interest rates are heightened. The negative impact on debt investments from potential interest rate increases could be swift and significant, including falling market values, increased redemptions and reduced liquidity. Substantial redemptions from bond and other income funds may worsen that impact. Additionally, regulations applicable to and changing business practices of broker-dealers that make markets in debt investments may result in those broker-dealers restricting their market making activities for certain debt investments, which may reduce the liquidity and increase the volatility of such debt investments.

Certain asset-backed instruments, such as collateralized debt obligations, collateralized mortgage obligations and other mortgage-related securities, structured investment vehicles, and other debt investments may have exposure to subprime loans or subprime mortgages, which are loans to persons with lower credit ratings. These instruments may present credit risk that is not transparent and that is greater than indicated by their ratings. The value of these instruments may be more acutely affected by downturns in the credit markets or the real estate market than certain other investments, and it may be difficult to value these instruments because of a thin secondary market.

Foreign and Emerging Markets Investments

Exposure to foreign markets can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Investments in or exposure to investments in emerging market countries may be riskier than investments in or exposure to investments in U.S. and certain developed markets.

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 and geographic focus risk, among other risks.

The PF Emerging Markets Fund holds $83,570 Argentine Peso ($8,873 USD equivalent) restricted foreign cash, which represents cash deposits in Argentina required for entities engaging in activities in Argentina. Such cash cannot be withdrawn without the written approval of the Banco Central de la Republica Argentina (“Central Bank of Argentina”). As of September 30, 2015, the Central Bank of Argentina is not providing written approval to withdraw cash for entities not domiciled in Argentina.

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, London Interbank Offered Rates (“LIBOR”) 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.

When a Fund purchases assignments, it acquires all the rights and obligations under the loan agreement of the assigning lender. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than those held by the assigning lender.

When a Fund purchases a participation of a Senior Loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation. A participation interest in Senior Loans includes the right to receive payments of principal, interest, and any fees to which it is entitled from the lender and only upon receipt by the lender of payments from the Borrower, but not from the Borrower directly. When investing in a participation interest, if a Borrower is unable to meet its obligations under a loan agreement, a Fund generally has no right to enforce compliance with the terms of the loan agreement. As a result, the Fund assumes the credit risk of the Borrower, the selling participant, and any other persons that are interpositioned between the Fund and the Borrower. If the lead lender in a typical lending syndicate becomes insolvent, enters Federal Deposit Insurance Corporation (“FDIC”) receivership or, if not FDIC insured, enters into bankruptcy, the Fund may incur certain costs and delays in receiving payment or may suffer a loss of principal and/or interest. As of September 30, 2015, no participation interest in Senior Loans was held by any of the Funds presented in these financial statements.

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

Delayed-Delivery Transactions

Certain Funds may purchase or sell securities on a delayed-delivery basis. 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

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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 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 a 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 a 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 fund manager or otherwise cover its obligations under reverse repurchase agreements.

Sale-Buybacks Financing Transactions – Certain Funds may enter into transactions referred to as sale-buybacks. A sale-buyback transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. Such transactions are recorded as secured borrowings. A Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Fund are recorded as a liability. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the price drop. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income. Interest payments based upon negotiated financing terms made by the Fund to counterparties are recorded as a component of interest expense. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to a Fund. A Fund will segregate assets determined to be liquid or otherwise cover its obligations under sale-buyback transactions.

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

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

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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, increases a Fund’s volatility.

Segregation and Collateral

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 fund manager. 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.

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

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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 a Fund 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.

A Fund’s transactions in listed securities are settled/paid for upon delivery with 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.

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.

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 deposits are made upon entering into futures contracts and can be funded with either cash or securities. 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 reasons described: the PF Inflation Managed Fund used futures to manage interest rate risk and yield curve exposures, to capture relative value opportunities, as a substitute for cash bond exposure, and for purposes of liquidity. The PF Managed Bond Fund used futures contracts to manage interest rate risk and yield curve exposures, to manage foreign currency exposure, as a substitute for cash bond exposure, for purposes of liquidity, to manage duration and currency exposure, and to contribute to performance. The PF Short Duration Bond Fund entered into interest rate futures to manage duration. The PF Mid-Cap Value, PF Small-Cap Value, PF International Large-Cap, and PF International Small-Cap Funds utilized futures to gain market exposure with the cash generated during PLFA’s reallocation of assets related to the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives. The PF Absolute Return Fund entered into futures to hedge interest rate duration risk and as part of the Fund’s investment strategy. The PF Equity Long/Short Fund used futures to gain exposure to equity indices. The PF Global Absolute Return Fund entered into futures contracts to manage duration and interest rate risk, to maintain full exposure to the equity markets, to manage exposure to various securities markets and movements in interest rates, to provide daily liquidity for the Fund’s inflows and outflows, and as a part of the Fund’s investment strategy.

Option Contracts – An option contract is a commitment that gives the purchaser of the contract the right, but not the obligation, to buy or sell an underlying 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 asset at a specific price on or before a specified future date. A swaption is an option contract granting the owner the right to enter into an underlying swap. Inflation-capped options are options on U.S. inflation rates at a stated strike price. The seller of an inflation-capped option receives an upfront premium and in return the buyer receives the right to receive a payment at the expiration of the option if the cumulative annualized inflation rate over the life of the option is above (for caps) or below (for floors) the stated strike price. The purpose of inflation-capped options is to protect the buyer from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products below a certain rate on a given notional exposure. Writing put options or purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Writing call options or purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes or purchases a call, put, or inflation-capped option, an amount equal to the premium received or paid by the Fund is recorded as a liability or an investment, respectively, and subsequently adjusted to the current market value, based on the quoted daily settlement price of the option written or purchased. Certain options may be written or purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. Premiums received or paid from writing or purchasing options, which expire unexercised, are treated by a Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or realized is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or loss on investment transactions. A Fund, as a writer of an option, may have no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the underlying written option. In addition, an illiquid market may make it difficult for a fund to close out an option contract.

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The maximum risk of loss associated with writing put options is limited to the exercised fair value of the option contract. The maximum risk of loss associated with writing call options is potentially unlimited. Listed option contracts present minimal counterparty credit risk since they are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. A Fund’s maximum risk of loss from counterparty credit risk related to OTC option contracts is limited to the premium paid.

During the reporting period, the following Funds entered into option contracts for the reasons described: the PF Inflation Managed and PF Managed Bond Funds wrote and purchased options and swaptions on futures, volatility and swaps, as a means of capitalizing on anticipated changes in market volatility, to manage duration, to generate income, to manage interest rate risk and yield curve exposures, and to capture relative value opportunities. Both Funds also wrote inflation caps and floors to hedge duration. The PF Mid-Cap Growth Fund purchased and wrote options to establish, increase or gain exposure to an underlying security, to generate income, and to hedge market risk on equity investments. The PF Absolute Return Fund purchased and wrote options for hedging purposes and to enhance returns. The PF Global Absolute Return Fund purchased and wrote options for purposes of risk management to protect gains and to enhance returns.

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. 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 reasons described: the PF Inflation Managed and PF Managed Bond Funds entered into Forward Contracts in connection with settling planned purchases or sales of investments, to hedge the currency exposure associated with some or all of the Funds’ investments, to manage interest rate risk and yield curve exposures, to capture relative value opportunities, and as part of these Funds’ investment strategies. The PF Short Duration Bond Fund entered into Forward Contracts to manage base currency exposure. The PF Emerging Markets Debt Fund entered into Forward Contracts to gain exposure to various markets, for purposes of hedging and as part of the Fund’s investment strategy. The PF Comstock Fund entered into Forward Contracts for risk management purposes to mitigate currency risk and to isolate securities selection as the primary driver of performance. The PF International Value Fund entered into Forward Contracts for risk management purposes and to manage currency deviations relative to the benchmark. The PF Absolute Return Fund entered into Forward Contracts for hedging purposes and to take positions as a part of the Fund’s investment strategy. The PF Currency Strategies Fund and PF Equity Long/Short Fund purchased and sold non-deliverable Forward Contracts to gain or increase exposure to various currencies (both long and short positions) for hedging purposes to protect the Fund’s returns against adverse currency movements and as a part of the Fund’s investment strategy. The PF Global Absolute Return Fund entered into Forward Contracts to hedge against currency exposure associated with the Fund’s investments, to shift foreign currency exposure back to U.S. dollars, to shift investment exposure from one currency to another, to increase returns, and as a substitute for securities.

Forward Bond Contracts – Forward bond contracts represent a short-term forward contract to purchase a bond denominated in a non-deliverable foreign currency at a fixed price on a future date. For forward bond contracts, unrealized gains and losses, based on changes in the value of the contract, are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

During the reporting period, the PF Global Absolute Return Fund entered into forward bond contracts for hedging purposes to protect the Fund’s returns against adverse currency movements, to shift exposure from one currency to another, to enhance returns, and as a substitute for securities.

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 may be executed in a multilateral or other execution facility platform, such as a registered commodities exchange (“centrally cleared swaps”). In connection with these agreements, 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

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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.

Cross-currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps also involve the exchange of the notional amounts at the start of the contract at the current spot rate with an agreement to re-exchange such amounts at a later date at either the same exchange rate, a specified rate or the then current spot rate. The entire principal value of a cross-currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations.

During the reporting period, the following Funds entered into interest rate swap agreements for the reasons described: 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, as a substitute for cash bond exposure, and as part of each Funds’ investment strategy. The PF Emerging Markets Debt Fund and the PF Absolute Return 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. The PF Global Absolute Return Fund entered into interest rate swaps for hedging purposes to manage interest rate risk, to gain or mitigate currency exposure and exposure to various securities markets, and to increase returns.

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. As a seller of protection, a Fund generally receives an upfront payment 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 its Fund because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

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.

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 issues, sovereign issues of an emerging country or U.S. Treasury obligation 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 of an emerging country, 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.

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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 issues, sovereign issues of an emerging country 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 collateral posted, net of assets received as collateral, for swap agreements is also 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, 2015 for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts are partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

During the reporting period, the following Funds entered into credit default swap agreements for the reasons described: the PF Inflation Managed Fund entered into credit default swaps on credit indices to obtain exposure to the credit risk of individual securities or to the broader investment grade sector. The PF Managed Bond Fund entered into credit default swaps on credit indices to manage exposure to and within the credit sector and to obtain exposure to the credit risk of individual securities or the broader investment grade, high yield, or emerging markets sectors, and to contribute to performance. The PF Absolute Return Fund utilized credit default swaps for hedging purposes and to increase returns. The PF Global Absolute Return Fund entered into credit default swaps to increase or decrease credit exposure to individual issuers of debt securities or to a specific debt security or basket of debt securities, and to increase returns.

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 reasons described: the PF Emerging Markets Debt Fund entered into total return swaps to gain exposure to various markets, for purposes of hedging and as part of the Fund’s investment strategy. The PF Equity Long/Short Fund entered into total return swaps to gain exposure to equity indices and to gain security level

C-14

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NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

stock exposure. The PF Global Absolute Return Fund entered into total return swaps to gain currency exposure in various markets, to increase or decrease credit exposure to individual issuers of debt securities, to increase or decrease credit exposure to a specific debt security or basket of debt securities, and to increase returns.

A total return basket swap is designed to function as a Fund of direct investments in long and short equity or fixed income positions. The Fund has the ability to trade in and out of long and short positions within the swap and will receive all of the economic benefits and risks equivalent to direct investments in these positions such as: capital appreciation or depreciation, corporate actions, and dividends and interest received and paid, all of which are reflected in the swap value. The swap value also includes interest charges and credits related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on defined market rates plus or minus a specified spread and are referred to herein as “financing costs”. Positions within the swap are reset periodically, and financing costs are reset monthly. During a reset, any unrealized gain or loss on positions and accrued financing costs become available for cash settlement between the Fund and the swap counterparty. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement, and is generally determined based on limits and thresholds established as part of the Master Agreement between the Fund and the counterparty. A change in the market value of a total return basket swap contract is recognized as a change in unrealized appreciation or depreciation on swaps in the Statements of Operations. Cash settlements between a Fund and the counterparty are recognized as realized gain or loss on swap transactions in the Statements of Operations. Total return basket swap agreements outstanding at period end, if any, are disclosed in Notes to Schedule of Investments.

During the reporting period, the PF Equity Long/Short Fund entered into total return basket swaps to gain exposure to equity indices and to gain security level stock exposure.

