Pacific Funds Series Trust

N-CSR 1 d671629dncsr.htm PACIFIC FUNDS SERIES TRUST Pacific Funds Series Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT

COMPANIES

Investment Company Act file number 811-10385

Pacific Funds Series Trust

(Exact name of registrant as specified in charter)

700 Newport Center Drive, P.O. Box 7500

Newport Beach, CA 92660

(Address of principal executive offices) (Zip code)

Robin S. Yonis

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

700 Newport Center Drive, P.O. Box 9000

Newport Beach, CA 92660

(Name and address of agent for service)

Copies to:

Anthony H. Zacharski, Esq.

Dechert LLP

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: March 31, 2019

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, NW, 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).

March 31, 2019

ANNUAL REPORT

LOGO

PACIFIC FUNDS

ANNUAL REPORT

AS OF MARCH 31, 2019


TABLE OF CONTENTS

Letter to Shareholders			A-1

Performance Discussion			A-2

Schedules of Investments			B-1

Financial Statements:

Statements of Assets and Liabilities			C-1

Statements of Operations			C-4

Statements of Changes in Net Assets			C-7

Financial Highlights			C-13

Notes to Financial Statements			D-1

Report of Independent Registered Public Accounting Firm			E-1

Other Tax Information			F-1

Disclosure of Fund Expenses			F-2

Trustees and Officers Information			F-5

Approval of Investment Advisory and Sub-Advisory Agreements			F-8

Where to Go for More Information			F-21

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

Beginning January 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of Pacific Funds shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from Pacific Funds or from your financial intermediary (such as a broker-dealer or bank). Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from Pacific Funds electronically by contacting Pacific Funds using one of the methods listed in the Where To Go For More Information section or by contacting your financial intermediary directly.

You may elect to receive all future reports in paper free of charge. You can inform Pacific Funds or your financial intermediary that you wish to continue receiving paper copies by contacting Pacific Funds using one of the methods listed in the Where To Go For More Information section or by contacting your financial intermediary directly. Your election to receive reports in paper will apply to all communications received for all Funds held with Pacific Funds.

PACIFIC FUNDS

Dear Shareholders:

We are pleased to share with you the Annual Report for the fiscal year ended March 31, 2019 for Pacific Funds Series Trust (“Pacific Funds” or the “Trust”). Pacific Funds is comprised of thirty-four Funds, seventeen of which are included in this report (each individually, a “Fund” and collectively, the “Funds”) and are available for direct investment. Pacific Life Fund Advisors LLC (PLFA), as Adviser to the Funds, manages Pacific Funds^SM Portfolio Optimization Conservative, Pacific Funds^SM Portfolio Optimization Moderate-Conservative, Pacific Funds^SM Portfolio Optimization Moderate, Pacific Funds^SM Portfolio Optimization Growth, Pacific Funds^SM Portfolio Optimization Aggressive-Growth (together, the “Portfolio Optimization Funds”), and Pacific Funds^SM Diversified Alternatives. PLFA also does business under the name “Pacific Asset Management” and manages Pacific Funds^SM Short Duration Income, Pacific Funds^SM Core Income, Pacific Funds^SM Strategic Income, Pacific Funds^SM Floating Rate Income, and Pacific Funds^SM High Income under that name.

Each of the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives is an asset allocation “Fund of Funds” that invests in Class P shares of certain other funds of the Trust (the “PF Underlying Funds”). PLFA supervises the management of those PF Underlying Funds which are only available for investment by the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives and are included in a separate PF Underlying Funds Annual Report. Please see “Where to Go for More Information” for instructions on how to obtain the PF Underlying Funds’ Annual Report. The Portfolio Optimization Funds and Pacific Funds Diversified Alternatives also invest in Class P shares of Pacific Funds^SM Core Income, Pacific Funds^SM High Income, Pacific Funds^SM Floating Rate Income and Pacific Funds^SM Small-Cap Growth.

The Adviser, Pacific Asset Management and Rothschild & Co Asset Management US Inc. (together, the “Managers”) and their Funds as of March 31, 2019 are listed below:



Manager	Fund	Page Number

Pacific Life Fund Advisors LLC (PLFA)	Pacific Funds^SM Portfolio Optimization Conservative	A-4
	Pacific Funds^SM Portfolio Optimization Moderate-Conservative	A-5
	Pacific Funds^SM Portfolio Optimization Moderate	A-7
	Pacific Funds^SM Portfolio Optimization Growth	A-9
	Pacific Funds^SM Portfolio Optimization Aggressive-Growth	A-10
	Pacific Funds^SM Diversified Alternatives	A-11

Pacific Asset Management	Pacific Funds^SM Short Duration Income	A-12
	Pacific Funds^SM Core Income	A-13
	Pacific Funds^SM Strategic Income	A-14
	Pacific Funds^SM Floating Rate Income	A-15
	Pacific Funds^SM High Income	A-16

Rothschild & Co Asset Management US Inc. (Rothschild & Co AMUS)	Pacific Funds^SM Large-Cap	A-17
	Pacific Funds^SM Large-Cap Value	A-18
	Pacific Funds^SM Small/Mid-Cap	A-19
	Pacific Funds^SM Small-Cap	A-20
	Pacific Funds^SM Small-Cap Value	A-21
	Pacific Funds^SM Small-Cap Growth	A-22

The Adviser and the Managers have prepared a discussion regarding the performance of the Funds of the Trust that they manage, including commentary discussing positive and negative factors affecting performance for the past twelve months.

We appreciate your confidence in Pacific Funds and look forward to serving your financial needs in the years to come.

Sincerely,




James T. Morris		Adrian Griggs

Chairman of the Board		Chief Executive Officer

Pacific Funds Series Trust		Pacific Funds Series Trust

A-1

PACIFIC FUNDS PERFORMANCE DISCUSSION

This Annual Report is provided for the general information of investors with beneficial interests in the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus, as supplemented, which contains information about the Trust and each of its Funds, including their investment objectives, risks, charges and expenses. You should read the prospectus carefully before investing. There is no assurance that a Fund will achieve its investment objective. Each Fund is subject to market risk. The value of a Fund changes as its asset values go up or down. The value of a Fund’s shares will fluctuate, and when redeemed, may be worth more or less than their original cost. The total return for each Fund of the Trust is net of fees and includes reinvestment of all dividends and capital gain distributions, if any, and does not include deductions of any applicable share class sales charges. Past performance is not predictive of future performance. This report shows you the performance of the Funds compared to benchmark indices. Index performance is provided for illustrative and comparative purposes only and does not predict or depict the performance of the Funds. Indices are unmanaged, do not incur transaction costs, do not include fees and expenses, and cannot be purchased directly by investors. Index returns include reinvested dividends.

The composite benchmarks for the Portfolio Optimization Funds are composed of up to four broad-based indices. The percentage amounts of each broad-based index within each composite benchmark are based on each Fund’s target asset class allocations in effect during the reporting period. The percentages attributed to a broad-based index within a composite benchmark will change if a Fund’s target asset class allocations change.

PLFA supervises the management of the Funds contained in this report, subject to the oversight of the Trust’s Board of Trustees (Board). PLFA also does business under the name “Pacific Asset Management” and manages the Pacific Funds Short Duration Income, Pacific Funds Core Income, Pacific Funds Strategic Income, Pacific Funds Floating Rate Income, and Pacific Funds High Income under that name. PLFA has written the general market conditions commentary which expresses PLFA’s opinions and views on how the market generally performed for the fiscal year ended March 31, 2019 (the reporting period) as well as separate commentary specific to those Funds that it directly manages that is based on its opinion of how these Funds performed during the year.

All views and opinions expressed in the management discussion of fund performance are subject to change at any time based upon market, economic or other conditions, and the Trust, its Adviser, Pacific Asset Management and Rothschild & Co AMUS disclaim any responsibility to update such views. These views and options may not be relied upon as investment advice or recommendations, or as an offer for any particular security. Any references to “we”, “I”, or “ours” are references to the Managers. Any sectors referenced are provided by the applicable Manager and could be different from the sectors listed in the Schedules of Investments if obtained from another source. The Managers may include statements that constitute “forward-looking statements” under the United States (U.S.) securities laws. Forward-looking statements include information concerning possible or assumed future results of the Trust’s investment operations, asset levels, earnings, expenses, industry or market conditions, regulatory developments and other aspects of the Trust’s operations or general economic conditions. In addition, when used in this report, words such as “believes”, “expects”, “anticipates”, “intends”, “plans”, “estimates”, “projects” and future or conditional verbs such as “will”, “may”, “could”, “should”, and “would”, or any other statement that necessarily depends on future events, are intended to identify forward- looking statements. Forward-looking statements are not guarantees of performance or economic results. They involve risks, uncertainties and assumptions. Although such statements are based on expectations that the Managers believe to be reasonable, actual results may differ materially from expectations. Investors must not rely on any forward-looking statements. Statements of facts and performance data are from sources considered reliable, but no representation or warranty is made as to their completeness or accuracy.

In connection with any forward-looking statements and any investment in the Trust, investors should carefully consider the investment objectives, policies and risks described in the Trust’s current prospectus, as supplemented, and Statement of Additional Information, as supplemented, as filed with the U.S. Securities and Exchange Commission (SEC), which may be obtained from the SEC’s website at www.sec.gov.

Market Conditions (for the year ended March 31, 2019)

Executive Summary

After a turbulent fourth quarter of 2018, global equity markets bounced higher in the last quarter of the reporting period. Concerns over Federal Reserve (Fed) rate hikes, trade and other geopolitical issues led to a global slowdown. While the Fed had been signaling additional rate hikes in 2019, the global slowdown convinced the central bank to hold off on further monetary tightening. Additionally, trade negotiations between the U.S. and China appeared to make progress. These conditions helped ease some concerns, which in turn boosted equities over the last quarter of the reporting period.

Fixed Income

The U.S. ten-year Treasury yield fluctuated over the reporting period, rising from approximately 2.70% at the start of the reporting period to 3.20% in the fourth quarter of 2018 before plunging back down to 2.40% by the end of the reporting period. The broad bond market (as defined by the Bloomberg Barclays U.S. Aggregate Bond Index) returned 4.48% for the reporting period. Spread sectors were mixed over the reporting period. Within the U.S., riskier credit tiers performed well over the last quarter of the reporting period as credit spreads tightened after they spiked in the fourth quarter of 2018. Emerging market bonds were challenged by the strengthening U.S. dollar, although they experienced some recovery over the last quarter of the reporting period.

Domestic Equity

Domestic equities rose over the reporting period and fared better than foreign markets. Over the reporting period, the S&P 500 Index returned 9.50%. Growth stocks finished higher than value stocks, as the financial sector (which represents a large part of value indices) struggled over the reporting period as interest margins were pressured by a flattening yield curve. On the other hand, technology stocks fared well over the reporting period. Bond proxy sectors such as real estate and utilities delivered gains as the ten-year Treasury yield

A-2

See benchmark definitions on A-23 and A-24

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

had been sinking since November 2018, making the higher dividend sectors more attractive. Large corporations held up better than their smaller counterparts. Small-capitalization companies had lower credit ratings, and their debt levels as a percentage of total capital increased.

International Equity

Although international equities finished higher over the last quarter of the reporting period, they ended in negative territory over the reporting period as the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Index returned -3.71% over this period. European stocks generally struggled. Geopolitical issues like Brexit (Britain’s exit from the European Union) and trade tensions caused headwinds that held back performance. Furthermore, the U.S. dollar rally was a headwind for unhedged international exposures. Emerging market equities also performed poorly over the reporting period as the MSCI Emerging Markets Index returned -7.41%. Emerging market equities became volatile, particularly for Chinese markets as trade tensions caused businesses to scramble and its consumers to become less optimistic. Chinese equities staged a significant recovery however, with the Shenzhen Composite up 33.70% for the last quarter of the reporting period.

Concluding Remarks

Going forward, we expect to see several themes impact the markets. The U.S. economy should continue to stay on course as business and consumer confidence remain supportive, especially if trade tensions begin to fade. However, we expect U.S.-China trade negotiations to remain an area of investor focus. As the effects of the tax cuts wind down, we anticipate U.S. earnings growth to decelerate and stock buybacks to ebb from very high levels seen throughout 2018.

Regarding central banks, the Fed is expected to take a pause. While markets had been anticipating additional interest rate hikes, they are now pricing in a rate cut by the end of 2019. The European Central Bank ended its bond purchasing program and will be going through a transition as it will need to find a successor for Mario Drahghi who is scheduled to step down in October 2019. Several emerging market central banks may find some relief from the Fed refraining from additional rate hikes.

In the U.S., investors may continue to focus on the yield curve, which has historically inverted prior to recessions, but it generally did not lead to equities falling immediately thereafter. Nonetheless, U.S. corporations will have to deal with rising wage growth caused by the tight labor market and increasing input costs resulting from the tariffs imposed on Chinese goods. Additionally, a steady stream of share buybacks has generally lifted prices and when this trend recedes, U.S. stocks may begin to trail.

Overseas, we believe foreign stocks are fairly attractive relative to U.S. equities based on price multiples although they also exhibit heightened geopolitical risks. Additionally, international industries tend to have a higher concentration in defensive sectors than those of the U.S., which tend to be more technology-related. Technology-related stocks are generally trading at a considerable premium compared to others, which may limit further upside. This is particularly true if market sentiment toward defensive sectors gains momentum. Emerging markets’ price-to-book multiples compared to those of U.S. equities are near historic lows. Furthermore, the U.S. and China will likely be inclined to reach a trade deal sooner than later, as rising tensions are weighing down sentiment. Once a deal with China is reached, the Trump administration may extend the trade war to Europe and Japan with automobile tariffs. This would be particularly challenging for Germany, which is already flirting with a potential recession.

In fixed income, we anticipate the Fed may refrain from pursuing an aggressive monetary policy, as inflation risks remain somewhat subdued, although wage growth has been accelerating. Additionally, loose credit standards and heightened leverage have become more concerning, especially for leveraged loans. Although we do not anticipate a significant deterioration in credit fundamentals in the near term, we will closely monitor these conditions as challenges in credit markets have tended to precede equity markets in the lead up to a recession. While we do not see recession likely in the near term, we are watching this sector of the market for an early warning. We expect broad alternatives to provide continued diversification, especially for strategies that can successfully take advantage of rapidly changing developments in currency or commodity markets.

Performance of the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives

The performance of the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives are composites of the performance of each of the PF Underlying Funds in which each invests (which may include bonds, domestic and/or international equities). The Portfolio Optimization Funds are compared to two broad-based indices; however, to further assist in performance comparisons, composite benchmarks were constructed for the Portfolio Optimization Funds. Each composite benchmark is comprised of up to four broad-based indices shown below. The composite benchmarks were constructed with allocations to each asset class that correspond to the target allocations for Portfolio Optimization Funds. However, the actual allocations of any Portfolio Optimization Fund will naturally vary from these targets as a result of market performance over time. Pacific Funds Diversified Alternatives does not have a composite benchmark. The one-year performance for these broad-based indices for the year ended March 31, 2019 is shown in the following table:


Broad-Based Indices
S&P 500 Index (representing U.S. Stocks)	9.50%
Morgan Stanley Capital International (MSCI) EAFE Index (Net) (International Stocks)	(3.71%	)
Bloomberg Barclays U.S. Aggregate Bond Index (Fixed Income)	4.48%
ICE BofA Merrill Lynch U.S. 3-Month T-Bill Index (Cash)	2.12%


		See benchmark definitions on A-23 and A-24

A-3

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Pacific Funds Portfolio Optimization Conservative (managed by Pacific Life Fund Advisors LLC)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, Pacific Funds Portfolio Optimization Conservative’s Class A (without sales charge) returned 1.88%, compared to a 4.48% return for the Bloomberg Barclays U.S. Aggregate Bond Index, a 9.50% return for the S&P 500 Index, and a 4.94% return for the Pacific Funds Portfolio Optimization Conservative Composite Benchmark.

The following graph compares the performance of a hypothetical $10,000 investment in Class A shares of the Fund to its benchmarks for the ten-year period ended March 31, 2019. For comparison purposes, the performance of all classes for the periods ended March 31, 2019 are also shown in the table below. Performance data for Class B, C and Advisor Class shares will vary due to differences in fees and sales charges. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019

1 Year

5 Years

10 Years

Fund’s Class A without sales charge

1.88%

2.97%

5.59%

Fund’s Class A with maximum sales charge

(3.69%

)

1.81%

5.00%

Fund’s Class B without sales charge

1.15%

2.22%

5.01%

Fund’s Class B with maximum sales charge

(3.39%

)

1.89%

5.01%

Fund’s Class C without sales charge

1.13%

2.24%

4.87%

Fund’s Class C with maximum sales charge

0.22%

2.24%

4.87%

Bloomberg Barclays U.S. Aggregate Bond Index

4.48%

2.74%

3.77%

S&P 500 Index

9.50%

10.91%

15.92%

Pacific Funds Portfolio Optimization Conservative Composite Benchmark

4.94%

4.05%

5.94%

Average Annual Total Returns for the Periods Ended March 31, 2019

1 Year

5 Years

Since

Inception

(12/31/12)

Fund’s Advisor Class without sales charge

2.26%

3.24%

3.22%

Bloomberg Barclays U.S. Aggregate Bond Index

4.48%

2.74%

2.15%

S&P 500 Index

9.50%

10.91%

13.96%

Pacific Funds Portfolio Optimization Conservative Composite Benchmark

4.94%

4.05%

4.25%

Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the Fund’s Class A underperformed the Pacific Funds Portfolio Optimization Conservative Composite Benchmark. The Pacific Funds Portfolio Optimization Conservative Composite Benchmark is comprised of the Bloomberg Barclays U.S. Aggregate Bond, S&P 500, ICE BofA Merrill Lynch U.S. 3-Month T-Bill, and MSCI EAFE (Net) Indices in a weighting that is fixed and specific to the Fund. The Fund was primarily invested in various fixed income strategies, with a smaller allocation to equity and alternative strategies, during the reporting period. Fixed income investments included allocations to intermediate-term bond, short duration bond, inflation-indexed bond, emerging markets bond, and floating rate strategies. The equity segment consisted mainly of allocations to domestic and foreign large-capitalization strategies. The Fund’s alternatives allocation consisted of investments in a currency strategy and an equity long/short strategy.


		See benchmark definitions on A-23 and A-24

A-4

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Among the fixed income lineup, high yield bonds contributed to performance over the reporting period as the asset class fared relatively well. However, the PF Managed Bond Fund, which represented the largest weight in the Fund, underperformed the Bloomberg Barclays U.S. Aggregate Bond Index and likewise detracted from performance over the reporting period. Additionally, exposure to short-term bonds also detracted from performance.

As for domestic equities, exposure to value stocks was a headwind over the reporting period as growth sectors such as information technology surged past value sectors. On the other hand, the exposure to real estate helped performance.

International equities held back performance over the reporting period. An overweight to emerging markets had a negative impact on performance, although the PF Emerging Markets Fund outpaced its benchmark, the MSCI Emerging Markets Index, which helped offset the drag from the exposure to the asset class.

Alternatives as a group also detracted from performance over the reporting period. The PF Equity Long/Short Fund primarily detracted from performance.

Pacific Funds Portfolio Optimization Moderate-Conservative (managed by Pacific Life Fund Advisors LLC)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, Pacific Funds Portfolio Optimization Moderate-Conservative’s Class A (without sales charge) returned 1.91%, compared to a 4.48% return for the Bloomberg Barclays U.S. Aggregate Bond Index, a 9.50% return for the S&P 500 Index, and a 5.28% return for the Pacific Funds Portfolio Optimization Moderate-Conservative Composite Benchmark.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019

1 Year

5 Years

10 Years

Fund’s Class A without sales charge

1.91%

3.85%

7.32%

Fund’s Class A with maximum sales charge

(3.68%

)

2.68%

6.71%

Fund’s Class B without sales charge

1.07%

3.07%

6.73%

Fund’s Class B with maximum sales charge

(3.16%

)

2.77%

6.73%

Fund’s Class C without sales charge

1.11%

3.09%

6.56%

Fund’s Class C with maximum sales charge

0.26%

3.09%

6.56%

Bloomberg Barclays U.S. Aggregate Bond Index

4.48%

2.74%

3.77%

S&P 500 Index

9.50%

10.91%

15.92%

Pacific Funds Portfolio Optimization Moderate-Conservative Composite Benchmark

5.28%

5.17%

7.88%

Average Annual Total Returns for the Periods Ended March 31, 2019

1 Year

5 Years

Since

Inception

(12/31/12)

Fund’s Advisor Class without sales charge

2.10%

4.09%

4.71%

Bloomberg Barclays U.S. Aggregate Bond Index

4.48%

2.74%

2.15%

S&P 500 Index

9.50%

10.91%

13.96%

Pacific Funds Portfolio Optimization Moderate-Conservative Composite Benchmark

5.28%

5.17%

6.00%


		See benchmark definitions on A-23 and A-24

A-5

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

A. For the reporting period, the Fund’s Class A underperformed the Pacific Funds Portfolio Optimization Moderate-Conservative Composite Benchmark. The Pacific Funds Portfolio Optimization Moderate-Conservative Composite Benchmark is comprised of the Bloomberg Barclays U.S. Aggregate Bond, S&P 500, MSCI EAFE (Net), and ICE BofA Merrill Lynch U.S. 3-Month T-Bill Indices in a weighting that is fixed and specific to the Fund. The Fund had a diversified allocation mix that was modestly tilted to fixed income during the reporting period. Fixed income investments included intermediate-term bond strategies as well as short duration bond, inflation-indexed bond, high yield bond, emerging markets bond, and floating rate strategies. The Fund’s equity exposure was diversified across style (growth/value), market capitalization and region (including an allocation to foreign small-capitalization and emerging markets strategies). The Fund’s alternatives allocation consisted of investments in a currency strategy and an equity long/short strategy.

Among the fixed income lineup, high yield bonds contributed to performance over the reporting period as the asset class fared relatively well. However, the PF Managed Bond Fund, which represented the largest weight in the Fund, underperformed the Bloomberg Barclays U.S. Aggregate Bond Index and likewise detracted from relative performance over the reporting period. Additionally, exposure to short-term bonds also detracted from performance.

As for domestic equities, exposure to value stocks was a headwind over the reporting period as growth sectors such as information technology surged past value sectors. The exposure to real estate also helped performance.

Alternatives as a group also detracted from performance over the reporting period. The PF Equity Long/Short Fund primarily detracted from performance.


		See benchmark definitions on A-23 and A-24

A-6

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Pacific Funds Portfolio Optimization Moderate (managed by Pacific Life Fund Advisors LLC)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, Pacific Funds Portfolio Optimization Moderate’s Class A (without sales charge) returned 2.49%, compared to a 9.50% return for the S&P 500 Index, a 4.48% return for the Bloomberg Barclays U.S. Aggregate Bond Index, and a 5.68% return for the Pacific Funds Portfolio Optimization Moderate Composite Benchmark.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019

1 Year

5 Years

10 Years

Fund’s Class A without sales charge

2.49%

4.81%

9.27%

Fund’s Class A with maximum sales charge

(3.15%

)

3.64%

8.66%

Fund’s Class B without sales charge

1.75%

4.04%

8.68%

Fund’s Class B with maximum sales charge

(2.45%

)

3.75%

8.68%

Fund’s Class C without sales charge

1.78%

4.04%

8.53%

Fund’s Class C with maximum sales charge

0.94%

4.04%

8.53%

S&P 500 Index

9.50%

10.91%

15.92%

Bloomberg Barclays U.S. Aggregate Bond Index

4.48%

2.74%

3.77%

Pacific Funds Portfolio Optimization Moderate Composite Benchmark

5.68%

6.43%

10.06%

Average Annual Total Returns for the Periods Ended March 31, 2019

1 Year

5 Years

Since

Inception

(12/31/12)

Fund’s Advisor Class without sales charge

2.75%

5.07%

6.31%

S&P 500 Index

9.50%

10.91%

13.96%

Bloomberg Barclays U.S. Aggregate Bond Index

4.48%

2.74%

2.15%

Pacific Funds Portfolio Optimization Moderate Composite Benchmark

5.68%

6.43%

7.98%

A. For the reporting period, the Fund’s Class A underperformed the Pacific Funds Portfolio Optimization Moderate Composite Benchmark. The Pacific Funds Portfolio Optimization Moderate Composite Benchmark is comprised of the S&P 500, Bloomberg Barclays U.S. Aggregate Bond, MSCI EAFE (Net), and ICE BofA Merrill Lynch U.S. 3-Month T-Bill Indices in a weighting that is fixed and specific to the Fund. The Fund is allocated to a mix of equity and fixed income strategies over the reporting period, with a larger allocation toward equity investments. The equity exposure was diversified across style (growth/value), market capitalization and region (including allocations to foreign small-capitalization and emerging markets stocks). The Fund also maintained exposure to select market sectors such as publicly-traded real estate investment trusts (REITs). Fixed income investments included intermediate-term bond, short duration bond, inflation-indexed bond, emerging markets bond, and floating rate loan strategies. The Fund’s alternatives allocation consisted of investments in a currency strategy and an equity long/short strategy.


		See benchmark definitions on A-23 and A-24

A-7

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Within domestic equities exposure to value stocks was a headwind over the reporting period as growth sectors such as information technology surged past value sectors like financials. The exposure to real estate also helped performance. Furthermore, the PF Growth and PF Developing Growth Funds outperformed their respective benchmarks, which contributed to performance.

Among the fixed income lineup, high yield bonds contributed to performance over the reporting period as the asset class fared relatively well. However, the PF Managed Bond Fund, which represented the largest weight in the Fund, underperformed the Bloomberg Barclays U.S. Aggregate Bond Index and likewise detracted from relative performance over the reporting period. Additionally, exposure to short-term bonds also detracted from performance.

Alternatives as a group also detracted from performance over the reporting period. The PF Equity Long/Short Fund primarily detracted from performance.


		See benchmark definitions on A-23 and A-24

A-8

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Pacific Funds Portfolio Optimization Growth (managed by Pacific Life Fund Advisors LLC)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, Pacific Funds Portfolio Optimization Growth’s Class A (without sales charge) returned 2.92%, compared to a 9.50% return for the S&P 500 Index, a 4.48% return for the Bloomberg Barclays U.S. Aggregate Bond Index, and a 5.98% return for the Pacific Funds Portfolio Optimization Growth Composite Benchmark.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019

1 Year

5 Years

10 Years

Fund’s Class A without sales charge

2.92%

5.67%

10.96%

Fund’s Class A with maximum sales charge

(2.74%

)

4.47%

10.33%

Fund’s Class B without sales charge

2.15%

4.89%

10.40%

Fund’s Class B with maximum sales charge

(1.96%

)

4.61%

10.40%

Fund’s Class C without sales charge

2.12%

4.88%

10.26%

Fund’s Class C with maximum sales charge

1.30%

4.88%

10.26%

S&P 500 Index

9.50%

10.91%

15.92%

Bloomberg Barclays U.S. Aggregate Bond Index

4.48%

2.74%

3.77%

Pacific Funds Portfolio Optimization Growth Composite Benchmark

5.98%

7.49%

11.92%

Average Annual Total Returns for the Periods Ended March 31, 2019

1 Year

5 Years

Since

Inception

(12/31/12)

Fund’s Advisor Class without sales charge

3.12%

5.92%

7.77%

S&P 500 Index

9.50%

10.91%

13.96%

Bloomberg Barclays U.S. Aggregate Bond Index

4.48%

2.74%

2.15%

Pacific Funds Portfolio Optimization Growth Composite Benchmark

5.98%

7.49%

9.66%

A. For the reporting period, the Fund’s Class A underperformed the Pacific Funds Portfolio Optimization Growth Composite Benchmark. The Pacific Funds Portfolio Optimization Growth Composite Benchmark is comprised of the S&P 500, Bloomberg Barclays U.S. Aggregate Bond, and MSCI EAFE (Net) Indices in a weighting that is fixed and specific to the Fund. The Fund had a diversified allocation mix that was tilted to equity. The equity exposure was diversified across style (growth/value), market capitalization and region (including allocations to foreign small capitalization and emerging markets stocks). The Fund also maintained exposure to select market sectors such as publicly-traded REITs. Fixed income investments included intermediate-term bond strategies as well as specific strategies such as short duration bond, inflation-indexed bond and emerging markets bond strategies. The Fund’s alternatives allocation consisted of investments in a currency strategy and an equity long/short strategy.


		See benchmark definitions on A-23 and A-24

A-9

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Among the fixed income lineup, high yield bonds contributed to performance over the reporting period as the asset class fared relatively well. However, the PF Managed Bond Fund, which represented the largest weight in the Fund, underperformed the Bloomberg Barclays U.S. Aggregate Bond Index and likewise detracted from relative performance over the reporting period. Additionally, exposure to short-term bonds also detracted from performance.

Alternatives as a group also detracted from performance over the reporting period. The PF Equity Long/Short Fund primarily detracted from performance.

Pacific Funds Portfolio Optimization Aggressive-Growth (managed by Pacific Life Fund Advisors LLC)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, Pacific Funds Portfolio Optimization Aggressive-Growth’s Class A (without sales charge) returned 3.39%, compared to a 9.50% return for the S&P 500 Index, a 4.48% return for the Bloomberg Barclays U.S. Aggregate Bond Index, and a 5.79% return for the Pacific Funds Portfolio Optimization Aggressive-Growth Composite Benchmark.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019

1 Year

5 Years

10 Years

Fund’s Class A without sales charge

3.39%

6.26%

11.98%

Fund’s Class A with maximum sales charge

(2.29%

)

5.06%

11.36%

Fund’s Class B without sales charge

2.59%

5.49%

11.53%

Fund’s Class B with maximum sales charge

(1.56%

)

5.19%

11.53%

Fund’s Class C without sales charge

2.57%

5.49%

11.36%

Fund’s Class C with maximum sales charge

1.74%

5.49%

11.36%

S&P 500 Index

9.50%

10.91%

15.92%

Bloomberg Barclays U.S. Aggregate Bond Index

4.48%

2.74%

3.77%

Pacific Funds Portfolio Optimization Aggressive-Growth Composite Benchmark

5.79%

8.29%

13.56%

Average Annual Total Returns for the Periods Ended March 31, 2019

1 Year

5 Years

Since

Inception

(12/31/12)

Fund’s Advisor Class without sales charge

3.57%

6.53%

8.65%

S&P 500 Index

9.50%

10.91%

13.96%

Bloomberg Barclays U.S. Aggregate Bond Index

4.48%

2.74%

2.15%

Pacific Funds Portfolio Optimization Aggressive-Growth Composite Benchmark

5.79%

8.29%

11.15%


		See benchmark definitions on A-23 and A-24

A-10

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

A. For the reporting period, the Fund’s Class A underperformed the Pacific Funds Portfolio Optimization Aggressive-Growth Composite Benchmark. The Pacific Funds Portfolio Optimization Aggressive-Growth Composite Benchmark is comprised of the S&P 500, MSCI EAFE (Net), and Bloomberg Barclays U.S. Aggregate Bond Indices in a weighting that is fixed and specific to the Fund. The Fund is primarily allocated to domestic and international equity funds that are diversified across style (growth/value), market capitalization and region (which included allocations to foreign small-capitalization and emerging markets stocks). The Fund also maintained exposure to select sectors, such as publicly-traded REITs, as well as a small allocation to intermediate-term fixed income securities. The Fund’s alternatives allocation consisted of investments in a currency strategy and an equity long/short strategy.

The Fund’s allocation to fixed income is relatively a minor position. Nonetheless, exposure to short-term bonds detracted from performance.

Alternatives as a group also detracted from performance over the reporting period. The PF Equity Long/Short Fund primarily detracted from performance.

Pacific Funds Diversified Alternatives (managed by Pacific Life Fund Advisors LLC)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, Pacific Funds Diversified Alternatives’ Class A (without sales charge) returned -4.15%, compared to a 2.08% return for its benchmark, the FTSE 1-Month U.S. T-Bill Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class A shares of the Fund to its benchmark for the period from inception through March 31, 2019. For comparison purposes, the performance of all classes for the periods ended March 31, 2019 are also shown in the table below. Performance data for Class C and Advisor Class shares will vary due to differences in fees and sales charges. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019

1 Year

5 Years

Since
Inception
(12/31/13)

Fund’s Class A without sales charge

(4.15%

)

2.32%

2.19%

Fund’s Class A with maximum sales charge

(9.43%

)

1.17%

1.10%

Fund’s Class C without sales charge

(4.81%

)

1.56%

1.43%

Fund’s Class C with maximum sales charge

(5.76%

)

1.56%

1.43%

Fund’s Advisor Class without sales charge

(3.91%

)

2.56%

2.42%

FTSE 1-Month U.S. T-Bill Index

2.08%

0.69%

0.66%

⁽¹⁾

Due to data limitation, the benchmark since inception return reflects the commencement period from the first calendar day of the month the portfolio commenced its operations.

A. For the reporting period, the Fund’s Class A underperformed the benchmark. The Fund is a “fund of funds” that seeks to achieve its investment goal by investing in other funds, and seeks to maintain a low to moderate correlation of its returns with the returns of traditional equity and fixed income asset classes over long-term periods by gaining exposure to a number of non-traditional asset classes and alternative investment strategies. Over the reporting period, the Fund was primarily invested in non-traditional asset classes and alternative investment strategies. The Fund’s investments included currencies and long-short equity strategies. The Fund also invested in inflation-indexed debt, floating rate loans, real estate, international small-cap, and emerging markets equity and debt strategies.


		See benchmark definitions on A-23 and A-24

A-11

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

The Fund’s allocations to the PF Real Estate Fund, PF Currency Strategies Fund and Pacific Funds Floating Rate Income were the top contributors to performance. The PF Real Estate Fund benefited from an overweight position to residential REITs. The PF Currency Strategies Fund’s short position in the Korean won largely contributed to performance. Pacific Funds Floating Rate Income benefited from an overweight position to second lien bank loans.

The PF Equity Long/Short Fund was the weakest-performing fund over the reporting period. PF International Small-Cap Fund, PF Emerging Markets Fund and PF Emerging Markets Debt Fund also detracted from performance over the reporting period. These funds have exposure to foreign markets, which struggled over the reporting period, as trade tensions intensified.

Pacific Funds Short Duration Income (managed by Pacific Asset Management)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, Pacific Funds Short Duration Income’s Class I (without sales charge) returned 3.47%, compared to a 3.03% return for its benchmark, the Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the period from inception through March 31, 2019. For comparison purposes, the performance of all classes for the periods ended March 31, 2019 are also shown in the table below. Performance data for Class A, C and Advisor Class shares will vary due to differences in fees and sales charges. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019

1 Year

5 Years

Since
Inception
(12/19/11)

Fund’s Class I without sales charge

3.47%

1.94%

2.75%

Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index

3.03%

1.22%

1.14%

1 Year

5 Years

Since

Inception

(06/29/12)

Fund’s Class A without sales charge

3.11%

1.66%

2.23%

Fund’s Class A with maximum sales charge

(0.01%

)

1.05%

1.76%

Fund’s Class C without sales charge

2.35%

0.89%

1.47%

Fund’s Class C with maximum sales charge

1.35%

0.89%

1.47%

Fund’s Advisor Class without sales charge

3.46%

1.93%

2.48%

Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index

3.03%

1.22%

1.14%

A. For the reporting period, the Fund’s Class I outperformed the benchmark. The Fund uses a short term corporate debt focused strategy. Using a fundamental approach with a top-down overlay, Pacific Asset Management’s team of portfolio managers and research analysts look at the relative value of each security and assess the macro environment and marketplace for tailwinds and catalysts in the process of individual investment selection.

The Fund’s asset allocation and focus on short maturity BBB-rated securities were the primary contributors to performance. The Fund’s allocations to non-investment grade debt securities, bank loans and high yield bonds, benefited performance during the reporting period. The Fund’s underweight to treasury and government related securities also benefited performance. The Fund’s underweight to duration detracted from performance given the flattening of the yield curve seen during the reporting period. Security selection in pharmaceuticals and chemicals benefited performance while overweights to banking and midstream hurt performance.

The significant spread widening seen in December 2018 and subsequent rally in the first quarter 2019 leave us with a neutral view of investment-grade corporate credit as we enter April 2019. We believe that stable monetary policy should help the technical picture for the asset class. From an asset allocation perspective, we like floating-rate loans and BBB-rated investment-grade names in preferred sectors. We hold limited exposure in high yield bonds favoring bank loans. We expect to maintain exposure to securitized assets and have looked to add to certain deal structures. Sector and credit selection remain vital as we focus on deleveraging stories and sectors, while staying cautious with sectors experiencing more deterioration in credit metrics. We are also mindful of sectors that can be meaningfully impacted by slowing global growth, evolution of trade-policy changes and rising cost inflation, such as technology, automotive and chemicals. We are underweight duration relative to the benchmark.


		See benchmark definitions on A-23 and A-24

A-12

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Pacific Funds Core Income (managed by Pacific Asset Management)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, Pacific Funds Core Income’s Class I (without sales charge) returned 4.30%, compared to a 4.48% return for its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the period from inception through March 31, 2019. For comparison purposes, the performance of all classes for the periods ended March 31, 2019 are also shown in the table below. Performance data for Class A, C, P and Advisor Class shares will vary due to differences in fees and sales charges. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019

1 Year

5 Years

Since
Inception
(12/31/10)

Fund’s Class I without sales charge

4.30%

2.92%

4.34%

Fund’s Class A without sales charge

3.99%

2.62%

4.07%

Fund’s Class A with maximum sales charge

(0.40%

)

1.74%

3.53%

Bloomberg Barclays U.S. Aggregate Bond Index

4.48%

2.74%

3.08%

1 Year

5 Years

Since

Inception

(06/30/11)

Fund’s Class C without sales charge

3.11%

1.85%

2.94%

Fund’s Class C with maximum sales charge

2.11%

1.85%

2.94%

Bloomberg Barclays U.S. Aggregate Bond Index

4.48%

2.74%

2.92%

1 Year

5 Years

Since

Inception

(06/29/12)

Fund’s Advisor Class without sales charge

4.19%

2.90%

3.40%

Bloomberg Barclays U.S. Aggregate Bond Index

4.48%

2.74%

2.26%

1 Year

Since

Inception

(04/27/15)

Fund’s Class P without sales charge

4.29%

2.35%

Bloomberg Barclays U.S. Aggregate Bond Index

4.48%

1.99%

A. For the reporting period, the Fund’s Class I underperformed the benchmark. The Fund uses an intermediate term corporate debt focused strategy. Using a fundamental approach with a top-down overlay, Pacific Asset Management’s team of portfolio managers and research analysts look at the relative value of each security and assess the macro environment and marketplace for tailwinds and catalysts in the process of individual investment selection.

The Fund’s underweight to duration detracted from performance given the flattening of the yield curve seen during the reporting period. The Fund’s allocation to non-investment grade securities, bank loans and high yield bonds, and to underweight treasury and government related securities benefited performance. Security selection in pharmaceuticals and chemicals benefited performance while overweight’s to banking and midstream hurt performance.

The significant spread widening seen in December 2018 and subsequent rally in the first quarter 2019 continues to leave us with a more neutral view of investment-grade corporate credit as we enter April 2019. Stable monetary policy should help the technical picture for the asset class. From an asset allocation perspective, we like the improved relative value in floating-rate loans and BBB-rated investment-grade names in preferred sectors. We expect to maintain exposure to securitized assets and have looked to add to certain deal structures as they became more attractive due to the sell-off in December 2018. Sector and credit selection remain vital as we focus on deleveraging stories and sectors, while staying cautious with sectors experiencing more deterioration in credit metrics. We are also mindful of sectors that can be meaningfully impacted by slowing global growth, evolution of trade-policy changes and rising cost inflation, such as technology, automotive and chemicals. We are underweight duration relative to the benchmark.


		See benchmark definitions on A-23 and A-24

A-13

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Pacific Funds Strategic Income (managed by Pacific Asset Management)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, Pacific Funds Strategic Income’s Class I (without sales charge) returned 3.77%, compared to a 4.48% return for its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019

1 Year

5 Years

Since

Inception

(12/19/11)

Fund’s Class I without sales charge

3.77%

3.40%

6.21%

Bloomberg Barclays U.S Aggregate Bond Index

4.48%

2.74%

2.42%

1 Year

5 Years

Since

Inception

(06/29/12)

Fund’s Class A without sales charge

3.43%

3.10%

5.25%

Fund’s Class A with maximum sales charge

(1.00%

)

2.20%

4.58%

Fund’s Class C without sales charge

2.73%

2.35%

4.50%

Fund’s Class C with maximum sales charge

1.74%

2.35%

4.50%

Fund’s Advisor Class without sales charge

3.70%

3.36%

5.50%

Bloomberg Barclays U.S Aggregate Bond Index

4.48%

2.74%

2.26%

A. For the reporting period, the Fund’s Class I underperformed the benchmark. The Fund uses a non-investment grade focused multi-sector credit strategy. Using a fundamental approach with a top-down overlay, Pacific Asset Management’s team of portfolio managers and research analysts look at the relative value of each security and assess the macro environment and marketplace for tailwinds and catalysts in the process of individual investment selection.

The Fund underperformed the benchmark for the reporting period primarily driven by asset allocation and duration. The Fund focuses on U.S. credit sectors including bank loans, high yield bonds, and corporate debt. The Fund’s overweight to bank loans detracted from performance. The Fund’s underweight to longer maturity government bonds detracted from performance. The Fund’s underweight in duration also detracted from performance given the flattening of the yield curve seen during the reporting period. Sector allocations in midstream, gaming, and cable & satellite benefited performance while building materials, packaging, and metals & mining detracted.

The significant spread widening seen in December 2018 and subsequent rally in the first quarter 2019 continues to leave us with a positive view of corporate credit as we enter the new fiscal year. We believe that improved relative value should help the technical picture for credit, specifically as monetary policy stabilizes. From an asset allocation perspective, we like the improved relative value in bank loans and investment-grade names in preferred sectors. After increasing our exposure in December 2018 to high yield bonds, we have reduced that exposure in favor of bank loan securities based on relative value. Sector and credit selection remain vital as we focus on deleveraging stories and sectors, while staying cautious with sectors experiencing more deterioration in credit metrics. We are also mindful of sectors that can be meaningfully impacted by slowing global growth, evolution of trade-policy changes and rising cost inflation, such as technology, automotive and chemicals. We are underweight duration relative to the benchmark.


		See benchmark definitions on A-23 and A-24

A-14

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Pacific Funds Floating Rate Income (managed by Pacific Asset Management)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, Pacific Funds Floating Rate Income’s Class I (without sales charge) returned 2.88%, compared to a 3.33% return for its benchmark, the Credit Suisse Leveraged Loan Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the period from inception through March 31, 2019. For comparison purposes, the performance of all classes for the periods ended March 31, 2019 are also shown in the table below. Performance data for Class A, C, P and Advisor Class shares will vary due to differences in fees and sales charges. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019

1 Year

5 Years

Since
Inception
(06/30/11)

Fund’s Class I without sales charge

2.88%

3.43%

4.56%

Credit Suisse Leveraged Loan Index

3.33%

3.83%

4.47%

1 Year

5 Years

Since

Inception

(12/30/11)

Fund’s Class A without sales charge

2.57%

3.12%

4.55%

Fund’s Class A with maximum sales charge

(0.48%

)

2.49%

4.11%

Fund’s Class C without sales charge

1.86%

2.37%

3.80%

Fund’s Class C with maximum sales charge

0.88%

2.37%

3.80%

Credit Suisse Leveraged Loan Index

3.33%

3.83%

5.03%

1 Year

5 Years

Since

Inception

(06/29/12)

Fund’s Advisor Class without sales charge

2.83%

3.39%

4.38%

Credit Suisse Leveraged Loan Index

3.33%

3.83%

4.76%

1 Year

5 Years

Since

Inception

(12/31/12)

Fund’s Class P without sales charge

2.87%

3.41%

3.90%

Credit Suisse Leveraged Loan Index

3.33%

3.83%

4.26%

A. For the reporting period, the Fund’s Class I underperformed the benchmark. Using a fundamental approach with a top down overlay, Pacific Asset Management’s team of portfolio managers and research analysts look for investment opportunities in floating rate loans and floating rate debt securities.

The Fund’s underperformance to the benchmark was primarily attributable to the focus on larger bank loan issuers. During the reporting period, larger issuers underperformed. This was most pronounced during the year end 2018 volatility as more liquid, larger issuers underperformed. The Fund benefited from overweights to second lien bank loans, which outperformed during the reporting period. Given the liquidity driven selloff seen in December 2018 along with the broader outperformance of smaller facility sizes during the reporting period, second liens outperformed their first lien counterparts. The Fund’s overweight to B versus BB-rated issuers was a contributor to performance as B-rated issuers outperformed BB’s.

The Fund’s overweight to chemicals and underweight to media/telecommunications contributed to performance. The Fund’s overweight to forest products/containers and overweight to manufacturing detracted from performance.

We enter the new fiscal year underweight risk as measured to our benchmark by yield. While prices have recovered much of the liquidity driven selloff seen in December 2018, the asset class provides attractive yields and stable corporate health conditions. Our underweight in yield to our benchmark is primarily attributable to our limited exposure to distressed issuers (those below $90-dollar price). We are focused on the performing segment of the bank loan market. At the end of the reporting period, we are overweight to food/tobacco securities, forest products/containers securities, and manufacturing securities. We are underweight to technology, health care, and media/telecommunication securities.


		See benchmark definitions on A-23 and A-24

A-15

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Pacific Funds High Income (managed by Pacific Asset Management)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, Pacific Funds High Income’s Class I (without sales charge) returned 4.27%, compared to a 5.93% return for its benchmark, the Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the period from inception through March 31, 2019. For comparison purposes, the performance of all classes for the periods ended March 31, 2019 are also shown in the table below. Performance data for Class A, C, P and Advisor Class shares will vary due to differences in fees and sales charges. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019

1 Year

5 Years

Since
Inception
(12/19/11)

Fund’s Class I without sales charge

4.27%

3.54%

6.43%

Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index

5.93%

4.69%

6.92%

1 Year

5 Years

Since

Inception

(06/29/12)

Fund’s Class A without sales charge

3.97%

3.27%

5.35%

Fund’s Class A with maximum sales charge

(0.41%

)

2.38%

4.67%

Fund’s Class C without sales charge

3.35%

2.53%

4.60%

Fund’s Class C with maximum sales charge

2.37%

2.53%

4.60%

Fund’s Advisor Class without sales charge

4.23%

3.53%

5.60%

Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index

5.93%

4.69%

6.21%

1 Year

Since
Inception
(01/14/15)

Fund’s Class P without sales charge

4.27%

4.99%

Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index

5.93%

5.74%

A. For the reporting period, the Fund’s Class I underperformed the benchmark. The Fund seeks a high level of current income by investing in non-investment grade, debt instruments or in instruments with characteristics of non-investment grade instruments. Using a fundamental approach with a top-down overlay, Pacific Asset Management’s team of portfolio managers and research analysts look at the relative value of each security and assess the macro environment and marketplace for tailwinds and catalysts.

During the reporting period, the Fund underperformed the benchmark primarily due to sector allocations and security selection. Sanchez Energy and Halcon Resources were notable detractors in the independent exploration& production sector. Ahern Rentals was a notable detractor in the construction machinery sector. On a sector basis, notable positive contributors include food and beverage and finance companies while underweight allocations to cable/satellite and health care sectors detracted. Duration was neutral to performance during the reporting period.

As we enter the new fiscal year, we believe it is especially important amid current market conditions to maintain our focus on credit selection as the key to our high-yield investment process. The Fund’s investments continue to be focused on U.S.-centric companies, targeting a relatively healthy U.S. consumer and companies with strong underlying fundamentals. We expect building materials, restaurant, and manufacturing sectors to continue to benefit from the relative strength of U.S. consumers and growing government spending. In the case of housing-related sectors, our focus on less cyclical roofing exposures provides both attractive yield and some downside protection. The Fund remains underweight exposure to industries in secular decline, which include phone companies in the wirelines sector and hardware companies susceptible to rapid change in the technology sector.


		See benchmark definitions on A-23 and A-24

A-16

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Pacific Funds Large-Cap (managed by Rothschild & Co Asset Management US Inc.)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, Pacific Funds Large-Cap’s Advisor Class (without sales charge) returned 6.97%, compared to a 9.50% return for its benchmark, the S&P 500 Index.

The following graph compares the performance of a hypothetical $10,000 investment in Advisor Class shares of the Fund to its benchmark for the period from inception through March 31, 2019. For comparison purposes, the performance of all classes for the periods ended March 31, 2019 are also shown in the table below. Performance data for Class A, C, and S shares will vary due to differences in fees and sales charges. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019


	1 Year		Since Inception (1/11/16)
*Fund’s Advisor Class without sales charge⁽¹⁾*		6.97%		13.06%
*Fund’s Class A without sales charge*		6.74%		12.77%
Fund’s Class A with maximum sales charge		2.17%		11.28%
*Fund’s Class C without sales charge*		5.97%		11.94%
Fund’s Class C with maximum sales charge		4.97%		11.94%
S&P 500 Index		9.50%		15.13%

	1 Year		Since Inception (03/20/15)
*Fund’s Class S without sales charge*		7.06%		7.61%
S&P 500 Index		9.50%		9.86%

⁽¹⁾

The performance chart previously reflected the returns for Investor Class shares, which are no longer available for this Fund. Advisor Class returns are now shown because Advisor Class has the greatest net assets relative to the other share classes of the Fund.

A. For the reporting period, the Fund’s Advisor Class underperformed the benchmark. We at Rothschild & Co AMUS implement the Fund’s strategy by investing in common stocks and other equity securities of large capitalization U.S. companies. We analyze a variety of quantitative and fundamental inputs in making stock decisions, and seek to build a portfolio that is well diversified at the issuer level and by economic sector. Our focus remains on identifying stocks with attractive relative valuations and the ability to exceed investors’ expectations.

Leading sectors contributing to performance of the Fund included utilities, real estate, and information technology. Conversely, financials, energy, and industrials detracted from the Fund’s performance. Sector allocation was negative, with headwinds from an underweight to information technology outpacing tailwinds from an underweight to industrials. Stock selection was also negative, and the primary driver of the Fund’s performance, with the effects of detractors in health care, industrials, and consumer discretionary exceeding those of contributors in consumer staples, and information technology.

Turning to individual stocks, detractors from the Fund’s performance included Noble Energy, a large international exploration and production company. The Fund’s position in Noble was a headwind during the reporting period as shares were impacted by a mid-2018 cut to production and guidance as well as a concurrent raise to capital expenditures. Noble also removed longer term production guidance, which added to uncertainty. Lastly, they were negatively impacted by headlines in Colorado, where an anti-oil industry measure made the state’s ballot for the November 2018 election. While this measure was defeated, there remains continued concern for the industry in the state and we subsequently exited our position in the stock. Cigna Corporation, a healthcare services company, underperformed in the first quarter of 2019 due to macro headwinds pressuring healthcare services stocks. Sentiment across the drug supply chain has been adversely impacted by growing political uncertainty and the potential for changes to payment models in some markets. Although Cigna management has reaffirmed guidance, which contemplates many of the industry’s headwinds, shares were still weak in the first quarter of 2019. Marathon Petroleum, a crude refining company, negatively impacted the Fund’s performance as shares of the refining sub-sector generally lagged due to weaker margins on products such as gasoline and narrower crude differentials, which hurts profitability. As a result, there have been some investor concerns and market pressures that Marathon may miss consensus earnings estimates.

The top contributors to the Fund’s performance included Eli Lilly and Company, a pharmaceutical company. Eli Lilly’s shares performed relatively well in 2018, driven by strong third quarter of 2018 results and performing relatively well during the fourth quarter of 2018 reversal. Visa Inc., a payment technology company, is the biggest company in what is effectively a duopoly market. Visa recently reported a good fourth quarter 2018 and fiscal year 2019 outlook was better than expected. Visa continues to benefit from the ongoing shift from cash/check to credit/debt.


		See benchmark definitions on A-23 and A-24

A-17

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Pacific Funds Large-Cap Value (managed by Rothschild & Co Asset Management US Inc.)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, Pacific Funds Large-Cap Value’s Advisor Class (without sales charge) returned 3.47%, compared to a 5.67% return for its benchmark, the Russell 1000 Value Index.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019


	1 Year			Since Inception (1/11/16)
*Fund’s Advisor Class without sales charge⁽¹⁾*		3.47%			10.36%
*Fund’s Class A without sales charge*		3.14%			10.07%
Fund’s Class A with maximum sales charge		(1.22%	)		8.59%
*Fund’s Class C without sales charge*		2.40%			9.25%
Fund’s Class C with maximum sales charge		1.44%			9.25%
*Fund’s Class S without sales charge*		3.39%			10.42%
Russell 1000 Value Index		5.67%			12.36%

⁽¹⁾

Leading sectors contributing to performance of the Fund included utilities, information technology, and real estate. Conversely, consumer discretionary, financials, and industrials detracted from the Fund’s performance. Sector allocation was neutral for the reporting period. Stock selection was negative, and the primary driver of the Fund’s performance, with the effects of detractors in health care, consumer discretionary, and industrials exceeding those of contributors in information technology, and consumer staples.

Turning to individual stocks, detractors from the Fund’s performance included financial services company State Street Corporation (State Street). State Street announced a dilutive acquisition (Charles River Development) that was not well received by investors. The Fund continues to hold State Street stock due to a combination of its valuation profile, perceived low market expectations, and well-positioned business model against a competitive landscape. Northrop Grumman Corporation, an aerospace and defense technology company, declined for multiple reasons including investor profit-taking, assumptions that U.S.-North Korean tensions have been eased, and worries that the large budget deficits may cut into various defense programs. CVS Health Corporation, a retail pharmacy and healthcare company, was pressured from sentiment across the drug supply chain, which has been adversely impacted by growing political uncertainly. CVS’s guidance for 2019 includes a greater amount of investment in the business, which largely offsets the Aetna deal-related synergy for 2019.

The top contributors to the Fund’s performance included Broadcom Inc., a semiconductor and software solutions provider. Broadcom reported strong quarterly earnings and boosted its dividend by 50% in 2018. Broadcom also issued fiscal year 2019 guidance above expectations due to additive tailwinds from CA Technologies’ results (a software company Broadcom acquired). The stock performed well versus its semiconductor peers due to its cheap valuation, high free cash flow generation, and attractive dividend yield. The stock avoided the semi market downturn in the fourth quarter of 2018 because it has low exposure to cyclical end markets. Microsoft Corporation, a technology company, continued to perform well after delivering sound quarterly results. Microsoft had better than expected revenues, margins, and earnings per share. The results also served as an affirmation that revenues and earnings will accelerate in fiscal year 2019, driven by Azure and Office 365 as they are now large enough to move the needle. Eli Lilly and Company, a pharmaceutical company, performed relatively well in 2018, driven by strong third quarter 2018 results and performing relatively well during the fourth quarter of 2018 reversal.


		See benchmark definitions on A-23 and A-24

A-18

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Pacific Funds Small/Mid-Cap (managed by Rothschild & Co Asset Management US Inc.)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, Pacific Funds Small/Mid-Cap’s Advisor Class (without sales charge) returned 1.50%, compared to a 4.48% return for its benchmark, the Russell 2500 Index.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019


	1 Year			Since Inception (01/11/16)
*Fund’s Advisor Class without sales charge⁽¹⁾*		1.50%			12.22%
*Fund’s Class A without sales charge*		1.19%			11.96%
Fund’s Class A with maximum sales charge		(3.14%	)		10.48%
*Fund’s Class C without sales charge*		0.43%			11.12%
Fund’s Class C with maximum sales charge		(0.55%	)		11.12%
Russell 2500 Index		4.48%			14.33%

	1 Year			Since Inception (12/31/14)
*Fund’s Class S without sales charge*		1.52%			7.63%
Russell 2500 Index		4.48%			8.06%

⁽¹⁾

A. For the reporting period, the Fund’s Advisor Class underperformed the benchmark. We at Rothschild & Co AMUS implement the Fund’s strategy by investing in common stocks and other equity securities of small and medium capitalization U.S. companies. We analyze a variety of quantitative and fundamental inputs in making stock decisions, and seek to build a portfolio that is well diversified at the issuer level and by economic sector. Our focus remains on identifying stocks with attractive relative valuations and the ability to exceed investors’ expectations.

Leading sectors contributing to performance of the Fund included utilities, information technology, and health care. Conversely, materials, energy, and financials detracted from the Fund’s performance. Sector allocation was negative for the reporting period as headwinds from underweights to real estate and utilities outpaced tailwinds from an overweight to health care and an underweight to financials. Stock selection was also negative, and the primary driver of the Fund’s performance, with the effects of detractors in materials, consumer discretionary, and industrials exceeding those of contributors in health care, information technology, and consumer staples.

Turning to individual stocks, detractors from the Fund’s performance included Cooper Standard, an automotive parts supplier. Cooper Standard recently reported a challenging first quarter 2019 due to margin headwinds and production disruption in Europe. Raw material costs have been rising and some of their clients have been slow to accept price increases. Guidance, however, was maintained for 2019 as pricing headwinds appear to be stabilizing. Owens Corning, a manufacturer of building products and composite materials, reported weaker-than-expected results in early 2018, as price hikes only partially offset transportation and raw material cost inflation. The stock weakened further in the second half of 2018 when concerns over rising interest rates caused investors to sell all building products and home building stocks. Central Garden & Pet, a manufacturer and distributor of garden products, recently reported disappointing results for their seasonally smallest first quarter. Costs came in higher than anticipated and the company had a larger order move from the first quarter to the second quarter of 2019. However, guidance was maintained for 2019 and the shares continue to trade at a discount to their peers.

The top contributors to the Fund’s performance included LiveRamp Holdings, an ad-tech company. After rebounding from 2018 pressures, LiveRamp executed on its initiatives and reported its first quarter 2019 as a pure play transaction/subscription advertising-technology company with better-than-expected results. Insperity, Inc., an HR outsourcing company, continued to execute on its growth plans with an increased and more productive salesforce and a broader service offering driving better-than-expected quarterly results and annual guidance. Amedisys, Inc., a provider of home health, hospice, and personal care, reported better-than-expected quarterly results and continually raised full year guidance on better sales and cost cuts, as positive fundamental tailwinds from healthcare migration from costly in-patient care to lower cost outpatient care in the home and hospice progressed.


		See benchmark definitions on A-23 and A-24

A-19

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Pacific Funds Small-Cap (managed by Rothschild & Co Asset Management US Inc.)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, Pacific Funds Small-Cap’s Advisor Class (without sales charge) returned -0.26%, compared to a 2.05% return for its benchmark, the Russell 2000 Index.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019


	1 Year			Since Inception (01/11/16)
*Fund’s Advisor Class without sales charge⁽¹⁾*		(0.26%	)		12.32%
*Fund’s Class A without sales charge*		(0.53%	)		12.04%
Fund’s Class A with maximum sales charge		(4.75%	)		10.56%
*Fund’s Class C without sales charge*		(1.17%	)		11.21%
Fund’s Class C with maximum sales charge		(2.11%	)		11.21%
Russell 2000 Index		2.05%			14.31%

	1 Year			Since Inception (12/31/14)
*Fund’s Class S without sales charge*		(0.18%	)		6.98%
Russell 2000 Index		2.05%			7.42%

⁽¹⁾

A. For the reporting period, the Fund’s Advisor Class underperformed the benchmark. We at Rothschild & Co AMUS implement the Fund’s strategy by investing in common stocks and other equity securities of small capitalization U.S. companies. We analyze a variety of quantitative and fundamental inputs in making stock decisions, and seek to build a portfolio that is well diversified at the issuer level and by economic sector. Our focus remains on identifying stocks with attractive relative valuations and the ability to exceed investors’ expectations.

Leading sectors contributing to performance of the Fund included communication services, and utilities. Conversely, materials, energy, and consumer discretionary detracted from the Fund’s performance. Sector allocation was positive for the reporting period as tailwinds from an underweight to energy and an overweight to information technology outpaced headwinds from an overweight to industrials and an underweight to real estate. Stock selection was negative, and the primary driver of the Fund’s performance, with the effects of detractors in consumer discretionary, materials, and financials exceeding those of contributors in health care, and communication services.

Turning to individual stocks, detractors from the Fund’s performance included Cooper Standard, an automotive parts supplier. Cooper recently reported a challenging fourth quarter 2018 due to margin headwinds and production disruption in Europe. Raw material costs have been rising and some of their clients have been slow to accept price increases. Guidance, however, was maintained for 2019 as pricing headwinds appear to be stabilizing. Central Garden & Pet, a manufacturer and distributor of garden products, in the first quarter of 2019, reported disappointing results for what is typically their smallest quarter of the year. Costs came in higher than anticipated and Central Garden had a larger order move from the first quarter to the second quarter. However, guidance was maintained for the full year and the shares continue to trade at a discount to their peers. Trinseo SA, a largely commodity chemicals company, lowered earnings guidance range in late 2018 due to higher raw materials costs and a slowdown in demand from the automotive industry. Additionally, the stock was caught up in the headwinds provided by the October of 2018 sell-off in the basic materials sector.

The top contributors to the Fund’s performance included Insperity, Inc., an HR outsourcing provider. Insperity continued to execute on its growth plans with an increased and more productive salesforce and a broader service offering driving better-than-expected quarterly results and annual guidance. Glu Mobile, a mobile game publisher, continued to outperform due to increased optimism over the potential from its new game titles and positive trends within its existing growth games. LiveRamp Holdings, an ad-tech company, rebounded from 2018 pressures as it executed on its initiatives and in the first quarter of 2019 reported its first quarter as a pure play transaction/subscription advertising-technology company with better-than-expected results.


		See benchmark definitions on A-23 and A-24

A-20

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Pacific Funds Small-Cap Value (managed by Rothschild & Co Asset Management US Inc.)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, Pacific Funds Small-Cap Value’s Advisor Class (without sales charge) returned -3.51%, compared to a 0.17% return for its benchmark, the Russell 2000 Value Index.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019


	1 Year			Since Inception (01/11/16)
*Fund’s Advisor Class without sales charge⁽¹⁾*		(3.51%	)		9.82%
*Fund’s Class A without sales charge*		(3.68%	)		9.53%
Fund’s Class A with maximum sales charge		(7.80%	)		8.07%
*Fund’s Class C without sales charge*		(4.47%	)		8.73%
Fund’s Class C with maximum sales charge		(5.28%	)		8.73%
Russell 2000 Value Index		0.17%			13.15%

	1 Year			Since Inception (12/31/14)
*Fund’s Class S without sales charge*		(3.52%	)		4.74%
Russell 2000 Value Index		0.17%			6.02%

⁽¹⁾

A. For the reporting period, the Fund’s Advisor Class underperformed the benchmark. We at Rothschild & Co AMUS implement the Fund’s strategy by investing in common stocks and other equity securities of small capitalization U.S. companies. We analyze a variety of quantitative and fundamental inputs in making stock decisions, and seek to build a portfolio that is well diversified at the issuer level and by economic sector. Our focus remains on identifying stocks with attractive relative valuations and the ability to exceed investors’ expectations.

Leading sectors contributing to performance of the Fund included communication services, utilities, and health care. Conversely, consumer staples, materials, and consumer discretionary detracted from the Fund’s performance. Sector allocation was negative for the reporting period due to headwinds from an overweight to health care and an underweight to communication services outpacing tailwinds from an underweight to energy. Stock selection was also negative, and the primary driver of the Fund’s performance, with the effects of detractors in consumer discretionary, industrials, and financials, exceeding those of contributors in health care, information technology, and utilities.

Turning to individual stocks, detractors from the Fund’s performance included Cooper Standard, an automotive parts supplier. Cooper recently reported a challenging fourth quarter 2018 due to margin headwinds and production disruption in Europe. Raw material costs have been rising and some of their clients have been slow to accept price increases. Guidance, however, was maintained for 2019 as pricing headwinds appear to be stabilizing. Central Garden & Pet, a manufacturer and distributor of garden products, in the first quarter of 2019, reported disappointing results for what is typically their smallest quarter of the year. Costs came in higher than anticipated and Central Garden had a larger order move from the first quarter to the second quarter in 2019. However, guidance was maintained for the full year and the shares continue to trade at a discount to their peers. Trinseo SA, a largely commodity chemicals company, lowered earnings guidance range in late 2018 due to higher raw materials costs and a slowdown in demand from the automotive industry. Additionally, the stock was caught up in the headwinds provided by the October of 2018 sell-off in the basic materials sector.

The top contributors to the Fund’s performance included LiveRamp, an ad-tech company. After rebounding from 2018 pressures, LiveRamp executed on its initiatives and in the first quarter of 2019 reported it as a pure play transaction/subscription advertising-technology company with better-than-expected results. Horizon Pharma, a pharmaceutical company, announced positive phase-three data for its biologic drug candidate to treat a thyroid related ophthalmic disease that has commercial potential. Horizon Pharma expects to file for final approval with the Food and Drug Administration in second quarter 2019 and launch in 2020. Verint Systems, a company which operates in two segments: customer engagement and cyber intelligence, reported better-than-expected fourth quarter of 2018 earnings and guidance. In addition, their customer engagement segment is experiencing accelerated adoption of their cloud-based offerings, which is driving strong revenue growth and profitability.


		See benchmark definitions on A-23 and A-24

A-21

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Pacific Funds Small-Cap Growth (managed by Rothschild & Co Asset Management US Inc.)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, Pacific Funds Small-Cap Growth’s Advisor Class (without sales charge) returned 5.86%, compared to a 3.85% return for its benchmark, the Russell 2000 Growth Index.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019


	1 Year		Since Inception (01/11/16)
*Fund’s Advisor Class without sales charge⁽¹⁾*		5.86%		13.25%
*Fund’s Class A without sales charge*		5.65%		12.94%
Fund’s Class A with maximum sales charge		1.19%		11.43%
*Fund’s Class C without sales charge*		4.82%		12.11%
Fund’s Class C with maximum sales charge		3.85%		12.11%
*Fund’s Class S without sales charge*		5.92%		13.36%
Russell 2000 Growth Index		3.85%		15.33%

	1 Year		Since Inception (06/08/16)
*Fund’s Class P without sales charge*		5.86%		12.05%
Russell 2000 Growth Index		3.85%		13.16%

⁽¹⁾

A. For the reporting period, the Fund’s Advisor Class outperformed the benchmark. We at Rothschild & Co AMUS implement the Fund’s strategy by investing in common stocks and other equity securities of small capitalization U.S. companies. We analyze a variety of quantitative and fundamental inputs in making stock decisions, and seek to build a portfolio that is well diversified at the issuer level and by economic sector. Our focus remains on identifying stocks with attractive relative valuations and the ability to exceed investors’ expectations.

Leading sectors contributing to performance of the Fund included communication services, consumer staples, and real estate. Conversely, energy, materials, and financials detracted from the Fund’s performance. Sector allocation was positive for the reporting period due to tailwinds from an overweight to information technology and an underweight to energy. Stock selection was also positive, and the primary driver of the Fund’s performance, with the effects of contributors in information technology, communication services, and industrials exceeding those of detractors in consumer discretionary, materials, and financials.

Turning to individual stocks, the top contributors to the Fund’s performance included Glu Mobile, a mobile game publisher. Glu Mobile continued to outperform due to increased optimism over the potential from its new game titles and positive trends within its existing growth games. LiveRamp Holdings, an ad-tech company, rebounded from 2018 pressures as it executed on its initiatives and reported its first quarter 2019 as a pure play transaction/subscription advertising-technology company with better-than-expected results. Insperity, Inc., an HR outsourcing provider, continued to execute on its growth plans with an increased and more productive salesforce and a broader service offering driving better-than-expected quarterly results and annual guidance.

Detractors from the Fund’s performance included Shutterfly, Inc., an internet photo, card, and personalized gift company. Although Shutterfly reported solid results and guidance driven by its LifeTouch and Commercial Printing units, the stock was under pressure as the company tempered growth assumptions for its consumer segment as the company has been reducing its reliance on promotions. Delux Corporation, a check printer and business services company, reported mixed results with better than expected earnings but modestly weaker sales in 2018. Puma, a biotechnology company, sold off as the marketplace questioned the company’s potential fit in treating breast cancer. Additionally, Puma missed third quarter 2018 sales estimates partially due to inadequate physician educational efforts in conjunction with the sale of its breast cancer treatment option, Nerlynx. However, more recent reports indicated better-than-expected results of Nerlynx and the company’s conservative guidance was well received by investors.


		See benchmark definitions on A-23 and A-24

A-22

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Benchmark Definitions

Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index measures performance of U.S. dollar-denominated U.S. Treasuries, government related, and investment grade U.S. corporate securities with maturities of one to three years. Results include the reinvestment of all distributions.

Bloomberg Barclays U.S. Aggregate Bond Index measures the performance of the U.S. investment grade bonds market, which includes investment grade U.S. government bonds, investment grade corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in the U.S. The securities in the index must have at least 1 year remaining to maturity. In addition, the securities must be denominated in U.S. dollars and must be fixed rate, non-convertible, and taxable. Results include the reinvestment of all distributions.

Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index is an index that is an issuer-constrained version for the U.S. Corporate High-Yield Index that covers the U.S. dollar-denominated, non-investment grade fixed-rate taxable corporate bond market and limits issuer exposures to a maximum of 2% and redistributes the excess market value index-wide on a pro-rata basis. The total return is equal to the change in price plus the coupon return. Results include the reinvestment of all distributions.

Credit Suisse Leveraged Loan Index tracks the investable market of the U.S. dollar-denominated leveraged loan market. It consists of issues rated “5B” or lower, meaning that the highest rated issues included in this index are Moody’s/S&P ratings of Baa1/BB+ or Ba1/BBB+. All loans are funded term loans with a tenor of at least one year and are made by issuers domiciled in developed countries. Results include the reinvestment of all distributions.

FTSE 1-Month U.S. Treasury Bill (T-Bill) Index is a market value-weighted index of public obligations of the U.S. Treasury with maturities of one month. Results include the reinvestment of all distributions.

ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill (T-Bill) Index is an index comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. To qualify for selection, an issue must have settled on or before the month-end rebalancing date. Results include the reinvestment of all distributions.

Morgan Stanley Capital International (MSCI) Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of large and mid-capitalization securities in emerging markets. As of March 31, 2019, the MSCI Emerging Markets Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, South Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. The word “(Net)” in the index name means the net total return for the index, which includes the reinvestment of dividends after the deduction of withholding tax, applying the tax rate to non-resident individuals who do not benefit from double taxation treaties.

MSCI Europe, Australasia and Far East (EAFE) Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. As of March 31, 2019, the MSCI EAFE Index (Net) consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The word “(Net)” in the index name means the net total return for the index, which includes the reinvestment of dividends after the deduction of withholding tax, applying the tax rate to nonresident individuals who do not benefit from double taxation treaties.

Pacific Funds Portfolio Optimization Composite Benchmarks: The composite benchmarks for the Portfolio Optimization Funds show the performance of a combination of three or more broad-based market indices that represent fixed income, domestic equity, international equity and cash asset class categories in weights that are fixed and specific to each Fund. The composition of each Fund’s composite benchmark is shown below. Results include the reinvestment of all distributions. Prior to July 1, 2012, the weighting to each asset category was adjusted annually to reflect the Fund’s target allocations for the year.

Pacific Funds Portfolio Optimization Conservative Composite Benchmark is 71% Bloomberg Barclays U.S. Aggregate Bond; 17% S&P 500; 7% ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill; and 5% MSCI EAFE (Net) Indices. Results include the reinvestment of all distributions.

Pacific Funds Portfolio Optimization Moderate-Conservative Composite Benchmark is 55% Bloomberg Barclays U.S. Aggregate Bond; 30% S&P 500; 10% MSCI EAFE (Net); and 5% ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Indices. Results include the reinvestment of all distributions.

Pacific Funds Portfolio Optimization Moderate Composite Benchmark is 45% S&P 500; 38% Bloomberg Barclays U.S. Aggregate Bond; 15% MSCI EAFE (Net); and 2% ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Indices. Results include the reinvestment of all distributions.

Pacific Funds Portfolio Optimization Growth Composite Benchmark is 58% S&P 500; 23% Bloomberg Barclays U.S. Aggregate Bond; and 19% MSCI EAFE (Net) Indices. Results include the reinvestment of all distributions. Results include the reinvestment of all distributions.

Pacific Funds Portfolio Optimization Aggressive-Growth Composite Benchmark is 69% S&P 500; 26% MSCI EAFE (Net); and 5% Bloomberg Barclays U.S. Aggregate Bond Indices. Results include the reinvestment of all distributions.

Russell 1000 Index measures the performance of the large-capitalization segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a combination of their market capitalization and current index membership. The Russell 1000 Index represents approximately 92% of the investable U.S. equity market. It is constructed to provide a comprehensive and unbiased barometer for the large-capitalization and is completely reconstituted annually to ensure new and growing equities are reflected. Results include the reinvestment of all distributions.

Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. Results include the reinvestment of all distributions.

A-23

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Russell 2000 Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 Index companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect growth characteristics. Results include the reinvestment of all distributions.

Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. Results include the reinvestment of all distributions.

Russell 2000 Value Index measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect value characteristics. Results include the reinvestment of all distributions.

Russell 2500 Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as “smid cap.” The Russell 2500 Index is a subset of the Russell 3000 Index. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2500 Index is constructed to provide a comprehensive and unbiased barometer for the “small-to-mid-cap” segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small to mid-cap opportunity set. Results include the reinvestment of all distributions.

Russell 3000 Index measures the performance of the largest 3.000 U.S. companies representing approximately 98% of the investable U.S. equity market. Results include the reinvestment of all distributions.

S&P 500 Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Results include the reinvestment of all distributions.

A-24

PACIFIC FUNDS^SM

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION CONSERVATIVE

Schedule of Investments

March 31, 2019

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE

Schedule of Investments

March 31, 2019


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%

Pacific Funds Core Income ‘P’		719,553		$7,598,484
Pacific Funds Floating Rate Income ‘P’		642,043		6,356,221
Pacific Funds High Income ‘P’		1,665,211		16,618,804
PF Inflation Managed Fund ‘P’		1,603,248		14,124,612
PF Managed Bond Fund ‘P’		8,892,241		93,902,067
PF Short Duration Bond Fund ‘P’		3,730,981		37,048,639
PF Emerging Markets Debt Fund ‘P’		1,390,604		12,751,835
Pacific Funds Small-Cap Growth ‘P’		62,990		760,923
PF Developing Growth Fund ‘P’		27,043		498,405
PF Growth Fund ‘P’		85,494		2,323,716
PF Large-Cap Value Fund ‘P’		390,693		4,668,784
PF Multi-Asset Fund ‘P’		3,815,950		37,434,469
PF Small-Cap Value Fund ‘P’		152,930		1,255,559
PF Emerging Markets Fund ‘P’		346,940		5,103,493
PF International Large-Cap Fund ‘P’		120,141		1,396,039
PF International Small-Cap Fund ‘P’		132,682		1,272,421
PF International Value Fund ‘P’		183,198		1,375,816
PF Real Estate Fund ‘P’		316,262		3,877,366
PF Currency Strategies Fund ‘P’ *		412,666		3,796,527
PF Equity Long/Short Fund ‘P’		485,030		3,802,632


Total Affiliated Mutual Funds (Cost $252,060,175)				255,966,812


TOTAL INVESTMENTS - 100.1% (Cost $252,060,175)				255,966,812

OTHER ASSETS & LIABILITIES, NET - (0.1%)				(257,040	)


NET ASSETS - 100.0%				$255,709,772

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Funds’ composition as a percentage of net assets was as follows:


Pacific Funds Portfolio Optimization Conservative
Affiliated Fixed Income Funds	73.7%
Affiliated Equity Funds	26.4%

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

	100.0%


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.2%

Pacific Funds Core Income ‘P’		835,432		$8,822,165
Pacific Funds Floating Rate Income ‘P’		749,113		7,416,217
Pacific Funds High Income ‘P’		2,240,218		22,357,375
PF Inflation Managed Fund ‘P’		1,062,120		9,357,278
PF Managed Bond Fund ‘P’		10,336,263		109,150,939
PF Short Duration Bond Fund ‘P’		3,000,109		29,791,079
PF Emerging Markets Debt Fund ‘P’		1,824,004		16,726,117
Pacific Funds Small-Cap Growth ‘P’		91,791		1,108,836
PF Developing Growth Fund ‘P’		39,407		726,274
PF Growth Fund ‘P’		359,943		9,783,262
PF Large-Cap Value Fund ‘P’		1,784,964		21,330,322
PF Multi-Asset Fund ‘P’		8,313,164		81,552,140
PF Small-Cap Value Fund ‘P’		445,698		3,659,180
PF Emerging Markets Fund ‘P’		884,778		13,015,087
PF International Large-Cap Fund ‘P’		557,068		6,473,127
PF International Small-Cap Fund ‘P’		386,716		3,708,606
PF International Value Fund ‘P’		946,499		7,108,208
PF Real Estate Fund ‘P’		768,237		9,418,586
PF Currency Strategies Fund ‘P’ *		601,413		5,533,000
PF Equity Long/Short Fund ‘P’		706,856		5,541,750


Total Affiliated Mutual Funds (Cost $365,369,917)				372,579,548


TOTAL INVESTMENTS - 100.2% (Cost $365,369,917)				372,579,548

OTHER ASSETS & LIABILITIES, NET - (0.2%)				(647,116	)


NET ASSETS - 100.0%				$371,932,432


Pacific Funds Portfolio Optimization Moderate-Conservative
Affiliated Fixed Income Funds	54.8%
Affiliated Equity Funds	45.4%

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

	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 March 31, 2019:


		Total Value at March 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Pacific Funds Portfolio Optimization Conservative
Assets	Affiliated Mutual Funds		$255,966,812		$255,966,812		$—		$—


Pacific Funds Portfolio Optimization Moderate-Conservative
Assets	Affiliated Mutual Funds		$372,579,548		$372,579,548		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-1

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION MODERATE

Schedule of Investments

March 31, 2019

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION GROWTH

Schedule of Investments

March 31, 2019


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%

Pacific Funds Core Income ‘P’		1,705,157		$18,006,462
Pacific Funds Floating Rate Income ‘P’		1,157,560		11,459,848
Pacific Funds High Income ‘P’		4,621,588		46,123,452
PF Inflation Managed Fund ‘P’		1,314,690		11,582,422
PF Managed Bond Fund ‘P’		20,793,323		219,577,492
PF Short Duration Bond Fund ‘P’		6,962,809		69,140,691
PF Emerging Markets Debt Fund ‘P’		2,508,684		23,004,631
Pacific Funds Small-Cap Growth ‘P’		568,122		6,862,909
PF Developing Growth Fund ‘P’		243,900		4,495,080
PF Growth Fund ‘P’		3,170,326		86,169,450
PF Large-Cap Value Fund ‘P’		6,333,214		75,681,904
PF Multi-Asset Fund ‘P’		40,879,651		401,029,374
PF Small-Cap Value Fund ‘P’		2,758,415		22,646,588
PF Emerging Markets Fund ‘P’		3,129,270		46,031,557
PF International Large-Cap Fund ‘P’		1,674,660		19,459,547
PF International Small-Cap Fund ‘P’		1,196,762		11,476,951
PF International Value Fund ‘P’		2,929,111		21,997,625
PF Real Estate Fund ‘P’		2,377,260		29,145,205
PF Currency Strategies Fund ‘P’ *		1,550,929		14,268,549
PF Equity Long/Short Fund ‘P’		1,822,838		14,291,047


Total Affiliated Mutual Funds (Cost $1,091,114,470)				1,152,450,784


TOTAL INVESTMENTS - 100.1% (Cost $1,091,114,470)				1,152,450,784

OTHER ASSETS & LIABILITIES, NET - (0.1%)				(1,716,315	)


NET ASSETS - 100.0%				$1,150,734,469

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Funds’ composition as a percentage of net assets was as follows:


Pacific Funds Portfolio Optimization Moderate
Affiliated Equity Funds	65.4%
Affiliated Fixed Income Funds	34.7%

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

	100.0%


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%

Pacific Funds Core Income ‘P’		551,278		$5,821,489
Pacific Funds Floating Rate Income ‘P’		446,197		4,417,354
Pacific Funds High Income ‘P’		2,672,255		26,669,108
PF Inflation Managed Fund ‘P’		506,778		4,464,711
PF Managed Bond Fund ‘P’		6,640,606		70,124,800
PF Short Duration Bond Fund ‘P’		1,789,323		17,767,979
PF Emerging Markets Debt Fund ‘P’		1,450,540		13,301,449
Pacific Funds Small-Cap Growth ‘P’		875,996		10,582,026
PF Developing Growth Fund ‘P’		376,068		6,930,939
PF Growth Fund ‘P’		2,080,820		56,556,688
PF Large-Cap Value Fund ‘P’		4,405,375		52,644,228
PF Multi-Asset Fund ‘P’		44,783,728		439,328,375
PF Small-Cap Value Fund ‘P’		3,190,005		26,189,940
PF Emerging Markets Fund ‘P’		3,317,191		48,795,883
PF International Large-Cap Fund ‘P’		2,050,550		23,827,393
PF International Small-Cap Fund ‘P’		922,642		8,848,134
PF International Value Fund ‘P’		3,532,093		26,526,020
PF Real Estate Fund ‘P’		2,199,286		26,963,249
PF Currency Strategies Fund ‘P’ *		956,556		8,800,318
PF Equity Long/Short Fund ‘P’		1,124,252		8,814,136


Total Affiliated Mutual Funds (Cost $822,784,568)				887,374,219


TOTAL INVESTMENTS - 100.1% (Cost $822,784,568)				887,374,219

OTHER ASSETS & LIABILITIES, NET - (0.1%)				(1,107,021	)


NET ASSETS - 100.0%				$886,267,198


Pacific Funds Portfolio Optimization Growth
Affiliated Equity Funds	84.0%
Affiliated Fixed Income Funds	16.1%

	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


		Total Value at March 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Pacific Funds Portfolio Optimization Moderate
Assets	Affiliated Mutual Funds		$1,152,450,784		$1,152,450,784		$—		$—


Pacific Funds Portfolio Optimization Growth
Assets	Affiliated Mutual Funds		$887,374,219		$887,374,219		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-2

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION AGGRESSIVE-GROWTH

Schedule of Investments

March 31, 2019

PACIFIC FUNDS

PACIFIC FUNDS^SM DIVERSIFIED ALTERNATIVES

Schedule of Investments

March 31, 2019


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.2%

Pacific Funds Core Income ‘P’		29,764		$314,307
Pacific Funds Floating Rate Income ‘P’		384		3,801
Pacific Funds High Income ‘P’		156,300		1,559,871
PF Managed Bond Fund ‘P’		415,624		4,388,991
PF Short Duration Bond Fund ‘P’		156,987		1,558,880
PF Emerging Markets Debt Fund ‘P’		169,685		1,556,007
Pacific Funds Small-Cap Growth ‘P’		384,269		4,641,966
PF Developing Growth Fund ‘P’		164,974		3,040,477
PF Growth Fund ‘P’		1,159,106		31,504,514
PF Large-Cap Value Fund ‘P’		1,404,273		16,781,066
PF Multi-Asset Fund ‘P’		18,020,247		176,778,623
PF Small-Cap Value Fund ‘P’		2,052,323		16,849,568
PF Emerging Markets Fund ‘P’		1,269,940		18,680,820
PF International Large-Cap Fund ‘P’		599,671		6,968,174
PF International Small-Cap Fund ‘P’		485,677		4,657,643
PF International Value Fund ‘P’		1,056,638		7,935,351
PF Real Estate Fund ‘P’		771,818		9,462,486
PF Currency Strategies Fund ‘P’ *		251,769		2,316,273
PF Equity Long/Short Fund ‘P’		295,907		2,319,912


Total Affiliated Mutual Funds (Cost $281,697,035)				311,318,730


TOTAL INVESTMENTS - 100.2% (Cost $281,697,035)				311,318,730

OTHER ASSETS & LIABILITIES, NET - (0.2%)				(511,571	)


NET ASSETS - 100.0%				$310,807,159

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Funds’ composition as a percentage of net assets was as follows:


Pacific Funds Portfolio Optimization Aggressive-Growth
Affiliated Equity Funds	97.2%
Affiliated Fixed Income Funds	3.0%

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

	100.0%


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%

Pacific Funds Floating Rate Income ‘P’		256,336		$2,537,722
PF Inflation Managed Fund ‘P’		161,727		1,424,818
PF Emerging Markets Debt Fund ‘P’		462,889		4,244,694
PF Emerging Markets Fund ‘P’		153,969		2,264,887
PF International Small-Cap Fund ‘P’		206,096		1,976,456
PF Real Estate Fund ‘P’		233,965		2,868,409
PF Currency Strategies Fund ‘P’ *		1,068,376		9,829,062
PF Equity Long/Short Fund ‘P’		394,639		3,093,972


Total Affiliated Mutual Funds (Cost $28,465,004)				28,240,020


TOTAL INVESTMENTS - 100.1% (Cost $28,465,004)				28,240,020

OTHER ASSETS & LIABILITIES, NET - (0.1%)				(16,956	)


NET ASSETS - 100.0%				$28,223,064


Pacific Funds Diversified Alternatives
Affiliated Equity Funds	71.0%
Affiliated Fixed Income Funds	29.1%

	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


		Total Value at March 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Pacific Funds Portfolio Optimization Aggressive-Growth
Assets	Affiliated Mutual Funds		$311,318,730		$311,318,730		$—		$—


Pacific Funds Diversified Alternatives
Assets	Affiliated Mutual Funds		$28,240,020		$28,240,020		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-3

PACIFIC FUNDS

PACIFIC FUNDS^SM SHORT DURATION INCOME

Schedule of Investments

March 31, 2019


	Principal Amount		Value
CORPORATE BONDS & NOTES - 57.3%

Basic Materials - 2.1%

Anglo American Capital PLC (South Africa) 3.750% due 04/10/22 ~		$5,000,000		$5,016,274
DowDuPont Inc 3.794% (USD LIBOR + 1.110%) due 11/15/23 §		5,000,000		5,018,462
Glencore Funding LLC (Switzerland)
3.000% due 10/27/22 ~		3,000,000		2,959,113
4.125% due 03/12/24 ~		2,500,000		2,529,100

				15,522,949

Communications - 5.3%

Alibaba Group Holding Ltd (China)
2.800% due 06/06/23		1,700,000		1,687,615
3.125% due 11/28/21		2,856,000		2,875,703
AT&T Inc 3.200% due 03/01/22		3,000,000		3,028,186
Charter Communications Operating LLC
3.579% due 07/23/20		3,738,000		3,766,223
4.464% due 07/23/22		500,000		517,691
DISH DBS Corp 5.125% due 05/01/20		2,000,000		2,017,500
Fox Corp 3.666% due 01/25/22 ~		1,200,000		1,224,532
Sprint Communications Inc 6.000% due 11/15/22		2,000,000		2,020,600
Sprint Corp 7.250% due 09/15/21		1,000,000		1,052,500
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		7,187,500		7,203,313
Tencent Holdings Ltd (China) 2.875% due 02/11/20 ~		2,765,000		2,765,846
The Interpublic Group of Cos Inc 3.750% due 10/01/21		2,000,000		2,036,079
Verizon Communications Inc 3.784% (USD LIBOR + 1.100%) due 05/15/25 §		8,250,000		8,257,803

				38,453,591

Consumer, Cyclical - 5.3%

Alimentation Couche-Tard Inc (Canada) 2.700% due 07/26/22 ~		3,000,000		2,971,076
British Airways Pass-Through Trust ‘A’ (United Kingdom) 4.625% due 12/20/25 ~		765,463		799,411
Daimler Finance North America LLC (Germany)
2.300% due 02/12/21 ~		5,000,000		4,941,881
3.750% due 11/05/21 ~		2,100,000		2,137,827
Delta Air Lines Inc 2.600% due 12/04/20		2,050,000		2,038,080
Delta Air Lines Pass-Through Trust ‘A’ 4.750% due 11/07/21		848,760		861,152
Delta Air Lines Pass-Through Trust ‘AA’ 3.204% due 10/25/25		3,000,000		3,044,132
Ford Motor Credit Co LLC 5.584% due 03/18/24		2,300,000		2,334,189
General Motors Financial Co Inc
3.550% due 04/09/21		1,500,000		1,508,525
3.911% (USD LIBOR + 1.310%) due 06/30/22 §		2,745,000		2,725,574
Hyundai Capital America 3.750% due 07/08/21 ~		2,100,000		2,115,808
Jack Ohio Finance LLC 6.750% due 11/15/21 ~		2,000,000		2,065,000
Lennar Corp 4.500% due 06/15/19		1,500,000		1,500,938


	Principal Amount		Value
Marriott International Inc 3.600% due 04/15/24	$	2,450,000	$	2,471,767
Sands China Ltd (Macau)
4.600% due 08/08/23		3,300,000		3,409,746
5.125% due 08/08/25		1,500,000		1,566,204
United Airlines Pass-Through Trust ‘B’
3.650% due 07/07/27		685,764		678,080
4.625% due 03/03/24		672,537		683,600
4.750% due 10/11/23		509,736		518,402
US Airways Pass-Through Trust ‘A’ 3.950% due 05/15/27		718,348		729,465

				39,100,857

Consumer, Non-Cyclical - 9.0%

Altria Group Inc 3.800% due 02/14/24		2,000,000		2,037,827
Anheuser-Busch InBev Worldwide Inc (Belgium)
3.500% due 01/12/24		3,350,000		3,412,180
4.150% due 01/23/25		2,000,000		2,086,396
BAT Capital Corp (United Kingdom)
2.764% due 08/15/22		4,500,000		4,430,022
3.283% (USD LIBOR + 0.590%) due 08/14/20 §		2,400,000		2,395,306
BAT International Finance PLC (United Kingdom) 3.250% due 06/07/22 ~		2,640,000		2,639,652
Bausch Health Cos Inc 6.500% due 03/15/22 ~		1,575,000		1,632,094
Boston Scientific Corp 3.450% due 03/01/24		1,000,000		1,019,126
Campbell Soup Co 3.300% due 03/15/21		4,000,000		4,027,119
Cigna Corp 3.200% due 09/17/20 ~		4,000,000		4,020,679
3.677% (USD LIBOR + 0.890%) due 07/15/23 § ~		2,300,000		2,290,133
Conagra Brands Inc 3.800% due 10/22/21		1,200,000		1,222,824
Constellation Brands Inc 3.384% (USD LIBOR + 0.700%) due 11/15/21 §		1,500,000		1,500,918
DaVita Inc 5.750% due 08/15/22		2,500,000		2,553,125
General Mills Inc 3.783% (USD LIBOR + 1.010%) due 10/17/23 §		3,100,000		3,123,764
Humana Inc 2.625% due 10/01/19		1,500,000		1,498,219
Imperial Brands Finance PLC (United Kingdom) 3.750% due 07/21/22 ~		1,000,000		1,014,057
Keurig Dr Pepper Inc
3.130% due 12/15/23		2,500,000		2,489,486
3.551% due 05/25/21 ~		2,500,000		2,528,171
Mars Inc 2.700% due 04/01/25 ~		2,150,000		2,142,256
McKesson Corp 3.650% due 11/30/20		2,350,000		2,379,606
Moody’s Corp 2.625% due 01/15/23		3,000,000		2,959,213
Takeda Pharmaceutical Co Ltd (Japan) 4.000% due 11/26/21 ~		3,500,000		3,591,277
Teva Pharmaceutical Finance Netherlands III BV (Israel) 2.200% due 07/21/21		4,500,000		4,292,682
United Rentals North America Inc 5.750% due 11/15/24		4,000,000		4,125,000