Volatility Swaps – Volatility swap agreements involve two parties agreeing to exchange cash flows based on the measured variance (or square of volatility) of a specified underlying asset. One party agrees to exchange a “fixed rate” or strike price payment for the “floating rate” or realized price variance on the underlying asset with respect to the notional amount. At inception, the strike price is generally chosen such that the fair value of the swap is zero.

At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price variance of the underlying asset and the strike price multiplied by the notional amount. As a receiver of the realized price variance, the Fund would receive the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would owe the payoff amount when the variance is less than the strike. As a payer of the realized price variance, the Fund would owe the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would receive the payoff amount when the variance is less than the strike. This type of agreement is essentially a forward contract on the future realized price variance of the underlying asset.

During the reporting period, the PF Inflation Managed Fund utilized volatility swaps to take a small position on the volatility of currencies.

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:

	Location on the Statements of Assets and Liabilities
Derivative Investments Risk Type	Asset Derivative Investments	Liability Derivative Investments
Credit contracts	Investments, at value	Outstanding options written, at value
Equity contracts	Receivable: Variation margin	Payable: Variation margin
Interest rate contracts	Swap agreements, at value	Swap agreements, at value
	Forward bond contracts appreciation	Forward bond contracts depreciation
Foreign currency contracts	Investments, at value	Outstanding options written, at value
	Receivable: Variation margin	Payable: Variation margin
	Forward foreign currency contracts appreciation	Forward foreign currency contracts depreciation
	Swap agreements, at value	Swap agreements, at value

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, 2015:

	Asset Derivative Investments Value
Fund	Total Value at September 30, 2015		Credit Contracts			Equity Contracts			Foreign Currency Contracts			Interest Rate Contracts
PF Inflation Managed		$620,399		$7,506	*		$—			$212,688			$400,205	*
PF Managed Bond		3,389,245		358,156			—			1,283,552	*		1,747,537	*
PF Short Duration Bond		34,757		—			—			34,757			—
PF Emerging Markets Debt		1,673,337		—			—			733,211			940,126
PF Comstock		190,948		—			—			190,948			—
PF International Value		349,056		—			—			349,056			—
PF Absolute Return		783,507		242,732	*		1,833			532,795			6,147	*
PF Currency Strategies		1,610,991		—			—			1,610,991			—
PF Equity Long/Short		20,927,166		—			20,902,912	*		24,254			—
PF Global Absolute Return		12,278,609		2,757,076			588,634	*		6,480,172			2,452,727	*

C-15

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	Liability Derivative Investments Value
Fund	Total Value at September 30, 2015			Credit Contracts			Equity Contracts			Foreign Currency Contracts			Interest Rate Contracts
PF Inflation Managed		($757,158	)		($61,121	)		$—			($73,836	)		($622,201	)*
PF Managed Bond		(6,351,824	)		(941,442	)*		—			(755,772	)*		(4,654,610	)*
PF Short Duration Bond		(12,509	)		—			—			—			(12,509	)*
PF Emerging Markets Debt		(824,968	)		—			—			(809,126	)		(15,842	)
PF Comstock		(1,420	)		—			—			(1,420	)		—
PF Mid-Cap Growth		(215,280	)		—			(215,280	)		—			—
PF International Value		(631,837	)		—			—			(631,837	)		—
PF Absolute Return		(1,088,926	)		(283,962	)		—			(140,880	)		(664,084	)*
PF Currency Strategies		(1,152,296	)		—			—			(1,152,296	)		—
PF Equity Long/Short		(2,085,217	)		—			(1,954,776	)*		(130,441	)		—
PF Global Absolute Return		(9,744,394	)		(807,090	)		(586,019	)*		(5,002,154	)		(3,349,131	)*

* Includes cumulative appreciation and depreciation of futures contracts and centrally cleared options and swaps as reported in the Notes to Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

The following is a summary of the location of realized gains and losses and changes in net unrealized appreciation and depreciation of 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 investment security transactions
Equity contracts	Net realized gain (loss) on futures contract transactions
Interest rate contracts	Net realized gain (loss) on swap transactions
	Net realized gain (loss) on written option transactions
	Net realized gain (loss) on forward bond contracts
	Change in net unrealized appreciation (depreciation) on investment securities
	Change in net unrealized appreciation (depreciation) on futures contracts
	Change in net unrealized appreciation (depreciation) on swaps
	Change in net unrealized appreciation (depreciation) on written options
	Change in net unrealized appreciation (depreciation) on forward bonds
Foreign currency contracts	Net realized gain (loss) on investment security transactions
	Net realized gain (loss) on futures contract transactions
	Net realized gain (loss) on swap transactions
	Net realized gain (loss) on written option transactions
	Net realized gain (loss) on foreign currency transactions
	Change in net unrealized appreciation (depreciation) on investment securities
	Change in net unrealized appreciation (depreciation) on futures contracts
	Change in net unrealized appreciation (depreciation) on swaps
	Change in net unrealized appreciation (depreciation) on written options
	Change in net unrealized appreciation (depreciation) on foreign currencies

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 six-month period ended September 30, 2015:

	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		$456,162			($12,866	)		$—			$496,596			($27,568	)
PF Managed Bond		2,746,398			(190,588	)		—			867,446			2,069,540
PF Short Duration Bond		112,755			—			—			118,811			(6,056	)
PF Emerging Markets Debt		(972,773	)		—			—			(597,817	)		(374,956	)
PF Comstock		(914,571	)		—			—			(914,571	)		—
PF Mid-Cap Growth		52,836			—			52,836			—			—
PF Mid-Cap Value		(676,015	)		—			(676,015	)		—			—
PF Small-Cap Value		(113,986	)		—			—			—			(113,986	)
PF International Large-Cap		647,994			—			647,994			—			—
PF International Small-Cap		(40,410	)		—			(40,410	)		—			—
PF International Value		78,792			—			56,872			21,920			—
PF Absolute Return		75,044			171,284			44,948			(192,129	)		50,941
PF Currency Strategies		(1,326,311	)		—			—			(1,326,311	)		—
PF Equity Long/Short		(8,164,450	)		—			(7,692,347	)		(472,103	)		—
PF Global Absolute Return		5,666,938			(374,822	)		(502,743	)		4,182,756			2,361,747

C-16

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	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		($791,343	)		($3,607	)		$—			($635,047	)		($152,689	)
PF Managed Bond		(1,989,819	)		(193,501	)		—			(685,388	)		(1,110,930	)
PF Short Duration Bond		1,498			—			—			5,426			(3,928	)
PF Emerging Markets Debt		171,525			—			—			132,161			39,364
PF Comstock		560,522			—			—			560,522			—
PF Mid-Cap Growth		(80,618	)		—			(80,618	)		—			—
PF International Value		(488,521	)		—			10,614			(499,135	)		—
PF Absolute Return		(258,886	)		57,093			(49,957	)		391,915			(657,937	)
PF Currency Strategies		(380,271	)		—			—			(380,271	)		—
PF Equity Long/Short		18,841,949			—			18,948,136			(106,187	)		—
PF Global Absolute Return		(8,584,318	)		(616,832	)		(82,884	)		(6,954,124	)		(930,478	)

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 six-month period ended September 30, 2015:

	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		15		($73,617	)		41		$207,087			36		($45,754	)		34		($312,729	)
PF Managed Bond		31		(74,478	)		76		447,951			83		(304,267	)		63		(1,560,539	)
PF Short Duration Bond		1		(6,930	)		2		26,186			-		-			-		-
PF Emerging Markets Debt		-		-			138		(137,729	)		-		-			20		2,087,046
PF Comstock		-		-			19		18,510			-		-			-		-
PF Mid-Cap Growth		-		-			-		-			4		(26,613	)		-		-
PF International Value		2		(5,307	)		54		(27,591	)		-		-			-		-
PF Absolute Return		9		(99,843	)		13		403,742			2		65,667			35		220,186
PF Currency Strategies		-		-			71		379,835			-		-			-		-
PF Equity Long/Short		14		(1,563,614	)		27		108,741			-		-			14		12,259,524
PF Global Absolute Return		15		(822,737	)		125		1,361,033			37		1,007,020			128		4,926,967

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 six-month period ended September 30, 2015. The table shown above excludes futures contracts that were utilized by PF Mid-Cap Value, PF Small-Cap Value, PF International Large-Cap, and PF International Small-Cap Funds to gain market exposure with the cash generated during PLFA’s reallocation of assets related to the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives.

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. 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. 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. 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

C-17

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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 netting agreements (or similar arrangements) and collateral received and pledged in connection with the master netting agreements (or similar arrangements) as of September 30, 2015:

	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
Swap agreements		$95,050		($24,489	)		$-			$70,561		($79,349	)		$24,489		$-		($54,860	)
Option contracts		116,226		(81,167	)		-			35,059		(120,823	)		81,167		17,280		(22,376	)
Foreign currency contracts		212,685		(72,022	)		-			140,663		(73,836	)		72,022		-		(1,814	)
Sale-buyback financing transactions												(24,186,005	)		24,186,005		-		-
PF Managed Bond
Swap agreements		179,111		(134,261	)		(20,456	)		24,394		(1,393,205	)		134,261		-		(1,258,944	)
Option contracts		220,065		(190,261	)		(13,593	)		16,211		(288,910	)		190,261		-		(98,649	)
Foreign currency contracts		1,249,822		(488,063	)		(347,430	)		414,329		(653,989	)		488,063		-		(165,926	)
Sale-buyback financing transactions												(5,932,452	)		5,932,452		-		-
PF Short Duration Bond
Foreign currency contracts		34,757		-			-			34,757		-			-		-		-
PF Emerging Markets Debt
Swap agreements		941,631		(15,842	)		-			925,789		(15,842	)		15,842		-		-
Foreign currency contracts		731,706		(576,380	)		-			155,326		(809,126	)		576,380		9,859		(222,887	)
PF Comstock
Foreign currency contracts		190,948		(1,420	)		-			189,528		(1,420	)		1,420		-		-
PF Mid-Cap Growth
Option contracts		-		-			-			-		(215,280	)		-		-		(215,280	)
PF International Value
Foreign currency contracts		349,056		(290,841	)		-			58,215		(631,837	)		290,841		-		(340,996	)
PF Absolute Return
Swap agreements		196,347		(159,684	)		(21,368	)		15,295		(352,708	)		159,684		-		(193,024	)
Foreign currency contracts		532,795		(20,414	)		(298,632	)		213,749		(140,880	)		20,414		-		(120,466	)
PF Currency Strategies
Foreign currency contracts		1,610,991		(882,781	)		(499,374	)		228,836		(1,152,296	)		882,781		230,263		(39,252	)
PF Equity Long/Short
Swap agreements		20,900,194		(741,451	)		-			20,158,743		(741,451	)		741,451		-		-
Foreign currency contracts		24,254		(24,254	)		-			-		(130,441	)		24,254		53,140		(53,047	)
PF Global Absolute Return
Swap agreements		4,751,611		(2,042,643	)		(1,611,096	)		1,097,872		(2,711,083	)		2,042,643		105,398		(563,042	)
Option contracts		3,647,280		(3,124,031	)		(311,190	)		212,059		(3,187,184	)		3,124,031		9,958		(53,195	)
Foreign currency contracts		2,674,384		(1,968,713	)		(419,681	)		285,990		(2,334,144	)		1,968,713		57,620		(307,811	)

As of September 30, 2015, certain Funds had investments in repurchase agreements. The gross value and related collateral received for these investments 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 held by each applicable Fund presented in these financial statements, except for the PF Global Absolute Return Fund, exceeded the value of the repurchase agreements as of September 30, 2015. For the PF Global Absolute Return Fund (see page A-109), the value of the related collateral (Spain Government) of $1,064,816 held by the Fund for a repurchase agreement (JPMorgan Chase & Co), which was entered into by the Fund for the purpose of selling a security short, exceeded 95% of the value of the repurchase price of the repurchase agreement ($1,086,576) as of September 30, 2015. As discussed in Note 4 on page C-9, in the case of a repurchase agreement entered into by a Fund for the purposes of selling a security short, the value of the collateral delivered to a Fund must be equal to or exceed 95% of the value of the repurchase price during the term of the repurchase agreement.

C-18

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

6. INVESTMENT ADVISORY, ADMINISTRATION AND SHAREHOLDER SERVICES, SUPPORT SERVICES, AND DISTRIBUTION AGREEMENTS

Pursuant to an Investment Advisory Agreement, PLFA, a wholly-owned subsidiary of Pacific Life Insurance Company (‘‘Pacific Life”), serves as Adviser to each Fund of the Trust. For the PF Underlying Funds, PLFA has retained other investment management firms to sub-advise each Fund, as discussed later in this section. PLFA receives investment advisory fees from each Fund based on the following advisory fee rates, which are based on an annual percentage of average daily net assets of each Fund:

PF Floating Rate Loan (1)	0.75%	PF Large-Cap Value	0.65%	PF International Large-Cap	0.85%
PF Inflation Managed (1)	0.40%	PF Main Street Core	0.45%	PF International Small-Cap (1)	0.85%
PF Managed Bond	0.40%	PF Mid-Cap Equity	0.65%	PF International Value	0.65%
PF Short Duration Bond	0.40%	PF Mid-Cap Growth (1)	0.70%	PF Real Estate	0.90%
PF Emerging Markets Debt	0.785%	PF Mid-Cap Value	0.70%	PF Absolute Return	0.80%
PF Comstock (1)	0.75%	PF Small-Cap Growth	0.60%	PF Currency Strategies	0.65%
PF Growth	0.55%	PF Small-Cap Value	0.75%	PF Equity Long/Short (1)	1.15%
PF Large-Cap Growth (1)	0.75%	PF Emerging Markets	0.80%	PF Global Absolute Return	0.80%

(1) PLFA agreed to waive its advisory fees through July 31, 2016 for the following Funds: 0.10% for the PF Floating Rate Loan Fund; 0.02% for the PF Inflation Managed Fund; 0.015% for the PF Comstock Fund; 0.045% for the PF Large-Cap Growth Fund; 0.05% for the PF Mid-Cap Growth Fund; 0.02% for the PF International Small-Cap Fund; and 0.15% for the PF Equity Long/Short Fund. The agreements will terminate if the investment advisory agreement is terminated or upon approval by the Board and prior written notice to the Adviser. There is no guarantee that PLFA will continue such waivers after those dates.

Pursuant to Fund Management Agreements, as of September 30, 2015, the Trust and PLFA engage investment management firms under PLFA’s supervision for the PF Underlying Funds. PLFA, as Adviser to each Fund of the Trust, pays the related management fees to these sub-advisers as compensation for their sub-advisory services provided to the Trust. As of September 30, 2015, the following firms serve as sub-advisers for their respective Fund(s):

Fund	Sub-Adviser	Fund	Sub-Adviser
PF Floating Rate Loan PF Global Absolute Return	Eaton Vance Investment Managers	PF Mid-Cap Growth	Ivy Investment Management Company
PF Inflation Managed PF Managed Bond	Pacific Investment Management Company LLC and Western Asset Management Company (co-sub-advisers)	PF Mid-Cap Value	Boston Partners
PF Short Duration Bond	T. Rowe Price Associates, Inc.	PF Small-Cap Growth	Lord, Abbett & Co. LLC
PF Emerging Markets Debt	Ashmore Investment Management Limited	PF Small-Cap Value	AllianceBernstein L.P.
PF Comstock	Invesco Advisers, Inc.	PF International Small-Cap	QS Batterymarch Financial Management, Inc.
PF Growth PF International Large-Cap	MFS Investment Management	PF International Value	J.P. Morgan Investment Management Inc.
PF Large-Cap Growth	BlackRock Investment Management, LLC	PF Real Estate	Morgan Stanley Investment Management Inc.
PF Large-Cap Value	ClearBridge Investments, LLC	PF Absolute Return	BlueBay Asset Management LLP
PF Main Street Core PF Emerging Markets	OppenheimerFunds, Inc.	PF Currency Strategies	Macro Currency Group and UBS Global Asset Management (Americas) Inc. (co-sub-advisers)
PF Mid-Cap Equity	Scout Investments, Inc.	PF Equity Long/Short	AQR Capital Management, LLC

Pursuant to an Administration and Shareholder Services Agreement (the “Administration Agreement”), Pacific Life serves as administrator (the “Administrator”) to the Trust. The Trust paid the Administrator an administration fee at an annual rate of 0.15% for each of the PF Underlying Funds. The administration fee is for procuring or providing administrative, transfer agency, and shareholder services. In addition, Pacific Life and PLFA provide support services to the Trust that are outside the scope of the Administrator’s and Adviser’s responsibilities under the Administration Agreement and Investment Advisory Agreement. Under the Support Services Agreement, the Trust compensates Pacific Life and PLFA for their expenses in providing support services to the Trust in connection with various matters, some of which include the time spent by legal, accounting, and compliance personnel of Pacific Life and PLFA (including individuals who may be officers or Trustees of the Trust) to attend meetings of the Board and to provide assistance with the coordination and supervision in connection with the services procured for the Trust under the Administration Agreement. Support services do not include any services for which PLFA is responsible pursuant to the Investment Advisory Agreement. The Trust reimburses Pacific Life and PLFA for these support services on an approximate cost basis.

Pursuant to a 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

C-19

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

subsequent servicing needs of shareholders provided by selling groups. The Class P shares of the PF Underlying Funds presented in these financial statements are not subject to a distribution and/or service fee.

7. TRANSACTIONS WITH AFFILIATES

A. ADVISORY FEES, ADMINISTRATION FEES AND EXPENSES FOR SUPPORT SERVICES

The Adviser, the Distributor, and Pacific Life are related parties. The advisory fees earned by the Adviser, including any advisory fee waiver, the administration fees earned by Pacific Life, and expenses for support services recovered by PLFA and Pacific Life (see Note 6) from each Fund presented in these financial statements for the six-month period ended September 30, 2015 are presented in the Statements of Operations. The amounts of each of these fees that remained payable as of September 30, 2015 are presented in the Statements of Assets and Liabilities.

B. EXPENSE LIMITATION AGREEMENTS

To help limit the Trust’s expenses, PLFA has entered into expense limitation agreements with the Trust and has contractually agreed to reimburse each Fund (other than the PF Absolute Return and PF Equity Long/Short Funds) presented in these financial statements for certain operating expenses that exceed an annual rate based on a percentage of a Fund’s average daily net assets. These operating expenses include, but are not limited to: administration fees; organizational expenses; custody expenses; expenses for audit, tax, and certain legal services; preparation, printing, filing, and distribution to existing shareholders of proxies, prospectuses and shareholder reports, and other regulatory documents, as applicable; independent trustees’ fees; and establishing, overseeing, and administering the Trust’s compliance program. These operating expenses do not include: investment advisory fees; distribution and/or service fees, if any; interest; taxes (including foreign taxes on dividends, interest or gains); brokerage commissions and other transactional expenses; dividends on securities sold short; acquired fund fees and expenses; and extraordinary expenses such as litigation expenses and other expenses not incurred in the ordinary course of each Fund’s business. The current expense cap for the PF Underlying Funds, except the PF Mid-Cap Value, PF International Small-Cap, PF Absolute Return, PF Currency Strategies, PF Equity Long/Short, and PF Global Absolute Return Funds is 0.15% through July 31, 2016 and 0.30% thereafter through July 31, 2022. The expense cap for the PF Mid-Cap Value, PF International Small-Cap, PF Currency Strategies, and PF Global Absolute Return Funds is 0.25% through July 31, 2016. There is no expense cap for the PF Absolute Return and PF Equity Long/Short Funds.

There is no guarantee that PLFA will continue to reimburse 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 for a period as permitted under regulatory and accounting guidance (currently three years from the end of the fiscal year in which the reimbursement took place) to the extent such recoupments would not cause the Fund to exceed the expense cap that was in effect at the time of the reimbursement. Any amounts repaid to PLFA will have the effect of increasing such expenses of the Fund, but not above the expense cap. The amounts of adviser reimbursement to each of the applicable Funds presented in these financial statements for the six-month period ended September 30, 2015 are presented in the Statements of Operations. Any amounts that remained due from the Adviser as of September 30, 2015 are presented in the Statements of Assets and Liabilities. There was no recoupment of expense reimbursement by PLFA from any Funds presented in these financial statements during the six-month period ended September 30, 2015.

The cumulative expense reimbursement amounts, if any, as of September 30, 2015 that are subject to recoupment by PLFA from each Fund presented in these financial statements are as follows:

	Expiration Date
Fund	3/31/2016		3/31/2017		3/31/2018		3/31/2019
PF Floating Rate Loan		$138,319		$145,911		$159,103		$63,175
PF Inflation Managed		210,150		147,422		150,774		61,698
PF Managed Bond		511,150		474,658		512,975		228,805
PF Short Duration Bond		200,776		214,263		214,257		87,294
PF Emerging Markets Debt		149,277		136,611		219,179		98,804
PF Comstock		179,416		188,193		174,160		74,193
PF Growth		95,666		66,117		81,452		42,601
PF Large-Cap Growth		120,927		108,743		113,036		53,684
PF Large-Cap Value		217,662		225,998		211,881		96,195
PF Main Street Core		167,926		158,976		154,305		75,689
PF Mid-Cap Equity		137,581		101,037		116,418		60,924
PF Mid-Cap Growth		95,060		60,241		53,935		25,133
PF Small-Cap Growth		63,952		45,628		50,330		27,585
PF Small-Cap Value		101,068		99,142		90,161		46,246
PF Emerging Markets		408,692		425,076		445,820		206,514
PF International Large-Cap		257,028		225,808		253,588		123,597
PF International Small-Cap						37,089		8,049
PF International Value		187,506		180,640		182,705		100,040
PF Real Estate		60,947		42,886		40,632		15,087
PF Currency Strategies		31,042		49,987		4,400		—
PF Global Absolute Return		68,978		319,375		210,688		88,466
		$3,403,123		$3,416,712		$3,476,888		$1,583,779

C-20

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

C. INDEPENDENT TRUSTEES

The Trust pays each independent trustee of the Board retainer fees and specified amounts 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 each Fund at the time of such deferral and are payable in accordance with the Plan. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain Funds. An independent trustee who defers compensation has the option to select credit rate options that track the performance, at NAV without a sales load, of Class A shares of the Portfolio Optimization Funds, Pacific Funds Diversified Alternatives, Pacific Funds Short Duration Income, Pacific Funds Core Income, Pacific Funds Strategic Income, Pacific Funds Floating Rate Income, Pacific Funds Limited Duration High Income, and/or Pacific Funds High Income, and/or Class P shares of the PF Underlying Funds. The obligation of each Fund 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 six-month period ended September 30, 2015, such expenses decreased by $1,402 for all applicable Funds presented in these financial statements as a result of the market value depreciation on such accounts. As of September 30, 2015, the total amount in the DCP Liability accounts was $43,267 for all applicable Funds presented in these financial statements.

D. OFFICERS OF THE TRUST

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

E. 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.

8. UNFUNDED SENIOR LOAN COMMITMENTS

Unfunded loan commitments on senior loan participations and assignments (see Note 4), if any, are marked to market daily and valued according to the Trust’s valuation policies and procedures. Any outstanding unfunded loan commitments are presented in the Notes to Schedules of Investments section of each applicable Fund’s Schedule of Investments. Any applicable net unrealized appreciation or depreciation at the end of the reporting period is recorded as an asset (unfunded loan commitment appreciation) or a liability (unfunded loan commitment depreciation) and any change in net unrealized appreciation or depreciation for the reporting period is recorded as a change in net unrealized appreciation or depreciation on unfunded loan commitment. As of September 30, 2015, the PF Floating Rate Loan Fund and PF Global Absolute Return Fund had unfunded loan commitments of $104,713 and $82,416, respectively (see details in the Notes to Schedules of Investments).