				65,411,132


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-4

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
Energy - 5.2%

Andeavor Logistics LP 3.500% due 12/01/22		$4,900,000		$4,955,444
Energy Transfer Operating LP 3.600% due 02/01/23		4,325,000		4,365,727
4.500% due 04/15/24		1,800,000		1,881,673
Enterprise Products Operating LLC 3.350% due 03/15/23		2,500,000		2,538,733
EQT Corp 2.500% due 10/01/20		2,800,000		2,764,205
Harvest Operations Corp (South Korea) 4.200% due 06/01/23 ~		2,350,000		2,461,312
Kinder Morgan Energy Partners LP 4.150% due 03/01/22		720,000		743,360
Kinder Morgan Inc 5.625% due 11/15/23 ~		5,136,000		5,633,078
Midwest Connector Capital Co LLC
3.625% due 04/01/22 ~		1,000,000		1,015,116
3.900% due 04/01/24 ~		2,000,000		2,035,564
Newfield Exploration Co 5.625% due 07/01/24		5,000,000		5,468,985
Sabine Pass Liquefaction LLC 5.625% due 02/01/21		2,000,000		2,078,710
Shell International Finance BV (Netherlands) 3.088% (USD LIBOR + 0.400%) due 11/13/23 §		2,250,000		2,248,425

				38,190,332

Financial - 24.7%

AerCap Ireland Capital DAC (Ireland)
3.300% due 01/23/23		3,100,000		3,045,609
4.250% due 07/01/20		2,000,000		2,027,554
Air Lease Corp
2.500% due 03/01/21		2,000,000		1,985,300
2.750% due 01/15/23		2,000,000		1,953,386
3.500% due 01/15/22		1,350,000		1,363,384
Alexandria Real Estate Equities Inc REIT 4.000% due 01/15/24		1,250,000		1,294,174
American Express Co
2.500% due 08/01/22		2,000,000		1,978,222
3.700% due 11/05/21		2,400,000		2,454,110
Australia & New Zealand Banking Group Ltd (Australia) 3.393% (USD LIBOR + 0.710%) due 05/19/22 § ~		3,000,000		3,014,618
Bank of America Corp 2.328% due 10/01/21		2,450,000		2,428,182
3.503% (USD LIBOR + 0.770%) due 02/05/26 §		4,750,000		4,644,958
3.550% due 03/05/24		1,700,000		1,727,447
3.732% (USD LIBOR + 0.960%) due 07/23/24 §		5,000,000		5,013,335
BOC Aviation Ltd (Singapore) 2.750% due 09/18/22 ~		3,500,000		3,426,955
Capital One Financial Corp 3.471% (USD LIBOR + 0.720%) due 01/30/23 §		1,625,000		1,604,958
Capital One NA 3.901% (USD LIBOR + 1.150%) due 01/30/23 §		1,625,000		1,628,705
Cboe Global Markets Inc 1.950% due 06/28/19		1,750,000		1,746,562
Citibank NA 3.061% (USD LIBOR + 0.300%) due 10/20/20 §		1,000,000		999,814
Citigroup Inc 2.750% due 04/25/22		3,316,000		3,304,589
4.056% (USD LIBOR + 1.430%) due 09/01/23 §		4,500,000		4,576,630
Citizens Bank NA 3.250% due 02/14/22		2,500,000		2,524,905
3.551% (USD LIBOR + 0.950%) due 03/29/23 §		2,000,000		2,002,522


	Principal Amount		Value
Cooperatieve Rabobank UA (Netherlands) 3.064% (USD LIBOR + 0.480%) due 01/10/23 §	$	3,000,000	$	2,978,261
3.470% (USD LIBOR + 0.860%) due 09/26/23 § ~		1,500,000		1,493,179
Credit Suisse Group AG (Switzerland) 3.793% (USD LIBOR + 1.200%) due 12/14/23 § ~		3,000,000		2,988,788
Crown Castle International Corp REIT
2.250% due 09/01/21		3,000,000		2,958,794
4.875% due 04/15/22		2,000,000		2,109,624
Fifth Third Bancorp 3.650% due 01/25/24		2,250,000		2,306,685
GE Capital International Funding Co Unlimited Co 2.342% due 11/15/20		4,000,000		3,951,497
GLP Capital LP REIT 4.875% due 11/01/20		4,250,000		4,341,375
HSBC Holdings PLC (United Kingdom) 3.262% due 03/13/23		3,400,000		3,410,904
Industrial & Commercial Bank of China Ltd (China) 2.452% due 10/20/21		3,830,000		3,766,685
Jackson National Life Global Funding 3.300% due 02/01/22 ~		4,350,000		4,412,029
JPMorgan Chase & Co 2.972% due 01/15/23		2,000,000		2,001,140
3.502% (USD LIBOR + 0.730%) due 04/23/24 §		4,000,000		3,970,503
3.671% (USD LIBOR + 0.900%) due 04/25/23 §		3,450,000		3,468,198
4.009% (USD LIBOR + 1.230%) due 10/24/23 §		3,500,000		3,554,433
KeyBank NA 3.300% due 02/01/22		1,350,000		1,373,830
Metropolitan Life Global Funding I 3.375% due 01/11/22 ~		1,800,000		1,827,885
Mitsubishi UFJ Financial Group Inc (Japan)
2.665% due 07/25/22		3,000,000		2,977,080
3.218% due 03/07/22		2,150,000		2,167,423
Morgan Stanley 2.625% due 11/17/21		2,000,000		1,990,272
2.750% due 05/19/22		2,000,000		1,989,478
3.691% (USD LIBOR + 0.930%) due 07/22/22 §		5,000,000		5,027,818
4.179% (USD LIBOR + 1.400%) due 10/24/23 §		1,500,000		1,523,954
New York Life Global Funding
2.950% due 01/28/21 ~		3,000,000		3,018,472
3.250% due 08/06/21 ~		1,500,000		1,518,936
SL Green Operating Partnership LP REIT 3.663% (USD LIBOR + 0.980%) due 08/16/21 §		750,000		746,871
Sumitomo Mitsui Financial Group Inc (Japan)
2.784% due 07/12/22		3,250,000		3,235,854
3.513% (USD LIBOR + 0.740%) due 01/17/23 §		5,000,000		5,003,478
SunTrust Bank 3.525% due 10/26/21		2,200,000		2,223,782
The Goldman Sachs Group Inc 2.350% due 11/15/21		2,000,000		1,970,452
3.524% (USD LIBOR + 0.780%) due 10/31/22 §		2,000,000		1,992,430
3.625% due 02/20/24		950,000		960,509
3.649% (USD LIBOR + 1.050%) due 06/05/23 §		3,750,000		3,756,152
3.854% (USD LIBOR + 1.170%) due 05/15/26 §		4,900,000		4,811,335
The Huntington National Bank 3.125% due 04/01/22		3,500,000		3,528,131
The PNC Financial Services Group Inc 3.500% due 01/23/24		1,650,000		1,696,126


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-5

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
UBS AG (Switzerland) 2.450% due 12/01/20 ~	$	4,200,000	$	4,177,694
US Bank NA 3.000% due 02/04/21		3,300,000		3,322,698
Wells Fargo & Co
2.625% due 07/22/22		4,400,000		4,370,828
3.450% due 02/13/23		3,000,000		3,035,164
Westpac Banking Corp (Australia) 3.151% (USD LIBOR + 0.570%) due 01/11/23 §		3,000,000		2,994,596
3.300% due 02/26/24		3,000,000		3,035,913
Zions Bancorp NA
3.350% due 03/04/22		3,000,000		3,028,033
3.500% due 08/27/21		1,000,000		1,011,084

				180,774,292

Industrial - 2.7%

Masco Corp 3.500% due 04/01/21		2,811,000		2,831,569
Penske Truck Leasing Co LP 4.125% due 08/01/23 ~		2,750,000		2,833,165
Reynolds Group Issuer Inc 6.287% (USD LIBOR + 3.500%) due 07/15/21 § ~		2,500,000		2,515,625
Roper Technologies Inc 3.650% due 09/15/23		2,250,000		2,300,710
Ryder System Inc 3.650% due 03/18/24		3,000,000		3,063,422
United Technologies Corp
3.350% due 08/16/21		3,000,000		3,042,057
3.650% due 08/16/23		3,000,000		3,081,769

				19,668,317

Technology - 0.6%

Broadcom Inc 3.125% due 10/15/22 ~		2,500,000		2,488,575
Fiserv Inc 3.800% due 10/01/23		2,000,000		2,052,125

				4,540,700

Utilities - 2.4%

American Electric Power Co Inc 3.650% due 12/01/21		1,750,000		1,786,366
Duke Energy Corp 2.400% due 08/15/22		2,150,000		2,126,661
Duke Energy Progress LLC 3.375% due 09/01/23		1,650,000		1,697,518
Emera US Finance LP (Canada) 2.150% due 06/15/19		3,500,000		3,493,306
FirstEnergy Corp 2.850% due 07/15/22		3,800,000		3,776,361
Sempra Energy 3.287% (USD LIBOR + 0.500%) due 01/15/21 §		3,000,000		2,975,847
WEC Energy Group Inc 3.100% due 03/08/22		1,600,000		1,614,213

				17,470,272

Total Corporate Bonds & Notes (Cost $416,150,963)				419,132,442


	Principal Amount		Value

SENIOR LOAN NOTES - 7.8%

Communications - 0.8%

CSC Holdings LLC 4.734% (USD LIBOR + 2.250%) due 07/17/25 §		$967,148		$942,003
Sprint Communications Inc Term B
5.000% (USD LIBOR + 2.500%) due 02/03/24 §		2,942,462		2,859,706
5.500% (USD LIBOR + 3.000%) due 02/03/24 §		1,995,000		1,958,841

				5,760,550

Consumer, Cyclical - 2.3%

Bass Pro Group LLC Term B 7.499% (USD LIBOR + 5.000%) due 09/25/24 §		989,950		970,145
Caesars Resort Collection LLC Term B 5.249% (USD LIBOR + 2.750%) due 12/22/24 §		2,992,424		2,963,036
Golden Nugget LLC Term B 5.242% (USD LIBOR + 2.750%) due 10/04/23 §		1,416,784		1,404,387
Hilton Worldwide Finance LLC Term B-2 4.236% (USD LIBOR + 1.750%) due 10/25/23 §		3,103,035		3,096,662
Marriott Ownership Resorts Inc Term B 4.749% (USD LIBOR + 2.250%) due 08/29/25 §		3,591,000		3,577,534
New Red Finance Inc Term B (Canada) 4.749% (USD LIBOR + 2.250%) due 02/17/24 §		1,458,690		1,435,898
SeaWorld Parks & Entertainment Inc Term B-5 5.499% (USD LIBOR + 3.000%) due 03/31/24 §		3,468,595		3,454,506

				16,902,168

Consumer, Non-Cyclical - 0.7%

Albertson’s LLC Term B-7 5.499% (USD LIBOR + 3.000%) due 11/16/25 §		1,698,337		1,679,761
Bausch Health Americas Inc Term B 5.481% (USD LIBOR + 3.000%) due 06/01/25 §		1,387,500		1,379,081
US Foods Inc Term B 4.499% (USD LIBOR + 2.000%) due 06/27/23 §		2,456,186		2,427,326

				5,486,168

Financial - 0.6%

MGM Growth Properties Operating Partnership LP REIT Term B 4.499% (USD LIBOR + 2.000%) due 03/25/25 §		1,455,000		1,435,600
USI Inc Term B 5.601% (USD LIBOR + 3.000%) due 05/16/24 §		3,466,203		3,353,551

				4,789,151

Industrial - 2.2%

Advanced Disposal Services Inc Term B 4.660% (USD LIBOR + 2.250%) due 11/10/23 §		1,994,595		1,986,335
Avolon (US) LLC Term B-3 (Ireland) 4.488% (USD LIBOR + 2.000%) due 01/15/25 §		699,688		695,196
Berry Global Inc Term Q 4.610% (USD LIBOR + 2.000%) due 10/01/22 §		3,131,746		3,117,456


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-6

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
GFL Environmental Inc Term B (Canada) 5.499% (USD LIBOR + 2.750%) due 05/31/25 §		$3,238,709		$3,145,596
Proampac PG Borrower LLC 6.141% (USD LIBOR + 3.500%) due 11/18/23 §		1,959,900		1,894,978
Reynolds Group Holdings Inc Term B 5.249% (USD LIBOR + 3.000%) due 02/05/23 §		2,681,383		2,653,373
StandardAero Aviation Holdings Inc 6.250% (USD LIBOR + 3.750%) due 07/07/22 §		2,487,113		2,488,668

				15,981,602

Technology - 0.5%

Tempo Acquisition LLC Term B 5.499% (USD LIBOR + 3.000%) due 05/01/24 §		1,974,874		1,958,829
Vertafore Inc Term B 5.749% (USD LIBOR + 3.250%) due 07/02/25 §		1,496,250		1,472,684

				3,431,513

Utilities - 0.7%

Talen Energy Supply LLC Term B-1 6.500% (USD LIBOR + 4.000%) due 07/06/23 § ¥		2,466,234		2,448,765
Vistra Operations Co LLC Term B-1 4.499% (USD LIBOR + 2.000%) due 08/04/23 §		2,690,120		2,656,493

				5,105,258

Total Senior Loan Notes (Cost $57,857,066)				57,456,410


ASSET-BACKED SECURITIES - 20.8%

Ally Auto Receivables Trust
2.480% due 05/16/22		535,000		533,376
3.020% due 09/15/23		1,000,000		997,453
American Express Credit Account Master Trust
1.930% due 09/15/22		2,140,000		2,127,222
2.350% due 05/15/25		1,500,000		1,491,804
AmeriCredit Automobile Receivables Trust
1.460% due 05/10/21		1,377,007		1,374,139
1.530% due 07/08/21		533,027		531,499
1.980% due 12/20/21		1,511,119		1,505,281
2.300% due 02/18/22		3,280,000		3,259,092
2.360% due 12/19/22		2,500,000		2,481,535
2.600% due 09/18/23		2,000,000		1,990,510
2.730% due 03/08/21		1,117,919		1,117,432
2.970% due 11/20/23		1,500,000		1,509,215
3.080% due 12/18/23		2,000,000		2,002,197
3.130% due 02/18/25		1,550,000		1,563,429
3.450% due 06/18/24		2,000,000		2,024,588
3.500% due 01/18/24		2,000,000		2,028,306
Apidos CLO XV ‘A1RR’ (Cayman) 3.771% (USD LIBOR + 1.010%) due 04/20/31 § ~		1,250,000		1,236,563
Apidos CLO XXV ‘A1R’ (Cayman) 3.931% (USD LIBOR + 1.170%) due 10/20/31 § ~		2,000,000		1,985,485
Apidos CLO XXX ‘A1A’ (Cayman) 3.560% (USD LIBOR + 1.140%) due 10/18/31 § ~		3,000,000		2,982,322
Atrium XIII (Cayman) 3.941% (USD LIBOR + 1.180%) due 11/21/30 § ~		470,000		469,039
Buttermilk Park CLO Ltd ‘A1’ (Cayman) 3.887% (USD LIBOR + 1.100%) due 10/15/31 § ~		850,000		842,210


	Principal Amount		Value
Capital Auto Receivables Asset Trust
2.390% due 11/20/20	$	2,663,000	$	2,660,693
3.480% due 10/20/23 ~		1,000,000		1,009,047
Carlyle Global Market Strategies CLO Ltd (Cayman) 3.815% (USD LIBOR + 1.050%) due 07/27/31 § ~		500,000		495,319
4.761% (USD LIBOR + 2.000%) due 04/20/27 § ~		1,550,000		1,549,486
Chase Issuance Trust
1.370% due 06/15/21		1,215,000		1,211,832
1.490% due 07/15/22		4,600,000		4,540,471
CIFC Funding 2015-III Ltd (Cayman) 3.631% (USD LIBOR + 0.870%) due 04/19/29 § ~		3,000,000		2,976,131
Citibank Credit Card Issuance Trust
1.750% due 11/19/21		1,255,000		1,248,113
1.800% due 09/20/21		1,346,000		1,340,749
Dryden 33 CLO Ltd (Cayman) 4.537% (USD LIBOR + 1.750%) due 04/15/29 § ~		2,000,000		2,002,979
Dryden 55 CLO Ltd (Cayman) 3.807% (USD LIBOR + 1.020%) due 04/15/31 § ~		2,500,000		2,472,598
Dryden 58 CLO Ltd (Cayman) 3.773% (USD LIBOR + 1.000%) due 07/17/31 § ~		2,000,000		1,973,915
Dryden 61 CLO Ltd (Cayman) 3.597% (USD LIBOR + 1.160%) due 01/17/32 § ~		5,000,000		4,975,175
Dryden 64 CLO Ltd (Cayman) 3.750% (USD LIBOR + 0.970%) due 04/18/31 § ~		2,000,000		1,972,770
Dryden 75 CLO Ltd (Cayman) 4.335% (USD LIBOR + 1.800%) due 01/15/29 § ~		4,000,000		3,970,690
Ford Credit Auto Owner Trust
2.030% due 08/15/20		757,238		756,348
2.140% due 10/15/22		2,000,000		1,989,208
2.350% due 04/15/23		1,000,000		991,703
2.500% due 05/15/24		1,750,000		1,733,723
3.380% due 03/15/24		1,650,000		1,688,814
GM Financial Consumer Automobile Receivables Trust ‘B’ 3.270% due 01/16/24		1,200,000		1,215,816
Magnetite XIV-R Ltd ‘A1’ (Cayman) 3.900% (USD LIBOR + 1.120%) due 10/18/31 § ~		3,000,000		2,974,100
Magnetite XVIII Ltd (Cayman) 3.764% (USD LIBOR + 1.080%) due 11/15/28 § ~		3,000,000		2,992,533
Magnetite XXI Ltd ‘A’ (Cayman) 3.909% (USD LIBOR + 1.280%) due 04/20/30 § ~		1,000,000		999,970
Navient Private Education Loan Trust 3.610% due 12/15/59 ~		1,400,000		1,427,458
Navient Student Loan Trust ‘A1’ 2.676% (USD LIBOR + 0.190%) due 03/25/67 § ~		943,462		943,316
2.887% (USD LIBOR + 0.400%) due 12/15/59 § ~		1,300,000		1,301,625
Navient Student Loan Trust ‘A2’ 2.906% (USD LIBOR + 0.420%) due 08/27/29 §		1,348,814		1,349,048
Navient Student Loan Trust ‘A2A’ 3.390% due 12/15/59 ~		2,000,000		2,002,380
Nelnet Student Loan Trust ‘A1’ 2.806% (USD LIBOR + 0.320%) due 05/25/66 § ~		826,358		826,562


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-7

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
OCP CLO Ltd (Cayman) 3.585% (USD LIBOR + 0.820%) due 10/26/27 § ~	$	2,000,000	$	1,988,940
Octagon Investment Partners 25 Ltd (Cayman) 3.561% (USD LIBOR + 0.800%) due 10/20/26 § ~		3,000,000		2,987,400
OneMain Financial Issuance Trust 2.370% due 09/14/32 ~		1,600,000		1,587,981
Regatta XIV Funding Ltd ‘A’ (Cayman) 3.961% (USD LIBOR + 1.190%) due 10/25/31 § ~		2,500,000		2,470,548
Santander Drive Auto Receivables Trust
2.580% due 05/16/22		1,000,000		997,411
2.660% due 11/15/21		433,049		432,870
3.030% due 09/15/22		2,000,000		2,003,951
3.210% due 09/15/23		2,000,000		2,009,670
3.270% due 01/17/23		1,600,000		1,607,450
3.290% due 10/17/22		1,150,000		1,153,904
3.420% due 04/15/25		1,750,000		1,764,614
3.520% due 12/15/22		2,250,000		2,272,804
SLC Student Loan Trust 2.711% (USD LIBOR + 0.100%) due 09/15/26 §		1,548,239		1,546,665
2.721% (USD LIBOR + 0.110%) due 03/15/27 §		2,345,530		2,335,037
2.731% (USD LIBOR + 0.120%) due 06/15/29 §		1,232,974		1,225,300
3.526% (USD LIBOR + 0.875%) due 11/25/42 §		424,030		427,408
4.211% (USD LIBOR + 1.600%) due 12/15/32 §		406,177		417,401
SLM Private Credit Student Loan Trust 2.901% (USD LIBOR + 0.290%) due 06/15/39 §		1,618,243		1,574,250
2.921% (USD LIBOR + 0.310%) due 12/15/38 §		800,000		774,827
SLM Private Education Loan Trust 3.500% due 06/15/44 ~		720,000		719,090
SLM Student Loan Trust 2.891% (USD LIBOR + 0.120%) due 01/25/27 §		463,773		461,396
2.921% (USD LIBOR + 0.150%) due 10/25/29 §		279,645		277,828
3.151% (USD LIBOR + 0.380%) due 10/25/24 §		2,149,905		2,152,319
3.321% (USD LIBOR + 0.550%) due 04/27/26 § ~		786,991		788,308
3.401% (USD LIBOR + 0.630%) due 01/25/40 § ~		3,150,000		3,125,290
SMB Private Education Loan Trust
2.340% due 09/15/34 ~		4,491,019		4,406,892
2.490% due 06/15/27 ~		767,261		762,102
2.700% due 05/15/31 ~		1,130,548		1,126,007
2.750% due 07/15/27 ~		537,719		536,979
3.050% due 05/15/26 ~		2,672,989		2,680,125
3.440% due 07/15/36 ~		1,850,000		1,880,782
3.500% due 02/15/36 ~		1,000,000		1,021,159
3.600% due 01/15/37 ~		3,000,000		3,060,725
3.630% due 11/15/35 ~		2,954,000		3,037,124
Verizon Owner Trust
1.680% due 05/20/21 ~		1,532,772		1,527,338
2.930% due 09/20/23		1,250,000		1,260,124
Volvo Financial Equipment LLC 3.130% due 11/15/23 ~		2,000,000		2,020,728


Total Asset-Backed Securities (Cost $151,727,042)				152,068,016


	Principal Amount		Value

U.S. TREASURY OBLIGATIONS - 10.0%

U.S. Treasury Notes - 10.0%

0.875% due 09/15/19	$	4,500,000	$	4,468,889
1.250% due 04/30/19		1,600,000		1,599,120
1.250% due 05/31/19		3,000,000		2,994,039
1.250% due 06/30/19		5,000,000		4,984,668
2.000% due 01/15/21		5,000,000		4,973,926
2.000% due 07/31/22		3,000,000		2,979,023
2.625% due 12/15/21		10,000,000		10,104,883
2.750% due 09/30/20		4,000,000		4,023,906
2.750% due 11/30/20		28,000,000		28,195,781
2.875% due 10/31/20		8,500,000		8,571,055


Total U.S. Treasury Obligations (Cost $72,490,868)				72,895,290


MUNICIPAL BONDS - 0.1%

Pennsylvania Higher Education Assistance Agency ‘A’ 3.671% (USD LIBOR + 0.900%) due 07/25/29 §		673,463		676,608


Total Municipal Bonds (Cost $674,726)				676,608


	Shares
SHORT-TERM INVESTMENT - 3.8%

Money Market Fund - 3.8%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.370%		28,168,855		28,168,855


Total Short-Term Investment (Cost $28,168,855)				28,168,855


Total Investments - 99.8% (Cost $727,069,520)				730,397,621

OTHER ASSETS & LIABILITIES, NET - 0.2%				1,616,339


Net Assets - 100.0%				$732,013,960

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Fund’s composition as a percentage of net assets was as follows:


Corporate Bonds & Notes			57.3%
Asset-Backed Securities			20.8%
U.S. Treasury Obligations			10.0%
Senior Loan Notes			7.8%
Short-Term Investment			3.8%
Others (each less than 3.0%)			0.1%

			99.8%
Other Assets & Liabilities, Net			0.2%

			100.0%


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-8

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

March 31, 2019

(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 March 31, 2019:


		Total Value at March 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$419,132,442		$—		$419,132,442		$—
	Senior Loan Notes		57,456,410		—		57,456,410		—
	Asset-Backed Securities		152,068,016		—		152,068,016		—
	U.S. Treasury Obligations		72,895,290		—		72,895,290		—
	Municipal Bonds		676,608		—		676,608		—
	Short-Term Investment		28,168,855		28,168,855		—		—

	Total		$730,397,621		$28,168,855		$702,228,766		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-9

PACIFIC FUNDS

PACIFIC FUNDS^SM CORE INCOME

Schedule of Investments

March 31, 2019


	Principal Amount		Value
CORPORATE BONDS & NOTES - 46.7%

Basic Materials - 0.4%

Syngenta Finance NV (Switzerland) 5.182% due 04/24/28 ~		$2,700,000		$2,748,973


Communications - 3.8%

Amazon.com Inc 4.250% due 08/22/57		2,000,000		2,158,993
AT&T Inc 4.850% due 03/01/39		2,400,000		2,416,963
5.250% due 03/01/37		4,000,000		4,222,136
Charter Communications Operating LLC 5.750% due 04/01/48		2,000,000		2,096,839
Fox Corp 4.709% due 01/25/29 ~		1,700,000		1,821,711
5.576% due 01/25/49 ~		1,800,000		2,039,927
Sprint Communications Inc 6.000% due 11/15/22		2,500,000		2,525,750
Sprint Corp 7.250% due 09/15/21		3,500,000		3,683,750
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		2,750,000		2,756,050

				23,722,119

Consumer, Cyclical - 9.1%

Air Canada Pass-Through Trust ‘A’ (Canada) 4.125% due 11/15/26 ~		4,188,406		4,278,038
Alimentation Couche-Tard Inc (Canada) 4.500% due 07/26/47 ~		3,000,000		2,822,271
American Airlines Pass-Through Trust ‘AA’ 3.575% due 07/15/29		4,403,114		4,437,411
3.600% due 03/22/29		2,659,557		2,671,792
American Airlines Pass-Through Trust ‘B’ 4.375% due 04/01/24		625,237		629,207
British Airways Pass-Through Trust ‘A’ (United Kingdom) 4.625% due 12/20/25 ~		3,061,853		3,197,646
Continental Airlines Pass-Through Trust ‘A’ 4.000% due 04/29/26		2,619,561		2,668,678
Delta Air Lines Pass-Through Trust ‘AA’ 3.625% due 01/30/29		1,357,920		1,390,514
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.500% due 02/15/23 ~		2,750,000		2,856,563
Ford Motor Credit Co LLC 5.584% due 03/18/24		1,850,000		1,877,500
General Motors Co 5.000% due 10/01/28		3,000,000		2,997,808
Hawaiian Airlines Pass-Through Certificates ‘A’ 3.900% due 07/15/27		1,810,457		1,801,405
Jack Ohio Finance LLC 6.750% due 11/15/21 ~		2,000,000		2,065,000
Lennar Corp 6.250% due 12/15/21		2,500,000		2,640,625
Mattamy Group Corp (Canada) 6.500% due 10/01/25 ~		2,500,000		2,478,875
Nordstrom Inc 5.000% due 01/15/44		2,500,000		2,267,618
Six Flags Entertainment Corp 4.875% due 07/31/24 ~		2,000,000		1,973,750
Spirit Airlines Pass- Through Trust ‘AA’ 3.375% due 08/15/31		428,749		423,723
4.100% due 10/01/29		581,700		594,817
Tesla Inc 5.300% due 08/15/25 ~		1,500,000		1,305,000
United Airlines Pass Through Trust ‘AA’ 4.150% due 02/25/33		2,500,000		2,595,277


	Principal Amount		Value
United Airlines Pass-Through Trust ‘B’ 3.650% due 04/07/27		$1,645,833		$1,626,784
4.750% due 10/11/23		3,772,048		3,836,173
US Airways Pass-Through Trust ‘A’ 4.625% due 12/03/26		2,450,098		2,561,581
Virgin Australia Pass-Through Trust ‘A’ (Australia) 5.000% due 04/23/25 ~		683,774		699,398

				56,697,454

Consumer, Non-Cyclical - 5.1%

Anheuser-Busch InBev Worldwide Inc (Belgium) 5.450% due 01/23/39		5,000,000		5,424,750
BAT Capital Corp (United Kingdom) 4.390% due 08/15/37		2,500,000		2,261,478
Bausch Health Cos Inc 6.500% due 03/15/22 ~		2,000,000		2,072,500
CHS/Community Health Systems Inc 5.125% due 08/01/21		2,000,000		1,976,200
Cigna Corp 4.375% due 10/15/28 ~		3,350,000		3,475,356
Conagra Brands Inc 5.300% due 11/01/38		1,500,000		1,526,856
Eli Lilly & Co 3.375% due 03/15/29		1,800,000		1,850,492
4.150% due 03/15/59		1,800,000		1,862,400
Mars Inc 3.875% due 04/01/39 ~		2,000,000		2,019,677
MEDNAX Inc 5.250% due 12/01/23 ~		2,000,000		2,030,000
Pfizer Inc 3.450% due 03/15/29		900,000		925,052
Takeda Pharmaceutical Co Ltd (Japan) 4.400% due 11/26/23 ~		3,900,000		4,102,544
Teva Pharmaceutical Finance Netherlands III BV (Israel) 2.200% due 07/21/21		1,000,000		953,929
Verisk Analytics Inc 4.125% due 03/15/29		1,650,000		1,696,765

				32,177,999

Energy - 5.2%

Andeavor Logistics LP 5.200% due 12/01/47		1,200,000		1,206,016
5.250% due 01/15/25		6,500,000		6,755,969
6.875% due 02/15/23		1,000,000		1,005,585
Concho Resources Inc 4.300% due 08/15/28		2,750,000		2,841,553
Diamondback Energy Inc 5.375% due 05/31/25		3,000,000		3,138,750
Energy Transfer Partners LP 4.750% due 01/15/26		3,000,000		3,137,776
EQM Midstream Partners LP 6.500% due 07/15/48		3,250,000		3,291,070
EQT Corp 3.900% due 10/01/27		2,000,000		1,873,218
Kinder Morgan Energy Partners LP 4.300% due 05/01/24		2,720,000		2,844,017
5.000% due 08/15/42		2,500,000		2,509,231
Petroleos Mexicanos (Mexico) 6.350% due 02/12/48		2,100,000		1,861,965
Southwestern Energy Co 6.200% due 01/23/25		1,750,000		1,728,125

				32,193,275

Financial - 15.5%

Ares Capital Corp 4.250% due 03/01/25		1,750,000		1,710,686
Bank of America Corp 4.183% due 11/25/27		4,850,000		4,937,058
4.200% due 08/26/24		3,500,000		3,626,552
4.250% due 10/22/26		5,500,000		5,660,167


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-10

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
Citigroup Inc 4.125% due 07/25/28		$3,600,000		$3,626,893
4.400% due 06/10/25		5,000,000		5,184,486
4.600% due 03/09/26		3,948,000		4,130,889
Columbia Property Trust Operating Partnership LP REIT 4.150% due 04/01/25		3,500,000		3,506,615
Duke Realty LP REIT 3.750% due 12/01/24		3,420,000		3,495,623
GLP Capital LP REIT 5.250% due 06/01/25		1,950,000		2,047,773
Healthcare Realty Trust Inc REIT 3.625% due 01/15/28		1,900,000		1,846,987
Hudson Pacific Properties LP REIT 3.950% due 11/01/27		2,250,000		2,189,203
JPMorgan Chase & Co 4.125% due 12/15/26		4,000,000		4,136,109
Liberty Property LP REIT 4.375% due 02/01/29		800,000		835,756
MassMutual Global Funding II 3.400% due 03/08/26 ~		3,500,000		3,561,243
Mid-America Apartments LP REIT 3.950% due 03/15/29		4,600,000		4,687,825
Morgan Stanley 5.000% due 11/24/25		7,500,000		8,051,461
National Rural Utilities Cooperative Finance Corp 3.700% due 03/15/29		1,350,000		1,404,836
Nuveen LLC 4.000% due 11/01/28 ~		2,050,000		2,190,848
Piedmont Operating Partnership LP REIT 4.450% due 03/15/24		3,100,000		3,182,203
Teachers Insurance & Annuity Association of America 4.270% due 05/15/47 ~		3,000,000		3,101,408
The Goldman Sachs Group Inc 3.272% due 09/29/25		2,000,000		1,976,134
3.500% due 11/16/26		8,000,000		7,907,262
The Howard Hughes Corp 5.375% due 03/15/25 ~		2,500,000		2,500,000
UDR Inc REIT 2.950% due 09/01/26		2,000,000		1,917,337
Ventas Realty LP REIT 3.500% due 02/01/25		4,450,000		4,457,777
Wells Fargo & Co 4.400% due 06/14/46		3,750,000		3,750,205
Weyerhaeuser Co REIT 4.000% due 11/15/29		850,000		876,399

				96,499,735

Industrial - 2.2%

Allegion US Holding Co Inc 3.550% due 10/01/27		3,786,000		3,604,772
Ardagh Packaging Finance PLC (Ireland) 7.250% due 05/15/24 ~		1,000,000		1,057,200
Masco Corp 7.750% due 08/01/29		2,000,000		2,432,801
Norbord Inc (Canada) 6.250% due 04/15/23 ~		2,000,000		2,057,500
Owens-Brockway Glass Container Inc 5.000% due 01/15/22 ~		2,500,000		2,571,875
Penske Truck Leasing Co Lp 4.450% due 01/29/26 ~		1,200,000		1,228,014
TransDigm Inc 6.250% due 03/15/26 ~		1,000,000		1,040,000

				13,992,162

Technology - 1.1%

Broadcom Inc 4.250% due 04/15/26 ~		3,000,000		2,977,830
Dell International LLC 4.900% due 10/01/26 ~		1,600,000		1,631,842


	Principal Amount		Value
KLA-Tencor Corp 4.100% due 03/15/29		$1,650,000		$1,690,107
Lam Research Corp 3.750% due 03/15/26		450,000		459,000

				6,758,779

Utilities - 4.3%

Duke Energy Progress LLC 3.450% due 03/15/29		1,700,000		1,744,249
Electricite de France SA (France) 4.500% due 09/21/28 ~		3,000,000		3,099,778
Exelon Corp 5.100% due 06/15/45		2,000,000		2,239,276
FirstEnergy Corp 4.850% due 07/15/47		2,400,000		2,582,207
IPALCO Enterprises Inc 3.700% due 09/01/24		3,500,000		3,527,011
Jersey Central Power & Light Co 4.300% due 01/15/26 ~		1,700,000		1,772,557
Metropolitan Edison Co 4.300% due 01/15/29 ~		2,800,000		2,936,001
MidAmerican Energy Co 4.250% due 07/15/49		1,650,000		1,759,467
Nevada Power Co 3.700% due 05/01/29		3,000,000		3,106,047
Northern States Power Co 4.200% due 09/01/48		2,850,000		2,932,835
Talen Energy Supply LLC 6.500% due 06/01/25		1,000,000		885,000

				26,584,428

Total Corporate Bonds & Notes (Cost $287,006,237)				291,374,924


SENIOR LOAN NOTES - 12.9%

Communications - 1.3%

Level 3 Parent LLC Term B 4.736% (USD LIBOR + 2.250%) due 02/22/24 §		2,500,000		2,475,000
Sprint Communications Inc Term B 5.000% (USD LIBOR + 2.500%) due 02/03/24 §		2,944,925		2,862,099
5.500% (USD LIBOR + 3.000%) due 02/03/24 §		2,493,750		2,448,551

				7,785,650

Consumer, Cyclical - 3.8%

Bass Pro Group LLC Term B 7.499% (USD LIBOR + 5.000%) due 09/25/24 §		1,979,900		1,940,290
Caesars Resort Collection LLC Term B 5.249% (USD LIBOR + 2.750%) due 12/22/24 §		1,994,950		1,975,357
ClubCorp Holdings Inc Term B 5.351% (USD LIBOR + 2.750%) due 09/18/24 §		2,203,353		2,090,982
Golden Nugget LLC Term B 5.242% (USD LIBOR + 2.750%) due 10/04/23 §		3,305,830		3,276,904
Hilton Worldwide Finance LLC Term B-2 4.236% (USD LIBOR + 1.750%) due 10/25/23 §		4,182,817		4,174,226
Marriott Ownership Resorts Inc Term B 4.749% (USD LIBOR + 2.250%) due 08/29/25 §		1,396,500		1,391,263


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-11

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
New Red Finance Inc Term B (Canada) 4.749% (USD LIBOR + 2.250%) due 02/17/24 §		$5,265,561		$5,183,286
SeaWorld Parks & Entertainment Inc Term B-5 5.499% (USD LIBOR + 3.000%) due 03/31/24 §		3,934,774		3,918,791

				23,951,099

Consumer, Non-Cyclical - 1.3%

Albertson’s LLC Term B-7 5.499% (USD LIBOR + 3.000%) due 11/16/25 §		2,562,084		2,534,060
Bausch Health Americas Inc Term B 5.481% (USD LIBOR + 3.000%) due 06/01/25 §		1,850,000		1,838,774
US Foods Inc Term B 4.499% (USD LIBOR + 2.000%) due 06/27/23 §		3,902,468		3,856,614

				8,229,448

Financial - 1.0%

HUB International Ltd Term B 5.515% (USD LIBOR + 3.000%) due 04/25/25 §		1,488,750		1,442,072
USI Inc Term B 5.601% (USD LIBOR + 3.000%) due 05/16/24 §		4,937,468		4,777,001

				6,219,073

Industrial - 3.4%

Advanced Disposal Services Inc Term B 4.660% (USD LIBOR + 2.250%) due 11/10/23 §		1,994,595		1,986,335
Avolon (US) LLC Term B-3 (Ireland) 4.488% (USD LIBOR + 2.000%) due 01/15/25 §		1,399,376		1,390,392
GFL Environmental Inc Term B (Canada) 5.499% (USD LIBOR + 2.750%) due 05/31/25 §		4,731,190		4,595,169
Proampac PG Borrower LLC 6.141% (USD LIBOR + 3.500%) due 11/18/23 §		3,919,800		3,789,956
Reynolds Group Holdings Inc Term B 5.249% (USD LIBOR + 3.000%) due 02/05/23 §		3,950,239		3,908,975
TransDigm Inc
Term E 4.999% (USD LIBOR + 2.500%) due 05/30/25 §		1,923,215		1,876,037
Term F 4.999% (USD LIBOR + 2.500%) due 06/09/23 §		3,831,593		3,747,179

				21,294,043

Technology - 0.9%

Tempo Acquisition LLC Term B 5.499% (USD LIBOR + 3.000%) due 05/01/24 §		1,974,874		1,958,828
Vertafore Inc Term B 5.749% (USD LIBOR + 3.250%) due 07/02/25 §		3,990,000		3,927,157

				5,885,985

Utilities - 1.2%

Talen Energy Supply LLC Term B-1 6.500% (USD LIBOR + 4.000%) due 07/06/23 §		3,915,106		3,887,375
Vistra Operations Co LLC Term B-1 4.499% (USD LIBOR + 2.000%) due 08/04/23 §		3,385,342		3,343,025

				7,230,400

Total Senior Loan Notes (Cost $81,568,955)				80,595,698


	Principal Amount		Value
MORTGAGE-BACKED SECURITIES - 1.4%

Fannie Mae - 0.7%
2.500% due 04/01/34		$4,500,000		$4,474,013


Freddie Mac - 0.7%
2.500% due 04/01/34		4,000,000		3,979,688


Total Mortgage-Backed Securities (Cost $8,364,063)				8,453,701


ASSET-BACKED SECURITIES - 18.0%

AmeriCredit Automobile Receivables Trust 2.240% due 06/19/23		950,000		943,209
2.400% due 05/18/22		1,850,000		1,841,553
2.690% due 06/19/23		1,050,000		1,047,753
2.710% due 08/18/22		1,500,000		1,496,685
3.130% due 02/18/25		1,250,000		1,260,830
3.360% due 02/18/25		1,000,000		1,010,315
Apidos CLO XXX ‘A2’ (Cayman) 4.020% (USD LIBOR + 1.600%) due 10/18/31 § ~		3,600,000		3,555,164
Buttermilk Park CLO Ltd ‘A1’ (Cayman) 3.887% (USD LIBOR + 1.100%) due 10/15/31 § ~		1,600,000		1,585,336
Capital Auto Receivables Asset Trust 1.690% due 03/20/21		1,250,000		1,245,363
2.110% due 03/22/21		600,000		596,903
3.090% due 08/22/22 ~		1,600,000		1,605,949
Carlyle Global Market Strategies CLO Ltd (Cayman) 3.815% (USD LIBOR + 1.050%) due 07/27/31 § ~		1,000,000		990,638
4.315% (USD LIBOR + 1.550%) due 07/27/31 § ~		2,000,000		1,968,964
4.761% (USD LIBOR + 2.000%) due 04/20/27 § ~		2,975,000		2,974,013
CIFC Funding 2015-III Ltd ‘AR’ (Cayman) 3.631% (USD LIBOR + 0.870%) due 04/19/29 § ~		3,000,000		2,976,131
4.411% (USD LIBOR + 1.650%) due 04/19/29 § ~		1,805,000		1,721,519
Dryden 33 Senior Loan Fund (Cayman) 4.537% (USD LIBOR + 1.750%) due 04/15/29 § ~		2,000,000		2,002,979
Dryden 53 CLO Ltd (Cayman) 4.187% (USD LIBOR + 1.400%) due 01/15/31 § ~		1,500,000		1,468,153
Dryden 55 CLO Ltd (Cayman) 4.687% (USD LIBOR + 1.900%) due 04/15/31 § ~		1,000,000		965,048
Dryden 58 CLO Ltd (Cayman) 4.273% (USD LIBOR + 1.500%) due 07/17/31 § # ~		2,000,000		1,963,147
4.573% (USD LIBOR + 1.800%) due 07/17/31 § # ~		2,000,000		1,902,069
Dryden 61 CLO Ltd (Cayman) 4.087% (USD LIBOR + 1.650%) due 01/17/32 § ~		2,250,000		2,230,489
4.487% (USD LIBOR + 2.050%) due 01/17/32 § ~		2,250,000		2,174,583
Dryden 64 CLO Ltd (Cayman) 4.180% (USD LIBOR + 1.400%) due 04/18/31 § ~		1,600,000		1,571,200
Dryden 75 CLO Ltd (Cayman) 4.985% (USD LIBOR + 2.450%) due 01/15/29 § ~		1,500,000		1,488,936
Ford Credit Auto Owner Trust 1.730% due 03/15/22		850,000		838,246
2.240% due 06/15/22		1,000,000		992,618
2.350% due 04/15/23		2,500,000		2,479,257
3.190% due 07/15/31 ~		4,000,000		4,009,957


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-12

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
Madison Park Funding Ltd (Cayman) 4.284% (USD LIBOR + 1.600%) due 07/15/30 § ~		$2,600,000		$2,581,401
4.530% (USD LIBOR + 1.750%) due 10/18/30 § ~		2,600,000		2,592,884
4.534% (USD LIBOR + 1.850%) due 07/15/30 § ~		1,400,000		1,362,310
Navient Student Loan Trust 3.206% (USD LIBOR + 0.720%) due 03/25/67 § ~		2,000,000		1,981,120
Octagon Investment Partners 25 Ltd (Cayman) 3.961% (USD LIBOR + 1.200%) due 10/20/26 § ~		2,000,000		1,965,080
OneMain Financial Issuance Trust 2.370% due 09/14/32 ~		4,000,000		3,969,953
Regatta XIV Funding Ltd ‘A’ (Cayman) 3.961% (USD LIBOR + 1.190%) due 10/25/31 § ~		3,300,000		3,261,124
Santander Drive Auto Receivables Trust 2.630% due 07/15/22		2,350,000		2,347,211
2.660% due 11/15/21		866,099		865,740
2.960% due 03/15/24		1,850,000		1,852,004
3.290% due 10/17/22		750,000		752,546
3.350% due 07/17/23		2,000,000		2,010,712
3.510% due 08/15/23		2,500,000		2,515,614
SLM Private Credit Student Loan Trust ‘A’ 2.901% (USD LIBOR + 0.290%) due 06/15/39 §		3,236,486		3,148,499
SLM Student Loan Trust 3.321% (USD LIBOR + 0.550%) due 10/25/64 § ~		10,000,000		9,910,032
SMB Private Education Loan Trust 2.340% due 09/15/34 ~		2,178,414		2,137,607
2.700% due 05/15/31 ~		1,815,267		1,807,975
2.820% due 10/15/35 ~		4,450,000		4,406,758
2.880% due 09/15/34 ~		4,372,141		4,322,396
3.440% due 07/15/36 ~		1,850,000		1,880,782
3.500% due 02/15/36 ~		2,300,000		2,348,665
3.600% due 01/15/37 ~		1,550,000		1,581,375
3.630% due 11/15/35 ~		2,000,000		2,056,279


Total Asset-Backed Securities (Cost $113,079,767)				112,565,074


U.S. TREASURY OBLIGATIONS - 16.0%

U.S. Treasury Bonds - 6.1%

2.250% due 08/15/46		4,050,000		3,621,032
2.500% due 02/15/46		3,500,000		3,300,049
2.500% due 05/15/46		3,000,000		2,827,090
2.750% due 11/15/47		4,000,000		3,952,812
2.875% due 11/15/46		3,000,000		3,044,824
3.000% due 11/15/44		4,000,000		4,158,047
3.000% due 02/15/48		4,750,000		4,927,476
3.000% due 02/15/49		5,500,000		5,710,977
3.375% due 11/15/48		6,000,000		6,694,336

				38,236,643


	Principal Amount		Value
U.S. Treasury Notes - 9.9%

1.250% due 07/31/23		$5,000,000		$4,799,121
1.375% due 08/31/23		4,000,000		3,856,877
1.375% due 09/30/23		4,500,000		4,335,119
1.625% due 11/15/22		5,000,000		4,897,168
1.625% due 05/15/26		5,000,000		4,772,754
2.000% due 10/31/21		1,400,000		1,391,742
2.000% due 11/30/22		6,000,000		5,954,063
2.125% due 12/31/21		4,500,000		4,487,695
2.250% due 02/15/27		2,000,000		1,986,484
2.500% due 02/28/26		7,400,000		7,489,031
2.625% due 02/15/29		2,000,000		2,039,180
2.875% due 08/15/28		2,250,000		2,340,571
3.125% due 11/15/28		12,400,000		13,168,945

				61,518,750

Total U.S. Treasury Obligations (Cost $97,419,589)				99,755,393


FOREIGN GOVERNMENT BONDS & NOTES - 1.9%

Brazilian Government (Brazil) 4.500% due 05/30/29		3,015,000		2,966,790
Chile Government (Chile) 2.250% due 10/30/22		2,000,000		1,983,480
Export-Import Bank of Korea (South Korea) 2.250% due 01/21/20		1,900,000		1,893,551
Mexico Government (Mexico) 4.500% due 04/22/29		2,300,000		2,383,950
Province of British Columbia (Canada) 2.000% due 10/23/22		3,000,000		2,955,987


Total Foreign Government Bonds & Notes (Cost $12,100,224)				12,183,758


	Shares
SHORT-TERM INVESTMENT - 4.3%

Money Market Fund - 4.3%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.370%		26,587,987		26,587,987


Total Short-Term Investment (Cost $26,587,987)				26,587,987


TOTAL INVESTMENTS - 101.2% (Cost $626,126,822)				631,516,535

OTHER ASSETS & LIABILITIES, NET - (1.2%)				(7,462,760	)


NET ASSETS - 100.0%				$624,053,775

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Fund’s composition as a percentage of net assets was as follows:


Corporate Bonds & Notes	46.7%
Asset-Backed Securities	18.0%
U.S. Treasury Obligations	16.0%
Senior Loan Notes	12.9%
Short-Term Investment	4.3%
Others (each less than 3.0%)	3.3%

	101.2%
Other Assets & Liabilities, Net	(1.2%	)

	100.0%


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-13

PACIFIC FUNDS

PACIFIC FUNDS CORE INCOME

Schedule of Investments (Continued)

March 31, 2019

(b)	Fair Value Measurements


		Total Value at March 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$291,374,924		$—		$291,374,924		$—
	Senior Loan Notes		80,595,698		—		80,595,698		—
	Mortgage-Backed Securities		8,453,701		—		8,453,701		—
	Asset-Backed Securities		112,565,074		—		112,565,074		—
	U.S. Treasury Obligations		99,755,393		—		99,755,393		—
	Foreign Government Bonds & Notes		12,183,758		—		12,183,758		—
	Short-Term Investment		26,587,987		26,587,987		—		—

	Total		$631,516,535		$26,587,987		$604,928,548		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-14

PACIFIC FUNDS

PACIFIC FUNDS^SM STRATEGIC INCOME

Schedule of Investments

March 31, 2019


	Shares		Value
COMMON STOCKS - 3.3%

Basic Materials - 0.2%

Constellium NV ‘A’ *		176,660		$1,409,747


Consumer, Cyclical - 0.9%

Las Vegas Sands Corp		20,642		1,258,336
Lennar Corp ‘A’		22,751		1,116,847
Mohawk Industries Inc *		6,772		854,288
Party City Holdco Inc *		130,066		1,032,724
Six Flags Entertainment Corp		12,456		614,704
Tailored Brands Inc		76,227		597,620

				5,474,519

Consumer, Non-Cyclical - 0.2%

United Rentals Inc *		10,501		1,199,739


Financial - 0.8%

Bank of America Corp		46,717		1,288,922
Citigroup Inc		17,345		1,079,206
The Goldman Sachs Group Inc		4,792		920,016
Wells Fargo & Co		26,387		1,275,020

				4,563,164

Industrial - 1.0%

Berry Global Group Inc *		23,046		1,241,488
Caterpillar Inc		6,465		875,943
Crown Holdings Inc *		21,023		1,147,225
Evoqua Water Technologies Corp *		113,006		1,421,615
Xylem Inc		15,010		1,186,390

				5,872,661

Technology - 0.2%

NXP Semiconductors NV (Netherlands)		10,877		961,418


Total Common Stocks (Cost $21,371,654)				19,481,248


	Principal Amount
CORPORATE BONDS & NOTES - 59.8%

Basic Materials - 3.3%

Anglo American Capital PLC (South Africa) 4.125% due 09/27/22 ~		$700,000		710,000
Barminco Finance Pty Ltd (Australia) 6.625% due 05/15/22 ~		4,125,000		4,228,125
Constellium NV 5.750% due 05/15/24 ~		1,375,000		1,381,875
5.875% due 02/15/26 ~		250,000		246,094
6.625% due 03/01/25 ~		1,250,000		1,278,125
Glencore Finance Canada Ltd (Switzerland) 4.250% due 10/25/22 ~		1,400,000		1,447,413
Glencore Funding LLC (Switzerland) 4.000% due 03/27/27 ~		3,750,000		3,645,605
4.125% due 05/30/23 ~		1,000,000		1,019,131
4.125% due 03/12/24 ~		250,000		252,910
JW Aluminum Continuous Cast Co 10.250% due 06/01/26 ~		1,825,000		1,870,625
Syngenta Finance NV (Switzerland) 4.892% due 04/24/25 ~		3,000,000		3,059,732

				19,139,635


	Principal Amount		Value
Communications - 4.6%

AT&T Inc 3.400% due 05/15/25	$	3,000,000	$	2,973,310
4.350% due 03/01/29		3,000,000		3,068,563
Charter Communications Operating LLC 3.750% due 02/15/28		1,500,000		1,450,871
4.200% due 03/15/28		1,500,000		1,491,192
5.050% due 03/30/29		1,500,000		1,582,396
Clear Channel Worldwide Holdings Inc 9.250% due 02/15/24 ~		1,375,000		1,460,938
CSC Holdings LLC 6.500% due 02/01/29 ~		2,025,000		2,159,156
Frontier Communications Corp 8.000% due 04/01/27 ~		2,000,000		2,070,000
Sprint Capital Corp 8.750% due 03/15/32		2,000,000		2,115,200
Sprint Communications Inc 6.000% due 11/15/22		1,000,000		1,010,300
Sprint Corp 7.625% due 02/15/25		1,340,000		1,370,150
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		125,000		125,275
The Interpublic Group of Cos Inc 4.650% due 10/01/28		2,000,000		2,085,946
Uber Technologies Inc 7.500% due 11/01/23 ~		1,000,000		1,045,000
8.000% due 11/01/26 ~		2,600,000		2,775,500

				26,783,797

Consumer, Cyclical - 10.9%

Air Canada Pass-Through Trust ‘B’ (Canada) 3.875% due 09/15/24 ~		776,428		770,294
American Airlines Pass-Through Trust ‘A’ 4.100% due 07/15/29		1,320,910		1,348,270
American Airlines Pass-Through Trust ‘B’ 5.250% due 07/15/25		1,122,632		1,160,418
Beazer Homes USA Inc 5.875% due 10/15/27		3,975,000		3,488,062
6.750% due 03/15/25		1,000,000		950,000
Caesars Resort Collection LLC 5.250% due 10/15/25 ~		2,475,000		2,394,562
Constellation Merger Sub Inc 8.500% due 09/15/25 ~		3,250,000		2,957,500
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.500% due 02/15/23 ~		2,250,000		2,337,187
Ford Motor Credit Co LLC 5.584% due 03/18/24		500,000		507,432
Gateway Casinos & Entertainment Ltd (Canada) 8.250% due 03/01/24 ~		1,275,000		1,343,531
General Motors Financial Co Inc 3.200% due 07/06/21		1,550,000		1,544,068
4.375% due 09/25/21		1,500,000		1,532,826
5.100% due 01/17/24		1,000,000		1,038,721
5.650% due 01/17/29		1,000,000		1,034,724
Golden Nugget Inc 6.750% due 10/15/24 ~		1,725,000		1,737,937
8.750% due 10/01/25 ~		1,950,000		2,052,375
Hyundai Capital America 4.125% due 06/08/23 ~		3,500,000		3,569,215
Jack Ohio Finance LLC 6.750% due 11/15/21 ~		3,500,000		3,613,750
L Brands Inc 5.250% due 02/01/28		3,425,000		3,056,813
Lennar Corp 4.750% due 11/29/27		3,575,000		3,590,078
Marriott International Inc 3.600% due 04/15/24		550,000		554,887


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-15

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
Mattamy Group Corp (Canada) 6.500% due 10/01/25 ~	$	1,450,000	$	1,437,748
6.875% due 12/15/23 ~		1,500,000		1,537,500
Mattel Inc 3.150% due 03/15/23		1,425,000		1,282,500
5.450% due 11/01/41		1,925,000		1,434,125
Norwegian Air Shuttle ASA Pass-Through Trust ‘B’ (Norway) 7.500% due 05/10/25 ~		323,820		336,676
Panther BF Aggregator 2 LP 6.250% due 05/15/26 ~		2,000,000		2,045,000
8.500% due 05/15/27 ~		575,000		577,875
Scientific Games International Inc 8.250% due 03/15/26 ~		1,325,000		1,354,813
Tesla Inc 5.300% due 08/15/25 ~		5,150,000		4,480,500
The Men’s Wearhouse Inc 7.000% due 07/01/22		2,000,000		1,980,000
United Airlines Pass Through Trust ‘AA’ 4.150% due 02/25/33		3,000,000		3,114,332
Wyndham Destinations Inc 5.625% due 03/01/21		1,250,000		1,296,875
5.750% due 04/01/27		1,750,000		1,742,388

				63,202,982

Consumer, Non-Cyclical - 6.1%

Ahern Rentals Inc 7.375% due 05/15/23 ~		5,300,000		4,909,125
Anheuser-Busch InBev Worldwide Inc (Belgium) 4.750% due 01/23/29		2,150,000		2,291,404
5.800% due 01/23/59		3,000,000		3,349,249
Bacardi Ltd (Bermuda) 4.700% due 05/15/28 ~		2,000,000		2,004,777
BAT Capital Corp (United Kingdom) 3.222% due 08/15/24		2,200,000		2,153,621
Bausch Health Americas Inc 8.500% due 01/31/27 ~		625,000		664,062
Bausch Health Cos Inc 9.000% due 12/15/25 ~		1,000,000		1,090,050
Conagra Brands Inc 4.600% due 11/01/25		900,000		947,861
Eagle Holding Co II LLC 7.625% Cash or 8.375% PIK due 05/15/22 ~		3,046,000		3,080,268
Jaguar Holding Co II 6.375% due 08/01/23 ~		500,000		510,625
JBS Investments II GmbH 7.000% due 01/15/26 ~		600,000		618,000
JBS USA LUX SA 5.750% due 06/15/25 ~		500,000		514,375
Pilgrim’s Pride Corp 5.750% due 03/15/25 ~		625,000		634,375
5.875% due 09/30/27 ~		1,100,000		1,111,000
Prime Security Services Borrower LLC 9.250% due 05/15/23 ~		2,520,000		2,652,300
RegionalCare Hospital Partners Holdings Inc 9.750% due 12/01/26 ~		1,675,000		1,742,000
Reynolds American Inc (United Kingdom) 4.450% due 06/12/25		1,500,000		1,542,548
TMS International Corp 7.250% due 08/15/25 ~		4,300,000		4,175,386
Verscend Escrow Corp 9.750% due 08/15/26 ~		1,450,000		1,451,813

				35,442,839

Energy - 10.2%

Andeavor Logistics LP 5.250% due 01/15/25		4,825,000		5,015,007
Antero Midstream Partners LP 5.750% due 03/01/27 ~		825,000		839,437


	Principal Amount		Value
Archrock Partners LP 6.875% due 04/01/27 ~	$	1,325,000	$	1,354,415
Ascent Resources Utica Holdings LLC 7.000% due 11/01/26 ~		2,650,000		2,560,562
Calfrac Holdings LP (Canada) 8.500% due 06/15/26 ~		2,500,000		1,950,000
Concho Resources Inc 4.375% due 01/15/25		3,000,000		3,086,236
Endeavor Energy Resources LP 5.500% due 01/30/26 ~		3,075,000		3,174,938
5.750% due 01/30/28 ~		750,000		791,250
Energy Transfer Partners LP 4.050% due 03/15/25		1,200,000		1,220,360
4.750% due 01/15/26		1,550,000		1,621,184
5.800% due 06/15/38		3,000,000		3,221,182
6.250% due 02/15/23		3,200,000		3,028,720
EnLink Midstream Partners LP 4.400% due 04/01/24		2,500,000		2,484,375
EP Energy LLC 7.750% due 05/15/26 ~		1,375,000		1,127,500
EQM Midstream Partners LP 4.750% due 07/15/23		2,850,000		2,909,617
EQT Corp 3.900% due 10/01/27		3,000,000		2,809,827
Halcon Resources Corp 6.750% due 02/15/25		3,850,000		2,329,250
Kinder Morgan Energy Partners LP 4.300% due 05/01/24		5,165,000		5,400,496
Midwest Connector Capital Co LLC 3.900% due 04/01/24 ~		450,000		458,002
Moss Creek Resources Holdings Inc 7.500% due 01/15/26 ~		3,550,000		3,292,625
MPLX LP 4.000% due 03/15/28		2,500,000		2,487,981
4.800% due 02/15/29		350,000		368,960
Sabine Pass Liquefaction LLC 5.625% due 03/01/25		2,525,000		2,778,870
Sunoco Logistics Partners Operations LP 4.000% due 10/01/27		1,200,000		1,192,245
Targa Resources Partners LP 5.000% due 01/15/28		650,000		641,063
5.125% due 02/01/25		900,000		922,500
5.375% due 02/01/27		200,000		205,500
5.875% due 04/15/26 ~		1,350,000		1,433,700
6.500% due 07/15/27 ~		325,000		351,406
Ultra Resources Inc 7.125% due 04/15/25 ~		765,000		164,475

				59,221,683

Financial - 11.9%

AerCap Ireland Capital DAC (Ireland) 3.300% due 01/23/23		1,850,000		1,817,541
3.950% due 02/01/22		750,000		760,229
4.450% due 10/01/25		3,000,000		3,027,412
Air Lease Corp 3.625% due 04/01/27		1,500,000		1,414,065
3.750% due 02/01/22		1,750,000		1,766,360
4.250% due 09/15/24		1,000,000		1,028,924
4.625% due 10/01/28		3,000,000		3,014,772
Bank of America Corp 3.252% (USD LIBOR + 0.650%) due 06/25/22 §		3,000,000		3,001,592
3.366% due 01/23/26		1,000,000		1,002,185
3.503% (USD LIBOR + 0.770%) due 02/05/26 §		2,000,000		1,955,772
4.183% due 11/25/27		2,500,000		2,544,875
BOC Aviation Ltd (Singapore) 3.500% due 09/18/27 ~		4,000,000		3,902,888


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-16

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
Citigroup Inc 3.731% (USD LIBOR + 0.960%) due 04/25/22 §	$	3,000,000	$	3,024,668
3.980% due 03/20/30		3,000,000		3,059,197
4.075% due 04/23/29		3,000,000		3,081,166
4.400% due 06/10/25		1,500,000		1,555,346
GLP Capital LP REIT 5.300% due 01/15/29		3,000,000		3,161,790
JPMorgan Chase & Co 3.125% due 01/23/25		1,100,000		1,102,086
4.005% due 04/23/29		2,000,000		2,057,882
Marsh & McLennan Cos Inc 3.875% due 03/15/24		2,500,000		2,596,516
Morgan Stanley 3.591% due 07/22/28		4,000,000		3,976,660
3.772% due 01/24/29		1,050,000		1,057,871
3.958% (USD LIBOR + 1.220%) due 05/08/24 §		2,000,000		2,015,796
5.000% due 11/24/25		2,000,000		2,147,056
The Goldman Sachs Group Inc 3.272% due 09/29/25		2,500,000		2,470,168
3.500% due 11/16/26		1,000,000		988,408
3.625% due 02/20/24		350,000		353,872
3.750% due 02/25/26		1,300,000		1,306,969
3.779% (USD LIBOR + 1.000%) due 07/24/23 §		3,000,000		3,000,045
The Howard Hughes Corp 5.375% due 03/15/25 ~		3,000,000		3,000,000
Wells Fargo & Co 3.750% due 01/24/24		4,000,000		4,120,087

				69,312,198

Industrial - 10.4%

Allegion US Holding Co Inc 3.200% due 10/01/24		3,000,000		2,905,165
Apex Tool Group LLC 9.000% due 02/15/23 ~		2,425,000		2,340,125
ARD Finance SA (Luxembourg) 7.125% Cash or 7.875% PIK due 09/15/23		2,050,000		2,052,562
ARD Securities Finance SARL (Luxembourg) 8.750% Cash or PIK due 01/31/23 ~		1,826,562		1,739,800
Ardagh Packaging Finance PLC (Ireland) 7.250% due 05/15/24 ~		1,400,000		1,480,080
Brand Industrial Services Inc 8.500% due 07/15/25 ~		2,425,000		2,188,562
BWAY Holding Co 5.500% due 04/15/24 ~		850,000		847,067
7.250% due 04/15/25 ~		4,400,000		4,259,728
Cloud Crane LLC 10.125% due 08/01/24 ~		2,800,000		3,017,000
Flex Acquisition Co Inc 6.875% due 01/15/25 ~		2,650,000		2,544,000
Hulk Finance Corp (Canada) 7.000% due 06/01/26 ~		2,325,000		2,208,750
Itron Inc 5.000% due 01/15/26 ~		3,125,000		3,082,031
Masco Corp 3.500% due 04/01/21		1,075,000		1,082,866
7.750% due 08/01/29		4,110,000		4,999,405
New Enterprise Stone & Lime Co Inc 10.125% due 04/01/22 ~		3,943,000		4,012,003
Novelis Corp 5.875% due 09/30/26 ~		2,225,000		2,219,438
Standard Industries Inc 4.750% due 01/15/28 ~		5,768,000		5,522,860
5.000% due 02/15/27 ~		1,500,000		1,455,450
Titan Acquisition Ltd (Canada) 7.750% due 04/15/26 ~		3,395,000		2,936,675


	Principal Amount		Value
TransDigm Inc 6.500% due 07/15/24	$	1,175,000	$	1,211,719
TransDigm UK Holdings PLC 6.875% due 05/15/26 ~		3,500,000		3,491,250
US Concrete Inc 6.375% due 06/01/24		2,150,000		2,193,000
Zekelman Industries Inc 9.875% due 06/15/23 ~		2,785,000		2,967,766

				60,757,302

Technology - 1.9%

Broadcom Inc 4.250% due 04/15/26 ~		5,000,000		4,963,050
Dell International LLC 4.000% due 07/15/24 ~		3,000,000		3,026,404
Infor Software Parent LLC 7.125% Cash or 7.875% PIK due 05/01/21 ~		3,000,000		3,019,080
KLA-Tencor Corp 4.100% due 03/15/29		50,000		51,215

				11,059,749

Utilities - 0.5%

Electricite de France SA (France) 4.500% due 09/21/28 ~		3,000,000		3,099,778


Total Corporate Bonds & Notes (Cost $347,879,614)				348,019,963


SENIOR LOAN NOTES - 25.3%

Basic Materials - 0.6%

Aleris International Inc 7.249% (USD LIBOR + 4.750%) due 02/27/23 §		3,473,750		3,480,698


Communications - 2.9%

Charter Communications Operating LLC Term B 4.500% (USD LIBOR + 2.000%) due 04/30/25 § ¥		2,493,687		2,480,106
CSC Holdings LLC 4.734% (USD LIBOR + 2.250%) due 07/17/25 §		644,766		628,002
Term B 4.984% (USD LIBOR + 2.500%) due 01/25/26 §		3,970,000		3,889,981
SBA Senior Finance II LLC Term B due 04/11/25 ¥		3,989,950		3,911,396
Sprint Communications Inc Term B 5.000% (USD LIBOR + 2.500%) due 02/03/24 §		2,454,925		2,385,880
5.500% (USD LIBOR + 3.000%) due 02/03/24 §		1,496,250		1,469,130
Uber Technologies Inc due 04/04/25 ¥		1,994,975		2,001,708

				16,766,203

Consumer, Cyclical - 6.0%

Bass Pro Group LLC Term B 7.499% (USD LIBOR + 5.000%) due 09/25/24 §		3,989,873		3,910,052
BJ’s Wholesale Club Inc Term B 5.499% (USD LIBOR + 3.000%) due 02/03/24 §		2,985,000		2,981,534
Caesars Resort Collection LLC Term B 5.249% (USD LIBOR + 2.750%) due 12/22/24 §		6,433,712		6,370,527
ClubCorp Holdings Inc Term B 5.351% (USD LIBOR + 2.750%) due 09/18/24 §		3,427,438		3,252,639


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-17

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
Neiman Marcus Group Ltd LLC 5.733% (USD LIBOR + 3.250%) due 10/25/20 §	$	2,434,097	$	2,267,259
New Red Finance Inc Term B (Canada) 4.749% (USD LIBOR + 2.250%) due 02/17/24 §		5,923,416		5,830,863
SeaWorld Parks & Entertainment Inc Term B-5 5.499% (USD LIBOR + 3.000%) due 03/31/24 §		4,430,964		4,412,965
SRS Distribution Inc Term B 5.749% (USD LIBOR + 3.250%) due 05/24/25 §		2,985,000		2,856,893
Tacala Investment Corp Term B 5.749% (USD LIBOR + 3.250%) due 02/01/25 §		2,970,000		2,936,564

				34,819,296

Consumer, Non-Cyclical - 2.7%

Air Medical Group Holdings Inc Term B 6.736% (USD LIBOR + 4.250%) due 03/14/25 §		3,473,618		3,277,143
Albertson’s LLC Term B-7 5.499% (USD LIBOR + 3.000%) due 11/16/25 §		2,992,500		2,959,768
Bausch Health Americas Inc Term B 5.481% (USD LIBOR + 3.000%) due 06/01/25 §		3,261,218		3,241,429
Envision Healthcare Corp Term B 6.249% (USD LIBOR + 3.750%) due 10/11/25 §		2,992,500		2,804,846
Refinitiv US Holdings Inc Term B 6.249% (USD LIBOR + 3.750%) due 10/01/25 §		3,740,625		3,635,031

				15,918,217

Financial - 1.4%

HUB International Ltd Term B 5.515% (USD LIBOR + 3.000%) due 04/25/25 §		4,466,250		4,326,215
USI Inc Term B 5.601% (USD LIBOR + 3.000%) due 05/16/24 §		3,940,000		3,811,950

				8,138,165

Industrial - 10.6%

Accudyne Industries Borrower SCA Term B (Luxembourg) 5.499% (USD LIBOR + 3.250%) due 08/18/24 §		5,039,705		5,039,287
Advanced Disposal Services Inc Term B 4.660% (USD LIBOR + 2.250%) due 11/10/23 § ¥		4,837,837		4,817,803
Avolon (US) LLC Term B-3 (Ireland) 4.488% (USD LIBOR + 2.000%) due 01/15/25 §		2,833,469		2,815,279
Brand Industrial Services Inc 6.956% (USD LIBOR + 4.250%) due 06/21/24 §		3,939,850		3,792,105
BWAY Holding Co Term B 6.033% (USD LIBOR + 3.250%) due 04/03/24 §		3,196,819		3,126,489
Crosby US Acquisition Corp 5.491% (USD LIBOR + 3.000%) due 11/22/20 §		4,149,967		4,056,593
(2nd Lien) 8.491% (USD LIBOR + 6.000%) due 11/22/21 §		1,650,000		1,604,625
Dynasty Acquisition Co Inc due 01/24/26 ¥		2,601,399		2,605,348


	Principal Amount		Value
EWT Holdings III Corp 5.499% (USD LIBOR + 3.000%) due 12/20/24 §	$	2,777,256	$	2,749,483
Flex Acquisition Co Inc 5.626% (USD LIBOR + 3.000%) due 12/29/23 §		1,965,000		1,909,119
Term B 5.876% (USD LIBOR + 3.250%) due 06/22/25 §		995,000		967,282
GFL Environmental Inc Term B (Canada) 5.499% (USD LIBOR + 2.750%) due 05/31/25 §		2,736,216		2,657,549
Kloeckner Pentaplast of America Inc Term B (Luxembourg) 6.749% (USD LIBOR + 4.250%) due 06/30/22 §		2,955,000		2,611,481
NCI Building Systems Inc Term B 6.547% (USD LIBOR + 3.750%) due 04/12/25 §		3,986,825		3,807,418
North American Lifting Holdings Inc 7.101% (USD LIBOR + 4.500%) due 11/27/20 §		2,480,389		2,331,566
(2nd Lien) 11.601% (USD LIBOR + 9.000%) due 11/27/21 §		2,000,000		1,700,000
Proampac PG Borrower LLC 6.141% (USD LIBOR + 3.500%) due 11/18/23 §		3,192,342		3,086,595
Reynolds Group Holdings Inc Term B 5.249% (USD LIBOR + 3.000%) due 02/05/23 §		4,987,245		4,935,148
Standard Aero Ltd due 01/24/26 ¥		1,398,601		1,400,724
Titan Acquisition Ltd Term B (Canada) 5.499% (USD LIBOR + 3.000%) due 03/28/25 §		2,977,444		2,772,744
TransDigm Inc
Term F 4.999% (USD LIBOR + 2.500%) due 06/09/23 §		972,486		951,061
Term G 4.999% (USD LIBOR + 2.500%) due 08/22/24 §		2,467,513		2,408,223

				62,145,922

Technology - 0.6%

Vertafore Inc
(2nd Lien) 9.749% (USD LIBOR + 7.250%) due 07/02/26 §		1,000,000		990,938
Term B 5.749% (USD LIBOR + 3.250%) due 07/02/25 §		2,493,750		2,454,473

				3,445,411

Utilities - 0.5%

Talen Energy Supply LLC Term B-1 6.500% (USD LIBOR + 4.000%) due 07/06/23 § ¥		2,962,368		2,941,385


Total Senior Loan Notes (Cost $150,561,980)				147,655,297


ASSET-BACKED SECURITIES - 4.0%

Apidos CLO XXX ‘A2’ (Cayman) 4.020% (USD LIBOR + 1.600%) due 10/18/31 § ~		2,400,000		2,370,109
Buttermilk Park CLO Ltd ‘A1’ (Cayman) 3.887% (USD LIBOR + 1.100%) due 10/15/31 § ~		700,000		693,585


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-18

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
Carlyle Global Market Strategies CLO Ltd (Cayman) 4.761% (USD LIBOR + 2.000%) due 04/20/27 § ~	$	1,200,000	$	1,199,602
CIFC Funding 2015-III Ltd (Cayman) 4.411% (USD LIBOR + 1.650%) due 04/19/29 § ~		1,100,000		1,049,125
Dryden Senior Loan Fund ‘B’ (Cayman) 4.087% (USD LIBOR + 1.650%) due 01/17/32 § ~		1,500,000		1,486,993
4.180% (USD LIBOR + 1.400%) due 04/18/31 § ~		2,600,000		2,553,200
4.273% (USD LIBOR + 1.500%) due 07/17/31 § ~		1,500,000		1,472,360
Dryden Senior Loan Fund ‘C’ (Cayman) 4.487% (USD LIBOR + 2.050%) due 01/17/32 § ~		1,500,000		1,449,722
4.573% (USD LIBOR + 1.800%) due 07/17/31 § ~		1,500,000		1,426,551
4.687% (USD LIBOR + 1.900%) due 04/15/31 § ~		250,000		241,262
Madison Park Funding XXVIII Ltd (Cayman) 4.284% (USD LIBOR + 1.600%) due 07/15/30 § ~		2,000,000		1,985,693
4.534% (USD LIBOR + 1.850%) due 07/15/30 § ~		1,000,000		973,079
Madison Park Funding XXIX Ltd (Cayman) 4.530% (USD LIBOR + 1.750%) due 10/18/30 § ~		2,650,000		2,642,747
Regatta XIII Funding Ltd ‘D’ (Cayman) 8.737% (USD LIBOR + 5.950%) due 07/15/31 § ~		2,500,000		2,271,540
SLM Private Credit Student Loan Trust 2.901% (USD LIBOR + 0.290%) due 06/15/39 §		1,618,243		1,574,250

				23,389,818

Total Asset-Backed Securities (Cost $23,844,726)				23,389,818


	Principal Amount		Value

FOREIGN GOVERNMENT BONDS & NOTES - 1.1%

Mexico Government (Mexico) 3.750% due 01/11/28	$	2,750,000	$	2,720,988
4.500% due 04/22/29		700,000		725,550
4.600% due 02/10/48		3,000,000		2,907,375


Total Foreign Government Bonds & Notes (Cost $6,426,277)				6,353,913


	Shares
SHORT-TERM INVESTMENT - 7.7%

Money Market Fund - 7.7%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.370%		44,607,986		44,607,986


Total Short-Term Investment (Cost $44,607,986)				44,607,986


TOTAL INVESTMENTS - 101.2% (Cost $594,692,237)				589,508,225

OTHER ASSETS & LIABILITIES, NET - (1.2%)				(7,193,002	)


NET ASSETS - 100.0%				$582,315,223

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Fund’s composition as a percentage of net assets was as follows:


Corporate Bonds & Notes	59.8%
Senior Loan Notes	25.3%
Short-Term Investment	7.7%
Asset-Backed Securities	4.0%
Common Stocks	3.3%
Others (each less than 3.0%)	1.1%

	101.2%
Other Assets & Liabilities, Net	(1.2%	)

	100.0%

(b)	Fair Value Measurements


		Total Value at March 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$19,481,248		$19,481,248		$—		$—
	Corporate Bonds & Notes		348,019,963		—		348,019,963		—
	Senior Loan Notes		147,655,297		—		147,655,297		—
	Asset-Backed Securities		23,389,818		—		23,389,818		—
	Foreign Government Bonds & Notes		6,353,913		—		6,353,913		—
	Short-Term Investment		44,607,986		44,607,986		—		—

	Total		$589,508,225		$64,089,234		$525,418,991		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-19

PACIFIC FUNDS

PACIFIC FUNDS^SM FLOATING RATE INCOME

Schedule of Investments

March 31, 2019


	Principal Amount		Value
CORPORATE BONDS & NOTES - 4.0%

Communications - 0.9%

CommScope Finance LLC 5.500% due 03/01/24 ~		$5,000,000		$5,126,450
Sprint Communications Inc 7.000% due 08/15/20		10,000,000		10,350,000

				15,476,450

Consumer, Non-Cyclical - 0.5%

Ahern Rentals Inc 7.375% due 05/15/23 ~		7,013,000		6,495,791
Prime Security Services Borrower LLC 9.250% due 05/15/23 ~		2,588,000		2,723,870

				9,219,661

Industrial - 2.6%

GFL Environmental Inc (Canada) 5.375% due 03/01/23 ~		250,000		237,500
5.625% due 05/01/22 ~		7,336,000		7,134,260
Reynolds Group Issuer Inc 5.750% due 10/15/20		6,567,643		6,584,062
6.287% (USD LIBOR + 3.500%) due 07/15/21 § ~		20,750,000		20,879,688
TransDigm Inc 6.000% due 07/15/22		5,500,000		5,602,190
6.250% due 03/15/26 ~		5,000,000		5,200,000

				45,637,700

Total Corporate Bonds & Notes (Cost $70,469,887)				70,333,811


SENIOR LOAN NOTES - 95.1%

Basic Materials - 4.6%

Aleris International Inc 7.249% (USD LIBOR + 4.750%) due 02/27/23 §		10,917,500		10,939,335
Messer Industries USA Inc Term B 5.101% (USD LIBOR + 2.500%) due 03/01/26 § ¥		21,200,000		20,829,000
PQ Corp Term B 5.244% (USD LIBOR + 2.500%) due 02/08/25 §		11,598,394		11,482,410
Solenis International LLC 6.629% (USD LIBOR + 4.000%) due 06/26/25 §		15,542,245		15,333,388
Starfruit US Holdco LLC Term B (Netherlands) 5.740% (USD LIBOR + 3.250%) due 10/01/25 §		17,700,000		17,473,104
Vantage Specialty Chemicals Inc Term B 6.059% (USD LIBOR + 3.500%) due 10/28/24 §		4,690,625		4,608,539

				80,665,776

Communications - 9.1%

Ancestry.com Operations Inc Term B due 10/19/23 ¥		13,000,000		12,935,000
Charter Communications Operating LLC Term B 4.500% (USD LIBOR + 2.000%) due 04/30/25 §		24,603,740		24,469,748
CommScope Inc Term B-2 due 04/04/26 ¥		4,600,000		4,609,752
CSC Holdings LLC 4.734% (USD LIBOR + 2.250%) due 07/17/25 §		2,573,691		2,506,775
Term B 4.984% (USD LIBOR + 2.500%) due 01/25/26 § ¥		13,775,186		13,497,533


	Principal Amount		Value
iHeartCommunications Inc Term D 11.249% (USD LIBOR + 6.750%) due 01/30/20 * § Y	$	10,125,000	$	7,252,031
MTN Infrastructure TopCo Inc Term B 5.499% (USD LIBOR + 3.000%) due 11/17/24 §		11,072,216		10,993,791
SBA Senior Finance II LLC Term B 4.500% (USD LIBOR + 2.000%) due 04/11/25 § ¥		24,104,577		23,630,006
Sprint Communications Inc Term B 5.000% (USD LIBOR + 2.500%) due 02/03/24 §		20,364,144		19,791,402
5.500% (USD LIBOR + 3.000%) due 02/03/24 §		29,925,000		29,382,609
Uber Technologies Inc 6.493% (USD LIBOR + 4.000%) due 04/04/25 § ¥		10,987,281		11,024,363

				160,093,010

Consumer, Cyclical - 22.1%

American Builders & Contractors Supply Co Inc Term B-2 4.499% (USD LIBOR + 2.000%) due 10/31/23 §		22,826,335		22,253,645
Bass Pro Group LLC Term B 7.499% (USD LIBOR + 5.000%) due 09/25/24 §		17,071,727		16,730,190
BJ’s Wholesale Club Inc Term B 5.499% (USD LIBOR + 3.000%) due 02/03/24 § ¥		14,873,878		14,856,610
Caesars Resort Collection LLC Term B 5.249% (USD LIBOR + 2.750%) due 12/22/24 §		27,612,198		27,341,019
ClubCorp Holdings Inc Term B 5.351% (USD LIBOR + 2.750%) due 09/18/24 §		12,328,468		11,699,716
EG America LLC (United Kingdom)
(2nd Lien) 10.601% (USD LIBOR + 8.000%) due 03/23/26 §		9,310,000		9,077,250
Term B 6.601% (USD LIBOR + 4.000%) due 02/05/25 §		535,744		524,136
EG Finco Ltd Term B-1 (United Kingdom) 6.601% (USD LIBOR + 4.000%) due 02/05/25 §		9,100,145		8,902,972
Flynn Restaurant Group LP 5.999% (USD LIBOR + 3.500%) due 06/29/25 §		8,848,310		8,627,103
(2nd Lien) 9.490% (USD LIBOR + 7.000%) due 06/29/26 §		10,635,000		10,209,600
Formula One Management Ltd Term B-3
(United Kingdom) 4.999% (USD LIBOR + 2.500%) due 02/01/24 §		14,500,000		13,956,250
Golden Nugget LLC Term B 5.242% (USD LIBOR + 2.750%) due 10/04/23 §		18,899,087		18,733,720
IRB Holding Corp Term B 5.739% (USD LIBOR + 3.250%) due 02/05/25 §		14,542,610		14,210,864
J Crew Group Inc Term B 5.782% (USD LIBOR + 3.220%) due 03/05/21 §		8,800,932		6,068,243
K-MAC Holdings Corp
5.736% (USD LIBOR + 3.250%) due 03/16/25 §		3,018,735		2,988,548
(2nd Lien) 9.236% (USD LIBOR + 6.750%) due 03/16/26 §		7,500,000		7,457,723


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-20

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
Navistar Inc Term B 6.000% (USD LIBOR + 3.500%) due 11/06/24 §	$	5,929,999	$	5,920,066
New Red Finance Inc Term B (Canada) 4.749% (USD LIBOR + 2.250%) due 02/17/24 §		26,844,320		26,424,878
NPC International Inc
6.051% (USD LIBOR + 3.500%) due 04/20/24 §		8,294,423		7,520,280
(2nd Lien) 10.134% (USD LIBOR + 7.500%) due 04/18/25 §		11,582,389		10,105,634
Panther BF Aggregator 2 LP Term B due 03/18/26 ¥		11,375,000		11,260,966
Petco Animal Supplies Inc Term B-1 5.994% (USD LIBOR + 3.250%) due 01/26/23 §		1,136,905		874,280
SeaWorld Parks & Entertainment Inc Term B-5 5.499% (USD LIBOR + 3.000%) due 03/31/24 §		13,464,319		13,409,627
SMG US Midco 2 Inc 5.499% (USD LIBOR + 3.250%) due 01/23/25 §		6,921,353		6,855,026
(2nd Lien) 9.499% (USD LIBOR + 7.000%) due 01/23/26 §		18,290,000		18,518,625
Spin Holdco Inc Term B 6.029% (USD LIBOR + 3.250%) due 11/14/22 §		16,761,837		16,332,315
SRS Distribution Inc Term B 5.749% (USD LIBOR + 3.250%) due 05/24/25 §		20,873,248		19,977,431
Tacala Investment Corp
(2nd Lien) 9.499% (USD LIBOR + 7.000%) due 02/01/26 §		8,250,000		8,188,125
Term B 5.749% (USD LIBOR + 3.250%) due 02/01/25 §		10,001,438		9,888,842
The Talbots Inc Term B 9.499% (USD LIBOR + 7.000%) due 11/28/22 §		2,962,500		2,881,031
Thor Industries Inc Term B 6.250% (USD LIBOR + 3.750%) due 02/01/26 §		7,460,438		7,147,943
Univar USA Inc
Term B-3
4.749% (USD LIBOR + 2.500%) due 07/01/24 §		18,051,668		17,879,618
Term B-4 4.999% (USD LIBOR + 2.500%) due 07/01/24 §		5,500,000		5,486,250
Wok Holdings Inc Term B 8.989% (USD LIBOR + 6.500%) due 03/01/26 §		6,625,000		6,560,817

				388,869,343

Consumer, Non-Cyclical - 18.1%

Air Medical Group Holdings Inc Term B 5.739% (USD LIBOR + 3.250%) due 04/28/22 §		3,310,188		3,119,025
6.736% (USD LIBOR + 4.250%) due 03/14/25 §		3,162,661		2,983,774
Albertson’s LLC
Term B-6 5.479% (USD LIBOR + 3.000%) due 06/22/23 §		6,828,266		6,778,474
Term B-7 5.499% (USD LIBOR + 3.000%) due 11/16/25 §		19,192,861		18,982,929


	Principal Amount		Value
AlixPartners LLP Term B 5.249% (USD LIBOR + 2.750%) due 04/04/24 § ¥	$	21,501,172	$	21,407,104
Allied Universal Holdco LLC 6.249% (USD LIBOR + 3.750%) due 07/28/22 §		15,545,813		15,053,524
Term B 6.749% (USD LIBOR + 4.250%) due 07/28/22 §		5,486,250		5,370,808
Alphabet Holding Co Inc 5.999% (USD LIBOR + 3.500%) due 09/28/24 §		11,084,305		10,301,476
Arterra Wines Canada Inc Term B-1 (Canada) 5.365% (USD LIBOR + 2.750%) due 12/15/23 §		8,025,178		7,924,863
Bausch Health Americas Inc Term B 5.231% (USD LIBOR + 2.750%) due 11/27/25 §		3,787,975		3,750,095
5.481% (USD LIBOR + 3.000%) due 06/01/25 §		20,165,913		20,043,547
CHG PPC Parent LLC Term B 5.249% (USD LIBOR + 2.750%) due 03/30/25 §		12,967,337		12,772,827
Garda World Security Corp Term B (Canada) 6.120% (USD LIBOR + 3.500%) due 05/26/24 §		7,548,787		7,498,460
Heartland Dental LLC 6.249% (USD LIBOR + 3.750%) due 04/30/25 §		12,628,143		12,296,655
H-Food Holdings LLC 6.186% (USD LIBOR + 3.688%) due 05/31/25 §		2,468,813		2,407,092
Term B-2 6.499% (USD LIBOR + 4.000%) due 05/31/25 §		16,024,838		15,811,178
Jaguar Holding Co II 4.999% (USD LIBOR + 2.500%) due 08/18/22 § ¥		22,951,862		22,741,669
NVA Holdings Inc Term B-3 5.249% (USD LIBOR + 2.750%) due 02/02/25 §		24,019,396		23,288,798
Ortho-Clinical Diagnostics SA Term B (Luxembourg) 5.749% (USD LIBOR + 3.250%) due 06/01/25 § ¥		13,092,695		12,628,991
PetVet Care Centers LLC 4.226% (USD LIBOR + 2.750%) due 02/14/25 §		2,549,604		2,415,750
5.236% (USD LIBOR + 2.750%) due 02/14/25 §		11,318,175		10,723,971
(2nd Lien) 8.736% (USD LIBOR + 6.250%) due 02/15/26 §		7,000,000		6,825,000
Term B 5.736% (USD LIBOR + 3.250%) due 02/14/25 §		518,073		503,826
Prime Security Services Borrower LLC Term B 5.249% (USD LIBOR + 2.750%) due 05/02/22 §		18,476,107		18,317,748
PSC Industrial Outsourcing LP
(2nd Lien) 10.984% (USD LIBOR + 8.500%) due 10/05/25 §		5,000,000		4,775,000
Term B 6.234% (USD LIBOR + 3.750%) due 10/05/24 §		8,648,050		8,545,354
Refinitiv US Holdings Inc Term B 6.249% (USD LIBOR + 3.750%) due 10/01/25 §		3,890,250		3,780,432
RegionalCare Hospital Partners Holdings Inc 6.982% (USD LIBOR + 4.500%) due 11/16/25 §		11,870,250		11,773,804


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-21

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
VetCor Professional Practices LLC 5.499% (USD LIBOR + 3.000%) due 07/02/25 §	$	15,383,750	$	14,999,156
Wand NewCo 3 Inc Term B 5.982% (USD LIBOR + 3.500%) due 02/05/26 § ¥		11,250,000		11,276,370

				319,097,700

Diversified - 2.5%

First Eagle Holdings Inc Term B 5.351% (USD LIBOR + 2.750%) due 12/01/24 §		2,743,125		2,736,267
Travelport Finance Luxembourg Sarl
(Luxembourg) due 03/18/26 ¥		10,000,000		9,768,750
Term B due 03/16/25 ¥		31,583,333		31,570,921

				44,075,938

Energy - 0.9%

Prairie ECI Acquiror LP 7.366% (USD LIBOR + 4.750%) due 03/11/26 § ¥		16,425,000		16,496,859


Financial - 6.0%

Alliant Holdings Intermediate LLC Term B 5.232% (USD LIBOR + 3.000%) due 05/10/25 §		9,433,585		9,103,409
AssuredPartners Inc Term B 5.749% (USD LIBOR + 3.250%) due 10/22/24 §		16,714,224		16,212,797
BCPE Rover Merger Sub Inc (2nd Lien) 10.749% (USD LIBOR + 8.250%) due 11/28/26 §		1,750,000		1,728,125
Deerfield Dakota Holding LLC 6.489% (USD LIBOR + 4.000%) due 02/13/25 §		875,000		871,719
Term B 5.749% (USD LIBOR + 3.250%) due 02/13/25 §		20,942,528		20,517,144
DTZ US Borrower LLC Term B 5.749% (USD LIBOR + 3.250%) due 08/21/25 §		8,706,250		8,653,194
HUB International Ltd Term B 5.515% (USD LIBOR + 3.000%) due 04/25/25 §		18,245,526		17,673,455
NFP Corp Term B 5.499% (USD LIBOR + 3.000%) due 01/08/24 §		15,041,100		14,520,302
USI Inc Term B 5.601% (USD LIBOR + 3.000%) due 05/16/24 § ¥		16,519,919		15,983,022

				105,263,167

Industrial - 21.5%

Accudyne Industries Borrower SCA Term B (Luxembourg) 5.499% (USD LIBOR + 3.250%) due 08/18/24 § ¥		28,284,656		28,282,308
Advanced Disposal Services Inc Term B 4.660% (USD LIBOR + 2.250%) due 11/10/23 § ¥		24,308,584		24,207,922
Berry Global Inc
Term Q 4.610% (USD LIBOR + 2.000%) due 10/01/22 § ¥		12,500,000		12,442,962
Term T 4.243% (USD LIBOR + 1.750%) due 01/06/21 §		2,290,500		2,285,104
Brand Industrial Services Inc 6.956% (USD LIBOR + 4.250%) due 06/21/24 §		16,974,145		16,337,615


	Principal Amount		Value
Crosby US Acquisition Corp 5.491% (USD LIBOR + 3.000%) due 11/22/20 §	$	18,698,815	$	18,278,092
(2nd Lien) 8.491% (USD LIBOR + 6.000%) due 11/22/21 § ¥		9,286,340		9,030,965
DiversiTech Holdings Inc Term B Term B 5.601% (USD LIBOR + 3.000%) due 06/01/24 §		6,602,043		6,379,224
Dynasty Acquisition Co Inc due 01/24/26 ¥		4,665,171		4,672,253
Engineered Machinery Holdings Inc 5.851% (USD LIBOR + 3.250%) due 07/19/24 §		1,994,949		1,925,126
6.851% (USD LIBOR + 4.250%) due 07/19/24 §		3,241,875		3,204,052
EWT Holdings III Corp 5.499% (USD LIBOR + 3.000%) due 12/20/24 §		14,348,693		14,205,206
Filtration Group Corp Term B 5.499% (USD LIBOR + 3.000%) due 03/29/25 § ¥		21,390,965		21,261,721
Flex Acquisition Co Inc Term B 5.876% (USD LIBOR + 3.250%) due 06/22/25 §		10,987,450		10,681,372
Gates Global LLC Term B-2 5.249% (USD LIBOR + 3.000%) due 03/31/24 § ¥		12,076,873		11,967,964
GFL Environmental Inc Term B (Canada) 5.499% (USD LIBOR + 2.750%) due 05/31/25 §		21,148,484		20,540,465
Kloeckner Pentaplast of America Inc Term B (Luxembourg) 6.749% (USD LIBOR + 4.250%) due 06/30/22 §		7,745,176		6,844,799
Multi-Color Corp Term B 4.499% (USD LIBOR + 2.000%) due 10/31/24 §		14,712,753		14,703,557
NCI Building Systems Inc Term B 6.547% (USD LIBOR + 3.750%) due 04/12/25 §		17,604,176		16,811,988
Plastipak Holdings Inc Term B 5.000% (USD LIBOR + 2.500%) due 10/14/24 §		13,148,287		12,974,072
Pro Mach Group Inc Term B 5.239% (USD LIBOR + 3.000%) due 03/07/25 §		10,083,294		9,768,191
Reynolds Group Holdings Inc Term B 5.249% (USD LIBOR + 3.000%) due 02/05/23 § ¥		23,916,056		23,666,229
Standard Aero Ltd due 04/04/26 ¥		2,508,156		2,511,964
StandardAero Aviation Holdings Inc 6.250% (USD LIBOR + 3.750%) due 07/07/22 §		25,179,183		25,194,920
The Hillman Group Inc Term B 6.499% (USD LIBOR + 3.500%) due 05/31/25 § ¥		11,597,029		11,129,529
Transcendia Holdings Inc Term B 5.999% (USD LIBOR + 3.500%) due 05/30/24 §		4,120,466		3,914,443
TransDigm Inc
Term E 4.999% (USD LIBOR + 2.500%) due 05/30/25 §		6,915,038		6,745,405
Term F 4.999% (USD LIBOR + 2.500%) due 06/09/23 §		8,175,399		7,995,287


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-22

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
Term G 4.999% (USD LIBOR + 2.500%) due 08/22/24 §		$20,981,112		$20,476,978
Vertiv Group Corp Term B 6.629% (USD LIBOR + 4.000%) due 11/15/23 §		10,875,000		10,249,687

				378,689,400

Technology - 9.1%

Applied Systems Inc
(2nd Lien) 9.499% (USD LIBOR + 7.000%) due 09/19/25 §		14,239,070		14,412,616
Term B 5.499% (USD LIBOR + 3.250%) due 09/19/24 §		1,243,687		1,229,954
CCC Information Services Inc
(2nd Lien) 9.249% (USD LIBOR + 6.750%) due 04/27/25 §		4,605,000		4,581,975
Term B 5.500% (USD LIBOR + 3.000%) due 04/27/24 §		3,210,329		3,161,673
First Data Corp due 07/10/22 ¥		21,415,097		21,384,987
4.486% (USD LIBOR + 2.250%) due 04/26/24 § ¥		15,375,000		15,346,172
Kronos Inc (2nd Lien) 10.986% (USD LIBOR + 8.250%) due 11/01/24 §		10,685,000		10,870,075
Sophia LP Term B 5.851% (USD LIBOR + 3.250%) due 09/30/22 § ¥		19,135,430		19,021,804
SS&C European Holdings SARL Term B-4 4.749% (USD LIBOR + 2.500%) due 04/16/25 §		6,088,794		6,046,301
SS&C Technologies Inc Term B-3 4.749% (USD LIBOR + 2.500%) due 04/16/25 §		8,468,447		8,409,346
Tempo Acquisition LLC Term B 5.499% (USD LIBOR + 3.000%) due 05/01/24 §		25,169,507		24,965,005
The Dun & Bradstreet Corp Term B due 02/06/26 ¥		4,500,000		4,468,127
Vertafore Inc (2nd Lien) 9.749% (USD LIBOR + 7.250%) due 07/02/26 §		16,275,000		16,127,516
Term B 5.749% (USD LIBOR + 3.250%) due 07/02/25 §		10,324,125		10,161,520

				160,187,071


	Principal Amount		Value
Utilities - 1.2%

Talen Energy Supply LLC Term B-1 6.500% (USD LIBOR + 4.000%) due 07/06/23 §		$10,642,583		$10,567,201
Term B-2 6.499% (USD LIBOR + 4.000%) due 04/13/24 § ¥		10,227,186		10,154,318

				20,721,519

Total Senior Loan Notes (Cost $1,698,577,431)				1,674,159,783


	Shares
SHORT-TERM INVESTMENT - 5.1%

Money Market Fund - 5.1%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.370%		90,036,341		90,036,341


Total Short-Term Investment (Cost $90,036,341)				90,036,341


TOTAL INVESTMENTS - 104.2% (Cost $1,859,083,659)				1,834,529,935

OTHER ASSETS & LIABILITIES, NET - (4.2%)				(74,555,831	)


NET ASSETS - 100.0%				$1,759,974,104

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:


Industrial	24.1%
Consumer, Cyclical	22.1%
Consumer, Non-Cyclical	18.6%
Communications	10.0%
Technology	9.1%
Financial	6.0%
Short-Term Investment	5.1%
Basic Materials	4.6%
Others (each less than 3.0%)	4.6%

	104.2%
Other Assets & Liabilities, Net	(4.2%	)

	100.0%

(b)	An investment with a value of $7,252,031 or 0.4% of the Fund’s net assets was in default as of March 31, 2019.