9. PURCHASES AND SALES OF INVESTMENTS

The cost of purchases and proceeds from sales of investments (excluding short-term investments) for the six-month period ended September 30, 2015, are summarized in the following table:

	U.S. Government Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
PF Floating Rate Loan		$—		$—		$26,475,074		$64,395,851
PF Inflation Managed		54,676,261		132,052,797		3,038,456		10,018,688
PF Managed Bond		970,597,942		1,074,625,078		85,251,403		147,307,173
PF Short Duration Bond		66,060,141		93,980,225		14,869,215		111,912,894
PF Emerging Markets Debt		—		—		46,151,249		80,323,664
PF Comstock		—		—		20,967,391		47,159,652
PF Growth		—		—		22,603,151		52,381,092
PF Large-Cap Growth		—		—		56,061,042		109,875,044
PF Large-Cap Value		—		—		19,528,198		58,561,452
PF Main Street Core		—		—		56,398,446		122,828,747
PF Mid-Cap Equity		—		—		185,357,404		221,411,074
PF Mid-Cap Growth		—		—		16,349,191		34,311,204
PF Mid-Cap Value		—		—		276,876,040		13,594,903
PF Small-Cap Growth		—		—		76,440,915		106,522,492
PF Small-Cap Value		—		—		113,092,186		49,843,468
PF Emerging Markets		—		—		63,158,677		26,827,832
PF International Large-Cap		—		—		145,999,711		39,538,329
PF International Small-Cap		—		—		33,317,485		34,332,840
PF International Value		—		—		71,313,523		49,892,950

C-21

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	U.S. Government Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
PF Real Estate		$—		$—		$27,932,509		$6,106,019
PF Absolute Return		9,109,288		2,719,548		113,869,236		58,938,398
PF Global Absolute Return		10,113,862		11,416,114		72,020,961		104,142,007

10. SECURED BORROWINGS

The contractual maturity of secured borrowings, and type of collateral pledged as of September 30, 2015, are summarized in the following table:

			Remaining Contractual Maturity of the Agreements
Secured Borrowings	Collateral Type		Overnight and Continuous		Up to 30 days		31-90 days		Greater Than 90 Days		Total
PF Inflation Managed
Sale-buyback financing transactions		U.S.Treasury Obligations		$208,677		$23,977,327		$—		$—		$24,186,004
Total borrowings				$208,677		$23,977,327		$—		$—		$24,186,004
PF Managed Bond
Sale-buyback financing transactions		U.S.Treasury Obligations		$724,089		$5,208,363		$—		$—		$5,932,452
Total borrowings				$724,089		$5,208,363		$—		$—		$5,932,452

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 year or period ended March 31, 2015, 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 sale-buyback financing transactions, futures and options, swap income, paydown gain/loss, partnership income, foreign currency transactions, passive foreign investment companies, 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, as of March 31, 2015:

				Distributable Earnings				Late-Year Ordinary and Post-October Losses Deferral
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
PF Floating Rate Loan		($1,308,857	)		$1,135,851		$—		$—		$—		$—		$—
PF Inflation Managed		(4,319,485	)		—		—		26,353		—		—		26,353
PF Managed Bond		—			10,217,524		4,606,718		—		—		—		—
PF Short Duration Bond		(1,449,748	)		362,742		—		—		—		—		—
PF Emerging Markets Debt		(3,864,326	)		—		—		2,876,604		—		—		2,876,604
PF Comstock		—			3,510,782		12,100,220		—		—		—		—
PF Growth		—			—		474,198		—		—		—		—
PF Large-Cap Growth		—			—		10,226,878		125,361		717,919		—		843,280
PF Large-Cap Value		—			1,472,537		6,774,779		—		—		—		—
PF Main Street Core		—			1,663,653		11,965,948		—		—		—		—
PF Mid-Cap Equity		—			410,785		5,635,134		—		—		—		—
PF Mid-Cap Growth		—			995,471		1,563,635		—		—		—		—
PF Small-Cap Growth		—			—		1,452,396		—		—		—		—
PF Small-Cap Value		—			814,372		537,129		—		—		—		—
PF Emerging Markets		—			849,552		—		—		1,575,487		—		1,575,487
PF International Large-Cap		(5,151,117	)		1,837,377		—		—		—		—		—
PF International Small-Cap		—			2,087,295		40,950		—		—		—		—
PF International Value		(44,175,460	)		1,170,057		—		—		—		—		—
PF Real Estate		—			—		3,736,141		—		—		—		—
PF Currency Strategies		(5,937	)		2,681,451		—		—		—		—		—
PF Global Absolute Return		(2,014,962	)		11,761,492		—		—		—		—		—

C-22

PACIFIC LIFE FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

Accumulated capital losses represent net capital loss carryovers as of March 31, 2015 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. The following table shows the expiration dates and the amounts of capital loss carryover, if any, by each of the applicable Funds as of March 31, 2015 and capital loss carryover from prior years utilized during the year ended March 31, 2015:

	Net Capital Loss Carryover Expiring In									Unlimited Period of Net Capital Loss Carryover						Accumulated Capital Loss Carryover			Capital Loss Carryover Utilized During the Year Ended March 31, 2015
Fund	2017			2018			2019			Short-Term			Long- Term
PF Floating Rate Loan		$—			$—			$—			($363,201	)		($945,656	)		($1,308,857	)		$—
PF Inflation Managed		—			—			—			—			(4,319,485	)		(4,319,485	)		—
PF Short Duration Bond		—			—			—			(830,548	)		(619,200	)		(1,449,748	)		—
PF Emerging Markets Debt		—			—			—			(2,149,196	)		(1,715,130	)		(3,864,326	)		—
PF Comstock		—			—			—			—			—			—			2,589,476
PF Growth		—			—			—			—			—			—			64,515
PF International Large-Cap		—			(2,498,954	)		(2,652,163	)		—			—			(5,151,117	)		3,329,854
PF International Value		(5,634,042	)		(38,541,418	)		—			—			—			(44,175,460	)		2,549,353
PF Real Estate		—			—			—			—			—			—			5,601,478
PF Currency Strategies		—			—			—			(5,937	)		—			(5,937	)		—
PF Global Absolute Return		—			—			—			(188,154	)		(1,826,808	)		(2,014,962	)		—

The aggregate cost of investments and the composition of unrealized appreciation and depreciation on investments for Federal income tax purposes as of September 30, 2015, 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
PF Floating Rate Loan		$87,925,236		$221,814		($4,437,150	)		($4,215,336	)
PF Inflation Managed		80,721,407		644,189		(4,725,557	)		(4,081,368	)
PF Managed Bond		522,318,748		7,062,425		(14,608,939	)		(7,546,514	)
PF Short Duration Bond		81,949,926		396,215		(769,055	)		(372,840	)
PF Emerging Markets Debt		113,560,240		969,512		(13,353,292	)		(12,383,780	)
PF Comstock		167,469,366		55,184,056		(12,742,987	)		42,441,069
PF Growth		90,623,589		25,529,760		(1,777,104	)		23,752,656
PF Large-Cap Growth		123,114,222		25,095,147		(2,287,940	)		22,807,207
PF Large-Cap Value		189,981,764		103,137,896		(8,892,658	)		94,245,238
PF Main Street Core		160,015,345		40,818,467		(9,720,121	)		31,098,346
PF Mid-Cap Equity		162,919,657		13,515,961		(7,034,481	)		6,481,480
PF Mid-Cap Growth		59,579,548		7,852,965		(8,531,141	)		(678,176	)
PF Mid-Cap Value		266,559,413		2,896,007		(20,878,347	)		(17,982,340	)
PF Small-Cap Growth		46,134,577		4,428,142		(2,838,811	)		1,589,331
PF Small-Cap Value		197,902,541		11,381,497		(18,765,682	)		(7,384,185	)
PF Emerging Markets		155,139,448		19,038,360		(26,510,203	)		(7,471,843	)
PF International Large-Cap		269,679,277		39,947,588		(13,009,912	)		26,937,676
PF International Small-Cap		119,074,964		9,941,795		(10,489,113	)		(547,318	)
PF International Value		149,120,093		9,834,658		(13,102,940	)		(3,268,282	)
PF Real Estate		49,968,958		16,364,476		(1,058,926	)		15,305,550
PF Absolute Return		70,965,296		231,749		(2,573,788	)		(2,342,039	)
PF Currency Strategies		133,382,017		91,468		(524,448	)		(432,980	)
PF Equity Long/Short		119,558,814		—		—			—
PF Global Absolute Return		144,449,526		3,114,750		(10,673,699	)		(7,558,949	)

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

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 after March 31, 2011.

C-23

PACIFIC LIFE 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 year or period ended March 31, 2015, were as follows:

Fund	Ordinary Income		Long-Term Capital Gains		Total Distributions
PF Floating Rate Loan		$4,425,695		$17,082		$4,442,777
PF Inflation Managed		3,604,677		—		3,604,677
PF Managed Bond		19,686,964		2,358,853		22,045,817
PF Short Duration Bond		3,085,384		—		3,085,384
PF Emerging Markets Debt		5,962,219		—		5,962,219
PF Comstock		5,782,909		20,835,136		26,618,045
PF Growth		516,621		1,456,228		1,972,849
PF Large-Cap Growth		7,264,938		10,828,879		18,093,817
PF Large-Cap Value		7,915,128		28,296,928		36,212,056
PF Main Street Core		4,972,594		31,403,060		36,375,654
PF Mid-Cap Equity		7,669,254		16,838,576		24,507,830
PF Mid-Cap Growth		3,048,287		825,598		3,873,885
PF Small-Cap Growth		—		9,980,804		9,980,804
PF Small-Cap Value		7,232,658		37,104,460		44,337,118
PF Emerging Markets		2,127,430		4,072,435		6,199,865
PF International Large-Cap		4,006,574		—		4,006,574
PF International Value		6,815,945		—		6,815,945
PF Real Estate		962,640		1,075,569		2,038,209
PF Currency Strategies		4,113,282		—		4,113,282
PF Global Absolute Return		9,239,168		—		9,239,168

There were no income and capital gains distributions to shareholders by any of the Funds presented in these financial statements during the six-month period ended September 30, 2015.

C-24

PACIFIC LIFE FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

13. SHARES OF BENEFICIAL INTEREST

Each Fund is authorized to issue an unlimited number of shares of beneficial interest with no par value. Changes in shares of beneficial interest of each Fund for the six-month period ended September 30, 2015 and the year or period ended March 31, 2015, were as follows:

	Six-Month Period ended 9/30/2015			Year ended 3/31/2015			Six-Month Period ended 9/30/2015			Year ended 3/31/2015			Six-Month Period ended 9/30/2015			Year ended 3/31/2015			Six-Month Period ended 9/30/2015			Year ended 3/31/2015
	PF Floating Rate Loan Fund						PF Inflation Managed Fund						PF Managed Bond Fund						PF Short Duration Bond Fund
Class P
Shares sold		90,586			1,230,881			474,452			1,729,290			1,271,043			8,641,636			187,265			3,208,915
Dividends and distributions reinvested		—			458,889			—			415,764			—			2,024,643			—			310,401
Shares repurchased		(4,291,867	)		(1,071,089	)		(8,473,399	)		(8,831,217	)		(19,294,729	)		(6,323,155	)		(13,365,862	)		(5,013,668	)
Net increase (decrease)		(4,201,281	)		618,681			(7,998,947	)		(6,686,163	)		(18,023,686	)		4,343,124			(13,178,597	)		(1,494,352	)
Beginning shares outstanding		12,873,399			12,254,718			14,332,668			21,018,831			58,223,245			53,880,121			21,320,162			22,814,514
Ending shares outstanding		8,672,118			12,873,399			6,333,721			14,332,668			40,199,559			58,223,245			8,141,565			21,320,162
	PF Emerging Markets Debt Fund						PF Comstock Fund						PF Growth Fund						PF Large-Cap Growth Fund
Class P
Shares sold		927,479			5,766,262			443,909			482,602			271,541			2,136,098			617,196			1,522,605
Dividends and distributions reinvested		—			671,421			—			1,516,836			—			104,361			—			1,746,507
Shares repurchased		(6,839,252	)		(1,677,735	)		(2,537,810	)		(3,727,001	)		(1,763,151	)		(424,003	)		(4,978,483	)		(1,459,489	)
Net increase (decrease)		(5,911,773	)		4,759,948			(2,093,901	)		(1,727,563	)		(1,491,610	)		1,816,456			(4,361,287	)		1,809,623
Beginning shares outstanding		18,222,711			13,462,763			15,796,726			17,524,289			7,661,104			5,844,648			18,601,085			16,791,462
Ending shares outstanding		12,310,938			18,222,711			13,702,825			15,796,726			6,169,494			7,661,104			14,239,798			18,601,085
	PF Large-Cap Value Fund						PF Main Street Core Fund						PF Mid-Cap Equity Fund						PF Mid-Cap Growth Fund
Class P
Shares sold		890,060			361,636			588,144			1,174,490			130,348			3,392,520			54,708			391,121
Dividends and distributions reinvested		—			2,135,114			—			2,539,706			—			2,143,418			—			461,649
Shares repurchased		(3,039,415	)		(4,325,277	)		(5,399,165	)		(2,066,816	)		(2,965,096	)		(928,195	)		(2,228,182	)		(2,092,392	)
Net increase (decrease)		(2,149,355	)		(1,828,527	)		(4,811,021	)		1,647,380			(2,834,748	)		4,607,743			(2,173,474	)		(1,239,622	)
Beginning shares outstanding		20,929,922			22,758,449			18,988,660			17,341,280			17,956,302			13,348,559			9,870,298			11,109,920
Ending shares outstanding		18,780,567			20,929,922			14,177,639			18,988,660			15,121,554			17,956,302			7,696,824			9,870,298
	PF Mid-Cap Value Fund (1)						PF Small-Cap Growth Fund						PF Small-Cap Value Fund						PF Emerging Markets Fund
Class P
Shares sold		27,220,795						738,220			1,647,600			7,023,972			408,539			3,658,293			1,127,924
Dividends and distributions reinvested		—						—			727,464			—			4,505,238			—			434,908
Shares repurchased		(400,683	)					(2,677,197	)		(574,546	)		(615,344	)		(1,868,509	)		(845,849	)		(1,778,242	)
Net increase (decrease)		26,820,112						(1,938,977	)		1,800,518			6,408,628			3,045,268			2,812,444			(215,410	)
Beginning shares outstanding		—						5,656,228			3,855,710			13,946,195			10,900,927			10,178,165			10,393,575
Ending shares outstanding		26,820,112						3,717,251			5,656,228			20,354,823			13,946,195			12,990,609			10,178,165
	PF International Large-Cap Fund						PF International Small-Cap Fund (2)						PF International Value Fund						PF Real Estate Fund
Class P
Shares sold		7,341,840			3,601,288			742,635			12,087,220			3,651,761			2,933,931			1,428,207			206,512
Dividends and distributions reinvested		—			226,488			—			—			—			736,859			—			124,971
Shares repurchased		(1,688,722	)		(4,919,463	)		(1,203,464	)		(159,095	)		(1,748,291	)		(5,759,382	)		(128,828	)		(2,602,346	)
Net increase (decrease)		5,653,118			(1,091,687	)		(460,829	)		11,928,125			1,903,470			(2,088,592	)		1,299,379			(2,270,863	)
Beginning shares outstanding		11,939,709			13,031,396			11,928,125			—			15,006,164			17,094,756			2,932,758			5,203,621
Ending shares outstanding		17,592,827			11,939,709			11,467,296			11,928,125			16,909,634			15,006,164			4,232,137			2,932,758
	PF Absolute Return Fund (3)						PF Currency Strategies Fund						PF Equity Long/Short Fund (3)						PF Global Absolute Return Fund
Class P
Shares sold		10,822,675						649,755			6,658,387			16,624,586						2,695,717			979,298
Dividends and distributions reinvested		—						—			416,746			—						—			952,492
Shares repurchased		(2,990,277	)					(6,128,891	)		(2,083,100	)		(1,959,209	)					(6,324,040	)		(4,688,664	)
Net increase (decrease)		7,832,398						(5,479,136	)		4,992,033			14,665,377						(3,628,323	)		(2,756,874	)
Beginning shares outstanding		—						18,912,615			13,920,582			—						17,713,339			20,470,213
Ending shares outstanding		7,832,398						13,433,479			18,912,615			14,665,377						14,085,016			17,713,339

(1) PF Mid-Cap Value Fund commenced operations on July 29, 2015.

(2) PF International Small-Cap Fund commenced operations on January 14, 2015.

(3) PF Absolute Return and PF Equity Long/Short Funds commenced operations on April 27, 2015.

C-25

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 ongoing costs, which include advisory fees, administration 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, 2015 to September 30, 2015.

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 advisory fee waivers and adviser expense reimbursements (See Notes 6 and 7B in Notes to Financial Statements). The “Ending Account Value at 09/30/15” column shown is derived from the fund’s actual performance; the “Annualized Expense Ratio” column shows the fund’s actual annualized expense ratio; and the “Expenses Paid During the Period 04/01/15-09/30/15” 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, 2015 to September 30, 2015.

You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, for each fund in your account, simply divide that fund’s value by $1,000.00 (for example, an $8,600.00 fund value divided by $1,000.00 = 8.6), then multiply the result by the number given for your fund(s) in the “Expenses Paid During the Period 04/01/15-09/30/15.”

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 advisory fee waivers and adviser 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. 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 04/01/15		Ending Account Value at 09/30/15		Annualized Expense Ratio		Expenses Paid During the Period 04/01/15 - 09/30/15 (1)
PF Floating Rate Loan Fund
Actual Fund Return
Class P		$1,000.00		$983.80		0.80%		$3.97
Hypothetical
Class P		$1,000.00		$1,021.00		0.80%		$4.04
PF Inflation Managed Fund
Actual Fund Return
Class P		$1,000.00		$968.20		0.60%		$2.95
Hypothetical
Class P		$1,000.00		$1,022.00		0.60%		$3.03
PF Managed Bond Fund
Actual Fund Return
Class P		$1,000.00		$983.70		0.55%		$2.73
Hypothetical
Class P		$1,000.00		$1,022.25		0.55%		$2.78
PF Short Duration Bond Fund
Actual Fund Return
Class P		$1,000.00		$1,000.00		0.55%		$2.75
Hypothetical
Class P		$1,000.00		$1,022.25		0.55%		$2.78
PF Emerging Markets Debt Fund
Actual Fund Return
Class P		$1,000.00		$952.80		0.94%		$4.59
Hypothetical
Class P		$1,000.00		$1,020.30		0.94%		$4.75
PF Comstock Fund
Actual Fund Return
Class P		$1,000.00		$896.90		0.89%		$4.22
Hypothetical
Class P		$1,000.00		$1,020.55		0.89%		$4.50
PF Growth Fund
Actual Fund Return
Class P		$1,000.00		$954.90		0.70%		$3.42
Hypothetical
Class P		$1,000.00		$1,021.50		0.70%		$3.54
PF Large-Cap Growth Fund
Actual Fund Return
Class P		$1,000.00		$949.60		0.85%		$4.14
Hypothetical
Class P		$1,000.00		$1,020.75		0.85%		$4.29
PF Large-Cap Value Fund
Actual Fund Return
Class P		$1,000.00		$929.50		0.80%		$3.86
Hypothetical
Class P		$1,000.00		$1,021.00		0.80%		$4.04
PF Main Street Core Fund
Actual Fund Return
Class P		$1,000.00		$950.90		0.60%		$2.93
Hypothetical
Class P		$1,000.00		$1,022.00		0.60%		$3.03

See explanation of references on page D-2

D-1

PACIFIC FUNDS

DISCLOSURE OF FUND EXPENSES (Continued)

(Unaudited)

	Beginning Account Value at 04/01/15		Ending Account Value at 09/30/15		Annualized Expense Ratio		Expenses Paid During the Period 04/01/15 - 09/30/15 (1)
PF Mid-Cap Equity Fund
Actual Fund Return
Class P		$1,000.00		$925.10		0.80%		$3.85
Hypothetical
Class P		$1,000.00		$1,021.00		0.80%		$4.04
PF Mid-Cap Growth Fund
Actual Fund Return
Class P		$1,000.00		$877.20		0.80%		$3.75
Hypothetical
Class P		$1,000.00		$1,021.00		0.80%		$4.04
PF Mid-Cap Value Fund (2)
Actual Fund Return
Class P (2)		$1,000.00		$931.00		0.94%		$1.59
Hypothetical
Class P (2)		$1,000.00		$1,020.30		0.94%		$4.75
PF Small-Cap Growth Fund
Actual Fund Return
Class P		$1,000.00		$865.50		0.75%		$3.50
Hypothetical
Class P		$1,000.00		$1,021.25		0.75%		$3.79
PF Small-Cap Value Fund
Actual Fund Return
Class P		$1,000.00		$896.60		0.90%		$4.27
Hypothetical
Class P		$1,000.00		$1,020.50		0.90%		$4.55
PF Emerging Markets Fund
Actual Fund Return
Class P		$1,000.00		$835.80		0.95%		$4.36
Hypothetical
Class P		$1,000.00		$1,020.25		0.95%		$4.80
PF International Large-Cap Fund
Actual Fund Return
Class P		$1,000.00		$911.90		1.00%		$4.78
Hypothetical
Class P		$1,000.00		$1,020.00		1.00%		$5.05
PF International Small-Cap Fund
Actual Fund Return
Class P		$1,000.00		$960.70		1.08%		$5.29
Hypothetical
Class P		$1,000.00		$1,019.60		1.08%		$5.45
PF International Value Fund
Actual Fund Return
Class P		$1,000.00		$909.60		0.80%		$3.82
Hypothetical
Class P		$1,000.00		$1,021.00		0.80%		$4.04
PF Real Estate Fund
Actual Fund Return
Class P		$1,000.00		$915.80		1.05%		$5.03
Hypothetical
Class P		$1,000.00		$1,019.75		1.05%		$5.30

	Beginning Account Value at 04/01/15		Ending Account Value at 09/30/15		Annualized Expense Ratio		Expenses Paid During the Period 04/01/15 - 09/30/15 (1)
PF Absolute Return Fund (3)
Actual Fund Return
Class P (3)		$1,000.00		$957.00		1.14%		$4.79
Hypothetical
Class P (3)		$1,000.00		$1,019.30		1.14%		$5.76
PF Currency Strategies Fund
Actual Fund Return
Class P		$1,000.00		$988.90		0.86%		$4.28
Hypothetical
Class P		$1,000.00		$1,020.70		0.86%		$4.34
PF Equity Long/Short Fund (3)
Actual Fund Return
Class P (3)		$1,000.00		$1,063.00		1.28%		$5.66
Hypothetical
Class P (3)		$1,000.00		$1,018.60		1.28%		$6.46
PF Global Absolute Return Fund
Actual Fund Return
Class P		$1,000.00		$968.10		1.08%		$5.31
Hypothetical
Class P		$1,000.00		$1,019.60		1.08%		$5.45

(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 366 days.

(2) PF Mid-Cap Value Fund commenced operations on July 29, 2015. The actual fund return and expenses paid during the period for this fund was for the period July 29, 2015 to September 30, 2015, instead of the entire six-month period. The hypothetical return and expenses paid during the period are based on the entire six-month period for comparison purposes.

(3) PF Absolute Return and PF Equity Long/Short Funds commenced operations on April 27, 2015. The actual fund returns and expenses paid during the period for these funds were for the period April 27, 2015 to September 30, 2015, instead of the entire six-month period. The hypothetical returns and expenses paid during the period are based on the entire six-month period for comparison purposes.

D-2

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

(Unaudited)

I. Introduction and Background

The Board of Trustees (the “Trustees” or “Board”) of Pacific Funds Series Trust (“Pacific Funds” or the “Trust”) oversees the management of each of the separate funds of the Trust (each a “Fund” and collectively, the “Funds”) and, as required by Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), initially approves and determines annually whether to renew the investment advisory agreement (the “Advisory Agreement”) with Pacific Life Fund Advisors LLC (“PLFA”) and each sub-advisory agreement (the “Sub-Advisory Agreements,” together with the Advisory Agreement, the “Agreements”) with the various sub-advisers (“Sub-Advisers”). PLFA serves as the investment adviser for all of the Funds and directly manages Pacific Funds Short Duration Income, Pacific Funds Core Income, Pacific Funds Strategic Income, Pacific Funds Floating Rate Income, Pacific Funds Limited Duration High Income, and Pacific Funds High Income (the “PAM Managed Funds”) under the name Pacific Asset Management (“PAM”); Pacific Funds Portfolio Optimization Conservative, Pacific Funds Portfolio Optimization Moderate-Conservative, Pacific Funds Portfolio Optimization Moderate, Pacific Funds Portfolio Optimization Growth, and Pacific Funds Portfolio Optimization Aggressive-Growth (the “Portfolio Optimization Funds”); and Pacific Funds Diversified Alternatives (together with the Portfolio Optimization Funds and PAM Managed Funds, the “Directly Managed Funds”). For all other Funds, PLFA has retained other firms to serve as sub-advisers under PLFA’s supervision. The Board, including all of the Trustees who are not “interested persons,” as that term is defined in the 1940 Act (“Independent Trustees”), last renewed the Agreements at an in-person meeting of the Trustees held on December 9-10, 2014.¹ The descriptions below do not relate to the annual renewal of the Advisory Agreement and Sub-Advisory Agreements discussed above, but to approvals for three new Funds, as described in further detail below.

The Trustees’ determinations were made on the basis of each Trustee’s business judgment after consideration of all the information presented. In reviewing the materials presented and in considering the information in the management presentations, the Trustees did not identify any single issue or particular information that, in isolation, would be a controlling factor in making a final decision regarding the proposed Agreements. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. The following summaries describe the most important, but not all, of the factors considered by the Trustees in approving the Agreements, and in the case of the Independent Trustees, certain factors were considered in light of the legal advice furnished to them by independent legal counsel. This discussion is not intended to be all-inclusive.