(c)	Pursuant to the terms of the following senior loan agreements, the Fund had unfunded loan commitments which could be extended at the option of the borrower.


Borrower	Unfunded Loan Commitments		Value		Unrealized Appreciation (Depreciation)
Heartland Dental LLC		$282,608		$275,190		($7,418	)
PetVet Care Centers LLC		792,547		755,825		(36,722	)

		$1,075,155		$1,031,015		($44,140	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-23

PACIFIC FUNDS

PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

March 31, 2019

(d)	Fair Value Measurements


		Total Value at March 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$70,333,811		$—		$70,333,811		$—
	Senior Loan Notes		1,674,159,783		—		1,674,159,783		—
	Short-Term Investment		90,036,341		90,036,341		—		—
	Unfunded Loan Commitments		1,031,015		—		1,031,015		—

	Total		$1,835,560,950		$90,036,341		$1,745,524,609		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-24

PACIFIC FUNDS

PACIFIC FUNDS^SM HIGH INCOME

Schedule of Investments

March 31, 2019


	Shares		Value
COMMON STOCKS - 0.8%

Basic Materials - 0.1%

Constellium NV ‘A’ *		11,516		$91,898


Consumer, Cyclical - 0.3%

Cedar Fair LP		1,693		89,086
Mohawk Industries Inc *		377		47,559
Party City Holdco Inc *		9,344		74,191
Six Flags Entertainment Corp		2,227		109,902
Tailored Brands Inc		8,670		67,973

				388,711

Financial - 0.2%

Citigroup Inc		1,430		88,975
Outfront Media Inc REIT		4,360		102,024
The Goldman Sachs Group Inc		486		93,307

				284,306

Industrial - 0.1%

Evoqua Water Technologies Corp *		5,617		70,662
Xylem Inc		976		77,143

				147,805

Technology - 0.1%

NXP Semiconductors NV (Netherlands)		745		65,850


Total Common Stocks (Cost $1,053,762)				978,570


	Principal Amount
CORPORATE BONDS & NOTES - 76.8%

Basic Materials - 2.4%

Alcoa Nederland Holding BV 7.000% due 09/30/26 ~		$400,000		433,248
Barminco Finance Pty Ltd (Australia) 6.625% due 05/15/22 ~		1,125,000		1,153,125
Constellium NV 6.625% due 03/01/25 ~		350,000		357,875
Hexion Inc 6.625% due 04/15/20		500,000		418,750
JW Aluminum Continuous Cast Co 10.250% due 06/01/26 ~		325,000		333,125
Olin Corp 5.000% due 02/01/30		400,000		393,500

				3,089,623

Communications - 12.5%

Altice Financing SA (Luxembourg) 7.500% due 05/15/26 ~		125,000		124,062
Altice France SA (France) 7.375% due 05/01/26 ~		450,000		442,125
Charter Communications Operating LLC 5.050% due 03/30/29		2,250,000		2,373,594
Clear Channel Worldwide Holdings Inc 9.250% due 02/15/24 ~		400,000		425,000
CommScope Finance LLC 5.500% due 03/01/24 ~		100,000		102,529
6.000% due 03/01/26 ~		300,000		311,061
8.250% due 03/01/27 ~		300,000		312,000
CSC Holdings LLC 6.500% due 02/01/29 ~		1,050,000		1,119,562
6.625% due 10/15/25 ~		1,350,000		1,434,375
Frontier Communications Corp 8.000% due 04/01/27 ~		100,000		103,500
8.500% due 04/01/26 ~		25,000		23,282
11.000% due 09/15/25		550,000		365,156


	Principal Amount		Value
Intelsat Jackson Holdings SA (Luxembourg) 8.000% due 02/15/24 ~		$75,000		$78,375
8.500% due 10/15/24 ~		425,000		415,437
Level 3 Financing Inc 5.250% due 03/15/26		1,925,000		1,925,000
Outfront Media Capital LLC 5.875% due 03/15/25		725,000		744,937
Radiate Holdco LLC 6.875% due 02/15/23 ~		425,000		422,875
Sprint Capital Corp 6.875% due 11/15/28		1,400,000		1,349,250
8.750% due 03/15/32		400,000		423,040
Sprint Corp 7.625% due 02/15/25		1,150,000		1,175,875
7.625% due 03/01/26		475,000		483,313
Townsquare Media Inc 6.500% due 04/01/23 ~		175,000		168,219
Uber Technologies Inc 8.000% due 11/01/26 ~		450,000		480,375
Virgin Media Secured Finance PLC (United Kingdom) 5.500% due 08/15/26 ~		950,000		969,000

				15,771,942

Consumer, Cyclical - 15.7%

American Airlines Pass-Through Trust ‘B’ 5.250% due 07/15/25		130,973		135,382
American Axle & Manufacturing Inc 6.250% due 04/01/25		600,000		587,250
6.500% due 04/01/27		75,000		73,031
Beazer Homes USA Inc 5.875% due 10/15/27		1,650,000		1,447,875
Caesars Resort Collection LLC 5.250% due 10/15/25 ~		1,225,000		1,185,187
CCM Merger Inc 6.000% due 03/15/22 ~		425,000		437,219
Cedar Fair LP 5.375% due 06/01/24		500,000		513,095
5.375% due 04/15/27		500,000		504,375
Constellation Merger Sub Inc 8.500% due 09/15/25 ~		875,000		796,250
Core & Main LP 6.125% due 08/15/25 ~		875,000		859,950
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.500% due 02/15/23 ~		600,000		623,250
Golden Nugget Inc 6.750% due 10/15/24 ~		1,025,000		1,032,687
8.750% due 10/01/25 ~		725,000		763,062
Hilton Grand Vacations Borrower LLC 6.125% due 12/01/24		875,000		912,187
IHO Verwaltungs GmbH (Germany) 4.750% Cash or 5.500% PIK due 09/15/26 ~		600,000		573,000
Jacobs Entertainment Inc 7.875% due 02/01/24 ~		700,000		735,000
Lennar Corp 4.750% due 05/30/25		600,000		615,750
Mattamy Group Corp (Canada) 6.500% due 10/01/25 ~		850,000		842,817
Mattel Inc
3.150% due 03/15/23		625,000		562,500
5.450% due 11/01/41		325,000		242,125
6.750% due 12/31/25 ~		100,000		98,625
Merlin Entertainments PLC (United Kingdom) 5.750% due 06/15/26 ~		525,000		542,719
New Red Finance Inc (Canada) 5.000% due 10/15/25 ~		925,000		916,027


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-25

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
Panther BF Aggregator 2 LP 6.250% due 05/15/26 ~	$	500,000	$	511,250
8.500% due 05/15/27 ~		250,000		251,250
Scientific Games International Inc 5.000% due 10/15/25 ~		650,000		638,625
8.250% due 03/15/26 ~		200,000		204,500
Six Flags Entertainment Corp 5.500% due 04/15/27 ~		750,000		743,475
Taylor Morrison Communities Inc 6.625% due 05/15/22		675,000		700,312
Tesla Inc 5.300% due 08/15/25 ~		725,000		630,750
The Men’s Wearhouse Inc 7.000% due 07/01/22		911,000		901,890
US Airways Pass-Through Trust ‘B’ 5.375% due 05/15/23		172,912		178,624

				19,760,039

Consumer, Non-Cyclical - 10.6%

Ahern Rentals Inc 7.375% due 05/15/23 ~		1,595,000		1,477,369
Bausch Health Americas Inc 8.500% due 01/31/27 ~		125,000		132,812
Bausch Health Cos Inc
5.500% due 11/01/25 ~		275,000		281,875
5.750% due 08/15/27 ~		600,000		616,500
6.125% due 04/15/25 ~		75,000		74,437
7.000% due 03/15/24 ~		100,000		106,050
9.000% due 12/15/25 ~		1,150,000		1,253,557
CHS/Community Health Systems Inc 5.125% due 08/01/21		700,000		691,670
Eagle Holding Co II LLC 7.625% Cash or 8.375% PIK due 05/15/22 ~		635,000		642,144
HCA Inc 4.500% due 02/15/27		1,000,000		1,029,377
5.375% due 09/01/26		150,000		158,250
5.875% due 02/01/29		875,000		943,862
Jaguar Holding Co II 6.375% due 08/01/23 ~		90,000		91,912
JBS Investments II GmbH 7.000% due 01/15/26 ~		700,000		721,000
JBS USA LUX SA 5.875% due 07/15/24 ~		325,000		335,156
7.250% due 06/01/21 ~		50,000		50,600
Pilgrim’s Pride Corp 5.750% due 03/15/25 ~		205,000		208,075
5.875% due 09/30/27 ~		300,000		303,000
RegionalCare Hospital Partners Holdings Inc 9.750% due 12/01/26 ~		525,000		546,000
Tenet Healthcare Corp 6.250% due 02/01/27 ~		600,000		623,250
6.750% due 06/15/23		1,125,000		1,162,969
TMS International Corp 7.250% due 08/15/25 ~		1,315,000		1,276,891
Verscend Escrow Corp 9.750% due 08/15/26 ~		625,000		625,781

				13,352,537

Energy - 11.0%

Andeavor Logistics LP 6.875% due 02/15/23		650,000		653,630
Antero Midstream Partners LP 5.750% due 03/01/27 ~		150,000		152,625
Archrock Partners LP 6.875% due 04/01/27 ~		475,000		485,545
Ascent Resources Utica Holdings LLC 7.000% due 11/01/26 ~		825,000		797,156
Calfrac Holdings LP (Canada) 8.500% due 06/15/26 ~		600,000		468,000
Callon Petroleum Co 6.125% due 10/01/24		125,000		126,250
6.375% due 07/01/26		100,000		100,750


	Principal Amount		Value
Cheniere Corpus Christi Holdings LLC 5.125% due 06/30/27	$	1,075,000	$	1,130,094
5.875% due 03/31/25		375,000		408,750
Cheniere Energy Partners 5.625% due 10/01/26 ~		675,000		693,563
Chesapeake Energy Corp 8.000% due 01/15/25		150,000		153,750
8.000% due 06/15/27		25,000		24,750
Crestwood Midstream Partners LP 5.750% due 04/01/25		250,000		257,500
6.250% due 04/01/23		750,000		772,500
Denbury Resources Inc 5.500% due 05/01/22		30,000		21,000
Endeavor Energy Resources LP 5.500% due 01/30/26 ~		50,000		51,625
5.750% due 01/30/28 ~		375,000		395,625
Energy Transfer Operating LP 6.250% due 02/15/23		675,000		638,871
EP Energy LLC 7.750% due 09/01/22		170,000		41,863
7.750% due 05/15/26 ~		575,000		471,500
Halcon Resources Corp 6.750% due 02/15/25		300,000		181,500
Hilcorp Energy I LP 6.250% due 11/01/28 ~		500,000		503,750
Moss Creek Resources Holdings Inc 7.500% due 01/15/26 ~		485,000		449,838
Parsley Energy LLC 5.250% due 08/15/25 ~		225,000		223,172
5.375% due 01/15/25 ~		225,000		226,125
5.625% due 10/15/27 ~		25,000		25,063
Sanchez Energy Corp 6.125% due 01/15/23		135,000		18,900
SESI LLC 7.750% due 09/15/24		300,000		249,750
SM Energy Co 5.625% due 06/01/25		550,000		511,302
Targa Resources Partners LP 5.125% due 02/01/25		500,000		512,500
5.375% due 02/01/27		50,000		51,375
5.875% due 04/15/26 ~		950,000		1,008,900
6.500% due 07/15/27 ~		50,000		54,063
Transocean Inc 7.500% due 04/15/31		875,000		752,500
Ultra Resources Inc 7.125% due 04/15/25 ~		115,000		24,725
USA Compression Partners LP 6.875% due 09/01/27 ~		900,000		919,125
Whiting Petroleum Corp 6.250% due 04/01/23		300,000		303,000
6.625% due 01/15/26		25,000		24,625

				13,885,560


Financial - 6.6%

Ally Financial Inc 5.750% due 11/20/25		2,400,000		2,565,264
GLP Capital LP REIT 5.750% due 06/01/28		750,000		808,087
MGM Growth Properties Operating Partnership LP REIT 5.625% due 05/01/24		1,075,000		1,127,406
5.750% due 02/01/27 ~		150,000		155,438
Springleaf Finance Corp 6.125% due 03/15/24		625,000		640,613
6.875% due 03/15/25		25,000		25,875
7.125% due 03/15/26		625,000		637,497
8.250% due 12/15/20		675,000		726,469
The Howard Hughes Corp 5.375% due 03/15/25 ~		1,650,000		1,650,000

				8,336,649


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-26

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value

Industrial - 15.4%

Apex Tool Group LLC 9.000% due 02/15/23 ~	$	325,000	$	313,625
ARD Securities Finance SARL (Luxembourg) 8.750% Cash or PIK due 01/31/23 ~		468,287		446,043
Ardagh Packaging Finance PLC (Ireland) 7.250% due 05/15/24 ~		500,000		528,600
BBA US Holdings Inc 5.375% due 05/01/26 ~		900,000		929,250
Bombardier Inc (Canada) 5.750% due 03/15/22 ~		325,000		334,344
7.500% due 03/15/25 ~		300,000		310,125
Brand Industrial Services Inc 8.500% due 07/15/25 ~		950,000		857,375
BWAY Holding Co 5.500% due 04/15/24 ~		125,000		124,569
7.250% due 04/15/25 ~		1,575,000		1,524,789
BWX Technologies Inc 5.375% due 07/15/26 ~		875,000		892,500
Cloud Crane LLC 10.125% due 08/01/24 ~		475,000		511,813
Flex Acquisition Co Inc 6.875% due 01/15/25 ~		985,000		945,600
GFL Environmental Inc (Canada) 5.625% due 05/01/22 ~		300,000		291,750
Hulk Finance Corp (Canada) 7.000% due 06/01/26 ~		525,000		498,750
Itron Inc 5.000% due 01/15/26 ~		1,300,000		1,282,125
Mueller Water Products Inc 5.500% due 06/15/26 ~		1,176,000		1,196,580
New Enterprise Stone & Lime Co Inc 10.125% due 04/01/22 ~		1,140,000		1,159,950
Novelis Corp 5.875% due 09/30/26 ~		650,000		648,375
Park Aerospace Holdings Ltd (Ireland) 5.250% due 08/15/22 ~		425,000		436,645
5.500% due 02/15/24 ~		550,000		572,000
Sensata Technologies BV 5.625% due 11/01/24 ~		1,175,000		1,257,250
Standard Industries Inc 4.750% due 01/15/28 ~		1,325,000		1,268,688
Titan Acquisition Ltd (Canada) 7.750% due 04/15/26 ~		685,000		592,525
TransDigm Inc 6.250% due 03/15/26 ~		350,000		364,000
6.500% due 07/15/24		775,000		799,219
TransDigm UK Holdings PLC 6.875% due 05/15/26 ~		825,000		822,938
US Concrete Inc 6.375% due 06/01/24		500,000		510,000

				19,419,428


Technology - 0.8%

Infor Software Parent LLC 7.125% Cash or 7.875% PIK due 05/01/21 ~		1,025,000		1,031,519


Utilities - 1.8%

Calpine Corp 5.250% due 06/01/26 ~		175,000		174,781
5.875% due 01/15/24 ~		350,000		359,625
NRG Energy Inc 7.250% due 05/15/26		640,000		706,522
Talen Energy Supply LLC 6.500% due 06/01/25		775,000		685,875


	Principal Amount		Value
Vistra Energy Corp 7.625% due 11/01/24	$	98,000	$	103,882
Vistra Operations Co LLC 5.500% due 09/01/26 ~		200,000		208,500

				2,239,185

Total Corporate Bonds & Notes (Cost $96,968,115)				96,886,482


SENIOR LOAN NOTES - 10.4%

Basic Materials - 1.0%

Aleris International Inc 7.249% (USD LIBOR + 4.750%) due 02/27/23 §		248,125		248,621
Messer Industries USA Inc Term B due 03/01/26 ¥		1,000,000		982,500

				1,231,121


Communications - 1.0%

SBA Senior Finance II LLC Term B due 04/11/25 ¥		997,487		977,849
Sprint Communications Inc Term B 5.500% (USD LIBOR + 3.000%) due 02/03/24 §		249,375		244,855

				1,222,704


Consumer, Cyclical - 2.6%

Bass Pro Group LLC Term B due 09/25/24 ¥		997,468		977,513
Neiman Marcus Group Ltd LLC 5.733% (USD LIBOR + 3.250%) due 10/25/20 §		346,096		322,375
New Red Finance Inc Term B (Canada) due 02/17/24 ¥		997,456		981,870
SeaWorld Parks & Entertainment Inc Term B-5 due 03/31/24 ¥		997,455		993,404

				3,275,162


Financial - 1.5%

Deerfield Dakota Holding LLC Term B due 02/13/25 ¥		997,481		977,220
USI Inc Term B due 05/16/24 ¥		997,468		965,051

				1,942,271


Industrial - 4.3%

Advanced Disposal Services Inc Term B 4.660% (USD LIBOR + 2.250%) due 11/10/23 § ¥		847,704		844,192
Crosby US Acquisition Corp 8.491% (USD LIBOR + 6.000%) due 11/22/21 §		400,000		389,000
Dynasty Acquisition Co Inc due 01/24/26 ¥		650,350		651,337
EWT Holdings III Corp 5.499% (USD LIBOR + 3.000%) due 12/20/24 §		1,177,619		1,165,843
NCI Building Systems Inc Term B 6.547% (USD LIBOR + 3.750%) due 04/12/25 §		748,116		714,450
North American Lifting Holdings Inc 11.601% (USD LIBOR + 9.000%) due 11/27/21 §		350,000		297,500


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-27

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
Reynolds Group Holdings Inc Term B due 02/05/23 ¥	$	997,449	$	987,030
Standard Aero Ltd due 01/24/26 ¥		349,650		350,181

				5,399,533

Total Senior Loan Notes (Cost $13,172,486)				13,070,791


ASSET-BACKED SECURITIES - 0.8%

Benefit Street Partners CLO Ltd ‘D’ (Cayman) 8.711% (USD LIBOR + 5.950%) due 04/20/31 § ~		250,000		237,209
Benefit Street Partners CLO Ltd ‘E’ (Cayman) 9.513% (USD LIBOR + 6.700%) due 01/17/32 § ~		250,000		246,215
Dryden Senior Loan Fund ‘F’ (Cayman) 9.987% (USD LIBOR + 7.200%) due 04/15/31 § ~		250,000		217,366
Neuberger Berman Loan Advisers CLO Ltd ‘E’ (Cayman) 9.511% (USD LIBOR + 6.750%) due 01/20/31 § ~		300,000		296,005


Total Asset-Backed Securities (Cost $1,027,723)				996,795


	Shares		Value

SHORT-TERM INVESTMENT - 18.2%

Money Market Fund - 18.2%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.370%		22,914,671	$	22,914,671


Total Short-Term Investment (Cost $22,914,671)				22,914,671


TOTAL INVESTMENTS - 107.0% (Cost $135,136,757)				134,847,309

OTHER ASSETS & LIABILITIES, NET - (7.0%)				(8,786,209	)


NET ASSETS - 100.0%				$126,061,100

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:


Industrial	19.8%
Consumer, Cyclical	18.6%
Short-Term Investment	18.2%
Communications	13.5%
Energy	11.0%
Consumer, Non-Cyclical	10.6%
Financial	8.3%
Basic Materials	3.5%
Others (each less than 3.0%)	3.5%

	107.0%
Other Assets & Liabilities, Net	(7.0%	)

	100.0%

(b)	Fair Value Measurements


		Total Value at March 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$978,570		$978,570		$—		$—
	Corporate Bonds & Notes		96,886,482		—		96,886,482		—
	Senior Loan Notes		13,070,791		—		13,070,791		—
	Asset-Backed Securities		996,795		—		996,795		—
	Short-Term Investment		22,914,671		22,914,671		—		—

	Total		$134,847,309		$23,893,241		$110,954,068		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-28

PACIFIC FUNDS

PACIFIC FUNDS^SM LARGE-CAP

Schedule of Investments

March 31, 2019


	Shares		Value
COMMON STOCKS - 98.1%

Basic Materials - 2.2%

Air Products & Chemicals Inc		1,145		$218,649
DowDuPont Inc		4,069		216,918

				435,567

Communications - 19.7%

Alphabet Inc ‘A’ *		537		631,990
Alphabet Inc ‘C’ *		152		178,343
Amazon.com Inc *		454		808,461
AT&T Inc		6,043		189,509
Cisco Systems Inc		8,369		451,842
Comcast Corp ‘A’		8,844		353,583
Expedia Group Inc		1,311		156,009
Facebook Inc ‘A’ *		2,872		478,734
Netflix Inc *		341		121,587
Verizon Communications Inc		7,034		415,920
Viacom Inc ‘B’		3,978		111,663

				3,897,641

Consumer, Cyclical - 6.1%

Alaska Air Group Inc		2,920		163,870
AutoZone Inc *		239		244,765
Delta Air Lines Inc		3,308		170,858
Foot Locker Inc		1,794		108,716
Polaris Industries Inc		1,607		135,679
PVH Corp		1,496		182,437
Royal Caribbean Cruises Ltd		1,760		201,731

				1,208,056

Consumer, Non-Cyclical - 20.1%

Allergan PLC		1,202		175,985
Biogen Inc *		635		150,101
Cigna Corp		1,345		216,303
CVS Health Corp		4,052		218,524
Eli Lilly & Co		2,265		293,906
General Mills Inc		4,881		252,592
Gilead Sciences Inc		3,292		214,013
Medtronic PLC		3,699		336,905
Pfizer Inc		9,013		382,782
The JM Smucker Co		2,065		240,573
The Kroger Co		8,066		198,424
The Procter & Gamble Co		4,166		433,472
Thermo Fisher Scientific Inc		1,181		323,263
Tyson Foods Inc ‘A’		3,564		247,449
UnitedHealth Group Inc		1,197		295,970

				3,980,262

Energy - 5.8%

Chevron Corp		2,405		296,248
EOG Resources Inc		2,463		234,428
Marathon Petroleum Corp		3,778		226,113
Phillips 66		1,719		163,597
Pioneer Natural Resources Co		1,522		231,770

				1,152,156

Financial - 19.0%

American Express Co		2,149		234,886
American Tower Corp REIT		1,059		208,687
AvalonBay Communities Inc REIT		1,152		231,241
Bank of America Corp		14,052		387,695
E*TRADE Financial Corp		3,981		184,838
Highwoods Properties Inc REIT		3,464		162,046
JPMorgan Chase & Co		4,466		452,093
Prudential Financial Inc		2,356		216,469
State Street Corp		3,022		198,878
T Rowe Price Group Inc		2,319		232,178
The Charles Schwab Corp		3,337		142,690


	Shares		Value
The Hartford Financial Services Group Inc		4,096		$203,653
The Travelers Cos Inc		1,542		211,501
Visa Inc ‘A’		3,266		510,117
Zions Bancorp NA		4,071		184,864

				3,761,836

Industrial - 7.9%

Caterpillar Inc		1,761		238,598
Honeywell International Inc		685		108,860
Ingersoll-Rand PLC		2,256		243,535
Raytheon Co		1,329		241,984
The Boeing Co		1,082		412,697
Waste Management Inc		2,987		310,379

				1,556,053

Technology - 15.1%

Adobe Systems Inc *		937		249,701
Apple Inc		3,194		606,700
Broadcom Inc		1,115		335,292
DXC Technology Co		2,445		157,238
Electronic Arts Inc *		1,255		127,546
Intel Corp		5,616		301,579
Microsoft Corp		8,095		954,724
Synopsys Inc *		2,258		260,009

				2,992,789

Utilities - 2.2%

Ameren Corp		2,368		174,166
DTE Energy Co		2,036		253,971

				428,137

Total Common Stocks (Cost $16,502,955)				19,412,497


SHORT-TERM INVESTMENT - 1.7%

Money Market Fund - 1.7%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.370%		331,154		331,154


Total Short-Term Investment (Cost $331,154)				331,154


TOTAL INVESTMENTS - 99.8% (Cost $16,834,109)				19,743,651

OTHER ASSETS & LIABILITIES, NET - 0.2%				40,949


NET ASSETS - 100.0%				$19,784,600

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Non-Cyclical			20.1%
Communications			19.7%
Financial			19.0%
Technology			15.1%
Industrial			7.9%
Consumer, Cyclical			6.1%
Energy			5.8%
Others (each less than 3.0%)			6.1%

			99.8%
Other Assets & Liabilities, Net			0.2%

			100.0%


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-29

PACIFIC FUNDS

PACIFIC FUNDS LARGE-CAP

Schedule of Investments (Continued)

March 31, 2019

(b)	Fair Value Measurements


		Total Value at March 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$19,412,497		$19,412,497		$—		$—
	Short-Term Investment		331,154		331,154		—		—

	Total		$19,743,651		$19,743,651		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-30

PACIFIC FUNDS

PACIFIC FUNDS^SM LARGE-CAP VALUE

Schedule of Investments

March 31, 2019


	Shares		Value
COMMON STOCKS - 98.5%

Basic Materials - 2.0%

Air Products & Chemicals Inc		1,439		$274,791
Nucor Corp		1,759		102,638

				377,429

Communications - 13.7%

Alphabet Inc ‘A’ *		194		228,317
AT&T Inc		12,153		381,118
Cisco Systems Inc		12,024		649,176
Comcast Corp ‘A’		11,335		453,173
The Walt Disney Co		2,185		242,601
Verizon Communications Inc		9,674		572,024

				2,526,409

Consumer, Cyclical - 4.2%

BorgWarner Inc		2,082		79,970
Delta Air Lines Inc		4,798		247,817
PVH Corp		1,565		190,852
Royal Caribbean Cruises Ltd		2,266		259,729

				778,368

Consumer, Non-Cyclical - 20.7%

Allergan PLC		998		146,117
Biogen Inc *		642		151,756
Cigna Corp		1,076		173,042
Danaher Corp		1,313		173,342
Eli Lilly & Co		1,554		201,647
Gilead Sciences Inc		2,924		190,089
Hill-Rom Holdings Inc		1,245		131,796
Medtronic PLC		3,878		353,208
Merck & Co Inc		4,948		411,525
PepsiCo Inc		2,231		273,409
Pfizer Inc		12,913		548,415
The Procter & Gamble Co		4,078		424,316
Thermo Fisher Scientific Inc		866		237,041
Tyson Foods Inc ‘A’		3,676		255,225
UnitedHealth Group Inc		605		149,592

				3,820,520

Energy - 9.9%

Chevron Corp		3,915		482,250
ConocoPhillips		4,149		276,904
Diamondback Energy Inc		1,927		195,648
EOG Resources Inc		2,394		227,861
Helmerich & Payne Inc		2,773		154,068
Marathon Petroleum Corp		4,796		287,041
Phillips 66		2,145		204,140

				1,827,912

Financial - 26.6%

Alexandria Real Estate Equities Inc REIT		1,448		206,427
American Express Co		2,233		244,067
AvalonBay Communities Inc REIT		680		136,496
Bank of America Corp		20,903		576,714
Berkshire Hathaway Inc ‘B’ *		1,086		218,166
Discover Financial Services		3,445		245,146
E*TRADE Financial Corp		4,249		197,281
Equity LifeStyle Properties Inc REIT		1,459		166,764
Highwoods Properties Inc REIT		2,400		112,272
Intercontinental Exchange Inc		2,887		219,816
JPMorgan Chase & Co		6,726		680,873
Morgan Stanley		3,621		152,806
Prologis Inc REIT		4,132		297,297
Prudential Financial Inc		2,458		225,841
State Street Corp		3,229		212,500
SunTrust Banks Inc		3,690		218,632
The Allstate Corp		1,843		173,574


	Shares		Value
The Charles Schwab Corp		2,200		$94,072
The Hartford Financial Services Group Inc		4,343		215,934
The Travelers Cos Inc		1,310		179,680
Wells Fargo & Co		2,821		136,311

				4,910,669

Industrial - 9.8%

Caterpillar Inc		1,294		175,324
Honeywell International Inc		1,230		195,472
Ingersoll-Rand PLC		2,743		296,107
Owens Corning		2,513		118,413
Parker-Hannifin Corp		1,247		214,010
Raytheon Co		1,441		262,377
The Boeing Co		487		185,752
Waste Management Inc		3,463		359,840

				1,807,295

Technology - 6.6%

Broadcom Inc		1,113		334,690
Intel Corp		3,292		176,780
Microsoft Corp		3,258		384,249
Oracle Corp		5,957		319,950

				1,215,669

Utilities - 5.0%

American Electric Power Co Inc		3,437		287,849
DTE Energy Co		2,024		252,474
Xcel Energy Inc		6,776		380,879

				921,202

Total Common Stocks (Cost $14,741,730)				18,185,473


SHORT-TERM INVESTMENT - 1.2%

Money Market Fund - 1.2%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.370%		215,626		215,626


Total Short-Term Investment (Cost $215,626)				215,626


TOTAL INVESTMENTS - 99.7% (Cost $14,957,356)				18,401,099

OTHER ASSETS & LIABILITIES, NET - 0.3%				58,692


NET ASSETS - 100.0%				$18,459,791

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:


Financial			26.6%
Consumer, Non-Cyclical			20.7%
Communications			13.7%
Energy			9.9%
Industrial			9.8%
Technology			6.6%
Utilities			5.0%
Consumer, Cyclical			4.2%
Others (each less than 3.0%)			3.2%

			99.7%
Other Assets & Liabilities, Net			0.3%

			100.0%


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-31

PACIFIC FUNDS

PACIFIC FUNDS LARGE-CAP VALUE

Schedule of Investments (Continued)

March 31, 2019

(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 March 31, 2019:


		Total Value at March 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$18,185,473		$18,185,473		$—		$—
	Short-Term Investment		215,626		215,626		—		—

	Total		$18,401,099		$18,401,099		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-32

PACIFIC FUNDS

PACIFIC FUNDS^SM SMALL/MID-CAP

Schedule of Investments

March 31, 2019


	Shares		Value
COMMON STOCKS - 97.6%

Basic Materials - 4.0%

Allegheny Technologies Inc *		76,755		$1,962,625
Commercial Metals Co		59,604		1,018,036
Kaiser Aluminum Corp		30,399		3,183,687
Kraton Corp *		53,531		1,722,628
PolyOne Corp		50,180		1,470,776
Rogers Corp *		13,594		2,159,815
Steel Dynamics Inc		45,568		1,607,183
The Chemours Co		44,660		1,659,566

				14,784,316

Communications - 5.1%

CDW Corp		29,483		2,841,277
Ciena Corp *		97,971		3,658,237
GrubHub Inc *		18,650		1,295,615
LogMeIn Inc		17,616		1,411,042
NETGEAR Inc *		58,767		1,946,363
Sinclair Broadcast Group Inc ‘A’		76,246		2,933,946
Viavi Solutions Inc *		194,549		2,408,517
Vonage Holdings Corp *		270,626		2,717,085

				19,212,082

Consumer, Cyclical - 10.8%

Altra Industrial Motion Corp		65,323		2,028,279
AMC Entertainment Holdings Inc ‘A’		64,360		955,746
Aramark		98,616		2,914,103
BJ’s Restaurants Inc		60,090		2,841,055
Bloomin’ Brands Inc		172,386		3,525,294
Capri Holdings Ltd *		48,838		2,234,339
Cooper-Standard Holdings Inc *		5,894		276,782
G-III Apparel Group Ltd *		49,745		1,987,810
iRobot Corp *		29,223		3,439,255
Lithia Motors Inc ‘A’		17,107		1,586,674
Marriott Vacations Worldwide Corp		6,295		588,583
Pool Corp		12,941		2,134,877
SeaWorld Entertainment Inc *		105,368		2,714,280
SkyWest Inc		52,666		2,859,237
Sleep Number Corp *		65,493		3,078,171
Steven Madden Ltd		61,758		2,089,891
Texas Roadhouse Inc		18,209		1,132,418
The Children’s Place Inc		18,309		1,781,099
Wolverine World Wide Inc		63,072		2,253,563

				40,421,456

Consumer, Non-Cyclical - 28.8%

Acadia Healthcare Co Inc *		18,480		541,649
Adtalem Global Education Inc *		60,071		2,782,489
Amedisys Inc *		29,542		3,641,347
Amicus Therapeutics Inc *		131,377		1,786,727
AMN Healthcare Services Inc *		39,686		1,868,814
BioScrip Inc *		212,226		424,452
BioTelemetry Inc *		21,956		1,374,885
Cardtronics PLC ‘A’ *		65,876		2,343,868
Central Garden & Pet Co ‘A’ *		76,543		1,779,625
Charles River Laboratories International Inc *		32,246		4,683,732
Encompass Health Corp		32,829		1,917,214
Euronet Worldwide Inc *		31,462		4,486,167
Green Dot Corp ‘A’ *		56,801		3,444,981
Helen of Troy Ltd *		14,377		1,667,157
Hill-Rom Holdings Inc		49,774		5,269,076
Horizon Pharma PLC *		91,818		2,426,750
Hostess Brands Inc *		156,901		1,961,262
ICF International Inc		38,362		2,918,581
Insperity Inc		42,212		5,219,936
Ionis Pharmaceuticals Inc *		35,425		2,875,447
J&J Snack Foods Corp		11,142		1,769,795
Jazz Pharmaceuticals PLC *		14,939		2,135,530


	Shares		Value
Lamb Weston Holdings Inc		46,271		$3,467,549
LHC Group Inc *		40,512		4,491,160
LivaNova PLC *		35,758		3,477,466
LiveRamp Holdings Inc *		85,023		4,639,705
MarketAxess Holdings Inc		7,097		1,746,430
Merit Medical Systems Inc *		28,094		1,737,052
Myriad Genetics Inc *		60,269		2,000,931
Neurocrine Biosciences Inc *		18,469		1,627,119
Performance Food Group Co *		109,516		4,341,214
Post Holdings Inc *		16,198		1,772,061
PRA Health Sciences Inc *		29,086		3,207,895
Quidel Corp *		36,878		2,414,403
Service Corp International		94,921		3,811,078
Supernus Pharmaceuticals Inc *		68,095		2,386,049
Syneos Health Inc *		36,424		1,885,306
Teleflex Inc		9,188		2,776,246
The Cooper Cos Inc		14,984		4,437,811

				107,538,959

Energy - 3.1%

Diamondback Energy Inc		33,566		3,407,956
Helix Energy Solutions Group Inc *		209,478		1,656,971
Helmerich & Payne Inc		58,938		3,274,595
WPX Energy Inc *		231,630		3,036,669

				11,376,191

Financial - 21.5%

Aircastle Ltd		143,851		2,911,544
Alleghany Corp *		5,783		3,541,509
Blucora Inc *		72,242		2,411,438
Chemical Financial Corp		61,088		2,514,382
Deluxe Corp		41,841		1,829,288
Douglas Emmett Inc REIT		65,643		2,653,290
East West Bancorp Inc		53,229		2,553,395
Equity LifeStyle Properties Inc REIT		32,632		3,729,838
Essent Group Ltd *		74,666		3,244,238
Everest Re Group Ltd		16,562		3,576,729
Highwoods Properties Inc REIT		46,325		2,167,083
Horace Mann Educators Corp		47,718		1,680,151
Hudson Pacific Properties Inc REIT		73,031		2,513,727
IBERIABANK Corp		50,443		3,617,268
Lamar Advertising Co ‘A’ REIT		50,127		3,973,066
Life Storage Inc REIT		31,454		3,059,531
Mid-America Apartment Communities Inc REIT		14,501		1,585,394
Moelis & Co ‘A’		17,688		735,998
Old Republic International Corp		158,885		3,323,874
PacWest Bancorp		67,550		2,540,556
PotlatchDeltic Corp REIT		38,529		1,456,011
PS Business Parks Inc REIT		12,597		1,975,588
Radian Group Inc		182,717		3,789,551
Ryman Hospitality Properties Inc REIT		39,664		3,261,967
Simmons First National Corp ‘A’		73,515		1,799,647
The Hanover Insurance Group Inc		28,340		3,235,578
Virtu Financial Inc ‘A’		121,627		2,888,641
Western Alliance Bancorp *		41,571		1,706,074
Wintrust Financial Corp		37,971		2,556,587
Zions Bancorp		76,597		3,478,270

				80,310,213

Industrial - 12.7%

Aerojet Rocketdyne Holdings Inc *		90,713		3,223,033
Ambarella Inc *		40,027		1,729,166
American Woodmark Corp *		30,035		2,481,792
EMCOR Group Inc		44,178		3,228,528
EnPro Industries Inc		23,853		1,537,326
Generac Holdings Inc *		58,558		2,999,926
Graphic Packaging Holding Co		219,846		2,776,655
Harsco Corp *		90,759		1,829,701
Hubbell Inc		13,904		1,640,394
ITT Inc		45,871		2,660,518


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-33

PACIFIC FUNDS

PACIFIC FUNDS SMALL/MID-CAP

Schedule of Investments (Continued)

March 31, 2019


	Shares		Value
Kirby Corp *		20,134		$1,512,265
MasTec Inc *		68,549		3,297,207
PerkinElmer Inc		29,098		2,803,883
Rexnord Corp *		58,558		1,472,148
Ryder System Inc		36,000		2,231,640
Sanmina Corp *		46,370		1,337,775
Sonoco Products Co		43,131		2,653,850
Spirit AeroSystems Holdings Inc ‘A’		26,251		2,402,754
SPX Corp *		86,500		3,009,335
US Concrete Inc *		33,530		1,388,813
US Ecology Inc		21,936		1,227,977

				47,444,686

Technology - 9.5%

Aspen Technology Inc *		13,129		1,368,829
Benefitfocus Inc *		40,481		2,004,619
Bottomline Technologies DE Inc *		70,729		3,542,816
CommVault Systems Inc *		43,092		2,789,776
j2 Global Inc		37,726		3,267,072
MKS Instruments Inc		23,707		2,205,936
Nuance Communications Inc *		80,537		1,363,491
RealPage Inc *		57,692		3,501,327
Silicon Laboratories Inc *		37,605		3,040,740
SPS Commerce Inc *		37,298		3,955,826
Synopsys Inc *		29,369		3,381,840
TiVo Corp		107,985		1,006,420
Zebra Technologies Corp ‘A’ *		19,757		4,139,684

				35,568,376

Utilities - 2.1%

Black Hills Corp		39,629		2,935,320
CMS Energy Corp		38,423		2,134,013
Portland General Electric Co		49,747		2,578,884

				7,648,217

Total Common Stocks (Cost $329,367,796)				364,304,496


	Shares		Value
SHORT-TERM INVESTMENT - 2.7%

Money Market Fund - 2.7%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.370%		10,160,211		$10,160,211


Total Short-Term Investment (Cost $10,160,211)				10,160,211


TOTAL INVESTMENTS - 100.3% (Cost $339,528,007)				374,464,707

OTHER ASSETS & LIABILITIES, NET - (0.3%)				(1,125,260	)


NET ASSETS - 100.0%				$373,339,447

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Non-Cyclical	28.8%
Financial	21.5%
Industrial	12.7%
Consumer, Cyclical	10.8%
Technology	9.5%
Communications	5.1%
Basic Materials	4.0%
Energy	3.1%
Others (each less than 3.0%)	4.8%

	100.3%
Other Assets & Liabilities, Net	(0.3%	)

	100.0%

(b)	Fair Value Measurements


		Total Value at March 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$364,304,496		$364,304,496		$—		$—
	Short-Term Investment		10,160,211		10,160,211		—		—

	Total		$374,464,707		$374,464,707		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-34

PACIFIC FUNDS

PACIFIC FUNDS^SM SMALL-CAP

Schedule of Investments

March 31, 2019


	Shares		Value
COMMON STOCKS - 98.4%

Basic Materials - 3.4%

Allegheny Technologies Inc *		7,278		$186,098
Commercial Metals Co		5,813		99,286
Kraton Corp *		4,417		142,139
PolyOne Corp		4,065		119,145
Rogers Corp *		760		120,749

				667,417

Communications - 3.9%

Ciena Corp *		5,308		198,201
NETGEAR Inc *		2,330		77,170
Perficient Inc *		4,446		121,776
Sinclair Broadcast Group Inc ‘A’		4,610		177,393
Viavi Solutions Inc *		6,450		79,851
Vonage Holdings Corp *		12,318		123,673

				778,064

Consumer, Cyclical - 10.2%

Altra Industrial Motion Corp		5,679		176,333
Beacon Roofing Supply Inc *		1,069		34,379
BJ’s Restaurants Inc		2,557		120,895
Bloomin’ Brands Inc		6,874		140,573
Callaway Golf Co		5,736		91,374
Cooper-Standard Holdings Inc *		970		45,551
Del Taco Restaurants Inc *		8,146		81,949
G-III Apparel Group Ltd *		2,596		103,736
Lithia Motors Inc ‘A’		1,314		121,873
Marriott Vacations Worldwide Corp		1,740		162,690
SeaWorld Entertainment Inc *		3,585		92,350
SkyWest Inc		3,787		205,596
Sleep Number Corp *		4,183		196,601
Steven Madden Ltd		4,590		155,326
Texas Roadhouse Inc		1,137		70,710
The Children’s Place Inc		1,460		142,029
Wolverine World Wide Inc		2,018		72,103

				2,014,068

Consumer, Non-Cyclical - 27.9%

Acadia Healthcare Co Inc *		4,107		120,376
Adtalem Global Education Inc *		4,022		186,299
Amedisys Inc *		2,191		270,063
Amicus Therapeutics Inc *		7,206		98,002
AMN Healthcare Services Inc *		3,126		147,203
Amphastar Pharmaceuticals Inc *		5,620		114,817
BioScrip Inc *		27,897		55,794
BioTelemetry Inc *		2,188		137,013
Cardtronics PLC ‘A’ *		3,926		139,687
Central Garden & Pet Co ‘A’ *		5,287		122,923
FibroGen Inc *		2,363		128,429
Green Dot Corp ‘A’ *		2,314		140,344
Helen of Troy Ltd *		1,361		157,821
Horizon Pharma PLC *		10,836		286,395
Hostess Brands Inc *		10,135		126,687
ICF International Inc		2,368		180,157
Insperity Inc		2,534		313,354
J&J Snack Foods Corp		669		106,264
LHC Group Inc *		2,334		258,747
LivaNova PLC *		2,142		208,310
LiveRamp Holdings Inc *		4,956		270,449
Merit Medical Systems Inc *		4,745		293,383
Myriad Genetics Inc *		4,555		151,226
NuVasive Inc *		2,504		142,202
Orthofix Medical Inc *		2,527		142,548
Performance Food Group Co *		5,031		199,429
Quidel Corp *		2,641		172,906
SP Plus Corp *		1,897		64,726
Supernus Pharmaceuticals Inc *		5,507		192,965


	Shares		Value
Syneos Health Inc *		3,950		$204,452
TrueBlue Inc *		3,509		82,953
Ultragenyx Pharmaceutical Inc *		732		50,772
Vanda Pharmaceuticals Inc *		7,294		134,210
Viad Corp		2,051		115,451

				5,516,357

Energy - 2.4%

Helix Energy Solutions Group Inc *		18,316		144,879
Magnolia Oil & Gas Corp *		12,681		152,172
PDC Energy Inc *		3,244		131,966
QEP Resources Inc *		5,326		41,490

				470,507

Financial - 23.4%

AG Mortgage Investment Trust Inc REIT		5,032		84,739
Aircastle Ltd		8,678		175,643
Americold Realty Trust REIT		6,202		189,223
Argo Group International Holdings Ltd		3,088		218,198
Armada Hoffler Properties Inc REIT		4,212		65,665
Blucora Inc *		2,833		94,566
BrightSphere Investment Group PLC		11,616		157,513
Cathay General Bancorp		4,356		147,712
CenterState Bank Corp		5,437		129,455
Chemical Financial Corp		3,125		128,625
Deluxe Corp		1,921		83,986
Enterprise Financial Services Corp		3,086		125,816
Essent Group Ltd *		2,445		106,235
First Bancorp		1,354		47,065
First Industrial Realty Trust Inc REIT		7,141		252,506
First Interstate BancSystem Inc ‘A’		1,424		56,704
First Midwest Bancorp Inc		5,818		119,036
Heritage Insurance Holdings Inc		4,892		71,423
Home BancShares Inc		6,745		118,510
Horace Mann Educators Corp		2,296		80,842
IBERIABANK Corp		2,214		158,766
Investors Bancorp Inc		2,465		29,210
Moelis & Co ‘A’		2,866		119,254
National Storage Affiliates Trust REIT		3,658		104,290
NexPoint Residential Trust Inc REIT		1,518		58,200
Old National Bancorp		9,003		147,649
Pacific Premier Bancorp Inc		1,513		40,140
PotlatchDeltic Corp REIT		2,968		112,161
Preferred Bank		1,267		56,977
PS Business Parks Inc REIT		1,474		231,167
Radian Group Inc		7,531		156,193
Ryman Hospitality Properties Inc REIT		2,495		205,189
Sandy Spring Bancorp Inc		2,093		65,469
Simmons First National Corp ‘A’		6,159		150,772
Stifel Financial Corp		2,578		136,015
Sunstone Hotel Investors Inc REIT		9,602		138,269
United Community Banks Inc		5,873		146,414
WSFS Financial Corp		3,081		118,927

				4,628,524

Industrial - 11.9%

Air Transport Services Group Inc *		6,397		147,451
Ambarella Inc *		2,075		89,640
American Woodmark Corp *		985		81,391
EMCOR Group Inc		2,658		194,247
EnerSys		2,041		132,992
Generac Holdings Inc *		2,057		105,380
Harsco Corp *		8,201		165,332
MasTec Inc *		4,601		221,308
Rexnord Corp *		5,418		136,209
Saia Inc *		3,153		192,648
SPX Corp *		3,397		118,182
SYNNEX Corp		1,203		114,754
Trinseo SA		2,613		118,369
Universal Forest Products Inc		3,729		111,460


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-35

PACIFIC FUNDS

PACIFIC FUNDS SMALL-CAP

Schedule of Investments (Continued)

March 31, 2019


	Shares		Value
US Concrete Inc *		1,496		$61,964
US Ecology Inc		1,473		82,458
Vishay Intertechnology Inc		8,859		163,626
Werner Enterprises Inc		3,215		109,792

				2,347,203

Technology - 11.7%

Allscripts Healthcare Solutions Inc *		14,369		137,080
Benefitfocus Inc *		1,789		88,591
Bottomline Technologies DE Inc *		1,703		85,303
CACI International Inc ‘A’ *		1,248		227,161
CommVault Systems Inc *		2,407		155,829
Entegris Inc		5,505		196,473
Glu Mobile Inc *		21,837		238,897
j2 Global Inc		2,360		204,376
RealPage Inc *		1,860		112,883
Silicon Laboratories Inc *		1,228		99,296
SPS Commerce Inc *		1,882		199,605
TiVo Corp		6,694		62,388
Verint Systems Inc *		4,736		283,497
Virtusa Corp *		2,667		142,551
Xperi Corp		3,667		85,808

				2,319,738

Utilities - 3.6%

ALLETE Inc		2,508		206,233
Black Hills Corp		2,774		205,470
Portland General Electric Co		1,492		77,345
Southwest Gas Holdings Inc		2,780		228,683

				717,731

Total Common Stocks (Cost $17,427,133)				19,459,609


	Shares		Value
SHORT-TERM INVESTMENT - 1.7%

Money Market Fund - 1.7%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.370%		330,656		$330,656


Total Short-Term Investment (Cost $330,656)				330,656


TOTAL INVESTMENTS - 100.1% (Cost $17,757,789)				19,790,265

OTHER ASSETS & LIABILITIES, NET - (0.1%)				(23,298	)


NET ASSETS - 100.0%				$19,766,967

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Non-Cyclical	27.9%
Financial	23.4%
Industrial	11.9%
Technology	11.7%
Consumer, Cyclical	10.2%
Communications	3.9%
Utilities	3.6%
Basic Materials	3.4%
Others (each less than 3.0%)	4.1%

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

	100.0%

(b)	Fair Value Measurements


		Total Value at March 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$19,459,609		$19,459,609		$—		$—
	Short-Term Investment		330,656		330,656		—		—

	Total		$19,790,265		$19,790,265		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-36

PACIFIC FUNDS

PACIFIC FUNDS^SM SMALL-CAP VALUE

Schedule of Investments

March 31, 2019


	Shares		Value
COMMON STOCKS - 97.1%

Basic Materials - 3.1%

Allegheny Technologies Inc *		5,868		$150,045
Commercial Metals Co		4,630		79,080
Kaiser Aluminum Corp		1,343		140,652
Kraton Corp *		4,994		160,707

				530,484

Communications - 2.9%

Ciena Corp *		3,911		146,037
NETGEAR Inc *		3,789		125,492
Perficient Inc *		4,555		124,762
Viavi Solutions Inc *		8,309		102,865

				499,156

Consumer, Cyclical - 7.9%

Altra Industrial Motion Corp		3,956		122,834
Beacon Roofing Supply Inc *		1,930		62,069
Bloomin’ Brands Inc		7,144		146,095
Caleres Inc		2,448		60,441
Callaway Golf Co		5,022		80,001
Conn’s Inc *		3,127		71,483
Cooper-Standard Holdings Inc *		1,575		73,962
Del Taco Restaurants Inc *		10,384		104,463
G-III Apparel Group Ltd *		2,805		112,088
Marriott Vacations Worldwide Corp		1,503		140,531
SkyWest Inc		4,806		260,918
The Children’s Place Inc		1,411		137,262

				1,372,147

Consumer, Non-Cyclical - 15.3%

Aaron’s Inc		3,310		174,106
Acadia Healthcare Co Inc *		4,997		146,462
Adtalem Global Education Inc *		5,692		263,653
AngioDynamics Inc *		4,524		103,419
BioScrip Inc *		24,969		49,938
Central Garden & Pet Co ‘A’ *		5,559		129,247
CONMED Corp		2,619		217,848
Helen of Troy Ltd *		1,628		188,783
Horizon Pharma PLC *		7,151		189,001
Hostess Brands Inc *		8,374		104,675
ICF International Inc		2,314		176,049
LivaNova PLC *		1,049		102,015
Magellan Health Inc *		1,149		75,742
Myriad Genetics Inc *		3,410		113,212
Orthofix Medical Inc *		2,471		139,389
SP Plus Corp *		6,057		206,665
Syneos Health Inc *		3,781		195,705
Viad Corp		1,577		88,769

				2,664,678

Energy - 2.9%

Exterran Corp *		4,903		82,616
Helix Energy Solutions Group Inc *		15,800		124,978
Magnolia Oil & Gas Corp *		5,684		68,208
PDC Energy Inc *		3,588		145,960
QEP Resources Inc *		11,185		87,131

				508,893

Financial - 40.2%

Agree Realty Corp REIT		1,546		107,200
Aircastle Ltd		8,885		179,832
Americold Realty Trust REIT		5,806		177,141
Argo Group International Holdings Ltd		3,079		217,562
Armada Hoffler Properties Inc REIT		7,327		114,228
Blucora Inc *		2,964		98,938
BrightSphere Investment Group PLC		11,505		156,008
Cadence BanCorp		5,906		109,556


	Shares		Value
Camden National Corp		2,661	$	111,017
Cathay General Bancorp		4,896		166,023
CenterState Bank Corp		6,524		155,336
Chemical Financial Corp		3,837		157,931
Deluxe Corp		2,314		101,168
Enterprise Financial Services Corp		2,887		117,703
Essent Group Ltd *		3,405		147,947
First Bancorp		4,544		157,949
First Industrial Realty Trust Inc REIT		7,737		273,580
First Interstate BancSystem Inc ‘A’		4,572		182,057
First Midwest Bancorp Inc		7,991		163,496
Heritage Financial Corp		3,584		108,022
Heritage Insurance Holdings Inc		6,123		89,396
Hilltop Holdings Inc		6,276		114,537
Home BancShares Inc		7,499		131,757
Horace Mann Educators Corp		2,239		78,835
Horizon Bancorp Inc		6,783		109,139
IBERIABANK Corp		3,129		224,381
Invesco Mortgage Capital Inc REIT		13,548		214,058
Investors Bancorp Inc		10,632		125,989
Life Storage Inc REIT		1,131		110,012
MFA Financial Inc REIT		29,933		217,613
National Storage Affiliates Trust REIT		6,864		195,693
NexPoint Residential Trust Inc REIT		2,201		84,386
Old National Bancorp		8,051		132,036
Old Second Bancorp Inc		7,912		99,612
Pacific Premier Bancorp Inc		2,215		58,764
PotlatchDeltic Corp REIT		3,732		141,032
Preferred Bank		2,243		100,868
PS Business Parks Inc REIT		1,733		271,786
QCR Holdings Inc		2,631		89,244
Radian Group Inc		10,212		211,797
Ryman Hospitality Properties Inc REIT		3,521		289,567
Sandy Spring Bancorp Inc		3,133		98,000
Simmons First National Corp ‘A’		6,151		150,576
Stifel Financial Corp		3,155		166,458
Sunstone Hotel Investors Inc REIT		15,963		229,867
United Community Banks Inc		5,592		139,409
WSFS Financial Corp		3,055		117,923

				6,995,429

Industrial - 11.8%

Astronics Corp *		3,976		130,095
Belden Inc		1,432		76,898
EMCOR Group Inc		3,164		231,225
EnerSys		1,793		116,832
Harsco Corp *		4,769		96,143
Knowles Corp *		7,214		127,183
MasTec Inc *		1,805		86,821
Rexnord Corp *		5,002		125,750
Sanmina Corp *		7,856		226,646
SYNNEX Corp		1,316		125,533
TriMas Corp *		5,678		171,646
Trinseo SA		3,116		141,155
Universal Forest Products Inc		5,099		152,409
Vishay Intertechnology Inc		6,669		123,176
Werner Enterprises Inc		3,379		115,393

				2,046,905

Technology - 6.8%

Allscripts Healthcare Solutions Inc *		12,550		119,727
CACI International Inc ‘A’ *		1,848		336,373
CSG Systems International Inc		3,760		159,048
Insight Enterprises Inc *		3,017		166,116
TiVo Corp		10,080		93,946
Verint Systems Inc *		5,197		311,092

				1,186,302


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-37

PACIFIC FUNDS

PACIFIC FUNDS SMALL-CAP VALUE

Schedule of Investments (Continued)

March 31, 2019


	Shares		Value
Utilities - 6.2%

ALLETE Inc		3,536	$	290,765
Black Hills Corp		3,382		250,505
Portland General Electric Co		5,464		283,254
Southwest Gas Holdings Inc		3,051		250,975

				1,075,499


Total Common Stocks (Cost $15,389,500)				16,879,493


EXCHANGE-TRADED FUND - 1.3%

iShares Russell 2000 Value		1,885		226,012


Total Exchange-Traded Fund (Cost $223,112)				226,012


SHORT-TERM INVESTMENT - 1.2%

Money Market Fund - 1.2%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.370%		212,456		212,456


Total Short-Term Investment (Cost $212,456)				212,456


TOTAL INVESTMENTS - 99.6% (Cost $15,825,068)				17,317,961

OTHER ASSETS & LIABILITIES, NET - 0.4%				65,365


NET ASSETS - 100.0%				$17,383,326

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:


Financial			40.2%
Consumer, Non-Cyclical			15.3%
Industrial			11.8%
Consumer, Cyclical			7.9%
Technology			6.8%
Utilities			6.2%
Basic Materials			3.1%
Others (each less than 3.0%)			8.3%

			99.6%
Other Assets & Liabilities, Net			0.4%

			100.0%

(b)	Fair Value Measurements


		Total Value at March 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$16,879,493		$16,879,493		$—		$—
	Exchange-Traded Fund		226,012		226,012		—		—
	Short-Term Investment		212,456		212,456		—		—

	Total		$17,317,961		$17,317,961		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-38

PACIFIC FUNDS

PACIFIC FUNDS^SMSMALL-CAP GROWTH

Schedule of Investments

March 31, 2019


	Shares		Value
COMMON STOCKS - 98.2%

Basic Materials - 3.1%

Kaiser Aluminum Corp		3,494		$365,927
PolyOne Corp		9,951		291,664
Rogers Corp *		2,890		459,163

				1,116,754

Communications - 5.5%

Ciena Corp *		8,083		301,819
NETGEAR Inc *		9,878		327,159
Shutterfly Inc *		6,746		274,157
Sinclair Broadcast Group Inc ‘A’		9,801		377,143
Viavi Solutions Inc *		17,414		215,585
Vonage Holdings Corp *		45,650		458,326

				1,954,189

Consumer, Cyclical - 13.0%

AMC Entertainment Holdings Inc ‘A’		10,241		152,079
Beacon Roofing Supply Inc *		6,842		220,039
BJ’s Restaurants Inc		6,691		316,351
Bloomin’ Brands Inc		20,845		426,280
G-III Apparel Group Ltd *		10,405		415,784
Golden Entertainment Inc *		8,881		125,755
iRobot Corp *		3,100		364,839
Lithia Motors Inc ‘A’		3,800		352,450
SeaWorld Entertainment Inc *		15,899		409,558
Shake Shack Inc ‘A’ *		7,482		442,560
Sleep Number Corp *		7,401		347,847
Steven Madden Ltd		10,039		339,720
The Children’s Place Inc		3,498		340,285
Wolverine World Wide Inc		10,200		364,446

				4,617,993

Consumer, Non-Cyclical - 35.7%

Acadia Healthcare Co Inc *		9,984		292,631
Amedisys Inc *		3,319		409,100
Amicus Therapeutics Inc *		26,871		365,446
AMN Healthcare Services Inc *		6,777		319,129
Amphastar Pharmaceuticals Inc *		9,685		197,865
Avanos Medical Inc *		5,735		244,770
BioScrip Inc *		58,814		117,628
BioTelemetry Inc *		6,300		394,506
Cardtronics PLC ‘A’ *		14,539		517,298
Chegg Inc *		13,949		531,736
Esperion Therapeutics Inc *		5,735		230,260
FibroGen Inc *		6,598		358,601
Green Dot Corp ‘A’ *		7,956		482,531
Heron Therapeutics Inc *		9,619		235,088
Horizon Pharma PLC *		28,270		747,176
Insperity Inc		4,944		611,375
iRhythm Technologies Inc *		4,767		357,334
J&J Snack Foods Corp		2,205		350,242
LHC Group Inc *		4,857		538,447
LivaNova PLC *		4,975		483,819
LiveRamp Holdings Inc *		8,925		487,037
Merit Medical Systems Inc *		6,783		419,393
Myriad Genetics Inc *		11,330		376,156
NuVasive Inc *		4,948		280,997
Orthofix Medical Inc *		6,336		357,414
Performance Food Group Co *		13,107		519,561
PTC Therapeutics Inc *		5,955		224,146
Puma Biotechnology Inc *		6,468		250,894
Quidel Corp *		6,936		454,100
Revance Therapeutics Inc *		9,393		148,034
Supernus Pharmaceuticals Inc *		11,362		398,124
Syneos Health Inc *		6,545		338,769


	Shares		Value
Ultragenyx Pharmaceutical Inc *		5,982		$414,912
Vanda Pharmaceuticals Inc *		13,820		254,288

				12,708,807

Energy - 0.5%

Matador Resources Co *		10,364		200,336


Financial - 8.8%

Blucora Inc *		12,757		425,829
BrightSphere Investment Group PLC		17,916		242,941
Deluxe Corp		6,693		292,618
Essent Group Ltd *		9,258		402,260
Home BancShares Inc		15,911		279,556
Moelis & Co ‘A’		5,988		249,161
Pacific Premier Bancorp Inc		7,351		195,022
Preferred Bank		5,085		228,672
PS Business Parks Inc REIT		2,450		384,234
Ryman Hospitality Properties Inc REIT		5,313		436,941

				3,137,234

Industrial - 12.9%

Aerojet Rocketdyne Holdings Inc *		9,394		333,769
Ambarella Inc *		5,223		225,634
American Woodmark Corp *		3,895		321,844
Astronics Corp *		8,106		265,228
EnPro Industries Inc		4,272		275,330
Generac Holdings Inc *		7,970		408,303
Harsco Corp *		14,206		286,393
Masonite International Corp *		4,753		237,127
MasTec Inc *		8,141		391,582
Saia Inc *		5,211		318,392
SPX Corp *		13,715		477,145
Tetra Tech Inc		5,730		341,451
Trinseo SA		5,151		233,340
US Concrete Inc *		5,171		214,183
US Ecology Inc		4,643		259,915

				4,589,636

Technology - 18.7%

Allscripts Healthcare Solutions Inc *		34,211		326,373
Benefitfocus Inc *		6,546		324,158
Bottomline Technologies DE Inc *		9,696		485,673
Cloudera Inc *		25,769		281,913
CommVault Systems Inc *		6,628		429,097
Cornerstone OnDemand Inc *		9,337		511,481
Glu Mobile Inc *		58,181		636,500
HubSpot Inc *		3,194		530,875
j2 Global Inc		5,959		516,049
Lumentum Holdings Inc *		7,532		425,859
MaxLinear Inc *		11,503		293,672
RealPage Inc *		4,676		283,786
Silicon Laboratories Inc *		4,494		363,385
SPS Commerce Inc *		3,967		420,740
TiVo Corp		17,755		165,476
Virtusa Corp *		7,725		412,901
Xperi Corp		10,744		251,410

				6,659,348

Total Common Stocks (Cost $28,717,161)				34,984,297


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-39

PACIFIC FUNDS

PACIFIC FUNDSSMALL-CAP GROWTH

Schedule of Investments (Continued)

March 31, 2019


	Shares		Value
SHORT-TERM INVESTMENT - 1.4%

Money Market Fund - 1.4%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.370%		503,436		$503,436


Total Short-Term Investment (Cost $503,436)				503,436


TOTAL INVESTMENTS - 99.6% (Cost $29,220,597)				35,487,733

OTHER ASSETS & LIABILITIES, NET - 0.4%				126,368


NET ASSETS - 100.0%				$35,614,101

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Non-Cyclical			35.7%
Technology			18.7%
Consumer, Cyclical			13.0%
Industrial			12.9%
Financial			8.8%
Communications			5.5%
Basic Materials			3.1%
Others (each less than 3.0%)			1.9%

			99.6%
Other Assets & Liabilities, Net			0.4%

			100.0%

(b)	Fair Value Measurements


		Total Value at March 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$34,984,297		$34,984,297		$—		$—
	Short-Term Investment		503,436		503,436		—		—

	Total		$35,487,733		$35,487,733		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-41

B-40

PACIFIC FUNDS

Schedule of Investments (Continued)

Explanation of Symbols and Terms

March 31, 2019



Explanation of Symbols:

*		Non-income producing investments.
§		Variable rate investments. The rate shown is based on the latest available information as of March 31, 2019. For Senior Loan Notes, the rate shown may represent a weighted average interest rate. Interest rates for certain securities are subject to interest rate caps and floors, which would result in a period end rate being more, less or equal to the referenced rate plus spread. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
Y		Issuer filed bankruptcy and/or is in default as of March 31, 2019.
¥		All or a portion of this senior loan position has not settled. Rates do not take effect until settlement date. Rates shown, if any, are for the settled portion.
#		Securities purchased on a when-issued basis. 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 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.

Reference Rate Abbreviation:

USD LIBOR		United States Dollar London Interbank Offered Rate

Other Abbreviations:

PIK		Payment In Kind
REIT		Real Estate Investment Trust

Notes:

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

The countries listed in the Schedules 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).

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

See Notes to Financial Statements

B-41

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

MARCH 31, 2019


		Pacific Funds Portfolio Optimization										Pacific Funds Diversified Alternatives
		Conservative		Moderate- Conservative		Moderate		Growth		Aggressive- Growth		Pacific Funds Diversified Alternatives
ASSETS
Investments in affiliated mutual funds, at value			$255,966,812		$372,579,548		$1,152,450,784		$887,374,219		$311,318,730		$28,240,020
Receivables:
	Fund shares sold		138,205		83,176		365,509		293,308		74,692		8,344
	Securities sold		90,099		176,514		1,035,036		181,478		133,941		28,572
	Due from adviser		14,296		19,717		47,842		35,185		15,436		672
Prepaid expenses and other assets			19,687		20,586		27,404		25,579		19,960		10,437
Total Assets			256,229,099		372,879,541		1,153,926,575		887,909,769		311,562,759		28,288,045
LIABILITIES
Payables:
	Fund shares redeemed		340,247		689,572		2,413,029		1,053,482		552,967		46,490
	Accrued advisory fees		43,295		63,214		195,646		150,456		52,802		4,839
	Accrued administration fees		32,471		47,411		146,734		112,842		39,602		3,630
	Accrued support service expenses		11,702		16,997		50,577		37,842		13,054		1,453
	Accrued legal, audit and tax service fees		31,001		45,176		134,372		100,643		34,621		3,837
	Accrued trustees’ fees and expenses and deferred compensation		4,725		5,571		14,797		10,187		2,981		53
	Accrued distribution fees		15,746		20,255		57,930		41,395		13,043		367
	Accrued service fees		10,211		14,946		46,041		35,445		12,254		278
	Accrued other (1)		29,929		43,967		132,980		100,279		34,276		4,034
Total Liabilities			519,327		947,109		3,192,106		1,642,571		755,600		64,981
NET ASSETS			$255,709,772		$371,932,432		$1,150,734,469		$886,267,198		$310,807,159		$28,223,064
NET ASSETS CONSIST OF:
Paid-in capital			$254,602,912		$367,993,786		$1,066,713,556		$792,870,831		$268,932,965		$30,525,461
Undistributed/accumulated earnings (deficit)			1,106,860		3,938,646		84,020,913		93,396,367		41,874,194		(2,302,397	)
NET ASSETS			$255,709,772		$371,932,432		$1,150,734,469		$886,267,198		$310,807,159		$28,223,064
Class A Shares:
	Net Assets		$121,011,646		$199,827,131		$652,731,035		$529,246,711		$193,470,472		$3,797,213
	Shares of beneficial interest outstanding		11,830,609		18,667,514		54,354,174		41,456,527		13,581,101		402,487
	Net Asset Value per share*		$10.23		$10.70		$12.01		$12.77		$14.25		$9.43
	Sales Charge — Maximum is 5.50% of offering price		0.60		0.62		0.70		0.74		0.83		0.55
	Maximum offering price per share		$10.83		$11.32		$12.71		$13.51		$15.08		$9.98
Class B Shares:
	Net Assets		$16,572,514		$27,881,796		$89,874,631		$66,562,463		$21,042,524
	Shares of beneficial interest outstanding		1,660,954		2,668,361		7,619,970		5,323,192		1,524,797
	Net Asset Value per share*		$9.98		$10.45		$11.79		$12.50		$13.80
Class C Shares:
	Net Assets		$111,232,539		$136,522,017		$381,169,917		$270,999,795		$85,434,482		$2,972,257
	Shares of beneficial interest outstanding		11,161,492		13,079,688		32,395,173		21,769,022		6,207,765		321,361
	Net Asset Value per share*		$9.97		$10.44		$11.77		$12.45		$13.76		$9.25
Advisor Class:
	Net Assets		$6,893,073		$7,701,488		$26,958,886		$19,458,229		$10,859,681		$21,453,594
	Shares of beneficial interest outstanding		671,680		716,525		2,237,225		1,517,938		759,820		2,264,696
	Net Asset Value per share		$10.26		$10.75		$12.05		$12.82		$14.29		$9.47

Investments in affiliated mutual funds, at cost			$252,060,175		$365,369,917		$1,091,114,470		$822,784,568		$281,697,035		$28,465,004

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

(1)	Accrued other for the Pacific Funds Diversified Alternatives includes $2,273 of accrued printing fees.

See Notes to Financial Statements

C-1

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

MARCH 31, 2019


		Pacific Funds Short Duration Income		Pacific Funds Core Income			Pacific Funds Strategic Income			Pacific Funds Floating Rate Income			Pacific Funds High Income
ASSETS
Investments, at value (excluding derivatives)			$730,397,621		$631,516,535			$589,508,225			$1,834,529,935			$134,847,309
Cash			11,035		28,242			164,875			947,810			10,098
Foreign currency held, at value			—		—			4,985			—			623
Receivables:
	Dividends and interest		4,238,013		4,594,307			5,808,829			5,148,116			1,834,684
	Fund shares sold		7,417,226		3,251,753			3,446,418			4,708,722			5
	Securities sold		1,575,918		3,151,837			6,763,817			125,997,439			446,680
	Due from adviser		162,162		140,760			136,746			407,096			15,227
Prepaid expenses and other assets			28,892		21,552			22,531			142,022			13,426
Total Assets			743,830,867		642,704,986			605,856,426			1,971,881,140			137,168,052
LIABILITIES
Payables:
	Fund shares redeemed		2,228,146		1,581,440			2,170,177			7,809,807			101,412
	Securities purchased		8,921,136		16,151,433			20,338,744			200,977,142			10,917,818
	Income distributions		71,637		305,931			399,832			1,037,612			627
	Accrued advisory fees		238,845		255,152			292,758			968,750			46,374
	Accrued administration fees		168,976		144,698			145,658			386,144			13,198
	Accrued support service expenses		26,868		26,174			25,115			80,984			2,708
	Accrued custodian fees and expenses		11,911		19,912			15,481			69,740			2,966
	Accrued legal, audit and tax service fees		68,274		70,067			65,225			207,493			6,827
	Accrued trustees’ fees and expenses and deferred compensation		973		948			910			2,934			98
	Accrued distribution fees		5,693		10,010			7,227			24,258			459
	Accrued service fees		6,787		6,698			4,933			16,438			365
	Accrued other		67,661		78,748			75,143			281,594			14,100
Unfunded loan commitment depreciation			—		—			—			44,140			—
Total Liabilities			11,816,907		18,651,211			23,541,203			211,907,036			11,106,952
NET ASSETS			$732,013,960		$624,053,775			$582,315,223			$1,759,974,104			$126,061,100
NET ASSETS CONSIST OF:
Paid-in capital			$730,950,168		$641,179,224			$597,443,320			$1,839,066,799			$136,039,569
Undistributed/accumulated earnings (deficit)			1,063,792		(17,125,449	)		(15,128,097	)		(79,092,695	)		(9,978,469	)
NET ASSETS			$732,013,960		$624,053,775			$582,315,223			$1,759,974,104			$126,061,100
Class A Shares:
	Net Assets		$118,935,430		$82,135,813			$61,503,285			$202,929,163			$5,174,237
	Shares of beneficial interest outstanding		11,543,770		7,806,798			5,800,779			20,532,300			513,625
	Net Asset Value per share*		$10.30		$10.52			$10.60			$9.88			$10.07
	Sales Charge (1)		0.32		0.47			0.47			0.31			0.45
	Maximum offering price per share		$10.62		$10.99			$11.07			$10.19			$10.52
Class C Shares:
	Net Assets		$46,166,849		$81,308,520			$58,634,135			$197,080,949			$3,725,513
	Shares of beneficial interest outstanding		4,489,553		7,726,350			5,542,338			19,980,038			370,351
	Net Asset Value per share*		$10.28		$10.52			$10.58			$9.86			$10.06
Class I Shares:
	Net Assets		$83,435,708		$26,394,032			$5,749,904			$497,335,473			$175,017
	Shares of beneficial interest outstanding		8,108,768		2,506,427			545,554			50,248,886			17,534
	Net Asset Value per share		$10.29		$10.53			$10.54			$9.90			$9.98
Class P Shares:
	Net Assets				$40,570,151						$32,176,438			$113,317,493
	Shares of beneficial interest outstanding				3,841,184						3,251,633			11,355,574
	Net Asset Value Per Share				$10.56						$9.90			$9.98
Advisor Class:
	Net Assets		$483,475,973		$393,645,259			$456,427,899			$830,452,081			$3,668,840
	Shares of beneficial interest outstanding		46,911,396		37,332,163			43,041,230			83,734,806			363,905
	Net Asset Value per share		$10.31		$10.54			$10.60			$9.92			$10.08

Investments, at cost (excluding derivatives)			$727,069,520		$626,126,822			$594,692,237			$1,859,083,659			$135,136,757
Foreign currency held, at cost			—		—			6,640			—			788

*	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 Pacific Funds Short Duration Income and Pacific Funds Floating Rate 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

C-2

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

MARCH 31, 2019


		Pacific Funds Large-Cap		Pacific Funds Large-Cap Value		Pacific Funds Small/Mid-Cap		Pacific Funds Small-Cap		Pacific Funds Small-Cap Value		Pacific Funds Small-Cap Growth
ASSETS
Investments, at value (excluding derivatives)			$19,743,651		$18,401,099		$374,464,707		$19,790,265		$17,317,961		$35,487,733
Receivables:
	Dividends and interest		12,453		22,167		228,030		17,256		31,769		11,509
	Fund shares sold		1,983		1,234		320,233		17,797		68,049		1,200
	Securities sold		473,740		261,232		599,951		29,527		69,035		215,249
	Due from adviser		3,199		3,910		45,101		6,384		3,902		5,589
Prepaid expenses and other assets			11,025		11,097		14,184		10,984		11,245		11,940
Total Assets			20,246,051		18,700,739		375,672,206		19,872,213		17,501,961		35,733,220
LIABILITIES
Payables:
	Fund shares redeemed		197		29,765		509,707		63,097		35,341		12,027
	Securities purchased		439,798		186,718		1,381,408		15,314		57,658		51,450
	Accrued advisory fees		9,069		10,101		267,255		14,260		12,562		29,988
	Accrued administration fees		4,853		4,570		93,543		4,965		4,043		6,481
	Accrued support service expenses		835		1,159		10,283		806		1,050		2,515
	Accrued custodian fees and expenses		390		620		5,629		534		622		1,200
	Accrued legal, audit and tax service fees		2,169		3,068		26,844		2,143		2,804		6,471
	Accrued trustees’ fees and expenses and deferred compensation		30		42		373		29		38		91
	Accrued distribution fees		477		427		2,056		110		159		117
	Accrued service fees		488		320		1,579		240		106		166
	Accrued other		3,145		4,158		34,082		3,748		4,252		8,613
Total Liabilities			461,451		240,948		2,332,759		105,246		118,635		119,119
NET ASSETS			$19,784,600		$18,459,791		$373,339,447		$19,766,967		$17,383,326		$35,614,101
NET ASSETS CONSIST OF:
Paid-in capital			$17,154,951		$14,012,453		$346,061,589		$18,477,865		$16,390,910		$31,676,344
Undistributed/accumulated earnings (deficit)			2,629,649		4,447,338		27,277,858		1,289,102		992,416		3,937,757
NET ASSETS			$19,784,600		$18,459,791		$373,339,447		$19,766,967		$17,383,326		$35,614,101
Class A Shares:
	Net Assets		$8,079,735		$4,353,194		$21,872,283		$4,986,237		$1,297,810		$3,125,736
	Shares of beneficial interest outstanding		647,628		399,711		1,679,582		411,306		142,620		261,219
	Net Asset Value per share*		$12.48		$10.89		$13.02		$12.12		$9.10		$11.97
	Sales Charge — Maximum is 4.25% of offering price		0.55		0.48		0.58		0.54		0.40		0.53
	Maximum offering price per share		$13.03		$11.37		$13.60		$12.66		$9.50		$12.50
Class C Shares:
	Net Assets		$3,899,872		$3,475,441		$16,874,983		$902,176		$1,287,190		$959,259
	Shares of beneficial interest outstanding		314,059		320,979		1,328,285		75,580		144,016		82,349
	Net Asset Value per share*		$12.42		$10.83		$12.70		$11.94		$8.94		$11.65
Class P Shares:
	Net Assets												$23,954,771
	Shares of beneficial interest outstanding												1,983,167
	Net Asset Value Per Share												$12.08
Advisor Class:
	Net Assets		$6,895,671		$9,799,467		$328,170,646		$13,220,279		$11,663,944		$5,287,803
	Shares of beneficial interest outstanding		548,579		896,964		25,038,994		1,073,024		1,273,169		437,603
	Net Asset Value per share		$12.57		$10.93		$13.11		$12.32		$9.16		$12.08
Class S:
	Net Assets		$909,322		$831,689		$6,421,535		$658,275		$3,134,382		$2,286,532
	Shares of beneficial interest outstanding		73,747		76,717		489,590		58,331		343,499		188,733
	Net Asset Value per share		$12.33		$10.84		$13.12		$11.29		$9.12		$12.12

Investments, at cost (excluding derivatives)			$16,834,109		$14,957,356		$339,528,007		$17,757,789		$15,825,068		$29,220,597

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

See Notes to Financial Statements

C-3

PACIFIC FUNDS

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED MARCH 31, 2019


		Pacific Funds Portfolio Optimization															Pacific Funds Diversified Alternatives
		Conservative			Moderate- Conservative			Moderate			Growth			Aggressive- Growth			Pacific Funds Diversified Alternatives
INVESTMENT INCOME
Dividends from affiliated mutual fund investments			$6,730,294			$8,776,697			$21,781,058			$13,409,103			$3,883,564			$432,736
Total Investment Income			6,730,294			8,776,697			21,781,058			13,409,103			3,883,564			432,736

EXPENSES
Advisory fees			553,384			817,122			2,467,476			1,869,388			643,120			75,879
Administration fees			415,038			612,843			1,850,607			1,402,041			482,339			56,909
Support services expenses			49,877			74,111			221,671			167,618			57,347			6,946
Shareholder report expenses			25,188			37,437			112,667			85,471			29,489			3,853
Distribution fees (1)
	Class B		151,081			246,433			778,965			578,049			178,904
	Class C		922,086			1,163,630			3,199,440			2,210,787			691,304			23,244
	Class R (2)		11,459			12,318			56,548			33,281			16,001

Service fees (1)
	Class A		304,496			523,906			1,637,869			1,321,555			468,966			12,286
	Class B		50,360			82,145			259,655			192,683			59,635
	Class C		307,362			387,876			1,066,480			736,929			230,434			7,748
	Class R (2)		11,459			12,317			56,548			33,281			16,001
Transfer agency out-of-pocket expenses			20,123			29,250			87,167			66,747			22,501			2,846
Registration fees			75,041			77,749			98,972			90,888			76,088			51,139
Legal, audit and tax service fees			34,718			50,705			151,073			113,290			38,987			4,450
Trustees’ fees and expenses			12,979			19,224			57,412			43,321			14,790			1,809
Recoupment of adviser reimbursement (3)			—			—			—			—			—			20,655
Other			12,843			16,849			45,392			34,868			13,936			3,152
Total Expenses			2,957,494			4,163,915			12,147,942			8,980,197			3,039,842			270,916
Adviser Expense Reimbursement (3)			(230,770	)		(305,325	)		(774,354	)		(602,203	)		(253,140	)		—
Net Expenses			2,726,724			3,858,590			11,373,588			8,377,994			2,786,702			270,916
NET INVESTMENT INCOME (LOSS)			4,003,570			4,918,107			10,407,470			5,031,109			1,096,862			161,820

NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions in affiliated mutual funds		6,058,957			20,237,831			53,947,431			58,195,978			24,938,503			(2,117,807	)
	Capital gain distributions from affiliated mutual fund investments		2,940,789			6,331,866			55,483,361			58,312,701			25,598,971			519,864
	Net Realized Gain (Loss)		8,999,746			26,569,697			109,430,792			116,508,679			50,537,474			(1,597,943	)

Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities in affiliated mutual fund investments		(9,753,514	)		(26,777,500	)		(97,037,490	)		(99,596,050	)		(42,365,388	)		(574,150	)
	Change in Net Unrealized Appreciation (Depreciation)		(9,753,514	)		(26,777,500	)		(97,037,490	)		(99,596,050	)		(42,365,388	)		(574,150	)
NET GAIN (LOSS)			(753,768	)		(207,803	)		12,393,302			16,912,629			8,172,086			(2,172,093	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$3,249,802			$4,710,304			$22,800,772			$21,943,738			$9,268,948			($2,010,273	)

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

(2)	Class R shares were converted to Class A shares on March 22, 2019 (see Note 1 in Notes to Financial Statements).

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

See Notes to Financial Statements

C-4

PACIFIC FUNDS

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED MARCH 31, 2019


		Pacific Funds Short Duration Income			Pacific Funds Core Income			Pacific Funds Strategic Income			Pacific Funds Floating Rate Income			Pacific Funds High Income
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$418,409			$293,444			$979,676			$2,946,590			$107,367
Interest, net of foreign taxes withheld			16,435,203			24,976,208			29,316,312			102,026,090			4,414,427
Other			—			—			—			—			18
Total Investment Income			16,853,612			25,269,652			30,295,988			104,972,680			4,521,812

EXPENSES
Advisory fees			2,027,531			3,101,928			3,379,103			11,488,663			421,995
Administration fees			1,469,665			1,761,665			1,682,376			4,546,089			123,636
Support services expenses			83,459			113,809			98,315			295,651			11,928
Custodian fees and expenses			14,142			26,526			19,332			92,953			3,607
Shareholder report expenses			45,025			55,025			52,044			163,930			6,821
Distribution fees (1)
	Class C		327,323			658,742			428,617			1,492,365			30,889
Service fees (1)
	Class A		226,724			246,916			165,213			530,324			13,311
	Class C		109,108			219,581			142,872			497,455			10,296
Transfer agency out-of-pocket expenses			34,406			46,751			40,634			124,696			5,091
Registration fees			114,137			88,845			107,609			153,548			56,254
Legal, audit and tax service fees			74,036			77,698			72,737			303,556			8,287
Trustees’ fees and expenses			22,456			29,943			25,976			79,812			3,249
Interest expense			—			—			—			381,710			—
Other			35,400			47,134			45,615			83,724			18,774
Total Expenses			4,583,412			6,474,563			6,260,443			20,234,476			714,138
Advisory Fee Waiver (2)			—			—			—			(191,872	)		—
Adviser Expense Reimbursement (3)			(1,385,844	)		(1,843,904	)		(1,612,421	)		(4,391,138	)		(169,374	)
Net Expenses			3,197,568			4,630,659			4,648,022			15,651,466			544,764
NET INVESTMENT INCOME (LOSS)			13,656,044			20,638,993			25,647,966			89,321,214			3,977,048

NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions		(868,315	)		(7,715,010	)		(2,204,849	)		(16,678,087	)		(1,030,376	)
	Net Realized Gain (Loss)		(868,315	)		(7,715,010	)		(2,204,849	)		(16,678,087	)		(1,030,376	)

Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities		6,040,386			10,264,861			(3,634,674	)		(27,999,595	)		86,579
	Foreign currencies		—			—			(185	)		—			(23	)
	Unfunded loan commitments		—			—			9,744			(107,452	)		—
	Change in Net Unrealized Appreciation (Depreciation)		6,040,386			10,264,861			(3,625,115	)		(28,107,047	)		86,556
NET GAIN (LOSS)			5,172,071			2,549,851			(5,829,964	)		(44,785,134	)		(943,820	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$18,828,115			$23,188,844			$19,818,002			$44,536,080			$3,033,228

Foreign taxes withheld on dividends and interest			$8,313			$1,758			$3,194			$—			$1,676

(1)	The Class I, Class P, and 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 6 in Notes to Financial Statements.

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

See Notes to Financial Statements

C-5

PACIFIC FUNDS

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED MARCH 31, 2019


		Pacific Funds Large-Cap			Pacific Funds Large-Cap Value			Pacific Funds Small/Mid-Cap			Pacific Funds Small-Cap			Pacific Funds Small-Cap Value			Pacific Funds Small-Cap Growth
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$370,656			$661,781			$3,304,992			$250,639			$423,478			$359,277
Total Investment Income			370,656			661,781			3,304,992			250,639			423,478			359,277

EXPENSES
Advisory fees			124,383			180,914			2,374,423			195,234			225,053			486,139
Administration fees			56,429			81,354			824,919			68,247			67,776			111,859
Support services expenses			2,993			4,247			39,966			3,630			3,896			9,417
Custodian fees and expenses			398			763			6,640			582			647			1,370
Shareholder report expenses			1,777			2,609			24,216			2,286			2,514			5,533
Distribution fees (1)
	Class C		29,635			29,393			126,120			6,828			10,846			6,571
	Investor Class (2)		274			89			4,864			2,789			156			1,318
Service fees (1)
	Class A		15,976			9,735			60,749			10,494			3,286			5,430
	Class C		9,878			9,798			42,040			2,276			3,616			2,190
Transfer agency out-of-pocket expenses			1,359			2,098			18,533			1,671			2,059			4,402
Registration fees			53,533			53,476			72,625			56,869			53,550			54,335
Legal, audit and tax service fees			2,515			3,602			31,653			2,605			3,335			7,693
Trustees’ fees and expenses			886			1,357			11,807			1,061			1,322			2,804
Other			2,964			3,623			18,204			4,020			4,132			5,828
Total Expenses			303,000			383,058			3,656,759			358,592			382,188			704,889
Advisory Fee Waiver (3)			(19,036	)		—			—			—			—			—
Adviser Expense Reimbursement (4)			(85,164	)		(98,891	)		(493,273	)		(94,696	)		(90,131	)		(103,024	)
Net Expenses			198,800			284,167			3,163,486			263,896			292,057			601,865
NET INVESTMENT INCOME (LOSS)			171,856			377,614			141,506			(13,257	)		131,421			(242,588	)

NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions		255,129			1,566,245			(1,202,028	)		293,078			1,654,755			1,869,965
	Net Realized Gain (Loss)		255,129			1,566,245			(1,202,028	)		293,078			1,654,755			1,869,965

Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities		794,723			(1,146,418	)		8,050,964			(434,380	)		(3,313,252	)		(622,046	)
	Change in Net Unrealized Appreciation (Depreciation)		794,723			(1,146,418	)		8,050,964			(434,380	)		(3,313,252	)		(622,046	)
NET GAIN (LOSS)			1,049,852			419,827			6,848,936			(141,302	)		(1,658,497	)		1,247,919
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$1,221,708			$797,441			$6,990,442			($154,559	)		($1,527,076	)		$1,005,331

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

(2)	Investor Class shares were converted to Class A shares on July 31, 2018 (see Note 1 in Notes to Financial Statements).

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

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

See Notes to Financial Statements

C-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
		Year Ended March 31, 2019			Year Ended March 31, 2018			Year Ended March 31, 2019			Year Ended March 31, 2018			Year Ended March 31, 2019			Year Ended March 31, 2018
OPERATIONS
Net investment income (loss)			$4,003,570			$5,719,354			$4,918,107			$7,534,144			$10,407,470			$14,645,844
Net realized gain (loss)			8,999,746			17,159,884			26,569,697			39,487,398			109,430,792			142,206,222
Change in net unrealized appreciation (depreciation)			(9,753,514	)		(9,276,548	)		(26,777,500	)		(18,755,868	)		(97,037,490	)		(49,367,075	)
Net Increase (Decrease) in Net Assets Resulting from Operations			3,249,802			13,602,690			4,710,304			28,265,674			22,800,772			107,484,991

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		(12,592,979	)					(33,217,964	)					(112,777,136	)
	Class B		(1,853,035	)					(4,924,308	)					(16,690,844	)
	Class C		(12,087,506	)					(23,842,136	)					(71,737,804	)
	Class R		(468,143	)					(814,614	)					(3,856,053	)
	Advisor Class		(827,847	)					(1,073,763	)					(4,965,609	)
Net investment income
	Class A					(2,912,601	)					(4,861,302	)					(11,726,102	)
	Class B					(421,675	)					(633,795	)					(1,396,913	)
	Class C					(2,263,679	)					(2,848,132	)					(5,375,396	)
	Class R					(118,481	)					(100,872	)					(382,575	)
	Advisor Class					(147,955	)					(115,522	)					(428,003	)
Net realized gains
	Class A					—						(2,532,640	)					(15,115,123	)
	Class B					—						(462,792	)					(2,761,348	)
	Class C					—						(2,043,625	)					(10,579,522	)
	Class R					—						(56,995	)					(548,419	)
	Advisor Class					—						(55,238	)					(489,198	)
Net Decrease from Dividends and Distributions to Shareholders			(27,829,510	)		(5,864,391	)		(63,872,785	)		(13,710,913	)		(210,027,446	)		(48,802,599	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		17,040,384			21,118,348			22,266,413			28,225,155			67,659,104			65,600,073
	Class B		644,833			1,060,894			298,059			838,578			811,986			2,400,014
	Class C		10,935,788			14,413,486			10,682,389			11,011,781			24,399,313			30,037,376
	Class R		659,721			1,904,395			620,066			658,179			3,956,944			6,480,702
	Advisor Class		3,309,815			7,308,745			5,901,913			2,838,923			17,181,484			13,885,108
Dividends and distribution reinvestments
	Class A		12,486,167			2,851,921			32,858,005			7,238,144			111,916,625			26,555,935
	Class B		1,805,246			403,817			4,801,673			1,058,797			16,476,006			4,060,560
	Class C		11,921,411			2,169,873			23,453,860			4,734,975			70,315,954			15,594,027
	Class R		468,143			118,481			814,614			157,867			3,856,053			930,994
	Advisor Class		792,027			130,245			1,064,963			148,989			4,839,682			806,051
Cost of shares repurchased
	Class A		(33,270,001	)		(33,043,648	)		(57,777,975	)		(51,882,098	)		(141,741,982	)		(152,420,279	)
	Class B		(8,717,936	)		(7,281,860	)		(11,484,193	)		(9,415,432	)		(31,961,495	)		(26,922,276	)
	Class C		(37,513,896	)		(36,458,058	)		(49,618,847	)		(46,863,745	)		(113,479,765	)		(116,379,682	)
	Class R		(1,421,688	)		(5,572,314	)		(836,162	)		(1,760,589	)		(6,285,146	)		(8,442,266	)
	Advisor Class		(4,658,762	)		(4,859,568	)		(3,480,671	)		(2,855,308	)		(13,708,609	)		(10,245,364	)
Share class conversions
	Class A (1)		4,294,105			—			4,987,595			—			22,187,993			—
	Class R (1)		(4,294,105	)		—			(4,987,595	)		—			(22,187,993	)		—
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(25,518,748	)		(35,735,243	)		(20,435,893	)		(55,865,784	)		14,236,154			(148,059,027	)
NET INCREASE (DECREASE) IN NET ASSETS			(50,098,456	)		(27,996,944	)		(79,598,374	)		(41,311,023	)		(172,990,520	)		(89,376,635	)

NET ASSETS
Beginning of Year			305,808,228			333,805,172			451,530,806			492,841,829			1,323,724,989			1,413,101,624
End of Year			$255,709,772			$305,808,228			$371,932,432			$451,530,806			$1,150,734,469			$1,323,724,989
Undistributed/Accumulated Net Investment Income (Loss)						$204,014						($365,209	)					($262,560	)

(1)	Class R shares were converted to Class A shares on March 22, 2019 (see Note 1 in Notes to Financial Statements).

See Notes to Financial Statements

C-7

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


		Pacific Funds Portfolio Optimization Growth						Pacific Funds Portfolio Optimization Aggressive-Growth						Pacific Funds Diversified Alternatives
		Year Ended March 31, 2019			Year Ended March 31, 2018			Year Ended March 31, 2019			Year Ended March 31, 2018			Year Ended March 31, 2019			Year Ended March 31, 2018
OPERATIONS
Net investment income (loss)			$5,031,109			$8,452,838			$1,096,862			$1,490,511			$161,820			$566,858
Net realized gain (loss)			116,508,679			111,873,756			50,537,474			34,901,107			(1,597,943	)		145,674
Change in net unrealized appreciation (depreciation)			(99,596,050	)		(23,161,117	)		(42,365,388	)		1,005,591			(574,150	)		258,496
Net Increase (Decrease) in Net Assets Resulting from Operations			21,943,738			97,165,477			9,268,948			37,397,209			(2,010,273	)		971,028

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		(99,899,454	)					(34,560,435	)					(49,863	)
	Class B		(13,714,779	)					(4,182,986	)
	Class C		(54,931,185	)					(16,772,422	)					(19,294	)
	Class R		(2,517,415	)					(1,055,968	)
	Advisor Class		(4,602,497	)					(2,356,107	)					(342,244	)
Net investment income
	Class A					(8,314,557	)					(2,191,024	)					(98,284	)
	Class B					(854,443	)					(170,680	)
	Class C					(3,023,542	)					(605,589	)					(55,299	)
	Class R					(211,322	)					(77,380	)
	Advisor Class					(269,165	)					(122,224	)					(489,276	)
Net realized gains
	Class A					(14,105,079	)					(5,356,432	)					—
	Class B					(2,390,612	)					(830,146	)
	Class C					(8,452,254	)					(2,902,552	)					—
	Class R					(415,832	)					(230,283	)
	Advisor Class					(405,922	)					(256,767	)					—
Net Decrease from Dividends and Distributions to Shareholders			(175,665,330	)		(38,442,728	)		(58,927,918	)		(12,743,077	)		(411,401	)		(642,859	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		53,017,761			51,974,122			21,090,137			17,680,573			1,419,189			2,577,620
	Class B		641,777			2,326,243			319,857			1,055,232
	Class C		19,642,987			22,707,932			8,385,039			13,056,528			471,820			2,068,688
	Class R		1,826,895			2,363,340			1,045,959			1,544,987
	Advisor Class		15,584,736			6,843,745			6,990,405			4,131,416			15,293,512			25,813,307
Dividends and distribution reinvestments
	Class A		99,254,420			22,209,123			34,287,460			7,488,586			47,058			92,137
	Class B		13,510,901			3,159,808			4,169,079			986,595
	Class C		54,318,779			11,246,878			16,485,319			3,424,678			19,294			55,259
	Class R		2,517,415			627,154			1,055,968			307,663
	Advisor Class		4,350,180			610,159			2,321,572			362,989			340,690			487,508
Cost of shares repurchased
	Class A		(106,383,272	)		(111,400,463	)		(29,140,734	)		(29,068,542	)		(2,264,191	)		(478,948	)
	Class B		(24,161,042	)		(20,370,468	)		(6,974,878	)		(7,037,527	)
	Class C		(71,029,532	)		(83,362,341	)		(22,731,074	)		(25,517,655	)		(411,384	)		(540,742	)
	Class R		(4,117,896	)		(3,743,904	)		(2,882,205	)		(2,178,564	)
	Advisor Class		(12,372,320	)		(5,247,841	)		(6,533,420	)		(2,145,476	)		(25,128,437	)		(2,514,438	)
Share class conversions
	Class A (1)		13,475,454			—			5,855,112			—
	Class R (1)		(13,475,454	)		—			(5,855,112	)		—
Net Increase (Decrease) in Net Assets from Capital Share Transactions			46,601,789			(100,056,513	)		27,888,484			(15,908,517	)		(10,212,449	)		27,560,391
NET INCREASE (DECREASE) IN NET ASSETS			(107,119,803	)		(41,333,764	)		(21,770,486	)		8,745,615			(12,634,123	)		27,888,560

NET ASSETS
Beginning of Year			993,387,001			1,034,720,765			332,577,645			323,832,030			40,857,187			12,968,627
End of Year			$886,267,198			$993,387,001			$310,807,159			$332,577,645			$28,223,064			$40,857,187
Undistributed/Accumulated Net Investment Income (Loss)						($1,234,668	)					($357,597	)					($13,526	)

(1)	Class R shares were converted to Class A shares on March 22, 2019 (see Note 1 in Notes to Financial Statements).

See Notes to Financial Statements

C-8

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


		Pacific Funds Short Duration Income						Pacific Funds Core Income						Pacific Funds Strategic Income
		Year Ended March 31, 2019			Year Ended March 31, 2018			Year Ended March 31, 2019			Year Ended March 31, 2018			Year Ended March 31, 2019			Year Ended March 31, 2018
OPERATIONS
Net investment income (loss)			$13,656,044			$7,415,954			$20,638,993			$20,722,649			$25,647,966			$16,428,184
Net realized gain (loss)			(868,315	)		808,998			(7,715,010	)		3,341,867			(2,204,849	)		4,492,052
Change in net unrealized appreciation (depreciation)			6,040,386			(4,727,335	)		10,264,861			(8,743,244	)		(3,625,115	)		(5,940,603	)
Net Increase (Decrease) in Net Assets Resulting from Operations			18,828,115			3,497,617			23,188,844			15,321,272			19,818,002			14,979,633

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		(2,288,424	)					(3,145,957	)					(2,887,137	)
	Class C		(761,316	)					(2,167,183	)					(2,122,133	)
	Class I		(1,010,121	)					(502,503	)					(229,143	)
	Class P								(1,845,313	)
	Advisor Class		(9,439,029	)					(13,013,000	)					(20,322,895	)
Net investment income
	Class A					(1,670,968	)					(3,861,326	)					(2,533,746	)
	Class C					(522,455	)					(2,037,140	)					(1,592,221	)
	Class I					(89,609	)					(139,896	)					(136,861	)
	Class P											(3,205,207	)
	Advisor Class					(5,007,525	)					(11,251,230	)					(11,977,951	)
Net realized gains
	Class A					—						—						—
	Class C					—						—						—
	Class I					—						—						—
	Class P											—
	Advisor Class					—						—						—
Net Decrease from Dividends and Distributions to Shareholders			(13,498,890	)		(7,290,557	)		(20,673,956	)		(20,494,799	)		(25,561,308	)		(16,240,779	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		70,623,211			58,408,543			18,564,517			30,371,212			24,665,776			31,105,423
	Class C		15,901,633			15,019,325			7,830,292			11,003,930			16,877,365			19,269,415
	Class I		84,288,064			2,696,087			23,761,756			1,487,585			2,795,211			2,419,650
	Class P								5,903,182			1,057,954
	Advisor Class		384,985,237			249,409,205			210,403,956			266,427,285			285,918,426			301,909,775
Dividends and distribution reinvestments
	Class A		2,000,466			1,505,440			2,830,461			3,401,268			2,432,833			2,058,751
	Class C		726,149			491,064			1,967,047			1,813,120			1,826,650			1,371,761
	Class I		1,009,574			89,514			501,767			139,095			226,671			134,988
	Class P								1,845,313			3,205,207
	Advisor Class		8,986,733			4,566,532			9,198,335			7,861,439			15,471,909			9,467,320
Cost of shares repurchased
	Class A		(48,667,567	)		(31,774,445	)		(71,051,776	)		(61,588,358	)		(36,906,963	)		(28,122,369	)
	Class C		(15,125,797	)		(13,904,093	)		(29,915,702	)		(31,816,511	)		(16,886,426	)		(13,321,375	)
	Class I		(6,860,042	)		(1,825,490	)		(2,653,440	)		(1,833,325	)		(1,123,649	)		(1,106,790	)
	Class P								(33,707,701	)		(59,290,467	)
	Advisor Class		(186,314,605	)		(141,710,576	)		(216,921,483	)		(219,522,626	)		(245,658,070	)		(122,216,357	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			311,553,056			142,971,106			(71,443,476	)		(47,283,192	)		49,639,733			202,970,192
NET INCREASE (DECREASE) IN NET ASSETS			316,882,281			139,178,166			(68,928,588	)		(52,456,719	)		43,896,427			201,709,046

NET ASSETS
Beginning of Year			415,131,679			275,953,513			692,982,363			745,439,082			538,418,796			336,709,750
End of Year			$732,013,960			$415,131,679			$624,053,775			$692,982,363			$582,315,223			$538,418,796
Undistributed/Accumulated Net Investment Income (Loss)						$166,774						$350,493						$367,263

See Notes to Financial Statements

C-9

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


		Pacific Funds Floating Rate Income						Pacific Funds High Income
		Year Ended March 31, 2019			Year Ended March 31, 2018			Year Ended March 31, 2019			Year Ended March 31, 2018
OPERATIONS
Net investment income (loss)			$89,321,214			$52,185,397			$3,977,048			$1,365,516
Net realized gain (loss)			(16,678,087	)		848,283			(1,030,376	)		525,467
Change in net unrealized appreciation (depreciation)			(28,107,047	)		(4,167,986	)		86,556			(968,872	)
Net Increase (Decrease) in Net Assets Resulting from Operations			44,536,080			48,865,694			3,033,228			922,111

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		(10,451,833	)					(292,486	)
	Class C		(8,439,626	)					(195,304	)
	Class I		(23,883,146	)					(11,349	)
	Class P		(2,709,538	)					(3,340,878	)
	Advisor Class		(44,322,870	)					(148,700	)
Net investment income
	Class A					(8,455,737	)					(287,489	)
	Class C					(6,345,408	)					(212,556	)
	Class I					(10,496,193	)					(124,627	)
	Class P					(3,251,568	)					(651,705	)
	Advisor Class					(23,304,092	)					(123,295	)
Net realized gains
	Class A					—						—
	Class C					—						—
	Class I					—						—
	Class P					—						—
	Advisor Class					—						—
Net Decrease from Dividends and Distributions to Shareholders			(89,807,013	)		(51,852,998	)		(3,988,717	)		(1,399,672	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		104,234,100			83,291,116			3,220,786			3,546,975
	Class C		56,249,918			46,285,914			716,716			762,952
	Class I		418,708,224			131,227,624			42,055			458,335
	Class P		2,293,667			6,914,472			65,198,232			60,058,075
	Advisor Class		654,273,775			456,907,837			2,682,948			1,531,699
Dividends and distribution reinvestments
	Class A		9,440,707			7,678,324			284,987			283,527
	Class C		7,744,275			5,716,395			188,590			210,060
	Class I		14,404,875			6,157,540			11,283			124,561
	Class P		2,709,538			3,251,568			3,340,878			651,705
	Advisor Class		39,800,982			20,332,301			146,871			119,839
Cost of shares repurchased
	Class A		(114,633,080	)		(88,619,207	)		(3,703,876	)		(3,956,374	)
	Class C		(53,193,064	)		(40,876,685	)		(1,528,238	)		(1,330,054	)
	Class I		(219,420,364	)		(92,405,337	)		(85,863	)		(5,617,055	)
	Class P		(36,334,229	)		(24,098,458	)		(23,286,646	)		(1,993,459	)
	Advisor Class		(555,917,071	)		(210,975,450	)		(1,650,968	)		(1,423,922	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			330,362,253			310,787,954			45,577,755			53,426,864
NET INCREASE (DECREASE) IN NET ASSETS			285,091,320			307,800,650			44,622,266			52,949,303

NET ASSETS
Beginning of Year			1,474,882,784			1,167,082,134			81,438,834			28,489,531
End of Year			$1,759,974,104			$1,474,882,784			$126,061,100			$81,438,834
Undistributed/Accumulated Net Investment Income (Loss)						$873,980						$94,127

See Notes to Financial Statements

C-10

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


		Pacific Funds Large-Cap						Pacific Funds Large-Cap Value						Pacific Funds Small/Mid-Cap
		Year Ended March 31, 2019			Year Ended March 31, 2018			Year Ended March 31, 2019			Year Ended March 31, 2018			Year Ended March 31, 2019			Year Ended March 31, 2018
OPERATIONS
Net investment income (loss)			$171,856			$86,807			$377,614			$318,398			$141,506			($236,628	)
Net realized gain (loss)			255,129			422,128			1,566,245			1,291,881			(1,202,028	)		657,794
Change in net unrealized appreciation (depreciation)			794,723			1,000,877			(1,146,418	)		1,131,106			8,050,964			16,333,908
Net Increase (Decrease) in Net Assets Resulting from Operations			1,221,708			1,509,812			797,441			2,741,385			6,990,442			16,755,074

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		(293,281	)					(279,931	)					(640,045	)
	Class C		(166,794	)					(230,757	)					(466,266	)
	Advisor Class		(407,953	)					(1,377,251	)					(5,717,212	)
	Class S		(31,514	)					(45,410	)					(187,396	)
Net investment income
	Class A					(35,500	)					(35,012	)					—
	Class C					(2,093	)					(25,207	)					—
	Advisor Class					(40,042	)					(285,750	)					—
	Investor Class					(3,345	)					(1,526	)					—
	Class S					(9,360	)					(25,707	)					—
Net realized gains
	Class A					(30,938	)					(69,181	)					(20,277	)
	Class C					(23,450	)					(94,471	)					(14,961	)
	Advisor Class					(38,500	)					(496,519	)					(150,439	)
	Investor Class					(4,283	)					(2,272	)					(8,905	)
	Class S					(3,547	)					(37,097	)					(10,307	)
Net Decrease from Dividends and Distributions to Shareholders			(899,542	)		(191,058	)		(1,933,349	)		(1,072,742	)		(7,010,919	)		(204,889	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		4,770,361			2,836,240			1,558,272			1,653,951			13,119,138			15,490,343
	Class C		1,180,700			1,039,440			765,875			1,510,001			4,827,893			8,607,340
	Advisor Class		1,509,946			9,049,665			284,501			1,451,424			228,165,055			118,174,037
	Investor Class		21			377,037			—			23,121			637,610			4,781,673
	Class S		342,150			356,031			283,922			494,965			569,158			491,152
Dividends and distribution reinvestments
	Class A		291,142			65,908			271,766			101,722			637,748			19,606
	Class C		166,366			22,688			229,197			105,137			466,266			14,371
	Advisor Class		403,573			76,302			1,375,545			777,555			5,608,985			147,311
	Investor Class		—			7,628			—			3,798			—			8,905
	Class S		31,514			12,907			45,410			62,804			187,396			10,307
Cost of shares repurchased
	Class A		(2,442,917	)		(2,988,482	)		(734,887	)		(1,189,450	)		(17,793,874	)		(14,661,733	)
	Class C		(1,029,023	)		(640,775	)		(1,680,413	)		(552,537	)		(3,349,491	)		(1,682,738	)
	Advisor Class		(3,153,984	)		(3,725,130	)		(10,646,030	)		(8,592,650	)		(83,368,175	)		(23,352,704	)
	Investor Class		(138,888	)		(270,990	)		(3,085	)		(21,651	)		(2,180,734	)		(5,902,271	)
	Class S		(171,384	)		(897,495	)		(1,479,100	)		(40,946	)		(4,167,845	)		(37,472	)
Share class conversions
	Class A (1)		336,632			—			106,330			—			5,349,094			—
	Investor Class (1)		(336,632	)		—			(106,330	)		—			(5,349,094	)		—
Net Increase (Decrease) in Net Assets from Capital Share Transactions			1,759,577			5,320,974			(9,729,027	)		(4,212,756	)		143,359,130			102,108,127
NET INCREASE (DECREASE) IN NET ASSETS			2,081,743			6,639,728			(10,864,935	)		(2,544,113	)		143,338,653			$118,658,312

NET ASSETS
Beginning of Year			17,702,857			11,063,129			29,324,726			31,868,839			230,000,794			111,342,482
End of Year			$19,784,600			$17,702,857			$18,459,791			$29,324,726			$373,339,447			$230,000,794
Undistributed/Accumulated Net Investment Income (Loss)						$17,741						$49,423						$—

(1)	Investor Class shares were converted to Class A shares on July 31, 2018 (see Note 1 in Notes to Financial Statements).

See Notes to Financial Statements

C-11

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


		Pacific Funds Small-Cap						Pacific Funds Small-Cap Value						Pacific Funds Small-Cap Growth
		Year Ended March 31, 2019			Year Ended March 31, 2018			Year Ended March 31, 2019			Year Ended March 31, 2018			Year Ended March 31, 2019			Year Ended March 31, 2018
OPERATIONS
Net investment income (loss)			($13,257	)		($1,502	)		$131,421			$111,562			($242,588	)		($149,089	)
Net realized gain (loss)			293,078			271,077			1,654,755			2,665,440			1,869,965			2,754,520
Change in net unrealized appreciation (depreciation)			(434,380	)		1,124,666			(3,313,252	)		(874,669	)		(622,046	)		1,827,259
Net Increase (Decrease) in Net Assets Resulting from Operations			(154,559	)		1,394,241			(1,527,076	)		1,902,333			1,005,331			4,432,690

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings
	Class A		(266,919	)					(184,456	)					(217,723	)
	Class C		(45,131	)					(205,173	)					(78,739	)
	Class P														(2,593,389	)
	Advisor Class		(724,054	)					(2,622,348	)					(1,438,459	)
	Class S		(22,537	)					(970,543	)					(595,834	)
Net investment income
	Class A					(1,364	)					(2,806	)					—
	Class C					—						—						—
	Class P																	—
	Advisor Class					(8,019	)					(89,039	)					—
	Investor Class					—						(354	)					—
	Class S					—						(60,605	)					—
Net realized gains
	Class A					(25,601	)					(93,928	)					(20,463	)
	Class C					(14,438	)					(126,239	)					(23,761	)
	Class P																	(482,393	)
	Advisor Class					(204,616	)					(1,716,659	)					(505,887	)
	Investor Class					(47	)					(6,608	)					(50,324	)
	Class S					(5,916	)					(823,893	)					(430,196	)
Net Decrease from Dividends and Distributions to Shareholders			(1,058,641	)		(260,001	)		(3,982,520	)		(2,920,131	)		(4,924,144	)		(1,513,024	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class A		976,454			1,248,952			521,330			820,522			1,002,273			322,272
	Class C		439,449			347,384			581,842			857,695			671,100			594,445
	Class P														14,581,877			15,447,521
	Advisor Class		5,813,754			7,913,651			4,150,430			2,581,805			6,511,680			2,024,783
	Investor Class		362,923			3,164,853			39,672			119,544			202			190,193
	Class S		273,636			304,126			220,011			455,387			505,875			738,140
Dividends and distribution reinvestments
	Class A		257,678			22,792			184,456			95,628			217,723			20,463
	Class C		45,131			14,438			205,173			126,228			78,739			23,761
	Class P														2,593,389			482,393
	Advisor Class		701,863			150,773			2,591,080			1,778,765			1,436,386			505,887
	Investor Class		—			47			—			6,962			—			50,324
	Class S		22,537			5,916			970,543			884,498			595,834			430,196
Cost of shares repurchased
	Class A		(1,562,670	)		(757,281	)		(479,587	)		(518,797	)		(179,852	)		(191,258	)
	Class C		(310,509	)		(271,294	)		(794,484	)		(466,654	)		(516,714	)		(77,739	)
	Class P														(18,163,421	)		(2,042,042	)
	Advisor Class		(7,275,080	)		(2,556,841	)		(7,174,364	)		(8,873,257	)		(15,180,871	)		(3,478,137	)
	Investor Class		(168,462	)		(613,752	)		(8,110	)		(165,781	)		—			(22,005	)
	Class S		(75,001	)		(15,132	)		(6,113,704	)		(1,012,550	)		(8,750,477	)		(1,050,902	)
Share class conversions
	Class A (1)		3,512,299			—			201,962			—			1,611,351			—
	Investor Class (1)		(3,512,299	)		—			(201,962	)		—			(1,611,351	)		—
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(498,297	)		8,958,632			(5,105,712	)		(3,310,005	)		(14,596,257	)		13,968,295
NET INCREASE (DECREASE) IN NET ASSETS			(1,711,497	)		10,092,872			(10,615,308	)		(4,327,803	)		(18,515,070	)		16,887,961

NET ASSETS
Beginning of Year			21,478,464			11,385,592			27,998,634			32,326,437			54,129,171			37,241,210
End of Year			$19,766,967			$21,478,464			$17,383,326			$27,998,634			$35,614,101			$54,129,171
Undistributed/Accumulated Net Investment Income (Loss)						$—						$1,539						($42,866	)

(1)	Investor Class shares were converted to Class A shares on July 31, 2018 (see Note 1 in Notes to Financial Statements).

See Notes to Financial Statements

C-12

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS

Selected per share, ratios and supplemental data for each year or period ended March 31, were as follows:


Fund			Selected Per Share Data																			Ratios to Average Net Assets									Supplemental Data
			Investment Operations								Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)		Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Portfolio Optimization Conservative (6)

Class A
4/1/2018 - 3/31/2019		$11.24		$0.20		($0.04	)		$0.16			($0.21	)		($0.96	)		($1.17	)		$10.23		0.68	%		0.60	%		1.83	%		1.88	%		$121,012		30	%
4/1/2017 - 3/31/2018		10.98		0.25		0.26			0.51			(0.25	)		—			(0.25	)		11.24		0.68	%		0.60	%		2.18	%		4.60	%		131,023		30	%
4/1/2016 - 3/31/2017		10.63		0.19		0.52			0.71			(0.22	)		(0.14	)		(0.36	)		10.98		0.68	%		0.60	%		1.70	%		6.59	%		136,881		57	%
4/1/2015 - 3/31/2016		11.22		0.22		(0.43	)		(0.21	)		(0.28	)		(0.10	)		(0.38	)		10.63		0.67	%		0.60	%		1.99	%		(1.73	%)		154,762		42	%
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	%
Class B
4/1/2018 - 3/31/2019		$11.00		$0.11		($0.03	)		$0.08			($0.14	)		($0.96	)		($1.10	)		$9.98		1.43	%		1.35	%		1.08	%		1.15	%		$16,573		30	%
4/1/2017 - 3/31/2018		10.76		0.16		0.26			0.42			(0.18	)		—			(0.18	)		11.00		1.43	%		1.35	%		1.43	%		3.78	%		24,600		30	%
4/1/2016 - 3/31/2017		10.45		0.10		0.50			0.60			(0.15	)		(0.14	)		(0.29	)		10.76		1.43	%		1.35	%		0.95	%		5.89	%		29,734		57	%
4/1/2015 - 3/31/2016		11.05		0.13		(0.41	)		(0.28	)		(0.22	)		(0.10	)		(0.32	)		10.45		1.42	%		1.35	%		1.24	%		(2.51	%)		33,675		42	%
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	%
Class C
4/1/2018 - 3/31/2019		$11.00		$0.11		($0.03	)		$0.08			($0.15	)		($0.96	)		($1.11	)		$9.97		1.43	%		1.35	%		1.08	%		1.13	%		$111,233		30	%
4/1/2017 - 3/31/2018		10.76		0.16		0.26			0.42			(0.18	)		—			(0.18	)		11.00		1.43	%		1.35	%		1.43	%		3.89	%		137,036		30	%
4/1/2016 - 3/31/2017		10.44		0.10		0.51			0.61			(0.15	)		(0.14	)		(0.29	)		10.76		1.43	%		1.35	%		0.95	%		5.79	%		153,433		57	%
4/1/2015 - 3/31/2016		11.05		0.13		(0.42	)		(0.29	)		(0.22	)		(0.10	)		(0.32	)		10.44		1.42	%		1.35	%		1.24	%		(2.51	%)		173,137		42	%
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	%
Advisor Class
4/1/2018 - 3/31/2019		$11.26		$0.22		($0.03	)		$0.19			($0.23	)		($0.96	)		($1.19	)		$10.26		0.43	%		0.35	%		2.08	%		2.26	%		$6,893		30	%
4/1/2017 - 3/31/2018		11.00		0.28		0.25			0.53			(0.27	)		—			(0.27	)		11.26		0.43	%		0.35	%		2.43	%		4.79	%		8,135		30	%
4/1/2016 - 3/31/2017		10.65		0.21		0.52			0.73			(0.24	)		(0.14	)		(0.38	)		11.00		0.43	%		0.35	%		1.95	%		6.89	%		5,404		57	%
4/1/2015 - 3/31/2016		11.23		0.25		(0.43	)		(0.18	)		(0.30	)		(0.10	)		(0.40	)		10.65		0.42	%		0.35	%		2.24	%		(1.53	%)		4,976		42	%
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	%
Pacific Funds Portfolio Optimization Moderate-Conservative (6)

Class A
4/1/2018 - 3/31/2019		$12.58		$0.18		($0.06	)		$0.12			($0.20	)		($1.80	)		($2.00	)		$10.70		0.68	%		0.60	%		1.55	%		1.91	%		$199,827		45	%
4/1/2017 - 3/31/2018		12.21		0.25		0.53			0.78			(0.27	)		(0.14	)		(0.41	)		12.58		0.67	%		0.60	%		1.95	%		6.36	%		227,420		30	%
4/1/2016 - 3/31/2017		11.73		0.20		0.79			0.99			(0.24	)		(0.27	)		(0.51	)		12.21		0.67	%		0.60	%		1.68	%		8.49	%		236,725		53	%
4/1/2015 - 3/31/2016		12.61		0.25		(0.50	)		(0.25	)		(0.29	)		(0.34	)		(0.63	)		11.73		0.67	%		0.60	%		2.07	%		(1.87	%)		255,376		34	%
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	%
Class B
4/1/2018 - 3/31/2019		$12.35		$0.09		($0.06	)		$0.03			($0.13	)		($1.80	)		($1.93	)		$10.45		1.43	%		1.35	%		0.80	%		1.07	%		$27,882		45	%
4/1/2017 - 3/31/2018		12.01		0.15		0.52			0.67			(0.19	)		(0.14	)		(0.33	)		12.35		1.42	%		1.35	%		1.20	%		5.58	%		39,004		30	%
4/1/2016 - 3/31/2017		11.56		0.11		0.78			0.89			(0.17	)		(0.27	)		(0.44	)		12.01		1.42	%		1.35	%		0.93	%		7.75	%		45,184		53	%
4/1/2015 - 3/31/2016		12.46		0.16		(0.49	)		(0.33	)		(0.23	)		(0.34	)		(0.57	)		11.56		1.42	%		1.35	%		1.32	%		(2.61	%)		47,540		34	%
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	%
Class C
4/1/2018 - 3/31/2019		$12.34		$0.09		($0.06	)		$0.03			($0.13	)		($1.80	)		($1.93	)		$10.44		1.43	%		1.35	%		0.80	%		1.11	%		$136,522		45	%
4/1/2017 - 3/31/2018		12.00		0.15		0.52			0.67			(0.19	)		(0.14	)		(0.33	)		12.34		1.42	%		1.35	%		1.20	%		5.60	%		174,766		30	%
4/1/2016 - 3/31/2017		11.56		0.11		0.77			0.88			(0.17	)		(0.27	)		(0.44	)		12.00		1.42	%		1.35	%		0.93	%		7.74	%		200,105		53	%
4/1/2015 - 3/31/2016		12.45		0.16		(0.48	)		(0.32	)		(0.23	)		(0.34	)		(0.57	)		11.56		1.42	%		1.35	%		1.32	%		(2.61	%)		221,192		34	%
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	%
Advisor Class
4/1/2018 - 3/31/2019		$12.62		$0.21		($0.06	)		$0.15			($0.22	)		($1.80	)		($2.02	)		$10.75		0.42	%		0.35	%		1.80	%		2.10	%		$7,701		45	%
4/1/2017 - 3/31/2018		12.24		0.28		0.53			0.81			(0.29	)		(0.14	)		(0.43	)		12.62		0.42	%		0.35	%		2.20	%		6.62	%		5,196		30	%
4/1/2016 - 3/31/2017		11.75		0.23		0.79			1.02			(0.26	)		(0.27	)		(0.53	)		12.24		0.42	%		0.35	%		1.93	%		8.78	%		4,895		53	%
4/1/2015 - 3/31/2016		12.62		0.28		(0.49	)		(0.21	)		(0.32	)		(0.34	)		(0.66	)		11.75		0.42	%		0.35	%		2.32	%		(1.60	%)		4,891		34	%
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	%


See Notes to Financial Statements		See explanation of references on C-21

C-13

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

Selected per share, ratios and supplemental data for each year or period ended March 31, were as follows:


Fund			Selected Per Share Data																			Ratios to Average Net Assets									Supplemental Data
			Investment Operations								Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)		Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Portfolio Optimization Moderate (6)

Class A
4/1/2018 - 3/31/2019		$14.26		$0.16		$0.04			$0.20			($0.23	)		($2.22	)		($2.45	)		$12.01		0.66	%		0.60	%		1.17	%		2.49	%		$652,731		41	%
4/1/2017 - 3/31/2018		13.67		0.20		0.94			1.14			(0.24	)		(0.31	)		(0.55	)		14.26		0.66	%		0.60	%		1.40	%		8.36	%		690,689		36	%
4/1/2016 - 3/31/2017		12.99		0.22		1.17			1.39			(0.24	)		(0.47	)		(0.71	)		13.67		0.66	%		0.60	%		1.60	%		10.94	%		720,438		48	%
4/1/2015 - 3/31/2016		14.20		0.25		(0.60	)		(0.35	)		(0.28	)		(0.58	)		(0.86	)		12.99		0.66	%		0.60	%		1.85	%		(2.50	%)		771,853		35	%
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	%
Class B
4/1/2018 - 3/31/2019		$14.06		$0.06		$0.04			$0.10			($0.15	)		($2.22	)		($2.37	)		$11.79		1.41	%		1.35	%		0.42	%		1.75	%		$89,875		41	%
4/1/2017 - 3/31/2018		13.52		0.09		0.92			1.01			(0.16	)		(0.31	)		(0.47	)		14.06		1.41	%		1.35	%		0.65	%		7.53	%		119,870		36	%
4/1/2016 - 3/31/2017		12.87		0.11		1.17			1.28			(0.16	)		(0.47	)		(0.63	)		13.52		1.41	%		1.35	%		0.85	%		10.18	%		134,766		48	%
4/1/2015 - 3/31/2016		14.10		0.15		(0.60	)		(0.45	)		(0.20	)		(0.58	)		(0.78	)		12.87		1.41	%		1.35	%		1.10	%		(3.21	%)		142,921		35	%
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	%
Class C
4/1/2018 - 3/31/2019		$14.04		$0.05		$0.06			$0.11			($0.16	)		($2.22	)		($2.38	)		$11.77		1.41	%		1.35	%		0.42	%		1.78	%		$381,170		41	%
4/1/2017 - 3/31/2018		13.50		0.09		0.92			1.01			(0.16	)		(0.31	)		(0.47	)		14.04		1.41	%		1.35	%		0.65	%		7.47	%		465,913		36	%
4/1/2016 - 3/31/2017		12.85		0.11		1.17			1.28			(0.16	)		(0.47	)		(0.63	)		13.50		1.41	%		1.35	%		0.85	%		10.19	%		515,691		48	%
4/1/2015 - 3/31/2016		14.08		0.15		(0.60	)		(0.45	)		(0.20	)		(0.58	)		(0.78	)		12.85		1.41	%		1.35	%		1.10	%		(3.22	%)		554,661		35	%
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	%
Advisor Class
4/1/2018 - 3/31/2019		$14.29		$0.19		$0.04			$0.23			($0.25	)		($2.22	)		($2.47	)		$12.05		0.41	%		0.35	%		1.42	%		2.75	%		$26,959		41	%
4/1/2017 - 3/31/2018		13.69		0.24		0.94			1.18			(0.27	)		(0.31	)		(0.58	)		14.29		0.41	%		0.35	%		1.65	%		8.54	%		23,088		36	%
4/1/2016 - 3/31/2017		13.00		0.25		1.18			1.43			(0.27	)		(0.47	)		(0.74	)		13.69		0.41	%		0.35	%		1.85	%		11.30	%		17,983		48	%
4/1/2015 - 3/31/2016		14.20		0.29		(0.60	)		(0.31	)		(0.31	)		(0.58	)		(0.89	)		13.00		0.41	%		0.35	%		2.10	%		(2.24	%)		19,835		35	%
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	%
Pacific Funds Portfolio Optimization Growth (6)

Class A
4/1/2018 - 3/31/2019		$15.46		$0.12		$0.13			$0.25			($0.21	)		($2.73	)		($2.94	)		$12.77		0.66	%		0.60	%		0.84	%		2.92	%		$529,247		53	%
4/1/2017 - 3/31/2018		14.61		0.18		1.30			1.48			(0.23	)		(0.40	)		(0.63	)		15.46		0.66	%		0.60	%		1.14	%		10.10	%		555,328		39	%
4/1/2016 - 3/31/2017		13.74		0.22		1.54			1.76			(0.23	)		(0.66	)		(0.89	)		14.61		0.67	%		0.60	%		1.55	%		13.08	%		560,395		43	%
4/1/2015 - 3/31/2016		15.34		0.19		(0.69	)		(0.50	)		(0.23	)		(0.87	)		(1.10	)		13.74		0.66	%		0.60	%		1.29	%		(3.35	%)		570,267		34	%
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	%
Class B
4/1/2018 - 3/31/2019		$15.23		$0.01		$0.12			$0.13			($0.13	)		($2.73	)		($2.86	)		$12.50		1.42	%		1.35	%		0.08	%		2.15	%		$66,562		53	%
4/1/2017 - 3/31/2018		14.42		0.06		1.29			1.35			(0.14	)		(0.40	)		(0.54	)		15.23		1.41	%		1.35	%		0.39	%		9.33	%		88,937		39	%
4/1/2016 - 3/31/2017		13.59		0.11		1.53			1.64			(0.15	)		(0.66	)		(0.81	)		14.42		1.42	%		1.35	%		0.80	%		12.30	%		98,256		43	%
4/1/2015 - 3/31/2016		15.22		0.08		(0.69	)		(0.61	)		(0.15	)		(0.87	)		(1.02	)		13.59		1.41	%		1.35	%		0.54	%		(4.13	%)		102,001		34	%
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	%
Class C
4/1/2018 - 3/31/2019		$15.18		$0.01		$0.13			$0.14			($0.14	)		($2.73	)		($2.87	)		$12.45		1.42	%		1.35	%		0.08	%		2.12	%		$271,000		53	%
4/1/2017 - 3/31/2018		14.38		0.06		1.28			1.34			(0.14	)		(0.40	)		(0.54	)		15.18		1.41	%		1.35	%		0.39	%		9.29	%		317,342		39	%
4/1/2016 - 3/31/2017		13.55		0.11		1.53			1.64			(0.15	)		(0.66	)		(0.81	)		14.38		1.42	%		1.35	%		0.80	%		12.33	%		347,447		43	%
4/1/2015 - 3/31/2016		15.18		0.08		(0.69	)		(0.61	)		(0.15	)		(0.87	)		(1.02	)		13.55		1.41	%		1.35	%		0.54	%		(4.13	%)		366,805		34	%
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	%
Advisor Class
4/1/2018 - 3/31/2019		$15.51		$0.16		$0.12			$0.28			($0.24	)		($2.73	)		($2.97	)		$12.82		0.41	%		0.35	%		1.09	%		3.12	%		$19,458		53	%
4/1/2017 - 3/31/2018		14.64		0.22		1.31			1.53			(0.26	)		(0.40	)		(0.66	)		15.51		0.41	%		0.35	%		1.39	%		10.42	%		16,280		39	%
4/1/2016 - 3/31/2017		13.76		0.26		1.54			1.80			(0.26	)		(0.66	)		(0.92	)		14.64		0.42	%		0.35	%		1.80	%		13.34	%		13,275		43	%
4/1/2015 - 3/31/2016		15.35		0.22		(0.68	)		(0.46	)		(0.26	)		(0.87	)		(1.13	)		13.76		0.41	%		0.35	%		1.54	%		(3.10	%)		12,084		34	%
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	%


See Notes to Financial Statements		See explanation of references on C-21

C-14

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

Selected per share, ratios and supplemental data for each year or period ended March 31, were as follows:


Fund			Selected Per Share Data																				Ratios to Average Net Assets									Supplemental Data
			Investment Operations									Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Portfolio Optimization Aggressive-Growth (6)

Class A
4/1/2018 - 3/31/2019		$17.03		0.10			$0.25			$0.35			($0.25	)		($2.88	)		($3.13	)		$14.25		0.68	%		0.60	%		0.61	%		3.39	%		$193,470		55	%
4/1/2017 - 3/31/2018		15.79		0.12			1.81			1.93			(0.20	)		(0.49	)		(0.69	)		17.03		0.68	%		0.60	%		0.74	%		12.17	%		189,903		41	%
4/1/2016 - 3/31/2017		14.70		0.19			1.96			2.15			(0.19	)		(0.87	)		(1.06	)		15.79		0.68	%		0.60	%		1.25	%		15.06	%		179,825		41	%
4/1/2015 - 3/31/2016		15.85		0.16			(0.85	)		(0.69	)		(0.28	)		(0.18	)		(0.46	)		14.70		0.68	%		0.60	%		1.03	%		(4.37	%)		170,874		35	%
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	%
Class B
4/1/2018 - 3/31/2019		$16.62		(0.02	)		$0.24			$0.22			($0.16	)		($2.88	)		($3.04	)		$13.80		1.43	%		1.35	%		(0.14	%)		2.59	%		$21,043		55	%
4/1/2017 - 3/31/2018		15.46		(0.00	)(7)		1.75			1.75			(0.10	)		(0.49	)		(0.59	)		16.62		1.43	%		1.35	%		(0.01	%)		11.35	%		27,173		41	%
4/1/2016 - 3/31/2017		14.43		0.07			1.93			2.00			(0.10	)		(0.87	)		(0.97	)		15.46		1.43	%		1.35	%		0.50	%		14.22	%		29,946		41	%
4/1/2015 - 3/31/2016		15.57		0.04			(0.84	)		(0.80	)		(0.16	)		(0.18	)		(0.34	)		14.43		1.43	%		1.35	%		0.28	%		(5.15	%)		30,038		35	%
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	%
Class C
4/1/2018 - 3/31/2019		$16.59		(0.02	)		$0.24			$0.22			($0.17	)		($2.88	)		($3.05	)		$13.76		1.43	%		1.35	%		(0.14	%)		2.57	%		$85,434		55	%
4/1/2017 - 3/31/2018		15.43		(0.00	)(7)		1.75			1.75			(0.10	)		(0.49	)		(0.59	)		16.59		1.43	%		1.35	%		(0.01	%)		11.39	%		97,877		41	%
4/1/2016 - 3/31/2017		14.41		0.07			1.93			2.00			(0.11	)		(0.87	)		(0.98	)		15.43		1.43	%		1.35	%		0.50	%		14.18	%		99,582		41	%
4/1/2015 - 3/31/2016		15.55		0.04			(0.83	)		(0.79	)		(0.17	)		(0.18	)		(0.35	)		14.41		1.43	%		1.35	%		0.28	%		(5.13	%)		100,573		35	%
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	%
Advisor Class
4/1/2018 - 3/31/2019		$17.07		0.14			$0.23			$0.37			($0.27	)		($2.88	)		($3.15	)		$14.29		0.43	%		0.35	%		0.86	%		3.57	%		$10,860		55	%
4/1/2017 - 3/31/2018		15.82		0.17			1.80			1.97			(0.23	)		(0.49	)		(0.72	)		17.07		0.43	%		0.35	%		0.99	%		12.48	%		10,067		41	%
4/1/2016 - 3/31/2017		14.71		0.23			1.97			2.20			(0.22	)		(0.87	)		(1.09	)		15.82		0.43	%		0.35	%		1.50	%		15.32	%		7,166		41	%
4/1/2015 - 3/31/2016		15.86		0.19			(0.84	)		(0.65	)		(0.32	)		(0.18	)		(0.50	)		14.71		0.43	%		0.35	%		1.28	%		(4.13	%)		6,679		35	%
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	%
Pacific Funds Diversified Alternatives

Class A
4/1/2018 - 3/31/2019		$9.95		$0.03			($0.44	)		($0.41	)		($0.05	)		($0.06	)		($0.11	)		$9.43		0.85	%		0.85	%		0.29	%		(4.15	%)		$3,797		58	%
4/1/2017 - 3/31/2018		9.70		0.23			0.26			0.49			(0.24	)		—			(0.24	)		9.95		0.88	%		0.85	%		2.36	%		5.13	%		4,904		20	%
4/1/2016 - 3/31/2017		9.63		0.58			0.11			0.69			(0.62	)		—			(0.62	)		9.70		1.24	%		0.85	%		5.96	%		7.28	%		2,647		37	%
4/1/2015 - 3/31/2016		10.00		0.35			(0.31	)		0.04			(0.37	)		(0.04	)		(0.41	)		9.63		1.36	%		0.85	%		3.65	%		0.55	%		3,136		73	%
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	%
Class C
4/1/2018 - 3/31/2019		$9.77		($0.04	)		($0.42	)		($0.46	)		$—			($0.06	)		($0.06	)		$9.25		1.60	%		1.60	%		(0.45	%)		(4.81	%)		$2,972		58	%
4/1/2017 - 3/31/2018		9.57		0.16			0.24			0.40			(0.20	)		—			(0.20	)		9.77		1.63	%		1.60	%		1.61	%		4.31	%		3,070		20	%
4/1/2016 - 3/31/2017		9.55		0.51			0.10			0.61			(0.59	)		—			(0.59	)		9.57		1.99	%		1.60	%		5.21	%		6.48	%		1,452		37	%
4/1/2015 - 3/31/2016		9.92		0.28			(0.31	)		(0.03	)		(0.30	)		(0.04	)		(0.34	)		9.55		2.11	%		1.60	%		2.90	%		(0.19	%)		661		73	%
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	%
Advisor Class
4/1/2018 - 3/31/2019		$9.98		$0.05			($0.43	)		($0.38	)		($0.07	)		($0.06	)		($0.13	)		$9.47		0.60	%		0.60	%		0.54	%		(3.91	%)		$21,454		58	%
4/1/2017 - 3/31/2018		9.73		0.26			0.25			0.51			(0.26	)		—			(0.26	)		9.98		0.63	%		0.60	%		2.61	%		5.38	%		32,883		20	%
4/1/2016 - 3/31/2017		9.65		0.61			0.12			0.73			(0.65	)		—			(0.65	)		9.73		0.99	%		0.60	%		6.21	%		7.49	%		8,870		37	%
4/1/2015 - 3/31/2016		10.01		0.39			(0.33	)		0.06			(0.38	)		(0.04	)		(0.42	)		9.65		1.11	%		0.60	%		3.90	%		0.86	%		2,476		73	%
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	%
Pacific Funds Short Duration Income

Class A
4/1/2018 - 3/31/2019		$10.24		$0.26			$0.05			$0.31			($0.25	)		$—			($0.25	)		$10.30		1.03	%		0.75	%		2.57	%		3.11	%		$118,935		50	%
4/1/2017 - 3/31/2018		10.32		0.21			(0.09	)		0.12			(0.20	)		—			(0.20	)		10.24		1.04	%		0.75	%		2.03	%		1.18	%		94,197		76	%
4/1/2016 - 3/31/2017		10.26		0.18			0.06			0.24			(0.18	)		—			(0.18	)		10.32		1.05	%		0.83	%		1.77	%		2.36	%		66,901		86	%
4/1/2015 - 3/31/2016		10.41		0.17			(0.15	)		0.02			(0.17	)		—			(0.17	)		10.26		1.06	%		0.85	%		1.62	%		0.15	%		69,477		41	%
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	%


See Notes to Financial Statements		See explanation of references on C-21

C-15

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

Selected per share, ratios and supplemental data for each year or period ended March 31, were as follows:


Fund			Selected Per Share Data																			Ratios to Average Net Assets									Supplemental Data
			Investment Operations								Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)		Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Short Duration Income (Continued)

Class C
4/1/2018 - 3/31/2019		$10.22		$0.19		$0.05			$0.24			($0.18	)		$—			($0.18	)		$10.28		1.78	%		1.50	%		1.82	%		2.35	%		$46,167		50	%
4/1/2017 - 3/31/2018		10.30		0.13		(0.09	)		0.04			(0.12	)		—			(0.12	)		10.22		1.79	%		1.50	%		1.28	%		0.43	%		44,337		76	%
4/1/2016 - 3/31/2017		10.24		0.11		0.05			0.16			(0.10	)		—			(0.10	)		10.30		1.80	%		1.58	%		1.02	%		1.60	%		43,092		86	%
4/1/2015 - 3/31/2016		10.39		0.09		(0.15	)		(0.06	)		(0.09	)		—			(0.09	)		10.24		1.81	%		1.60	%		0.87	%		(0.58	%)		44,180		41	%
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	%
Class I
4/1/2018 - 3/31/2019		$10.22		$0.29		$0.06			$0.35			($0.28	)		$—			($0.28	)		$10.29		0.63	%		0.50	%		2.82	%		3.47	%		$83,436		50	%
4/1/2017 - 3/31/2018		10.30		0.24		(0.09	)		0.15			(0.23	)		—			(0.23	)		10.22		0.64	%		0.50	%		2.28	%		1.43	%		4,329		76	%
4/1/2016 - 3/31/2017		10.25		0.21		0.05			0.26			(0.21	)		—			(0.21	)		10.30		0.65	%		0.53	%		2.06	%		2.56	%		3,407		86	%
4/1/2015 - 3/31/2016		10.39		0.20		(0.14	)		0.06			(0.20	)		—			(0.20	)		10.25		0.66	%		0.55	%		1.92	%		0.54	%		1,695		41	%
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	%
Advisor Class
4/1/2018 - 3/31/2019		$10.24		$0.29		$0.06			$0.35			($0.28	)		$—			($0.28	)		$10.31		0.78	%		0.50	%		2.82	%		3.46	%		$483,476		50	%
4/1/2017 - 3/31/2018		10.32		0.24		(0.09	)		0.15			(0.23	)		—			(0.23	)		10.24		0.79	%		0.50	%		2.28	%		1.43	%		272,268		76	%
4/1/2016 - 3/31/2017		10.26		0.21		0.06			0.27			(0.21	)		—			(0.21	)		10.32		0.80	%		0.57	%		2.02	%		2.62	%		162,554		86	%
4/1/2015 - 3/31/2016		10.41		0.19		(0.15	)		0.04			(0.19	)		—			(0.19	)		10.26		0.81	%		0.60	%		1.87	%		0.40	%		129,455		41	%
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	%
Pacific Funds Core Income

Class A
4/1/2018 - 3/31/2019		$10.45		$0.33		$0.07			$0.40			($0.33	)		$—			($0.33	)		$10.52		1.13	%		0.85	%		3.22	%		3.99	%		$82,136		93	%
4/1/2017 - 3/31/2018		10.51		0.28		(0.06	)		0.22			(0.28	)		—			(0.28	)		10.45		1.12	%		0.85	%		2.62	%		2.05	%		132,006		91	%
4/1/2016 - 3/31/2017		10.45		0.28		0.06			0.34			(0.28	)		—			(0.28	)		10.51		1.13	%		0.93	%		2.63	%		3.23	%		160,226		82	%
4/1/2015 - 3/31/2016		10.79		0.31		(0.34	)		(0.03	)		(0.31	)		—			(0.31	)		10.45		1.14	%		0.95	%		2.92	%		(0.27	%)		196,297		74	%
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	%
Class C
4/1/2018 - 3/31/2019		$10.46		$0.26		$0.06			$0.32			($0.26	)		$—			($0.26	)		$10.52		1.88	%		1.60	%		2.47	%		3.11	%		$81,309		93	%
4/1/2017 - 3/31/2018		10.51		0.20		(0.05	)		0.15			(0.20	)		—			(0.20	)		10.46		1.87	%		1.60	%		1.87	%		1.38	%		101,156		91	%
4/1/2016 - 3/31/2017		10.45		0.20		0.06			0.26			(0.20	)		—			(0.20	)		10.51		1.88	%		1.68	%		1.88	%		2.46	%		120,546		82	%
4/1/2015 - 3/31/2016		10.79		0.23		(0.34	)		(0.11	)		(0.23	)		—			(0.23	)		10.45		1.89	%		1.70	%		2.17	%		(1.03	%)		140,657		74	%
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	%
Class I
4/1/2018 - 3/31/2019		$10.46		$0.36		$0.08			$0.44			($0.37	)		$—			($0.37	)		$10.53		0.73	%		0.55	%		3.52	%		4.30	%		$26,394		93	%
4/1/2017 - 3/31/2018		10.52		0.31		(0.06	)		0.25			(0.31	)		—			(0.31	)		10.46		0.72	%		0.55	%		2.92	%		2.35	%		4,339		91	%
4/1/2016 - 3/31/2017		10.46		0.31		0.06			0.37			(0.31	)		—			(0.31	)		10.52		0.73	%		0.62	%		2.93	%		3.54	%		4,563		82	%
4/1/2015 - 3/31/2016		10.80		0.34		(0.34	)		0.00			(0.34	)		—			(0.34	)		10.46		0.74	%		0.65	%		3.22	%		0.03	%		3,585		74	%
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	%
Class P
4/1/2018 - 3/31/2019		$10.49		$0.37		$0.07			$0.44			($0.37	)		$—			($0.37	)		$10.56		0.73	%		0.55	%		3.52	%		4.29	%		$40,570		93	%
4/1/2017 - 3/31/2018		10.55		0.31		(0.07	)		0.24			(0.30	)		—			(0.30	)		10.49		0.72	%		0.60	%		2.87	%		2.29	%		66,750		91	%
4/1/2016 - 3/31/2017		10.49		0.30		0.06			0.36			(0.30	)		—			(0.30	)		10.55		0.73	%		0.70	%		2.86	%		3.46	%		122,260		82	%
4/27/2015 - 3/31/2016		10.88		0.31		(0.39	)		(0.08	)		(0.31	)		—			(0.31	)		10.49		0.74	%		0.70	%		3.17	%		(0.75	%)		15,964		74	%
Advisor Class
4/1/2018 - 3/31/2019		$10.48		$0.36		$0.07			$0.43			($0.37	)		$—			($0.37	)		$10.54		0.88	%		0.55	%		3.52	%		4.19	%		$393,645		93	%
4/1/2017 - 3/31/2018		10.53		0.31		(0.05	)		0.26			(0.31	)		—			(0.31	)		10.48		0.87	%		0.55	%		2.92	%		2.45	%		388,730		91	%
4/1/2016 - 3/31/2017		10.47		0.31		0.05			0.36			(0.30	)		—			(0.30	)		10.53		0.88	%		0.66	%		2.90	%		3.50	%		337,844		82	%
4/1/2015 - 3/31/2016		10.81		0.33		(0.34	)		(0.01	)		(0.33	)		—			(0.33	)		10.47		0.89	%		0.70	%		3.17	%		(0.02	%)		249,677		74	%
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	%


See Notes to Financial Statements		See explanation of references on C-21

C-16

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

Selected per share, ratios and supplemental data for each year or period ended March 31, were as follows:


Fund			Selected Per Share Data																			Ratios to Average Net Assets									Supplemental Data
			Investment Operations								Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)		Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Strategic Income

Class A
4/1/2018 - 3/31/2019		$10.71		$0.47		($0.11	)		$0.36			($0.47	)		$—			($0.47	)		$10.60		1.23	%		0.95	%		4.43	%		3.43	%		$61,503		99	%
4/1/2017 - 3/31/2018		10.68		0.40		0.02			0.42			(0.39	)		—			(0.39	)		10.71		1.23	%		0.95	%		3.70	%		3.95	%		71,948		94	%
4/1/2016 - 3/31/2017		10.09		0.39		0.59			0.98			(0.39	)		—			(0.39	)		10.68		1.25	%		1.02	%		3.71	%		9.82	%		66,765		116	%
4/1/2015 - 3/31/2016		10.75		0.43		(0.66	)		(0.23	)		(0.43	)		—			(0.43	)		10.09		1.26	%		1.05	%		4.20	%		(2.17	%)		52,218		94	%
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	%
Class C
4/1/2018 - 3/31/2019		$10.69		$0.39		($0.11	)		$0.28			($0.39	)		$—			($0.39	)		$10.58		1.98	%		1.65	%		3.73	%		2.73	%		$58,634		99	%
4/1/2017 - 3/31/2018		10.66		0.32		0.02			0.34			(0.31	)		—			(0.31	)		10.69		1.98	%		1.65	%		3.00	%		3.25	%		57,389		94	%
4/1/2016 - 3/31/2017		10.07		0.31		0.59			0.90			(0.31	)		—			(0.31	)		10.66		2.00	%		1.76	%		2.97	%		9.03	%		50,016		116	%
4/1/2015 - 3/31/2016		10.73		0.36		(0.67	)		(0.31	)		(0.35	)		—			(0.35	)		10.07		2.01	%		1.80	%		3.45	%		(2.90	%)		44,196		94	%
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	%
Class I
4/1/2018 - 3/31/2019		$10.65		$0.50		($0.11	)		$0.39			($0.50	)		$—			($0.50	)		$10.54		0.83	%		0.65	%		4.73	%		3.77	%		$5,750		99	%
4/1/2017 - 3/31/2018		10.62		0.43		0.02			0.45			(0.42	)		—			(0.42	)		10.65		0.83	%		0.65	%		4.00	%		4.28	%		3,882		94	%
4/1/2016 - 3/31/2017		10.03		0.42		0.59			1.01			(0.42	)		—			(0.42	)		10.62		0.85	%		0.71	%		4.01	%		10.20	%		2,446		116	%
4/1/2015 - 3/31/2016		10.70		0.46		(0.67	)		(0.21	)		(0.46	)		—			(0.46	)		10.03		0.86	%		0.75	%		4.50	%		(1.98	%)		948		94	%
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	%
Advisor Class
4/1/2018 - 3/31/2019		$10.71		$0.49		($0.11	)		$0.38			($0.49	)		$—			($0.49	)		$10.60		0.98	%		0.70	%		4.68	%		3.70	%		$456,428		99	%
4/1/2017 - 3/31/2018		10.68		0.43		0.02			0.45			(0.42	)		—			(0.42	)		10.71		0.98	%		0.70	%		3.95	%		4.21	%		405,200		94	%
4/1/2016 - 3/31/2017		10.09		0.42		0.58			1.00			(0.41	)		—			(0.41	)		10.68		1.00	%		0.77	%		3.96	%		10.09	%		217,482		116	%
4/1/2015 - 3/31/2016		10.76		0.46		(0.68	)		(0.22	)		(0.45	)		—			(0.45	)		10.09		1.01	%		0.80	%		4.45	%		(2.01	%)		115,565		94	%
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	%
Pacific Funds Floating Rate Income

Class A
4/1/2018 - 3/31/2019		$10.12		$0.49		($0.24	)		$0.25			($0.49	)		$—			($0.49	)		$9.88		1.29	%		1.01	%(8)		4.92	%		2.57	%		$202,929		122	%
4/1/2017 - 3/31/2018		10.15		0.42		(0.04	)		0.38			(0.41	)		—			(0.41	)		10.12		1.28	%		1.01	%		4.11	%		3.85	%		209,034		158	%
4/1/2016 - 3/31/2017		9.76		0.42		0.38			0.80			(0.41	)		—			(0.41	)		10.15		1.30	%		1.09	%		4.21	%		8.32	%		207,238		168	%
4/1/2015 - 3/31/2016		10.08		0.39		(0.32	)		0.07			(0.39	)		—			(0.39	)		9.76		1.30	%		1.12	%		3.92	%		0.72	%		191,376		99	%
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	%
Class C
4/1/2018 - 3/31/2019		$10.10		$0.42		($0.24	)		$0.18			($0.42	)		$—			($0.42	)		$9.86		2.04	%		1.71	%(8)		4.22	%		1.86	%		$197,081		122	%
4/1/2017 - 3/31/2018		10.13		0.34		(0.03	)		0.31			(0.34	)		—			(0.34	)		10.10		2.03	%		1.71	%		3.41	%		3.14	%		191,239		158	%
4/1/2016 - 3/31/2017		9.74		0.35		0.37			0.72			(0.33	)		—			(0.33	)		10.13		2.05	%		1.83	%		3.47	%		7.54	%		180,612		168	%
4/1/2015 - 3/31/2016		10.06		0.31		(0.31	)		0.00			(0.32	)		—			(0.32	)		9.74		2.05	%		1.87	%		3.17	%		(0.04	%)		161,326		99	%
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	%
Class I
4/1/2018 - 3/31/2019		$10.14		$0.52		($0.23	)		$0.29			($0.53	)		$—			($0.53	)		$9.90		0.90	%		0.71	%(8)		5.22	%		2.88	%		$497,335		122	%
4/1/2017 - 3/31/2018		10.16		0.45		(0.03	)		0.42			(0.44	)		—			(0.44	)		10.14		0.88	%		0.71	%		4.41	%		4.25	%		294,352		158	%
4/1/2016 - 3/31/2017		9.77		0.45		0.38			0.83			(0.44	)		—			(0.44	)		10.16		0.89	%		0.78	%		4.52	%		8.63	%		249,811		168	%
4/1/2015 - 3/31/2016		10.09		0.42		(0.32	)		0.10			(0.42	)		—			(0.42	)		9.77		0.90	%		0.82	%		4.22	%		1.02	%		91,984		99	%
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	%
Class P
4/1/2018 - 3/31/2019		$10.14		$0.53		($0.25	)		$0.28			($0.52	)		$—			($0.52	)		$9.90		0.89	%		0.71	%(8)		5.22	%		2.87	%		$32,176		122	%
4/1/2017 - 3/31/2018		10.16		0.44		(0.02	)		0.42			(0.44	)		—			(0.44	)		10.14		0.88	%		0.76	%		4.36	%		4.20	%		64,557		158	%
4/1/2016 - 3/31/2017		9.76		0.45		0.38			0.83			(0.43	)		—			(0.43	)		10.16		0.89	%		0.87	%		4.43	%		8.56	%		78,660		168	%
4/1/2015 - 3/31/2016		10.09		0.41		(0.33	)		0.08			(0.41	)		—			(0.41	)		9.76		0.90	%		0.87	%		4.17	%		0.97	%		568		99	%
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	%


See Notes to Financial Statements		See explanation of references on C-21

C-17

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

Selected per share, ratios and supplemental data for each year or period ended March 31, were as follows:


Fund			Selected Per Share Data																				Ratios to Average Net Assets									Supplemental Data
			Investment Operations									Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Floating Rate Income (Continued)

Advisor Class
4/1/2018 - 3/31/2019		$10.16		$0.52			($0.24	)		$0.28			($0.52	)		$—			($0.52	)		$9.92		1.04	%		0.76	%(8)		5.17	%		2.83	%		$830,452		122	%
4/1/2017 - 3/31/2018		10.18		0.44			(0.02	)		0.42			(0.44	)		—			(0.44	)		10.16		1.03	%		0.76	%		4.36	%		4.20	%		715,700		158	%
4/1/2016 - 3/31/2017		9.79		0.45			0.37			0.82			(0.43	)		—			(0.43	)		10.18		1.04	%		0.83	%		4.47	%		8.56	%		450,761		168	%
4/1/2015 - 3/31/2016		10.11		0.41			(0.32	)		0.09			(0.41	)		—			(0.41	)		9.79		1.05	%		0.87	%		4.17	%		0.96	%		231,437		99	%
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	%
Pacific Funds High Income

Class A
4/1/2018 - 3/31/2019		$10.23		$0.55			($0.16	)		$0.39			($0.55	)		$ —			($0.55	)		$10.07		1.31	%		0.95	%		5.48	%		3.97	%		$5,174		64	%
4/1/2017 - 3/31/2018		10.29		0.50			(0.03	)		0.47			(0.53	)		—			(0.53	)		10.23		1.46	%		0.95	%		4.82	%		4.66	%		5,463		72	%
4/1/2016 - 3/31/2017		9.44		0.48			0.92			1.40			(0.55	)		—			(0.55	)		10.29		1.32	%		1.03	%		4.81	%		15.16	%		5,626		61	%
4/1/2015 - 3/31/2016		10.48		0.50			(1.10	)		(0.60	)		(0.44	)		—			(0.44	)		9.44		1.28	%		1.05	%		5.05	%		(5.79	%)		10,391		54	%
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	%
Class C
4/1/2018 - 3/31/2019		$10.21		$0.48			($0.15	)		$0.33			($0.48	)		$ —			($0.48	)		$10.06		2.06	%		1.65	%		4.78	%		3.35	%		$3,726		64	%
4/1/2017 - 3/31/2018		10.28		0.43			(0.04	)		0.39			(0.46	)		—			(0.46	)		10.21		2.21	%		1.65	%		4.12	%		3.84	%		4,418		72	%
4/1/2016 - 3/31/2017		9.43		0.41			0.92			1.33			(0.48	)		—			(0.48	)		10.28		2.07	%		1.76	%		4.07	%		14.36	%		4,802		61	%
4/1/2015 - 3/31/2016		10.47		0.43			(1.10	)		(0.67	)		(0.37	)		—			(0.37	)		9.43		2.03	%		1.80	%		4.30	%		(6.52	%)		4,324		54	%
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	%
Class I
4/1/2018 - 3/31/2019		$10.14		$0.57			($0.16	)		$0.41			($0.57	)		$ —			($0.57	)		$9.98		0.91	%		0.70	%		5.73	%		4.27	%		$175		64	%
4/1/2017 - 3/31/2018		10.21		0.52			(0.02	)		0.50			(0.57	)		—			(0.57	)		10.14		1.07	%		0.70	%		5.07	%		4.95	%		211		72	%
4/1/2016 - 3/31/2017		9.37		0.51			0.91			1.42			(0.58	)		—			(0.58	)		10.21		0.90	%		0.73	%		5.10	%		15.52	%		5,204		61	%
4/1/2015 - 3/31/2016		10.41		0.54			(1.11	)		(0.57	)		(0.47	)		—			(0.47	)		9.37		0.88	%		0.75	%		5.35	%		(5.57	%)		58		54	%
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	%

Class P
4/1/2018 - 3/31/2019		$10.14		$0.57			($0.16	)		$0.41			($0.57	)		$ —			($0.57	)		$9.98		0.91	%		0.70	%		5.73	%		4.27	%		$113,317		64	%
4/1/2017 - 3/31/2018		10.20		0.52			(0.02	)		0.50			(0.56	)		—			(0.56	)		10.14		1.06	%		0.73	%		5.04	%		4.92	%		68,844		72	%
4/1/2016 - 3/31/2017		9.36		0.49			0.93			1.42			(0.58	)		—			(0.58	)		10.20		0.95	%		0.80	%		5.04	%		15.47	%		10,554		61	%
4/1/2015 - 3/31/2016		10.40		0.52			(1.09	)		(0.57	)		(0.47	)		—			(0.47	)		9.36		0.88	%		0.80	%		5.30	%		(5.60	%)		113,998		54	%
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
4/1/2018 - 3/31/2019		$10.24		$0.58			($0.17	)		$0.41			($0.57	)		$ —			($0.57	)		$10.08		1.06	%		0.70	%		5.73	%		4.23	%		$3,669		64	%
4/1/2017 - 3/31/2018		10.30		0.53			(0.03	)		0.50			(0.56	)		—			(0.56	)		10.24		1.21	%		0.70	%		5.07	%		4.91	%		2,503		72	%
4/1/2016 - 3/31/2017		9.44		0.51			0.93			1.44			(0.58	)		—			(0.58	)		10.30		1.06	%		0.77	%		5.07	%		15.58	%		2,304		61	%
4/1/2015 - 3/31/2016		10.49		0.53			(1.12	)		(0.59	)		(0.46	)		—			(0.46	)		9.44		1.03	%		0.80	%		5.30	%		(5.66	%)		1,666		54	%
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	%
Pacific Funds Large-Cap (9)

Class A
4/1/2018 - 3/31/2019		$12.28		$0.12			$0.67			$0.79			($0.09	)		($0.50	)		($0.59	)		$12.48		1.54	%		1.00	%		0.93	%		6.74	%		$8,080		79	%
4/1/2017 - 3/31/2018		11.08		0.08			1.30			1.38			(0.10	)		(0.08	)		(0.18	)		12.28		1.73	%		1.00	%		0.69	%		12.43	%		4,939		98	%
4/1/2016 - 3/31/2017		9.66		0.11			1.40			1.51			(0.09	)		—			(0.09	)		11.08		2.86	%		1.00	%		1.08	%		15.69	%		4,599		108	%
1/11/2016 - 3/31/2016		9.10		0.03			0.53			0.56			—			—			—			9.66		6.07	%		1.00	%		1.35	%		6.15	%		551		27	%
Class C
4/1/2018 - 3/31/2019		$12.22		$0.02			$0.69			$0.71			($0.01	)		($0.50	)		($0.51	)		$12.42		2.30	%		1.75	%		0.19	%		5.97	%		$3,900		79	%
4/1/2017 - 3/31/2018		11.03		(0.01	)		1.29			1.28			(0.01	)		(0.08	)		(0.09	)		12.22		2.48	%		1.75	%		(0.06	%)		11.60	%		3,545		98	%
4/1/2016 - 3/31/2017		9.65		0.03			1.39			1.42			(0.04	)		—			(0.04	)		11.03		3.61	%		1.75	%		0.33	%		14.74	%		2,804		108	%
1/11/2016 - 3/31/2016		9.10		0.01			0.54			0.55			—			—			—			9.65		6.82	%		1.75	%		0.60	%		6.04	%		525		27	%


See Notes to Financial Statements		See explanation of references on C-21

C-18

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

Selected per share, ratios and supplemental data for each year or period ended March 31, were as follows:


Fund			Selected Per Share Data																				Ratios to Average Net Assets									Supplemental Data
			Investment Operations									Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Large-Cap (Continued) (9)
Advisor Class
4/1/2018 - 3/31/2019		$12.37		$0.15			$0.67			$0.82			($0.12	)		($0.50	)		($0.62	)		$12.57		1.30	%		0.75	%		1.19	%		6.97	%		$6,896		79	%
4/1/2017 - 3/31/2018		11.11		0.12			1.30			1.42			(0.08	)		(0.08	)		(0.16	)		12.37		1.48	%		0.75	%		0.94	%		12.83	%		8,070		98	%
4/1/2016 - 3/31/2017		9.67		0.14			1.39			1.53			(0.09	)		—			(0.09	)		11.11		2.61	%		0.75	%		1.33	%		15.89	%		2,176		108	%
1/11/2016 - 3/31/2016		9.10		0.03			0.54			0.57			—			—			—			9.67		5.82	%		0.75	%		1.60	%		6.26	%		564		27	%
Class S
4/1/2018 - 3/31/2019		$12.15		$0.16			$0.66			$0.82			($0.14	)		($0.50	)		($0.64	)		$12.33		1.15	%		0.65	%		1.28	%		7.06	%		$909		79	%
4/1/2017 - 3/31/2018		11.03		0.12			1.30			1.42			(0.22	)		(0.08	)		(0.30	)		12.15		1.33	%		0.65	%		1.04	%		12.85	%		692		98	%
4/1/2016 - 3/31/2017		9.66		0.15			1.39			1.54			(0.17	)		—			(0.17	)		11.03		2.46	%		0.65	%		1.43	%		16.08	%		1,184		108	%
12/1/2015 - 3/31/2016		10.09		0.05			(0.30	)		(0.25	)		(0.18	)(10)		—			(0.18	)		9.66		5.99	%		0.65	%		1.70	%		(2.54	%)		1,879		27	%
3/20/2015 - 11/30/2015		10.26		0.12			(0.29	)		(0.17	)		—			—			—			10.09		9.85	%		0.65	%		1.72	%		(1.66	%)		1,895		45	%
Pacific Funds Large-Cap Value (9)

Class A
4/1/2018 - 3/31/2019		$11.34		$0.14			$0.18			$0.32			($0.13	)		($0.64	)		($0.77	)		$10.89		1.46	%		1.10	%		1.27	%		3.14	%		$4,353		39	%
4/1/2017 - 3/31/2018		10.75		0.11			0.86			0.97			(0.13	)		(0.25	)		(0.38	)		11.34		1.47	%		1.10	%		0.96	%		9.03	%		3,304		50	%
4/1/2016 - 3/31/2017		9.46		0.14			1.27			1.41			(0.10	)		(0.02	)		(0.12	)		10.75		1.79	%		1.10	%		1.35	%		14.92	%		2,572		65	%
1/11/2016 - 3/31/2016		8.97		0.04			0.45			0.49			—			—			—			9.46		10.34	%		1.10	%		1.92	%		5.46	%		499		48	%
Class C
4/1/2018 - 3/31/2019		$11.25		$0.06			$0.19			$0.25			($0.03	)		($0.64	)		($0.67	)		$10.83		2.21	%		1.85	%		0.53	%		2.40	%		$3,475		39	%
4/1/2017 - 3/31/2018		10.69		0.02			0.86			0.88			(0.07	)		(0.25	)		(0.32	)		11.25		2.22	%		1.85	%		0.21	%		8.16	%		4,327		50	%
4/1/2016 - 3/31/2017		9.45		0.06			1.26			1.32			(0.06	)		(0.02	)		(0.08	)		10.69		2.54	%		1.85	%		0.60	%		14.03	%		3,056		65	%
1/11/2016 - 3/31/2016		8.97		0.02			0.46			0.48			—			—			—			9.45		11.09	%		1.85	%		1.17	%		5.35	%		477		48	%
Advisor Class
4/1/2018 - 3/31/2019		$11.37		$0.17			$0.19			$0.36			($0.16	)		($0.64	)		($0.80	)		$10.93		1.21	%		0.85	%		1.53	%		3.47	%		$9,799		39	%
4/1/2017 - 3/31/2018		10.78		0.14			0.87			1.01			(0.17	)		(0.25	)		(0.42	)		11.37		1.22	%		0.85	%		1.21	%		9.33	%		19,624		50	%
4/1/2016 - 3/31/2017		9.47		0.16			1.26			1.42			(0.09	)		(0.02	)		(0.11	)		10.78		1.54	%		0.85	%		1.60	%		15.10	%		24,779		65	%
1/11/2016 - 3/31/2016		8.97		0.04			0.46			0.50			—			—			—			9.47		10.09	%		0.85	%		2.17	%		5.57	%		777		48	%

Class S
4/1/2018 - 3/31/2019		$11.34		$0.19			$0.15			$0.34			($0.20	)		($0.64	)		($0.84	)		$10.84		1.06	%		0.75	%		1.63	%		3.39	%		$832		39	%
4/1/2017 - 3/31/2018		10.75		0.15			0.86			1.01			(0.17	)		(0.25	)		(0.42	)		11.34		1.07	%		0.75	%		1.31	%		9.36	%		1,963		50	%
4/1/2016 - 3/31/2017		9.47		0.17			1.28			1.45			(0.15	)		(0.02	)		(0.17	)		10.75		1.39	%		0.75	%		1.70	%		15.35	%		1,365		65	%
1/11/2016 - 3/31/2016		8.97		0.04			0.46			0.50			—			—			—			9.47		9.93	%		0.75	%		2.27	%		5.57	%		210		48	%
Pacific Funds Small/Mid-Cap (9), (11)

Class A
4/1/2018 - 3/31/2019		$13.23		($0.02	)		$0.16			$0.14			$—			($0.35	)		($0.35	)		$13.02		1.48	%		1.30	%		(0.11	%)		1.19	%		$21,872		33	%
4/1/2017 - 3/31/2018		11.93		(0.04	)		1.35			1.31			—			(0.01	)		(0.01	)		13.23		1.51	%		1.30	%		(0.28	%)		11.02	%		21,131		23	%
4/1/2016 - 3/31/2017		9.93		(0.02	)		2.05			2.03			—			(0.03	)		(0.03	)		11.93		1.71	%		1.30	%		(0.19	%)		20.44	%		18,360		45	%
1/11/2016 - 3/31/2016		9.33		0.00	(7)		0.60			0.60			—			—			—			9.93		5.43	%		1.30	%		0.07	%		6.43	%		2,254		11	%
Class C
4/1/2018 - 3/31/2019		$13.01		($0.11	)		$0.15			$0.04			$—			($0.35	)		($0.35	)		$12.70		2.23	%		2.05	%		(0.87	%)		0.43	%		$16,875		33	%
4/1/2017 - 3/31/2018		11.81		(0.13	)		1.34			1.21			—			(0.01	)		(0.01	)		13.01		2.26	%		2.05	%		(1.03	%)		10.28	%		15,458		23	%
4/1/2016 - 3/31/2017		9.91		(0.10	)		2.03			1.93			—			(0.03	)		(0.03	)		11.81		2.46	%		2.05	%		(0.94	%)		19.47	%		7,383		45	%
1/11/2016 - 3/31/2016		9.33		(0.01	)		0.59			0.58			—			—			—			9.91		6.18	%		2.05	%		(0.68	%)		6.22	%		527		11	%
Advisor Class
4/1/2018 - 3/31/2019		$13.28		$0.02			$0.16			$0.18			($0.00	)(7)		($0.35	)		($0.35	)		$13.11		1.23	%		1.05	%		0.13	%		1.50	%		$328,171		33	%
4/1/2017 - 3/31/2018		11.94		0.00	(7)		1.35			1.35			—			(0.01	)		(0.01	)		13.28		1.26	%		1.05	%		(0.03	%)		11.34	%		176,897		23	%
4/1/2016 - 3/31/2017		9.92		0.01			2.05			2.06			(0.01	)		(0.03	)		(0.04	)		11.94		1.46	%		1.05	%		0.06	%		20.73	%		70,260		45	%
1/11/2016 - 3/31/2016		9.33		0.01			0.58			0.59			—			—			—			9.92		5.18	%		1.05	%		0.32	%		6.32	%		1,965		11	%


See Notes to Financial Statements		See explanation of references on C-21

C-19

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

Selected per share, ratios and supplemental data for each year or period ended March 31, were as follows:


Fund			Selected Per Share Data																				Ratios to Average Net Assets									Supplemental Data
			Investment Operations									Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Small/Mid-Cap (Continued) (9), (11)
Class S
4/1/2018 - 3/31/2019		$13.29		$0.02			$0.16			$0.18			($0.00	)(7)		($0.35	)		($0.35	)		$13.12		1.08	%		1.00	%		0.19	%		1.52	%		$6,422		33	%
4/1/2017 - 3/31/2018		11.94		0.00	(7)		1.36			1.36			—			(0.01	)		(0.01	)		13.29		1.11	%		1.00	%		0.02	%		11.43	%		9,977		23	%
4/1/2016 - 3/31/2017		9.92		0.01			2.05			2.06			(0.01	)		(0.03	)		(0.04	)		11.94		1.31	%		1.00	%		0.11	%		20.78	%		8,531		45	%
12/1/2015 - 3/31/2016		10.48		0.01			(0.49	)		(0.48	)		(0.03	)		(0.05	)		(0.08	)		9.92		9.62	%		1.00	%		0.37	%		(4.55	%)		711		11	%
12/31/2014 - 11/30/2015		10.00		0.01			0.47			0.48			—			—			—			10.48		29.84	%		1.00	%		0.12	%		4.80	%		524		30	%
Pacific Funds Small-Cap (9), (11)

Class A
4/1/2018 - 3/31/2019		$12.86		($0.03	)		($0.06	)		($0.09	)		$—			($0.65	)		($0.65	)		$12.12		1.72	%		1.30	%		(0.21	%)		(0.53	%)		$4,986		56	%
4/1/2017 - 3/31/2018		11.77		(0.02	)		1.33			1.31			(0.01	)		(0.21	)		(0.22	)		12.86		1.89	%		1.30	%		(0.16	%)		11.17	%		2,367		62	%
4/1/2016 - 3/31/2017		9.68		(0.00	)(7)		2.19			2.19			(0.10	)		—			(0.10	)		11.77		3.44	%		1.30	%		(0.04	%)		22.70	%		1,759		62	%
1/11/2016 - 3/31/2016		9.10		0.01			0.57			0.58			—			—			—			9.68		17.67	%		1.30	%		0.31	%		6.37	%		324		27	%
Class C
4/1/2018 - 3/31/2019		$12.76		($0.12	)		($0.05	)		($0.17	)		$—			($0.65	)		($0.65	)		$11.94		2.47	%		2.05	%		(0.96	%)		(1.17	%)		$902		56	%
4/1/2017 - 3/31/2018		11.76		(0.11	)		1.32			1.21			—			(0.21	)		(0.21	)		12.76		2.64	%		2.05	%		(0.91	%)		10.32	%		797		62	%
4/1/2016 - 3/31/2017		9.66		(0.09	)		2.19			2.10			—			—			—			11.76		4.19	%		2.05	%		(0.79	%)		21.74	%		641		62	%
1/11/2016 - 3/31/2016		9.10		(0.01	)		0.57			0.56			—			—			—			9.66		18.42	%		2.05	%		(0.44	%)		6.15	%		130		27	%
Advisor Class
4/1/2018 - 3/31/2019		$13.04		$0.01			($0.07	)		($0.06	)		($0.01	)		($0.65	)		($0.66	)		$12.32		1.47	%		1.05	%		0.04	%		(0.26	%)		$13,220		56	%
4/1/2017 - 3/31/2018		11.90		0.01			1.35			1.36			(0.01	)		(0.21	)		(0.22	)		13.04		1.64	%		1.05	%		0.09	%		11.45	%		14,767		62	%
4/1/2016 - 3/31/2017		9.68		0.02			2.21			2.23			(0.01	)		—			(0.01	)		11.90		3.19	%		1.05	%		0.21	%		23.03	%		8,265		62	%
1/11/2016 - 3/31/2016		9.10		0.01			0.57			0.58			—			—			—			9.68		17.42	%		1.05	%		0.56	%		6.37	%		153		27	%
Class S
4/1/2018 - 3/31/2019		$12.00		$0.01			($0.06	)		($0.05	)		($0.01	)		($0.65	)		($0.66	)		$11.29		1.32	%		1.00	%		0.09	%		(0.18	%)		$658		56	%
4/1/2017 - 3/31/2018		10.95		0.02			1.24			1.26			—			(0.21	)		(0.21	)		12.00		1.49	%		1.00	%		0.14	%		11.54	%		457		62	%
4/1/2016 - 3/31/2017		9.67		0.03			2.17			2.20			(0.92	)		—			(0.92	)		10.95		3.04	%		1.00	%		0.26	%		23.03	%		140		62	%
12/1/2015 - 3/31/2016		10.31		0.02			(0.60	)		(0.58	)		(0.06	)		—			(0.06	)		9.67		10.38	%		1.00	%		0.61	%		(5.68	%)		497		27	%
12/31/2014 - 11/30/2015		10.00		0.02			0.29			0.31			—			—			—			10.31		30.41	%		1.00	%		0.24	%		3.10	%		516		27	%
Pacific Funds Small-Cap Value (9), (11)

Class A
4/1/2018 - 3/31/2019		$11.17		$0.03			($0.49	)		($0.46	)		($0.03	)		($1.58	)		($1.61	)		$9.10		1.67	%		1.30	%		0.30	%		(3.68	%)		$1,298		51	%
4/1/2017 - 3/31/2018		11.52		0.02			0.62			0.64			(0.03	)		(0.96	)		(0.99	)		11.17		1.65	%		1.30	%		0.14	%		5.41	%		1,105		47	%
4/1/2016 - 3/31/2017		9.47		0.03			2.13			2.16			(0.06	)		(0.05	)		(0.11	)		11.52		1.90	%		1.30	%		0.23	%		22.65	%		743		76	%
1/11/2016 - 3/31/2016		8.80		0.02			0.65			0.67			—			—			—			9.47		15.99	%		1.30	%		0.97	%		7.73	%		148		17	%
Class C
4/1/2018 - 3/31/2019		$11.06		($0.05	)		($0.49	)		($0.54	)		$—			($1.58	)		($1.58	)		$8.94		2.42	%		2.05	%		(0.45	%)		(4.47	%)		$1,287		51	%
4/1/2017 - 3/31/2018		11.46		(0.07	)		0.63			0.56			—			(0.96	)		(0.96	)		11.06		2.40	%		2.05	%		(0.61	%)		4.72	%		1,568		47	%
4/1/2016 - 3/31/2017		9.46		(0.06	)		2.12			2.06			(0.01	)		(0.05	)		(0.06	)		11.46		2.65	%		2.05	%		(0.52	%)		21.81	%		1,105		76	%
1/11/2016 - 3/31/2016		8.80		0.00	(7)		0.66			0.66			—			—			—			9.46		16.74	%		2.05	%		0.22	%		7.50	%		121		17	%
Advisor Class
4/1/2018 - 3/31/2019		$11.24		$0.06			($0.51	)		($0.45	)		($0.05	)		($1.58	)		($1.63	)		$9.16		1.42	%		1.05	%		0.55	%		(3.51	%)		$11,664		51	%
4/1/2017 - 3/31/2018		11.59		0.05			0.63			0.68			(0.07	)		(0.96	)		(1.03	)		11.24		1.40	%		1.05	%		0.39	%		5.70	%		15,511		47	%
4/1/2016 - 3/31/2017		9.48		0.05			2.15			2.20			(0.04	)		(0.05	)		(0.09	)		11.59		1.65	%		1.05	%		0.48	%		23.02	%		20,617		76	%
1/11/2016 - 3/31/2016		8.80		0.02			0.66			0.68			—			—			—			9.48		15.74	%		1.05	%		1.22	%		7.84	%		261		17	%
Class S
4/1/2018 - 3/31/2019		$11.21		$0.07			($0.52	)		($0.45	)		($0.06	)		($1.58	)		($1.64	)		$9.12		1.27	%		1.00	%		0.60	%		(3.52	%)		$3,134		51	%
4/1/2017 - 3/31/2018		11.55		0.05			0.64			0.69			(0.07	)		(0.96	)		(1.03	)		11.21		1.25	%		1.00	%		0.44	%		5.78	%		9,657		47	%
4/1/2016 - 3/31/2017		9.47		0.06			2.13			2.19			(0.06	)		(0.05	)		(0.11	)		11.55		1.50	%		1.00	%		0.53	%		23.02	%		9,655		76	%
12/1/2015 - 3/31/2016		10.14		0.04			(0.49	)		(0.45	)		(0.12	)		(0.10	)		(0.22	)		9.47		16.02	%		1.00	%		1.27	%		(4.37	%)		1,118		17	%
12/31/2014 - 11/30/2015		10.00		0.06			0.08			0.14			—			—			—			10.14		26.85	%		1.00	%		0.63	%		1.40	%		706		29	%


See Notes to Financial Statements		See explanation of references on C-21

C-20

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

Selected per share, ratios and supplemental data for each year or period ended March 31, were as follows:


Fund			Selected Per Share Data																		Ratios to Average Net Assets									Supplemental Data
			Investment Operations							Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)			Net Realized and Unrealized Gain (Loss)		Total		Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Funds Small-Cap Growth (9)

Class A
4/1/2018 - 3/31/2019		$12.26		($0.08	)		$0.73		$0.65		$—			($0.94	)		($0.94	)		$11.97		1.56	%		1.26	%		(0.63	%)		5.65	%		$3,126		72	%
4/1/2017 - 3/31/2018		11.14		(0.08	)		1.68		1.60		—			(0.48	)		(0.48	)		12.26		1.62	%		1.30	%		(0.65	%)		14.51	%		713		51	%
4/1/2016 - 3/31/2017		9.61		(0.07	)		1.80		1.73		—			(0.20	)		(0.20	)		11.14		1.93	%		1.30	%		(0.68	%)		17.83	%		514		49	%
1/11/2016 - 3/31/2016		9.27		(0.01	)		0.35		0.34		—			—			—			9.61		12.44	%		1.30	%		(0.70	%)		3.88	%		43		7	%
Class C
4/1/2018 - 3/31/2019		$12.06		($0.17	)		$0.70		$0.53		$—			($0.94	)		($0.94	)		$11.65		2.31	%		2.05	%		(1.42	%)		4.82	%		$959		72	%
4/1/2017 - 3/31/2018		11.05		(0.16	)		1.65		1.49		—			(0.48	)		(0.48	)		12.06		2.37	%		2.05	%		(1.40	%)		13.62	%		759		51	%
4/1/2016 - 3/31/2017		9.61		(0.15	)		1.79		1.64		—			(0.20	)		(0.20	)		11.05		2.68	%		2.05	%		(1.43	%)		17.14	%		187		49	%
1/11/2016 - 3/31/2016		9.27		(0.03	)		0.37		0.34		—			—			—			9.61		13.19	%		2.05	%		(1.45	%)		3.67	%		34		7	%
Class P
4/1/2018 - 3/31/2019		$12.35		($0.05	)		$0.72		$0.67		$—			($0.94	)		($0.94	)		$12.08		1.16	%		1.05	%		(0.42	%)		5.86	%		$23,955		72	%
4/1/2017 - 3/31/2018		11.19		(0.05	)		1.69		1.64		—			(0.48	)		(0.48	)		12.35		1.22	%		1.05	%		(0.40	%)		14.80	%		26,764		51	%
6/8/2016 - 3/31/2017		10.06		(0.04	)		1.37		1.33		—			(0.20	)		(0.20	)		11.19		1.43	%		1.05	%		(0.43	%)		13.29	%		12,385		49	%
Advisor Class
4/1/2018 - 3/31/2019		$12.35		($0.05	)		$0.72		$0.67		$—			($0.94	)		($0.94	)		$12.08		1.31	%		1.05	%		(0.42	%)		5.86	%		$5,288		72	%
4/1/2017 - 3/31/2018		11.19		(0.05	)		1.69		1.64		—			(0.48	)		(0.48	)		12.35		1.37	%		1.05	%		(0.40	%)		14.80	%		13,574		51	%
4/1/2016 - 3/31/2017		9.64		(0.05	)		1.80		1.75		—			(0.20	)		(0.20	)		11.19		1.68	%		1.05	%		(0.43	%)		18.23	%		13,321		49	%
1/11/2016 - 3/31/2016		9.27		(0.01	)		0.38		0.37		—			—			—			9.64		12.19	%		1.05	%		(0.45	%)		3.99	%		234		7	%
Class S
4/1/2018 - 3/31/2019		$12.38		($0.04	)		$0.72		$0.68		$—			($0.94	)		($0.94	)		$12.12		1.16	%		0.90	%		(0.27	%)		5.92	%		$2,287		72	%
4/1/2017 - 3/31/2018		11.20		(0.03	)		1.69		1.66		—			(0.48	)		(0.48	)		12.38		1.22	%		0.90	%		(0.25	%)		14.97	%		10,826		51	%
4/1/2016 - 3/31/2017		9.63		(0.03	)		1.80		1.77		(0.00	)(7)		(0.20	)		(0.20	)		11.20		1.53	%		0.90	%		(0.28	%)		18.47	%		9,680		49	%
1/11/2016 - 3/31/2016		9.27		(0.00	)(7)		0.36		0.36		—			—			—			9.63		12.04	%		0.90	%		(0.29	%)		3.88	%		411		7	%

(1)

For share classes that commenced operations after April 1, 2014, the first date reported represents the commencement date of operations for that share class.