II. Board Consideration of the Investment Advisory and Sub-Advisory Agreements for New Funds

PF Mid-Cap Value Fund

At an in-person meeting on March 25, 2015, the Board, including all of the Independent Trustees, approved the establishment and designation of a newly-organized fund of the Trust, the PF Mid-Cap Value Fund, effective on or about August 1, 2015. In connection with this approval, the Board also approved, effective on or about August 1, 2015, the Advisory Agreement with PLFA (the “Mid-Cap Value Advisory Agreement”) and the Sub-Advisory Agreement with Robeco Investment Management, Inc., doing business as Boston Partners (“Boston Partners”) (the “Boston Partners Sub-Advisory Agreement”).

In evaluating the Advisory Agreement for the PF Mid-Cap Value Fund (for this section only, the “Fund”) and the Boston Partners Sub-Advisory Agreement, the Board, including all the Independent Trustees, considered the following factors, among others:

A. Nature, Extent and Quality of Services to be Provided

Fund Oversight and Supervision – PLFA, its personnel and its resources. The Trustees considered the depth and quality of PLFA’s investment management process, including its sophisticated monitoring and oversight of Sub-Advisers; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; and the overall financial strength and stability of its organization. The Trustees considered the high quality of the products and services provided by PLFA and its affiliates, such as the many educational services and tools offered to assist intermediaries in effectively understanding and meeting shareholder needs. The Trustees also noted that PLFA regularly informs them about matters relevant to the Trust, its shareholders and investing.

The Trustees also considered that PLFA’s investment, legal, compliance and accounting professionals have access to and utilize a variety of resources and systems relating to investment management, compliance, trading, performance analysis, security valuation and portfolio accounting. The Trustees further considered PLFA’s continuing need to attract and retain qualified personnel and to maintain and enhance its resources and systems.

The Trustees considered the benefits to shareholders of retaining PLFA to serve as the investment adviser to the Fund in light of the nature, extent, and quality of services expected to be provided by PLFA. The Trustees considered PLFA’s ability to provide an appropriate level of support and resources to the Fund, and that PLFA has sufficiently qualified personnel to provide the appropriate investment management, compliance and monitoring services required for the Fund. The Trustees based this review on information and materials provided to them throughout the year by PLFA. The Trustees considered PLFA’s continued development and use of analytical tools for assessing fund performance and the performance of Sub-Advisers, conducting an attribution analysis on performance and reporting on performance to the Trustees. The Trustees noted that PLFA uses these tools to monitor and identify underperformance relative to applicable benchmarks or peer groups, and then conducts various analyses to try to assess the sources of and reasons for underperformance. The Trustees noted that PLFA has developed processes to oversee and monitor a Sub-Adviser’s execution of investment strategies. The Trustees noted that PLFA provides the Board with analysis of this data over rolling periods to assist the Board in identifying trends in fund performance and other areas, and periodically provides the Trustees with information on economic and market trends to provide a context for assessing recent performance.

1 At the December 9-10 meeting, the Board did not consider the continuance of the Sub-Advisory Agreements relating to the PF Small-Cap Growth and PF Small-Cap Value Funds, the Sub-Advisory Agreements with Western Asset Management Company relating to the PF Managed Bond and PF Inflation Managed Funds, and the Sub-Advisory Agreement with Principal Global Investors, LLC, doing business as Macro Currency Group, relating to the PF Currency Strategies Fund, as those agreements were not up for renewal at that time.

D-3

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

The Trustees also noted that PLFA conducts periodic due diligence on Sub-Advisers involving on-site visits, in-person meetings and telephonic meetings to gather information that PLFA uses to attempt to gain an in-depth understanding of a Sub-Adviser’s investment process and to seek to identify issues that may be relevant to a Sub-Adviser’s services to a fund or a fund’s performance. The Trustees also considered the background and experience of PLFA’s senior management, and the experience of and amount of attention expected to be given to the Fund by PLFA’s management and staff. The Trustees considered that the Fund will serve only as an underlying fund option for the Portfolio Optimization Funds and not as a stand-alone investment option.

The Trustees also considered PLFA’s compliance operations with respect to the Trust, including the measures taken by PLFA to assist the Trust in complying with Rule 38a-1 under the 1940 Act. The Trustees further considered the monitoring and additional services that would be provided by PLFA to the Fund, including assistance with performance evaluation, risk management oversight, preparation of periodic performance and financial reports, review of trade execution and coordination of the services of other service providers to the Trust.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services to be provided by PLFA to the Fund under the Mid-Cap Value Advisory Agreement.

Boston Partners. The Trustees considered the benefits to shareholders of retaining Boston Partners as sub-adviser to the Fund, particularly in light of the nature, extent, and quality of the services expected to be provided by Boston Partners. In this regard, the Trustees considered various materials relating to Boston Partners, including copies of the proposed Boston Partners Sub-Advisory Agreement; copies of Boston Partners’ Form ADV; financial information; and other information deemed relevant to the Trustees’ evaluation, including comprehensive assessments from senior management of PLFA.

The Trustees considered that under the Boston Partners Sub-Advisory Agreement, Boston Partners would be responsible for providing the investment management services for the Fund’s assets, including investment research, advice and supervision, and determining which securities would be purchased or sold by the Fund. The Trustees considered the quality of the management services expected to be provided to the Fund over both the short- and long-term, the organizational depth and resources of Boston Partners, including the background and experience of Boston Partners’ management and the expertise of the portfolio management team, as well as the investment strategies, processes and philosophy to be used with respect to the investment strategy.

In addition, the Trustees considered that the Trust’s Chief Compliance Officer (“CCO”) had reviewed the written compliance policies and procedures of Boston Partners. The Trustees also considered the CCO’s assessment of Boston Partners’ compliance program required under Rule 38a-1 of the 1940 Act and its code of ethics, prior to the effectiveness of the Boston Partners Sub-Advisory Agreement.

The Trustees took note of the due diligence PLFA conducted with respect to Boston Partners and were aided by the assessment and recommendation of PLFA and the in-person presentation and materials provided by Boston Partners.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services anticipated to be provided to the Fund by PLFA under the Mid-Cap Value Advisory Agreement and Boston Partners under the Boston Partners Sub-Advisory Agreement.

B. Performance

The Trustees considered PLFA’s efforts to identify advisory firms that are qualified to manage a mid-cap value strategy and PLFA’s identification of Boston Partners to serve as sub-adviser with regard to the Fund’s day-to-day investment activities. Because this consideration related to a newly-organized fund, no actual performance record for the Fund was available. However, the Trustees considered the investment process and techniques to be used by Boston Partners for the Fund and Boston Partners’ experience managing mid-cap value strategies, as well as other factors concerning performance in connection with their consideration of this matter and in connection with approval of the Boston Partners Sub-Advisory Agreement, including the factors described below.

The Trustees considered information about the historical performance of an account managed by the same Boston Partners portfolio manager that would manage the Fund using similar investment strategies (the “Boston Partners Comparable Performance”). The Trustees considered the Boston Partners Comparable Performance against a pertinent benchmark and against the applicable peer group for the one-, three-, five- and ten-year periods as of December 31, 2014. The Trustees also considered the Boston Partners Comparable Performance against a pertinent benchmark and an applicable peer group for each of the previous ten calendar years. Additionally, the Trustees considered the weighted average market capitalization, standard deviation, risk-adjusted returns and other performance metrics of the Boston Partners Comparable Performance during certain periods.

The Trustees considered additional information about the historical performance of a composite and other funds managed by Boston Partners using similar investment strategies as those proposed for the Fund against a pertinent benchmark for the one-, three-, five- and ten-year and since inception periods, as applicable, as of December 31, 2014. Additionally, the Trustees considered performance information presented by PLFA for another potential manager of the Fund. In addition, the Trustees considered the need for Boston Partners to adhere to the Fund’s general investment mandate in order to function appropriately in the Portfolio Optimization Funds.

The Board determined that Boston Partners’ performance record with respect to similarly managed accounts was acceptable.

C. Advisory and Sub-Advisory Fees

PLFA. The Trustees requested, received and reviewed information from PLFA relating to the proposed advisory fee and total operating expenses for the Fund. The Trustees reviewed the proposed advisory fee compared with the average fees of other funds in an applicable peer group. The Trustees considered that the proposed advisory fee was in line with industry averages for similar investment products based on the data presented to the Board.

The Board concluded that the compensation payable to PLFA under the Mid-Cap Value Advisory Agreement is fair and reasonable.

D-4

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

Boston Partners. The Trustees considered information regarding the comparative advisory fees charged under other investment advisory contracts of Boston Partners with regard to other accounts with substantially similar investment strategies as the Fund. The Trustees also considered that the proposed sub-advisory fee schedule under the Sub-Advisory Agreement contains breakpoints and will be based on the combined net assets of the Mid-Cap Value Portfolio of Pacific Select Fund and the Fund. In comparing the proposed sub-advisory fees to be paid by the Fund to fees charged by Boston Partners for the other similarly-managed accounts, the Trustees noted that there were differences in the nature of the Fund and those accounts, the services provided to each and the competitive landscape surrounding each that could reasonably be expected to account for differences in fee schedules.

The Trustees noted that the fee rates were the result of arms’-length negotiations between PLFA and Boston Partners, and that the Fund’s sub-advisory fees are paid by PLFA and are not paid directly by the Fund.

The Board concluded that the compensation payable under the Boston Partners Sub-Advisory Agreement is fair and reasonable.

D. Costs, Level of Profits and Economies of Scale

Costs and Profitability. The Trustees reviewed information regarding PLFA’s projected costs of sponsoring the Fund and information regarding the anticipated projected profitability of the proposed Fund to PLFA. The Trustees considered the projected cost of services to be provided and projected profits to be realized by PLFA from the relationship with the Fund based on the projected assets, income and expenses of PLFA in its relationship with the Fund. The Trustees noted that this projected information contains estimates because there is no actual operating history for the Fund. The Trustees also considered the overall financial soundness of PLFA.

The Trustees considered information regarding the costs to Boston Partners of sub-advising the Fund and the projected profitability of the Boston Partners Sub-Advisory Agreement to Boston Partners, to the extent practicable based on the financial information provided by Boston Partners. The Trustees noted that any assessment of projected profitability would involve assumptions regarding expense allocations and other factors. Given the arms’-length nature of the relationship between PLFA and Boston Partners with respect to the negotiation of Fund sub-advisory fees, the fact that such fees are paid by PLFA, and the fact that the projected profitability of the Boston Partners Sub-Advisory Agreement to Boston Partners is an estimate because it had not yet begun to manage the Fund, the Trustees considered that projected profitability information for Boston Partners at this time was of limited utility.

Economies of Scale. The Trustees considered the extent to which economies of scale may be realized by the Fund as assets grow. Because the Fund has no operating history and no assets, no economies of scale exist at this time with respect to the Fund. However, the Trustees considered the estimated initial allocations to the Fund by the Portfolio Optimization Funds and that although the advisory fee schedule for the Fund does not contain breakpoints, the projected net expense ratio for the Fund is competitive with peers.

The Board concluded that the Fund’s fee structure reflected in the Mid-Cap Value Advisory Agreement and Boston Partners Sub-Advisory Agreement is fair and reasonable.

E. Ancillary Benefits

The Trustees received information from PLFA and Boston Partners concerning other benefits that may be received by PLFA and Boston Partners and their affiliates as a result of their relationship with the Fund, including commissions that may be paid to broker-dealers affiliated with Boston Partners and the anticipated use of soft-dollars by Boston Partners. In this regard, the Trustees noted that Boston Partners represented that it does not anticipate utilizing an affiliated broker-dealer and that it anticipates using soft dollar credits generated by Fund commissions to pay for research services. With respect to PLFA, the Trustees considered that the potential benefits that may be derived by PLFA from its relationship with the Fund could include larger assets under management and reputational benefits, which are consistent with those generally derived by investment advisers to mutual funds. The Trustees also considered benefits that may be derived by affiliates of PLFA, including Pacific Life Insurance Company (“Pacific Life”). The Trustees also considered potential benefits to be derived by Boston Partners and that such benefits were consistent with those generally derived by sub-advisers to mutual funds or were otherwise not unusual.

F. Conclusion

Based on their review, including the consideration of each of the factors referred to above, the Board found that: (i) the Mid-Cap Value Advisory Agreement and Boston Partners Sub-Advisory Agreement are in the best interests of the Fund and its shareholders; and (ii) the compensation payable under the Mid-Cap Value Advisory Agreement and Boston Partners Sub-Advisory Agreement is fair and reasonable. No single factor was determinative of the Board’s findings, but rather the Trustees based their determination on the total mix of information available to them.