(2)

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

(3)

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

(4)

The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any, 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.

(5)

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

(6)

Class R shares were converted to Class A shares on March 22, 2019 (see Note 1 in Notes to Financial Statements).

(7)

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

(8)

The annualized ratios of expenses, excluding interest expense, after expense reductions to average net assets for the year ended March 31, 2019 are as follows:


Fund	Class A	Class C	Class I	Class P	Advisor Class
Pacific Funds Floating Rate Income	0.99%	1.69%	0.69%	0.69%	0.74%

(9)

Investor Class shares were converted to Class A shares on July 31, 2018 (see Note 1 in Notes to Financial Statements).

(10)

Includes $0.01 per share return of capital distribution.

(11)

Because of the change in fiscal year end from November 30 to March 31 for the Fund, the following periods are shown for the Fund prior to April 1, 2016: (i) the period from December 31, 2014 through November 30, 2015, which reflects the fiscal year end prior to the reorganization and (ii) the period from December 1, 2015 or class commencement date through March 31, 2016, which reflects the change in fiscal year end for the Fund upon the reorganization.


See Notes to Financial Statements

C-21

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS

1. ORGANIZATION

Pacific Funds Series Trust (which may be referred to as “Pacific Funds” or the “Trust”) is registered under the Investment Company Act of 1940 (“1940 Act”), as amended, as a diversified, open-end, management investment company, and is organized as a Delaware statutory trust. Pacific Life Fund Advisors LLC (“PLFA” or the “Investment Adviser”) serves as investment adviser to the Trust. As of March 31, 2019, the Trust was comprised of thirty-four separate funds, seventeen of which are presented in these financial statements (each individually a “Fund”, and collectively the “Funds”):

Fund

Pacific Funds^SM Portfolio Optimization Conservative (1)

Pacific Funds^SM Portfolio Optimization Moderate-Conservative (1)

Pacific Funds^SM Portfolio Optimization Moderate (1)

Pacific Funds^SM Portfolio Optimization Growth (1)

Pacific Funds^SM Portfolio Optimization Aggressive-Growth (1)

Pacific Funds^SM Diversified Alternatives

Pacific Funds^SM Short Duration Income (2)

Pacific Funds^SM Core Income (2)

Pacific Funds^SM Strategic Income (2)

Fund

Pacific Funds^SM Floating Rate Income (2)

Pacific Funds^SM High Income (2)

Pacific Funds^SM Large-Cap (3)

Pacific Funds^SM Large-Cap Value (3)

Pacific Funds^SM Small/Mid-Cap (3)

Pacific Funds^SM Small-Cap (3)

Pacific Funds^SM Small-Cap Value (3)

Pacific Funds^SM Small-Cap Growth (3)

(1)

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

(2)

These Funds are collectively known as the “PF Fixed Income Funds”.

(3)

These Funds are collectively known as the “PF U.S. Equity Funds”.

The Portfolio Optimization Funds offer Class A, Class B, Class C, 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) Advisor Class shares are sold at net asset value without a sales charge. The sales charge for Class A shares is reduced for purchases of $50,000 or more and may be waived in certain circumstances. There is no sales charge for Class A shares for purchases of $1 million or more, although there is a CDSC of 1.00% on redemptions of such Class A shares within one year of purchase, which may be waived in certain circumstances. Class B shares were closed to any new or additional purchases (except through reinvestment of dividends and capital gains distributions) as of the close of business on July 31, 2017, and effective July 31, 2019, all Class B shares will be converted to Class A shares and Class B shares will be terminated. Effective March 22, 2019, all Class R shares in the Portfolio Optimization Funds were converted to Class A shares within each Fund, and Class R shares were concurrently terminated.

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

The PF U.S. Equity Funds offer Class A, Class C, Advisor Class, and Class S shares. Additionally, Pacific Funds Small-Cap Growth offers 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 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 P, Advisor Class, and Class S 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. Effective July 31, 2018, all Investor Class shares in the PF U.S. Equity Funds were converted to Class A shares within each Fund, and Investor Class shares were concurrently terminated.

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 certain other funds of the Trust (collectively, the “PF Underlying Funds”) as well as Class P shares of Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and Pacific Funds Small-Cap Growth. 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 annual report containing the financial statements for the PF Underlying Funds, which is available without charge. For information on how to obtain the annual report for these Funds, see the Where to Go for More Information section of this report on page F-21.

D-1

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

The Trust’s Board of Trustees approved a plan of liquidation for Pacific Funds Diversified Alternatives which is expected to occur on or about July 31, 2019.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the increases and decreases in net assets from operations during the reporting period. Actual results 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. The following Accounting Standards Update (“ASU”) was implemented during this reporting cycle.

On August 28, 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. This update intends to improve the effectiveness of disclosure requirements on fair value measurements, including the consideration of costs and benefits. As a result of the implementation of ASU 2018-13, certain disclosures were removed from the Schedules of Investments and Note 3D.

A. INVESTMENT TRANSACTIONS AND INCOME

Investment transactions are recorded on a trade date basis. Securities purchased or sold on a when-issued or delayed-delivery basis as well as certain loan transactions and mortgage securities (such as Government National Mortgage Association (“GNMA”) securities) may be settled a month or more after the trade date. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities, which are recorded as soon as a Fund is informed of the ex-dividend date or upon receipt of the dividend. A Fund’s estimated components of distributions received from real estate investment trusts may be considered income, return of capital distributions or capital gain distributions. Return of capital distributions are recorded as a reduction of cost of the related investments. Interest income, adjusted for amortization of premium and accretion of discount, is recorded daily on an accrual basis. Investment income is recorded net of foreign taxes withheld, if any. A Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. A Fund will accrue such taxes and reclaims as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which that Fund invests. Facility fees and other fees (such as origination fees) received from floating rate senior loan notes purchased (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. Gains and losses realized on principal paydowns from mortgage-backed and asset-backed securities are recorded as interest income. Litigation settlements on securities that were previously held are recorded as realized gains on investment securities.

B. DISTRIBUTIONS TO SHAREHOLDERS

For the Portfolio Optimization Funds, Pacific Funds Diversified Alternatives, and PF U.S. Equity Funds, dividends on net investment income, if any, are generally declared and paid annually. For the PF Fixed Income Funds (except Pacific Funds Floating Rate Income), dividends on net investment income, if any, are generally declared and paid monthly. For Pacific Funds Floating Rate Income, dividends, if any, are generally declared daily and paid monthly. Dividends may be declared more or less frequently if advantageous to the specific Fund and its shareholders.

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, which are denominated in non-U.S. currencies, are translated into U.S. dollars based on the applicable exchange rates at the end of each business day. Purchases and sales of investments and income and expenses, denominated in foreign currencies, are translated into U.S. dollars at the exchange rates in effect on the transaction date.

None of the Funds separately report the effect of changes in foreign exchange rates from changes in market prices of investments held. Such changes are included with the net realized gain or loss and change in net unrealized appreciation or depreciation on investments. Other foreign currency transactions resulting in realized and unrealized gain or loss, if any, are reported separately as net realized gain or loss on foreign currency transactions and change in net unrealized appreciation or depreciation on foreign currencies.

D. ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES

Income, non-class specific expenses, and realized and unrealized gains and losses are allocated on a daily basis to each class of shares based upon the relative portion of net assets of each class. Certain Trust expenses directly attributable to a particular Fund are charged to that Fund (such as fund-specific transactional fees, proxies, liquidations, litigation, and organizational/start-up costs) and class-specific fees and expenses are charged directly to the respective share class within each Fund. Generally, other Trust expenses are allocated proportionately among all the Funds in relation to the net assets of each Fund.

E. OFFERING COSTS

A new Fund bears all costs (or the applicable pro-rata share if there is more than one new Fund) associated with the offering expenses of the Fund including legal, 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.

D-2

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

F. NEW PRONOUNCEMENTS NOT YET ADOPTED

On March 30, 2017, the FASB issued ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities, which requires the premium associated with the purchase of callable debt securities be amortized to the earliest call date and no longer amortized through the contractual life of the instrument. The changes are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management has determined that this new accounting pronouncement will have no material impact on the financial statements of the Trust.

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. DETERMINATION OF NET ASSET VALUE (“NAV”)

Each Fund 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 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 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

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 Mutual Funds

Fund investments in affiliated or unaffiliated mutual funds are valued at their respective published NAVs.

Investment Values Determined by a Valuation Committee

D-3

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

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

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

D. FAIR VALUE MEASUREMENTS AND DISCLOSURES

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

• Level 1 -

Quoted prices (unadjusted) in active markets for identical investments

• Level 2 -

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

• Level 3 -

Significant unobservable inputs that are not corroborated by observable market data

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

The inputs or methodologies used for characterizing each Fund’s investments within the three-tier hierarchy are not necessarily an indication of the relative risks associated with investing in those investments. Foreign equity investments that are valued with the assistance of a statistical research service approved by the Board and based on significant observable inputs are reflected as Level 2. Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. A summary of each Fund’s investments as of March 31, 2019, as categorized under the three-tier hierarchy of inputs, 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 (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 are fair valued using significant other observable inputs which include broker-dealer quotes, recently executed transactions adjusted for changes in the benchmark index, or evaluated price quotes received from pricing vendors that take into account the integrity of the market sector and issuer, the individual characteristics of the security, and information received from broker-dealers and other market sources pertaining to the issuer or security. To the extent that these inputs are observable and timely, the fair values of these securities would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

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

U.S. Treasury Obligations

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

Mortgage-Backed and Asset-Backed Securities

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

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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 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.

Unfunded loan commitments on senior loan participations and assignments, if any, are marked to market daily and valued according to the Trust’s valuation policies and procedures. Any outstanding unfunded loan commitments are presented in 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 March 31, 2019, the Floating Rate Income Fund had unfunded loan commitments of $1,075,155 (see details in the Notes to Schedules of Investments).

4. INVESTMENTS AND RISKS

General Investment Risks

An investment in each Fund represents an indirect investment in the assets owned by that Fund. As with any mutual fund, the value of the assets owned by each Fund may move up or down, and as a result, an investment in a Fund at any point in time may be worth more or less than the original amount invested.

A Fund’s transactions in listed securities are settled/paid for upon delivery to or from their counterparties; therefore, the risk of counterparty default for listed securities is considered minimal, as delivery of securities sold is only made once a Fund has received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligations.

Market and Regulatory Risks

Events in the financial markets and economy may cause volatility and uncertainty and 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.

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Fund of Funds Investments

The Portfolio Optimization Funds and Pacific Funds Diversified Alternatives are exposed to the same risks as the applicable PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and Pacific Funds Small-Cap Growth in direct proportion to the allocation of assets among those funds. This annual report contains information about the risks associated with investing in Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and Pacific Funds Small-Cap Growth. The 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, Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and Pacific Funds Small-Cap Growth 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 and 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 PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and Pacific Funds Small-Cap Growth may cause them to underperform other mutual funds with a similar investment objective. Although the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives seek to provide diversification across major asset classes, they may invest a significant portion of their assets in any one or several PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and Pacific Funds Small-Cap Growth (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. Risk may be more enhanced for investments in or exposure to investments in frontier market countries.

The Funds may face potential risks associated with the United Kingdom’s vote on June 23, 2016 to leave the European Union (the “EU”), commonly referred to as “Brexit.” There are considerable uncertainties about the repercussions resulting from Brexit, including the impact on trade agreements, regulations, and treaties. The exact time frame for the implementation of Brexit is unknown and may change. Brexit may also increase the likelihood that other EU members may decide to leave the EU. These potential consequences may result in increased market volatility and illiquidity in the United Kingdom, the EU, and other financial markets, as well as slower economic growth and fluctuations in exchange rates. Any of these events may have a significant adverse effect on global markets and economies, which in turn could negatively impact the value of the Funds’ investments.

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may not be exclusive, however, as there may be other countries of risk to which a Holding is exposed that are not disclosed, although the country identified is expected to be the primary country of risk for that Holding. A Holding is generally subject to greater country risk based on where it conducts business or is economically tied to rather than where it is formed or incorporated. Foreign markets risks may include currency risk, market and regulatory risk, liquidity risk, emerging markets risk, frontier markets risk, and geographic focus risk, among other risks.

Senior Loan Participations and Assignments

Certain Funds may invest in Senior Loans of domestic or foreign corporations, partnerships, and other entities (“Borrowers”), the interest rates of which float or adjust periodically based upon a specified adjustment schedule, benchmark indicator, or prevailing interest rates. Senior Loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates generally include prime rates of one or more major U.S. banks, 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 March 31, 2019, 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 manager of the Fund. In each instance that segregation of collateral is required, it is done so in accordance with the 1940 Act and/or any interpretive guidance issued by the SEC. In the event of the counterparty default on the transaction, a Fund has the right to liquidate the collateral and apply the proceeds to the counterparty’s obligations to that Fund. Upon an event of default, if the seller defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the collateral by the Fund may be delayed, limited or wholly denied. There is also a possibility that a Fund could experience a delay in selling investments that are segregated as collateral.

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

A. PRINCIPAL MARKET RISKS MANAGED BY INVESTING IN DERIVATIVES

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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 the Funds by performing extensive reviews of each counterparty, entering into transactions with counterparties that the manager believes to be creditworthy at the time of the transaction and requiring the posting of collateral in applicable transactions. To manage these risks, certain Funds may invest in derivative instruments tied to a security issuers’ financial strength.

B. DERIVATIVE INVESTMENTS

In addition to managing the market risks described above, certain Funds, if permitted by their investment objectives, may also invest in derivatives for purposes of hedging, duration management, to gain exposure to specific investment opportunities, as a substitute for securities, to enhance returns, or to otherwise help achieve a Fund’s investment goal. Each derivative instrument and the reasons a Fund invested in derivatives during the reporting period are discussed in further detail below. The Portfolio Optimization Funds and Pacific Funds Diversified Alternatives are exposed to the same derivative risks as the applicable PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and/or Pacific Funds Small-Cap Growth in direct proportion to the allocation of assets among those funds. The annual report of the PF Underlying Funds discusses in further detail the derivative instruments and the reasons a PF Underlying Fund invested in derivatives during the reporting period.

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

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.

None of the Funds presented in these financial statements held total return swaps as of March 31, 2019.

C. ENFORCEABLE MASTER NETTING ARRANGEMENTS

Master Agreements and Netting Arrangements – Certain Funds are parties to various agreements, including but not limited to International Swaps and Derivatives Association Agreements and related Credit Support Annex, Master Repurchase Agreements, and Master Securities Forward Transactions Agreements (collectively “Master Agreements”), which govern the terms of certain transactions with select counterparties. These Master Agreements generally include provisions for general obligations, representations, agreements, collateral, and certain events of default or termination. These Master Agreements also include provisions for netting arrangements that help reduce credit and counterparty risk associated with relevant transactions (“netting arrangements”). The netting arrangements are generally tied to credit related events that, if triggered, would cause an event of default or termination giving a Fund or counterparty the right to terminate early and cause settlement, on a net basis, of all transactions under the applicable Master Agreement. In the event of an early termination as a result of an event of default under the Master Agreement, the total value exposure of all transactions will be offset against collateral exchanged to date, which would result in a net receivable or payable that would be due from or to the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in the event of a bankruptcy or insolvency. Credit related events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/moratorium. Any election made by a counterparty to early terminate the transactions under a Master Agreement could have a material adverse impact on a Fund’s financial statements. A Fund’s overall exposure to credit risk, subject to netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions under the relevant Master Agreement with a counterparty in a given Fund exceeds a specified threshold, net of collateral already in place, which typically ranges from $0 to $250,000 depending on the counterparty and the type of Master Agreement. Collateral under the Master Agreements is usually in the form of cash or U.S. Treasury Bills but could include other types of securities. If permitted under the Master Agreement, certain funds may rehypothecate cash collateral received from a counterparty. The value of all derivative transactions outstanding under a Master Agreement is calculated daily to determine the amount of collateral to be received or pledged by the counterparty. Posting of collateral for OTC derivative transactions are covered under tri-party collateral agreements between the Trust, the Trust’s custodian, and each counterparty. Collateral for centrally cleared derivatives transactions are posted with the applicable derivatives clearing organization.

None of the Funds presented in these financial statements were subject to enforceable master agreements with netting arrangements as of March 31, 2019.

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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 Investment Adviser to each Fund of the Trust. PLFA manages the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives. PLFA also manages the PF Fixed Income Funds under the name Pacific Asset Management. For the PF U.S. Equity Funds, PLFA has retained another investment management firm to sub-advise each Fund, as discussed later in this section. PLFA receives investment advisory fees from each Fund which are based on the following annual percentage of the average daily net assets of each Fund:


Fund	Advisory Fee Rate	Advisory Fee Waiver Rate through July 31, 2019
Pacific Funds Portfolio Optimization Conservative Pacific Funds Portfolio Optimization Moderate-Conservative Pacific Funds Portfolio Optimization Moderate Pacific Funds Portfolio Optimization Growth Pacific Funds Portfolio Optimization Aggressive-Growth Pacific Funds Diversified Alternatives	0.20%	0.025% above $2 billion to $3 billion 0.050% on next $2 billion 0.075% on next $2.5 billion 0.100% on excess
Pacific Funds Short Duration Income	0.40%	0.025% above $1 billion to $2 billion 0.050% on next $1 billion 0.075% on excess
Pacific Funds Core Income	0.50%
Pacific Funds Strategic Income Pacific Funds High Income	0.60%
Pacific Funds Floating Rate Income	0.65%
Pacific Funds Large-Cap	0.65%	0.10%
Pacific Funds Large-Cap Value	0.65%
Pacific Funds Small/Mid-Cap Pacific Funds Small-Cap Pacific Funds Small-Cap Value Pacific Funds Small-Cap Growth	0.85%

Pursuant to a Sub-Advisory Agreement, the Trust and PLFA engaged Rothschild & Co Asset Management US Inc. under PLFA’s supervision to act as sub-adviser for the PF U.S. Equity Funds. PLFA, as Investment Adviser to each PF U.S. Equity Fund, pays related management fees to Rothschild & Co Asset Management US Inc. as compensation for its sub-advisory services provided to each PF U.S. Equity Fund.

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 Investment 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. 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 applicable share class presented in these financial statements, which are based on the following annual percentage of average daily net assets of each Fund:


Fund	Share Class (1)	Administration Fee Rate
Portfolio Optimization Funds	A, B, C, R, and Advisor	0.15%
Pacific Funds Diversified Alternatives	A, C, and Advisor	0.15%
Pacific Funds Short Duration Income Pacific Funds Strategic Income	A, C, and Advisor	0.30%
	I	0.15%
Pacific Funds Core Income Pacific Funds Floating Rate Income Pacific Funds High Income	A, C, and Advisor	0.30%
	I and P	0.15%
PF U.S. Equity Funds	A, C, Advisor, and Investor	0.30%
	S	0.15%
Pacific Funds Small-Cap Growth	P	0.15%

(1)

Investor Class shares were converted to Class A shares on July 31, 2018, and Class R shares were converted to Class A shares on March 22, 2019 (see Note 1 in Notes to Financial Statements).

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

D-10

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

Class B, C, and R shares. The Distributor also receives service fees pursuant to a non-12b-1 service plan for Class A shares (“Class A Plan”). The Distributor receives distribution and/or service fees from each Fund and applicable share class presented in these financial statements, which are based on the following annual percentages 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 (1)	0.25%	0.25%
	Investor (1)	0.25%
Class A Plan	A		0.25%

(1)

Investor Class shares were converted to Class A shares on July 31, 2018, and Class R shares were converted to Class A shares on March 22, 2019 (see Note 1 in Notes to Financial Statements).

There are no distribution and service fees for Class I, Class P, Advisor Class, and Class S shares. The distribution and service fees are accrued daily. For the fiscal year ended March 31, 2019, the Distributor, acting as underwriter, received net commissions (front-end sales charges) of $5,678,507 from the sale of Class A shares and received $262,379 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 Investment Adviser, the Distributor, and Pacific Life are related parties. The advisory fees earned by the Investment Adviser, including any advisory fee waiver, 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 fiscal year ended March 31, 2019 are presented in the Statements of Operations. The amounts of each of these fees that remained payable as of March 31, 2019 are presented in the Statements of Assets and Liabilities.

B. EXPENSE LIMITATION AGREEMENTS

To help limit the Trust’s expenses, PLFA has contractually agreed to reimburse each Fund 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 and expenses; 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 expenses; 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); taxes (including foreign taxes on dividends, interest or gains); brokerage commissions and other transactional expenses; and extraordinary expenses such as litigation expenses, liquidation expenses, reorganization 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 (1)	Expense Caps
Portfolio Optimization Funds	A, B, C, R, and Advisor	0.15% through 7/31/2019 and 0.30% thereafter through 7/31/2023
Pacific Funds Short Duration Income	A, C, I, and Advisor	0.10% through 7/31/2019
Pacific Funds Core Income	A and C	0.10% through 7/31/2019
	I, Advisor, and P	0.05% through 7/31/2019
Pacific Funds Strategic Income	A and Advisor	0.10% through 7/31/2019
	C and I	0.05% through 7/31/2019
Pacific Funds Floating Rate Income	A and Advisor	0.10% through 7/31/2019
	C, I, and P	0.05% through 7/31/2019
Pacific Funds High Income	A, I, Advisor, and P	0.10% through 7/31/2019
	C	0.05% through 7/31/2019
Pacific Funds Diversified Alternatives	A, C, and Advisor	0.40% through 7/31/2019
Pacific Funds Large-Cap Pacific Funds Large-Cap Value	A	0.20% through 7/31/2020
Pacific Funds Large-Cap Pacific Funds Large-Cap Value	C, Advisor, and Investor	0.20% through 7/31/2019
	S	0.10% through 7/31/2019
Pacific Funds Small/Mid-Cap Pacific Funds Small-Cap Pacific Funds Small-Cap Value	A	0.20% through 7/31/2020
	C and Advisor	0.20% through 7/31/2019
	Investor	0.25% through 7/31/2019
	S	0.15% through 7/31/2019
Pacific Funds Small-Cap Growth	A	0.15% through 7/31/2020
	C, Advisor, and P	0.20% through 7/31/2019
	Investor	0.15% through 7/31/2019
	S	0.05% through 7/31/2019

(1)

Investor Class shares were converted to Class A shares on July 31, 2018, and Class R shares were converted to Class A shares on March 22, 2019 (see Note 1 in Notes to Financial Statements).

D-11

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

the date on which the reimbursement took place, provided that the recoupment would be limited to the lesser of: (i) the expense cap in effect at the time of the reimbursement or (ii) the expense cap in effect at the time of recoupment. Any amounts repaid to PLFA will have the effect of increasing such expenses of the applicable Fund, but not above the expense cap. The amounts of adviser reimbursement to each applicable Fund presented in these financial statements for the fiscal year ended March 31, 2019 are presented in the Statements of Operations. Any amounts that remained due from the Investment Adviser as of March 31, 2019 are presented in the Statements of Assets and Liabilities.

The cumulative expense reimbursement amounts, if any, as of March 31, 2019 that are subject to recoupment by PLFA from the Funds presented in these financial statements are as follows:


Fund	3/31/2020		3/31/2021		3/31/2022
Pacific Funds Portfolio Optimization Conservative		$290,877		$250,155		$230,770
Pacific Funds Portfolio Optimization Moderate-Conservative		376,333		334,819		305,325
Pacific Funds Portfolio Optimization Moderate		946,295		841,944		774,354
Pacific Funds Portfolio Optimization Growth		694,650		646,561		602,203
Pacific Funds Portfolio Optimization Aggressive-Growth		256,470		256,481		253,140
Pacific Funds Diversified Alternatives		28,564		4,935		—
Pacific Funds Short Duration Income		600,137		1,000,932		1,385,844
Pacific Funds Core Income		1,321,088		2,102,504		1,843,904
Pacific Funds Strategic Income		587,614		1,246,313		1,612,421
Pacific Funds Floating Rate Income		1,512,901		3,114,566		4,391,138
Pacific Funds High Income		118,054		119,953		169,374
Pacific Funds Large-Cap		136,174		87,705		85,164
Pacific Funds Large-Cap Value		157,996		111,953		98,891
Pacific Funds Small/Mid-Cap		202,048		341,697		493,273
Pacific Funds Small-Cap		135,916		88,698		94,696
Pacific Funds Small-Cap Value		161,192		104,441		90,131
Pacific Funds Small-Cap Growth		150,256		107,736		103,024

Total		$7,676,565		$10,761,393		$12,533,652

During the fiscal year ended March 31, 2019, PLFA recouped $20,655 from Pacific Funds Diversified Alternatives under the expense limitation agreement. There was no recoupment of expense reimbursement by PLFA from any other Funds presented in these financial statements for the fiscal year ended March 31, 2019.

C. INVESTMENTS IN AFFILIATED FUNDS

As of March 31, 2019, 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, Pacific Funds High Income, and/or Pacific Funds Small-Cap Growth. A summary of holdings and transactions with affiliated mutual fund investments as of and for the fiscal year ended March 31, 2019 is as follows:


Fund/Underlying Fund	Beginning Value as of April 1, 2018		Purchase Cost (1)		Distributions Received and Reinvested (2)		Sales Proceeds		Net Realized Gain (Loss) (3)			Change in Unrealized Appreciation (Depreciation)			As of March 31, 2019
Fund/Underlying Fund	Beginning Value as of April 1, 2018		Purchase Cost (1)		Distributions Received and Reinvested (2)		Sales Proceeds		Net Realized Gain (Loss) (3)						Ending Value		Shares Balance
Pacific Funds Portfolio Optimization Conservative
Pacific Funds Core Income		$12,008,188		$1,304,895		$346,912		$6,019,919		($258,818	)		$217,226			$7,598,484		719,553
Pacific Funds Floating Rate Income		10,788,557		271,470		457,500		4,974,374		(76,695	)		(110,237	)		6,356,221		642,043
Pacific Funds High Income		13,332,629		8,331,744		582,310		5,490,781		(65,876	)		(71,222	)		16,618,804		1,665,211
PF Inflation Managed		22,457,862		528,693		558,809		9,221,581		(59,776	)		(139,395	)		14,124,612		1,603,248
PF Managed Bond		108,532,267		7,610,463		3,040,694		25,010,160		(771,698	)		500,501			93,902,067		8,892,241
PF Short Duration Bond		40,140,896		13,032,521		656,964		17,363,664		(137,073	)		718,995			37,048,639		3,730,981
PF Emerging Markets Debt		12,362,023		4,144,160		201,566		3,762,375		(206,910	)		13,371			12,751,835		1,390,604
Pacific Funds Small-Cap Growth		—		1,117,793		—		283,986		20,454			(93,338	)		760,923		62,990
PF Comstock (4)		4,391,519		1,922		—		4,622,244		2,624,866			(2,396,063	)		—		—
PF Developing Growth		—		562,545		—		54,762		(4,621	)		(4,757	)		498,405		27,043
PF Growth		2,177,824		2,305,215		—		2,374,694		1,119,578			(904,207	)		2,323,716		85,494
PF Large-Cap Growth (4)		431,220		192		—		474,559		231,702			(188,555	)		—		—
PF Large-Cap Value		5,438,384		1,109,193		53,302		2,129,515		2,150,873			(1,953,453	)		4,668,784		390,693
PF Multi-Asset		28,274,555		22,727,990		592,903		15,109,836		(468,311	)		1,417,168			37,434,469		3,815,950
PF Small-Cap Value		1,469,882		227,692		4,319		400,016		288,243			(334,561	)		1,255,559		152,930
PF Main Street Core (4)		1,735,705		769		—		1,833,744		1,138,476			(1,041,206	)		—		—
PF Mid-Cap Equity		736,134		321		—		780,526		450,159			(406,088	)		—		—
PF Mid-Cap Value (4)		4,689,761		2,050		—		4,795,169		1,119,128			(1,015,770	)		—		—
PF Emerging Markets		7,523,652		2,251,876		25,718		4,284,274		1,050,896			(1,464,375	)		5,103,493		346,940
PF International Large-Cap		5,745,646		1,465,748		13,906		5,885,243		1,541,462			(1,485,480	)		1,396,039		120,141
PF International Small-Cap		3,013,395		399,268		12,233		1,739,896		(257,689	)		(154,890	)		1,272,421		132,682
PF International Value		2,434,976		1,455,439		37,528		2,373,894		695,671			(873,904	)		1,375,816		183,198
PF Real Estate		1,539,980		2,595,321		48,836		616,828		127,037			183,020			3,877,366		316,262
PF Currency Strategies		5,609,576		627,109		—		2,486,566		(150,573	)		196,981			3,796,527		412,666
PF Equity Long/Short		5,580,935		2,198,185		88,035		3,103,509		(580,343	)		(380,671	)		3,802,632		485,030
PF Global Absolute Return (4)		5,670,880		409,108		—		5,576,830		(520,554	)		17,396			—		—
		$306,086,446		$74,681,682		$6,721,535		$130,768,945		$8,999,608			($9,753,514	)		$255,966,812

D-12

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)


Fund/Underlying Fund	Beginning Value as of April 1, 2018		Purchase Cost (1)		Distributions Received and Reinvested (2)		Sales Proceeds		Net Realized Gain (Loss) (3)			Change in Unrealized Appreciation (Depreciation)			As of March 31, 2019
Fund/Underlying Fund	Beginning Value as of April 1, 2018		Purchase Cost (1)		Distributions Received and Reinvested (2)		Sales Proceeds		Net Realized Gain (Loss) (3)						Ending Value		Shares Balance
Pacific Funds Portfolio Optimization Moderate-Conservative
Pacific Funds Core Income		$15,100,997		$955,614		$412,943		$7,590,547		($316,037	)		$259,195			$8,822,165		835,432
Pacific Funds Floating Rate Income		16,022,369		189,764		670,511		9,200,969		(158,419	)		(107,039	)		7,416,217		749,113
Pacific Funds High Income		11,598,181		13,232,313		628,941		2,948,808		(64,915	)		(88,337	)		22,357,375		2,240,218
PF Inflation Managed		18,850,021		447,912		500,466		10,252,777		(77,592	)		(110,752	)		9,357,278		1,062,120
PF Managed Bond		136,762,116		11,129,677		3,521,587		41,836,699		(1,400,178	)		974,436			109,150,939		10,336,263
PF Short Duration Bond		31,521,230		16,873,525		626,035		19,692,901		(71,500	)		534,690			29,791,079		3,000,109
PF Emerging Markets Debt		16,056,221		8,088,298		267,369		7,389,867		(406,154	)		110,250			16,726,117		1,824,004
Pacific Funds Small-Cap Growth		1,509,760		1,800,037		—		2,188,457		65,854			(78,358	)		1,108,836		91,791
PF Comstock (4)		11,118,411		6,069		—		11,703,487		5,318,267			(4,739,260	)		—		—
PF Developing Growth		652,667		786,181		—		861,633		42,625			106,434			726,274		39,407
PF Growth		2,330,560		9,735,447		—		2,618,058		1,798,716			(1,463,403	)		9,783,262		359,943
PF Large-Cap Growth (4)		2,348,242		1,309		—		2,584,861		1,282,835			(1,047,525	)		—		—
PF Large-Cap Value		12,587,390		16,586,825		75,876		8,201,163		5,424,784			(5,143,390	)		21,330,322		1,784,964
PF Multi-Asset		71,419,307		61,787,867		1,553,843		55,289,674		(1,501,678	)		3,582,475			81,552,140		8,313,164
PF Main Street Core (4)		10,528,986		5,831		—		11,124,917		5,448,379			(4,858,279	)		—		—
PF Mid-Cap Equity		2,840,731		1,547		—		3,012,429		1,492,029			(1,321,878	)		—		—
PF Mid-Cap Value (4)		6,957,566		3,808		—		7,114,239		1,631,022			(1,478,157	)		—		—
PF Small-Cap Value		4,388,500		667,817		12,738		1,277,590		873,311			(1,005,596	)		3,659,180		445,698
PF Emerging Markets		17,886,152		4,442,342		75,811		8,511,279		2,563,184			(3,441,123	)		13,015,087		884,778
PF International Large-Cap		12,990,756		4,830,089		40,994		11,603,230		4,986,379			(4,771,861	)		6,473,127		557,068
PF International Small-Cap		8,945,799		1,417,863		36,066		5,446,029		(701,555	)		(543,538	)		3,708,606		386,716
PF International Value		9,943,151		5,172,519		102,734		7,613,149		2,088,060			(2,585,107	)		7,108,208		946,499
PF Real Estate		4,571,967		5,679,580		108,003		1,727,839		140,533			646,342			9,418,586		768,237
PF Currency Strategies		8,332,641		810,248		—		3,681,811		(242,570	)		314,492			5,533,000		601,413
PF Equity Long/Short		8,288,482		3,315,115		129,765		4,767,329		(899,049	)		(525,234	)		5,541,750		706,856
PF Global Absolute Return (4)		8,422,793		642,109		—		8,321,088		(746,837	)		3,023			—		—
		$451,974,996		$168,609,706		$8,763,682		$256,560,830		$26,569,494			($26,777,500	)		$372,579,548

Pacific Funds Portfolio Optimization Moderate
Pacific Funds Core Income		$29,863,502		$1,718,136		$809,636		$14,290,849		($642,535	)		$548,572			$18,006,462		1,705,157
Pacific Funds Floating Rate Income		20,353,016		499,172		809,021		9,885,793		(121,346	)		(194,222	)		11,459,848		1,157,560
Pacific Funds High Income		33,708,038		23,837,724		1,542,948		12,584,815		(172,570	)		(207,873	)		46,123,452		4,621,588
PF Inflation Managed		27,244,820		389,848		746,214		16,493,364		(150,335	)		(154,761	)		11,582,422		1,314,690
PF Managed Bond		264,563,772		23,816,188		6,887,056		75,105,060		(2,485,528	)		1,901,064			219,577,492		20,793,323
PF Short Duration Bond		40,623,281		49,351,594		1,005,779		22,743,200		(11,859	)		915,096			69,140,691		6,962,809
PF Emerging Markets Debt		27,187,923		2,921,640		363,203		6,778,984		(366,211	)		(322,940	)		23,004,631		2,508,684
Pacific Funds Small-Cap Growth		9,630,161		5,607,812		—		8,621,452		82,721			163,667			6,862,909		568,122
PF Comstock (4)		37,382,885		14,452		—		39,353,930		16,370,294			(14,413,701	)		—		—
PF Developing Growth		3,232,758		2,372,589		—		1,825,390		279,155			435,968			4,495,080		243,900
PF Growth		67,208,407		27,604,291		13,159		17,974,616		3,987,784			5,330,425			86,169,450		3,170,326
PF Large-Cap Growth (4)		17,088,528		6,727		—		18,814,005		9,151,981			(7,433,231	)		—		—
PF Large-Cap Value		47,781,415		40,126,960		993,220		15,340,996		20,981,697			(18,860,392	)		75,681,904		6,333,214
PF Multi-Asset		303,577,481		181,558,524		5,825,282		100,006,397		(3,875,474	)		13,949,958			401,029,374		40,879,651
PF Main Street Core (4)		50,936,766		19,933		—		53,827,910		21,970,718			(19,099,507	)		—		—
PF Mid-Cap Equity		12,957,985		4,983		—		13,742,693		5,232,856			(4,453,131	)		—		—
PF Mid-Cap Value (4)		34,830,270		13,455		—		35,613,186		8,084,026			(7,314,565	)		—		—
PF Small-Cap Value		32,641,447		4,021,232		97,256		13,074,321		5,989,727			(7,028,753	)		22,646,588		2,758,415
PF Emerging Markets		66,250,540		10,917,676		308,866		28,249,454		8,866,789			(12,062,860	)		46,031,557		3,129,270
PF International Large-Cap		42,435,927		9,889,964		420,926		32,789,806		16,929,781			(17,427,245	)		19,459,547		1,674,660
PF International Small-Cap		33,146,658		4,413,078		137,753		21,615,353		(3,103,599	)		(1,501,586	)		11,476,951		1,196,762
PF International Value		42,201,525		8,907,766		1,120,497		26,097,794		5,561,800			(9,696,169	)		21,997,625		2,929,111
PF Real Estate		13,566,494		17,422,904		329,913		4,539,977		1,668,436			697,435			29,145,205		2,377,260
PF Currency Strategies		23,314,463		44,091		—		9,333,179		(714,315	)		957,489			14,268,549		1,550,929
PF Equity Long/Short		21,894,327		8,484,624		353,720		12,598,076		(2,453,733	)		(1,389,815	)		14,291,047		1,822,838
PF Global Absolute Return (4)		22,242,579		1,635,261		—		21,871,287		(1,630,140	)		(376,413	)		—		—
		$1,325,864,968		$425,600,624		$21,764,449		$633,171,887		$109,430,120			($97,037,490	)		$1,152,450,784

D-13

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)


Fund/Underlying Fund	Beginning Value as of April 1, 2018		Purchase Cost (1)		Distributions Received and Reinvested (2)		Sales Proceeds		Net Realized Gain (Loss) (3)			Change in Unrealized Appreciation (Depreciation)			As of March 31, 2019
Fund/Underlying Fund	Beginning Value as of April 1, 2018		Purchase Cost (1)		Distributions Received and Reinvested (2)		Sales Proceeds		Net Realized Gain (Loss) (3)						Ending Value		Shares Balance
Pacific Funds Portfolio Optimization Growth
Pacific Funds Core Income		$9,763,241		$1,610,600		$273,311		$5,796,080		($236,405	)		$206,822			$5,821,489		551,278
Pacific Funds Floating Rate Income		10,270,420		263,854		376,743		6,362,150		(72,919	)		(58,594	)		4,417,354		446,197
Pacific Funds High Income		10,228,959		18,232,572		582,508		2,250,929		(49,739	)		(74,263	)		26,669,108		2,672,255
PF Inflation Managed		5,165,217		313,748		142,109		1,119,499		(6,346	)		(30,518	)		4,464,711		506,778
PF Managed Bond		88,559,419		18,429,960		2,139,512		38,857,930		(1,314,440	)		1,168,279			70,124,800		6,640,606
PF Short Duration Bond		—		42,289,087		342,146		25,161,427		64,510			233,663			17,767,979		1,789,323
PF Emerging Markets Debt		20,604,556		1,830,630		276,659		8,883,872		(416,369	)		(110,155	)		13,301,449		1,450,540
Pacific Funds Small-Cap Growth		10,727,966		4,427,839		—		4,974,862		470,354			(69,271	)		10,582,026		875,996
PF Comstock (4)		47,629,727		43,885		—		50,160,798		17,123,715			(14,636,529	)		—		—
PF Developing Growth		3,930,872		3,575,521		—		1,424,936		57,538			791,944			6,930,939		376,068
PF Growth		100,139,562		2,495,416		14,646		58,092,298		6,166,455			5,832,907			56,556,688		2,080,820
PF Large-Cap Growth (4)		16,756,209		15,835		—		18,457,461		8,824,199			(7,138,782	)		—		—
PF Large-Cap Value		61,938,367		28,936,063		1,135,640		41,644,317		20,821,992			(18,543,517	)		52,644,228		4,405,375
PF Multi-Asset		242,328,530		235,776,161		5,462,931		51,844,268		(2,487,611	)		10,092,632			439,328,375		44,783,728
PF Main Street Core (4)		53,064,448		49,766		—		56,101,141		21,612,313			(18,625,386	)		—		—
PF Mid-Cap Equity		9,818,882		9,049		—		10,418,488		3,931,959			(3,341,402	)		—		—
PF Mid-Cap Value (4)		19,899,376		18,549		—		20,357,771		4,615,478			(4,175,632	)		—		—
PF Small-Cap Value		29,677,556		4,347,054		89,009		6,943,789		6,576,996			(7,556,886	)		26,189,940		3,190,005
PF Emerging Markets		60,251,593		14,485,719		294,120		23,503,323		7,844,911			(10,577,137	)		48,795,883		3,317,191
PF International Large-Cap		45,115,963		6,845,248		458,293		28,555,991		18,025,801			(18,061,921	)		23,827,393		2,050,550
PF International Small-Cap		30,151,859		4,198,759		126,044		21,551,026		(2,435,763	)		(1,641,739	)		8,848,134		922,642
PF International Value		62,945,157		6,961,103		1,215,138		40,110,957		7,710,012			(12,194,433	)		26,526,020		3,532,093
PF Real Estate		15,419,418		18,010,547		251,326		8,804,215		2,545,587			(459,414	)		26,963,249		2,199,286
PF Currency Strategies		13,485,480		167,271		—		4,987,054		(308,461	)		443,082			8,800,318		956,556
PF Equity Long/Short		13,539,320		5,682,857		220,571		8,245,019		(1,623,892	)		(759,701	)		8,814,136		1,124,252
PF Global Absolute Return (4)		13,765,686		1,131,264		—		13,655,186		(931,665	)		(310,099	)		—		—
		$995,177,783		$420,148,357		$13,400,706		$558,264,787		$116,508,210			($99,596,050	)		$887,374,219

Pacific Funds Portfolio Optimization Aggressive-Growth
Pacific Funds Core Income		$—		$313,940		$2,509		$10,307		$92			$8,073			$314,307		29,764
Pacific Funds Floating Rate Income		3,463,583		111,175		127,178		3,661,456		(55,399	)		18,720			3,801		384
Pacific Funds High Income		—		1,563,878		4,170		11,313		17			3,119			1,559,871		156,300
PF Managed Bond		24,042		4,411,157		—		167,953		1,479			120,266			4,388,991		415,624
PF Short Duration Bond		—		5,693,584		23,721		4,205,568		26,658			20,485			1,558,880		156,987
PF Emerging Markets Debt		3,456,106		444,664		48,569		2,268,201		(113,104	)		(12,027	)		1,556,007		169,685
Pacific Funds Small-Cap Growth		4,903,851		1,628,397		—		2,094,665		230,349			(25,966	)		4,641,966		384,269
PF Comstock (4)		16,355,050		66,051		—		17,280,515		6,466,138			(5,606,724	)		—		—
PF Developing Growth		1,649,781		1,583,057		—		550,851		177,117			181,373			3,040,477		164,974
PF Growth		34,863,767		1,605,969		7,573		9,763,471		2,373,655			2,417,021			31,504,514		1,159,106
PF Large-Cap Growth (4)		13,397,863		55,376		—		14,810,591		5,986,879			(4,629,527	)		—		—
PF Large-Cap Value		27,201,526		9,404,060		456,549		21,539,647		9,691,219			(8,432,641	)		16,781,066		1,404,273
PF Multi-Asset		87,733,392		99,910,256		1,998,180		15,894,576		(777,861	)		3,809,232			176,778,623		18,020,247
PF Main Street Core (4)		20,845,041		85,400		—		22,112,380		8,071,578			(6,889,639	)		—		—
PF Mid-Cap Equity		4,958,077		20,016		—		5,278,504		1,915,516			(1,615,105	)		—		—
PF Mid-Cap Value (4)		4,427,120		18,015		—		4,543,806		1,037,089			(938,418	)		—		—
PF Small-Cap Value		13,341,629		6,771,556		41,713		2,921,022		2,926,608			(3,310,916	)		16,849,568		2,052,323
PF Emerging Markets		23,672,464		4,478,040		123,900		8,514,185		2,788,831			(3,868,230	)		18,680,820		1,269,940
PF International Large-Cap		19,109,882		989,721		224,703		13,213,306		8,219,676			(8,362,502	)		6,968,174		599,671
PF International Small-Cap		11,811,550		1,871,563		51,675		7,443,824		(1,073,910	)		(559,411	)		4,657,643		485,677
PF International Value		26,144,575		862,395		595,218		17,644,831		2,736,433			(4,758,439	)		7,935,351		1,056,638
PF Real Estate		5,190,610		4,876,054		117,658		1,584,619		587,610			275,173			9,462,486		771,818
PF Currency Strategies		3,509,231		110,558		—		1,341,278		(43,086	)		80,848			2,316,273		251,769
PF Equity Long/Short		3,381,718		1,484,555		57,402		1,995,784		(395,819	)		(212,160	)		2,319,912		295,907
PF Global Absolute Return (4)		3,448,337		313,055		—		3,442,945		(240,454	)		(77,993	)		—		—
		$332,889,195		$148,672,492		$3,880,718		$182,295,598		$50,537,311			($42,365,388	)		$311,318,730

Pacific Funds Diversified Alternatives
Pacific Funds Floating Rate Income		$3,683,217		$1,048,408		$179,812		$2,287,604		($20,465	)		($65,646	)		$2,537,722		256,336
PF Inflation Managed		2,056,202		579,420		55,199		1,236,543		(28,202	)		(1,258	)		1,424,818		161,727
PF Emerging Markets Debt		6,089,353		1,153,303		77,912		2,881,304		(223,902	)		29,332			4,244,694		462,889
PF Emerging Markets		2,799,853		2,636,368		4,746		3,038,911		34,672			(171,841	)		2,264,887		153,969
PF International Small-Cap		2,775,316		821,853		10,127		1,249,648		(180,672	)		(200,520	)		1,976,456		206,096
PF Real Estate		1,228,163		2,490,853		44,267		1,231,638		100,112			236,652			2,868,409		233,965
PF Currency Strategies		8,334,492		7,574,240		—		6,033,915		(128,284	)		82,529			9,829,062		1,068,376
PF Equity Long/Short		4,411,448		1,816,494		57,543		2,446,434		(377,762	)		(367,317	)		3,093,972		394,639
PF Global Absolute Return (4)		9,387,866		2,823,823		—		11,322,150		(773,458	)		(116,081	)		—		—
		$40,765,910		$20,944,762		$429,606		$31,728,147		($1,597,961	)		($574,150	)		$28,240,020

(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 Floating Rate Income, Pacific Funds High Income, and/or Pacific Funds Small-Cap Growth.

D-14

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

(3)

Net realized gain (loss) includes capital gains distributions from the PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and/or Pacific Funds Small-Cap Growth, if any.

(4)

All shares in the PF Comstock, PF Large-Cap Growth, PF Main Street Core, PF Mid-Cap Equity, PF Mid-Cap Value, and PF Global Absolute Return Funds were fully redeemed during the fiscal year ended March 31, 2019.

As of March 31, 2019, 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 Large-Cap Value		40.20%
Pacific Funds Small-Cap Value		37.20%

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. A Trustee who defers compensation has the ability to select credit rate options that track the performance, at NAV of Class A of certain series of the Trust without a sales load or at NAV of Class I shares of the Pacific Select Fund. Pacific Select Fund is a Delaware statutory trust and is registered under the 1940 Act as an open-end management investment company. PLFA is the Investment Adviser to Pacific Select Fund. The obligation of 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 fiscal year ended March 31, 2019, such expenses increased by $6,196 for all applicable Funds presented in these financial statements as a result of the market value appreciation on such accounts. As of March 31, 2019, the total amount in the DCP Liability accounts for all applicable Funds presented in these financial statements was $42,280.

E. OFFICERS OF THE TRUST

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

F. INDEMNIFICATIONS

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

G. INTERFUND TRANSACTIONS

In accordance with Rule 17a-7 under the 1940 Act and applicable Trust policies and procedures, purchase and sale transactions may be conducted between a Fund of the Trust and another Fund of the Trust or certain affiliates of the Trust if conducted at the independent “current market price” (the last sales price, intra-day price, or average of highest bid/lowest offer, as applicable) on a commission-free basis with no remuneration paid in connection with the transaction (other than cash payment against prompt delivery). At the quarterly Board meeting subsequent to the purchase and sale transactions taking place, the Board will be asked to determine that the transactions were conducted in compliance with applicable Trust policies and procedures.

For the fiscal year ended March 31, 2019, the purchase and sale transactions with an affiliated Fund conducted in compliance with Rule 17a-7 under the 1940 Act are summarized in the following table:


Fund	Purchases		Sales		Net Realized Gain (Loss)
Pacific Funds Short Duration Income		$—		$8,672,559		($90,280	)
Pacific Funds Core Income		—		21,520,873		(154,729	)

8. COMMITTED LINE OF CREDIT

The Trust has an unsecured $200,000,000 ($125,000,000 prior to November 30, 2018) committed revolving line of credit agreement with a syndicate of banks, which is renewed annually. The committed line of credit applies to Pacific Funds Floating Rate Income only. The interest rate on borrowing under the line of credit agreement is the higher of the Federal Funds effective rate, plus 1.20%. Pacific Funds Floating Rate Income paid an upfront fee of 0.025% and pays a commitment fee equal to 0.20% (0.25% prior to November 30, 2018) per annum on the daily unused portion of the committed line up to a maximum, including upfront fee, of $450,000 ($312,500 prior to November 30, 2018). As of March 31, 2019, the actual interest rate on borrowing by the Trust was 3.58%. The commitment fees and interest incurred by Pacific Funds Floating Rate Income are recorded as an expense. For the fiscal year ended March 31, 2019, Pacific Funds Floating Rate Income had no loans outstanding in connection with this revolving line of credit.

D-15

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

9. PURCHASES AND SALES OF INVESTMENTS

The cost of purchases and proceeds from sales of investments (excluding short-term investments) for the fiscal year ended March 31, 2019, are summarized in the following table:


	U.S. Government Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Pacific Funds Portfolio Optimization Conservative		$—		$—		$84,344,006		$130,768,945
Pacific Funds Portfolio Optimization Moderate-Conservative		—		—		183,705,254		256,560,830
Pacific Funds Portfolio Optimization Moderate		—		—		502,848,434		633,171,887
Pacific Funds Portfolio Optimization Growth		—		—		491,861,764		558,264,787
Pacific Funds Portfolio Optimization Aggressive-Growth		—		—		178,152,181		182,295,598
Pacific Funds Diversified Alternatives		—		—		21,894,232		31,728,147
Pacific Funds Short Duration Income		67,801,152		—		461,895,346		245,471,429
Pacific Funds Core Income		199,495,198		175,914,273		376,229,055		494,054,752
Pacific Funds Strategic Income		40,631,484		44,562,969		509,513,823		491,460,489
Pacific Funds Floating Rate Income		—		—		2,468,520,579		2,101,187,452
Pacific Funds High Income		—		—		80,419,226		44,364,418
Pacific Funds Large-Cap		—		—		15,924,353		14,959,507
Pacific Funds Large-Cap Value		—		—		10,534,088		21,567,758
Pacific Funds Small/Mid-Cap		—		—		225,319,604		91,080,353
Pacific Funds Small-Cap		—		—		12,531,679		13,973,950
Pacific Funds Small-Cap Value		—		—		13,165,098		22,173,783
Pacific Funds Small-Cap Growth		—		—		39,618,268		58,777,529

10. FEDERAL INCOME TAX INFORMATION

Each Fund intends to qualify each year as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code (the “Code”). A Fund that qualifies as a RIC does not have to pay income tax as long as it distributes sufficient taxable income and net capital gains. Each Fund declared and paid sufficient dividends on net investment income and capital gains distributions during the fiscal year or period ended March 31, 2019, to qualify as a RIC and is not required to pay Federal income tax under the Code. Accordingly, no provision for Federal income taxes is required in the financial statements. Required distributions are based on net investment income and net realized gains determined in accordance with income tax regulations, which may differ from U.S. GAAP for financial reporting purposes. These differences are primarily due to differing treatments for short-term capital gain distributions received, late year ordinary and post-October capital losses, capital loss carryforwards, and losses deferred due to wash sales. Permanent book and tax differences relating to shareholder distributions will result in reclassifications of capital accounts. In addition, the year in which amounts are distributed may differ from the year in which the net investment income is earned and the net gains are realized by each Fund.

The following table shows the accumulated capital losses and components of distributable earnings on a tax basis, and late year ordinary losses and post-October capital losses deferred, if any, for tax purposes as of March 31, 2019:


				Distributable Earning				Late-Year Ordinary and Post-October Losses Deferrals
Fund	Accumulated Capital Losses			Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Late-Year Ordinary Losses		Short-Term Capital Losses		Long-Term Capital Losses		Total
Pacific Funds Portfolio Optimization Conservative		$—			$78,457		$474,053		$—		$—		$—		$—
Pacific Funds Portfolio Optimization Moderate-Conservative		—			—		1,191,046		265,871		—		—		265,871
Pacific Funds Portfolio Optimization Moderate		—			—		36,583,909		1,286,457		—		—		1,286,457
Pacific Funds Portfolio Optimization Growth		—			—		41,074,489		1,624,522		—		—		1,624,522
Pacific Funds Portfolio Optimization Aggressive-Growth		—			—		17,856,281		364,724		—		—		364,724
Pacific Funds Diversified Alternatives		(1,184,816	)		4,512		—		—		—		—		—
Pacific Funds Short Duration Income		(2,538,276	)		345,628		—		—		—		—		—
Pacific Funds Core Income		(22,574,194	)		572,189		—		—		—		—		—
Pacific Funds Strategic Income		(10,252,266	)		747,906		—		—		—		—		—
Pacific Funds Floating Rate Income		(54,035,929	)		1,425,793		—		—		—		—		—
Pacific Funds High Income		(9,624,106	)		84,552		—		—		—		—		—
Pacific Funds Large-Cap		—			43,380		—		—		181,330		—		181,330
Pacific Funds Large-Cap Value		—			77,863		1,291,253		—		319,187		—		319,187
Pacific Funds Small/Mid-Cap		—			117,516		—		—		3,050,463		1,826,908		4,877,371
Pacific Funds Small-Cap		—			—		—		16,454		619,130		—		635,584
Pacific Funds Small-Cap Value		—			—		—		4,052		438,737		—		442,789
Pacific Funds Small-Cap Growth		—			—		—		58,336		1,213,535		—		1,271,871

D-16

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

Accumulated capital losses represent net capital loss carryovers as of March 31, 2019 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, 2019 and capital loss carryover from prior years utilized during the year or period ended March 31, 2019:


	Unlimited Period of Net Capital Loss Carryover						Accumulated Capital Loss Carryover			Capital Loss Carryover Utilized During the Year Ended March 31, 2019
	Unlimited Period of Net Capital Loss Carryover
Fund	Short Term			Long Term
Pacific Funds Diversified Alternatives		($790,301	)		($394,515	)		($1,184,816	)		$—
Pacific Funds Short Duration Income		(694,385	)		(1,843,891	)		(2,538,276	)		—
Pacific Funds Core Income		(8,959,078	)		(13,615,116	)		(22,574,194	)		—
Pacific Funds Strategic Income		(2,725,800	)		(7,526,466	)		(10,252,266	)		680,941
Pacific Funds Floating Rate Income		(8,051,085	)		(45,984,844	)		(54,035,929	)		—
Pacific Funds High Income		(3,919,736	)		(5,704,370	)		(9,624,106	)		—

The aggregate cost of investments and the composition of unrealized appreciation and depreciation on investments and net unrealized appreciation and/or depreciation on derivatives for Federal income tax purposes as of March 31, 2019, were as follows:


Fund	Total Cost of Investments on Tax Basis (1)		Gross Unrealized Appreciation on Investments		Gross Unrealized Depreciation on Investments			Net Unrealized Appreciation (Depreciation) on Investments			Net Unrealized Appreciation (Depreciation) on Other (2)			Net Unrealized Appreciation (Depreciation)
Pacific Funds Portfolio Optimization Conservative		$255,408,161		$5,057,374		($4,498,723	)		$558,651			$—			$558,651
Pacific Funds Portfolio Optimization Moderate-Conservative		369,561,121		8,372,777		(5,354,350	)		3,018,427			—			3,018,427
Pacific Funds Portfolio Optimization Moderate		1,103,714,358		64,510,937		(15,774,511	)		48,736,426			—			48,736,426
Pacific Funds Portfolio Optimization Growth		833,419,003		66,213,056		(12,257,840	)		53,955,216			—			53,955,216
Pacific Funds Portfolio Optimization Aggressive-Growth		286,933,585		30,039,865		(5,654,720	)		24,385,145			—			24,385,145
Pacific Funds Diversified Alternatives		29,362,113		520,000		(1,642,093	)		(1,122,093	)		—			(1,122,093	)
Pacific Funds Short Duration Income		727,069,543		5,150,962		(1,822,884	)		3,328,078			—			3,328,078
Pacific Funds Core Income		626,334,048		9,782,434		(4,599,947	)		5,182,487			—			5,182,487
Pacific Funds Strategic Income		594,730,475		7,679,127		(12,901,377	)		(5,222,250	)		(1,655	)		(5,223,905	)
Pacific Funds Floating Rate Income		1,859,930,742		2,276,963		(27,677,770	)		(25,400,807	)		(44,140	)		(25,444,947	)
Pacific Funds High Income		135,285,432		1,211,651		(1,649,774	)		(438,123	)		(165	)		(438,288	)
Pacific Funds Large-Cap		16,976,052		3,342,037		(574,438	)		2,767,599			—			2,767,599
Pacific Funds Large-Cap Value		15,003,690		3,826,668		(429,259	)		3,397,409			—			3,397,409
Pacific Funds Small/Mid-Cap		342,426,994		48,687,230		(16,649,517	)		32,037,713			—			32,037,713
Pacific Funds Small-Cap		17,865,579		3,122,130		(1,197,444	)		1,924,686			—			1,924,686
Pacific Funds Small-Cap Value		15,882,756		2,592,621		(1,157,416	)		1,435,205			—			1,435,205
Pacific Funds Small-Cap Growth		30,278,105		7,753,935		(2,544,307	)		5,209,628			—			5,209,628

(1)

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

(2)

Other includes net appreciation or depreciation on derivatives, short sales, and foreign currencies, if any.

Each Fund recognizes the financial statement effects of a tax position taken or expected to be taken in a tax return when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax liability for unrecognized tax benefits with a corresponding income tax expense. Management has analyzed all open tax years, as defined by the statute of limitations, for all major jurisdictions and has determined that no provision for income tax is required in the financial statements. Each Fund remains subject to examination by Federal and State tax authorities for the returns filed for tax years ended as of and after March 31, 2015.

D-17

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

11. TAX CHARACTER OF DISTRIBUTIONS

The tax character of income and capital gains distributions to shareholders during the fiscal years ended March 31, 2019 and 2018, were as follows:


	For the Year Ended March 31, 2019						For the Year Ended March 31, 2018
Fund	Ordinary Income		Long-Term Capital Gains		Total Distributions		Ordinary Income		Long-Term Capital Gains		Total Distributions
Pacific Funds Portfolio Optimization Conservative		$4,642,221		$23,187,289		$27,829,510		$5,864,391		$—		$5,864,391
Pacific Funds Portfolio Optimization Moderate-Conservative		6,200,006		57,672,779		63,872,785		8,726,055		4,984,858		13,710,913
Pacific Funds Portfolio Optimization Moderate		19,771,780		190,255,666		210,027,446		19,841,711		28,960,888		48,802,599
Pacific Funds Portfolio Optimization Growth		13,505,156		162,160,174		175,665,330		13,468,839		24,973,889		38,442,728
Pacific Funds Portfolio Optimization Aggressive-Growth		4,899,802		54,028,116		58,927,918		3,290,514		9,452,563		12,743,077
Pacific Funds Diversified Alternatives		200,331		211,070		411,401		642,859		—		642,859
Pacific Funds Short Duration Income		13,498,890		—		13,498,890		7,264,060		—		7,264,060
Pacific Funds Core Income		20,673,956		—		20,673,956		20,400,769		—		20,400,769
Pacific Funds Strategic Income		25,561,308		—		25,561,308		16,016,399		—		16,016,399
Pacific Funds Floating Rate Income		89,807,013		—		89,807,013		51,890,071		—		51,890,071
Pacific Funds High Income		3,988,717		—		3,988,717		1,400,258		—		1,400,258
Pacific Funds Large-Cap		262,635		636,907		899,542		99,599		91,459		191,058
Pacific Funds Large-Cap Value		468,565		1,464,784		1,933,349		787,226		285,516		1,072,742
Pacific Funds Small/Mid-Cap		23,990		6,986,929		7,010,919		158,695		46,194		204,889
Pacific Funds Small-Cap		171,014		887,627		1,058,641		130,030		129,971		260,001
Pacific Funds Small-Cap Value		528,529		3,453,991		3,982,520		2,228,046		692,924		2,920,970
Pacific Funds Small-Cap Growth		555,700		4,368,444		4,924,144		508,907		1,004,117		1,513,024

12. RECLASSIFICATIONS OF ACCOUNTS

During the fiscal year ended March 31, 2019, reclassifications as shown in the following table have been made in each Fund’s capital accounts to report these balances on a tax basis, excluding certain temporary differences, as of March 31, 2019. Additional adjustments may be required in subsequent reporting periods. These reclassifications, which have no impact on the NAV of the Funds, are primarily attributable to non-deductible expenses, swap income, redesignation of dividends paid, partnerships, defaulted bonds, and short-term capital gains received under Federal tax rules, versus U.S. GAAP. The calculation net investment income per share in the financial highlights excludes these adjustments.


Fund	Paid-In Capital			Undistributed/ Accumulated Net Investment Income (Loss)			Undistributed/ Accumulated Net Realized Gain (Loss)
Pacific Funds Portfolio Optimization Conservative		($17	)		$462,588			($462,571	)
Pacific Funds Portfolio Optimization Moderate-Conservative		(39	)		1,274,662			(1,274,623	)
Pacific Funds Portfolio Optimization Moderate		(145	)		7,816,687			(7,816,542	)
Pacific Funds Portfolio Optimization Growth		(95	)		6,935,703			(6,935,608	)
Pacific Funds Portfolio Optimization Aggressive-Growth		38			3,597,653			(3,597,691	)
Pacific Funds Diversified Alternatives		—			56,219			(56,219	)
Pacific Funds Short Duration Income		—			(49,938	)		49,938
Pacific Funds Core Income		—			(49,272	)		49,272
Pacific Funds Strategic Income		(3,636	)		(105,847	)		109,483
Pacific Funds High Income		(606	)		1,467			(861	)
Pacific Funds Large-Cap		—			(257	)		257
Pacific Funds Large-Cap Value		—			(198	)		198
Pacific Funds Small/Mid-Cap		—			(398	)		398
Pacific Funds Small-Cap		(855	)		10,710			(9,855	)
Pacific Funds Small-Cap Value		—			(437	)		437
Pacific Funds Small-Cap Growth		(50,283	)		227,118			(176,835	)

D-18

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

13. SHARES OF BENEFICIAL INTEREST

Each Fund is authorized to issue an unlimited number of shares of beneficial interest with no par value unless otherwise determined by the trustees of the Board. Changes in shares of beneficial interest of each Fund for the fiscal year or period ended March 31, 2019 and 2018, were as follows:


	Pacific Funds Portfolio Optimization Conservative (1)						Pacific Funds Portfolio Optimization Moderate-Conservative (1)						Pacific Funds Portfolio Optimization Moderate (1)						Pacific Funds Portfolio Optimization Growth (1)
	Year Ended 3/31/2019			Year Ended 3/31/2018			Year Ended 3/31/2019			Year Ended 3/31/2018			Year Ended 3/31/2019			Year Ended 3/31/2018			Year Ended 3/31/2019			Year Ended 3/31/2018

Class A
Shares sold		1,597,168			1,862,768			1,937,860			2,219,877			5,162,968			4,573,013			3,767,426			3,358,865
Dividends and distribution reinvested		1,257,417			251,720			3,178,474			567,952			9,730,329			1,840,517			8,167,065			1,421,816
Shares repurchased		(3,103,888	)		(2,925,798	)		(4,994,834	)		(4,098,294	)		(10,845,624	)		(10,664,851	)		(7,456,705	)		(7,232,106	)
Converted from Class R shares		420,991			—			468,319			—			1,861,409			—			1,066,096			—
Net increase (decrease)		171,688			(811,310	)		589,819			(1,310,465	)		5,909,082			(4,251,321	)		5,543,882			(2,451,425	)
Beginning shares outstanding		11,658,921			12,470,231			18,077,695			19,388,160			48,445,092			52,696,413			35,912,645			38,364,070
Ending shares outstanding		11,830,609			11,658,921			18,667,514			18,077,695			54,354,174			48,445,092			41,456,527			35,912,645

Class B
Shares sold		63,288			96,799			26,848			68,406			64,612			173,280			46,713			156,935
Dividends and distribution reinvested		186,621			36,347			476,846			84,578			1,460,526			285,597			1,137,653			205,810
Shares repurchased		(825,329	)		(658,988	)		(994,617	)		(756,471	)		(2,427,834	)		(1,905,989	)		(1,701,102	)		(1,336,648	)
Net increase (decrease)		(575,420	)		(525,842	)		(490,923	)		(603,487	)		(902,696	)		(1,447,112	)		(516,736	)		(973,903	)
Beginning shares outstanding		2,236,374			2,762,216			3,159,284			3,762,771			8,522,666			9,969,778			5,839,928			6,813,831
Ending shares outstanding		1,660,954			2,236,374			2,668,361			3,159,284			7,619,970			8,522,666			5,323,192			5,839,928

Class C
Shares sold		1,043,597			1,302,659			960,955			888,220			1,880,807			2,134,712			1,424,262			1,500,550
Dividends and distribution reinvested		1,232,997			195,310			2,331,644			378,552			6,244,815			1,098,406			4,590,292			734,622
Shares repurchased		(3,578,110	)		(3,293,276	)		(4,376,803	)		(3,774,978	)		(8,912,732	)		(8,262,627	)		(5,149,545	)		(5,498,751	)
Net increase (decrease)		(1,301,516	)		(1,795,307	)		(1,084,204	)		(2,508,206	)		(787,110	)		(5,029,509	)		865,009			(3,263,579	)
Beginning shares outstanding		12,463,008			14,258,315			14,163,892			16,672,098			33,182,283			38,211,792			20,904,013			24,167,592
Ending shares outstanding		11,161,492			12,463,008			13,079,688			14,163,892			32,395,173			33,182,283			21,769,022			20,904,013

Class R
Shares sold		61,451			169,031			52,493			52,403			298,466			452,515			128,201			153,184
Dividends and distribution reinvested		47,513			10,522			79,531			12,463			337,098			64,753			208,360			40,288
Shares repurchased		(133,625	)		(496,622	)		(71,303	)		(141,956	)		(465,670	)		(592,663	)		(271,319	)		(241,006	)
Converted to Class A shares		(424,537	)		—			(472,409	)		—			(1,870,573	)		—			(1,070,764	)		—
Net increase (decrease)		(449,198	)		(317,069	)		(411,688	)		(77,090	)		(1,700,679	)		(75,395	)		(1,005,522	)		(47,534	)
Beginning shares outstanding		449,198			766,267			411,688			488,778			1,700,679			1,776,074			1,005,522			1,053,056
Ending shares outstanding		—			449,198			—			411,688			—			1,700,679			—			1,005,522

Advisor Class
Shares sold		299,940			645,171			508,196			223,680			1,257,594			960,627			1,022,418			442,524
Dividends and distribution reinvested		79,399			11,476			102,586			11,659			418,832			55,742			356,472			38,927
Shares repurchased		(429,827	)		(425,881	)		(306,020	)		(223,525	)		(1,054,902	)		(713,947	)		(910,814	)		(338,539	)
Net increase (decrease)		(50,488	)		230,766			304,762			11,814			621,524			302,422			468,076			142,912
Beginning shares outstanding		722,168			491,402			411,763			399,949			1,615,701			1,313,279			1,049,862			906,950
Ending shares outstanding		671,680			722,168			716,525			411,763			2,237,225			1,615,701			1,517,938			1,049,862

D-19

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)


	Pacific Funds Portfolio Optimization Aggressive-Growth (1)						Pacific Funds Diversified Alternatives						Pacific Funds Short Duration Income						Pacific Funds Core Income
	Year Ended 3/31/2019			Year Ended 3/31/2018			Year Ended 3/31/2019			Year Ended 3/31/2018			Year Ended 3/31/2019			Year Ended 3/31/2018			Year Ended 3/31/2019			Year Ended 3/31/2018

Class A
Shares sold		1,335,888			1,046,502			145,343			259,543			6,906,877			5,645,132			1,795,140			2,853,778
Dividends and distribution reinvested		2,541,596			438,169			5,158			9,360			195,764			145,784			274,431			320,338
Shares repurchased		(1,862,315	)		(1,719,876	)		(241,054	)		(48,684	)		(4,760,683	)		(3,072,099	)		(6,891,164	)		(5,788,158	)
Converted from Class R shares		415,846			—
Net increase (decrease)		2,431,015			(235,205	)		(90,553	)		220,219			2,341,958			2,718,817			(4,821,593	)		(2,614,042	)
Beginning shares outstanding		11,150,086			11,385,291			493,040			272,821			9,201,812			6,482,995			12,628,391			15,242,433
Ending shares outstanding		13,581,101			11,150,086			402,487			493,040			11,543,770			9,201,812			7,806,798			12,628,391

Class B
Shares sold		19,924			65,522
Dividends and distribution reinvested		319,371			59,328
Shares repurchased		(449,268	)		(427,490	)
Net increase (decrease)		(109,973	)		(302,640	)
Beginning shares outstanding		1,634,770			1,937,410
Ending shares outstanding		1,524,797			1,634,770

Class C
Shares sold		536,522			789,991			49,757			212,173			1,561,216			1,455,593			758,103			1,034,435
Dividends and distribution reinvested		1,266,010			206,344			2,153			5,700			71,193			47,646			190,738			170,753
Shares repurchased		(1,494,004	)		(1,550,277	)		(44,642	)		(55,446	)		(1,482,348	)		(1,347,545	)		(2,896,942	)		(2,995,730	)
Net increase (decrease)		308,528			(553,942	)		7,268			162,427			150,061			155,694			(1,948,101	)		(1,790,542	)
Beginning shares outstanding		5,899,237			6,453,179			314,093			151,666			4,339,492			4,183,798			9,674,451			11,464,993
Ending shares outstanding		6,207,765			5,899,237			321,361			314,093			4,489,553			4,339,492			7,726,350			9,674,451

Class I
Shares sold														8,258,360			260,960			2,299,766			139,908
Dividends and distribution reinvested														98,905			8,683			48,616			13,088
Shares repurchased														(671,956	)		(176,849	)		(256,700	)		(172,027	)
Net increase (decrease)														7,685,309			92,794			2,091,682			(19,031	)
Beginning shares outstanding														423,459			330,665			414,745			433,776
Ending shares outstanding														8,108,768			423,459			2,506,427			414,745

Class P
Shares sold																				572,904			99,141
Dividends and distribution reinvested																				178,230			300,661
Shares repurchased																				(3,271,812	)		(5,627,239	)
Net increase (decrease)																				(2,520,678	)		(5,227,437	)
Beginning shares outstanding																				6,361,862			11,589,299
Ending shares outstanding																				3,841,184			6,361,862

Class R
Shares sold		67,161			91,655
Dividends and distribution reinvested		79,068			18,141
Shares repurchased		(173,616	)		(128,684	)
Converted to Class A shares		(419,559	)		—
Net increase (decrease)		(446,946	)		(18,888	)
Beginning shares outstanding		446,946			465,834
Ending shares outstanding		—			446,946

Advisor Class
Shares sold		438,835			244,236			1,575,973			2,584,747			37,658,195			24,113,523			20,320,549			24,984,787
Dividends and distribution reinvested		171,437			21,172			37,227			49,465			879,181			442,376			890,108			738,996
Shares repurchased		(440,195	)		(128,735	)		(2,642,015	)		(252,423	)		(18,219,176	)		(13,714,412	)		(20,984,812	)		(20,688,961	)
Net increase (decrease)		170,077			136,673			(1,028,815	)		2,381,789			20,318,200			10,841,487			225,845			5,034,822
Beginning shares outstanding		589,743			453,070			3,293,511			911,722			26,593,196			15,751,709			37,106,318			32,071,496
Ending shares outstanding		759,820			589,743			2,264,696			3,293,511			46,911,396			26,593,196			37,332,163			37,106,318

D-20

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)


	Pacific Funds Strategic Income						Pacific Funds Floating Rate Income						Pacific Funds High Income						Pacific Funds Large Cap (2)
	Year Ended 3/31/2019			Year Ended 3/31/2018			Year Ended 3/31/2019			Year Ended 3/31/2018			Year Ended 3/31/2019			Year Ended 3/31/2018			Year Ended 3/31/2019			Year Ended 3/31/2018

Class A
Shares sold		2,341,369			2,876,142			10,387,541			8,217,926			318,509			340,288			386,615			240,285
Dividends and distribution reinvested		230,963			190,685			945,317			758,911			28,421			27,282			24,568			5,266
Shares repurchased		(3,490,755	)		(2,600,456	)		(11,448,005	)		(8,747,944	)		(367,358	)		(380,058	)		(191,324	)		(258,602	)
Converted from Investor Class shares																				25,599			—
Net increase (decrease)		(918,423	)		466,371			(115,147	)		228,893			(20,428	)		(12,488	)		245,458			(13,051	)
Beginning shares outstanding		6,719,202			6,252,831			20,647,447			20,418,554			534,053			546,541			402,170			415,221
Ending shares outstanding		5,800,779			6,719,202			20,532,300			20,647,447			513,625			534,053			647,628			402,170

Class C
Shares sold		1,602,978			1,785,872			5,608,379			4,575,555			70,178			73,339			92,449			86,657
Dividends and distribution reinvested		173,947			127,294			777,998			566,096			18,823			20,241			13,973			1,836
Shares repurchased		(1,605,346	)		(1,235,156	)		(5,331,948	)		(4,042,161	)		(151,227	)		(128,162	)		(82,407	)		(52,654	)
Net increase (decrease)		171,579			678,010			1,054,429			1,099,490			(62,226	)		(34,582	)		24,015			35,839
Beginning shares outstanding		5,370,759			4,692,749			18,925,609			17,826,119			432,577			467,159			290,044			254,205
Ending shares outstanding		5,542,338			5,370,759			19,980,038			18,925,609			370,351			432,577			314,059			290,044

Class I
Shares sold		266,253			225,115			41,819,219			12,933,593			4,184			44,474
Dividends and distribution reinvested		21,679			12,568			1,441,669			607,872			1,133			12,101
Shares repurchased		(106,987	)		(103,454	)		(22,046,425	)		(9,085,917	)		(8,590	)		(545,262	)
Net increase (decrease)		180,945			134,229			21,214,463			4,455,548			(3,273	)		(488,687	)
Beginning shares outstanding		364,609			230,380			29,034,423			24,578,875			20,807			509,494
Ending shares outstanding		545,554			364,609			50,248,886			29,034,423			17,534			20,807

Class P
Shares sold								228,488			681,526			6,546,223			5,887,930
Dividends and distribution reinvested								270,242			321,026			335,872			63,442
Shares repurchased								(3,616,047	)		(2,374,473	)		(2,318,220	)		(194,186	)
Net increase (decrease)								(3,117,317	)		(1,371,921	)		4,563,875			5,757,186
Beginning shares outstanding								6,368,950			7,740,871			6,791,699			1,034,513
Ending shares outstanding								3,251,633			6,368,950			11,355,574			6,791,699

Advisor Class
Shares sold		27,129,988			27,902,838			64,917,350			44,928,526			268,474			146,665			116,828			774,299
Dividends and distribution reinvested		1,470,432			876,500			3,974,259			2,003,170			14,645			11,534			33,826			6,060
Shares repurchased		(23,396,524	)		(11,306,609	)		(55,606,814	)		(20,747,337	)		(163,761	)		(137,360	)		(254,493	)		(323,783	)
Net increase (decrease)		5,203,896			17,472,729			13,284,795			26,184,359			119,358			20,839			(103,839	)		456,576
Beginning shares outstanding		37,837,334			20,364,605			70,450,011			44,265,652			244,547			223,708			652,418			195,842
Ending shares outstanding		43,041,230			37,837,334			83,734,806			70,450,011			363,905			244,547			548,579			652,418

Investor Class
Shares sold																				1			31,271
Dividends and distribution reinvested																				—			618
Shares repurchased																				(11,710	)		(21,675	)
Converted to Class A shares																				(25,899	)		—
Net increase (decrease)																				(37,608	)		10,214
Beginning shares outstanding																				37,608			27,394
Ending shares outstanding																				—			37,608

Class S
Shares sold																				27,885			29,866
Dividends and distribution reinvested																				2,694			1,039
Shares repurchased																				(13,797	)		(81,335	)
Net increase (decrease)																				16,782			(50,430	)
Beginning shares outstanding																				56,965			107,395
Ending shares outstanding																				73,747			56,965

D-21

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)


	Pacific Funds Large-Cap Value (2)						Pacific Funds Small/Mid-Cap (2)						Pacific Funds Small Cap (2)						Pacific Funds Small-Cap Value (2)
	Year Ended 3/31/2019			Year Ended 3/31/2018			Year Ended 3/31/2019			Year Ended 3/31/2018			Year Ended 3/31/2019			Year Ended 3/31/2018			Year Ended 3/31/2019			Year Ended 3/31/2018

Class A
Shares sold		139,398			148,815			959,599			1,217,736			74,585			95,701			50,481			71,018
Dividends and distribution reinvested		25,810			8,802			50,979			1,494			22,024			1,776			20,866			8,365
Shares repurchased		(65,874	)		(105,439	)		(1,308,902	)		(1,162,227	)		(124,092	)		(62,757	)		(44,430	)		(45,061	)
Converted from Investor Class shares		9,042			—			381,261			—			254,699			—			16,830			—
Net increase (decrease)		108,376			52,178			82,937			57,003			227,216			34,720			43,747			34,322
Beginning shares outstanding		291,335			239,157			1,596,645			1,539,642			184,090			149,370			98,873			64,551
Ending shares outstanding		399,711			291,335			1,679,582			1,596,645			411,306			184,090			142,620			98,873

Class C
Shares sold		67,413			138,902			360,736			694,691			33,490			28,721			51,115			75,210
Dividends and distribution reinvested		21,776			9,196			38,125			1,110			3,907			1,132			23,610			11,162
Shares repurchased		(152,752	)		(49,534	)		(258,364	)		(132,991	)		(24,258	)		(21,930	)		(72,522	)		(41,000	)
Net increase (decrease)		(63,563	)		98,564			140,497			562,810			13,139			7,923			2,203			45,372
Beginning shares outstanding		384,542			285,978			1,187,788			624,978			62,441			54,518			141,813			96,441
Ending shares outstanding		320,979			384,542			1,328,285			1,187,788			75,580			62,441			144,016			141,813

Advisor Class
Shares sold		25,082			128,648			17,674,456			9,245,101			445,685			633,456			366,798			221,165
Dividends and distribution reinvested		130,404			66,983			446,050			11,179			59,142			11,601			290,957			154,246
Shares repurchased		(983,832	)		(768,092	)		(6,398,099	)		(1,824,233	)		(564,333	)		(207,244	)		(764,333	)		(775,141	)
Net increase (decrease)		(828,346	)		(572,461	)		11,722,407			7,432,047			(59,506	)		437,813			(106,578	)		(399,730	)
Beginning shares outstanding		1,725,310			2,297,771			13,316,587			5,884,540			1,132,530			694,717			1,379,747			1,779,477
Ending shares outstanding		896,964			1,725,310			25,038,994			13,316,587			1,073,024			1,132,530			1,273,169			1,379,747

Investor Class
Shares sold		—			1,998			47,147			372,712			26,848			240,780			3,432			10,384
Dividends and distribution reinvested		—			332			—			679			—			4			—			610
Shares repurchased		—			(1,977	)		(160,177	)		(450,208	)		(12,459	)		(51,108	)		(703	)		(14,758	)
Converted to Class A shares		(9,411	)		—			(382,123	)		—			(253,088	)		—			(16,862	)		—
Net increase (decrease)		(9,411	)		353			(495,153	)		(76,817	)		(238,699	)		189,676			(14,133	)		(3,764	)
Beginning shares outstanding		9,411			9,058			495,153			571,970			238,699			49,023			14,133			17,897
Ending shares outstanding		—			9,411			—			495,153			—			238,699			—			14,133

Class S
Shares sold		26,017			44,243			43,496			38,303			24,159			26,161			23,929			39,304
Dividends and distribution reinvested		4,341			5,426			14,903			782			2,072			495			109,327			76,957
Shares repurchased		(126,709	)		(3,641	)		(319,577	)		(2,909	)		(6,013	)		(1,361	)		(650,921	)		(90,779	)
Net increase (decrease)		(96,351	)		46,028			(261,178	)		36,176			20,218			25,295			(517,665	)		25,482
Beginning shares outstanding		173,068			127,040			750,768			714,592			38,113			12,818			861,164			835,682
Ending shares outstanding		76,717			173,068			489,590			750,768			58,331			38,113			343,499			861,164

D-22

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)


	Pacific Funds Small-Cap Growth (2)
	Year Ended 3/31/2019			Year Ended 3/31/2018

Class A
Shares sold		77,662			26,759
Dividends and distribution reinvested		19,251			1,727
Shares repurchased		(15,565	)		(16,453	)
Converted from Investor Class shares		121,703			—
Net increase (decrease)		203,051			12,033
Beginning shares outstanding		58,168			46,135
Ending shares outstanding		261,219			58,168

Class C
Shares sold		54,538			50,695
Dividends and distribution reinvested		7,132			2,034
Shares repurchased		(42,292	)		(6,659	)
Net increase (decrease)		19,378			46,070
Beginning shares outstanding		62,971			16,901
Ending shares outstanding		82,349			62,971

Class P
Shares sold		1,061,823			1,192,397
Dividends and distribution reinvested		227,291			40,435
Shares repurchased		(1,473,699	)		(171,822	)
Net increase (decrease)		(184,585	)		1,061,010
Beginning shares outstanding		2,167,752			1,106,742
Ending shares outstanding		1,983,167			2,167,752

Advisor Class
Shares sold		507,082			170,917
Dividends and distribution reinvested		125,778			42,405
Shares repurchased		(1,294,013	)		(304,493	)
Net increase (decrease)		(661,153	)		(91,171	)
Beginning shares outstanding		1,098,756			1,189,927
Ending shares outstanding		437,603			1,098,756

Investor Class
Shares sold		15			15,685
Dividends and distribution reinvested		—			4,250
Shares repurchased		—			(1,916	)
Converted to Class A shares		(121,841	)		—
Net increase (decrease)		(121,826	)		18,019
Beginning shares outstanding		121,826			103,807
Ending shares outstanding		—			121,826

Class S
Shares sold		41,602			61,575
Dividends and distribution reinvested		51,992			35,999
Shares repurchased		(779,220	)		(87,375	)
Net increase (decrease)		(685,626	)		10,199
Beginning shares outstanding		874,359			864,160
Ending shares outstanding		188,733			874,359

(1)	Class R shares were converted to Class A shares on March 22, 2019 (see Note 1 in Notes to Financial Statements).

(2)	Investor Class shares were converted to Class A shares on July 31, 2018 (see Note 1 in Notes to Financial Statements).

D-23

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of

Pacific Funds Series Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Pacific Funds^SM Portfolio Optimization Conservative, Pacific Funds^SM Portfolio Optimization Moderate-Conservative, Pacific Funds^SM Portfolio Optimization Moderate, Pacific Funds^SM Portfolio Optimization Growth, Pacific Funds^SM Portfolio Optimization Aggressive-Growth, Pacific Funds^SM Diversified Alternatives, Pacific Funds^SM Short Duration Income, Pacific Funds^SM Core Income, Pacific Funds^SM Strategic Income, Pacific Funds^SM Floating Rate Income, Pacific Funds^SM High Income, Pacific Funds^SM Large-Cap, Pacific Funds^SM Large-Cap Value, Pacific Funds^SM Small/Mid-Cap, Pacific Funds^SM Small-Cap, Pacific Funds^SM Small-Cap Value, and Pacific Funds^SM Small-Cap Growth (the “Funds”) (seventeen of the funds comprising Pacific Funds Series Trust), including the schedules of investments, as of March 31, 2019; the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2019, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.


Individual Fund Comprising the Pacific Funds Series Trust		Financial Highlights
Pacific Funds^SM Portfolio Optimization Conservative, Pacific Funds^SM Portfolio Optimization Moderate-Conservative, Pacific Funds^SM Portfolio Optimization Moderate, Pacific Funds^SM Portfolio Optimization Growth, Pacific Funds^SM Portfolio Optimization Aggressive-Growth, Pacific Funds^SM Diversified Alternatives, Pacific Funds^SM Short Duration Income, Pacific Funds^SM Core Income, Pacific Funds^SM Strategic Income, Pacific Funds^SM Floating Rate Income, and Pacific Funds^SM High Income		For the years ended March 31, 2019, 2018, 2017, 2016, and 2015
Pacific Funds^SM Large-Cap, Pacific Funds^SM Small/Mid-Cap, Pacific Funds^SM Small-Cap, and Pacific Funds^SM Small-Cap Value		For the years ended March 31, 2019, 2018, 2017, and the period from December 1, 2015 through March 31, 2016
Pacific Funds^SM Large-Cap Value and Pacific Funds^SM Small-Cap Growth		For the years ended March 31, 2019, 2018, 2017, and the period from January 11, 2016 through March 31, 2016

The financial statements of Pacific Funds^SM Large-Cap, for the period from March 20, 2015 (commencement of operations) through November 30, 2015, Pacific Funds^SM Small/Mid-Cap, Pacific Funds^SM Small-Cap, and Pacific Funds^SM Small-Cap Value, for the period from December 31, 2014 (commencement of operations) through November 30, 2015 were audited by other auditors whose report, dated January 28, 2016, expressed an unqualified opinion on those statements.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2019, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

LOGO

Philadelphia, PA

May 24, 2019

We have served as the auditor of one or more affiliated investment companies of Pacific Funds Series Trust since 1988.

E-1

PACIFIC FUNDS

OTHER TAX INFORMATION

(Unaudited)

For corporate shareholders, the percentage of investment income (dividend income and short-term gains, if any) for each of the Funds that qualify for the dividends-received deductions for the year ended March 31, 2019 is as follows:


Fund	Percentage
Pacific Funds Portfolio Optimization Conservative		3.93%
Pacific Funds Portfolio Optimization Moderate-Conservative		6.82%
Pacific Funds Portfolio Optimization Moderate		16.33%
Pacific Funds Portfolio Optimization Growth		25.27%
Pacific Funds Portfolio Optimization Aggressive-Growth		28.60%
Pacific Funds Strategic Income		1.21%
Pacific Funds Large-Cap		100.00%
Pacific Funds Large-Cap Value		100.00%
Pacific Funds Small/Mid-Cap		100.00%
Pacific Funds Small-Cap		75.12%
Pacific Funds Small-Cap Value		36.59%
Pacific Funds Small-Cap Growth		57.85%

For the year ended March 31, 2019, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Of the distributions made by the following Funds, the corresponding percentages represent the amount of each distribution which may qualify for the 15% dividend income tax rate.


Fund	Percentage
Pacific Funds Portfolio Optimization Conservative		7.31%
Pacific Funds Portfolio Optimization Moderate-Conservative		13.96%
Pacific Funds Portfolio Optimization Moderate		36.66%
Pacific Funds Portfolio Optimization Growth		56.75%
Pacific Funds Portfolio Optimization Aggressive-Growth		70.36%
Pacific Funds Diversified Alternatives		7.78%
Pacific Funds Strategic Income		1.65%
Pacific Funds Large-Cap		100.00%
Pacific Funds Large-Cap Value		100.00%
Pacific Funds Small/Mid-Cap		100.00%
Pacific Funds Small-Cap		75.12%
Pacific Funds Small-Cap Value		52.04%
Pacific Funds Small-Cap Growth		67.74%

Shareholders should not use the above tax information to prepare their tax returns. The information will be included with your Form 1099 DIV which will be sent to you separately in January 2020. The Funds intend to pass through the maximum allowable percentages to shareholders.

The following Funds designated the listed amounts as long-term capital gains distributions during the year ended March 31, 2019. Distributable long-term gains are based on net realized long-term gains determined on a tax basis and may differ from such amounts for financial reporting purposes.


Fund	Amount
Pacific Funds Portfolio Optimization Conservative		$23,187,289
Pacific Funds Portfolio Optimization Moderate-Conservative		57,672,779
Pacific Funds Portfolio Optimization Moderate		190,255,666
Pacific Funds Portfolio Optimization Growth		162,160,174
Pacific Funds Portfolio Optimization Aggressive-Growth		54,028,116
Pacific Funds Diversified Alternatives		211,070
Pacific Funds Large-Cap		636,907
Pacific Funds Large-Cap Value		1,869,302
Pacific Funds Small/Mid-Cap		6,986,929
Pacific Funds Small-Cap		887,627
Pacific Funds Small-Cap Value		3,453,991
Pacific Funds Small-Cap Growth		4,368,444

F-1

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 October 1, 2018 to March 31, 2019.

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 03/31/19” 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 10/01/18-03/31/19” 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 October 1, 2018 to March 31, 2019.

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 10/01/18-03/31/19.”

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 10/01/18		Ending Account Value at 03/31/19		Annualized Expense Ratio		Expenses Paid During the Period 10/01/18 - 03/31/19 (1)
Pacific Funds Portfolio Optimization Conservative (2)
Actual Fund Return

Class A		$1,000.00		$1,015.20		0.60%		$3.01

Class B		1,000.00		1,011.50		1.35%		6.77

Class C		1,000.00		1,012.20		1.35%		6.77

Advisor Class		1,000.00		1,017.10		0.35%		1.76

Hypothetical

Class A		$1,000.00		$1,021.94		0.60%		$3.02

Class B		1,000.00		1,018.20		1.35%		6.79

Class C		1,000.00		1,018.20		1.35%		6.79

Advisor Class		1,000.00		1,023.19		0.35%		1.77
Pacific Funds Portfolio Optimization Moderate-Conservative (2)
Actual Fund Return

Class A		$1,000.00		$1,006.30		0.60%		$3.00

Class B		1,000.00		1,001.80		1.35%		6.74

Class C		1,000.00		1,002.10		1.35%		6.74

Advisor Class		1,000.00		1,007.50		0.35%		1.75

Hypothetical

Class A		$1,000.00		$1,021.94		0.60%		$3.02

Class B		1,000.00		1,018.20		1.35%		6.79

Class C		1,000.00		1,018.20		1.35%		6.79

Advisor Class		1,000.00		1,023.19		0.35%		1.77
Pacific Funds Portfolio Optimization Moderate (2)
Actual Fund Return

Class A		$1,000.00		$993.60		0.60%		$2.98

Class B		1,000.00		990.70		1.35%		6.70

Class C		1,000.00		990.30		1.35%		6.70

Advisor Class		1,000.00		994.70		0.35%		1.74

Hypothetical

Class A		$1,000.00		$1,021.94		0.60%		$3.02

Class B		1,000.00		1,018.20		1.35%		6.79

Class C		1,000.00		1,018.20		1.35%		6.79

Advisor Class		1,000.00		1,023.19		0.35%		1.77
Pacific Funds Portfolio Optimization Growth (2)
Actual Fund Return

Class A		$1,000.00		$984.10		0.60%		$2.97

Class B		1,000.00		980.90		1.35%		6.67

Class C		1,000.00		980.50		1.35%		6.67

Advisor Class		1,000.00		985.40		0.35%		1.73

Hypothetical

Class A		$1,000.00		$1,021.94		0.60%		$3.02

Class B		1,000.00		1,018.20		1.35%		6.79

Class C		1,000.00		1,018.20		1.35%		6.79

Advisor Class		1,000.00		1,023.19		0.35%		1.77

See explanation of references on page F-4

F-2

PACIFIC FUNDS

DISCLOSURE OF FUND EXPENSES (Continued)

(Unaudited)


	Beginning Account Value at 10/01/18		Ending Account Value at 03/31/19		Annualized Expense Ratio		Expenses Paid During the Period 10/01/18 - 03/31/19 (1)
Pacific Funds Portfolio Optimization Aggressive-Growth (2)
Actual Fund Return

Class A		$1,000.00		$978.70		0.60%		$2.96

Class B		1,000.00		974.30		1.35%		6.65

Class C		1,000.00		974.50		1.35%		6.65

Advisor Class		1,000.00		979.00		0.35%		1.73

Hypothetical

Class A		$1,000.00		$1,021.94		0.60%		$3.02

Class B		1,000.00		1,018.20		1.35%		6.79

Class C		1,000.00		1,018.20		1.35%		6.79

Advisor Class		1,000.00		1,023.19		0.35%		1.77
Pacific Funds Diversified Alternatives (2)
Actual Fund Return

Class A		$1,000.00		$998.70		0.85%		$4.24

Class C		1,000.00		995.60		1.60%		7.96

Advisor Class		1,000.00		1,000.00		0.60%		2.99

Hypothetical

Class A		$1,000.00		$1,020.69		0.85%		$4.28

Class C		1,000.00		1,016.95		1.60%		8.05

Advisor Class		1,000.00		1,021.94		0.60%		3.02
Pacific Funds Short Duration Income
Actual Fund Return

Class A		$1,000.00		$1,019.50		0.75%		$3.78

Class C		1,000.00		1,015.70		1.50%		7.54

Class I		1,000.00		1,020.70		0.50%		2.52

Advisor Class		1,000.00		1,021.70		0.50%		2.52

Hypothetical

Class A		$1,000.00		$1,021.19		0.75%		$3.78

Class C		1,000.00		1,017.45		1.50%		7.54

Class I		1,000.00		1,022.44		0.50%		2.52

Advisor Class		1,000.00		1,022.44		0.50%		2.52
Pacific Funds Core Income
Actual Fund Return

Class A		$1,000.00		$1,034.40		0.85%		$4.31

Class C		1,000.00		1,030.50		1.60%		8.10

Class I		1,000.00		1,036.90		0.55%		2.79

Class P		1,000.00		1,036.80		0.55%		2.79

Advisor Class		1,000.00		1,035.90		0.55%		2.79

Hypothetical

Class A		$1,000.00		$1,020.69		0.85%		$4.28

Class C		1,000.00		1,016.95		1.60%		8.05

Class I		1,000.00		1,022.19		0.55%		2.77

Class P		1,000.00		1,022.19		0.55%		2.77

Advisor Class		1,000.00		1,022.19		0.55%		2.77


	Beginning Account Value at 10/01/18		Ending Account Value at 03/31/19		Annualized Expense Ratio		Expenses Paid During the Period 10/01/18 - 03/31/19 (1)
Pacific Funds Strategic Income
Actual Fund Return

Class A		$1,000.00		$1,016.70		0.95%		$4.78

Class C		1,000.00		1,013.20		1.65%		8.28

Class I		1,000.00		1,018.30		0.65%		3.27

Advisor Class		1,000.00		1,018.00		0.70%		3.52

Hypothetical

Class A		$1,000.00		$1,020.19		0.95%		$4.78

Class C		1,000.00		1,016.70		1.65%		8.30

Class I		1,000.00		1,021.69		0.65%		3.28

Advisor Class		1,000.00		1,021.44		0.70%		3.53
Pacific Funds Floating Rate Income
Actual Fund Return

Class A		$1,000.00		$1,001.30		1.02%		$5.09

Class C		1,000.00		997.70		1.72%		8.57

Class I		1,000.00		1,002.80		0.72%		3.60

Class P		1,000.00		1,002.80		0.72%		3.60

Advisor Class		1,000.00		1,002.50		0.77%		3.84

Hypothetical

Class A		$1,000.00		$1,019.85		1.02%		$5.14

Class C		1,000.00		1,016.36		1.72%		8.65

Class I		1,000.00		1,021.34		0.72%		3.63

Class P		1,000.00		1,021.34		0.72%		3.63

Advisor Class		1,000.00		1,021.09		0.77%		3.88
Pacific Funds High Income
Actual Fund Return

Class A		$1,000.00		$1,011.80		0.95%		$4.76

Class C		1,000.00		1,009.20		1.65%		8.27

Class I		1,000.00		1,013.20		0.70%		3.51

Class P		1,000.00		1,013.20		0.70%		3.51

Advisor Class		1,000.00		1,013.10		0.70%		3.51

Hypothetical

Class A		$1,000.00		$1,020.19		0.95%		$4.78

Class C		1,000.00		1,016.70		1.65%		8.30

Class I		1,000.00		1,021.44		0.70%		3.53

Class P		1,000.00		1,021.44		0.70%		3.53

Advisor Class		1,000.00		1,021.44		0.70%		3.53
Pacific Funds Large-Cap
Actual Fund Return

Class A		$1,000.00		$966.70		1.00%		$4.90

Class C		1,000.00		962.80		1.75%		8.56

Advisor Class		1,000.00		967.30		0.75%		3.68

Class S		1,000.00		967.80		0.65%		3.19

Hypothetical

Class A		$1,000.00		$1,019.95		1.00%		$5.04

Class C		1,000.00		1,016.21		1.75%		8.80

Advisor Class		1,000.00		1,021.19		0.75%		3.78

Class S		1,000.00		1,021.69		0.65%		3.28


		See explanation of references on page F-4

F-3

PACIFIC FUNDS

DISCLOSURE OF FUND EXPENSES (Continued)

(Unaudited)


	Beginning Account Value at 10/01/18		Ending Account Value at 03/31/19		Annualized Expense Ratio		Expenses Paid During the Period 10/01/18 - 03/31/19 (1)
Pacific Funds Large-Cap Value
Actual Fund Return

Class A		$1,000.00		$979.50		1.10%		$5.43

Class C		1,000.00		976.30		1.85%		9.12

Advisor Class		1,000.00		981.20		0.85%		4.20

Class S		1,000.00		980.30		0.75%		3.70

Hypothetical

Class A		$1,000.00		$1,019.45		1.10%		$5.54

Class C		1,000.00		1,015.71		1.85%		9.30

Advisor Class		1,000.00		1,020.69		0.85%		4.28

Class S		1,000.00		1,021.19		0.75%		3.78
Pacific Funds Small/Mid-Cap
Actual Fund Return

Class A		$1,000.00		$923.20		1.30%		$6.23

Class C		1,000.00		919.50		2.05%		9.81

Advisor Class		1,000.00		925.10		1.05%		5.04

Class S		1,000.00		925.40		1.00%		4.80

Hypothetical

Class A		$1,000.00		$1,018.45		1.30%		$6.54

Class C		1,000.00		1,014.71		2.05%		10.30

Advisor Class		1,000.00		1,019.70		1.05%		5.29

Class S		1,000.00		1,019.95		1.00%		5.04
Pacific Funds Small-Cap
Actual Fund Return

Class A		$1,000.00		$918.90		1.30%		$6.22

Class C		1,000.00		915.80		2.05%		9.79

Advisor Class		1,000.00		920.50		1.05%		5.03

Class S		1,000.00		920.70		1.00%		4.79

Hypothetical

Class A		$1,000.00		$1,018.45		1.30%		$6.54

Class C		1,000.00		1,014.71		2.05%		10.30

Advisor Class		1,000.00		1,019.70		1.05%		5.29

Class S		1,000.00		1,019.95		1.00%		5.04


	Beginning Account Value at 10/01/18		Ending Account Value at 03/31/19		Annualized Expense Ratio		Expenses Paid During the Period 10/01/18 - 03/31/19 (1)
Pacific Funds Small-Cap Value
Actual Fund Return

Class A		$1,000.00		$908.00		1.30%		$6.18

Class C		1,000.00		904.60		2.05%		9.73

Advisor Class		1,000.00		908.30		1.05%		5.00

Class S		1,000.00		908.10		1.00%		4.76

Hypothetical

Class A		$1,000.00		$1,018.45		1.30%		$6.54

Class C		1,000.00		1,014.71		2.05%		10.30

Advisor Class		1,000.00		1,019.70		1.05%		5.29

Class S		1,000.00		1,019.95		1.00%		5.04
Pacific Funds Small-Cap Growth
Actual Fund Return

Class A		$1,000.00		$925.90		1.25%		$6.00

Class C		1,000.00		922.70		2.05%		9.83

Class P		1,000.00		927.20		1.05%		5.05

Advisor Class		1,000.00		926.50		1.05%		5.04

Class S		1,000.00		926.70		0.90%		4.32

Hypothetical

Class A		$1,000.00		$1,018.70		1.25%		$6.29

Class C		1,000.00		1,014.71		2.05%		10.30

Class P		1,000.00		1,019.70		1.05%		5.29

Advisor Class		1,000.00		1,019.70		1.05%		5.29

Class S		1,000.00		1,020.44		0.90%		4.53

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

(2)

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

F-4

PACIFIC FUNDS

TRUSTEES AND OFFICERS INFORMATION

(Unaudited)

The business and affairs of the Pacific Funds Series Trust (which may be referred to as “Pacific Funds” or the “Trust”) are managed under the direction of the Board of Trustees under the Declaration of Trust. Information pertaining to the trustees and officers of the Trust is set forth below, effective April 1, 2019. Trustees who are not deemed to be “interested persons” of the Trust, as defined in the 1940 Act, are referred to as “Independent Trustees.” Certain trustees and officers are deemed to be “interested persons” of the Trust and thus are referred to as “Interested Persons”, because of their positions with Pacific Life Insurance Company (“Pacific Life”) and Pacific Life Fund Advisors LLC, a wholly-owned subsidiary of Pacific Life. The Trust’s Statement of Additional Information includes additional information about the trustees. For information on availability of the Trust’s Statement of Additional Information, refer to the WHERE TO GO FOR MORE INFORMATION section of this report.

The address of each trustee and officer is c/o Pacific Funds Series Trust, 700 Newport Center Drive, Newport Beach, CA 92660.


Name and Age	Position(s) with the Fund and Length of Time Served*	Current Directorship(s) Held and Principal Occupation(s) (and certain additional occupation information) During Past 5 years	Number of Funds In Fund Complex Overseen**

INDEPENDENT TRUSTEES

Gale K. Caruso Year of birth 1957	Trustee since 1/01/06	Trustee (1/06 to present) of Pacific Select Fund; Independent Trustee (2/15 to present) of Matthews Asia Funds. Formerly: Member of the Board of Directors of LandAmerica Financial Group, Inc.; President and Chief Executive Officer of Zurich Life; Chairman, President and Chief Executive Officer of Scudder Canada Investor Services, Ltd.; Managing Director of Scudder Kemper Investments; Member of the Advisory Council to the Trust for Public Land in Maine; Member of the Board of Directors of Make-A-Wish of Maine.		89

Paul A. Keller Year of birth 1954	Trustee since 6/20/16	Trustee (6/16 to present) of Pacific Select Fund; Consultant to the Trust and Pacific Select Fund (11/15 to 6/16); Independent Trustee (8/10 to present) of Fenimore Asset Management Trust (FAM Funds); Business Consultant (7/10 to present) (sole proprietor); Certified Public Accountant in New York (1982 to present); Adjunct Professor of Accounting (2011 to 2015), SUNY College at Old Westbury; Interim Chief Financial Officer (2014 to 2015) of The Leon Levy Foundation. Formerly: Partner of PricewaterhouseCoopers LLP; Partner of McGladrey & Pullen LLP.		89

Lucie H. Moore Year of birth 1956	Trustee since 6/13/01	Trustee (10/98 to present ) of Pacific Select Funds; Member of the Board of Trustees (2014 to present) of Azusa Pacific University; Member of the Board of Trustees (2016 to present) of Pacifica Christian High School Orange County. Formerly: Partner of Gibson, Dunn & Crutcher (Law); Member of the Board of Trustees of Sage Hill School; Member of the Board of Trustees of The Pegasus School; and Member of the Advisory Board of Court Appointed Special Advocates (CASA) of Orange County.		89

Nooruddin (Rudy) Veerjee Year of birth 1958	Trustee since 9/13/05	Trustee (1/05 to present) of Pacific Select Fund. Formerly: President of Transamerica Insurance and Investment Group; President of Transamerica Asset Management; Chairman and Chief Executive Officer of Transamerica Premier Funds (Mutual Fund); and Director of various Transamerica Life Companies.		89

F-5

PACIFIC FUNDS

TRUSTEES AND OFFICERS INFORMATION (Continued)

(Unaudited)


Name and Age	Position(s) with the Fund and Length of Time Served*	Current Directorship(s) Held and Principal Occupation(s) During Past 5 years	Number of Funds In Fund Complex Overseen**

INTERESTED PERSONS

James T. Morris Year of birth 1960	Chairman of the Board and Trustee since 1/11/07	Director (4/07 to present), Chairman (5/08 to present), Chief Executive Officer (4/07 to present) and President (1/16 to present) of Pacific Mutual Holding Company and Pacific LifeCorp; Director (4/07 to present), Chairman (5/08 to present), Chief Executive Officer (4/07 to present) and President (1/16 to present) of Pacific Life; Chief Executive Officer (5/07 to 10/15) and President (5/07 to 3/12) of Pacific Life Fund Advisors LLC; Director (4/16 to present) of Edison International (a public utility holding company); and Chairman of the Board and Trustee (1/07 to present) of Pacific Select Fund.		89

Adrian S. Griggs Year of birth 1966	Chief Executive Officer since 1/01/18	Chief Operating Officer (1/17 to present), Executive Vice President (4/12 to present) and Chief Financial Officer (4/12 to 2/17) of Pacific Mutual Holding Company and Pacific LifeCorp; Chief Operating Officer (1/17 to present), Executive Vice President (4/12 to present), Chief Financial Officer (4/12 to 2/17) and Director (1/16 to present) of Pacific Life; Chief Financial Officer (4/12 to 10/15) and Executive Vice President (4/12 to 10/15) of Pacific Life Fund Advisors LLC; Chief Executive Officer (1/15 to present) of Pacific Select Distributors, LLC; and Chief Executive Officer (1/18 to present) of Pacific Select Fund.		89

Howard T. Hirakawa Year of birth 1962	Senior Vice President since 12/10/14 (Vice President 6/06 to 12/09/14)	Senior Vice President (4/14 to present), Vice President (5/07 to 3/14) of Pacific Life Fund Advisors LLC; and Senior Vice President (12/14 to present) and Vice President (6/06 to 12/14) of Pacific Select Fund.		89

Robin S. Yonis Year of birth 1954	Vice President and General Counsel since 6/13/01 and Assistant Secretary since 9/17/15	Vice President, Fund Advisor General Counsel and Assistant Secretary (5/07 to present) of Pacific Life Fund Advisors LLC; and Vice President and General Counsel (4/05 to present) and Assistant Secretary (9/15 to present) of Pacific Select Fund.		89

Sharon E. Pacheco Year of birth 1957	Vice President and Chief Compliance Officer since 6/04/04	Vice President and Chief Compliance Officer (11/03 to present) of Pacific Mutual Holding Company and Pacific LifeCorp; Vice President (2/00 to present) and Chief Compliance Officer (1/03 to present) of Pacific Life; Vice President and Chief Compliance Officer (5/07 to present) of Pacific Life Fund Advisors LLC; and Vice President and Chief Compliance Officer (6/04 to present) of Pacific Select Fund.		89

Jane M. Guon Year of birth 1964	Vice President and Secretary since 1/01/11	Vice President and Secretary (1/11 to present) of Pacific Mutual Holding Company, Pacific LifeCorp and Pacific Life; Director (1/11 to 3/17) of Pacific Life; Vice President and Secretary (1/11 to present) of Pacific Life Fund Advisors LLC; Vice President and Secretary (1/11 to present) of Pacific Select Distributors, LLC; and Vice President and Secretary (1/11 to present) of Pacific Select Fund.		89

Laurene E. MacElwee Year of birth 1966	Vice President since 4/04/05 and Assistant Secretary since 6/13/01	Vice President (4/11 to present) and Assistant Secretary (5/07 to present) of Pacific Life Fund Advisors LLC; and Vice President (12/11 to present), Assistant Secretary (4/05 to present) of Pacific Select Fund.		89

Carleton J. Muench Year of birth 1973	Vice President since 11/30/06	Vice President (4/14 to present) and Assistant Vice President (5/07 to 3/14) of Pacific Life Fund Advisors LLC; and Vice President (12/14 to present) and Assistant Vice President (11/06 to 12/14) of Pacific Select Fund.		89

F-6

PACIFIC FUNDS

TRUSTEES AND OFFICERS INFORMATION (Continued)

(Unaudited)


Name and Age	Position(s) with the Fund and Length of Time Served*	Current Directorship(s) Held and Principal Occupation(s) During Past 5 years	Number of Funds In Fund Complex Overseen**

INTERESTED PERSONS (Continued)

Trevor T. Smith Year of birth 1975	Vice President since 3/23/16 and Treasurer since 4/01/18 (Assistant Treasurer 3/23/16 to 3/31/18)	Assistant Vice President (1/17 to present) and Director of Variable Products Accounting (4/09 to 12/16) of Pacific Life; Assistant Vice President (3/16 to present), Treasurer (4/18 to present) and Assistant Treasurer (3/16 to 3/18) of Pacific Select Fund.		89

Kevin W. Steiner Year of birth 1975	Vice President since 1/01/13	Assistant Vice President (4/12 to present) of Pacific Life Fund Advisors LLC; and Assistant Vice President (1/13 to present) of Pacific Select Fund.		89

Audrey L. Cheng Year of birth 1975	Vice President since 12/11/13	Assistant Vice President (9/11 to present) of Pacific Life; Assistant Vice President (12/13 to present) of Pacific Select Fund.		89

A trustee serves until he or she resigns, retires, or his or her successor is elected and qualified.

As of March 31, 2019, the “Fund Complex” consisted of Pacific Select Fund (55 funds) and Pacific Funds (34 funds).

F-7

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, after the initial period, 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, as may be amended from time to time, the “Agreements”) between the Trust, PLFA and the various sub-advisers (each a “Sub-Adviser” and collectively, the “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 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, the “Asset Allocation Funds” and together with the Portfolio Optimization Funds and the PAM Managed Funds, the “Directly Managed Funds”). For all other Funds, PLFA has retained other third-party firms to serve as Sub-Advisers under PLFA’s oversight. The Board, including all of the Trustees who are not “interested persons” of the Trust, PLFA, the Sub-Advisers or the distributor, 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 12, 2018.¹

At this meeting and other meetings, the Board considered information (both written and oral) provided to assist it in its review of the Agreements and made assessments with respect to each Agreement. The Board requested, received and reviewed written materials from PLFA and each Sub-Adviser that were submitted in response to requests from the Independent Trustees and supporting materials relating to those questions and responses. In addition, the Board received in-person presentations about the Funds throughout the year, and the Independent Trustees were advised by independent legal counsel with respect to these and other relevant matters. The Board reviewed a variety of factors and considered a significant amount of information, including information received on an ongoing basis at Board and committee meetings, which included reports on Fund performance, expenses, fee comparisons, investment advisory, compliance, and other services provided to the Funds by PLFA and the Sub-Advisers. The Board also reviewed financial and profitability information regarding PLFA and the Sub-Advisers and information regarding the organization and operations of each entity, such as their compliance monitoring, portfolio trading and brokerage practices, risk management and the personnel providing investment management and administrative services to each Fund. The Board considered the services provided to the Funds under the Agreements and the fees and expenses incurred by and charged to the Funds under the Agreements. The Board took into account that PLFA and its affiliates provide additional services to the Funds under other affiliated service agreements that are essential for the operation of the Funds and that although PLFA and its affiliates are separately compensated under those affiliated service agreements, these additional services are provided in connection with PLFA’s advisory relationship with the Funds. The Board reviewed data provided by PLFA that was gathered from various independent providers of investment company data to provide the Board with information concerning the Funds’ investment performance, advisory fees and expense information (both on an absolute basis and compared to peers). Additionally, the Independent Trustees retained an independent consultant (“Independent Consultant”) with substantial industry experience in providing investment company boards with analysis to assist directors and trustees with their annual 15(c) review process, to assist the Trustees with certain of their analyses and to provide other relevant information. In connection with the analysis, the Independent Consultant utilized and provided the Independent Trustees with information obtained from independent service providers as well as from other sources.

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 summary describes the most important, but not all, of the factors considered by the Trustees in approving the Agreements. In the case of the Independent Trustees, certain factors were considered in light of the legal advice furnished to them by independent legal counsel and information from the Independent Consultant that they had retained. This discussion is not intended to be all-inclusive.

II. Annual Consideration and Approval of Investment Advisory and Sub-Advisory Agreements

In evaluating the Advisory Agreement and each Sub-Advisory Agreement, the Board, including all the Independent Trustees, considered the following factors, among others:

A. Nature, Extent and Quality of Services

PLFA – The Trustees considered the depth and quality of PLFA’s investment management process, including its monitoring and oversight of the Sub-Advisers and PAM, and the benefits to shareholders of retaining PLFA and continuing the Advisory Agreement in light of the nature, extent, and quality of the services that have been provided by PLFA, including PAM, since the Advisory Agreement was last renewed. The Trustees considered the overall financial strength and stability of PLFA and its ability to continue to provide a high level and quality of services to the Funds. They also considered PLFA’s responsiveness to questions or concerns raised by the Trustees throughout the year, including PLFA’s willingness to consider and implement investment and operational changes designed to improve investment results and the services provided to the Funds and their shareholders.

¹	At the December 12th meeting, the Board did not consider the continuance of the Sub-Advisory Agreements relating to the PF Mid-Cap Equity Fund and PF Real Estate Fund, as those agreements were not up for renewal at that time.

F-8

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

The Trustees noted that officers and employees of PLFA regularly consult with, and report to, the Board regarding the investment management services provided to the Funds. The Trustees considered the experience, capability and integrity of PLFA’s senior management and other personnel and the low turnover rates of its key personnel. The Trustees noted that the investment, legal, compliance, risk management and accounting professionals of PLFA and its affiliates have access to and utilize a variety of resources and systems relating to investment management, compliance, trading, performance and risk analysis, security valuation and fund accounting. The Trustees took into account the scope of services provided by PLFA under the Advisory Agreement. The Trustees considered that although PLFA is separately compensated at approximate cost for time spent on Fund matters by certain legal, compliance and accounting professionals of PLFA and its affiliates for services outside of the scope of the Advisory Agreement, these services are being provided as a result of PLFA’s advisory relationship with the Funds. The Trustees further considered PLFA’s continuing need and ability to attract and retain qualified personnel and to maintain and enhance its resources and systems to provide appropriate investment management, compliance, risk management and monitoring services for the Funds. The Trustees also considered the additional resources that PLFA has continued to invest in to enhance its management and oversight of the Funds, including additional tools designed to ensure the Funds’ compliance with new laws and regulations. The Trustees considered that PLFA employs a well-defined method of comparing and evaluating the performance of the asset allocation funds. In addition, the Trustees considered PLFA’s sub-adviser research process and the role of PLFA’s internal conflicts review committee in considering and evaluating potential conflicts of interest with regard to Sub-Adviser selection and monitoring.

Directly Managed Funds – The Trustees considered the services provided by PLFA in rendering investment management services for those Funds for which the day-to-day investment management is provided by PLFA, including PAM. The Trustees considered that PLFA, including PAM, is responsible for identifying investments for each Directly Managed Fund and determining when and what securities, cash and/or other investments to purchase, retain, or sell for each Directly Managed Fund. The Trustees also considered that PLFA, including PAM, is responsible for the valuation of portfolio securities, including, but not limited to, the review of custodian pricing files, research and analysis related to fair valued securities and due diligence oversight of pricing vendors. The Trustees additionally noted that PLFA is responsible for evaluating and voting proxies for portfolio holdings of the Directly Managed Funds. With respect to the Asset Allocation Funds, the Trustees also considered, among other things, PLFA’s experience, resources and expertise in analyzing the composition of the various Funds that serve as investment options for the Asset Allocation Funds (collectively, the “Underlying Funds”) and in developing an asset allocation that is appropriate for each Asset Allocation Fund’s investment objectives and risk profile. The Trustees considered, in this regard, the tools and resources used by PLFA in constructing its asset allocation models. The Trustees considered that PLFA had recently engaged a third-party consulting firm to review PLFA’s asset allocation process, and that the firm had reported favorably on PLFA’s asset allocation capabilities. With respect to the PAM Managed Funds, the Trustees also considered the investment oversight and monitoring of PAM discussed below under “Sub-Advised Funds.”

The Trustees also considered that PLFA provides certain additional services to the Funds outside of the scope of the Advisory Agreement at approximate cost and that such services are essential for the administration and operation of the Funds, including administration of the Funds’ compliance program. In this regard, the Trustees considered PLFA’s policies, procedures and systems to ensure compliance with applicable laws and regulations with respect to the Directly Managed Funds, its attention to matters that may involve conflicts of interest between itself and a Fund, and that all material rebalancing of PLFA’s asset allocation models are presented to an internal conflicts review committee that considers and evaluates potential conflicts of interest in the allocation among the Underlying Funds. The Trustees reviewed information provided throughout the year on PLFA’s compliance policies and procedures, its compliance history, and received reports from the Trust’s Chief Compliance Officer (“CCO”) on compliance by PLFA with applicable laws and regulations. The Trustees also reviewed information on any responses by PLFA to regulatory and compliance developments throughout the year. The Trustees further noted the compliance monitoring conducted by PLFA and PAM on an ongoing basis and noted the development of additional procedures and systems necessary to maintain compliance with applicable laws and regulations as well as the resources that PLFA dedicates to these programs. The Trustees considered that the CCO has in place a systematic process for periodically reviewing PLFA’s written compliance policies and procedures, including the assessment of PLFA’s compliance program as required under Rule 38a-1 of the 1940 Act and PLFA’s code of ethics. The Trustees also considered that PLFA continues to cooperate with the CCO in reviewing its compliance operations.

Sub-Advised Funds – The Trustees considered PLFA’s responsibilities in rendering services to the Sub-Advised Funds and the fact that PLFA monitors and evaluates the performance of the Sub-Advisers in comparison to each Fund’s investment objective as well as to appropriate benchmark indices and groups of peer funds. The Trustees also considered that PLFA monitors each Sub-Advised Fund’s adherence to its investment objectives and policies. The Trustees noted that PLFA provides the Board with periodic and special reports related to each Sub-Advised Fund’s performance and PLFA’s investment monitoring and evaluation. The Trustees also considered PLFA’s process in continuously analyzing and, from time to time as necessary and appropriate, recommending for consideration by the Board, the termination of a Sub-Advisory Agreement with a Sub-Adviser and the replacement of a Sub-Adviser.

For both Directly Managed Funds and Sub-Advised Funds, the Trustees considered the high quality of the products, information, analysis and services provided by PLFA to the Funds, including return analysis, attribution analysis, risk analysis and stress testing, preparation of periodic performance and other reports, assessment of liquidity, analysis of derivatives, and coordination and oversight of other service providers to the Trust. The Trustees also noted that PLFA regularly informs the Trustees about matters relevant to the Trust and its shareholders, including relationships with financial intermediaries.

The Trustees considered the analyses conducted by PLFA of the Underlying Funds and a Sub-Adviser’s management of an Underlying Fund in the broader context of asset allocation strategies intended to target certain return and risk characteristics. The Trustees noted that PLFA has historically recommended new Underlying Funds that PLFA believed would contribute to the Asset Allocation Funds’ targeted return and risk objectives. The Trustees also took into account PLFA’s continuing analysis of the Underlying Funds and each Sub-Adviser’s investment performance for the impact on broader asset allocation strategies for the Asset Allocation Funds.

F-9

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

The Trustees considered the depth and quality of PLFA’s monitoring and oversight of the Sub-Advisers and PAM. The Board noted that PLFA monitors numerous investment, performance, and risk metrics for the Funds. The Trustees considered PLFA’s continued investment in, and development of, its research and analytical capabilities, including investments in personnel and enhanced analytical tools for assessing Fund performance and the performance of the Sub-Advisers, including analytical tools relating to return analysis, risk analysis, and Fund performance attribution and reporting on such matters to the Trustees. The Trustees noted that PLFA uses these tools to analyze a Fund’s performance and risk profile and identify Funds that are underperforming as well as those that are performing well, and to analyze the Funds’ performance records against various measures. The Board considered that PLFA also conducts various analyses to assess the sources of and reasons for performance. The Trustees noted that PLFA has developed, and continues to enhance, processes to oversee and monitor the performance of Sub-Advisers, including the use of analytical methods to review Fund performance and execution of investment strategies. The Board noted that PLFA provides the Board with analyses of these 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 has developed effective methods for tracking the Sub-Advisers’ investment style consistency, for analyzing the use of derivatives by Sub-Advisers and for monitoring Fund liquidity. With respect to the PAM Managed Funds, the Board considered that PLFA provides oversight, diligence and reporting with regard to its PAM unit that is similar to the process it employs with regard to the Sub-Advisers. In making their assessments, the Trustees considered that PLFA has historically exercised diligence in monitoring the performance of the Sub-Advisers and PAM, and has recommended and taken measures to attempt to remedy relative underperformance by a Fund when PLFA and the Trustees believed it to be appropriate. The Trustees also considered the significant work performed by PLFA in conducting searches for new Sub-Advisers to replace existing Sub-Advisers where appropriate or to manage new Funds in the Trust.

The Board also noted that PLFA conducts regular due diligence on Sub-Advisers involving onsite visits, in-person meetings and telephonic meetings to gather information that PLFA uses 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, including, but not limited to, a Sub-Adviser’s investment process, investment capabilities, resources and personnel, the financial strength of a Sub-Adviser, significant staffing changes that could affect a Fund, material changes in a Sub-Adviser’s assets under management, compliance and regulatory concerns, best execution review and portfolio security valuation support.

The Trustees considered the time and attention paid by PLFA to matters involving the valuation of Fund securities for both the PAM Managed Funds and Sub-Advised Funds. The Trustees considered that PLFA has established a Valuation Oversight Committee that is responsible for, among other things, researching and evaluating information concerning securities that are not actively or publicly traded, valuing securities subject to a trading halt or for which a market quotation is not readily available, the valuation of equity securities traded in foreign markets, oversight of and due diligence on pricing vendors and the development of alternate valuation methodologies. The Trustees also considered the information and support provided by PLFA in connection with the Trustees’ fair valuation responsibilities.

The Trustees considered PLFA’s oversight, review and analysis of trade execution reports and trends in trade execution for both the PAM Managed Funds and Sub-Advised Funds. The Trustees noted that PLFA works with a third-party transaction cost analysis consultant that provides statistical analysis on portfolio trading, and that PLFA presents information about the Funds’ portfolio trading costs to the Board annually and, where warranted, engages in a dialogue with personnel of a Sub-Adviser on trading costs and the quality of execution. The Board also noted that PLFA conducts regular review and analysis of each Sub-Adviser’s use of research obtained with commissions paid to broker-dealers for executing portfolio transactions (“soft dollars”) and presents information about the Sub-Advisers’ use of soft dollars to the Board annually and, where deemed necessary, discusses such soft dollar use with Sub-Advisers.

The Trustees also considered PLFA’s implementation of transition management programs when handling significant changes in the Funds, such as cash movements between the Funds arising from reallocations by funds-of-funds and the transition of Fund assets from one Sub-Adviser to another, including steps taken by PLFA to reduce transaction costs associated with a Fund transition. The Trustees considered that PLFA coordinates the onboarding process for new Sub-Advisers and oversees the establishment of necessary accounts and documentation for the Sub-Advisers to begin managing Fund assets.

In addition to the services described above, the Trustees also considered the compliance monitoring that PLFA and its affiliates conduct on the Sub-Advisers and the commitment of PLFA and its affiliates to those programs and PLFA’s efforts to keep the Trustees informed about the compliance programs of Sub-Advisers. In this regard, the Trustees reviewed information and reports from the Trust’s CCO on compliance by the Sub-Advisers with applicable laws and regulations. The Trustees considered that the CCO has in place a systematic process for periodically reviewing each Sub-Adviser’s written compliance policies and procedures, including the assessment of each Sub-Adviser’s compliance program as required under Rule 38a-1 of the 1940 Act, and each Sub-Adviser’s code of ethics. The Trustees considered that PLFA is compensated at approximate cost for the administration of the Funds’ compliance program. The Trustees also considered that each Sub-Adviser continues to cooperate with the CCO in reviewing its compliance operations.

Sub-Advisers. The Trustees considered the benefits to shareholders of retaining each Sub-Adviser and continuing the Sub-Advisory Agreements, particularly in light of the nature, extent, and quality of the services that have been provided by the Sub-Advisers. The Trustees considered the services provided by each Sub-Adviser in rendering investment management services to a Sub-Advised Fund. The Trustees considered that each Sub-Adviser is responsible for identifying investments for a Sub-Advised Fund and determining when and what securities, cash and/or other investments to purchase, retain, or sell for a Sub-Advised Fund. The Trustees also considered that each Sub-Adviser is responsible for evaluating and voting proxies for portfolio holdings of a Sub-Advised Fund. The Trustees considered the quality of the portfolio management services which have benefited and should continue to benefit the Sub-Advised Funds and their shareholders, the organizational

F-10

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

depth and resources of the Sub-Advisers, including the background and experience of each Sub-Adviser’s management personnel, and the expertise of each Sub-Adviser’s portfolio management team, as well as the investment methodology used by the Sub-Adviser. The Trustees also considered that each Sub-Adviser provides PLFA with information that assists PLFA in performing its oversight role, including information about the Sub-Adviser’s compliance program.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PLFA and each Sub-Adviser.

B. Investment Results

The Trustees considered the investment results of each Fund in light of its objective, strategies and market conditions. The Trustees compared each Fund’s total returns with the total returns of a group of appropriate peer funds (each a “Selected Performance Peer Group”), which were selected by an Independent Consultant using data from third-party data vendor Morningstar, and the Trustees reviewed a description of the Independent Consultant’s methodology for selecting the peer funds in each Selected Performance Peer Group. In addition, with respect to Funds other than the Portfolio Optimization Funds, the Trustees compared each Fund’s total returns with the total returns of the Fund’s broad-based market index, sector index, composite index or an alternative index selected by the Independent Consultant, as applicable (each, a “primary benchmark”). With respect to the Portfolio Optimization Funds, the Trustees compared each Fund’s total returns with the total returns of a custom benchmark that is comprised of certain broad-based market indices based on the broad asset class target allocations for the Fund. The Trustees took into account the views of the Independent Consultant that these custom benchmarks appeared to be reasonable benchmarks for performance reporting purposes.

The information provided to the Trustees included each Fund’s performance record for the one-, three-, five- and ten-year or since inception periods ended September 30, 2018, as available, compared to the applicable benchmark and Selected Performance Peer Group. The Trustees placed greater emphasis on a Fund’s performance against peers as opposed to an unmanaged index.

The Trustees considered the performance of each Fund on a case-by-case basis and noted that some Funds had outperformed their Selected Performance Peer Group over certain periods and/or exceeded the return of their respective benchmark while others underperformed their Selected Performance Peer Group over certain periods and/or trailed the return of their respective benchmark. In considering each Fund’s investment results, the Board placed greater emphasis on each Fund’s longer-term performance track record rather than shorter-term performance. The Board also took into account that each Fund’s track record is measured as of a specific date, and that track records can vary as of different measurement dates. Therefore, in reviewing a Fund that is currently underperforming, the Trustees also considered the broader perspective of the Fund’s performance over varying time periods, the market conditions experienced during the periods under review, as well as the outlook for the Fund going forward in light of expected future market conditions. In the case of the Underlying Funds, the Board also took into account the views of PLFA about the role of a particular Fund within a broader asset allocation strategy for the Asset Allocation Funds. Where there had been a change in Sub-Adviser for a Fund, the Board took into account that the current Sub-Adviser was only responsible for certain portions of the Fund’s performance record. The Trustees discussed with PLFA the fact that certain periods of underperformance may be transitory while other periods of underperformance may be reflective of broader issues that may warrant consideration of corrective action. The Trustees discussed these Funds with representatives of PLFA, including an assessment of the approach used by the Sub-Advisers, and the approach used by PLFA and PAM with respect to the Directly Managed Funds, as well as the oversight and monitoring by PLFA as the investment adviser, to gain an understanding of underperformance and to assess whether any actions would be appropriate. In addition, the Board considered any specific actions that PLFA, PAM or a Sub-Adviser has taken, or agreed to take, to enhance the investment performance of a Fund, and the results of those actions. In reviewing the performance of each Fund, the Board took into account, among other things, each Fund’s performance track record. A summary of each Fund’s track record is provided below.

PF Growth Fund

The Fund: (1) outperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods; (2) outperformed its primary benchmark for the one- and three-year periods and underperformed for the five- and ten-year periods; and (3) is ranked in the first quintile of its Selected Performance Peer Group for the one-, three- and five-year periods, and the third quintile for the ten-year period. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund since 2013.

PF Large-Cap Value Fund

The Fund: (1) underperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods; (2) underperformed its primary benchmark for the one-, three-, five- and ten-year periods; and (3) is ranked in the fourth quintile of its Selected Performance Peer Group for the one- and three-year periods and the third quintile for the five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers and its benchmark over various time periods and PLFA’s future outlook for the Fund. The Board also considered that PLFA has added the Fund to its performance “watch list” and will be monitoring the Fund closely for improved performance.

Pacific Funds Large-Cap

The Fund: (1) outperformed its Selected Performance Peer Group median for the one-year period; (2) underperformed its primary benchmark for the one-year period; and (3) is ranked in the third quintile of its Selected Performance Peer Group for the one-year period. In evaluating the performance of the Fund, the Board also considered that the Fund had not been in operation for a sufficient time period to establish a meaningful track record.

F-11

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

Pacific Funds Large-Cap Value

The Fund: (1) underperformed its Selected Performance Peer Group median for the one-year period; (2) outperformed its primary benchmark for the one-year period; and (3) is ranked in the third quintile of its Selected Performance Peer Group for the one-year period. In evaluating the performance of the Fund, the Board also considered that the Fund had not been in operation for a sufficient time period to establish a meaningful track record.

PF Developing Growth Fund

The Fund: (1) outperformed its Selected Performance Peer Group median for the one- and three-year periods and underperformed for the five- and ten-year periods; (2) outperformed its primary benchmark for the one- and three-year periods and underperformed for the five- and ten-year periods; and (3) is ranked in the first quintile of its Selected Performance Peer Group for the one-year period, the second quintile for the three-year period, the fourth quintile for the five-year period, and the third quintile for the ten-year period. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund since 2014.

PF Mid-Cap Equity Fund

The Fund: (1) outperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods; (2) outperformed its primary benchmark for the one-, three- and five-year periods and underperformed for the ten-year period; and (3) is ranked in the first quintile of its Selected Performance Peer Group for the one-, three- and five-year periods and the second quintile for the ten-year period. In evaluating the performance of the Fund, the Board also considered that it had recently approved a new Sub-Advisory Agreement for the Fund effective June 2018 and, therefore, the Sub-Advisory Agreement was not up for renewal at this time.

Pacific Funds Small/Mid-Cap

The Fund: (1) outperformed its Selected Performance Peer Group median for the one-year period; (2) underperformed its primary benchmark for the one-year period; and (3) is ranked in the second quintile of its Selected Performance Peer Group for the one-year period. In evaluating the performance of the Fund, the Board also considered that the Fund had not been in operation for a sufficient time period to establish a meaningful track record.

Pacific Funds Small-Cap

The Fund: (1) outperformed its Selected Performance Peer Group median for the one-year period; (2) underperformed its primary benchmark for the one-year period; and (3) is ranked in the second quintile of its Selected Performance Peer Group for the one-year period. In evaluating the performance of the Fund, the Board also considered that the Fund had not been in operation for a sufficient time period to establish a meaningful track record.

Pacific Funds Small-Cap Growth

The Fund: (1) underperformed its Selected Performance Peer Group median for the one-year period; (2) outperformed its primary benchmark for the one-year period; and (3) is ranked in the fourth quintile of its Selected Performance Peer Group for the one-year period. In evaluating the performance of the Fund, the Board also considered that the Fund had not been in operation for a sufficient time period to establish a meaningful track record.

PF Small-Cap Value Fund

The Fund: (1) outperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods; (2) underperformed its primary benchmark for the one- and three-year periods and outperformed for the five- and ten-year periods; and (3) is ranked in the second quintile of its Selected Performance Peer Group for the one- and ten-year periods and the first quintile for the three- and five-year periods. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund since 2014.

Pacific Funds Small-Cap Value

The Fund: (1) underperformed its Selected Performance Peer Group median for the one-year period; (2) underperformed its primary benchmark for the one-year period; and (3) is ranked in the fourth quintile of its Selected Performance Peer Group for the one-year period. In evaluating the performance of the Fund, the Board also considered that the Fund had not been in operation for a sufficient time period to establish a meaningful track record.

PF Emerging Markets Fund

PF Emerging Markets Debt Fund

The Fund: (1) underperformed its Selected Performance Peer Group median for the one-year period and outperformed for the three- and five-year periods; (2) underperformed its primary benchmark for the one-year period and outperformed for the three- and five-year periods; and (3) is ranked in the fourth quintile of its Selected Performance Peer Group for the one-year period, the first quintile for the three-year period and the third quintile for the five-year period.

F-12

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

PF International Large-Cap Fund

The Fund: (1) outperformed its Selected Performance Peer Group median for the one- and ten-year periods, performed in line for the three-year period, and underperformed for the five-year period; (2) outperformed its primary benchmark for the one-, three-, five- and ten-year periods; and (3) is ranked in the third quintile of its Selected Performance Peer Group for the one- and three-year periods, the fourth quintile for the five-year period and the second quintile for the ten-year period.

PF International Small-Cap Fund

The Fund: (1) underperformed the Selected Performance Peer Group median for the one- and three-year periods; (2) underperformed its primary benchmark for the one- and three-year periods; and (3) is ranked in the fourth quintile of its Selected Performance Peer Group for the one-and three-year periods. In evaluating the performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers and its benchmark over various time periods. The Board also considered PLFA’s views as to the competitive nature of the Sub-Adviser’s longer-term performance and its confidence in the Sub-Adviser’s investment process.

PF International Value Fund

The Fund: (1) outperformed its Selected Performance Peer Group median for the one- and three-year periods and underperformed for the five- and ten-year periods; (2) underperformed its primary benchmark for the one-, three-, five- and ten-year periods; and (3) is ranked in the first quintile of its Selected Performance Peer Group for the one- and three-year periods, the fourth quintile for the five-year period and the fifth quintile for the ten-year period. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund since 2017.

PF Currency Strategies Fund

The Fund: (1) outperformed its Selected Performance Peer Group median for the one-, three- and five-year periods; (2) underperformed its primary benchmark for the one-, three- and five-year periods; and (3) is ranked in the first quintile of its Selected Performance Peer Group for the one-, three- and five-year periods. In evaluating the performance of the Fund, the Board also considered that the Fund had a co-Sub-Adviser from 2014 until 2018.

Pacific Funds Diversified Alternatives

The Fund: (1) underperformed its Selected Performance Peer Group median for the one-year period and outperformed for the three-year period; (2) underperformed its primary benchmark for the one- and three-year periods; and (3) is ranked in the fifth quintile of its Selected Performance Peer Group for the one-year period and the first quintile for the three-year period. In evaluating the performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers and its benchmark over various time periods and PLFA’s future outlook for the Fund.

PF Equity Long/Short Fund

The Fund: (1) underperformed its Selected Performance Peer Group median for the one-year period and outperformed its Selected Performance Peer Group median for the three-year period; (2) underperformed its primary benchmark for the one-year period and outperformed for the three-year period; and (3) is ranked in the fifth quintile of its Selected Performance Peer Group for the one-year period and the first quintile for the three-year period. In evaluating the performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers and its benchmark over various time periods and PLFA’s future outlook for the Fund. The Board also considered PLFA’s representation that the Sub-Adviser’s investment style is currently out of favor.

PF Global Absolute Return Fund

The Fund: (1) underperformed its Selected Performance Peer Group median for the one- and three-year periods and outperformed for the five-year period; (2) underperformed its primary benchmark for the one-, three- and five-year periods; and (3) is ranked in the fourth quintile of its Selected Performance Peer Group for the one- and three-year periods and the third quintile for the five-year period. In evaluating the performance of the Fund, the Board also considered that the Selected Performance Peer Group was of limited usefulness due to the diversity of investment approaches of funds in the peer group. The Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers and its benchmark over various time periods and PLFA’s future outlook for the Fund. The Board also considered that PLFA has added the Fund to its performance “watch list” and will be monitoring its performance closely.

PF Real Estate Fund

The Fund: (1) slightly underperformed its Selected Performance Peer Group median for the one-year period and underperformed for the three-, five- and ten-year periods; (2) underperformed its primary benchmark for the one-, three-, five- and ten-year periods; and (3) is ranked in the third quintile of its Selected Performance Peer Group for the one-year period, the fifth quintile for the three- and five-year periods and the fourth quintile for the ten-year period. In evaluating the performance of the Fund, the Board also considered that it had recently approved a new Sub-Advisory Agreement for a new Sub-Adviser to the Fund effective May 2018 and, therefore, the Sub-Advisory Agreement was not up for renewal at this time.

Pacific Funds Core Income

The Fund: (1) outperformed its Selected Performance Peer Group median for the one-, three- and five-year periods; (2) outperformed its primary benchmark for the one-, three- and five-year periods; and (3) is ranked in the first quintile of its Selected Performance Peer Group for the one-, three- and five-year periods.

F-13

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

Pacific Funds Floating Rate Income

The Fund: (1) outperformed its Selected Performance Peer Group median for the one-, three- and five-year periods; (2) underperformed its primary benchmark for the one-, three- and five-year periods; and (3) is ranked in the second quintile of its Selected Performance Peer Group for the one-, three- and five-year periods.

Pacific Funds High Income

The Fund: (1) outperformed its Selected Performance Peer Group median for the one- and three-year periods and performed in line for the five-year period; (2) slightly underperformed its primary benchmark for the one-year period and underperformed for the three- and five-year periods; and (3) is ranked in the second quintile of its Selected Performance Peer Group for the one- and three-year periods and the third quintile for the five-year period.

PF Inflation Managed Fund

The Fund: (1) outperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods; (2) slightly outperformed its primary benchmark for the one-year period, underperformed for the three- and five-year periods and outperformed for the ten-year period; and (3) is ranked in the second quintile of its Selected Performance Peer Group for the one-, three- and five-year periods and the first quintile for the ten-year period. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser co-managed the Fund with another firm from January 2015 to October 2016 and since October 2016 has been the sole Sub-Adviser.

PF Managed Bond Fund

The Fund: (1) underperformed its Selected Performance Peer Group median for the one-year period and outperformed for the three-, five- and ten-year periods; (2) underperformed its primary benchmark for the one-year period and outperformed for the three-, five- and ten-year periods; and (3) is ranked in the fifth quintile of its Selected Performance Peer Group for the one-year period and the first quintile for the three-, five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered that one of the Fund’s co-Sub-Advisers was the sole Sub-Adviser from the Fund’s inception until 2014, and that the other co-Sub-Adviser has co-managed the Fund since 2014.

PF Short Duration Bond Fund

The Fund: (1) outperformed its Selected Performance Peer Group median for the one-year period and underperformed for the three-, five- and ten-year periods; (2) outperformed its primary benchmark for the one-, three- and five-year periods and slightly underperformed for the ten-year period; and (3) is ranked in the third quintile of its Selected Performance Peer Group for the one- and three-year periods, the fourth quintile for the five-year period and the fifth quintile for the ten-year period. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund since 2011.

Pacific Funds Short Duration Income

Pacific Funds Strategic Income

Pacific Funds Portfolio Optimization Conservative

The Fund: (1) underperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and performed in line for the ten-year period; (2) underperformed its custom benchmark for the one-, five- and ten-year periods and outperformed for the three-year period; and (3) is ranked in the fifth quintile of its Selected Performance Peer Group for the one-year period, the fourth quintile for the three- and five-year periods and the third quintile for the ten-year period. In evaluating the performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers and its benchmark over various time periods and PLFA’s future outlook for the Fund. The Board considered that PLFA would continue to manage exposures to asset classes and underlying managers in an effort to improve performance.

Pacific Funds Portfolio Optimization Moderate-Conservative

The Fund: (1) underperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods; (2) underperformed its custom benchmark for the one-, five- and ten-year periods and outperformed for the three-year period; and (3) is ranked in the fourth quintile of its Selected Performance Peer Group for the one-, five- and ten-year periods and the third quintile for the three-year period. In evaluating the performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers and its benchmark over various time periods and PLFA’s future outlook for the Fund. The Board considered that PLFA would continue to manage exposures to asset classes and underlying managers in an effort to improve performance.

Pacific Funds Portfolio Optimization Moderate

F-14

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

period. In evaluating the performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers and its benchmark over various time periods and PLFA’s future outlook for the Fund. The Board considered that PLFA would continue to manage exposures to asset classes and underlying managers in an effort to improve performance.

Pacific Funds Portfolio Optimization Growth

Pacific Funds Portfolio Optimization Aggressive-Growth

The Fund: (1) outperformed its Selected Performance Peer Group for the one- and three-year periods and underperformed for the five- and ten-year periods; (2) underperformed its custom benchmark for the one-, five- and ten-year periods and outperformed for the three-year period; and (3) is ranked in the second quintile of its Selected Performance Peer Group for the one- and three-year periods and the fourth quintile for the five- and ten-year periods.

The Trustees reviewed the monitoring of each Sub-Advisers’ investment results by PLFA, including PLFA’s historical practice of recommending to the Trustees the use of a new sub-adviser if performance lagged and the prospects for improvement within a reasonable timeframe were not promising, and reviewed the monitoring of the PAM unit’s investment results by PLFA. Generally, the Trustees noted that there continues to be a record of well-managed Funds that are appropriate to serve as Underlying Funds in the Asset Allocation Funds and that the Asset Allocation Funds provide a range of professionally managed asset allocation investment options. The Trustees considered the steps PLFA has taken to seek to improve performance of the Asset Allocation Funds, including ongoing assessment of asset allocation determinations, diversifying asset class investment options by adding additional Underlying Funds, and adding or changing Sub-Advisers to the Underlying Funds. The Trustees also noted that the Funds continue to deliver the investment style as disclosed to shareholders. The Trustees also noted the use by investors of the Asset Allocation Funds and the benefits the Asset Allocation Funds provide for shareholders generally.

The Board concluded that PLFA continues to have a long record of effectively managing a multi-manager fund group and asset allocation funds designed to give shareholders a reasonable array of choices through which to implement their investment programs. The Board further concluded that PLFA was appropriately implementing each Fund’s investment objective either directly or through the selection of Sub-Advisers and that PLFA’s record in managing each Fund indicates that PLFA’s continued management, as well as the continuation of the respective Sub-Advisory Agreements, will benefit each Fund and its shareholders.

C. Advisory Fees and Total Expense Ratios

The Trustees requested, received and reviewed information from PLFA relating to the advisory fees paid by the Funds and the sub-advisory fees paid by PLFA, including the portion of the advisory fees paid to each Sub-Adviser as compared to the portion retained by PLFA. The Trustees considered the nature and quality of the services provided by PLFA and also considered the nature and quality of services provided by each Sub-Adviser. The Independent Trustees also requested and reviewed information from the Independent Consultant along with the Independent Consultant’s analysis of advisory fees, sub-advisory fees and certain Fund expenses, excluding any applicable service or distribution fees, which were selected by the Independent Consultant for purposes of the peer group expense comparisons (“Operating Expenses”). The Trustees reviewed the advisory fees, sub-advisory fees and Operating Expenses of each Fund and compared such amounts with the fees and expense levels of a group of appropriate peer funds identified by the Independent Consultant (each a “Selected Expense Peer Group”). The Trustees reviewed a description of the Independent Consultant’s methodology for constructing the Selected Expense Peer Groups, noting that each Selected Expense Peer Group includes a group of similarly-sized funds with comparable strategies from a universe of funds that (i) included both sub-advised and directly managed funds; (ii) excluded funds that are managed with non-standard business models and expense structures; and (iii) excluded index funds. With respect to the Portfolio Optimization Funds, the Trustees also compared the net expense ratio with the average net expense ratio of funds in the Morningstar Category determined to be similar to the relevant Portfolio Optimization Fund (“Comparable Peer Fund Average”).

A summary of certain comparative fee and expense information considered by the Trustees for each Fund is provided below.

PF Growth Fund

PF Large-Cap Value Fund

The Trustees considered that (a) the advisory fee for the Fund is slightly less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group.

F-15

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

Pacific Funds Large-Cap

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.10% of its advisory fee.

Pacific Funds Large-Cap Value

PF Developing Growth Fund

PF Mid-Cap Equity Fund

Pacific Funds Small/Mid-Cap

Pacific Funds Small-Cap

Pacific Funds Small-Cap Growth

PF Small-Cap Value Fund

Pacific Funds Small-Cap Value

The Trustees considered that (a) the advisory fee for the Fund is in line with the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group.

PF Emerging Markets Fund

PF Emerging Markets Debt Fund

F-16

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

slightly less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.02% of its advisory fee.

PF International Large-Cap Fund

PF International Small-Cap Fund

PF International Value Fund

PF Currency Strategies Fund

Pacific Funds Diversified Alternatives

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that will reduce its advisory fee once the Fund attains varying higher asset levels, but that the Fund has not yet reached the first breakpoint.

PF Equity Long/Short Fund

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.15% of its advisory fee. The Trustees also considered that the Operating Expenses for the Fund include investment related expenses.

PF Global Absolute Return Fund

PF Real Estate Fund

Pacific Funds Core Income

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that will reduce its advisory fee once the Fund attains varying higher asset levels, but that the Fund has not yet reached the first breakpoint.

Pacific Funds Floating Rate Income

F-17

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

Selected Expense Peer Group. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that had the effect of reducing the Fund’s advisory fee based on the Fund having attained varying higher asset levels.

Pacific Funds High Income

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that will reduce its advisory fee once the Fund attains varying higher asset levels, but that the Fund has not yet reached the first breakpoint.

PF Inflation Managed Fund

The Trustees considered that (a) the advisory fee for the Fund is slightly less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are in line with the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group.

PF Managed Bond Fund

PF Short Duration Bond Fund

Pacific Funds Short Duration Income

The Trustees considered that (a) the advisory fee for the Fund is slightly less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that will reduce its advisory fee once the Fund attains varying higher asset levels, but that the Fund has not yet reached the first breakpoint.

Pacific Funds Strategic Income

The Trustees considered that (a) the advisory fee for the Fund is greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the fifth quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are in line with the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group. The Trustees further noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that will reduce its advisory fee once the Fund attains varying higher asset levels, but that the Fund has not yet reached the first breakpoint. The Trustees considered that the Selected Expense Peer Group also contains intermediate-term bond funds which generally have a lower advisory fee than multisector bond funds, such as the Fund.

Pacific Funds Portfolio Optimization Conservative

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; (b) the Operating Expenses for the Fund are greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (c) the net expense ratio was greater than the Comparable Peer Fund Average. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that will reduce its advisory fee once the Fund attains varying higher asset levels, but that the Fund has not yet reached the first breakpoint.

Pacific Funds Portfolio Optimization Moderate-Conservative

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; (b) the Operating Expenses for the Fund are greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (c) the net expense ratio was slightly less than the Comparable Peer Fund Average. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that will reduce its advisory fee once the Fund attains varying higher asset levels, but that the Fund has not yet reached the first breakpoint.

Pacific Funds Portfolio Optimization Moderate

F-18

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (c) the net expense ratio was less than the Comparable Peer Fund Average. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that will reduce its advisory fee once the Fund attains varying higher asset levels, but that the Fund has not yet reached the first breakpoint.

Pacific Funds Portfolio Optimization Growth

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; (b) the Operating Expenses for the Fund are greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (c) the net expense ratio was slightly less than the Comparable Peer Fund Average. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that will reduce its advisory fee once the Fund attains varying higher asset levels, but that the Fund has not yet reached the first breakpoint.

Pacific Funds Portfolio Optimization Aggressive-Growth

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; (b) the Operating Expenses for the Fund are greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (c) the net expense ratio was less than the Comparable Peer Fund Average. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that will reduce its advisory fee once the Fund attains varying higher asset levels, but that the Fund has not yet reached the first breakpoint.

During their review, the Trustees considered that all of the Funds, except for the Equity Long/Short Fund, were subject to contractual expense limitations on certain operating expenses agreed to by PLFA.

The Trustees also considered information from the Sub-Advisers regarding the comparative sub-advisory fees charged under other investment advisory contracts for similarly managed accounts, such as contracts of each Sub-Adviser with other similarly managed registered investment companies or other types of clients. The Trustees noted that in many cases there were differences in the level of services provided to the Funds by the Sub-Advisers and that the level of services provided by these Sub-Advisers on these other accounts differed due to the nature of the accounts or because there were other reasons to support the difference in fees, such as an affiliation between the Sub-Adviser and the account. These differences often explained variations in fee schedules. The Trustees were mindful that, with regard to the Sub-Advised Funds, the fee rates were the result of arms’ length negotiations between PLFA and the Sub-Advisers, and that any sub-advisory fees are paid by PLFA and are not paid directly by a Fund.

The Board concluded that the advisory fees, sub-advisory fees and total expenses of each Fund were fair and reasonable.

D. Costs, Level of Profits and Economies of Scale

The Trustees reviewed information provided by PLFA regarding PLFA’s costs of sponsoring and operating the Funds and information regarding the profitability of PLFA from each Fund. For purposes of analyzing PLFA’s costs and profitability with respect to the Funds, the Trustees assigned credibility to PLFA’s view that little weight should be given to the fees of Pacific Select Fund, another open-end investment company advised by PLFA that consists of multiple funds, on the basis that there are significant differences between Pacific Funds and Pacific Select Fund, including differences in fund size and platforms on which the funds are offered. For the Sub-Advised Funds, the Trustees also reviewed information provided by the Sub-Advisers regarding their costs in managing the Sub-Advised Funds and their profitability from the Funds.

PLFA and the Sub-Advisers’ Costs and Profitability. The Trustees noted that, based on the data available, PLFA appears to be providing and operating products that are competitively priced with other funds, especially other multi-manager and asset allocation funds. The Trustees noted PLFA’s willingness to build its investment capabilities and to sponsor new funds that PLFA believed would benefit the Asset Allocation Funds, despite the potential subsidies required by PLFA during a new Fund’s start-up phase. The Trustees also noted that the analysis of the Trust’s profitability to PLFA supported a conclusion that PLFA’s costs and profitability are reasonable, whether considered inclusive or exclusive of distribution costs.

The Trustees also reviewed information provided regarding the structure and manner in which PLFA’s investment professionals were compensated and their respective views of the relationship of such compensation to the attraction and retention of quality personnel. The Trustees considered PLFA’s willingness to invest in technology, infrastructure and staff to reinforce and offer new services and to accommodate changing regulatory requirements. The Trustees also considered the organizational strengths of the Sub-Advisers and their ability to attract and retain investment personnel over time and to sustain the staffing of investment teams that provide services to the Sub-Advised Funds.

With respect to the Sub-Advisers, the Trustees noted that it was difficult in many cases to accurately determine or evaluate the Sub-Advisers’ costs and the profitability of the Sub-Advisory Agreements to the Sub-Advisers because of, among other things, the differences in the types and content of information provided by the Sub-Advisers, the fact that many Sub-Advisers manage substantial assets other than the Funds and, further, that any such assessment would involve assumptions regarding the Sub-Advisers’ expense allocation policies, capital structure, cost of capital, business mix and other factors.

Accordingly, in the case of the Sub-Advisers, the Trustees considered the data described above in light of the arms’ length nature of the relationship (for the Sub-Advised Funds) between PLFA and such Sub-Advisers with respect to the negotiation of fund sub-advisory fees and the fact that such fees are paid by PLFA.

F-19

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

Economies of Scale. The Trustees noted and considered the extent to which economies of scale are realized by PLFA and the Sub-Advisers as each Fund grows, and whether advisory fee levels reflect economies of scale if the Funds grow in size. The Trustees noted PLFA’s commitment to competitive total expenses of certain Funds through expense limitation agreements and, for certain Asset Allocation and PAM Managed Funds, through advisory fee waivers. The Trustees also noted PLFA’s and its affiliates’ consistent reinvestment in the business in the form of adding to investment capabilities and resources, improvements in technology, product innovations and customer service. The Trustees considered information relating to economies of scale provided by PLFA, PLFA’s willingness to discuss and evaluate the topic of economies of scale with the Trustees, and PLFA’s agreement to enter into advisory fee waivers for certain PAM Managed Funds and Asset Allocation Funds that create effective breakpoints at asset levels at which PLFA believes it will have attained a level of profit that can be shared with these Funds.

With respect to the Sub-Advised Funds, the Trustees considered that the advisory fee for each Fund was originally set at an amount that was intended to be lower than peers to attract assets at the Fund’s inception. The Trustees noted that because fees for the Funds started relatively low from the first dollar under management in relation to peers, economies of scale will be realized at higher asset levels than would otherwise be the case. The Trustees also considered that some Sub-Advisers have agreed to breakpoints in their sub-advisory fee schedules. The Trustees noted that in setting its advisory fees relatively low at inception as compared to peers, and in subsidizing the expenses of the Funds from their inception and for many years, PLFA’s economics from the Sub-Advised Funds should be considered separate and apart from the economics of the Sub-Advisers. The Trustees noted PLFA’s view that the sub-advisory fee breakpoints were important for PLFA’s economics to overcome its expenses from the Funds. The Trustees also noted that shareholders will benefit from effective breakpoints for the Asset Allocation Funds.

The Trustees also considered PLFA’s willingness to reduce its own fees through certain advisory fee waivers and expense limitation agreements, whereby PLFA will reimburse the Funds for certain expenses that exceed stated expense caps. The Trustees considered that the advisory fee waivers effectively implement breakpoints in PLFA’s advisory fees at higher asset levels of these Funds, which are intended to share economies of scale that PLFA has attained.

The Trustees noted that PLFA and its affiliates had consistently reinvested in the business in the form of improvements in technology, product innovations, personnel and resources. The Trustees additionally noted that economies of scale were difficult to measure with precision, particularly on a Fund by Fund basis. This analysis is complicated by the additional services and content provided by PLFA and its affiliates through reinvestment in the business, as discussed above. The Trustees considered that the Funds are well managed, and provide shareholders with sophisticated asset allocation investment options at reasonable fee levels. The Board noted that PLFA had taken steps to ensure that shareholders benefit by negotiating favorable terms with service providers, and to provide certain support services, including, but not limited to, legal, compliance and accounting services, to the Funds on an approximate cost basis as opposed to an asset-based charge.

The Board determined that PLFA and its affiliates are sharing economies of scale given its agreement to reduce its own fees through fee waivers as assets grow for certain Funds, its commitment to competitive total expenses of the Funds, and the consistent reinvestment in the business in the form of improvements in technology and other resources and investments in personnel. The Board considered that PLFA has not yet attained levels of profitability that warrant sharing of economies of scale for some Funds, including the Sub-Advised Funds, but noted that shareholders will benefit in the future from the effective breakpoints for the Asset Allocation Funds. The Board further considered that it will continue to review whether there are additional economies of scale that will be realized as the Funds grow that can be shared with shareholders. The Board concluded that the Funds’ cost structures were reasonable and that overall profitability appeared reasonable at the current time. The Board further concluded that PLFA was sharing economies of scale with each Fund and its shareholders to their benefit.

E. Ancillary Benefits

The Trustees requested and received from PLFA and the Sub-Advisers information concerning other benefits received by PLFA, Pacific Life, the Sub-Advisers, and their affiliates as a result of their respective relationship with the Funds, including various service arrangements with PLFA affiliates and reimbursement at an approximate cost basis for support services in the case of PLFA, as well as commissions paid to broker-dealers affiliated with certain Sub-Advisers and the use of soft-dollars by certain of the Sub-Advisers. The Trustees also considered ancillary benefits received by Pacific Life and its affiliates from the Funds. The Trustees considered information concerning other significant economic relations between the Sub-Advisers and their affiliates and with PLFA and its affiliates and noted PLFA’s processes and procedures to identify and disclose such relationships and any potential conflicts of interest to the Board. The Trustees also considered PLFA’s and each Sub-Adviser’s strong practices and procedures with regard to managing conflicts of interest and ensuring that such conflicts do not prevent PLFA or the Sub-Advisers from acting in the best interests of the Funds and their shareholders.

The Board concluded that such benefits were consistent with those generally derived by investment advisers to mutual funds or were otherwise not unusual.

F. Conclusion

Based on their review, including their consideration of each of the factors referred to above, and assisted by the advice of the Independent Consultant and independent counsel to the Independent Trustees, the Board, including the Independent Trustees, concluded that the Advisory Agreement and each applicable Sub-Advisory Agreement are fair and reasonable with respect to each applicable Fund and its shareholders, and that the renewal of the Advisory Agreement and each applicable Sub-Advisory Agreement would be in the best interests of each Fund and its shareholders. The Board did not indicate that any single factor was determinative of its decision to approve the Advisory Agreement and each applicable Sub-Advisory Agreement, but indicated that the Board based its determination on the total mix of information available to it.

F-20

PACIFIC FUNDS

WHERE TO GO FOR MORE INFORMATION

(Unaudited)

Availability of Quarterly Holdings

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

Availability of Proxy Voting Record

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

Information Relating to Investments Held by the Trust

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

Availability of Proxy Voting Policies

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

How to obtain Information

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

•

On the Trust’s website at https://www.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

F-21

Pacific Funds

Mailing address:

P.O. Box 9768

Providence, RI 02940-9768

ADDRESS SERVICE REQUESTED

Annual Report as of March 31, 2019 for:

• Pacific Funds


Form Nos.		3012-19A

LOGO

PF Underlying Funds

Annual Report

As of March 31, 2019

PACIFIC FUNDS

ANNUAL REPORT

AS OF MARCH 31, 2019


TABLE OF CONTENTS

Performance Discussion			A-2

Schedules of Investments			B-1

Financial Statements:

Statements of Assets and Liabilities			C-1

Statements of Operations			C-4

Statements of Changes in Net Assets			C-7

Statement of Cash Flows			C-10

Financial Highlights			C-11

Notes to Financial Statements			D-1

Report of Independent Registered Public Accounting Firm			E-1

Other Tax Information			F-1

Disclosure of Fund Expenses			F-2

Trustees and Officers Information			F-4

Approval of Investment Advisory and Sub-Advisory Agreements			F-7

Where to Go for More Information			F-20

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

PACIFIC FUNDS



Sub-Adviser/Adviser	Fund	Page Number

Pacific Investment Management Company LLC (PIMCO)	PF Inflation Managed Fund	A-4

Pacific Investment Management Company LLC (PIMCO)/Western Asset Management Company, LLC (Western Asset)	PF Managed Bond Fund	A-5

T. Rowe Price Associates, Inc. (T. Rowe Price)	PF Short Duration Bond Fund	A-6

Ashmore Investment Management Limited (Ashmore)	PF Emerging Markets Debt Fund	A-7

Lord, Abbett & Co. LLC (Lord Abbett)	PF Developing Growth Fund	A-8

MFS Investment Management (MFS)	PF Growth Fund	A-9

ClearBridge Investments, LLC (ClearBridge)	PF Large-Cap Value Fund	A-10

Rothschild & Co Asset Management US Inc. (Rothschild & Co AMUS)	PF Mid-Cap Equity Fund	A-11

Pacific Life Fund Advisors LLC (PLFA)/ Pacific Asset Management	PF Multi-Asset Fund	A-13

AllianceBernstein L.P. (AB)	PF Small-Cap Value Fund	A-14

OppenheimerFunds, Inc. (Oppenheimer)	PF Emerging Markets Fund	A-15

MFS Investment Management (MFS)	PF International Large-Cap Fund	A-16

QS Investors, LLC (QS Investors)	PF International Small-Cap Fund	A-17

Wellington Management Company LLP (Wellington)	PF International Value Fund	A-18

Principal Real Estate Investors, LLC (Principal REI)	PF Real Estate Fund	A-19

UBS Asset Management (Americas) Inc. (UBS AM)	PF Currency Strategies Fund	A-20

AQR Capital Management, LLC (AQR)	PF Equity Long/Short Fund	A-22

A-1

PACIFIC FUNDS PERFORMANCE DISCUSSION

This Annual Report is provided for the general information of investors with beneficial interests in Pacific Funds Series Trust (the “Trust”) and contains information on certain funds (the “Funds” or “Underlying Funds”) of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus, as supplemented, which contains information about the Trust and each of its Funds, including their investment objectives, risks, charges and expenses. You should read the prospectus carefully before investing. There is no assurance that a Fund will achieve its investment objective. Each Fund is subject to market risk. The value of a Fund changes as its asset values go up or down. The value of a Fund’s shares will fluctuate, and when redeemed, may be worth more or less than their original cost. The total return for each Fund of the Trust is net of fees and includes reinvestment of all dividends and capital gain distributions, if any. Past performance is not predictive of future performance. This report shows you the performance of the Funds compared to benchmark indices. Index performance is provided for illustrative and comparative purposes only and does not predict or depict the performance of the Funds. Indices are unmanaged, do not incur transaction costs, do not include fees and expenses and cannot be purchased directly by investors. Index returns include reinvested dividends.

Pacific Life Fund Advisors LLC (“PLFA” or the “Adviser”) supervises the management of the Funds contained in this report, subject to the oversight of the Trust’s Board of Trustees (Board). PLFA also directly manages the PF Multi-Asset Fund. In addition, PLFA does business under the name “Pacific Asset Management” and manages the collateral portion of the PF Multi-Asset Fund under this name. PLFA has written the general market conditions commentary which expresses PLFA’s opinions and views on how the market generally performed for the fiscal year ended March 31, 2019 (the reporting period) as well as separate commentary specific to the Fund that it directly manages that is based on its opinion of how this Fund performed during the year.

For the other Funds of the Trust, PLFA has retained other firms to serve as sub-advisers under its supervision (“Sub-Advisers”). Each of the Sub-Advisers has written a separate commentary specific to the Fund(s) that they manage that is based on their opinions of how their Fund(s) performed during the year. The views expressed in those commentaries reflect those of the Sub-Advisers for the fiscal year ended March 31, 2019.

All views and opinions expressed in the management discussion of fund performance are subject to change at any time based upon market, economic or other conditions, and the Trust, its Adviser and the Sub-Advisers disclaim any responsibility to update such views. These views and options may not be relied upon as investment advice or recommendations, or as an offer for any particular security. Any references to “we”, “I”, or “ours” are references to the Sub-Adviser or Adviser, as applicable. Any sectors referenced are provided by the applicable Sub-Adviser or Adviser and could be different from the sectors listed in the Schedules of Investments if obtained from another source. The Adviser and Sub-Advisers may include statements that constitute “forward-looking statements” under the United States (U.S.) securities laws. Forward-looking statements include information concerning possible or assumed future results of the Trust’s investment operations, asset levels, earnings, expenses, industry or market conditions, regulatory developments and other aspects of the Trust’s operations or general economic conditions. In addition, when used in this report, words such as “believes”, “expects”, “anticipates”, “intends”, “plans”, “estimates”, “projects” and future or conditional verbs such as “will”, “may”, “could”, “should” and “would,” or any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees of performance or economic results. They involve risks, uncertainties and assumptions. Although such statements are based on expectations that the Adviser or a Sub-Adviser believes to be reasonable, actual results may differ materially from expectations. Investors must not rely on any forward- looking statements. Statements of facts and performance data are from sources considered reliable, but no representation or warranty is made as to their completeness or accuracy.

Market Conditions (for the year ended March 31, 2019)

Executive Summary

Fixed Income

Domestic Equity


		See benchmark definitions on A-23 – A-25

A-2

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

sinking since November 2018, making the higher dividend sectors more attractive. Large corporations held up better than their smaller counterparts. Small-capitalization companies had lower credit ratings, and their debt levels as a percentage of total capital increased.

International Equity

Although international equities finished higher over the last quarter of the reporting period, they ended in negative territory over the reporting period as the MSCI (Morgan Stanley Capital International) Europe, Australasia and Far East (EAFE) Index returned -3.71% over this period. European stocks generally struggled. Geopolitical issues like Brexit (Britain’s exit from the European Union) and trade tensions caused headwinds that held back performance. Furthermore, the U.S. dollar rally was a headwind for unhedged international exposures. Emerging market equities also performed poorly over the reporting period as the MSCI Emerging Markets Index returned -7.41%. Emerging market equities became volatile, particularly for Chinese markets as trade tensions caused businesses to scramble and its consumers to become less optimistic. Chinese equities staged a significant recovery however, with the Shenzhen Composite up 33.70% for the last quarter of the reporting period.

Concluding Remarks

Regarding central banks, the Fed is expected to take a pause. While markets had been anticipating additional interest rate hikes, they are now pricing in a rate cut by the end of 2019. The European Central Bank (ECB) ended its bond purchasing program and will be going through a transition as it will need to find a successor for Mario Drahghi who is scheduled to step down in October 2019. Several emerging market central banks may find some relief from the Fed refraining from additional rate hikes.


		See benchmark definitions on A-23 – A-25

A-3

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

PF Inflation Managed Fund (sub-advised by Pacific Investment Management Company LLC)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, the PF Inflation Managed Fund’s Class P returned 2.50%, compared to a 2.70% return for its benchmark, the Bloomberg Barclays U.S. TIPS Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmark for the ten-year period ended March 31, 2019. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019 ⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class P

2.50%

1.42%

3.45%

Bloomberg Barclays U.S. TIPS Index

2.70%

1.94%

3.41%

⁽¹⁾

Effective October 31, 2016, Pacific Investment Management Company LLC (“PIMCO”) became the sole sub-adviser to the Fund. Between January 15, 2015 and October 31, 2016, Western Asset Management Company, LLC served as co-sub-adviser of the Fund with PIMCO. Prior to January 15, 2015, PIMCO served as the sole sub-adviser.

A. For the reporting period, the Fund’s Class P underperformed the benchmark. We at PIMCO implement the Fund’s investment strategies by investing in bonds and derivative instruments, focusing on inflation-indexed debt securities.

An overweight to U.S. breakeven inflation, the difference between nominal and real interest rates, detracted from performance. The Fund’s short position to United Kingdom Retail Price Index (U.K. RPI) and European breakevens contributed to performance. Long exposure to German nominal interest rates contributed to performance, as German nominal interest rates fell at the long end of the curve. An underweight to nominal interest rates, particularly in the U.S. and U.K., detracted from performance as interest rates fell. Exposure to investment grade credit generated positive returns over the reporting period.

During the reporting period, the Fund purchased credit protection to reduce credit exposure to individual issuers, reduce broader credit risk, and to take advantage of the basis between the credit default swap and cash bond market. The Fund entered into interest rate swaps to manage nominal or real interest rate exposure in various global markets and as a substitute for cash bond exposure. The Fund entered into futures contracts to manage interest rate exposure, as a substitute for cash bond exposure and for purposes of liquidity. Interest rate swaps and futures allow the Fund manager to effectively manage risk and gain or reduce exposure by targeting specific markets and areas of the yield curve that may not otherwise be accessible through the use of cash bonds. The Fund sold/wrote options on futures, currencies, bond indices, and swaps as a means of capitalizing on anticipated changes in market volatility and to generate income. The Fund purchased and sold foreign currency contracts in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Fund’s securities, and to express certain views on currency markets. The Fund also held inflation caps and floors to hedge duration.


		See benchmark definitions on A-23 – A-25

A-4

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

PF Managed Bond Fund (co-sub-advised by Pacific Investment Management Company LLC and Western Asset Management Company, LLC)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, the PF Managed Bond Fund’s Class P returned 3.43%, compared to a 4.48% return for its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019 ⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class P

3.43%

3.54%

5.12%

Bloomberg Barclays U.S Aggregate Bond Index

4.48%

2.74%

3.77%

⁽¹⁾

Western Asset Management Company, LLC became co-sub-adviser to the Fund on August 1, 2014, and some investment policies changed at that time. Pacific Investment Management Company LLC was the sole sub-adviser to the Fund before that date.

A. For the reporting period, the Fund’s Class P underperformed the benchmark. The Fund is co-sub-advised by PIMCO and Western Asset. The following are separate discussions from each co-sub-adviser.

PIMCO

We at PIMCO implement the investment strategies for the PIMCO managed portion of the Fund by investing in debt securities and derivative instruments. Our portion of the Fund underperformed the benchmark for the reporting period.

U.S. and European Core duration strategies added to performance, while tactical shorts to Italian, Japanese, and Australian duration detracted from performance. Within spread sectors, exposure to and selection within non-Agency mortgage backed securities (MBS) contributed to performance, while an overweight to agency MBS detracted from performance. Opportunistic positioning within investment grade and high yield credit contributed to performance. Within currencies, exposure to the Argentine peso, Russian ruble and Swedish krona detracted from performance, while exposure to the Mexican peso and Turkish lira contributed to performance over the reporting period.

During the reporting period, our portion of the Fund sold credit protection through credit default swaps to obtain exposure to the credit risk of individual securities or to the broader investment grade, high yield, emerging market, mortgage, or other sectors through the use of credit default swaps and credit default swaps on credit indices. Our portion of the Fund also purchased credit protection during the reporting period to reduce credit exposure to individual issuers, reduce broader credit risk, and to take advantage of the basis between the credit default swap and cash bond market. Our portion of the Fund entered into interest rate swaps to manage nominal or real interest rate exposure in various global markets and as a substitute for cash bond exposure. Our portion of the Fund entered into futures contracts to manage interest rate exposure, as a substitute for cash bond exposure, and for purposes of liquidity. Our portion of the Fund sold/wrote options and swaptions on futures, bond indices, currencies, and swaps and also purchased options on futures, bond indices, currencies, and To-Be-Announced (TBAs) (agency MBS-related instrument) as a means of capitalizing on anticipated changes in market volatility and to generate income. Our portion of the Fund purchased and sold foreign currency contracts in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Fund’s securities, and to express certain views on currency markets. Lastly, our portion of the Fund also held inflation floors to hedge duration.

Western Asset

For Western Asset’s portion of the Fund, a global investment platform is utilized to build a diversified portfolio of investment grade bonds with opportunistic allocations to high yield, emerging markets and non-U.S. dollar securities to enhance returns. Value is added through yield curve positioning and duration management as well as issue selection and sector rotation.

Our portion of the Fund outperformed the benchmark for the reporting period. Our portion of the Fund’s macro top down strategies were a meaningful net contributor to performance during the reporting period. Our portion of the Fund’s long duration position was a large positive


		See benchmark definitions on A-23 – A-25

A-5

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

contributor as rates declined over the reporting period, with ten-year U.S. Treasury (UST) yields decreasing from 2.74% to 2.41%. However, our portion of the Fund’s yield curve positioning, with an emphasis on longer-dated yields, was a detractor to returns as the yield curve steepened.

Spread sectors delivered mixed performance during the reporting period. Emerging markets exposure weighed the most heavily on our portion of the Fund’s performance during the reporting period as the asset class suffered due to a stronger U.S. dollar, a weakened outlook for non-U.S. economies, and a number of idiosyncratic events. Corporate credit exposures, including opportunistic overweights to both investment grade and high yield credit, delivered strong positive performance over the reporting period. Non-agency mortgage exposure was among the largest positive contributors to performance over the reporting period as the housing market was generally stable. Overweight exposures to commercial mortgage-backed securities (CMBS) also contributed as their spreads tightened.

With respect to currency positions, our portion of the Fund’s exposures to emerging market currencies, in aggregate, weighed on performance during the reporting period. In particular, long exposures to the Brazilian real, Argentine peso and Mexican peso weighed on performance as each currency saw significant declines relative to the U.S. dollar over the reporting period. However, our portion of the Fund’s exposures to non-U.S. developed market currencies contributed positively over the reporting period. In particular, a short position in the euro was a strong contributor as the currency declined 8.8% relative to the U.S. dollar over the reporting period.

Derivatives, primarily interest rate futures and options, were used to manage our portion of the Fund’s duration and yield curve positioning as well as currency positions, and detracted from returns.

PF Short Duration Bond Fund (sub-advised by T. Rowe Price Associates, Inc.)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, the PF Short Duration Bond Fund’s Class P returned 3.05%, compared to a 3.03% return for its benchmark, the Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019 ⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class P

3.05%

1.25%

1.71%

Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index

3.03%

1.22%

1.59%

⁽¹⁾

T. Rowe Price Associates, Inc. began managing the Fund on July 1, 2011, and some investment policies changed at that time. Another firm managed the Fund before that date.

A. For the reporting period, the Fund’s Class P outperformed the benchmark. We at T. Rowe Price maintain the Fund’s strategy by investing in debt securities (including derivatives on such securities). In our attempt to seek current income, the strategy focuses on high-quality, investment-grade securities, generally expecting to track the duration of the benchmark (plus or minus a half year), as well as using futures, forwards, and swaps. Furthermore, the Fund invests in out-of-benchmark securitized sectors to pick up incremental yield in the strategy. In addition to making active sector allocation and security selection decisions, we also monitor the Fund’s duration as part of our management of the Fund. Duration is often used to measure a bond’s sensitivity to interest rates.

Sector allocation was the primary contributor to the Fund’s positive relative performance. Our strategic overweight allocation to bonds with 1-3-year maturities, corporate bonds, both investment-grade and crossover bonds (i.e., bonds that are split rated on the lower end of the investment-grade credit ratings spectrum or the highest end of the non-investment-grade ratings spectrum), contributed to the Fund’s relative performance for the reporting period. Solid demand from investors looking to minimize interest rate and duration risk provided support for short-maturity corporate bonds. As a result, the Fund’s significant overweight to the U.S. investment-grade corporate sector provided a meaningful contribution to relative results. Our corresponding underweight allocation to U.S. Treasury securities helped relative results, as risk assets rallied throughout most of the reporting period in line with strong stock market performance and with the Fed signaling a less aggressive monetary policy in the near term. Similarly, the Fund’s out-of-benchmark exposure to CMBS and asset backed securities (ABS) also helped relative performance, while its position in MBS detracted.


		See benchmark definitions on A-23 – A-25

A-6

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Our yield curve position detracted as we undercarried the benchmark. Throughout most of the reporting period, the Fund was tactically positioned for a shorter duration than the benchmark as a defensive stance to help protect against interest rate risk amid rising rates. This positioning caused the Fund to undercarry the benchmark, leading to yield curve underperformance.

Security selection within investment-grade corporates was a drag on performance. Select bonds within financial industries, especially Italian banking and finance names, underperformed amid Italy’s showdown with the European Union over its outsized budget deficit.

As of the end of the reporting period, the Fund held interest rate futures and currency forwards generating gross exposure of approximately 29.80%. The estimated return impact from employing currency forwards was 0.02% and -0.02% from futures for the reporting period.

PF Emerging Markets Debt Fund (sub-advised by Ashmore Investment Management Limited)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, the PF Emerging Markets Debt Fund’s Class P returned -0.61%, compared to a 4.21% return for the broad-based J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index and -0.94% for the Emerging Markets Debt Composite Benchmark.

The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmarks for the period from inception through March 31, 2019. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019

1 Year

5 Years

Since
Inception
(06/29/12)

Fund’s Class P

(0.61%

)

4.02%

3.56%

J.P. Morgan EMBI Global Diversified Index

4.21%

5.44%

5.16%

Emerging Markets Debt Composite Benchmark

(0.94%

)

2.38%

2.48%

A. For the reporting period, the Fund’s Class P underperformed the broad-based J.P. Morgan EMBI Global Diversified Index and outperformed the sector-specific Emerging Markets Debt Composite Benchmark.

The Fund invests its assets in debt instruments that are economically tied to emerging market countries, which are issued by governments (sovereigns), government-guaranteed or majority government-owned entities (quasi-sovereigns), government agencies and instrumentalities and corporate issuers, and may be denominated in any currency, including the local currency of the issuer. We at Ashmore tactically manage exposure to emerging market sovereign external debt, local currency sovereign debt and corporate debt in seeking to maximize total return consistent with prudent investment management.

Over the reporting period, the Fund’s allocation to emerging markets sovereign external debt increased, starting the reporting period at 55% and ending at around 59% of the Fund’s net asset value (NAV). Over the reporting period, the Fund’s exposure to corporate debt increased, starting the reporting period at 6.40% and ending at around 8.50% of NAV. Finally, the Fund’s exposure to emerging market local currency bonds and net exchange rate positions was actively managed, starting the reporting period at 56%, and ending at around 54% of NAV. Over the same period, the broad-based J.P. Morgan EMBI Global Diversified Index (representing the emerging markets sovereign external debt asset class) strongly outperformed the J.P. Morgan Government Bond Index (GBI)-EM Global Diversified (representing the emerging markets local currency bonds asset class).

The Fund’s security selection in local currency sovereign debt detracted from the Fund’s absolute and relative returns over the reporting period. The Fund’s overweight position in hard currency sovereign external debt and the off-benchmark allocation to corporate debt contributed positively to the Fund’s relative performance over the reporting period.

In the emerging markets sovereign external debt space, the top country contributor to performance was Ecuador. Within local currency assets, the top two contributors to the Fund’s performance were an overweight position in the Brazilian real, and an underweight position in the Turkish lira, respectively. The largest detractors over the reporting period were off-benchmark positions in Jamaican corporate bonds, and overweight positions in the Argentinean peso and Polish zloty. Overall, the largest country contributors to Fund performance were overweight positions to Brazil and Ecuador and underweight positions to Turkey.


		See benchmark definitions on A-23 – A-25

A-7

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

The Fund’s positions in derivatives are mainly in foreign exchange (FX) forwards—notably to hedge the FX exposure of some local currency bond positions, through interest rate swaps and total return swaps—for efficient fund management purposes.

The following are summary developments in various countries in which the Fund invested during the reporting period.

The announcement of an agreement between Ecuador and the International Monetary Fund (IMF) in February 2019 triggered spread tightening in Ecuadorian debt. The agreement involved total funding of more than ten billion U.S. dollars, with 4.2 billion U.S. dollars from the IMF and the balance from a number of other multilateral development institutions including the World Bank, the Inter-American Development Bank, the Development Bank of Latin America and others. Ecuador will not need to access the public markets for three years as a result of the agreement, likely resetting the spread level for eventual new issuance at much lower levels.

In Brazil, despite the uncertain political outlook in the run-up to the October 2018 presidential election, the election of a fiscally conservative president contributed to a positive environment for local bond markets. Modest, but positive economic growth has kept inflationary pressures contained, with the IPCA inflation rate (Brazil’s Consumer Price Index used to measure inflation) peaking at 4.50% in the fall, The Monetary Policy Committee of the Central Bank of Brazil (COPOM) cut the SELIC (the Central Bank of Brazil’s overnight rate) target rate to 6.50% early in the reporting period and left it there for the balance of the reporting period. Business confidence has been increasingly supported by the government’s liberal agenda (reforms, privatizations and positive/technically strong appointments to key posts at state-owned enterprises), as well as the appointments announced in the economic team. A positive surprise in the government’s primary deficit allowed the net debt/gross domestic product (GDP) for November 2018 to come in unchanged at 53.50%. This allowed the Brazil yield curve to benefit fully, and even outperform the tightening in the global yield curve in December 2018, taking the ten-year bond yields down to 9.24% at the end of the reporting period.

Argentina’s recession continued with third quarter 2018 GDP down 3.50% year-over-year, reflecting the ongoing tightening of domestic financial conditions. Domestic demand contracted, which led to an accelerated adjustment of the current account deficit. By September 2018, the depreciation of the Argentine peso had led the trade balance to swing into a surplus. Confidence indicators and investment spending confirm that the short-term outlook for the Argentine economy remains challenging, but we believe that the government’s economic policies will allow it to see through the necessary economic adjustment.