PF Absolute Return Fund

At an in-person meeting on December 9-10, 2014, the Board, including all of the Independent Trustees, approved the establishment and designation of a newly-organized fund of the Trust, the PF Absolute Return Fund, effective on or about May 1, 2015. In connection with this approval, the Board also approved, effective on or about May 1, 2015, the Advisory Agreement with PLFA (the “Absolute Return Advisory Agreement”) and the Sub-Advisory Agreement with BlueBay Asset Management LLP (“BlueBay”) (the “BlueBay Sub-Advisory Agreement”).

In evaluating the Advisory Agreement for the PF Absolute Return Fund (for this section only, the “Fund”) and the BlueBay Sub-Advisory Agreement, the Board, including all the Independent Trustees, considered the following factors, among others:

A. Nature, Extent and Quality of Services to be Provided

Fund Oversight and Supervision – PLFA, its personnel and its resources. The Trustees considered the depth and quality of PLFA’s investment management process, including its sophisticated monitoring and oversight of Sub-Advisers; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; and the overall financial strength and stability of its

D-5

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

organization. The Trustees considered the high quality of the products and services provided by PLFA and its affiliates, such as the many educational services and tools offered to assist intermediaries in effectively understanding and meeting shareholder needs. The Trustees also noted that PLFA regularly informs them about matters relevant to the Trust, its shareholders and investing.

The Trustees also considered that PLFA’s investment, legal, compliance and accounting professionals have access to and utilize a variety of resources and systems relating to investment management, compliance, trading, performance analysis, security valuation and portfolio accounting. The Trustees further considered PLFA’s continuing need to attract and retain qualified personnel and to maintain and enhance its resources and systems.

The Trustees considered the benefits to shareholders of retaining PLFA to serve as the investment adviser to the Fund in light of the nature, extent, and quality of services expected to be provided by PLFA. The Trustees considered PLFA’s ability to provide an appropriate level of support and resources to the Fund, and that PLFA has sufficiently qualified personnel to provide the appropriate investment management, compliance and monitoring services required for the Fund. The Trustees based this review on information and materials provided to them throughout the year by PLFA. The Trustees considered PLFA’s continued development and use of analytical tools for assessing fund performance and the performance of Sub-Advisers, conducting an attribution analysis on performance and reporting on performance to the Trustees. The Trustees noted that PLFA uses these tools to monitor and identify underperformance relative to applicable benchmarks or peer groups, and then conducts various analyses to try to assess the sources of and reasons for underperformance. The Trustees noted that PLFA has developed processes to oversee and monitor a Sub-Adviser’s execution of investment strategies. The Trustees noted that PLFA provides the Board with analysis of this data over rolling periods to assist the Board in identifying trends in fund performance and other areas, and periodically provides the Trustees with information on economic and market trends to provide a context for assessing recent performance.

The Trustees also noted that PLFA conducts periodic due diligence on Sub-Advisers involving on-site visits, in-person meetings and telephonic meetings to gather information that PLFA uses to attempt to gain an in-depth understanding of a Sub-Adviser’s investment process and to seek to identify issues that may be relevant to a Sub-Adviser’s services to a fund or a fund’s performance. The Trustees also considered the background and experience of PLFA’s senior management, and the experience of and amount of attention expected to be given to the Fund by PLFA’s management and staff. The Trustees considered that the Fund will serve only as an underlying fund option for the Portfolio Optimization Funds and not as a stand-alone investment option.

The Trustees also considered PLFA’s compliance operations with respect to the Trust, including the measures taken by PLFA to assist the Trust in complying with Rule 38a-1 under the 1940 Act. The Trustees further considered the monitoring and additional services that would be provided by PLFA to the Fund, including assistance with performance evaluation, risk management oversight, preparation of periodic performance and financial reports, review of trade execution and coordination of the services of other service providers to the Trust.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services to be provided by PLFA to the Fund under the Absolute Return Advisory Agreement.

BlueBay. The Trustees considered the benefits to shareholders of retaining BlueBay as sub-adviser to the Fund, particularly in light of the nature, extent, and quality of the services expected to be provided by BlueBay. In this regard, the Trustees considered various materials relating to the proposed Sub-Adviser, including copies of the proposed BlueBay Sub-Advisory Agreement; copies of BlueBay’s Form ADV; financial information; and other information deemed relevant to the Trustees’ evaluation, including comprehensive assessments from senior management of PLFA.

The Trustees considered that under the BlueBay Sub-Advisory Agreement, BlueBay would be responsible for providing the investment management services for the Fund’s assets, including investment research, advice, supervision of investment management services provided by BlueBay Asset Management USA LLC (the “Sub-Advisory Affiliate”), and determining which securities would be purchased or sold by the Fund. The Trustees considered the quality of the management services expected to be provided to the Fund over both the short- and long-term, the organizational depth and resources of BlueBay, including the background and experience of BlueBay’s management and the expertise of the portfolio management team, as well as the investment strategies, processes and philosophy to be used with respect to the investment strategy.

In addition, the Trustees considered that the Trust’s CCO had reviewed the written compliance policies and procedures of BlueBay, including the assessment of its compliance program as required under Rule 38a-1 of the 1940 Act and its code of ethics, prior to the effectiveness of the BlueBay Sub-Advisory Agreement.

In making these assessments, the Trustees took note of the due diligence PLFA conducted with respect to BlueBay and were aided by the assessment and recommendation of PLFA and the in-person presentation and materials provided by BlueBay.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services anticipated to be provided to the Fund by PLFA under the Absolute Return Advisory Agreement and BlueBay under the BlueBay Sub-Advisory Agreement, including the Sub-Advisory Affiliate Agreement.

B. Performance

The Trustees considered PLFA’s efforts to identify advisory firms that are qualified to manage an absolute return strategy and PLFA’s identification of BlueBay to serve as sub-adviser with regard to the Fund’s day-to-day investment activities. Because this consideration related to a newly-organized fund, no actual performance record for the Fund was available. However, the Trustees considered the investment process and techniques to be used by BlueBay for the Fund and BlueBay’s experience managing an absolute return strategy, as well as other factors concerning performance in connection with their consideration of this matter and in connection with approval of the BlueBay Sub-Advisory Agreement, including the factors described below.

D-6

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

The Trustees considered information about the historical performance of a fund managed by the same BlueBay portfolio management team that would manage the Fund using similar investment strategies (the “BlueBay Comparable Performance”). The Trustees considered the BlueBay Comparable Performance against a pertinent benchmark and against the applicable peer group for the year-to-date, one-, two- and three-year and since inception periods as of September 30, 2014. The Trustees also considered the BlueBay Comparable Performance against a pertinent benchmark and an applicable peer group for the previous three calendar years. Additionally, the Trustees considered the standard deviation, risk-adjusted returns and other performance metrics of the BlueBay Comparable Performance during certain periods.

The Trustees considered additional information about the historical performance of composites managed by BlueBay using similar investment strategies as those proposed for the Fund against a pertinent benchmark for the one- and three-year and since inception periods, as applicable, as of September 30, 2014. In addition, the Trustees considered the need for BlueBay to adhere to the Fund’s general investment mandate in order to function appropriately in the Portfolio Optimization Funds.

The Board determined that BlueBay’s performance record with respect to similarly managed accounts was acceptable.

C. Advisory and Sub-Advisory Fees

PLFA. The Trustees requested, received and reviewed information from PLFA relating to the proposed advisory fee and total operating expenses for the Fund. The Trustees reviewed the proposed advisory fee compared with the average fees of other funds in an applicable peer group. The Trustees considered that the proposed advisory fee was in line with industry averages for similar investment products based on the data presented to the Board.

The Board concluded that the compensation payable to PLFA under the Absolute Return Advisory Agreement is fair and reasonable.

BlueBay. The Trustees considered information regarding the comparative advisory fees charged under other investment advisory contracts of the Sub-Adviser with regard to other accounts with substantially similar investment strategies as the Fund. The Trustees also considered that the proposed sub-advisory fees payable to BlueBay under the Sub-Advisory Agreement contain a breakpoint, and that the sub-advisory fees will be based on the combined net assets of the Absolute Return Portfolio of Pacific Select Fund and the Fund. In comparing the proposed sub-advisory fees to be paid by the Fund to fees charged by BlueBay for other similarly managed accounts, the Trustees noted that there were differences in the nature of the accounts. These differences explained differences in fee schedules.

The Trustees noted that the fee rates were the result of arms’-length negotiations between PLFA and BlueBay, and that the Fund’s sub-advisory fees are paid by PLFA and are not paid directly by the Fund.

The Board concluded that the compensation payable under the BlueBay Sub-Advisory Agreement and the Sub-Advisory Affiliate Agreement is fair and reasonable.

D. Costs, Level of Profits and Economies of Scale

Costs and Profitability. The Trustees reviewed information regarding PLFA’s projected costs of sponsoring the Fund and information regarding the anticipated projected profitability of the proposed Fund to PLFA. The Trustees considered the projected cost of services to be provided and projected profits to be realized by PLFA from the relationship with the Fund based on the projected assets, income and expenses of PLFA in its relationship with the Fund. The Trustees noted that this projected information contains estimates because there is no actual operating history for the Fund. The Trustees also considered the overall financial soundness of PLFA.

The Trustees considered information regarding the costs to BlueBay of sub-advising the Fund and the projected profitability of the BlueBay Sub-Advisory Agreement to BlueBay, to the extent practicable based on the financial information provided by BlueBay. The Trustees noted that any assessment of projected profitability would involve assumptions regarding expense allocations and other factors. The Trustees focused their consideration on other information provided in connection with this matter, given the arms’-length nature of the relationship between PLFA and BlueBay with respect to the negotiation of Fund sub-advisory fees, the fact that such fees are paid by PLFA and the fact that the projected profitability of the BlueBay Sub-Advisory Agreement to BlueBay is an estimate.

Economies of Scale. The Trustees considered the extent to which economies of scale may be realized by the Fund as assets grow. Because the Fund has no operating history and no assets, no economies of scale exist at this time with respect to the Fund. However, the Trustees considered the estimated initial allocations to the Fund by the Portfolio Optimization Funds and that although the advisory fee schedule for the Fund does not contain breakpoints, the projected net expense ratio for the Fund is competitive with peers.

The Board concluded that the Fund’s fee structure reflected in the Absolute Return Advisory Agreement, BlueBay Sub-Advisory Agreement and Sub-Advisory Affiliate Agreement is fair and reasonable.

E. Ancillary Benefits

The Trustees received information from PLFA and BlueBay concerning other benefits that may be received by PLFA and BlueBay and their affiliates as a result of their relationship with the Fund, including commissions that may be paid to broker-dealers affiliated with BlueBay and the anticipated use of soft-dollars by BlueBay. In this regard, the Trustees noted that BlueBay represented that it does not anticipate utilizing an affiliated broker-dealer and that it does not anticipate using soft dollar credits generated by Fund commissions to pay for research services. With respect to PLFA, the Trustees considered that the potential benefits that may be derived by PLFA from its relationship with the Fund could include larger assets under management and reputational benefits, which are consistent with those generally derived by investment advisers to mutual funds. The Trustees also considered benefits that may be derived by affiliates of PLFA, including Pacific Life. The Trustees also considered potential benefits to be derived by BlueBay and that such benefits were consistent with those generally derived by sub-advisers to mutual funds or were otherwise not unusual.

D-7

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

F. Conclusion

Based on their review, including the consideration of each of the factors referred to above, the Board found that: (i) the Absolute Return Advisory Agreement, BlueBay Sub- Advisory Agreement and Sub-Advisory Affiliate Agreement are in the best interests of the Fund and its shareholders; and (ii) the compensation payable under the Absolute Return Advisory Agreement, BlueBay Sub-Advisory Agreement and Sub-Advisory Affiliate Agreement is fair and reasonable. No single factor was determinative of the Board’s findings, but rather the Trustees based their determination on the total mix of information available to them.

PF Equity Long/Short Fund

At an in-person meeting on December 9-10, 2014, the Board, including all of the Independent Trustees, approved the establishment and designation of a newly-organized fund of the Trust, the PF Equity Long/Short Fund, effective on or about May 1, 2015. In connection with this approval, the Board also approved, effective on or about May 1, 2015, the Advisory Agreement with PLFA (the “Equity Long/Short Advisory Agreement”) and the Sub-Advisory Agreement with AQR Capital Management, LLC (“AQR”) (the “AQR Sub-Advisory Agreement”).