Turkey had a difficult year in 2018, as excessive credit growth and loose monetary policy fueled a large current account deficit early in the reporting period. Pressure on external funding conditions in the first quarter of the reporting period were inadequately addressed ahead of the parliamentary and presidential election in June 2018. This led to a balance of payments and exchange rate crisis during the summer. The central bank’s belated reaction in September 2018 allowed it to stabilize the exchange rate, but the lira still dropped 39% against the U.S. dollar during the reporting period, and the economy began experiencing a painful re-balancing that we believe could have been avoided using a more prudent, and more orthodox, economic policy. The Fund’s underweight position in Turkey over the reporting period allowed the performance impact to be somewhat limited and contributed to relative performance over the period.

PF Developing Growth Fund (sub-advised by Lord, Abbett & Co. LLC)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, the PF Developing Growth Fund’s Class P returned 25.05%, compared to a 3.85% return for its benchmark, the Russell 2000 Growth Index.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019 ⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class P

25.05%

9.41%

15.57%

Russell 2000 Growth Index

3.85%

8.41%

16.52%

⁽¹⁾

Effective October 31, 2016, the Fund changed its name from PF Small-Cap Growth Fund. Lord, Abbett & Co. LLC began managing the Fund on May 1, 2014 and some investment policies changed at that time. Other firms managed the Fund before that date.


		See benchmark definitions on A-23 – A-25

A-8

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

A. For the reporting period, the Fund’s Class P outperformed the benchmark. The Fund seeks capital appreciation by investing in small-capitalization growth companies that we at Lord Abbett believe have above-average long-term growth potential and that are strongly positioned in the “developing growth” phase, which we define as the period of swift development after a company’s start-up phase when growth occurs at a rate generally not equaled by established companies in their mature years. These types of companies include companies that can transform markets through innovative products and services.

The leading contributor to the Fund’s relative performance during the reporting period was security selection in the information technology sector. Within this sector, the Fund’s holdings of Trade Desk, Inc., a provider of an advertisement technology platform, contributed. Trade Desk reported a strong fourth quarter 2018, with revenue growth acceleration driven by strength in its connected television business. Another contributor within this sector during the reporting period was the Fund’s position in Twilio, Inc., a provider of a cloud based communications software platform. Shares of Twilio benefited from the firm’s ability to capitalize on its vast and growing addressable market, through the introduction of new products like Flex, a cloud contact application, and from expanding its footprint with its acquisition of SendGrid.

Security selection within the health care sector also contributed to the Fund’s relative performance during the reporting period. Within this sector, the Fund’s holdings of Tandem Diabetes Care, Inc., a designer and developer of products related to diabetes, contributed as the company reported a strong fourth quarter 2018 across the board, driven by a substantial increase in pump shipments. The Fund’s holdings of Glaukos Corp., a medical device company, also contributed. Shares of Glaukos rose after Alcon, a major competitor, announced it was withdrawing its CyPass micro-stent from the market, providing tailwind for sales in Glaukos’ product.

Additionally, security selection within the consumer discretionary sector was a major contributor to the Fund’s performance during the reporting period. Specifically, the Fund’s holding of Planet Fitness, Inc., an operator of fitness center franchises, contributed. Shares of Planet Fitness continued their ascent during the reporting period, as an increase in black card membership prices helped earnings.

The leading detractor from the Fund’s performance relative to the benchmark during the reporting period was security selection within the financials sector. Within this sector, the Fund’s position in Western Alliance Bancorp, a provider of various banking services, detracted. Shares of Western Alliance Bancorp declined as investors were concerned about a possible moderation in growth due to increased competition for loans among banks and non-banks. Another detractor within the sector was the Fund’s position in CenterState Bank Corporation, a bank holding company. U.S. banks, like Western Alliance and CenterState, faced headwinds during the latter half of the reporting period, as investors appeared to expect commercial and industrial loan growth to decline, while the industry continued to face tougher competition from non-bank lenders and corporate clients.

Security selection in the communication services (formerly telecommunication services) sector also detracted from the Fund’s performance relative to the benchmark during the reporting period. Within this sector, the Fund’s holdings of Eventbrite, Inc., an operator of a self-service online ticketing platform, detracted. Eventbrite, which conducted its initial public offering in September 2018, declined during the reporting period as investors were concerned about its valuation and pending share lockup expiration. Additionally, though it beat consensus estimates in its first public reporting, it was not of the magnitude investors expected.

PF Growth Fund (sub-advised by MFS Investment Management)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, the PF Growth Fund’s Class P returned 14.99%, compared to a 12.75% return for its benchmark, the Russell 1000 Growth Index.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019 ⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class P

14.99%

13.81%

16.11%

Russell 1000 Growth Index

12.75%

13.50%

17.52%

⁽¹⁾

MFS Investment Management began managing the Fund on May 1, 2013, and some investment policies changed at that time. Another firm managed the Fund before that date.


		See benchmark definitions on A-23 – A-25

A-9

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

A. For the reporting period, the Fund’s Class P outperformed the benchmark. The strategy is an actively managed, research-driven growth fund. We, the MFS investment management team, build the Fund from the bottom up, selecting companies with the best opportunities for growth two to three years into the future. When applying the Fund’s valuation analysis, we consider the magnitude and potential growth rate of a company against what the market has discounted. At the sector level, we typically limit significant over- and under-weights relative to the benchmark, allowing bottom-up stock selection to drive performance results over time.

Stock selection and, to a lesser extent, an overweight allocation to the financial sector contributed to performance relative to the benchmark. Within this sector, the Fund’s overweight positions in global payment transactions company MasterCard, global payments technology company Visa and communications real estate investment trust (REIT) American Tower also contributed to relative results.

Stock selection and, to a lesser extent, an underweight allocation to the industrial sector also benefited relative results. However, there were no individual stocks within this sector that were among the Fund’s largest relative contributors during the reporting period.

Stock selection in the consumer, non-cyclical sector bolstered relative results, led by an overweight position in analytical equipment, software and services provider Thermo Fisher Scientific. Additionally, holding shares of industrial and consumer products and services company Danaher (security is not a benchmark constituent) and pharmaceutical and medical products maker Abbott Laboratories (security is not a benchmark constituent), and not holding shares of pharmaceutical company Abbvie, further supported relative results.

Stock selection and, to a lesser extent, an overweight allocation to the technology sector strengthened relative returns. Within this sector, the Fund’s overweight positions in business and financial solutions software company Intuit, customer information software manager Salesforce.com and software company Adobe Systems contributed to relative results.

Stock selection in the consumer, cyclical sector detracted from relative performance. Within this sector, the Fund’s overweight positions in video game makers Activision Blizzard and Electronic Arts and online travel company Booking Holdings detracted from relative returns.

Stocks in other sectors that detracted from relative results included the Fund’s overweight positions in alcoholic beverages company Constellation Brands, tobacco manufacturer Philip Morris International, financial services provider Charles Schwab and wellsite services provider Concho Resources (security was not held in the Fund at reporting period end). In addition, the Fund’s position in shares of investment bank and asset manager Morgan Stanley (security is not a benchmark constituent and was not held in the Fund at reporting period end) and design and manufacturer of connectivity and sensors solutions TE Connectivity (security is not a benchmark constituent and was not held in the Fund at reporting period end), and an underweight position in computer and personal electronics maker Apple, also detracted from relative performance.

PF Large-Cap Value Fund (sub-advised by ClearBridge Investments, LLC)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, the PF Large-Cap Value Fund’s Class P returned 5.49%, compared to a 5.67% return for its benchmark, the Russell 1000 Value Index.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019

1 Year

5 Years

10 Years

Fund’s Class P

5.49%

6.95%

13.16%

Russell 1000 Value Index

5.67%

7.72%

14.52%

A. For the reporting period, the Fund’s Class P underperformed the benchmark. We, the ClearBridge large-capitalization value team, use an interactive, research-driven approach to identify large-capitalization companies with strong business franchises and attractive valuations. We look for companies with proven business models and sustainable competitive advantages capable of generating superior returns over time across a range of potential scenarios. We place an emphasis on near- and medium-term cash flows over those with a longer projected time frames when


		See benchmark definitions on A-23 – A-25

A-10

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

discounting earnings from emerging business models or products. We consider valuations relative to normalized earnings power. There is no change to our disciplined investment approach that focuses on competitively well-positioned companies with strong business franchises capable of generating superior returns across cycles.

Relative to the benchmark, overall sector allocation detracted from performance for the reporting period. The Fund’s underweights to the utilities and real estate sectors, as well as its overweight to the financials and materials sectors, detracted from performance. Stock selection in the energy, consumer staples, and utilities sectors also detracted from relative performance. On an individual stock basis, the leading detractors from relative Fund performance for the reporting period included our holdings in Halliburton in the energy sector, British American Tobacco in the consumer staples sector, Freeport-McMoRan in the materials sector, TE Connectivity in the information technology sector and State Street in the financials sector.

Relative to the benchmark, overall stock selection contributed to performance for the reporting period. The Fund’s stock selection in the financials, industrials and information technology sectors contributed the most to relative performance for the reporting period. In terms of allocation, the Fund’s underweight position in the consumer discretionary sector and overweight position in the communication services sector contributed to relative performance for the reporting period. The Fund’s cash position also helped performance. On an individual stock basis, the leading contributors to relative performance included positions in Motorola and Microsoft in the information technology sector, Twenty-First Century Fox in the communication services sector, American Tower in the real estate sector and Anthem in the health care sector.

During the reporting period, we established new positions in Berkshire Hathaway and Charles Schwab in the financials sector, Comcast in the communication services sector, Deere and UPS in the industrials sector and Pfizer in the health care sector. We exited our positions in British American Tobacco, Kimberly-Clark and McCormick in the consumer staples sector, Citigroup and Synchrony Financial in the financials sector, Freeport-McMoRan in the materials sector and National Oilwell Varco in the energy sector. In addition, Disney’s acquisition of certain assets of Fox, a Fund holding, closed during the first quarter of 2019; the Fund received cash for those assets and we retained the spinoff Fox entity (mostly comprising Fox’s sports and news assets) in the Fund. The Fund also received shares of AT&T (and cash) through its acquisition of Fund holding Time Warner, and Resideo Technologies and Garrett Motion were spun off from Fund holding Honeywell and not kept in the Fund.

PF Mid-Cap Equity Fund (sub-advised by Rothschild & Co Asset Management US Inc.)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, the PF Mid-Cap Equity Fund’s Class P returned 5.37%, compared to a 6.47% return for its benchmark, the Russell Midcap Index.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019 ⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class P

5.37%

9.45%

15.46%

Russell Midcap Index

6.47%

8.81%

16.88%

⁽¹⁾

Rothschild & Co AMUS began managing the Fund on June 13, 2018. Scout Investment, Inc. managed the Fund from January 1, 2013 through June 12, 2018. Another firm managed the Fund before that date.



Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

A. For the reporting period, the Fund’s Class P underperformed the benchmark.

Rothschild & Co AMUS

Rothschild & Co AMUS assumed management of the Fund on June 13, 2018. During that approximately nine-month period from June 13, 2018 through March 31, 2019 when Rothschild & Co AMUS managed the Fund, the Fund’s Class P underperformed the benchmark. We at Rothschild & Co AMUS implement the Fund’s strategy by investing in common stocks and other equity securities of medium capitalization U.S. companies. We analyze a variety of quantitative and fundamental inputs in making stock decisions, and seek to build a portfolio that is well


		See benchmark definitions on A-23 – A-25

A-11

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

diversified at the issuer level and by economic sector. Our focus remains on identifying stocks with attractive relative valuations and the ability to exceed investors’ expectations.

With respect to individual stocks, the top detractors from the Fund’s performance included GrubHub, an online food ordering and delivery platform. The company reported mixed results and guidance due to incremental investment to penetrate what appears to be a very large market opportunity. In addition, the stock has been under-pressure due to overall competitive concerns. Noble Energy, a large international exploration and production company, provided a headwind during the reporting period as shares were impacted by a mid-2018 cut to production and guidance as well as a concurrent raise to capital expenditures. The company also removed longer term production guidance, which added to uncertainty. Lastly, the company was hurt by negative headlines in Colorado, where an anti-oil industry measure made the state’s ballot for the November election. While this measure was defeated, there remains continued concern for the industry in the state and we subsequently exited our position in the stock.

Sectors which detracted the most from performance of the Fund included energy, materials, and communication services. Conversely, utilities and consumer staples contributed to the Fund’s performance. Sector allocation was not a material driver of performance though a residual 2.50% position in cash provided a modest tailwind. Stock selection was negative, and the primary driver of the Fund’s performance, with the effects of detractors in consumer discretionary, industrials, and materials exceeding those of contributors in health care and information technology.

Individual contributors to the Fund’s performance included Euronet Worldwide, a payment processor, which reported better-than-expected first quarter 2019 results and guidance largely due to its ePay and electronic funds transfer segments. In addition, the stock’s outperformance was augmented by increased visibility for accelerated growth from the Visa dynamic currency conversion fee change coming in April. Ionis Pharmaceuticals, a health care company, benefited from its lead commercial drug Spinraza, which treats rare neuromuscular disease and is partnered with Biogen, exceeding expectations as the company’s pipeline continues to mature towards meaningful pivotal trials.

Scout Investments, Inc. (Scout)

Scout managed the Fund during the period from April 1, 2018 through June 12, 2018. During that approximately two-month period from April 1, 2018 through June 12, 2018 when Scout managed the Fund, the Fund’s Class P outperformed the benchmark. We at Scout maintained the Fund’s strategy, which was keenly focused on individual stock selection, by investing Fund assets primarily in equity securities of companies with medium market capitalizations. We sought to invest in the securities of companies that had the potential to benefit from either macroeconomic or company-specific factors, and that were attractively priced relative to their fundamentals. The strategy invested in mid-cap stocks with emphasis on stocks with positive cash flows, strong balance sheets, attractive valuations, and fundamental top-down (macroeconomic or political changes) or bottom-up (company-specific) catalysts to unlock that value, while selecting away from those stocks that the strategy perceived to be exposed to unnecessary risk factors. The Fund generally owned stocks of companies that were considered either “value” or “growth” companies.

Stock selection in five out of eleven sectors contributed to the Fund’s outperformance during the period when Scout managed the Fund, with positive contributions from the health care, real estate, materials, energy, and utilities sectors. The information technology, financials, consumer discretionary, industrials, telecommunications, and consumer staples sectors were a drag on overall stock selection during the period when Scout managed the Fund.

Overall, sector allocation was detrimental to relative performance during the period when Scout managed the Fund with the overweight position in financials having the largest negative impact, followed by underweight positions in utilities and real estate. The Fund’s underweight position in the consumer staples sector had the largest positive impact on performance during the period when Scout managed the Fund among the sectors, followed by the overweight of the health care sector. All other sectors had a minimal impact on relative performance. The Fund also experienced a small cash drag due to strong equity returns.

At the security level, the health care sector performance benefited from a rally in ABIOMED, Inc., the Fund’s top contributor during the period when Scout managed the Fund, as investors continued to appreciate ABIOMED’s near monopoly market position in small cardiovascular pumps, and the growth potential of this business. Oil refining and marketing company Andeavor was the second largest individual contributor as the stock rose sharply due to a takeover bid from a larger rival. Finally, Newfield Exploration rose as oil prices rebounded.

The detractors from performance during the period when Scout managed the Fund were an eclectic group consisting of pharmaceutical maker Nektar Therapeutics, Everest RE Group LTD, a provider of property and casualty insurance and reinsurance, and DXC Technology Company, a provider of outsourced technology and consulting services. Nektar fell as disappointing data on their combination clinical trial for NKTR-214 was released. Everest RE Group fell as property casualty losses, particularly from the California wildfires was higher than expected, and DXC Technology Company fell as guidance disappointed investors, and the spin-off of government information technology services company Perspecta hurt investor sentiment.


		See benchmark definitions on A-23 – A-25

A-12

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

PF Multi-Asset Fund (managed by Pacific Life Fund Advisors LLC, collateral portion managed by Pacific Asset Management)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, the PF Multi-Asset Fund’s Class P returned 5.72%, compared to a 4.01% return for its benchmark, the MSCI World Index (Net).

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019


	1 Year		Since Inception (01/31/18)
*Fund’s Class P*		5.72%		(0.36%	)
MSCI World Index (Net)		4.01%		(2.13%	)



Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

A. For the reporting period, the Fund’s Class P outperformed the benchmark. The Fund buys and sells total return swap agreements to gain exposure to the large-capitalization and mid-capitalization asset classes of the U.S. and developed non-U.S. equity markets, including growth and value styles, that may be denominated in foreign currencies. We at PLFA actively manage the Fund’s exposures in these asset classes in seeking to contribute to overall returns for the Fund.

The primary contributors to the Fund’s performance were the Fund’s overweight position to U.S. equities relative to the benchmark. Additionally, the exposure to U.S. growth also contributed to the Fund’s performance. Furthermore, U.S. mid-capitalization companies also outperformed foreign markets, which contributed to performance. Separately, the Fund’s collateral pool outperformed the financing expense of the Fund’s swap positions, further contributing to performance.

On the other hand, the exposure to U.S. large-capitalization value detracted from performance. The financial sector, which is among the larger exposures in value indices, was among the worst performing sectors over the reporting period. Banks have struggled as interest rate spreads have tightened, which hurt their profitability.


		See benchmark definitions on A-23 – A-25

A-13

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

PF Small-Cap Value Fund (sub-advised by AllianceBernstein L.P.)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, the PF Small-Cap Value Fund’s Class P returned -4.23%, compared to a 0.17% return for its benchmark, the Russell 2000 Value Index.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019 ⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class P

(4.23%

)

6.64%

14.31%

Russell 2000 Value Index

0.17%

5.59%

14.12%

⁽¹⁾

AllianceBernstein L.P. began managing the Fund on May 1, 2014 and some investment policies changed at that time. Another firm managed the Fund before that date.

A. For the reporting period, the Fund’s Class P underperformed the benchmark. We at AB maintain the Fund’s investment objective by seeking long-term growth of capital. The Fund seeks out-of-favor small-capitalization stocks with attractive long-term earnings prospects that the Fund’s investment team believes are undervalued. We believe that small-capitalization stocks offer greater opportunity for fundamental stock selection than large-capitalization stocks, since small-capitalization stocks are covered by fewer industry analysts. The Fund invests primarily in equity securities of small-capitalization U.S. companies.

During the reporting period, the Fund’s performance declined in absolute terms and underperformed its benchmark. Overall security selection detracted from its performance mainly due to the Fund’s financials, consumer discretionary and industrials holdings. Stock selection in the health care and technology sectors contributed to the Fund’s relative performance.

Overall sector allocation also detracted from the Fund’s performance during the reporting period. Underweight positions in utilities and real estate and an overweight to energy detracted from performance during the reporting period. An overweight to technology and an underweight to financials contributed to the Fund’s performance.

Cooper Standard, an automotive parts supplier, detracted from Fund performance after reporting disappointing fourth-quarter 2018 earnings and providing 2019 guidance meaningfully below investor expectations. The company pointed to decelerating global auto demand growth, rising raw material costs and pricing pressure as drivers of its weaker operating performance.

Texas Capital Bancshares, a Dallas-based regional bank, also detracted from performance relative to the benchmark. The bank reported weaker-than-expected earnings due to slowing loan growth and rising deposit costs, which was the result of increased competition.

Chemicals company Trinseo, a manufacturer of products such as styrene, which is used in a variety of end markets including tires, detracted from performance during the reporting period. The company preannounced disappointing profitability results due to weaker demand from certain Chinese end markets for its products.

Molina Healthcare, a managed-care company providing health care services for Medicaid, rose sharply after it reported better-than-expected profitability. Under its new CEO, Molina showed meaningful improvement in reducing its medical and overhead costs.

Finisar, a manufacturer of components used in data centers and telecommunication infrastructure, also contributed to performance relative to the benchmark in the reporting period. The company announced that it had reached a deal to be acquired at a significant premium by one of its competitors.

Verint Systems, a software company with products focused on cyber intelligence and customer engagement solutions, reported strong earnings results for its fiscal fourth quarter 2019 and raised revenue and earnings guidance for its fiscal full-year 2020. Markets were particularly encouraged by the potential for sustainable strong top-line growth in its business.


		See benchmark definitions on A-23 – A-25

A-14

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

PF Emerging Markets Fund (sub-advised by OppenheimerFunds, Inc.)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, the PF Emerging Markets Fund’s Class P returned -3.61%, compared to a -7.41% return for its benchmark, the MSCI Emerging Markets Index (Net).

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019

1 Year

5 Years

10 Years

Fund’s Class P

(3.61%

)

3.73%

11.39%

MSCI Emerging Markets Index (Net)

(7.41%

)

3.68%

8.94%

A. For the reporting period, the Fund’s Class P outperformed the benchmark. We, the Oppenheimer Emerging Markets team, are long-term investors in companies that we believe have competitive advantages and real options that manifest themselves over many years. The Fund mainly invests in common stocks of issuers in developing or emerging markets throughout the world, and focuses on companies with above-average earnings growth potential. While cyclical slowdowns can hurt all companies, extraordinary companies can often emerge from difficult periods with even greater competitive advantages. This is because such companies tend to have the cash flow and balance sheet flexibility to invest their businesses even during tough times. Using our long-term focus, we seek to take advantage of dislocations in the market and to buy these companies at compelling valuations.

On a sector basis, the Fund’s outperformance in relation to its benchmark was greatest within the consumer discretionary, financials and information technology sectors. The Fund underperformed its benchmark in the communication services, consumer staples and materials sectors due to stock selection.

With respect to the Fund’s country exposure, the top three performers versus the benchmark were France, Hong Kong and China. The Fund’s overweight position in France and Hong Kong, along with stock selection in China, benefited the Fund’s performance. Detractors from performance included the Fund’s overweight positions in the U.K. and the U.S., along with stock selection in the United Arab Emirates.

During the reporting period, the top individual contributors to performance included Kering (consumer discretionary) (France), Novatek (energy) (Russia) and Huazhu Group (consumer discretionary) (China).

Kering, domiciled in France, is the third largest luxury group in the world. The company controls iconic brands such as Gucci, Yves Saint Laurent, and Bottega Veneta. Kering has been successful in targeting a new customer base through the Gucci label, Asian consumers and millennials. Kering has focused heavily on retaining this customer base through investments in a strong digital and e-commerce strategy. With a focus on digital distribution, we believe there will be further market share gains in Asia.

Novatek is a Russian energy company. It has always stood at the forefront of technological and business innovation, finding creative ways to add value to its constantly expanding natural gas and condensate resource base. Novatek is going through another transformation: from a large, local independent gas player to a global liquefied natural gas (LNG) major. Saudi Aramco’s interest in acquiring a portion of one of Novatek’s latest projects, Arctic LNG 2, supports our belief that the company can evolve into a cash generative play on the exploding global appetite for cleaner energy.

Huazhu Group is one of the largest hotel operators in China with 3,700 hotels under management. Huazhu Group pioneered the budget hotel segment in China using an asset light franchise model, which alleviates the heavy capital requirements that are common for hotel operators. The company’s demonstrable foresight allowed them to capitalize on the developing middle class of China. Huazhu made a strategic shift to develop mid-scale hotels to take advantage of the changing demands and taste of the Chinese consumer base, as well as the business traveler. They also entered into a strategic partnership with Accor hotels to gain access to high scale brands. The company continues to refine and expand its business model, and has steadily improved revenue per available room, (RevPar). We believe there is still ample room for growth as strong hotel openings—management expects 800-900 in 2019—should support revenue growth in 2019 and beyond.


		See benchmark definitions on A-23 – A-25

A-15

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

The most significant detractors from performance for the reporting period included Tencent (communication services) (China), Naver (communication services) (South Korea) and Glencore (materials) (U.K.).

Tencent is a Chinese internet company that dominates the Chinese consumer market through a broad ecosystem built on gaming, messaging, payment, and content. Although Tencent continues to diversify, the company still derives the majority of gross profits from gaming. Gaming growth is slowing as a result of a very large base of comparison. Additionally, in early 2018, approvals for new PC and mobile games were delayed due to changes in administrative procedures at the regulators. These factors coupled with unresolved trade issues between the U.S. and China, which negatively impacted all U.S.-listed Chinese companies, and a global correction in technology stocks have contributed to earnings downgrades. As of December 2018, the Chinese government has resumed video game approvals, which has helped stabilize sentiment around the company and the share price. We believe many investors do not fully appreciate the growth from traditional business segments, such as advertising, and the many other areas that are still in the nascent stages of growth and profitability including content, fintech and cloud.

Naver is the leading South Korean internet portal. Naver’s dominance came under government scrutiny in 2018, negatively impacting the share price- this has since moderated as the government’s intentions were clarified. The company’s margins were impacted by investments in a number of fronts including financial technology, artificial intelligence, cloud, taxi hailing and other investments in South East Asia- this too should moderate as these investments mature.

Glencore is one of the world’s leading producers and marketers of commodities and one of the most diversified. The industry should benefit from more stable commodity prices as well as material growth in the electric vehicle market over the next several years, which is expected to drive strong demand for commodities of which Glencore is one of the leading producers—copper, cobalt and nickel. Over half of cobalt’s production is based in the Democratic Republic of Congo (DRC). Glencore’s stock price has been adversely impacted by ongoing political and policy controversies at the Katanga mine in the DRC. Importantly, we expect the company to prioritize the return of cash to shareholders in the coming years.

PF International Large-Cap Fund (sub-advised by MFS Investment Management)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, the PF International Large-Cap Fund’s Class P returned 0.62%, compared to a -3.71% return for its benchmark, the MSCI EAFE Index (Net).

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019

1 Year

5 Years

10 Years

Fund’s Class P

0.62%

3.84%

9.99%

MSCI EAFE Index (Net)

(3.71%

)

2.33%

8.96%



Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

A. For the reporting period, the Fund’s Class P outperformed the benchmark. We at MFS use a bottom-up investment style, which involves the research of the fundamentals of each individual opportunity and analyzing certain aspects of a company such as earnings, cash flows, growth potential and management abilities. In managing the Fund, we invest primarily in the securities of foreign issuers with large market capitalizations.

A combination of an overweight allocation and stock selection in the consumer, non-cyclical sector contributed to performance relative to the benchmark. The Fund’s overweight positions in imaging products and medical-related equipment manufacturer HOYA (Japan), global food company Nestle (Switzerland), credit risk services provider Experian (U.K.), medical products and equipment manufacturer Terumo (Japan) and pharmaceutical and diagnostic company Roche Holding (Switzerland) contributed to relative performance.


		See benchmark definitions on A-23 – A-25

A-16

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

A combination of stock selection and an underweight allocation to the consumer, cyclical sector also contributed to relative returns. Within this sector, the fund’s overweight position in luxury goods company LVMH (France) contributed to relative results.

Stock selection within both the technology and industrial sectors further contributed to relative performance. Within the technology sector, the Fund’s holding of information technology services and solutions firm Tata Consultancy Services (security is not a benchmark constituent) (India) and an overweight position in shares of security software provider Check Point Software Technologies (Israel) contributed to relative results. Within the industrial sector, the Fund’s holding of railroad company Canadian National Railway (security is not a benchmark constituent) (Canada) contributed to relative performance.

Another top relative contributor during the reporting period included the Fund’s overweight position in insurance company AIA Group (Hong Kong).

Stock selection in the communications sector detracted from relative performance led by the Fund’s overweight positions in communications company WPP Group (U.K.) and advertising and broadcasting company ProSiebenSat.1 Media (Germany).

A combination of an underweight allocation and stock selection in both the utilities and energy sectors detracted from relative results. However, there were no individual stocks within either sector that were among the Fund’s top relative detractors during the reporting period.

Other top relative detractors during the reporting period included overweight positions in pharmaceutical company Bayer (Germany), investment management and banking firm UBS (Switzerland), financial services firm ING Groep (Netherlands), wealth management firm Julius Baer (Switzerland), human resources and employment services provider Randstad Holdings (Netherlands) and automotive component manufacturer Denso (Japan). Not owning a position in mining giant BHP Billiton (U.K.) detracted from relative performance. The Fund’s holding of beverage manufacturer AmBev (security is not a benchmark constituent) (Brazil) further detracted from relative results.

PF International Small-Cap Fund (sub-advised by QS Investors, LLC)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, the PF International Small-Cap Fund’s Class P returned -12.54%, compared to a -9.16% return for its benchmark, the S&P Developed Ex-U.S. SmallCap Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmark for the period from inception through March 31, 2019. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019 ⁽¹⁾


	1 Year			Since Inception (01/14/15)
*Fund’s Class P*		(12.54%	)		5.89%
S&P Developed Ex-U.S. SmallCap Index		(9.16%	)		7.10%

⁽¹⁾

Effective April 1, 2016, QS Investors, LLC (“QS Investors”) began managing the Fund. QS Batterymarch Financial Management, Inc., which was named Batterymarch Financial Management, Inc. prior to June 30, 2014 and which came under common management with QS Investors as of May 31, 2014, managed the Fund prior to that date.



Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

A. For the reporting period, the Fund’s Class P underperformed the benchmark. We at QS Investors seek to manage a well-diversified, style neutral portfolio with modest region and sector allocations in relation to the benchmark through bottom-up stock selection based on fundamentals and implemented with quantitative tools, risk controls and cost-efficient trading. The Fund primarily invests in securities of companies with small market capitalizations that are located in developed foreign countries. The Fund continues to invest in more than 200 companies and generally expects to invest a significant amount of its assets in about the same number of non-U.S. countries as the benchmark (which is comprised of developed countries outside the U.S.).

For the reporting period, stock selection results were mixed across all major regions and most sectors and detracted from performance overall. Stock selection detracted from relative return in continental Europe, Japan and in the resource-based countries of Australia, New Zealand and Canada. Selection in Japanese real estate and European industrials stocks were the primary detractors at the industry group level.


		See benchmark definitions on A-23 – A-25

A-17

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

At the security level, the largest detractors from relative performance were overweights to Japanese real estate company Leopalace21 Corporation, which experienced declining performance as news broke out about defective apartments and building code violations, and France’s Eramet SA which is in the materials sector, whose performance rebound was cut short by strikes at the company’s nickel mines in New Caledonia. Not holding Germany’s Wirecard AG, which is included in the benchmark, was also a large detractor from the Fund’s performance as the global internet technology and financial services provider continued to do well. An overweight position to Oriflame Holding AG, a cosmetic manufacturer and wholesaler based in Switzerland, was also a detractor from relative performance.

Stock selection contributed to relative returns in Asia Developed ex Japan and the U.K., led by the banks sector. At the security level, an overweight to Singapore skin care company, Best World International Limited, was the primary contributor. That security returned approximately 63% over the reporting period, as the company continued to see strong growth in China during the first quarter of the reporting period. Having overweight positions to Japanese food production and distribution company, Kobe Bussan Co., Ltd., and Japanese IT company, Daiwabo Holdings Co., Ltd., also contributed to performance with returns in excess of 70% and 35%, respectively, for the reporting period. Not holding Aryzta AG, a food company based in Switzerland, also contributed to performance.

Region and sector allocation results were mixed and detracted from performance overall for the reporting period, with the impact of an underweight to the U.K. and an overweight to the smaller region of Asia Developed ex Japan having the largest negative impact.

PF International Value Fund (sub-advised by Wellington Management Company LLP)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, the PF International Value Fund’s Class P returned -8.51%, compared to a -3.71% return for its benchmark, the MSCI EAFE Index (Net).

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019 ⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class P

(8.51%

)

0.53%

6.92%

MSCI EAFE Index (Net)

(3.71%

)

2.33%

8.96%

⁽¹⁾

Wellington Management Company LLP began managing the Fund on May 1, 2017 and some investment policies changed at that time. Other firms managed the Fund before that date.



Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

A. For the reporting period the Fund’s Class P underperformed the benchmark. The Fund invests primarily in a diversified portfolio of equity securities of large non-U.S. companies that we at Wellington believe to be undervalued. We use a “contrarian value” approach to selecting securities, applying fundamental analysis to identify securities that we believe are undervalued by the market.

The Fund’s underperformance relative to its benchmark was largely driven by security selection. Weak security selection within the financials, industrials, and utilities sectors drove relative underperformance but was partially offset by stronger selection in the information technology, communication services, and materials sectors. Sector allocation, which is a residual of our fundamental stock selection process, also detracted from relative performance. The Fund’s overweight position in financials and underweight positions in health care and consumer staples detracted most from relative performance. An overweight allocation to the energy sector contributed positively to performance and somewhat offset these detractions. On a country-by-country basis, weak security selection in Japan, Switzerland and France detracted most from relative performance. Stronger contributions came from our holdings in Sweden, U.K. and Italy.

Top individual issuer detractors from relative performance included Societe Generale SA (financials) and UniCredit SPA (financials). Societe Generale is a French universal bank with retail, insurance, and investment banking. The stock traded down throughout the reporting period as a result of increased political tension in Europe, missing earnings estimates and targets in the fourth quarter of 2018, and moving their 2018


		See benchmark definitions on A-23 – A-25

A-18

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

dividend from cash to a scrip option. UniCredit is an Italian retail and commercial bank. The stock traded down due to the uncertainty of the political climate in Italy as well as the sizeable exposure the bank has to Turkey. We maintained positions in both companies as of the end of the reporting period.

Top individual issuer contributors to benchmark-relative returns included Air France-KLM (industrials) and Ericsson LM (information technology). Air France-KLM, one of the three major European airlines, outperformed during the reporting period driven by multiple strong earnings, low oil prices, and a new CEO at the helm. We re-initiated a position during the second quarter of 2018 as labor strikes, higher energy prices, and the lack of a CEO drove the company’s enterprise value back to the lows seen during the financial crisis. We maintained a position in the stock as of the end of the reporting period. Ericsson LM is a Swedish telecommunication equipment company. Shares benefited from multiple consecutive strong earnings results over the period as well as the global ban on its competitor, Huawei. We trimmed our position on strength but continued to hold the stock as of the end of the reporting period.

PF Real Estate Fund (sub-advised by Principal Real Estate Investors, LLC)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, the PF Real Estate Fund’s Class P returned 18.20%, compared to a 9.50% return for the broad- based S&P 500 Index, a 19.16% return for the sector-specific benchmark the MSCI U.S. REIT (Net), and a 20.86% return for the sector-specific benchmark, the Financial Times Stock Exchange (FTSE) National Association of REIT (NAREIT) Equity REITs Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmarks for the ten-year period ended March 31, 2019. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019 ⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class P

18.20%

7.71%

16.89%

S&P 500 Index

9.50%

10.91%

15.92%

MSCI U.S. REIT (Net)

19.16%

7.62%

17.01%

FTSE NAREIT Equity REITs Index

20.86%

9.12%

18.28%

⁽¹⁾

Principal Real Estate Investors LLC began managing the Fund on May 1, 2018, and some investment policies changed at that time. Another firm managed the Fund before that date.



Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

A. For the reporting period, the Fund’s Class P outperformed the broad-based S&P 500 Index but underperformed both the sector-specific FTSE NAREIT Equity REITs Index and the sector-specific MSCI U.S. REITs Index (Net).

Principal REI

Principal REI assumed management of the Fund on May 1, 2018. During the ten-month period from May 1, 2018 through March 31, 2019 when Principal REI managed the Fund, the Fund’s Class P outperformed both the broad-based S&P 500 Index and the sector-specific MSCI REITs Index. We, the Principal REIT team, utilize a fundamental style of investing. We rely on skilled portfolio managers and analysts to provide deep forward-looking perspectives and carry out rigorous, fundamental research on all investment opportunities. Security selection focuses on identifying relative stock mispricings amongst groups of comparable stocks. Alpha generation is bottom-up as we believe security selection is the most reliable and repeatable source of consistent outperformance. We construct portfolios to diversify risk and sources of alpha so excess return generation is consistent over the long term. Top-down and quantitative elements are incorporated, but represent a minor role in our investment process.

Fund performance was driven by a mix of selection decisions as well as positioning relative to the defensive and macro driven themes. A few notable positive contributors helped to dampen relative underperformance. Selection in retail stocks despite the weak landscape and an overweight to defensive apartments were positive contributors. The Fund also benefitted from non-index holdings in towers as the group is supported by structural growth drivers. Finally, an underweight to the diversified REITs contributed to performance.


		See benchmark definitions on A-23 – A-25

A-19

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Among the factors that detracted from relative performance was weak stock selection in U.S. data centers as the Fund’s holdings underperformed peers relative to the broad-based benchmark on concerns of the pace of leasing growth slowing for the group as well as a broader technology stock selloff. Market leadership by defensive oriented stocks like special purpose property owners detracted from the Fund performance due to an overall underweight to the group, however, good selection more than offset this underperformance. Investors favored these stocks for their higher yields, less economic sensitivity, and lower volatility despite more expensive relative valuations. For the same reason, hotels were weak performers and our exposure there also detracted from performance relative to the broad-based benchmark.

Morgan Stanley Investment Management Inc. (Morgan Stanley)

Morgan Stanley managed the Fund from April 1, 2018 through April 19, 2018. During this period when Morgan Stanley managed the Fund, the Fund’s Class P underperformed both the sector-specific FTSE NAREIT Equity REITs Index and the broad-based S&P 500 Index. Transitioning the Fund’s portfolio of investments to a new manager accounted for the Fund’s performance during the remainder of the reporting period from April 20, 2018 to April 30, 2018. We, the managers at Morgan Stanley, maintained our core investment philosophy as a real estate value investor, which resulted in the ownership of stocks whose share prices we believed provided real estate exposure at the best valuation relative to their underlying asset values. Our company-specific research led us to an overweighting in the Fund (relative to the sector-specific benchmark) to a group of companies that are focused in the ownership of New York City (NYC) office assets, Class A retail malls and a number of shopping center, apartment and office stocks and an underweighting to companies concentrated in the ownership of health care, data center and net lease assets.

REITs underperformed the broader equity markets, as measured by the broad-based benchmark, as share price weakness appeared to be largely related to concerns with regard to the impact on REIT share prices in a higher interest rate environment. During the period when Morgan Stanley managed the Fund, the Fund modestly outperformed the sector-specific index from bottom-up stock selection but underperformed from top-down sector allocation. Stock selection in primary central business district (CBD) office assets contributed to relative performance. This was partially offset by stock selection in diversified assets. From a top-down perspective, the underweight to health care assets contributed to relative performance. But this was more than offset by the overweight to primary CBD office and mall stocks and the underweight to hotels, industrial and diversified assets. There was a wider-than-typical disparity in relative valuations among the various REIT sectors during the period when Morgan Stanley managed the Fund. We saw the most attractive value in the NYC office and Class A mall sectors, which were trading at significant discounts to net asset values. Given share price declines we also saw attractive value in a number of stocks in the shopping center, apartment and office sectors.

PF Currency Strategies Fund (co-sub-advised by UBS Asset Management (Americas) Inc.)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, the PF Currency Strategies Fund’s Class P returned 0.88% compared to a 2.08% return for the FTSE 1-Month U.S. T-Bill Index.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019 ⁽¹⁾

1 Year

5 Years

Since
Inception
(12/07/12)

Fund’s Class P

0.88%

3.22%

2.06%

FTSE 1-Month U.S. T-Bill Index

2.08%

0.69%

0.56%

⁽²⁾

⁽¹⁾

UBS Asset Management (Americas) Inc. (“UBS”) became the sole sub-adviser of the Fund on October 16, 2018 and was previously co-sub-adviser with Macro Currency Group from November 1, 2013 to October 15, 2018. UBS was the sole sub-adviser to the Fund before that date. Prior to October 30, 2015, UBS was named UBS Global Asset Management (Americas) Inc.

⁽²⁾

Due to data limitation, the benchmark since inception return reflects the commencement period from the first calendar day of the month the portfolio commenced its operations.



Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.


		See benchmark definitions on A-23 – A-25

A-20

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

A. For the reporting period, the Fund’s Class P underperformed the benchmark.

Macro Currency Group (MCG)

MCG managed a portion of the Fund from April 1, 2018 through October 15, 2018. During that approximately six-month period when MCG managed the Fund, the Fund’s Class P outperformed the benchmark. MCG’s portion of the Fund is a combination of “systematic” and “discretionary” sub components. The systematic sub component seeks to capture longer-term fundamental shifts in currency movements, as such its investment time horizon is typically twelve months. The discretionary component of the Fund applies a qualitative approach that seeks to identify and take advantage of macroeconomic themes that influence exchange rates over the shorter-term (typically a two week to six-month horizon), a shorter time horizon than the systematic strategy. Both the systematic and discretionary approaches utilize non-deliverable currency forwards as part of the Fund’s investment strategy.

Performance of the strategy for MCG’s portion of the Fund was heavily impacted by the outcome of European elections in the first half of the reporting period and the Sintra central bank offsite meeting which heralded the beginning of policy normalization for several major central banks.

Over the course of the approximately six-month period when MCG managed the Fund, we held various positions, both long and short, across the developed market currency universe primarily through the use of derivatives, including non-deliverable forwards. Contributing to the positive performance of our portion of the Fund were long positions in peripheral European currencies including the British pound sterling and Danish krone, each of which benefited from improving growth backdrops and the British pound sterling particularly from growing optimism on post-Brexit relations with the EU. A long position in Japanese yen contributed to performance as it benefited from market volatility in the first quarter of 2018. The Norwegian krone (held both long and short during the period when MCG managed the Fund) also contributed to performance as we navigated developments in the Central Bank monetary policy and economic backdrop. The main detractor from MCG’s portion of the Fund’s performance was a short position in the euro, which rallied during the period when MCG managed the Fund. Constructive outcomes in European elections, particularly France, coupled with the initiation of policy normalization by the ECB helped drive the euro higher. Other short positions that detracted from performance were the Swiss franc and the Swedish krona, as both currencies were lifted by the rising euro. The Canadian dollar long position (held both long and short during the period when MCG managed the Fund) hurt performance as Stephen Poloz (Governor of the Bank of Canada) signaled a potential policy shift by indicating there may be more slack in the labour market and our long U.S. dollar suffered due to U.S. dollar weakness over the course of the reporting period.

UBS AM

UBS AM assumed sole management of the Fund on October 16, 2018. For the period of October 16, 2018 through March 31, 2019 when UBS AM managed the Fund, the Fund’s Class P underperformed the benchmark. We at UBS AM seek to implement the Fund’s strategy by gaining positive (or long) exposures to currencies that we believe are undervalued and negative (or short) exposures to currencies that we believe to be overvalued. For the reporting period, derivatives, including non-deliverable forwards, had a positive impact on the UBS AM portion of the Fund’s performance.

The UBS AM portion of the Fund held a long euro against U.S. dollar position which detracted from the Fund’s performance as the political risks and slowing growth in the Eurozone weighed on the euro. These dynamics equally impacted the performance of the Fund’s long euro against Swiss franc.

Similarly, the UBS AM portion of the Fund’s long Japanese yen against U.S. dollar detracted over the reporting period. The performance of this position ebbed and flowed through the course of the reporting period, largely reflecting investor risk appetite in response to changes in the global growth outlook. ‘Risk-on’ sentiment through 2019 thus far has led to softer performance from Japanese yen. That said, the Japanese yen strength through market stress towards the end of 2018 led to positive performance from the Fund’s long Japanese yen against Korean won.

However, a long Turkish lira position against the U.S. dollar had a negative impact on the UBS AM portion of the Fund’s performance as concerns over the reliance on U.S. dollar denominated funding in the Turkish corporate sector escalated and the implications for the banking sector and broader economy caused a material depreciation in the lira. Increased tensions between Turkey and the U.S. also drove down the value of the lira.

Contributing to performance, the UBS AM portion of the Fund held a short New Zealand dollar position against the U.S. dollar throughout the reporting period. We view the New Zealand dollar as the most overvalued developed market currency and over the reporting period, improving U.S. growth relative to New Zealand as well as relative monetary policy as the Fed raised rates helped this trade to outperform.

Over the reporting period, the UBS AM portion of the Fund also held a long U.S. dollar position against the Canadian dollar which contributed to performance. The majority of weakness in Canadian dollar through the reporting period came in the fourth quarter 2018 which coincided with weakness in oil prices resulting from concerns about oversupply.

In emerging markets, the Fund’s long Mexican peso position against the U.S. dollar contributed to performance. We believed that the Mexican peso was attractively valued and offered positive interest rate relative to U.S. dollar, even after inflation has been taken into account. Over the reporting period, the positioning in this pair was adjusted tactically and benefitted from some of the volatility induced by the Mexican presidential election. Rate hikes and a positive outcome in trade negotiations with the U.S. also helped Mexican peso to perform well at times throughout the reporting period.

Although we trimmed the UBS AM portion of the Fund’s long Japanese yen position following strength through the beginning of 2019, we remain constructive on the Japanese yen and the outlook for the Japanese economy. We perceive Japanese yen to be the most attractively valued currency in the Group of Ten (G10) currencies, which are ten of the most heavily traded and liquid currencies among advanced economies, and this position to some extent offsets some of the risk-on emerging market positions we currently hold within the Fund. This position is partially held against Korean won while Korean growth has been reasonable, inflation remains below target and Korean won is susceptible to a slowing, rebalancing China that could increasingly become a competitor in terms of high value goods.


		See benchmark definitions on A-23 – A-25

A-21

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

We retain conviction in the Mexican peso. It continues to benefit from tailwinds such as valuation and carry, while having also recently agreed a trade deal with the U.S. We believe the political risk in Mexico is being priced too cautiously by the market—we see scope for this to reduce and retain conviction in the strength of Mexico’s institutions and monetary policy independence against this backdrop. The UBS AM portion of the Fund’s short to Canadian dollar is predicated on scope for policy error, and a frothy housing sector.

We retain the view that tighter global monetary conditions remain a headwind for emerging markets, commodities and risk seeking trades in general, suggesting more scope for euro to rise further towards its long-term equilibrium levels versus both New Zealand dollar and Australian dollar. New Zealand and Australia are relatively indebted countries whose normal interest rate premium versus the U.S. dollar is currently below its long-run average. Both economies are positively exposed to world commodities prices, albeit of different varieties, for which softer emerging market growth, especially in China, is expected to be a headwind: in China we think that government policy is designed more to stabilize the economy rather than engineer a new spurt in growth.

We are of the view that too much pessimism is currently priced into European currencies. We see scope for euro to be more positive than expected particularly as Chinese stimulus takes hold through the middle of the 2019 offering support to external demand. We continue to focus on those currencies with stronger valuation support such as Swedish krona and Norway krone, with support for euro, on account of the negative interest rate differentials relative to U.S. dollar. Accordingly, we increased exposure to Swedish krona on weakness through the end of the reporting period, funding this from U.S. dollar.

PF Equity Long/Short Fund (sub-advised by AQR Capital Management, LLC)

Q. How did the Fund perform for the year ended March 31, 2019?

A. For the year ended March 31, 2019, the PF Equity Long/Short Fund’s Class P returned -15.08%, compared to a 4.01% return for the broad- based MSCI World Index (Net) and 3.32% for the Equity Long/Short Composite Benchmark.

Performance Comparison

LOGO

Average Annual Total Returns for the Periods Ended March 31, 2019


	1 Year			Since Inception (04/27/15)
*Fund’s Class P*		(15.08%	)		7.23%
MSCI World Index (Net)		4.01%			6.13%
Equity Long/Short Composite Benchmark		3.32%			3.68%



Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

A. For the reporting period, the Fund’s Class P underperformed both the broad-based MSCI World Index (Net) and the style-specific Equity Long/ Short Composite Benchmark. We at AQR manage the Fund’s strategy by seeking to provide higher risk-adjusted returns with lower volatility relative to global equity markets. The strategy seeks to generate returns from three different sources: 1) the potential gains from the Fund’s long and short equity positions by generally entering into total return basket swaps, 2) overall exposure to equity markets, generally through the use of futures and currency forwards contracts, and 3) the active increase and decrease of the Fund’s net exposure to equity markets. The strategy primarily seeks to add alpha (excess return over the broad-based benchmark) via its long/short stock portfolio. The Fund invests both in total return basket swaps and futures contracts, as well as currency forwards, to gain economic exposure to specific stocks and global equity markets. These derivative positions are responsible for substantially all the performance in the Fund.

Negative performance was largely driven by the Fund’s market neutral stock selection component, which employs a bottom-up stock and industry selection investment process, using fundamental investing concepts and evaluating them across stocks to create signals that are divided into broad themes. Within stock selection, the best performing themes over the reporting period were earnings quality and stability. Conversely, investor sentiment and value were the worst performing themes. By sector, financials were the largest contributors to performance, while industrials, information technology and materials were the largest detractors. By country, Switzerland was the largest contributor to performance. Stock selection within the U.S. was responsible for the lion’s share of negative performance, though Japan, the U.K., Canada and Sweden also detracted. The Fund’s strategic beta exposure component contributed to performance, though not enough to offset losses. The


		See benchmark definitions on A-23 – A-25

A-22

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Fund’s tactical market exposure (the desired deviation from a beta of 0.50) contributed. This was due mainly to an underweight position to the broad-based benchmark which was particularly beneficial during the month of October when markets fell. While tactical positioning was largely underweight over the reporting period, our view on the broad-based benchmark ended the reporting period positive with a target beta to the index of 0.50.

The Fund ended the reporting period with a highly diversified stock portfolio of 853 long positions and 804 short positions. Securities remained globally diversified, with around 40% of the Fund invested outside of the U.S. As of the end of the reporting period, the Fund’s largest net long exposures were in information technology and health care, while its largest net short exposures were in consumer discretionary and financials.

Benchmark Definitions

Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index measures performance of U.S. dollar-denominated U.S. Treasuries, government-related, and investment grade U.S. corporate securities with maturities of one to three years. Results include the reinvestment of all distributions.

Bloomberg Barclays U.S. Aggregate Bond Index measures the performance of the U.S. investment grade bond market, which includes investment grade U.S. government bonds, investment grade corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in the U.S. The securities in the Index must have at least 1 year remaining to maturity. In addition, the securities must be denominated in U.S. dollars and must be fixed rate, nonconvertible, and taxable. Results include the reinvestment of all distributions.

Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index is an index of all outstanding treasury inflation protected securities issued by the U.S. government. The total return is equal to the change in price plus the coupon return. Results include the reinvestment of all distributions.

Emerging Markets Debt Composite Benchmark is 50% J.P. Morgan EMBI Global Diversified; 25% J.P. Morgan ELMI+; 25% J.P. Morgan GBI- EM Global Diversified. Results include the reinvestment of all distributions.

Equity Long/Short Composite Benchmark is 50% ICE BofA Merrill Lynch U.S. 3-Month T-Bill Index and 50% MSCI World Index (Net). Results include the reinvestment of all distributions.

FTSE National Association of Real Estate Investment Trusts (NAREIT) Equity Real Estate Investment Trusts (REITs) Index is one index of a series of indices represented in the FTSE NAREIT U.S. Real Estate Index Series and is a free float adjusted market capitalization weighted index of tax-qualified REITs listed on the New York Stock Exchange (NYSE), American Stock Exchange and National Association of Securities Dealers Automated Questions (NASDAQ). Results include the reinvestment of all distributions.

J.P. Morgan Emerging Local Markets Index Plus (ELMI+) is a performance benchmark for emerging markets money market instruments and tracks total returns for local-currency-denominated money market instruments. The benchmark was introduced in June 1996 and consists of foreign exchange forward contracts laddered with maturities ranging from one to three months. Country weights are based on a trade-weighted allocation, with maximum weight of 10% for countries with convertible currencies and 2% for countries with non-convertible currencies. Results include the reinvestment of all distributions.

J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified tracks total returns of U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, Eurobonds. The diversified index limits the exposure of some of the larger countries. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. Results include the reinvestment of all distributions.

J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified tracks total returns of emerging markets local currency denominated fixed income instruments. The benchmark instruments of the index are regularly traded, fixed rate local sovereign bonds to which international investors can gain exposure. Country weights are based on a trade-weighted allocation, with maximum weight of 10% for countries. Results include the reinvestment of all distributions.

A-23

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

MSCI Europe, Australasia and Far East (EAFE) Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. As of March 31, 2019, the MSCI EAFE Index (Net) consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the U.K. The word “(Net)” in the index name means the net total return for the index, which includes the reinvestment of dividends after the deduction of withholding tax, applying the tax rate to non-resident individuals who do not benefit from double taxation treaties.

MSCI U.S. Real Estate Investment Trust (“REIT”) Index (Net) is a free float-adjusted market capitalization index that is comprised of equity REITs and represents approximately 99% of the U.S. REIT universe and securities that are classified in the Equity REITs Industry (under the Real Estate sector) according to the Global Industry Classification Standard (GICS). The index excludes mortgage REITs and selected specialized REITs. The word “(Net)” in the index name means the net total return for the index, which includes the reinvestment of dividends after the deduction of withholding tax, applying the tax rate to non-resident individuals who do not benefit from double taxation treaties.

MSCI World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. As of March 31, 2019, the MSCI World Index (Net) consists of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the U.K., and the U.S. The word “(Net)” in the index name means the net total return for the index, which includes the reinvestment of dividends after the deduction of withholding tax, applying the tax rate to non-resident individuals who do not benefit from double taxation treaties.

Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics. Results include the reinvestment of all distributions.

Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap represents approximately 31% of the total market capitalization of the Russell 1000 companies. The Russell Midcap Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set. Results include the reinvestment of all distributions.

A-24

PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)

Russell Midcap Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap Value Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap value market. Results include the reinvestment of all distributions.

S&P Developed Ex-U.S. SmallCap Index comprises the stocks representing the lowest 15% of float-adjusted market cap in each developed country, excluding the U.S. It is a subset of the S&P Global BMI, a comprehensive, rules-based index measuring global stock market performance. Results include the reinvestment of all distributions.

A-25

PACIFIC FUNDS^SM

PF INFLATION MANAGED FUND

Schedule of Investments

March 31, 2019


	Principal Amount		Value
CORPORATE BONDS & NOTES - 3.6%

Communications - 0.3%

AT&T Inc 3.376% (USD LIBOR + 0.750%) due 06/01/21 §		$100,000		$100,451


Energy - 0.9%

Petrobras Global Finance BV (Brazil) 5.999% due 01/27/28		180,000		182,610
7.375% due 01/17/27		180,000		199,035

				381,645

Financial - 1.9%

Bank of America Corp 5.875% due 03/15/28		10,000		10,161
Royal Bank of Scotland Group PLC (United Kingdom) 7.500% due 08/10/20		200,000		204,250
The Goldman Sachs Group Inc 3.811% (USD LIBOR + 1.200%) due 09/15/20 §		100,000		101,064
UniCredit SPA (Italy) 7.830% due 12/04/23 ~		400,000		445,804

				761,279

Industrial - 0.2%

General Electric Co 3.150% due 09/07/22		100,000		99,730


Utilities - 0.3%

Dominion Energy Gas Holdings LLC 3.211% (USD LIBOR + 0.600%) due 06/15/21 §		100,000		99,991
NextEra Energy Capital Holdings Inc 2.930% (USD LIBOR + 0.315%) due 09/03/19 §		20,000		20,007

				119,998

Total Corporate Bonds & Notes (Cost $1,393,843)				1,463,103


MORTGAGE-BACKED SECURITIES - 15.1%

Collateralized Mortgage Obligation - Commercial - 0.3%

Latitude Management Real Estate Capital Inc 3.471% (USD LIBOR + 0.980%) due 02/22/32 § ~		108,554		108,203


Collateralized Mortgage Obligations - Residential - 5.1%

Alternative Loan Trust 2.606% (USD LIBOR + 0.120%) due 06/25/36 §		138,773		129,936
6.000% due 03/25/37		174,772		124,974
Banc of America Mortgage Trust 4.206% due 07/25/35 §		37,751		35,037
Chevy Chase Funding LLC Mortgage-Backed Certificates 2.846% (USD LIBOR + 0.360%) due 03/25/35 § ~		141,384		141,668
Citigroup Mortgage Loan Trust 4.654% due 03/25/37 §		102,304		100,296
Countrywide Home Loan Mortgage Pass-Through Trust 4.366% due 01/19/34 §		9,139		9,313


	Principal Amount		Value
Credit Suisse Mortgage Trust 2.636% (USD LIBOR + 0.150%) due 09/29/36 § ~		$302,000		$283,826
Fannie Mae
2.836% (USD LIBOR + 0.350%) due 07/25/37 §		21,508		21,499
2.866% (USD LIBOR + 0.380%) due 07/25/37 §		32,802		32,830
2.926% (USD LIBOR + 0.440%) due 05/25/36 §		15,806		15,690
2.931% (USD LIBOR + 0.445%) due 02/25/37 §		6,378		6,393
Government National Mortgage Association 2.888% (USD LIBOR + 0.400%) due 02/20/49 §		299,419		298,969
3.030% (USD LIBOR + 0.150%) due 08/20/68 §		100,798		99,465
GreenPoint Mortgage Funding Trust 2.666% (USD LIBOR + 0.180%) due 09/25/46 §		24,593		23,032
GSR Mortgage Loan Trust 4.521% due 09/25/35 §		11,328		11,586
JP Morgan Alternative Loan Trust 2.946% (USD LIBOR + 0.460%) due 03/25/36 §		71,057		68,548
JP Morgan Mortgage Trust 4.252% due 06/25/35 §		35,681		35,556
Merrill Lynch Mortgage Investors Trust 4.308% due 12/25/34 §		43,399		43,740
Residential Accredit Loans Inc Trust 2.666% (USD LIBOR + 0.180%) due 06/25/46 §		91,021		37,355
Residential Asset Securitization Trust 6.500% due 09/25/36		193,638		128,781
Structured Adjustable Rate Mortgage Loan Trust 0.440% (USD LIBOR + 0.250%) due 02/25/35 §		14,051		13,028
Structured Asset Mortgage Investments II Trust 2.696% (USD LIBOR + 0.210%) due 05/25/36 §		69,537		64,386
Towd Point Mortgage Funding PLC (United Kingdom) 1.860% (GBP LIBOR + 1.025%) due 10/20/51 § # ~		GBP 250,000		325,696
WaMu Mortgage Pass-Through Certificates 2.856% (USD LIBOR + 0.370%) due 01/25/45 §		$50,699		50,709

				2,102,313

Fannie Mae - 9.7%

3.000% due 05/01/49		200,000		198,961
3.500% due 05/01/49		1,100,000		1,114,523
3.500% due 06/01/49		470,000		475,875
4.000% due 05/01/49		2,100,000		2,158,570

				3,947,929

Total Mortgage-Backed Securities (Cost $6,161,590)				6,158,445


ASSET-BACKED SECURITIES - 6.8%

Asset Backed Funding Corp Trust 3.086% (USD LIBOR + 0.600%) due 10/25/34 §		21,723		21,838
B&M CLO Ltd (Cayman) 3.509% (USD LIBOR + 0.730%) due 04/16/26 § ~		222,886		222,212
Countrywide Asset-Backed Certificates 2.626% (USD LIBOR + 0.140%) due 07/25/37 §		293,615		266,119
2.676% (USD LIBOR + 0.190%) due 11/25/37 §		153,368		146,621
2.686% (USD LIBOR + 0.200%) due 09/25/37 §		77,433		64,663


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-1

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
Credit-Based Asset Servicing & Securitization LLC 2.706% (USD LIBOR + 0.220%) due 07/25/37 § ~		$341,293		$230,285
Crown Point CLO Ltd (Cayman) 3.713% (USD LIBOR + 0.940%) due 07/17/28 § ~		200,000		198,375
Freddie Mac Structured Pass-Through Certificates 2.770% (USD LIBOR + 0.140%) due 09/25/31 §		875		867
Home Equity Asset Trust 3.341% (USD LIBOR + 0.855%) due 08/25/34 §		30,158		29,929
Home Equity Mortgage Loan Asset-Backed Trust 2.706% (USD LIBOR + 0.220%) due 04/25/37 §		93,255		73,966
Long Beach Mortgage Loan Trust 2.606% (USD LIBOR + 0.120%) due 08/25/36 §		87,207		45,822
Loomis Sayles CLO II Ltd (Cayman) 3.687% (USD LIBOR + 0.900%) due 04/15/28 § ~		280,000		277,009
MidOcean Credit CLO IV (Cayman) 3.587% (USD LIBOR + 0.800%) due 04/15/27 § ~		450,000		448,613
Option One Mortgage Loan Trust 2.626% (USD LIBOR + 0.140%) due 01/25/37 §		79,520		59,621
2.626% (USD LIBOR + 0.140%) due 03/25/37 §		100,412		74,753
Saxon Asset Securities Trust 2.796% (USD LIBOR + 0.310%) due 09/25/47 §		26,157		25,338
Soundview Home Loan Trust 2.686% (USD LIBOR + 0.200%) due 06/25/37 §		77,539		57,595
TICP CLO Ltd (Cayman) 3.601% (USD LIBOR + 0.840%) due 04/20/28 § # ~		450,000		445,972
Venture CLO Ltd (Cayman) 3.650% (USD LIBOR + 1.150%) due 10/22/31 § ~		100,000		99,820


Total Asset-Backed Securities (Cost $2,806,929)				2,789,418


U.S. TREASURY OBLIGATIONS - 102.9%

U.S. Treasury Inflation Protected Securities - 102.9%

0.125% due 04/15/21 ^		318,612		316,193
0.125% due 04/15/22 ^		517,510		512,356
0.125% due 01/15/23 ^		350,051		346,261
0.125% due 07/15/24 ^		3,943,498		3,896,839
0.125% due 07/15/26 ^		126,013		123,349
0.250% due 01/15/25 ^		1,059,542		1,049,029
0.375% due 07/15/25 ^		1,388,350		1,388,296
0.375% due 01/15/27 ^		427,232		423,747
0.375% due 07/15/27 ^		3,405,990		3,383,054
0.500% due 01/15/28 ^		4,387,978		4,381,676
0.625% due 07/15/21 ^		1,956,651		1,974,784
0.625% due 04/15/23 ^		283,744		285,868
0.625% due 01/15/24 ^		1,311,797		1,325,243
0.625% due 01/15/26 ^		2,510,636		2,540,843
0.750% due 07/15/28 ^		902,493		923,459
0.750% due 02/15/42 ^		111,396		108,714
0.750% due 02/15/45 ^		117,581		113,285
0.875% due 01/15/29 ^		837,371		865,117
0.875% due 02/15/47 ^		45,881		45,512
1.000% due 02/15/46 ^		611,896		625,170
1.000% due 02/15/48 ^		1,285,112		1,315,625
1.125% due 01/15/21 ^		3,613,104		3,660,377


	Principal Amount		Value
1.375% due 02/15/44 ^		$2,570,495		$2,846,769
2.000% due 01/15/26 ^		4,327,133		4,776,712
2.125% due 02/15/40 ^		11,646		14,557
2.125% due 02/15/41 ^		298,849		375,613
2.375% due 01/15/25 ^		2,670,740		2,967,779
2.500% due 01/15/29 ^		689,365		817,776
3.375% due 04/15/32 ^		83,668		112,883
3.875% due 04/15/29 ^		470,066		621,621

				42,138,507

Total U.S. Treasury Obligations (Cost $41,615,212)				42,138,507


FOREIGN GOVERNMENT BONDS & NOTES - 10.4%

Argentina Bonar (Argentina) 44.503% (ARS Deposit + 2.000%) due 04/03/22 §		ARS 12,000		269
Argentina POM Politica Monetaria (Argentina) 66.312% (ARS Reference + 0.000%) due 06/21/20 §		710,000		18,407
Argentine Republic Government (Argentina) 6.875% due 01/26/27		$230,000		186,789
Australia Government (Australia) 1.250% due 02/21/22 ^ ~		AUD 962,289		802,396
Autonomous Community of Catalonia (Spain) 4.950% due 02/11/20		EUR 100,000		116,141
French Republic Government OAT (France)
0.250% due 07/25/24 ^ ~		520,780		637,831
1.850% due 07/25/27 ^ ~		109,607		154,551
2.100% due 07/25/23 ^ ~		225,564		290,704
2.250% due 07/25/20 ^ ~		375,345		447,900
Italy Buoni Poliennali Del Tesoro (Italy) 2.350% due 09/15/24 ^ ~		133,952		161,779
Mexican Bonos (Mexico) 7.750% due 05/29/31		MXN 493,000		24,568
New Zealand Government (New Zealand) 2.000% due 09/20/25 ^ ~		NZD 850,000		678,174
Peruvian Government International (Peru) 5.940% due 02/12/29 ~		PEN 200,000		63,537
United Kingdom Gilt Inflation-Linked (United Kingdom)
0.125% due 08/10/28 ^ ~		GBP 395,261		647,415
0.125% due 11/22/65 ^ ~		9,780		30,345


Total Foreign Government Bonds & Notes (Cost $4,357,575)				4,260,806


SHORT-TERM INVESTMENTS - 1.5%

Commercial Paper - 0.6%

Energy Transfer Partners LP 3.405% due 04/22/19		$250,000		249,496


Foreign Government Issue - 0.0%

Argentina Treasury Bills (Argentina) (32.642%) due 06/28/19		ARS 50,000		1,270


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-2

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

March 31, 2019



	Shares		Value
Money Market Fund - 0.9%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.370%		376,230		$376,230


Total Short-Term Investments (Cost $627,052)				626,996


TOTAL INVESTMENTS - 140.3% (Cost $56,962,201)				57,437,275

DERIVATIVES - (0.1%)
(See Notes (c) through (g) in Notes to Schedule of Investments)				(56,517	)


OTHER ASSETS & LIABILITIES, NET - (40.2%)				(16,431,368	)


NET ASSETS - 100.0%				$40,949,390

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Fund’s composition as a percentage of net assets was as follows:


U.S. Treasury Obligations	102.9%
Mortgage-Backed Securities	15.1%
Foreign Government Bonds & Notes	10.4%
Asset-Backed Securities	6.8%
Corporate Bonds & Notes	3.6%
Others (each less than 3.0%)	1.5%

	140.3%
Derivatives	(0.1%	)
Other Assets & Liabilities, Net	(40.2%	)

	100.0%

(b)	The average amount of borrowings by the Fund on sale-buyback financing transactions during the year ended March 31, 2019 was $16,993,737 at a weighted average interest rate of 2.034%.

(c)	Open futures contracts outstanding as of March 31, 2019 were as follows:


Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Euro-Bobl		06/19		10		$1,480,840		$1,493,505		$12,665
Euro-Bund		06/19		32		5,877,302		5,970,969		93,667
U.S. Treasury 2-Year Notes		06/19		22		4,673,172		4,688,063		14,891
U.S. Treasury Long Bonds		06/19		7		1,023,118		1,047,594		24,476

										145,699


Short Futures Outstanding
Australia 3-Year Bonds		06/19		13		904,657		910,651		(5,994	)
Euro-BTP		06/19		9		1,283,257		1,307,103		(23,846	)
Euro-BUXL		06/19		5		1,022,138		1,074,978		(52,840	)
Euro-OAT		06/19		17		3,053,177		3,102,091		(48,914	)
Euro-Schatz		06/19		50		6,267,682		6,280,428		(12,746	)
Long Gilt		06/19		8		1,326,621		1,347,990		(21,369	)
U.S. Treasury 5-Year Notes		06/19		19		2,177,553		2,200,734		(23,181	)
U.S. Treasury 10-Year Notes		06/19		18		2,222,666		2,235,938		(13,272	)
U.S. Treasury Ultra 10-Year Notes		06/19		28		3,647,041		3,717,875		(70,834	)

										(272,996	)


Total Futures Contracts										($127,297	)

(d)	Forward foreign currency contracts outstanding as of March 31, 2019 were as follows:


Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
ARS	190,553	USD	4,050	07/19	GSC		$—		($210	)
AUD	1,130,000	USD	800,986	04/19	GSC		1,433		—
CNH	1,193,960	USD	173,000	04/19	JPM		4,669		—
COP	937,438,500	USD	299,238	06/19	JPM		—		(6,347	)
EUR	1,866,000	USD	2,095,201	04/19	JPM		—		(1,323	)
EUR	77,000	USD	87,480	04/19	SCB		—		(1,077	)
GBP	63,000	USD	83,489	04/19	BRC		—		(1,419	)
GBP	547,000	USD	724,167	04/19	SCB		—		(11,584	)
IDR	4,260,022,700	USD	298,467	06/19	SCB		—		(3,159	)
JPY	69,800,000	USD	632,397	04/19	BRC		—		(1,872	)
KRW	98,517,060	USD	87,000	06/19	JPM		—		(208	)
NZD	916,000	USD	622,544	04/19	SCB		1,295		—
RUB	20,899,395	USD	315,059	05/19	SCB		1,235		—
TWD	2,980,131	USD	97,000	06/19	BRC		—		(126	)
USD	807,768	AUD	1,130,000	04/19	GSC		5,350		—
USD	801,460	AUD	1,130,000	05/19	GSC		—		(1,432	)
USD	172,182	CNH	1,208,102	04/19	BRC		—		(7,592	)
USD	96,000	COP	300,580,320	06/19	RBS		2,088		—
USD	1,122,272	EUR	992,000	04/19	BRC		9,128		—
USD	1,085,539	EUR	951,000	04/19	JPM		18,402		—
USD	2,100,683	EUR	1,866,000	05/19	JPM		1,445		—
USD	810,372	GBP	610,000	04/19	UBS		15,719		—
USD	725,264	GBP	547,000	05/19	SCB		11,595		—
USD	94,000	IDR	1,355,726,280	06/19	RBS		20		—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-3

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

March 31, 2019


Currency Purchased		Currency Sold		Settlement Month		Counterparty		Unrealized Appreciation		Unrealized Depreciation
USD	141,914	JPY	15,800,000		04/19		BRC		$—		($697	)
USD	244,787	JPY	27,000,000		04/19		BRC		1,085		—
USD	274,416	KRW	307,620,554		06/19		GSC		3,406		—
USD	33,665	MXN	663,000		06/19		BRC		—		(16	)
USD	629,874	NZD	916,000		04/19		SCB		6,035		—
USD	622,865	NZD	916,000		05/19		SCB		—		(1,325	)
USD	21,000	PEN	69,386		04/19		BRC		108		—
USD	87,000	RUB	5,689,699		04/19		RBS		522		—
USD	45,872	RUB	3,045,108		05/19		GSC		—		(213	)
USD	73,250	SGD	99,060		06/19		BRC		44		—
USD	302,273	TWD	9,285,222		06/19		SCB		442		—


Total Forward Foreign Currency Contracts									$84,021		($38,600	)

(e)	Purchased options outstanding as of March 31, 2019 were as follows:

Interest Rate Swaptions

Description

Pay/Receive
Floating Rate

Floating Rate Index

Exercise
Rate

Expiration
Date

Counter-
party

Notional
Amount

Cost

Value

Call - 2-Year Interest Rate Swap

Pay

3-Month USD-LIBOR

2.500%

02/20/20

MSC

$4,000,000

$17,700

$30,278

Call - 2-Year Interest Rate Swap

Pay

3-Month USD-LIBOR

2.500%

02/21/20

MSC

4,000,000

16,279

30,334

Call - 2-Year Interest Rate Swap

Pay

3-Month USD-LIBOR

2.250%

03/26/20

MSC

3,800,000

22,519

19,971

Call - 2-Year Interest Rate Swap

Pay

3-Month USD-LIBOR

2.250%

03/27/20

MSC

1,600,000

10,819

8,432

$67,317

$89,015

Options on Futures


Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Cost		Value
Call - Euro-Schatz (05/19)		EUR 114.00		05/24/19		EUX		66		EUR 7,524,000		$418		$370
Call - U.S. Treasury 5-Year Notes (06/19)		$123.00		05/24/19		CME		2		$246,000		17		16
Call - U.S. Treasury 10-Year Notes (06/19)		137.50		05/24/19		CME		29		3,987,500		249		453
Call - Euro-BTP (05/19)		EUR 153.00		05/24/19		EUX		11		EUR 1,683,000		135		123
Call - Euro-OAT (05/19)		173.00		05/24/19		EUX		3		519,000		37		34

												856		996


Put - Euro-Bobl (05/19)		126.00		05/24/19		EUX		27		3,402,000		178		151
Put - Euro-Bobl (05/19)		128.75		05/24/19		EUX		3		386,250		20		17
Put - Euro-Bund (05/19)		144.00		05/24/19		EUX		24		3,456,000		287		269
Put - Euro-Bund (05/19)		153.50		05/24/19		EUX		7		1,074,500		86		79

												571		516


Total Options on Futures												$1,427		$1,512


Total Purchased Options												$68,744		$90,527

(f)	Premiums received and value of written options outstanding as of March 31, 2019 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		233.92	Maximum of [0, Final Index/ Initial Index - (1 + 4.000%)¹⁰]		04/22/24		JPM		$1,900,000		$13,823		($178	)
Cap - U.S. CPI Urban Consumers		234.78	Maximum of [0, Final Index/ Initial Index - (1 + 4.000%)¹⁰]		05/16/24		JPM		200,000		1,390		(2	)

											15,213		(180	)

Floor - U.S. CPI Urban Consumers		234.81	Maximum of [0, 0.000% - ((Final Index/Initial Index)-1)]		03/24/20		JPM		700,000		7,910		(1	)
Floor - U.S. CPI Urban Consumers		216.69	Maximum of [0, (1 + 0.000%)¹⁰ - Final Index/Initial Index]		04/07/20		CIT		1,900,000		16,840		—
Floor - U.S. CPI Urban Consumers		217.97	Maximum of [0, (1 + 0.000%)¹⁰- Final Index/Initial Index]		09/29/20		CIT		300,000		3,870		—

											28,620		(1	)


Total Inflation Floor/Cap Options											$43,833		($181	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-4

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

March 31, 2019

Interest Rate Floor Options

Description

Exercise

Rate

Floating Rate Index

Expiration
Date

Counter-
party

Notional
Amount

Premium

Value

Floor - ICE Swap Rate

0.000%

2-Year/10-Year ICE Swap Rate

01/02/20

MSC

$700,000

$543

($206

)

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		2.521%		02/20/20		MSC		$1,700,000		$17,586		($29,948	)
Call - 5-Year Interest Rate Swap		Receive		3-Month USD-LIBOR		2.527%		02/21/20		MSC		1,700,000		16,180		(30,297	)
Call - 5-Year Interest Rate Swap		Receive		3-Month USD-LIBOR		2.338%		03/26/20		MSC		800,000		11,040		(10,502	)
Call - 5-Year Interest Rate Swap		Receive		3-Month USD-LIBOR		2.344%		03/26/20		MSC		800,000		12,000		(10,631	)
Call - 5-Year Interest Rate Swap		Receive		3-Month USD-LIBOR		2.361%		03/27/20		MSC		600,000		9,784		(8,269	)


														$66,590		($89,647	)

Options on Futures


Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Premium		Value
Call - U.S. Treasury 10-Year Notes (05/19)		$125.00		04/26/19		CME		3		$375,000		$980		($750	)
Call - Euro Bund (05/19)		EUR 166.00		05/24/19		EUX		4		EUR 664,000		2,112		(5,474	)
Call - Euro Bund (05/19)		167.00		05/24/19		EUX		1		167,000		632		(841	)

												3,724		(7,065	)


Put - Euro-Bund (05/19)		162.50		05/24/19		EUX		4		650,000		1,797		(538	)


Total Options on Futures												$5,521		($7,603	)


Total Written Options												$116,487		($97,637	)

(g)	Swap agreements outstanding as of March 31, 2019 were as follows:

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

Referenced Obligation

Payment
Frequency

Fixed Deal
Receive Rate

Expiration
Date

Exchange

Implied Credit
Spread at
03/31/19 (2)

Notional
Amount (3)

Value

Upfront
Premiums
Paid

(Received)

Unrealized
Appreciation
(Depreciation)

Daimler AG

1.000%

12/20/20

ICE

0.271%

EUR 10,000

$160

$166

($6

)

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


Referenced Obligation	Payment Frequency		Fixed Deal Pay Rate		Expiration Date		Exchange		Notional Amount (3)		Value (5)			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
iTraxx Main 28 5Y		Q		1.000%		12/20/22		ICE		EUR 40,000		($1,111	)		($1,207	)		$96
CDX HY31 5Y		Q		5.000%		12/20/23		ICE		$294,000		(19,731	)		(16,395	)		(3,336	)

												($20,842	)		($17,602	)		($3,240	)

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


Referenced Obligation	Payment Frequency		Fixed Deal Receive Rate		Expiration Date		Counter- party		Notional Amount (3)		Value (5)		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CMBX NA AAA 7		M		0.500%		01/17/47		DUB		$60,000		$551		($1,864	)		$2,415
CMBX NA AAA 7		M		0.500%		01/17/47		MSC		40,000		367		(1,242	)		1,609

												$918		($3,106	)		$4,024

Credit Default Swaps on Sovereign Issues – Buy Protection (4)


Referenced Obligation	Payment Frequency		Fixed Deal Pay Rate		Expiration Date		Counter- party		Implied Credit Spread at 03/31/19 (2)		Notional Amount (3)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Mexico Government		Q		1.000%		12/20/23		BRC		1.116%		$300,000		$1,441			$2,693			($1,252	)


Total Credit Default Swaps														($18,323	)		($17,849	)		($474	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-5

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

March 31, 2019

(1)

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

(2)

An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swap agreements on corporate and sovereign issues as of year 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)

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

(5)

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

Interest Rate Swaps – Long


Receive	Pay		Payment Frequency Receive Rate/ Pay Rate		Counterparty		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
1.788%		U.S. CPI Urban Consumers		Z / Z		MSC		07/18/26		$100,000		($2,390	)		$—			($2,390	)
1.805%		U.S. CPI Urban Consumers		Z / Z		MSC		09/20/26		10,000		(214	)		—			(214	)

												(2,604	)		—			(2,604	)


					Exchange
1.535%		Eurostat Eurozone HICP		Z / Z		LCH		06/15/23		EUR 700,000		19,074			56			19,018
2.500%		3-Month USD-LIBOR		S / Q		CME		12/19/23		$120,000		1,094			(305	)		1,399
2.750%		3-Month USD-LIBOR		S / Q		LCH		12/19/23		400,000		8,217			(2,706	)		10,923
1.168%		Eurostat Eurozone HICP		Z / Z		LCH		03/15/24		EUR 1,200,000		12,058			1,105			10,953
1.800%		U.S. CPI Urban Consumers		Z / Z		LCH		09/12/26		$100,000		(2,106	)		(1,009	)		(1,097	)
1.780%		U.S. CPI Urban Consumers		Z / Z		LCH		09/15/26		100,000		(2,334	)		(4,854	)		2,520
1.385%		Eurostat Eurozone HICP		Z / Z		LCH		12/15/26		EUR 290,000		6,516			(4,074	)		10,590
1.360%		Eurostat Eurozone HICP		Z / Z		LCH		06/15/27		30,000		706			(442	)		1,148
2.180%		U.S. CPI Urban Consumers		Z / Z		LCH		09/20/27		$20,000		219			—			219
2.335%		U.S. CPI Urban Consumers		Z / Z		LCH		02/05/28		960,000		29,835			1,470			28,365
1.535%		Eurostat Eurozone HICP		Z / Z		LCH		03/15/28		EUR 40,000		1,809			—			1,809
2.353%		U.S. CPI Urban Consumers		Z / Z		LCH		05/09/28		$120,000		4,190			—			4,190
2.360%		U.S. CPI Urban Consumers		Z / Z		LCH		05/09/28		180,000		6,423			—			6,423
2.364%		U.S. CPI Urban Consumers		Z / Z		LCH		05/10/28		180,000		6,481			—			6,481
1.620%		Eurostat Eurozone HICP		Z / Z		LCH		05/15/28		EUR 340,000		18,411			21			18,390
2.379%		U.S. CPI Urban Consumers		Z / Z		LCH		07/09/28		$500,000		18,182			(288	)		18,470
3.593%		GBP Retail Price		Z / Z		LCH		11/15/28		GBP 120,000		3,035			—			3,035
3.595%		GBP Retail Price		Z / Z		LCH		11/15/28		60,000		1,542			—			1,542
3.190%		GBP Retail Price		Z / Z		LCH		04/15/30		300,000		(7,146	)		(16,949	)		9,803
3.400%		GBP Retail Price		Z / Z		LCH		06/15/30		200,000		3,992			2,391			1,601
3.530%		GBP Retail Price		Z / Z		LCH		10/15/31		50,000		669			477			192
3.500%		GBP Retail Price		Z / Z		LCH		09/15/33		60,000		(4	)		47			(51	)
3.579%		GBP Retail Price		Z / Z		LCH		10/15/33		170,000		4,808			—			4,808
1.796%		Eurostat Eurozone HICP		Z / Z		LCH		11/15/38		EUR 100,000		9,371			6			9,365
1.808%		Eurostat Eurozone HICP		Z / Z		LCH		11/15/38		100,000		9,670			—			9,670
1.945%		Eurostat Eurozone HICP		Z / Z		LCH		11/15/48		20,000		3,000			—			3,000

												157,712			(25,054	)		182,766


Total Interest Rate Swaps – Long												$155,108			($25,054	)		$180,162


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-6

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

March 31, 2019

Interest Rate Swaps – Short


Pay	Receive	Payment Frequency Pay Rate/ Receive Rate	Exchange		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
1.160%	France CPI Ex Tobacco	Z / Z		LCH		08/15/20		EUR 80,000		($716	)		$57			($773	)
2.027%	U.S. CPI Urban Consumers	Z / Z		LCH		11/23/20		$100,000		(225	)		—			(225	)
2.021%	U.S. CPI Urban Consumers	Z / Z		LCH		11/25/20		100,000		(211	)		—			(211	)
1.875%	U.S. CPI Urban Consumers	Z / Z		LCH		03/14/21		3,400,000		(754	)		—			(754	)
2.210%	U.S. CPI Urban Consumers	Z / Z		LCH		02/05/23		120,000		(1,926	)		—			(1,926	)
2.263%	U.S. CPI Urban Consumers	Z / Z		LCH		04/27/23		60,000		(1,331	)		—			(1,331	)
2.263%	U.S. CPI Urban Consumers	Z / Z		LCH		05/09/23		120,000		(2,599	)		—			(2,599	)
2.281%	U.S. CPI Urban Consumers	Z / Z		LCH		05/10/23		180,000		(4,052	)		—			(4,052	)
1.030%	France CPI Ex Tobacco	Z / Z		LCH		03/15/24		EUR 1,200,000		(6,041	)		(265	)		(5,776	)
2.000%	3-Month USD-LIBOR	S / Q		CME		07/27/26		$400,000		6,146			5,823			323
2.400%	3-Month USD-LIBOR	S / Q		CME		12/07/26		400,000		(504	)		—			(504	)
1.750%	3-Month USD-LIBOR	S / Q		LCH		12/21/26		340,000		14,459			(2,170	)		16,629
3.250%	3-Month NZD-Bank Bills	S / Q		CME		03/21/28		NZD 100,000		(6,518	)		307			(6,825	)
3.100%	3-Month USD-LIBOR	S / Q		CME		04/17/28		$1,590,000		(41,496	)		(4,824	)		(36,672	)
2.765%	3-Month USD-LIBOR	S / Q		CME		07/18/28		150,000		(4,456	)		—			(4,456	)
3.134%	3-Month USD-LIBOR	S / Q		CME		09/13/28		1,500,000		(38,615	)		—			(38,615	)
3.428%	GBP Retail Price	Z / Z		LCH		03/15/47		GBP 30,000		1,311			1,776			(465	)
2.000%	U.S. Fed Funds	A / A		LCH		12/15/47		$40,000		2,534			(72	)		2,606
2.500%	3-Month USD-LIBOR	S / Q		CME		06/20/48		140,000		3,558			16,766			(13,208	)
2.948%	3-Month USD-LIBOR	S / Q		CME		10/19/48		10,000		(698	)		—			(698	)
2.750%	3-Month USD-LIBOR	S / Q		CME		12/19/48		30,000		(837	)		508			(1,345	)
3.000%	3-Month USD-LIBOR	S / Q		CME		12/19/48		300,000		(24,435	)		17,921			(42,356	)
1.500%	6-Month GBP LIBOR	S / S		LCH		09/18/49		GBP 70,000		(2,863	)		1,123			(3,986	)


										($110,269	)		$36,950			($147,219	)


Total Interest Rate Swaps										$44,839			$11,896			$32,943


Total Swap Agreements										$26,516			($5,953	)		$32,469

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


	Upfront Premium Paid (Received)			Unrealized Appreciation (Deprecation)
OTC Swap Agreements
Assets		$2,693			$4,024
Liabilities		(3,106	)		(3,856	)
Centrally Cleared Swap Agreements (6)
Assets		50,020			203,568
Liabilities		(55,560	)		(171,267	)

		($5,953	)		$32,469

(6)

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


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-7

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

March 31, 2019

(h)	Fair Value Measurements


		Total Value at March 31, 2019			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$1,463,103			$—			$1,463,103			$—
	Mortgage-Backed Securities		6,158,445			—			6,158,445			—
	Asset-Backed Securities		2,789,418			—			2,789,418			—
	U.S. Treasury Obligations		42,138,507			—			42,138,507			—
	Foreign Government Bonds & Notes		4,260,806			—			4,260,806			—
	Short-Term Investments		626,996			376,230			250,766			—
	Derivatives:
	Credit Contracts
	Swaps		4,120			—			4,120			—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		84,021			—			84,021			—
	Interest Rate Contracts
	Futures		145,699			145,699			—			—
	Purchased Options		90,527			—			90,527			—
	Swaps		203,472			—			203,472			—

	Total Interest Rate Contracts		439,698			145,699			293,999			—

	Total Assets - Derivatives		527,839			145,699			382,140			—

	Total Assets		57,965,114			521,929			57,443,185			—


Liabilities	Sale-buyback Financing Transactions		(21,850,850	)		—			(21,850,850	)		—
	Derivatives:
	Credit Contracts
	Swaps		(4,594	)		—			(4,594	)		—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(38,600	)		—			(38,600	)		—
	Interest Rate Contracts
	Futures		(272,996	)		(272,996	)		—			—
	Written Options		(97,637	)		—			(97,637	)		—
	Swaps		(170,529	)		—			(170,529	)		—

	Total Interest Rate Contracts		(541,162	)		(272,996	)		(268,166	)		—

	Total Liabilities - Derivatives		(584,356	)		(272,996	)		(311,360	)		—

	Total Liabilities		(22,435,206	)		(272,996	)		(22,162,210	)		—

	Total		$35,529,908			$248,933			$35,280,975			$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-8

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments

March 31, 2019


	Principal Amount		Value
CORPORATE BONDS & NOTES - 48.2%

Basic Materials - 1.0%

Anglo American Capital PLC (South Africa) 3.625% due 09/11/24 ~		$250,000		$248,020
ArcelorMittal (Luxembourg)
4.550% due 03/11/26		10,000		10,234
7.000% due 10/15/39		80,000		91,354
Barrick Gold Corp (Canada) 5.250% due 04/01/42		30,000		32,495
Barrick North America Finance LLC (Canada) 5.700% due 05/30/41		90,000		103,160
BHP Billiton Finance USA Ltd (Australia)
2.875% due 02/24/22		15,000		15,159
6.750% due 10/19/75 ~		270,000		299,302
Braskem Finance Ltd (Brazil) 5.750% due 04/15/21 ~		400,000		416,200
Freeport-McMoRan Inc
3.550% due 03/01/22		170,000		168,512
4.000% due 11/14/21		20,000		20,175
Glencore Funding LLC (Switzerland)
2.875% due 04/16/20 ~		60,000		59,782
3.875% due 10/27/27 ~		30,000		28,840
4.000% due 03/27/27 ~		260,000		252,762
4.125% due 03/12/24 ~		170,000		171,979
Indonesia Asahan Aluminium Persero PT (Indonesia) 6.530% due 11/15/28 ~		700,000		800,458
Newcrest Finance Pty Ltd (Australia) 4.450% due 11/15/21 ~		500,000		513,021
Nutrien Ltd (Canada) 4.875% due 03/30/20		40,000		40,801
Resolute Forest Products Inc 5.875% due 05/15/23		100,000		100,125
SASOL Financing USA LLC (South Africa) 5.875% due 03/27/24		500,000		530,816
Southern Copper Corp (Peru) 6.750% due 04/16/40		360,000		433,530
Syngenta Finance NV (Switzerland) 3.698% due 04/24/20 ~		600,000		602,304
Vale Overseas Ltd (Brazil) 6.875% due 11/21/36		48,000		55,080
Yamana Gold Inc (Brazil) 4.625% due 12/15/27		90,000		88,213

				5,082,322

Communications - 4.8%

Altice Financing SA (Luxembourg) 5.250% due 02/15/23 ~		EUR 300,000		346,259
Altice France SA (France)
6.250% due 05/15/24 ~		$800,000		809,000
7.375% due 05/01/26 ~		200,000		196,500
Amazon.com Inc
3.875% due 08/22/37		70,000		73,221
4.050% due 08/22/47		80,000		84,737
4.950% due 12/05/44		120,000		143,854
AT&T Inc
3.000% due 02/15/22		30,000		30,141
3.400% due 05/15/25		50,000		49,555
3.800% due 03/15/22		800,000		821,325
4.350% due 06/15/45		340,000		313,072
British Telecommunications PLC (United Kingdom) 9.625% due 12/15/30		30,000		42,948
CCO Holdings LLC 5.125% due 05/01/27 ~		180,000		181,575
Charter Communications Operating LLC
3.579% due 07/23/20		2,060,000		2,075,553
4.200% due 03/15/28		60,000		59,648