In evaluating the Advisory Agreement for the PF Equity Long/Short Fund (for this section only, the “Fund”) and AQR Sub-Advisory Agreement, the Board, including all the Independent Trustees, considered the following factors, among others:

A. Nature, Extent and Quality of Services to be Provided

Fund Oversight and Supervision – PLFA, its personnel and its resources. The Trustees considered the depth and quality of PLFA’s investment management process, including its sophisticated monitoring and oversight of Sub-Advisers; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; and the overall financial strength and stability of its organization. The Trustees considered the high quality of the products and services provided by PLFA and its affiliates, such as the many educational services and tools offered to assist intermediaries in effectively understanding and meeting shareholder needs. The Trustees also noted that PLFA regularly informs them about matters relevant to the Trust, its shareholders and investing.

The Trustees also considered that PLFA’s investment, legal, compliance and accounting professionals have access to and utilize a variety of resources and systems relating to investment management, compliance, trading, performance analysis, security valuation and portfolio accounting. The Trustees further considered PLFA’s continuing need to attract and retain qualified personnel and to maintain and enhance its resources and systems.

The Trustees considered the benefits to shareholders of retaining PLFA to serve as the investment adviser to the Fund in light of the nature, extent, and quality of services expected to be provided by PLFA. The Trustees considered PLFA’s ability to provide an appropriate level of support and resources to the Fund, and that PLFA has sufficiently qualified personnel to provide the appropriate investment management, compliance and monitoring services required for the Fund. The Trustees based this review on information and materials provided to them throughout the year by PLFA. The Trustees considered PLFA’s continued development and use of analytical tools for assessing fund performance and the performance of Sub-Advisers, conducting an attribution analysis on performance and reporting on performance to the Trustees. The Trustees noted that PLFA uses these tools to monitor and identify underperformance relative to applicable benchmarks or peer groups, and then conducts various analyses to try to assess the sources of and reasons for underperformance. The Trustees noted that PLFA has developed processes to oversee and monitor a Sub-Adviser’s execution of investment strategies. The Trustees noted that PLFA provides the Board with analysis of this data over rolling periods to assist the Board in identifying trends in fund performance and other areas, and periodically provides the Trustees with information on economic and market trends to provide a context for assessing recent performance.

The Trustees also noted that PLFA conducts periodic due diligence on Sub-Advisers involving on-site visits, in-person meetings and telephonic meetings to gather information that PLFA uses to attempt to gain an in-depth understanding of a Sub-Adviser’s investment process and to seek to identify issues that may be relevant to a Sub-Adviser’s services to a fund or a fund’s performance. The Trustees also considered the background and experience of PLFA’s senior management, and the experience of and amount of attention expected to be given to the Fund by PLFA’s management and staff. The Trustees considered that the Fund will serve only as an underlying fund option for the Portfolio Optimization Funds and not as a stand-alone investment option.

The Trustees also considered PLFA’s compliance operations with respect to the Trust, including the measures taken by PLFA to assist the Trust in complying with Rule 38a-1 under the 1940 Act. The Trustees further considered the monitoring and additional services that would be provided by PLFA to the Fund, including assistance with performance evaluation, risk management oversight, preparation of periodic performance and financial reports, review of trade execution and coordination of the services of other service providers to the Trust.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services to be provided by PLFA to the Fund under the Equity Long/Short Advisory Agreement.

AQR. The Trustees considered the benefits to shareholders of retaining AQR as sub-adviser to the Fund, particularly in light of the nature, extent, and quality of the services expected to be provided by AQR. In this regard, the Trustees considered various materials relating to the proposed Sub-Adviser, including copies of the proposed AQR Sub-Advisory Agreement; copies of AQR’s Form ADV; financial information; and other information deemed relevant to the Trustees’ evaluation, including comprehensive assessments from senior management of PLFA.

The Trustees considered that under the AQR Sub-Advisory Agreement, AQR would be responsible for providing the investment management services for the Fund’s assets, including investment research, advice and supervision, and determining which securities would be purchased or sold by the Fund. The Trustees considered the quality of the management services expected to be provided to the Fund over both the short- and long-term, the organizational depth and resources of AQR, including the background and experience of AQR’s management and the expertise of the portfolio management team, as well as the investment strategies, processes and philosophy to be used with respect to the investment strategy.

D-8

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

In addition, the Trustees considered that the Trust’s CCO had reviewed the written compliance policies and procedures of AQR, including the assessment of its compliance program as required under Rule 38a-1 of the 1940 Act and its code of ethics, prior to the effectiveness of the AQR Sub-Advisory Agreement.

In making these assessments, the Trustees took note of the due diligence PLFA conducted with respect to AQR and were aided by the assessment and recommendation of PLFA and the in-person presentation and materials provided by AQR.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services anticipated to be provided to the Fund by PLFA under the Equity Long/Short Advisory Agreement and AQR under the AQR Sub-Advisory Agreement.

B. Performance

The Trustees considered PLFA’s efforts to identify advisory firms that are qualified to manage a long/short equity strategy and PLFA’s identification of AQR to serve as sub-adviser with regard to the Fund’s day-to-day investment activities. Because this consideration related to a newly-organized fund, no actual performance record for the Fund was available. However, the Trustees considered the investment process and techniques to be used by AQR for the Fund and AQR’s experience managing long/short equity strategies, as well as other factors concerning performance in connection with their consideration of this matter and in connection with approval of the AQR Sub-Advisory Agreement, including the factors described below.

The Trustees considered information about the historical performance of a fund managed by the same AQR portfolio management team that would manage the Fund using similar investment strategies (the “AQR Comparable Performance”). The Trustees noted that the AQR Comparable Performance reflected actual performance for the fund since July 2013 and that periods prior to that date reflected simulated performance for a portion of the fund’s strategy. The Trustees considered the AQR Comparable Performance against a pertinent benchmark and against the applicable peer group for the year-to-date, one-, three-, five- and ten-year periods as of September 30, 2014. The Trustees also considered the AQR Comparable Performance against a pertinent benchmark and an applicable peer group for the previous nine calendar years. Additionally, the Trustees considered the standard deviation, risk-adjusted returns and other performance metrics of the AQR Comparable Performance during certain periods.

The Trustees considered additional information about the historical performance of a fund managed by AQR using similar investment strategies as those proposed for the Fund against a custom benchmark for the one-year and since inception periods as of September 30, 2014. Additionally, the Trustees considered performance information presented by PLFA for another potential manager of the Fund. In addition, the Trustees considered the need for AQR to adhere to the Fund’s general investment mandate in order to function appropriately in the Portfolio Optimization Funds.

The Board determined that AQR’s performance record with respect to similarly managed accounts was acceptable.

C. Advisory and Sub-Advisory Fees

PLFA. The Trustees requested, received and reviewed information from PLFA relating to the proposed advisory fee and total operating expenses for the Fund. The Trustees reviewed the proposed advisory fee compared with the average fees of other funds in an applicable peer group. The Trustees also noted that the Fund would be subject to a contractual fee waiver agreed to by PLFA. The Trustees considered that the proposed advisory fee was in line with industry averages for similar investment products based on the data presented to the Board.

The Board concluded that the compensation payable to PLFA under the Equity Long/Short Advisory Agreement is fair and reasonable.

AQR. The Trustees considered information regarding the comparative advisory fees charged under other investment advisory contracts of the Sub-Adviser with regard to another fund with substantially similar investment strategies as the Fund. The Trustees also considered that the proposed sub-advisory fees payable to AQR under the Sub-Advisory Agreement contain a breakpoint, and that the sub-advisory fees will be based on the combined net assets of the Equity Long/Short Portfolio of Pacific Select Fund and the Fund. In comparing the proposed sub-advisory fees to be paid by the Fund to fees charged by AQR for the other similarly-managed fund, the Trustees noted that there were differences in the nature of the accounts. These differences explained differences in fee schedules.

The Trustees noted that the fee rates were the result of arms’-length negotiations between PLFA and AQR, and that the Fund’s sub-advisory fees are paid by PLFA and are not paid directly by the Fund.

The Board concluded that the compensation payable under the AQR Sub-Advisory Agreement is fair and reasonable.

D. Costs, Level of Profits and Economies of Scale

Costs and Profitability. The Trustees reviewed information regarding PLFA’s projected costs of sponsoring the Fund and information regarding the anticipated projected profitability of the proposed Fund to PLFA. The Trustees considered the projected cost of services to be provided and projected profits to be realized by PLFA from the relationship with the Fund based on the projected assets, income and expenses of PLFA in its relationship with the Fund. The Trustees noted that this projected information contains estimates because there is no actual operating history for the Fund. The Trustees also considered the overall financial soundness of PLFA.

The Trustees considered information regarding the costs to AQR of sub-advising the Fund and the projected profitability of the AQR Sub-Advisory Agreement to AQR, to the extent practicable based on the financial information provided by AQR. The Trustees noted that any assessment of projected profitability would involve assumptions regarding expense allocations and other factors. The Trustees focused their consideration on other information provided in connection with this matter, given the arms’-length nature of the relationship between PLFA and AQR with respect to the negotiation of Fund sub-advisory fees, the fact that such fees are paid by PLFA and the fact that the projected profitability of the AQR Sub-Advisory Agreement to AQR is an estimate.

D-9

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

Economies of Scale. The Trustees considered the extent to which economies of scale may be realized by the Fund as assets grow. Because the Fund has no operating history and no assets, no economies of scale exist at this time with respect to the Fund. However, the Trustees considered the estimated initial allocations to the Fund by the Portfolio Optimization Funds and that although the advisory fee schedule for the Fund does not contain breakpoints, there would be an advisory fee waiver agreement in place for the Fund through July 31, 2016.

The Board concluded that the Fund’s fee structure reflected in the Equity Long/Short Advisory Agreement and AQR Sub-Advisory Agreement is fair and reasonable.

E. Ancillary Benefits

The Trustees received information from PLFA and AQR concerning other benefits that may be received by PLFA and AQR and their affiliates as a result of their relationship with the Fund, including commissions that may be paid to broker-dealers affiliated with AQR and the anticipated use of soft-dollars by AQR. In this regard, the Trustees noted that AQR represented that it does not anticipate utilizing an affiliated broker-dealer and that it does not anticipate using soft dollar credits generated by Fund commissions to pay for research services. With respect to PLFA, the Trustees considered that the potential benefits that may be derived by PLFA from its relationship with the Fund could include larger assets under management and reputational benefits, which are consistent with those generally derived by investment advisers to mutual funds. The Trustees also considered benefits that may be derived by affiliates of PLFA, including Pacific Life. The Trustees also considered potential benefits to be derived by AQR and that such benefits were consistent with those generally derived by sub-advisers to mutual funds or were otherwise not unusual.

F. Conclusion

Based on their review, including the consideration of each of the factors referred to above, the Board found that: (i) the Equity Long/Short Advisory Agreement and AQR Sub-Advisory Agreement are in the best interests of the Fund and its shareholders; and (ii) the compensation payable under the Equity Long/Short Advisory Agreement and AQR Sub-Advisory Agreement is fair and reasonable. No single factor was determinative of the Board’s findings, but rather the Trustees based their determination on the total mix of information available to them.

D-10

PACIFIC FUNDS 

WHERE TO GO FOR MORE INFORMATION

Availability of Quarterly Holdings

The Trust files Form N-Q (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 Form N-Q, (when required) is filed pursuant to applicable regulations and is available after filing (i) on the SEC’s website at http://www.sec.gov; (ii) for review and copying at the SEC’s Public Reference Room in Washington, D.C. (information on the operations of the Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330); and (iii) on the Trust’s website at https://www.pacificlife.com/pacificfunds.html. The SEC may charge you a fee for this information.

Availability of Proxy Voting Record

By August 31 of each year, the Trust files information regarding how the Trust’s fund 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”). For a description of bond ratings, please see the Trust’s 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 the Portfolio Optimization Funds’ annual and semi-annual reports are available:

• On the Trust’s website at https://www.pacificlife.com/pacificfunds.html

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

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

D-11

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

(a) The Chief Executive Officer and Treasurer have concluded that Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) provide reasonable assurances that material information relating to 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 Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable.

(a)(2) Separate certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 99 CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is attached hereto as Exhibit 99.906 CERT pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Signatures

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

Pacific Funds Series Trust
By:	/s/ Mary Ann Brown
	Mary Ann Brown
	Chief Executive Officer
Date:  December 4, 2015

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/ Mary Ann Brown
	Mary Ann Brown
	Chief Executive Officer
Date:  December 4, 2015
By:	/s/ Eddie D. Tung
	Eddie D. Tung
	Treasurer (Principal Financial and Accounting Officer)
Date:  December 4, 2015