	Principal Amount		Value
4.464% due 07/23/22	$	1,000,000	$	1,035,381
5.050% due 03/30/29		200,000		210,986
5.375% due 04/01/38		20,000		20,165
5.750% due 04/01/48		10,000		10,484
6.384% due 10/23/35		50,000		55,923
6.834% due 10/23/55		30,000		34,072
Comcast Cable Communications Holdings Inc 9.455% due 11/15/22		400,000		491,726
Comcast Corp
3.375% due 08/15/25		150,000		152,201
3.700% due 04/15/24		1,000,000		1,033,831
3.950% due 10/15/25		200,000		209,441
3.999% due 11/01/49		51,000		49,803
4.150% due 10/15/28		430,000		453,749
4.250% due 10/15/30		120,000		127,743
4.700% due 10/15/48		30,000		32,721
5.650% due 06/15/35		20,000		23,562
Deutsche Telekom International Finance BV (Germany) 2.820% due 01/19/22 ~		1,500,000		1,496,641
DISH DBS Corp 5.875% due 11/15/24		200,000		168,750
eBay Inc
2.750% due 01/30/23		500,000		494,293
3.800% due 03/09/22		800,000		817,866
Fox Corp
4.030% due 01/25/24 ~		50,000		51,913
4.709% due 01/25/29 ~		80,000		85,728
5.476% due 01/25/39 ~		70,000		77,770
5.576% due 01/25/49 ~		30,000		33,999
NBCUniversal Media LLC 4.375% due 04/01/21		130,000		134,232
Netflix Inc 5.375% due 02/01/21		20,000		20,819
Sprint Capital Corp 8.750% due 03/15/32		160,000		169,216
Sprint Communications Inc 7.000% due 03/01/20 ~		600,000		617,250
Sprint Corp
7.250% due 09/15/21		470,000		494,675
7.875% due 09/15/23		20,000		21,050
Sprint Spectrum Co LLC
3.360% due 03/20/23 ~		125,000		125,275
4.738% due 09/20/29 ~		450,000		456,188
Telefonica Emisiones SAU (Spain) 5.213% due 03/08/47		150,000		152,584
Telstra Corp Ltd (Australia) 4.800% due 10/12/21 ~		800,000		833,664
The Interpublic Group of Cos Inc 4.000% due 03/15/22		800,000		816,949
The Walt Disney Co
6.200% due 12/15/34 ~		100,000		130,833
6.650% due 11/15/37 ~		10,000		13,828
Time Warner Cable LLC
4.125% due 02/15/21		770,000		782,378
5.875% due 11/15/40		160,000		166,773
6.550% due 05/01/37		100,000		110,769
7.300% due 07/01/38		60,000		70,083
8.250% due 04/01/19		60,000		60,000
Time Warner Entertainment Co LP 8.375% due 07/15/33		20,000		26,135
United Group BV (Netherlands) 4.875% due 07/01/24 ~		EUR 600,000		690,505
UPCB Finance IV Ltd (Netherlands) 5.375% due 01/15/25 ~		$200,000		203,500
Verizon Communications Inc
2.625% due 08/15/26		20,000		19,108
3.376% due 02/15/25		1,356,000		1,376,098
3.500% due 11/01/24		80,000		82,007
3.850% due 11/01/42		20,000		18,944


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-9

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
3.875% due 02/08/29		$30,000		$30,871
4.329% due 09/21/28		255,000		270,599
4.400% due 11/01/34		90,000		93,885
4.500% due 08/10/33		220,000		233,290
5.500% due 03/16/47		30,000		35,224
Virgin Media Receivables Financing Notes (United Kingdom) 5.500% due 09/15/24 ~		GBP 400,000		525,477
Vodafone Group PLC (United Kingdom)
3.750% due 01/16/24		$1,300,000		1,312,354
4.375% due 05/30/28		220,000		224,031
5.250% due 05/30/48		60,000		60,101
WPP Finance 2010 (United Kingdom) 4.750% due 11/21/21		1,000,000		1,034,125

				23,808,956

Consumer, Cyclical - 3.9%

Allison Transmission Inc 5.000% due 10/01/24 ~		20,000		20,025
Daimler Finance North America LLC (Germany)
2.850% due 01/06/22 ~		900,000		895,970
3.350% due 05/04/21 ~		500,000		503,283
3.400% due 02/22/22 ~		1,100,000		1,111,054
Delta Air Lines Pass-Through Trust ‘A’ 6.821% due 02/10/24		153,966		168,554
Ford Motor Co 4.750% due 01/15/43		10,000		7,867
Ford Motor Credit Co LLC
0.060% (EUR LIBOR + 0.370%) due 12/01/21 §		EUR 800,000		858,830
3.200% due 01/15/21		$900,000		887,555
3.919% (USD LIBOR + 1.235%) due 02/15/23 §		300,000		283,904
5.085% due 01/07/21		600,000		611,458
5.139% (USD LIBOR + 2.550%) due 01/07/21 §		1,000,000		1,009,824
5.875% due 08/02/21		200,000		207,287
8.125% due 01/15/20		600,000		621,976
General Motors Co
5.150% due 04/01/38		20,000		18,332
5.950% due 04/01/49		20,000		19,407
6.250% due 10/02/43		40,000		40,088
General Motors Financial Co Inc
0.241% (EUR LIBOR + 0.550%) due 03/26/22 § ~		EUR 700,000		771,201
2.450% due 11/06/20		$480,000		474,448
3.150% due 01/15/20		400,000		400,630
3.200% due 07/13/20		600,000		601,627
4.200% due 03/01/21		400,000		405,920
4.250% due 05/15/23		30,000		30,528
4.350% due 01/17/27		20,000		19,473
5.100% due 01/17/24		800,000		830,977
Harley-Davidson Financial Services Inc 3.550% due 05/21/21 ~		500,000		499,171
Hilton Worldwide Finance LLC 4.875% due 04/01/27		130,000		131,950
Marriott International Inc 4.150% due 12/01/23		800,000		832,712
McDonald’s Corp
3.195% (USD LIBOR + 0.430%) due 10/28/21 §		500,000		500,259
3.500% due 03/01/27		10,000		10,151
3.700% due 01/30/26		130,000		134,416
3.800% due 04/01/28		30,000		31,047
MGM Resorts International 7.750% due 03/15/22		800,000		886,000
Newell Brands Inc
3.850% due 04/01/23		30,000		29,695
4.200% due 04/01/26		50,000		47,803


	Principal Amount		Value
Sands China Ltd (Macau) 5.125% due 08/08/25		$310,000		$323,682
The TJX Cos Inc 2.250% due 09/15/26		20,000		19,017
VOC Escrow Ltd 5.000% due 02/15/28 ~		140,000		136,850
Volkswagen Group of America Finance LLC (Germany)
3.638% (USD LIBOR + 0.940%) due 11/12/21 § ~		800,000		801,742
4.625% due 11/13/25 ~		800,000		829,008
4.750% due 11/13/28 ~		1,000,000		1,009,808
Volkswagen International Finance NV (Germany) 1.242% (EUR LIBOR + 1.550%) due 11/16/24 § ~		EUR 600,000		679,999
Volkswagen Leasing GmbH (Germany) 0.250% due 02/16/21 ~		100,000		112,196
Walmart Inc 3.700% due 06/26/28		$160,000		168,603
WestJet Airlines Ltd (Canada) 3.500% due 06/16/21 ~		600,000		585,180
William Lyon Homes Inc 7.000% due 08/15/22		10,000		10,050
ZF North America Capital Inc (Germany) 4.500% due 04/29/22 ~		500,000		502,200

				19,081,757

Consumer, Non-Cyclical - 6.9%

Abbott Laboratories
3.750% due 11/30/26		88,000		91,515
4.750% due 11/30/36		70,000		78,890
4.900% due 11/30/46		80,000		92,623
AbbVie Inc
2.900% due 11/06/22		900,000		898,548
3.375% due 11/14/21		700,000		708,190
3.600% due 05/14/25		70,000		70,265
Aetna Inc 2.800% due 06/15/23		40,000		39,322
Allergan Funding SCS
3.450% due 03/15/22		80,000		80,735
3.800% due 03/15/25		180,000		182,581
4.550% due 03/15/35		30,000		29,466
4.750% due 03/15/45		21,000		21,008
Allergan Sales LLC 5.000% due 12/15/21 ~		700,000		728,925
Altria Group Inc
2.850% due 08/09/22		80,000		79,875
3.490% due 02/14/22		40,000		40,662
3.800% due 02/14/24		60,000		61,135
4.400% due 02/14/26		290,000		298,969
4.800% due 02/14/29		170,000		175,582
5.375% due 01/31/44		30,000		30,215
5.800% due 02/14/39		90,000		95,485
5.950% due 02/14/49		20,000		21,492
6.200% due 02/14/59		30,000		32,322
Amgen Inc
2.125% due 05/01/20		20,000		19,929
3.625% due 05/22/24		30,000		30,890
4.663% due 06/15/51		11,000		11,108
5.375% due 05/15/43		30,000		32,890
Anheuser-Busch Cos LLC (Belgium)
3.650% due 02/01/26 ~		110,000		110,507
4.900% due 02/01/46 ~		100,000		100,647
Anheuser-Busch InBev Finance Inc (Belgium) 3.300% due 02/01/23		320,000		324,892
Anheuser-Busch InBev Worldwide Inc (Belgium)
2.500% due 07/15/22		300,000		297,453
4.150% due 01/23/25		90,000		93,888
4.750% due 01/23/29		450,000		479,596


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-10

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
Anthem Inc
2.950% due 12/01/22		$90,000		$90,008
3.125% due 05/15/22		150,000		151,357
3.350% due 12/01/24		40,000		40,387
3.650% due 12/01/27		80,000		79,957
Bacardi Ltd (Bermuda) 4.500% due 01/15/21 ~		600,000		609,978
BAT Capital Corp (United Kingdom)
2.764% due 08/15/22		800,000		787,559
3.557% due 08/15/27		180,000		170,750
4.540% due 08/15/47		170,000		149,401
Bausch Health Cos Inc
6.125% due 04/15/25 ~		100,000		99,250
7.000% due 03/15/24 ~		110,000		116,655
Baxalta Inc 2.875% due 06/23/20		149,000		148,880
Bayer US Finance II LLC (Germany) 3.875% due 12/15/23 ~		600,000		605,184
Becton Dickinson & Co
3.363% due 06/06/24		110,000		110,198
3.734% due 12/15/24		50,000		50,824
4.685% due 12/15/44		40,000		41,402
Campbell Soup Co
3.300% due 03/15/21		600,000		604,068
3.650% due 03/15/23		800,000		812,018
Celgene Corp
2.250% due 08/15/21		50,000		49,240
2.875% due 02/19/21		500,000		499,674
3.250% due 08/15/22		400,000		404,460
3.550% due 08/15/22		90,000		91,984
3.875% due 08/15/25		50,000		51,374
5.000% due 08/15/45		150,000		157,919
Centene Corp 6.125% due 02/15/24		120,000		125,886
Cigna Corp
3.265% (USD LIBOR + 0.650%) due 09/17/21 § ~		1,200,000		1,199,990
3.677% (USD LIBOR + 0.890%) due 07/15/23 § ~		700,000		696,997
3.750% due 07/15/23 ~		150,000		153,952
4.125% due 11/15/25 ~		40,000		41,451
4.375% due 10/15/28 ~		210,000		217,858
Conagra Brands Inc 3.800% due 10/22/21		800,000		815,216
Constellation Brands Inc
2.250% due 11/06/20		800,000		792,270
4.250% due 05/01/23		30,000		31,461
CVS Health Corp
3.125% due 03/09/20		700,000		702,127
3.700% due 03/09/23		1,050,000		1,067,369
4.100% due 03/25/25		250,000		257,048
4.300% due 03/25/28		690,000		700,429
5.050% due 03/25/48		110,000		111,040
5.125% due 07/20/45		60,000		61,279
Danone SA (France) 2.589% due 11/02/23 ~		200,000		195,929
DP World PLC (United Arab Emirates) 5.625% due 09/25/48 ~		200,000		208,655
Eli Lilly & Co 3.100% due 05/15/27		20,000		20,111
EMD Finance LLC (Germany) 2.400% due 03/19/20 ~		500,000		497,863
Gilead Sciences Inc
3.650% due 03/01/26		30,000		30,646
3.700% due 04/01/24		80,000		82,719
4.150% due 03/01/47		130,000		125,891
4.750% due 03/01/46		30,000		31,504
GlaxoSmithKline Capital PLC (United Kingdom) 2.850% due 05/08/22		80,000		80,318


	Principal Amount		Value
HCA Inc
4.500% due 02/15/27		$40,000		$41,175
5.000% due 03/15/24		100,000		106,005
5.875% due 03/15/22		400,000		430,016
7.500% due 02/15/22		80,000		88,424
Humana Inc
3.150% due 12/01/22		50,000		50,252
3.950% due 03/15/27		50,000		50,607
4.625% due 12/01/42		50,000		51,572
4.800% due 03/15/47		20,000		21,138
4.950% due 10/01/44		20,000		21,425
IHS Markit Ltd 5.000% due 11/01/22 ~		900,000		943,470
Japan Tobacco Inc (Japan) 2.000% due 04/13/21 ~		300,000		294,026
Johnson & Johnson 3.625% due 03/03/37		100,000		101,684
Keurig Dr Pepper Inc 4.057% due 05/25/23 ~		1,000,000		1,029,588
Kraft Heinz Foods Co
3.267% (USD LIBOR + 0.570%) due 02/10/21 §		900,000		897,663
3.500% due 06/06/22		800,000		809,355
3.500% due 07/15/22		30,000		30,308
3.950% due 07/15/25		120,000		121,056
4.000% due 06/15/23		620,000		638,462
Mars Inc
2.700% due 04/01/25 ~		40,000		39,856
3.200% due 04/01/30 ~		40,000		40,094
Medtronic Global Holdings SCA 3.350% due 04/01/27		100,000		101,967
Medtronic Inc 3.500% due 03/15/25		160,000		165,377
Merck & Co Inc 2.750% due 02/10/25		90,000		90,263
Mondelez International Holdings Netherlands BV 2.000% due 10/28/21 ~		900,000		877,828
Mylan NV 2.250% due 11/22/24 ~		EUR 900,000		1,031,266
Pernod Ricard SA (France)
4.250% due 07/15/22 ~		$800,000		830,901
4.450% due 01/15/22 ~		150,000		155,925
5.750% due 04/07/21 ~		750,000		790,349
Philip Morris International Inc
2.500% due 08/22/22		210,000		208,299
2.500% due 11/02/22		80,000		79,369
4.500% due 03/20/42		30,000		29,864
Reckitt Benckiser Treasury Services PLC (United Kingdom) 2.375% due 06/24/22 ~		600,000		591,343
Reynolds American Inc (United Kingdom)
3.250% due 06/12/20		81,000		81,139
5.850% due 08/15/45		50,000		51,452
6.150% due 09/15/43		30,000		31,400
6.875% due 05/01/20		400,000		416,105
Takeda Pharmaceutical Co Ltd (Japan)
4.000% due 11/26/21 ~		1,000,000		1,026,079
4.400% due 11/26/23 ~		1,000,000		1,051,934
Teva Pharmaceutical Finance IV BV (Israel) 3.650% due 11/10/21		110,000		107,872
Teva Pharmaceutical Finance Netherlands III BV (Israel)
1.700% due 07/19/19		80,000		79,830
2.200% due 07/21/21		660,000		629,593
2.800% due 07/21/23		100,000		89,314
United Rentals North America Inc
5.500% due 07/15/25		50,000		51,250
5.875% due 09/15/26		90,000		93,375


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-11

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
UnitedHealth Group Inc
3.750% due 07/15/25		$80,000		$83,638
3.875% due 12/15/28		120,000		125,687
Wm Wrigley Jr Co 3.375% due 10/21/20 ~		70,000		70,728

				34,278,464

Energy - 1.7%

Anadarko Petroleum Corp
4.850% due 03/15/21		24,000		24,891
5.550% due 03/15/26		50,000		54,624
6.450% due 09/15/36		310,000		358,000
Antero Resources Corp 5.375% due 11/01/21		40,000		40,300
Apache Corp
3.250% due 04/15/22		24,000		24,036
4.250% due 01/15/44		170,000		151,182
4.375% due 10/15/28		20,000		20,186
4.750% due 04/15/43		30,000		28,382
5.100% due 09/01/40		80,000		79,344
Baker Hughes LLC 3.200% due 08/15/21		60,000		60,543
BG Energy Capital PLC (United Kingdom) 4.000% due 10/15/21 ~		800,000		820,082
Blue Racer Midstream LLC 6.125% due 11/15/22 ~		30,000		30,600
BP Capital Markets America Inc
3.119% due 05/04/26		110,000		109,712
3.410% due 02/11/26		150,000		153,319
BP Capital Markets PLC (United Kingdom)
3.506% due 03/17/25		130,000		132,975
3.535% due 11/04/24		40,000		41,233
Chesapeake Energy Corp
6.125% due 02/15/21		20,000		20,700
6.625% due 08/15/20		10,000		10,313
Chevron Corp 2.954% due 05/16/26		80,000		80,614
Cimarex Energy Co 3.900% due 05/15/27		170,000		169,835
Concho Resources Inc
3.750% due 10/01/27		10,000		9,937
4.300% due 08/15/28		80,000		82,663
4.375% due 01/15/25		50,000		51,437
ConocoPhillips 6.500% due 02/01/39		10,000		13,507
Continental Resources Inc
3.800% due 06/01/24		50,000		50,529
4.375% due 01/15/28		40,000		41,207
4.500% due 04/15/23		40,000		41,472
Devon Energy Corp
3.250% due 05/15/22		130,000		131,121
5.000% due 06/15/45		160,000		168,108
5.850% due 12/15/25		235,000		267,043
Ecopetrol SA (Colombia) 5.875% due 05/28/45		170,000		176,800
Energy Transfer Operating LP
4.500% due 04/15/24		50,000		52,269
4.950% due 06/15/28		40,000		42,029
5.250% due 04/15/29		30,000		32,249
6.250% due 04/15/49		10,000		11,224
Energy Transfer Partners LP 5.875% due 03/01/22		80,000		85,573
Enterprise Products Operating LLC 4.150% due 10/16/28		160,000		168,659
EOG Resources Inc 4.150% due 01/15/26		70,000		74,224
Exxon Mobil Corp
3.043% due 03/01/26		140,000		142,177
4.114% due 03/01/46		50,000		54,237
KazMunayGas National Co JSC (Kazakhstan) 5.375% due 04/24/30 ~		200,000		210,180


	Principal Amount		Value
Kinder Morgan Energy Partners LP
3.500% due 03/01/21		$80,000		$80,804
3.950% due 09/01/22		150,000		154,228
Kinder Morgan Inc 4.300% due 03/01/28		110,000		113,797
MPLX LP
4.000% due 03/15/28		50,000		49,760
4.500% due 04/15/38		100,000		95,364
4.700% due 04/15/48		180,000		172,934
4.875% due 12/01/24		100,000		106,824
Noble Energy Inc
3.850% due 01/15/28		100,000		98,690
5.250% due 11/15/43		80,000		81,836
Oasis Petroleum Inc 6.875% due 01/15/23		10,000		10,025
Occidental Petroleum Corp
3.000% due 02/15/27		80,000		79,716
4.100% due 02/15/47		120,000		122,868
4.200% due 03/15/48		10,000		10,456
4.400% due 04/15/46		80,000		85,044
4.625% due 06/15/45		50,000		54,856
Petrobras Global Finance BV (Brazil)
5.299% due 01/27/25		955,000		971,245
6.900% due 03/19/49		30,000		29,742
Petroleos Mexicanos (Mexico)
6.375% due 01/23/45		70,000		62,093
6.875% due 08/04/26		220,000		229,856
Range Resources Corp
4.875% due 05/15/25		10,000		9,325
5.000% due 03/15/23		150,000		147,562
Schlumberger Holdings Corp 3.000% due 12/21/20 ~		40,000		40,178
Shell International Finance BV (Netherlands)
2.875% due 05/10/26		50,000		49,880
3.875% due 11/13/28		150,000		159,209
4.000% due 05/10/46		50,000		52,245
4.375% due 05/11/45		130,000		142,478
4.550% due 08/12/43		50,000		55,754
Sinopec Group Overseas Development Ltd (China) 4.375% due 04/10/24 ~		290,000		304,690
Targa Resources Partners LP
4.250% due 11/15/23		60,000		59,925
5.375% due 02/01/27		30,000		30,825
5.875% due 04/15/26 ~		40,000		42,480
6.500% due 07/15/27 ~		10,000		10,813
6.875% due 01/15/29 ~		20,000		21,825
The Williams Cos Inc 7.500% due 01/15/31		190,000		239,079
Transcontinental Gas Pipe Line Co LLC 7.850% due 02/01/26		220,000		275,455
Whiting Petroleum Corp 5.750% due 03/15/21		40,000		40,660

				8,610,037

Financial - 23.4%

AerCap Ireland Capital DAC (Ireland)
3.950% due 02/01/22		800,000		810,911
4.450% due 12/16/21		1,000,000		1,026,355
4.450% due 10/01/25		500,000		504,569
4.625% due 07/01/22		800,000		826,040
AIB Group PLC (Ireland) 4.750% due 10/12/23 ~		500,000		516,878
Aircastle Ltd 5.125% due 03/15/21		500,000		516,162
Ambac LSNI LLC (Cayman) 7.592% (USD LIBOR + 5.000%) due 02/12/23 § ~		360,255		363,857
American Express Co
3.375% due 05/17/21		1,100,000		1,114,680
3.400% due 02/27/23		700,000		711,357
American Express Credit Corp 2.375% due 05/26/20		80,000		79,755


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-12

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
American Homes 4 Rent LP REIT 4.250% due 02/15/28		$100,000		$99,155
American International Group Inc 3.750% due 07/10/25		630,000		631,717
American Tower Corp REIT 5.900% due 11/01/21		500,000		535,531
Australia & New Zealand Banking Group Ltd (Australia)
3.143% (USD LIBOR + 0.460%) due 05/17/21 § ~		500,000		500,887
3.300% due 05/17/21		500,000		505,500
AvalonBay Communities Inc REIT 3.450% due 06/01/25		300,000		305,876
Banco Bilbao Vizcaya Argentaria SA (Spain) 8.875% due 04/14/21 ~		EUR 800,000		989,030
Banco Santander SA (Spain)
3.848% due 04/12/23		$200,000		201,907
4.379% due 04/12/28		200,000		202,955
Bank of America Corp
3.004% due 12/20/23		155,000		154,667
3.389% (USD LIBOR + 0.790%) due 03/05/24 §		700,000		697,973
3.419% due 12/20/28		203,000		198,865
3.500% due 04/19/26		110,000		111,309
3.550% due 03/05/24		390,000		396,297
3.593% due 07/21/28		100,000		99,697
3.779% (USD LIBOR + 1.000%) due 04/24/23 §		500,000		504,147
3.864% due 07/23/24		500,000		514,067
3.974% due 02/07/30		320,000		326,762
4.000% due 04/01/24		250,000		260,441
4.100% due 07/24/23		500,000		523,315
4.200% due 08/26/24		160,000		165,785
4.250% due 10/22/26		720,000		740,967
4.330% due 03/15/50		30,000		31,016
4.450% due 03/03/26		90,000		93,932
6.100% due 03/17/25		160,000		169,449
6.250% due 09/05/24		60,000		63,635
Bank of Montreal (Canada) 3.803% due 12/15/32		60,000		58,076
Banque Federative du Credit Mutuel SA (France) 3.750% due 07/20/23 ~		600,000		615,515
Barclays Bank PLC (United Kingdom)
3.171% (USD LIBOR + 0.400%) due 10/25/19 §		900,000		901,577
7.625% due 11/21/22		800,000		870,468
Barclays PLC (United Kingdom)
3.650% due 03/16/25		300,000		293,490
3.684% due 01/10/23		500,000		499,740
4.114% (USD LIBOR + 1.430%) due 02/15/23 §		1,000,000		994,609
4.610% due 02/15/23		1,000,000		1,022,400
4.972% due 05/16/29		200,000		206,927
6.500% due 09/15/19		EUR 600,000		680,613
8.000% due 12/15/20		600,000		725,834
Berkshire Hathaway Finance Corp 4.250% due 01/15/49		$120,000		125,900
Blackstone CQP Holdco LP 6.000% due 08/18/21 ~		600,000		600,000
BNP Paribas SA (France)
4.375% due 03/01/33 ~		450,000		442,131
4.400% due 08/14/28 ~		340,000		350,470
4.705% due 01/10/25 ~		230,000		239,327
5.198% due 01/10/30 ~		200,000		216,304
Boston Properties LP REIT 4.500% due 12/01/28		600,000		639,576
BPCE SA (France) 4.000% due 09/12/23 ~		850,000		864,150
Capital One Financial Corp 4.250% due 04/30/25		500,000		519,773


	Principal Amount		Value
Carlyle Finance LLC 5.650% due 09/15/48 ~		$150,000		$149,181
CBL & Associates LP REIT 5.950% due 12/15/26		1,200,000		882,000
Chubb INA Holdings Inc
2.300% due 11/03/20		50,000		49,777
3.350% due 05/03/26		60,000		61,159
Citibank NA
2.850% due 02/12/21		800,000		803,265
3.650% due 01/23/24		1,600,000		1,652,556
Citigroup Inc
2.750% due 04/25/22		800,000		797,247
4.075% due 04/23/29		150,000		154,058
4.400% due 06/10/25		170,000		176,272
4.450% due 09/29/27		650,000		669,271
5.300% due 05/06/44		102,000		112,784
5.500% due 09/13/25		220,000		241,506
5.950% due 01/30/23		300,000		305,425
5.950% due 05/15/25		1,350,000		1,378,276
6.675% due 09/13/43		70,000		89,826
8.125% due 07/15/39		10,000		15,041
Commonwealth Bank of Australia (Australia) 5.000% due 10/15/19 ~		70,000		70,856
Cooperatieve Rabobank UA (Netherlands)
3.125% due 04/26/21		400,000		402,010
3.750% due 07/21/26		290,000		286,490
4.375% due 08/04/25		330,000		340,699
4.625% due 12/01/23		290,000		303,269
5.500% due 06/29/20 ~		EUR 700,000		815,351
6.625% due 06/29/21 ~		400,000		489,708
6.875% due 03/19/20 ~		300,000		358,506
11.000% due 06/30/19 ~		$160,000		163,600
Credit Agricole SA (France) 8.375% due 10/13/19 ~		300,000		309,000
Credit Suisse Group AG (Switzerland) 3.837% (USD LIBOR + 1.240%) due 06/12/24 § ~		750,000		746,194
Credit Suisse Group Funding Guernsey Ltd (Switzerland)
3.750% due 03/26/25		800,000		807,334
3.800% due 09/15/22		800,000		815,707
3.800% due 06/09/23		500,000		508,311
4.875% due 05/15/45		270,000		294,125
Danske Bank AS (Denmark) 5.000% due 01/12/22 ~		200,000		204,912
Deutsche Bank AG (Germany)
3.150% due 01/22/21		600,000		591,288
3.767% (USD LIBOR + 0.970%) due 07/13/20 §		500,000		498,381
3.950% due 02/27/23		500,000		493,784
4.250% due 10/14/21		900,000		904,937
4.607% (USD LIBOR + 1.910%) due 05/10/19 §		1,100,000		1,101,234
5.000% due 02/14/22		900,000		920,635
Digital Realty Trust LP REIT 4.450% due 07/15/28		500,000		523,183
EPR Properties REIT 5.250% due 07/15/23		400,000		421,714
ERP Operating LP REIT 3.375% due 06/01/25		200,000		203,329
Fifth Third Bancorp 3.650% due 01/25/24		70,000		71,764
GE Capital International Funding Co
2.342% due 11/15/20		1,183,000		1,168,655
3.373% due 11/15/25		205,000		199,248
GE Capital UK Funding Unlimited Co 5.875% due 11/04/20		GBP 600,000		831,827
GLP Capital LP REIT 5.375% due 04/15/26		$60,000		62,844
Goodman US Finance Three LLC REIT (Australia) 3.700% due 03/15/28 ~		200,000		194,686


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-13

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
Host Hotels & Resorts LP REIT 4.000% due 06/15/25		$200,000		$199,397
HSBC Holdings PLC (United Kingdom)
1.500% due 12/04/24 ~		EUR 900,000		1,042,069
3.283% (USD LIBOR + 0.600%) due 05/18/21 §		$500,000		499,911
3.400% due 03/08/21		1,740,000		1,756,291
3.683% (USD LIBOR + 1.000%) due 05/18/24 §		500,000		496,169
3.900% due 05/25/26		200,000		202,845
3.950% due 05/18/24		200,000		204,187
4.583% due 06/19/29		350,000		368,623
5.875% due 09/28/26		GBP 200,000		262,782
6.500% due 03/23/28		$390,000		386,465
Industrial & Commercial Bank of China Ltd (China) 3.504% (USD LIBOR + 0.875%) due 11/29/19 § ~		800,000		801,768
ING Bank NV (Netherlands) 5.800% due 09/25/23 ~		200,000		216,485
ING Groep NV (Netherlands)
3.150% due 03/29/22		800,000		801,380
4.625% due 01/06/26 ~		700,000		735,445
International Lease Finance Corp 5.875% due 08/15/22		150,000		161,860
Intesa Sanpaolo SPA (Italy)
3.375% due 01/12/23 ~		220,000		214,957
5.017% due 06/26/24 ~		370,000		357,970
Jackson National Life Global Funding 3.300% due 06/11/21 ~		400,000		404,376
JPMorgan Chase & Co
2.550% due 10/29/20		1,000,000		997,835
2.700% due 05/18/23		1,400,000		1,387,411
3.125% due 01/23/25		500,000		500,948
3.509% due 01/23/29		150,000		149,286
3.514% due 06/18/22		500,000		507,222
3.797% due 07/23/24		500,000		513,878
4.023% due 12/05/24		210,000		218,115
4.125% due 12/15/26		170,000		175,785
4.203% due 07/23/29		170,000		177,659
4.250% due 10/01/27		120,000		124,849
4.950% due 06/01/45		250,000		278,166
JPMorgan Chase Bank NA
3.086% due 04/26/21		300,000		300,884
3.105% (USD LIBOR + 0.340%) due 04/26/21 §		500,000		499,915
KEB Hana Bank (South Korea) 3.375% due 01/30/22 ~		900,000		910,703
Kilroy Realty LP REIT 4.750% due 12/15/28		1,000,000		1,065,543
Kimco Realty Corp REIT 2.700% due 03/01/24		900,000		871,186
KKR Group Finance Co II LLC 5.500% due 02/01/43 ~		30,000		32,213
Lifestorage LP REIT 3.500% due 07/01/26		800,000		771,589
Lloyds Bank PLC (United Kingdom) 3.300% due 05/07/21		500,000		504,175
Lloyds Banking Group PLC (United Kingdom)
3.263% (AUD Bank Bill + 1.400%) due 03/07/25 §		AUD 800,000		554,840
3.574% due 11/07/28		$200,000		192,400
4.000% due 03/07/25		AUD 900,000		656,132
4.450% due 05/08/25		$500,000		519,739
4.500% due 11/04/24		260,000		264,511
7.000% due 06/27/19 ~		GBP 800,000		1,044,314
7.625% due 06/27/23 ~		600,000		827,852
MetLife Inc 4.750% due 02/08/21		$100,000		103,673
Metropolitan Life Global Funding 3.450% due 12/18/26 ~		700,000		714,079


	Principal Amount		Value
Mid-America Apartments LP REIT 4.200% due 06/15/28		$700,000		$724,817
Mitsubishi UFJ Financial Group Inc (Japan)
2.998% due 02/22/22		80,000		80,227
3.455% due 03/02/23		600,000		608,818
Mizuho Financial Group Inc (Japan) 3.922% due 09/11/24		600,000		618,253
Morgan Stanley
3.125% due 07/27/26		200,000		195,143
3.247% (USD LIBOR + 0.550%) due 02/10/21 §		500,000		500,568
3.737% due 04/24/24		850,000		867,930
3.772% due 01/24/29		40,000		40,300
3.941% (USD LIBOR + 1.180%) due 01/20/22 §		500,000		505,150
4.431% due 01/23/30		160,000		169,021
Nasdaq Inc 3.850% due 06/30/26		800,000		812,382
National Australia Bank Ltd (Australia) 3.625% due 06/20/23		500,000		512,528
National Retail Properties Inc REIT 3.500% due 10/15/27		200,000		197,186
Nationwide Building Society (United Kingdom) 6.875% due 06/20/19 ~		GBP 500,000		655,158
Navient Corp 8.000% due 03/25/20		$600,000		625,500
New York Life Global Funding 2.900% due 01/17/24 ~		1,000,000		1,006,475
Oversea-Chinese Banking Corp Ltd (Singapore) 3.144% (USD LIBOR + 0.450%) due 05/17/21 § ~		400,000		401,300
Regions Bank 3.374% due 08/13/21		500,000		502,509
Reliance Standard Life Global Funding II 2.500% due 01/15/20 ~		30,000		29,872
Royal Bank of Canada (Canada)
2.150% due 10/26/20		70,000		69,562
3.200% due 04/30/21		80,000		80,967
Royal Bank of Scotland Group PLC (United Kingdom)
2.000% due 03/08/23 ~		EUR 900,000		1,033,381
2.500% due 03/22/23 ~		800,000		939,624
3.875% due 09/12/23		$800,000		804,082
4.269% due 03/22/25		200,000		202,201
4.519% due 06/25/24		200,000		204,707
5.125% due 05/28/24		720,000		739,335
6.125% due 12/15/22		70,000		74,690
7.500% due 08/10/20		800,000		817,000
8.625% due 08/15/21		600,000		640,500
Santander Holdings USA Inc
4.450% due 12/03/21		1,000,000		1,030,216
4.500% due 07/17/25		130,000		134,176
Santander UK Group Holdings PLC (United Kingdom)
2.375% due 03/16/20		40,000		39,875
2.875% due 10/16/20		1,100,000		1,099,474
3.750% due 11/15/21		1,000,000		1,018,346
Simon Property Group LP REIT 2.500% due 09/01/20		400,000		399,425
Skandinaviska Enskilda Banken AB (Sweden)
3.113% (USD LIBOR + 0.430%) due 05/17/21 § ~		500,000		500,171
3.250% due 05/17/21 ~		500,000		504,727
Societe Generale SA (France) 4.250% due 09/14/23 ~		500,000		513,334
Standard Chartered PLC (United Kingdom) 5.700% due 03/26/44 ~		210,000		228,775
Sumitomo Mitsui Financial Group Inc (Japan) 2.058% due 07/14/21		120,000		117,994


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-14

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
Svenska Handelsbanken AB (Sweden) 3.350% due 05/24/21		$250,000		$252,967
Synchrony Bank 3.650% due 05/24/21		500,000		504,872
Teachers Insurance & Annuity Association of America
4.900% due 09/15/44 ~		40,000		44,752
6.850% due 12/16/39 ~		18,000		24,811
The Depository Trust & Clearing Corp 4.875% due 06/15/20 ~		250,000		250,261
The Goldman Sachs Group Inc
3.200% due 02/23/23		60,000		60,146
3.401% (USD LIBOR + 0.750%) due 02/23/23 §		600,000		595,084
3.500% due 01/23/25		700,000		698,486
3.524% (USD LIBOR + 0.780%) due 10/31/22 §		500,000		498,107
3.750% due 05/22/25		600,000		606,108
3.811% (USD LIBOR + 1.200%) due 09/15/20 §		500,000		505,321
3.814% due 04/23/29		200,000		198,441
3.850% due 07/08/24		310,000		316,879
3.854% (USD LIBOR + 1.170%) due 05/15/26 §		1,000,000		981,905
4.223% due 05/01/29		470,000		481,396
4.250% due 10/21/25		720,000		738,190
5.150% due 05/22/45		130,000		138,037
6.250% due 02/01/41		230,000		286,388
The Toronto-Dominion Bank (Canada)
2.500% due 01/18/23 ~		1,200,000		1,197,706
3.250% due 06/11/21		100,000		101,256
3.350% due 10/22/21 ~		500,000		509,480
UBS AG (Switzerland) 3.175% (USD LIBOR + 0.580%) due 06/08/20 § ~		1,200,000		1,204,981
UBS Group Funding Switzerland AG (Switzerland)
2.859% due 08/15/23 ~		200,000		197,199
3.000% due 04/15/21 ~		1,000,000		1,000,135
3.491% due 05/23/23 ~		260,000		261,448
4.125% due 09/24/25 ~		1,000,000		1,034,056
4.125% due 04/15/26 ~		200,000		207,164
4.253% due 03/23/28 ~		270,000		281,255
7.000% due 01/31/24 ~		250,000		253,904
UniCredit SPA (Italy)
6.572% due 01/14/22 ~		350,000		366,880
7.830% due 12/04/23 ~		1,800,000		2,006,118
VEREIT Operating Partnership LP REIT 3.950% due 08/15/27		200,000		197,388
Vesteda Finance BV (Netherlands) 2.500% due 10/27/22 ~		EUR 600,000		716,345
Visa Inc
3.150% due 12/14/25		$150,000		152,780
4.300% due 12/14/45		150,000		166,072
Washington Prime Group LP REIT 5.950% due 08/15/24		950,000		891,660
WEA Finance LLC REIT (France) 3.750% due 09/17/24 ~		270,000		276,008
Wells Fargo & Co
3.000% due 10/23/26		200,000		195,439
3.450% due 02/13/23		110,000		111,289
3.584% due 05/22/28		100,000		100,596
3.750% due 01/24/24		950,000		978,521
3.974% (USD LIBOR + 1.230%) due 10/31/23 §		2,000,000		2,032,883
4.150% due 01/24/29		130,000		136,064
4.300% due 07/22/27		380,000		395,842
4.400% due 06/14/46		30,000		30,002
4.600% due 04/01/21		80,000		82,675
4.900% due 11/17/45		190,000		202,998
5.375% due 11/02/43		80,000		90,225
5.606% due 01/15/44		150,000		173,378
5.875% due 06/15/25		60,000		64,167


	Principal Amount		Value
Wells Fargo Bank NA 3.625% due 10/22/21		$300,000		$305,822
Westpac Banking Corp (Australia)
2.300% due 05/26/20		40,000		39,841
2.600% due 11/23/20		50,000		49,941

				116,420,801

Industrial - 2.7%

Aviation Capital Group LLC
2.875% due 01/20/22 ~		500,000		492,765
4.125% due 08/01/25 ~		600,000		598,992
CNH Industrial Capital LLC 4.875% due 04/01/21		400,000		412,000
DAE Funding LLC (United Arab Emirates) 5.750% due 11/15/23 ~		160,000		164,800
Eaton Corp
2.750% due 11/02/22		130,000		129,632
4.150% due 11/02/42		30,000		30,151
GATX Corp
3.453% (USD LIBOR + 0.720%) due 11/05/21 §		1,000,000		995,278
4.750% due 06/15/22		400,000		415,439
4.850% due 06/01/21		290,000		298,966
General Electric Co
3.150% due 09/07/22		77,000		76,792
5.300% due 02/11/21		200,000		207,101
5.500% due 01/08/20		20,000		20,438
5.875% due 01/14/38		40,000		42,668
6.750% due 03/15/32		30,000		34,712
6.875% due 01/10/39		298,000		353,391
Harris Corp 5.054% due 04/27/45		60,000		66,387
John Deere Capital Corp 3.157% (USD LIBOR + 0.550%) due 06/07/23 §		500,000		499,939
Lockheed Martin Corp
3.100% due 01/15/23		20,000		20,237
3.550% due 01/15/26		70,000		72,335
4.500% due 05/15/36		30,000		32,608
Northrop Grumman Corp
2.930% due 01/15/25		40,000		39,498
3.250% due 01/15/28		280,000		275,723
NTT Finance Corp (Japan) 1.900% due 07/21/21 ~		800,000		784,303
Park Aerospace Holdings Ltd (Ireland) 5.250% due 08/15/22 ~		50,000		51,370
Penske Truck Leasing Co LP
4.125% due 08/01/23 ~		600,000		618,145
4.250% due 01/17/23 ~		800,000		827,201
Raytheon Co 3.125% due 10/15/20		70,000		70,739
Rockwell Collins Inc
2.800% due 03/15/22		500,000		499,162
3.100% due 11/15/21		800,000		801,907
3.200% due 03/15/24		1,000,000		1,000,294
SMBC Aviation Capital Finance DAC (Ireland) 3.000% due 07/15/22 ~		1,100,000		1,087,533
The Boeing Co 4.875% due 02/15/20		170,000		173,133
TTX Co 2.600% due 06/15/20 ~		550,000		548,629
Union Pacific Corp
3.950% due 09/10/28		180,000		189,111
4.500% due 09/10/48		180,000		191,934
United Parcel Service Inc
2.500% due 04/01/23		50,000		49,892
3.050% due 11/15/27		30,000		30,031
United Technologies Corp
3.950% due 08/16/25		60,000		62,412
4.125% due 11/16/28		30,000		31,294
4.500% due 06/01/42		60,000		62,152


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-15

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
Waste Management Inc 3.500% due 05/15/24		$100,000		$102,570
WRKCo Inc 4.650% due 03/15/26		1,000,000		1,062,475
XPO Logistics Inc 6.500% due 06/15/22 ~		30,000		30,773

				13,554,912

Technology - 1.6%

Activision Blizzard Inc 2.600% due 06/15/22		900,000		892,873
Apple Inc 2.450% due 08/04/26		180,000		174,065
Broadcom Corp 2.650% due 01/15/23		700,000		682,136
Broadcom Inc 3.125% due 10/15/22 ~		900,000		895,887
Dell International LLC
4.420% due 06/15/21 ~		500,000		513,239
5.450% due 06/15/23 ~		500,000		533,127
Hewlett Packard Enterprise Co 3.318% (USD LIBOR + 0.720%) due 10/05/21 §		600,000		597,981
Intel Corp
3.700% due 07/29/25		50,000		52,489
3.734% due 12/08/47		36,000		36,427
Microsoft Corp
2.400% due 08/08/26		490,000		475,939
2.700% due 02/12/25		60,000		60,104
2.875% due 02/06/24		240,000		243,152
3.300% due 02/06/27		240,000		246,944
3.450% due 08/08/36		20,000		20,130
3.950% due 08/08/56		30,000		31,378
NXP BV (Netherlands)
4.625% due 06/01/23 ~		700,000		728,700
4.875% due 03/01/24 ~		800,000		845,176
salesforce.com Inc
3.250% due 04/11/23		80,000		81,996
3.700% due 04/11/28		30,000		31,486
VMware Inc 2.950% due 08/21/22		500,000		495,162

				7,638,391

Utilities - 2.2%

American Electric Power Co Inc 2.150% due 11/13/20		500,000		495,564
Duke Energy Carolinas LLC 5.300% due 02/15/40		60,000		72,625
Duke Energy Corp
3.150% due 08/15/27		200,000		196,539
3.193% (USD LIBOR + 0.500%) due 05/14/21 § ~		500,000		499,903
3.550% due 09/15/21		800,000		812,874
Duke Energy Ohio Inc 3.650% due 02/01/29		20,000		20,802
Emera US Finance LP (Canada) 2.700% due 06/15/21		800,000		793,190
Entergy Corp 5.125% due 09/15/20		400,000		408,718
FirstEnergy Corp
3.900% due 07/15/27		190,000		193,110
4.250% due 03/15/23		170,000		177,505
7.375% due 11/15/31		590,000		781,956
IPALCO Enterprises Inc 3.450% due 07/15/20		800,000		800,751
LG&E & KU Energy LLC 4.375% due 10/01/21		500,000		513,888
National Fuel Gas Co 4.900% due 12/01/21		2,000,000		2,058,865


	Principal Amount		Value
NextEra Energy Capital Holdings Inc
3.200% due 02/25/22		$900,000		$908,608
3.352% (USD LIBOR + 0.720%) due 02/25/22 §		900,000		902,105
Niagara Mohawk Power Corp 4.278% due 12/15/28 ~		1,100,000		1,169,135
Pacific Gas & Electric Co 3.500% due 10/01/20 * Y		40,000		37,000
Progress Energy Inc 4.400% due 01/15/21		30,000		30,732
Virginia Electric & Power Co 6.350% due 11/30/37		160,000		206,673

				11,080,543

Total Corporate Bonds & Notes (Cost $236,437,756)				239,556,183


SENIOR LOAN NOTES - 0.7%

Communications - 0.1%

Altice France SA Term B-12 (France) 6.171% (USD LIBOR + 3.000%) due 01/31/26 §		256,046		245,964
Charter Communications Operating LLC Term B 4.500% (USD LIBOR + 2.000%) due 04/30/25 §		120,551		119,895
Intelsat Jackson Holdings SA Term B-3 (Luxembourg) due 11/27/23 ¥		40,000		39,325
Level 3 Parent LLC Term B 4.736% (USD LIBOR + 2.250%) due 02/22/24 §		70,000		69,300
Univision Communications Inc Term C-5 5.249% (USD LIBOR + 2.750%) due 03/15/24 §		141,716		133,871
UPC Financing Partnership Term AR 4.984% (USD LIBOR + 2.500%) due 01/15/26 §		54,177		54,045
Ziggo Secured Finance Partnership Term E (Netherlands) 4.984% (USD LIBOR + 2.500%) due 04/15/25 §		109,750		107,075

				769,475

Consumer, Cyclical - 0.2%

Alterra Mountain Co Term B due 07/31/24 ¥		80,000		79,717
American Builders & Contractors Supply Co Inc Term B-2 4.499% (USD LIBOR + 2.000%) due 10/31/23 §		39,394		38,405
Beacon Roofing Supply Inc Term B 4.749% (USD LIBOR + 2.250%) due 01/02/25 §		86,690		84,532
Boyd Gaming Corp Term B 4.658% (USD LIBOR + 2.500%) due 09/15/23 §		200,000		198,100
Caesars Resort Collection LLC Term B 5.249% (USD LIBOR + 2.750%) due 12/22/24 §		90,928		90,035
CityCenter Holdings LLC Term B 4.749% (USD LIBOR + 2.250%) due 04/18/24 §		23,091		22,668
Michaels Stores Inc Term B 4.997% (USD LIBOR + 2.500%) due 01/28/23 §		107,412		105,330
Panther BF Aggregator 2 LP Term B due 03/18/26 ¥		150,000		148,496
Party City Holdings Inc 5.000% (USD LIBOR + 2.750%) due 08/19/22 §		196,331		195,178


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-16

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
PetSmart Inc Term B 5.490% (USD LIBOR + 3.000%) due 03/11/22 §		$96,572		$86,854
Scientific Games International Inc Term B-5 5.314% (USD LIBOR + 2.750%) due 08/14/24 §		176,158		171,597

				1,220,912

Consumer, Non-Cyclical - 0.2%

Air Medical Group Holdings Inc Term B 5.739% (USD LIBOR + 3.250%) due 04/28/22 §		307,027		289,296
Atlantic Aviation FBO Inc Term B 6.250% (USD LIBOR + 3.750%) due 12/06/25 §		19,950		20,124
Catalent Pharma Solutions Inc Term B 4.749% (USD LIBOR + 2.250%) due 05/20/24 §		85,956		85,703
Change Healthcare Holdings LLC Term B 5.249% (USD LIBOR + 2.750%) due 03/01/24 §		82,492		81,461
Envision Healthcare Corp Term B 6.249% (USD LIBOR + 3.750%) due 10/11/25 §		29,925		28,049
MPH Acquisition Holdings LLC Term B 5.351% (USD LIBOR + 3.000%) due 06/07/23 § ¥		96,441		93,464
Post Holdings Inc Term B 4.490% (USD LIBOR + 2.000%) due 05/24/24 §		31,088		30,894
Prime Security Services Borrower LLC Term B due 05/02/22 ¥		69,607		69,010
RegionalCare Hospital Partners Holdings Inc 6.982% (USD LIBOR + 4.500%) due 11/16/25 §		59,850		59,364
VVC Holding Corp Term B 7.197% (USD LIBOR + 4.500%) due 02/11/26 §		80,000		78,933

				836,298

Diversified - 0.0%

First Eagle Holdings Inc Term B 5.351% (USD LIBOR + 2.750%) due 12/01/24 §		29,925		29,850


Financial - 0.0%

Asurion LLC
Term B-4 due 08/04/22 ¥		79,771		79,472
Term B-7 5.499% (USD LIBOR + 3.000%) due 11/03/24 § ¥		39,899		39,694
Focus Financial Partners LLC Term B due 07/03/24 ¥		9,975		9,946
LPL Holdings Inc due 09/21/24 ¥		20,000		19,874
The Edelman Financial Center LLC Term B due 07/19/25 ¥		59,875		59,613

				208,599

Industrial - 0.1%

Avolon (US) LLC Term B-3 (Ireland) 4.488% (USD LIBOR + 2.000%) due 01/15/25 §		5,516		5,481
Berry Global Inc Term Q 4.610% (USD LIBOR + 2.000%) due 10/01/22 §		73,116		72,782


	Principal Amount		Value
Quikrete Holdings Inc Term B 5.249% (USD LIBOR + 2.750%) due 11/15/23 §		$10,071		$9,819
Reynolds Group Holdings Inc Term B due 02/05/23 ¥		239,388		236,887

				324,969

Technology - 0.1%

Dell International LLC Term B 4.500% (USD LIBOR + 2.000%) due 09/07/23 §		174,282		172,496
First Data Corp
4.486% (USD LIBOR + 2.250%) due 07/10/22 §		10,000		9,986
4.486% (USD LIBOR + 2.250%) due 04/26/24 §		146,263		145,989
McAfee LLC Term B 6.249% (USD LIBOR + 3.750%) due 09/29/24 §		39,900		39,845

				368,316

Total Senior Loan Notes (Cost $3,832,141)				3,758,419


MORTGAGE-BACKED SECURITIES - 54.7%

Collateralized Mortgage Obligations - Commercial - 2.3%

Ashford Hospitality Trust 3.484% (USD LIBOR + 1.000%) due 05/15/35 § ~		600,000		600,293
BAMLL Re-REMIC Trust 5.779% due 08/10/45 § ~		1,661,137		1,180,128
BBCCRE Trust 4.563% due 08/10/33 § ~		320,000		286,765
BX Commercial Mortgage Trust 4.534% (USD LIBOR + 2.050%) due 11/15/35 § ~		114,488		114,988
BX Trust 3.404% (USD LIBOR + 0.920%) due 07/15/34 § ~		302,122		301,741
CD Commercial Mortgage Trust 5.398% due 12/11/49 §		816		517
Commercial Mortgage Trust 4.351% due 02/10/48 §		90,000		90,195
Credit Suisse Commercial Mortgage Trust 5.373% due 12/15/39		77,556		52,463
CSMC Trust
4.373% due 09/15/37 ~		830,000		742,344
8.484% (USD LIBOR + 6.000%) due 11/15/33 § ~		490,000		492,805
DBUBS Mortgage Trust 5.339% due 08/10/44 § ~		260,000		271,816
Fannie Mae 3.673% due 09/25/28 §		280,000		293,655
Fannie Mae (IO)
0.364% due 10/25/24 §		10,944,907		187,293
Freddie Mac Multifamily Structured Pass-Through Certificates
3.030% (USD LIBOR + 0.540%) due 12/25/28 §		60,000		60,142
Freddie Mac Multifamily Structured Pass-Through Certificates (IO)
0.417% due 08/25/19 §		8,688,047		3,221
GE Commercial Mortgage Co 5.677% due 12/10/49 §		180,000		43,456
Government National Mortgage Association (IO)
0.411% due 01/16/53 §		10,978,117		313,060
0.587% due 04/16/47 §		3,964,433		149,511
GRACE Mortgage Trust 3.520% due 06/10/28 ~		600,000		604,816


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-17

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
GS Mortgage Securities Trust
3.203% due 02/10/29 ~		$400,000		$401,918
3.784% (USD LIBOR + 1.300%) due 09/15/31 § ~		1,120,000		1,100,271
5.622% due 11/10/39		133,591		115,341
JP Morgan Chase Commercial Mortgage Securities Trust
5.438% due 01/15/49 ~		470,000		101,246
5.502% due 06/12/47 §		220,000		168,548
5.607% due 02/12/49 §		969,768		702,597
ML-CFC Commercial Mortgage Trust 5.450% due 08/12/48 §		62,847		46,100
Morgan Stanley Bank of America Merrill Lynch Trust 3.040% due 04/15/48		1,000,000		1,008,246
Morgan Stanley Capital I Trust
3.402% due 07/13/29 § ~		600,000		605,390
3.446% due 07/13/29 § ~		700,000		705,271
Waterfall Commercial Mortgage Trust 4.104% due 09/14/22 § ~		215,776		218,803
Wells Fargo Commercial Mortgage Trust (IO) 1.278% due 03/15/50 §		4,746,441		383,859
WFRBS Commercial Mortgage Trust (IO) 1.327% due 03/15/44 § ~		4,045,414		87,479

				11,434,278

Collateralized Mortgage Obligations - Residential - 6.9%

Alternative Loan Trust
2.656% (USD LIBOR + 0.170%) due 07/25/46 §		358,451		347,662
2.696% (USD LIBOR + 0.210%) due 05/25/35 §		294,177		277,966
3.661% due 06/25/37 §		123,381		105,756
American Home Mortgage Investment Trust 6.700% due 06/25/36		1,376,564		501,911
Banc of America Funding Trust 4.633% due 05/25/35 §		22,583		23,756
BCAP LLC Trust
0.184% due 03/28/37 § ~		1,675,822		1,621,251
4.917% due 03/26/37 ~		43,493		43,564
Bear Stearns Adjustable Rate Mortgage Trust
4.354% due 08/25/33 §		26,502		26,695
4.717% due 10/25/36 §		10,778		10,421
4.807% due 01/25/35 §		365,718		369,590
Bear Stearns ALT-A Trust
3.960% due 11/25/36 §		50,394		42,067
4.568% due 05/25/35 §		19,665		19,830
Chase Mortgage Finance Trust
4.134% due 09/25/36 §		74,856		70,029
4.646% due 02/25/37 §		251,175		254,960
ChaseFlex Trust 2.636% (USD LIBOR + 0.150%) due 08/25/37 §		439,642		452,261
Chevy Chase Funding LLC
2.736% (USD LIBOR + 0.250%) due 08/25/35 § ~		19,764		19,649
2.966% due 05/25/35 § ~		841,130		661,248
Citigroup Mortgage Loan Trust Inc 4.240% (UST + 2.150%) due 09/25/35 §		11,093		11,281
COLT Mortgage Loan Trust 3.000% due 05/25/46 ~		81,769		81,611
Countrywide Home Loan Mortgage Pass-Through Trust 3.126% (USD LIBOR + 0.640%) due 03/25/35 §		10,076		10,109
Credit Suisse First Boston Mortgage Securities Corp 6.000% due 11/25/35		49,675		41,245
CSMC Trust 3.500% due 02/25/48 § ~		3,581,301		3,510,502
Downey Saving & Loan Association Mortgage Loan Trust 2.662% (USD LIBOR + 0.180%) due 04/19/47 §		103,835		92,848


	Principal Amount		Value
Eurosail-UK PLC (United Kingdom)
1.793% (GBP LIBOR + 0.950%) due 06/13/45 § ~		GBP 780,970		$1,006,892
Fannie Mae
2.959% (USD LIBOR + 0.450%) due 09/25/46 §		$667,953		667,802
3.875% (US PRIME - 1.625%) due 11/25/23 §		72,422		69,903
5.500% due 04/25/35		394,506		444,494
Fannie Mae (IO)
3.515% (6.000% - USD LIBOR) due 11/25/45 §		1,823,673		329,401
3.615% (6.100% - USD LIBOR) due 09/25/46 §		1,152,752		166,917
4.000% due 03/25/43		438,332		75,405
4.000% due 04/25/43		1,682,871		286,083
Freddie Mac (IO)
3.500% due 04/15/43		1,012,406		154,977
3.616% (6.100% - USD LIBOR) due 08/15/44 §		293,494		56,282
4.000% due 04/15/43		421,134		51,177
Freddie Mac REMICS
3.000% due 08/15/48		595,526		589,968
8.000% due 04/15/30		75,987		87,264
Freddie Mac Structured Agency Credit Risk Debt Notes
5.636% (USD LIBOR + 3.150%) due 07/25/30 §		1,120,000		1,088,659
6.486% (USD LIBOR + 4.000%) due 08/25/24 §		415,855		450,664
GMACM Mortgage Loan Trust 6.000% due 12/25/35		714,977		693,471
Government National Mortgage Association
2.809% (USD LIBOR + 0.300%) due 05/20/68 §		465,350		462,996
3.109% (USD LIBOR + 0.600%) due 07/20/65 §		686,299		685,944
3.247% (USD LIBOR + 0.750%) due 04/20/67 §		754,143		767,245
3.309% (USD LIBOR + 0.800%) due 06/20/66 §		758,715		764,480
3.309% (USD LIBOR + 0.800%) due 07/20/66 §		1,218,084		1,224,622
5.263% due 09/20/66 §		912,602		1,005,933
Government National Mortgage Association (IO)
3.618% (6.100% - USD LIBOR) due 10/16/46 §		246,408		49,080
3.662% (6.150% - USD LIBOR) due 02/20/46 §		1,595,062		262,753
4.000% due 11/20/44		1,037,655		191,107
4.500% due 11/16/45		362,856		74,973
Great Hall Mortgages PLC (United Kingdom) 2.745% (USD LIBOR + 0.130%) due 06/18/39 § ~		306,409		300,532
GSR Mortgage Loan Trust
6.000% due 11/25/35		722,954		589,850
6.000% due 07/25/37		368,907		326,973
HarborView Mortgage Loan Trust
2.646% (USD LIBOR + 0.160%) due 05/25/38 §		354,777		305,855
2.652% (USD LIBOR + 0.170%) due 12/19/36 §		217,601		199,720
2.922% (USD LIBOR + 0.440%) due 05/19/35 §		318,090		309,002
4.425% due 08/19/36 §		149,142		139,490
4.961% due 02/25/36 §		64,609		42,484
JP Morgan Mortgage Trust
3.500% due 09/25/48 § ~		1,484,835		1,481,435
3.500% due 10/25/48 § ~		691,303		689,763
3.500% due 10/25/48 § ~		2,323,019		2,317,845
4.327% due 07/25/35 §		37,957		38,260


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-18

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
5.750% due 01/25/36		$15,885		$12,264
Ludgate Funding PLC (United Kingdom) 1.001% (GBP LIBOR + 0.160%) due 01/01/61 § ~		GBP 503,793		612,285
Merrill Lynch Mortgage Investors Trust 4.336% due 11/25/35 §		$385,635		389,583
Morgan Stanley Resecuritization Trust 3.042% (US FED + 0.710%) due 12/27/46 § ~		1,687,602		1,280,495
Nomura Resecuritization Trust 7.599% due 06/26/35 § ~		1,853,826		1,834,976
RBSSP Resecuritization Trust 4.616% due 12/25/35 § ~		135,698		139,329
Reperforming Loan REMIC Trust
2.826% (USD LIBOR + 0.340%) due 06/25/35 § ~		33,818		32,678
2.826% (USD LIBOR + 0.340%) due 01/25/36 § ~		201,131		197,323
Towd Point Mortgage Funding PLC (United Kingdom) 1.860% (GBP LIBOR + 1.025%) due 10/20/51 § # ~		GBP 1,500,000		1,954,173
WaMu Mortgage Pass-Through Certificates Trust 3.874% due 02/25/37 §		$163,249		156,981
Wells Fargo Mortgage-Backed Securities Trust
4.558% due 12/25/34 §		16,628		17,077
4.675% due 04/25/36 §		13,175		13,222
4.955% due 03/25/36 §		125,092		124,377
5.145% due 04/25/35 §		337,559		345,758

				34,156,434

Fannie Mae - 36.2%

2.310% due 08/01/22		500,000		496,986
2.810% due 04/01/25		30,000		30,216
3.000% due 09/01/21 - 05/01/49		41,038,607		40,844,464
3.500% due 04/01/34 - 05/01/49		54,538,008		55,280,909
3.597% (US FED + 1.200%) due 10/01/44 §		14,473		14,574
4.000% due 06/01/25 - 06/01/57		66,327,079		68,232,722
4.262% (US FED + 1.926%) due 12/01/36 §		2,921		3,037
4.293% (UST + 2.043%) due 09/01/35 §		41,119		43,201
4.386% (USD LIBOR + 1.641%) due 11/01/32 §		32,617		33,180
4.500% due 04/01/19 - 09/01/57		11,260,666		11,743,348
4.730% (UST + 2.360%) due 11/01/34 §		33,419		35,390
4.737% (USD LIBOR + 1.737%) due 12/01/35 §		4,947		5,019
5.000% due 02/01/25 - 04/01/49		1,304,703		1,380,554
5.500% due 12/01/20 - 08/01/39		1,426,777		1,541,979
6.000% due 02/01/33 - 06/01/40		227,346		250,093

				179,935,672

Freddie Mac - 4.2%

3.000% due 02/01/38 - 04/01/49		4,889,351		4,876,142
3.500% due 10/01/42 - 04/01/49		5,723,971		5,819,032
4.000% due 10/01/46 - 04/01/49		7,023,164		7,232,387
4.085% (USD LIBOR + 1.345%) due 09/01/35 §		5,831		6,022
4.172% (UST + 2.250%) due 04/01/32 §		10,737		11,244
4.347% (USD LIBOR + 1.721%) due 06/01/35 §		54,496		57,035
4.500% due 11/01/44		142,701		151,667


	Principal Amount		Value
4.620% (USD LIBOR + 1.870%) due 09/01/35 §		$28,561		$30,031
4.722% (UST + 2.250%) due 11/01/31 §		2,482		2,612
5.000% due 08/01/48 - 04/01/49		2,032,172		2,153,229
5.500% due 03/01/23 - 05/01/40		576,547		631,952
6.000% due 03/01/23		9,886		10,708

				20,982,061

Government National Mortgage Association - 5.1%

3.000% due 09/15/42 - 04/20/49		2,041,210		2,054,390
3.500% due 03/20/45 - 04/20/49		5,664,179		5,790,264
4.000% due 12/20/47 - 05/20/49		2,773,288		2,863,851
4.500% due 06/20/48 - 04/20/49		5,146,261		5,350,557
5.000% due 10/15/38 - 05/20/49		9,080,565		9,498,460

				25,557,522

Total Mortgage-Backed Securities (Cost $272,396,040)				272,065,967


ASSET-BACKED SECURITIES - 5.3%

Ally Auto Receivables Trust 2.720% due 05/17/21		494,997		495,056
Apex Credit CLO Ltd (Cayman) 3.611% (USD LIBOR + 1.050%) due 10/27/28 § ~		800,000		799,871
Argent Securities Inc
3.306% (USD LIBOR + 0.820%) due 02/25/34 §		654,892		636,184
3.611% (USD LIBOR + 1.125%) due 11/25/34 §		469,638		468,894
Asset-Backed Funding Certificates Trust 3.186% (USD LIBOR + 0.700%) due 06/25/34 §		60,527		59,862
Basic Asset Backed Securities Trust 2.796% (USD LIBOR + 0.310%) due 04/25/36 §		488,723		487,730
Bear Stearns Asset Backed Securities I Trust
2.686% (USD LIBOR + 0.200%) due 12/25/36 §		198,276		198,229
2.726% (USD LIBOR + 0.240%) due 12/25/36 §		1,286,718		1,109,402
3.491% (USD LIBOR + 1.005%) due 06/25/35 §		291,748		291,090
Business Loan Express Business Loan Trust 2.916% (USD LIBOR + 0.430%) due 02/25/31 § ~		112,678		109,497
Chapel BV (Netherlands) 0.352% (EUR LIBOR + 0.660%) due 11/17/64 § ~		EUR 1,456		1,635
Chesapeake Funding II LLC
2.854% (USD LIBOR + 0.370%) due 08/15/30 § ~		$583,189		582,084
3.230% due 08/15/30 ~		583,189		587,411
CIT Mortgage Loan Trust 3.840% (USD LIBOR + 1.350%) due 10/25/37 § ~		539,675		545,844
Citigroup Mortgage Loan Trust
2.656% (USD LIBOR + 0.170%) due 05/25/37 §		125,317		124,823
2.936% (USD LIBOR + 0.450%) due 11/25/45 § ~		488,602		484,810
Community Funding CLO (Cayman) 5.750% due 11/01/27 ~		649,859		660,918
Countrywide Asset-Backed Certificates
2.626% (USD LIBOR + 0.140%) due 07/25/37 §		367,019		332,649
2.886% (USD LIBOR + 0.400%) due 06/25/36 §		500,000		492,849


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-19

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
Credit Acceptance Auto Loan Trust 3.470% due 05/17/27 ~		$600,000		$604,858
First Franklin Mortgage Loan Trust 3.146% (USD LIBOR + 0.660%) due 05/25/36 §		447,926		448,162
Freddie Mac Structured Pass-Through Certificates 3.089% due 11/25/27		200,000		200,552
Gallatin CLO (Cayman) 3.811% (USD LIBOR + 1.050%) due 01/21/28 § ~		500,000		498,038
GM Financial Consumer Automobile Receivables Trust 2.740% due 07/16/21		507,716		507,850
GSAA Home Equity Trust
2.586% (USD LIBOR + 0.100%) due 03/25/37 §		485,022		233,238
6.000% due 08/25/47		506,244		480,111
Home Equity Asset Trust 3.386% (USD LIBOR + 0.900%) due 11/25/34 §		457,745		461,680
Jamestown CLO VIII Ltd (Cayman) 3.657% (USD LIBOR + 0.870%) due 01/15/28 § ~		700,000		693,773
Legacy Mortgage Asset Trust 4.000% due 01/25/59 ~		380,610		383,777
LoanCore Issuer Ltd (Cayman) 3.614% (USD LIBOR + 1.130%) due 05/15/28 § ~		500,000		500,889
Long Beach Mortgage Loan Trust 2.786% (USD LIBOR + 0.300%) due 02/25/36 §		1,071,553		891,656
Mastr Asset Backed Securities Trust 2.706% (USD LIBOR + 0.220%) due 10/25/36 §		676,613		306,314
Merrill Lynch Mortgage Investors Trust 2.646% (USD LIBOR + 0.160%) due 04/25/37 §		432,567		255,551
Monarch Grove CLO (Cayman) 3.651% (USD LIBOR + 0.880%) due 01/25/28 § ~		500,000		495,887
Morgan Stanley Home Equity Loan Trust
2.586% (USD LIBOR + 0.100%) due 12/25/36 §		1,045,754		601,371
2.626% (USD LIBOR + 0.140%) due 12/25/36 §		825,460		477,067
Mountain View CLO Ltd (Cayman) 3.587% (USD LIBOR + 0.800%) due 10/15/26 § ~		579,571		577,542
Navient Private Education Trust 3.420% due 01/15/43 ~		150,000		152,331
Navient Student Loan Trust
2.726% (USD LIBOR + 0.240%) due 03/25/67 § ~		130,554		130,538
3.430% due 12/15/59 ~		1,616,003		1,625,699
3.636% (USD LIBOR + 1.150%) due 07/26/66 § ~		150,000		152,385
Oaktree CLO Ltd (Cayman) 3.981% (USD LIBOR + 1.220%) due 10/20/26 § ~		706,279		706,282
OneMain Financial Issuance Trust 3.190% due 03/18/26 ~		82,387		82,505
Option One Mortgage Loan Trust 2.616% (USD LIBOR + 0.130%) due 07/25/37 §		996,906		717,607
SBA Small Business Investment Cos
3.113% due 03/10/29		200,000		203,144
3.548% due 09/10/28		294,879		305,186


	Principal Amount		Value
Securitized Asset-Backed Receivables LLC Trust
2.616% (USD LIBOR + 0.130%) due 05/25/37 §		$80,200		$62,139
2.626% (USD LIBOR + 0.140%) due 05/25/36 §		183,604		115,931
SLM Private Education Loan Trust 5.734% (USD LIBOR + 3.250%) due 05/16/44 § ~		84,429		85,306
SLM Student Loan Trust 2.881% (USD LIBOR + 0.110%) due 10/27/25 §		72,104		72,059
SMB Private Education Loan Trust 3.984% (USD LIBOR + 1.500%) due 04/15/32 § ~		550,000		560,110
Sofi Professional Loan Program Trust 2.640% due 08/25/47 ~		399,915		399,410
Structured Asset Investment Loan Trust 3.221% (USD LIBOR + 0.735%) due 08/25/35 §		359,831		360,911
Structured Asset Securities Corp Mortgage Loan Trust 2.936% (USD LIBOR + 0.450%) due 05/25/37 § ~		1,000,000		955,628
Venture XII CLO Ltd (Cayman) 3.429% (USD LIBOR + 0.800%) due 02/28/26 § ~		700,000		698,206
Venture XVI CLO Ltd (Cayman) 3.637% (USD LIBOR + 0.850%) due 01/15/28 § ~		700,000		695,318
Westlake Automobile Receivables Trust
2.530% due 09/16/19 ~		19,552		19,549
2.980% due 01/18/22 ~		700,000		700,896
Zais CLO 1 Ltd (Cayman) 3.937% (USD LIBOR + 1.150%) due 04/15/28 § ~		500,000		497,400


Total Asset-Backed Securities (Cost $24,604,792)				26,385,694


U.S. TREASURY OBLIGATIONS - 20.4%

U.S. Treasury Bonds - 6.9%

2.875% due 05/15/43		4,700,000		4,783,719
3.000% due 05/15/42		1,800,000		1,877,098
3.000% due 08/15/48		6,300,000		6,538,096
3.125% due 02/15/43		3,500,000		3,717,041
3.625% due 08/15/43		11,800,000		13,590,051
3.750% due 11/15/43		1,500,000		1,762,588
4.250% due 05/15/39		200,000		250,613
4.375% due 05/15/40		1,000,000		1,275,039
4.625% due 02/15/40		400,000		526,289

				34,320,534

U.S. Treasury Inflation Protected Securities - 3.6%

0.125% due 07/15/26 ^		840,088		822,325
0.375% due 01/15/27 ^		937,827		930,177
0.625% due 01/15/26 ^		1,483,076		1,500,920
0.750% due 07/15/28 ^		4,011,080		4,104,263
0.750% due 02/15/42 ^		813,191		793,616
0.875% due 01/15/29 ^		6,978,090		7,209,312
1.000% due 02/15/48 ^		1,633,184		1,671,962
1.000% due 02/15/49 ^		600,180		617,332
1.375% due 02/15/44 ^		302,411		334,914

				17,984,821

U.S. Treasury Notes - 9.9%

1.625% due 05/31/23		2,000,000		1,952,227
1.875% due 07/31/22 ‡		1,700,000		1,681,008
1.875% due 08/31/22		4,000,000		3,954,453


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-20

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
2.000% due 10/31/22		$1,000,000		$992,500
2.125% due 03/31/24		590,000		587,061
2.125% due 09/30/24		2,100,000		2,085,029
2.250% due 01/31/24		2,000,000		2,001,211
2.250% due 02/15/27		600,000		595,945
2.250% due 08/15/27		300,000		297,451
2.500% due 01/31/21		1,160,000		1,164,395
2.500% due 01/31/24		190,000		192,327
2.625% due 02/15/29 ‡		2,150,000		2,192,118
2.750% due 02/15/24		400,000		409,445
2.875% due 10/31/23 ‡		30,000,000		30,836,133
3.125% due 11/15/28		50,000		53,101

				48,994,404

Total U.S. Treasury Obligations (Cost $98,723,512)				101,299,759


FOREIGN GOVERNMENT BONDS & NOTES - 4.3%

Abu Dhabi Government International Bond (United Arab Emirates) 2.500% due 10/11/22 ~		200,000		198,370
Argentina POM Politica Monetaria (Argentina) 54.196% (ARS Reference + 0.000%) due 06/21/20 §		ARS 1,230,000		31,887
Argentine Bonos del Tesoro (Argentina) 18.200% due 10/03/21		4,750,000		85,332
Argentine Republic Government International (Argentina)
3.750% due 12/31/38		$250,000		145,312
5.625% due 01/26/22		430,000		371,735
7.500% due 04/22/26		340,000		289,382
Autonomous Community of Catalonia (Spain) 4.950% due 02/11/20		EUR 400,000		464,564
Brazil Notas do Tesouro Nacional ‘F’ (Brazil) 10.000% due 01/01/21		BRL 5,338,000		1,425,365
Brazilian Government International (Brazil)
4.625% due 01/13/28		$270,000		272,635
5.000% due 01/27/45		400,000		369,650
5.625% due 01/07/41		120,000		120,750
5.625% due 02/21/47		200,000		199,125
China Government (China)
3.310% due 11/30/25 ~		CNY 3,000,000		451,138
3.380% due 11/21/24 ~		500,000		75,806
3.390% due 05/21/25 ~		1,000,000		151,339
Colombia Government (Colombia) 5.625% due 02/26/44		$200,000		225,940
Egypt Government International Bond (Egypt) 5.577% due 02/21/23 ~		200,000		198,964
Indonesia Government (Indonesia)
3.500% due 01/11/28		200,000		194,920
4.875% due 05/05/21 ~		500,000		519,045
5.125% due 01/15/45 ~		200,000		213,256
Israel Government International Bond (Israel) 4.125% due 01/17/48		600,000		622,611
Japan Bank for International Cooperation (Japan) 2.375% due 07/21/22		700,000		696,292
Japanese Government CPI Linked (Japan) 0.100% due 03/10/26 ^		JPY 289,031,262		2,711,673
Kenya Government International Bond (Kenya) 6.875% due 06/24/24 ~		$200,000		205,802
Kuwait International Government (Kuwait) 3.500% due 03/20/27 ~		470,000		481,068
Mexican Bonos (Mexico)
6.500% due 06/09/22		MXN 30,710,000		1,525,228
7.750% due 11/13/42		44,120,000		2,113,232
Nigeria Government International Bond (Nigeria) 6.500% due 11/28/27 ~		$200,000		198,159


	Principal Amount		Value
Peru Government Bond (Peru) 6.150% due 08/12/32 ~		PEN 3,000,000		$952,707
Peruvian Government International (Peru)
5.625% due 11/18/50		$30,000		38,565
5.940% due 02/12/29 ~		PEN 1,300,000		412,991
6.550% due 03/14/37		$100,000		135,125
Province of Ontario (Canada)
1.650% due 09/27/19		200,000		199,132
3.150% due 06/02/22		CAD 900,000		699,991
Province of Quebec (Canada) 3.500% due 07/29/20		$600,000		608,027
Qatar Government International Bond (Qatar) 4.500% due 04/23/28 ~		1,000,000		1,070,544
Republic of Poland Government International (Poland) 4.000% due 01/22/24		320,000		335,174
Russian Federal (Russia)
7.000% due 08/16/23		RUB 26,040,000		384,683
7.050% due 01/19/28		60,232,000		856,802
Tokyo Metropolitan Government (Japan) 2.500% due 06/08/22 ~		$1,000,000		993,898


Total Foreign Government Bonds & Notes (Cost $22,949,510)				21,246,219


MUNICIPAL BONDS - 0.5%

City of Chicago IL ‘B’ 5.630% due 01/01/22		270,000		274,606
Tobacco Settlement Finance Authority of WV ‘A’
7.467% due 06/01/47		720,000		719,964
University of Arizona ‘A’ 6.423% due 08/01/35		1,300,000		1,359,397


Total Municipal Bonds (Cost $2,259,067)				2,353,967


SHORT-TERM INVESTMENTS - 6.4%

Commercial Paper - 0.3%

MUFG Bank Ltd 2.663% due 05/07/19		1,280,000		1,276,594


Foreign Government Issues - 3.6%

Hellenic Republic Treasury Bills (Greece) 4.750% due 04/17/19 ~		EUR 300,000		337,123
Japan Treasury Bills (Japan)
(0.182%) due 05/13/19		JPY 1,080,000,000		9,746,749
(0.182%) due 05/20/19		90,000,000		812,258
(0.182%) due 06/03/19		790,000,000		7,130,308

				18,026,438


	Shares
Money Market Fund - 1.4%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.370%		7,182,485		7,182,485


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-21

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value

U. S. Government Agency Issues - 1.1%

Federal Home Loan Bank
2.266% due 04/12/19		$330,000		$329,757
2.361% due 04/22/19		800,000		798,875
2.400% due 05/03/19		730,000		728,436
2.430% due 05/22/19		860,000		857,064
2.437% due 05/31/19		1,420,000		1,414,296
2.456% due 07/08/19		520,000		516,589
2.457% due 07/10/19		440,000		437,055
2.464% due 09/27/19		420,000		414,988

				5,497,060

Total Short-Term Investments (Cost $32,131,284)				31,982,577


TOTAL INVESTMENTS - 140.5% (Cost $693,334,102)				698,648,785

DERIVATIVES - (0.3%)
(See Notes (f) through (j) in Notes to Schedule of Investments)				(1,265,918	)


OTHER ASSETS & LIABILITIES, NET - (40.2%)				(200,024,205	)


NET ASSETS - 100.0%				$497,358,662

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Fund’s composition as a percentage of net assets was as follows:


Mortgage-Backed Securities	54.7%
Corporate Bonds & Notes	48.2%
U.S. Treasury Obligations	20.4%
Short-Term Investments	6.4%
Asset-Backed Securities	5.3%
Foreign Government Bonds & Notes	4.3%
Others (each less than 3.0%)	1.2%

	140.5%
Derivatives	(0.3%	)
Other Assets & Liabilities, Net	(40.2%	)

	100.0%

(b)	An investment with a value of $37,000 or 0.0% of the Fund’s net assets was in default as of March 31, 2019.

(c)	As of March 31, 2019, investments with a total aggregate value of $5,371,491 were fully or partially segregated with the broker(s)/custodian as collateral for a reverse repurchase agreement, open futures contracts, forward foreign currency contracts, option contracts and swap agreements.

(d)

The average amount of borrowings by the Fund on reverse repurchase agreements during the year ended March 31, 2019 was $2,045,000 at a weighted average interest rate of 2.460%. The average amount of borrowings by the Fund on sale-buyback financing transactions during the year ended March 31, 2019 was $24,901,295 at a weighted average interest rate of 1.477%.

(e)	A reverse repurchase agreement outstanding as of March 31, 2019 was as follows:

Counter-
party

Collateral Pledged

Interest
Rate

Settlement
Date

Maturity
Date

Repurchase
Amount

Principal
Amount

Value

DUB

U.S. Treasury Note 2.625% due 02/15/29

2.460%

03/26/19

04/09/19

($2,046,956

)

$2,045,000

($2,045,000

)

(f)	Open futures contracts outstanding as of March 31, 2019 were as follows:


Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
AUD FX		06/19		24		$1,702,540		$1,706,160		$3,620
CAD FX		06/19		53		3,969,582		3,976,590		7,008
CHF FX		06/19		5		628,419		632,125		3,706
Euribor		06/19		254		71,440,033		71,448,719		8,686
EUR FX		06/19		97		13,748,418		13,687,306		(61,112	)
Euro-Bobl		06/19		7		1,036,433		1,045,454		9,021
Euro-BTP		06/19		23		3,260,244		3,340,374		80,130
Euro-Bund		06/19		134		24,622,540		25,003,433		380,893
Eurodollar		12/19		310		75,188,086		75,616,750		428,664
Eurodollar		03/20		8		1,953,915		1,953,700		(215	)
Eurodollar		06/20		60		14,577,122		14,666,250		89,128
Eurodollar		03/21		36		8,778,091		8,809,200		31,109
JPY FX		06/19		4		452,860		453,925		1,065
MXN FX		06/19		132		3,350,706		3,356,100		5,394
U.S. Treasury 2-Year Notes		06/19		25		5,310,825		5,327,344		16,519
U.S. Treasury 5-Year Notes		06/19		1,439		165,129,620		166,676,679		1,547,059
U.S. Treasury 10-Year Notes		06/19		219		26,862,960		27,203,906		340,946
U.S. Treasury Long Bonds		06/19		294		42,731,597		43,998,938		1,267,341
U.S. Ultra Long Bonds		06/19		69		11,163,761		11,592,000		428,239

										4,587,201


Short Futures Outstanding
Australia 10-Year Bonds		06/19		148		10,016,168		10,322,221		(306,053	)
Canada 10-Year Bonds		06/19		24		2,446,195		2,497,070		(50,875	)
Euro-BTP		06/19		239		33,900,045		34,710,845		(810,800	)
Euro-Bund		06/19		122		22,275,350		22,764,319		(488,969	)
Euro-BUXL		06/19		28		5,724,601		6,019,878		(295,277	)
Eurodollar		03/20		47		11,407,440		11,477,988		(70,548	)
Eurodollar		06/20		181		44,032,353		44,243,188		(210,835	)
Eurodollar		09/20		123		29,944,618		30,085,800		(141,182	)
Eurodollar		12/20		43		10,442,502		10,519,413		(76,911	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-22

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2019


Short Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Euro-OAT		06/19		136		$24,235,714		$24,816,728		($581,014	)
Euro-Schatz		06/19		2		250,704		251,217		(513	)
GBP FX		06/19		13		1,081,220		1,060,800		20,420
Japan 10-Year Bonds		06/19		3		4,134,418		4,149,057		(14,639	)
Long Gilt		06/19		18		2,988,266		3,032,978		(44,712	)
U.S. Treasury 10-Year Notes		06/19		775		94,905,240		96,269,531		(1,364,291	)
U.S. Treasury Long Bonds		06/19		208		30,334,209		31,128,500		(794,291	)

										(5,230,490	)


Total Futures Contracts										($643,289	)

(g)	Forward foreign currency contracts outstanding as of March 31, 2019 were as follows:


Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
ARS	19,790,000	USD	402,522	09/19	JPM		$—		($37,995	)
AUD	171,000	USD	121,282	04/19	JPM		144		—
BRL	4,047,254	USD	1,088,402	04/19	BRC		—		(50,695	)
BRL	822,068	USD	219,310	04/19	CIT		—		(10,297	)
BRL	5,110,000	USD	1,363,066	04/19	JPM		—		(64,006	)
BRL	2,800,000	USD	709,741	07/19	BRC		—		(583	)
BRL	4,530,000	USD	1,161,181	07/19	CIT		—		(13,864	)
CAD	1,547,335	USD	1,163,001	04/19	BRC		—		(4,578	)
CAD	6,622,000	USD	5,018,473	04/19	HSB		—		(62,696	)
CAD	693,427	USD	524,649	04/19	JPM		—		(5,510	)
CNH	11,614,807	USD	1,724,544	04/19	JPM		3,011		—
CNY	23,561	USD	3,417	04/19	BRC		89		—
CNY	23,561	USD	3,504	07/19	BRC		—		(3	)
EUR	140,000	USD	160,028	04/19	CIT		—		(2,739	)
EUR	864,000	USD	972,637	04/19	HSB		—		(3,125	)
EUR	12,880,000	USD	14,465,150	04/19	JPM		—		(12,235	)
EUR	340,000	USD	384,842	04/19	UBS		—		(3,321	)
GBP	880,000	USD	1,129,462	04/19	CIT		17,762		—
GBP	340,000	USD	439,865	05/19	BRC		4,008		—
GBP	6,209,000	USD	8,166,443	05/19	HSB		—		(60,544	)
IDR	24,934,145,970	USD	1,712,451	04/19	CIT		30,498		—
IDR	2,330,062,113	USD	162,703	04/19	JPM		2,850		—
INR	110,406,272	USD	1,539,929	04/19	BRC		47,954		—
JPY	292,800,000	USD	2,633,662	05/19	BRC		18,278		—
JPY	275,400,000	USD	2,507,580	05/19	JPM		—		(13,235	)
JPY	519,200,000	USD	4,672,582	05/19	RBS		29,903		—
JPY	817,300,000	USD	7,365,705	05/19	SCB		36,723		—
MXN	126,473,880	USD	6,573,433	04/19	CIT		—		(76,886	)
MXN	26,435,767	USD	1,362,643	04/19	JPM		—		(4,348	)
MXN	23,550,000	USD	1,191,506	06/19	BRC		4,856		—
MXN	17,105,000	USD	872,646	08/19	BRC		—		(10,140	)
MXN	76,952,000	USD	3,908,474	08/19	JPM		—		(28,232	)
PEN	2,376,211	USD	711,964	04/19	HSB		3,518		—
PHP	156,259,511	USD	2,958,900	04/19	BRC		5,142		—
PHP	156,259,511	USD	2,931,148	07/19	JPM		7,682		—
RUB	63,821,095	USD	940,690	04/19	CIT		28,086		—
RUB	6,454,104	USD	96,156	04/19	JPM		2,840		—
TWD	807,700	USD	26,356	04/19	BRC		—		(156	)
TWD	807,700	USD	26,265	07/19	JPM		29		—
USD	301,118	ARS	12,339,822	05/19	CIT		33,380		—
USD	1,653,373	AUD	2,310,107	04/19	BRC		12,487		—
USD	7,114	AUD	10,003	04/19	CIT		9		—
USD	3,542	AUD	5,002	04/19	JPM		—		(11	)
USD	269,633	AUD	381,000	04/19	RBS		—		(917	)
USD	1,335,714	AUD	1,876,000	04/19	SCB		3,557		—
USD	121,356	AUD	171,000	05/19	JPM		—		(143	)
USD	714,650	BRL	2,800,000	04/19	BRC		355		—
USD	1,169,032	BRL	4,530,000	04/19	CIT		13,404		—
USD	5,811,039	CAD	7,743,000	04/19	JPM		16,328		—
USD	1,687,267	CNH	11,614,807	04/19	BRC		—		(40,289	)
USD	1,723,572	CNH	11,614,807	07/19	JPM		—		(3,355	)
USD	3,510	CNY	23,561	04/19	BRC		4		—
USD	1,541,418	EUR	1,362,000	04/19	BRC		12,733		—
USD	14,977,944	EUR	12,914,128	04/19	CIT		469,008		—
USD	199,420	EUR	176,000	04/19	HSB		1,926		—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-23

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2019


Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
USD	14,373,402	EUR	12,592,000	04/19	JPM		$243,657		$—
USD	242,583	EUR	214,000	04/19	UBS		2,450		—
USD	13,409,021	EUR	11,911,000	05/19	JPM		9,224		—
USD	5,972,409	GBP	4,466,000	05/19	BRC		142,010		—
USD	381,586	GBP	291,000	05/19	JPM		1,683		—
USD	752,810	GBP	577,000	05/19	SCB		—		(468	)
USD	3,772,363	JPY	405,242,363	04/19	CIT		109,859		—
USD	496,149	JPY	54,000,000	05/19	BRC		6,895		—
USD	6,573,959	JPY	723,500,000	05/19	JPM		21,094		—
USD	10,330,468	JPY	1,116,000,000	05/19	UBS		223,885		—
USD	7,187,522	JPY	790,000,000	06/19	UBS		22,785		—
USD	1,205,091	MXN	23,550,000	04/19	BRC		—		(4,972	)
USD	9,890,936	MXN	190,798,549	04/19	CIT		90,243		—
USD	862,500	MXN	16,953,730	05/19	JPM		—		(4,354	)
USD	1,192,965	MXN	23,550,000	06/19	HSB		—		(3,397	)
USD	2,687,039	MXN	53,295,072	08/19	HSB		—		(322	)
USD	2,053,181	MXN	40,761,928	08/19	RBS		—		(2,207	)
USD	197,082	PEN	653,800	04/19	DUB		222		—
USD	2,953,308	PHP	156,259,511	04/19	BRC		—		(10,734	)
USD	4,568,617	PHP	241,661,000	05/19	DUB		2,485		—
USD	26,165	TWD	807,700	04/19	JPM		—		(36	)


Total Forward Foreign Currency Contracts							$1,683,056		($536,393	)

(h)	Purchased options outstanding as of March 31, 2019 were as follows:

Credit Default Swaptions on Credit Indices – Sell Protection

Description

Exercise
Rate

Expiration
Date

Counter-
party

Notional
Amount

Cost

Value

Call - CDX IG 31 5Y

0.650%

04/17/19

BRC

$1,550,000

$1,705

$5,960

Foreign Currency Options

Description

Exercise
Price

Expiration
Date

Counter-
party

Notional
Amount

Cost

Value

Put - MXN versus USD

MXN 19.21

05/13/19

JPM

$2,300,000

$31,142

$15,450

Put - EUR versus USD

$1.16

06/21/19

CIT

1,500,000

10,275

4,207

$41,417

$19,657

Options on Futures


Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Cost		Value
Call - EUR-FX (04/19)		$1.14		04/05/19		CME		2		$283,750		$630		$250
Call - AUD-FX (04/19)		71.00		04/05/19		CME		1		71,000		432		360
Call - AUD-FX (04/19)		71.50		04/05/19		CME		2		143,000		1,325		320
Call - AUD-FX (04/19)		72.00		04/05/19		CME		1		72,000		633		60
Call - CAD-FX (04/19)		76.00		04/05/19		CME		2		152,000		1,205		20
Call - U.S. Treasury 10-Year Notes (05/19)		129.00		04/26/19		CME		25		3,225,000		825		781
Call - U.S. Treasury 10-Year Notes (05/19)		130.00		04/26/19		CME		834		108,420,000		14,474		26,063
Call - U.S. Treasury 30-Year Bonds (05/19)		151.00		04/26/19		CME		2		302,000		1,394		1,281
Call - Euro-Bund (05/19)		EUR 173.00		04/26/19		CME		62		EUR 10,726,000		788		695
Call - EUR-FX (05/19)		$1.14		05/03/19		CME		2		$283,750		1,692		1,275
Call - EUR-FX (05/19)		1.15		05/03/19		CME		3		431,250		2,183		563
Call - AUD-FX (05/19)		71.00		05/03/19		CME		2		142,000		1,405		1,400
Call - AUD-FX (05/19)		71.50		05/03/19		CME		1		71,500		562		470
Call - CAD-FX (05/19)		75.00		05/03/19		CME		2		150,000		825		1,100
Call - CAD Treasury 10-Year Notes (06/19)		CAD 160.00		05/17/19		MSE		22		CAD 3,520,000		200		82
Call - U.S. Treasury 10-Year Notes (06/19)		$129.00		05/24/19		CME		36		$4,644,000		1,750		2,250
Call - Euro-OAT (06/19)		EUR 175.00		05/24/19		EUX		114		EUR 19,950,000		1,397		1,279
Call - U.S. Treasury 30-Year Bonds (06/19)		$189.00		05/24/19		CME		78		$14,742,000		671		—
Call - U.S. Treasury 30-Year Bonds (06/19)		190.00		05/24/19		CME		42		7,980,000		361		—
Call - U.S. Treasury 30-Year Bonds (06/19)		191.00		05/24/19		CME		49		9,359,000		421		—

												33,173		38,249


Put - CAD-FX (04/19)		75.50		04/05/19		CME		2		151,000		1,325		1,080
Put - U.S. Treasury 2-Year Notes (05/19)		105.13		04/26/19		CME		1		210,250		33		—
Put - U.S. Treasury 2-Year Notes (05/19)		105.25		04/26/19		CME		9		1,894,500		156		—
Put - U.S. Treasury 5-Year Notes (05/19)		111.00		04/26/19		CME		861		95,571,000		8,217		—
Put - U.S. Treasury 10-Year Notes (05/19)		124.25		04/26/19		CME		4		497,000		1,772		2,188


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-24

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2019


Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Cost		Value
Put - U.S. Treasury 10-Year Notes (05/19)		$124.50		04/26/19		CME		2		$249,000		$1,066		$1,375
Put - U.S. Treasury 30-Year Bonds (05/19)		128.00		04/26/19		CME		20		2,560,000		660		—
Put - U.S. Treasury 30-Year Bonds (05/19)		129.00		04/26/19		CME		122		15,738,000		2,118		—
Put - U.S. Treasury 30-Year Bonds (05/19)		130.00		04/26/19		CME		115		14,950,000		1,996		—
Put - U.S. Treasury 30-Year Bonds (05/19)		131.00		04/26/19		CME		25		3,275,000		434		—
Put - U.S. Treasury 30-Year Bonds (05/19)		148.00		04/26/19		CME		1		148,000		1,080		437
Put - U.S. Treasury 30-Year Bonds (05/19)		148.50		04/26/19		CME		1		148,500		830		594
Put - U.S. Treasury 30-Year Bonds (05/19)		149.00		04/26/19		CME		2		298,000		1,831		1,594
Put - Euro-Bund (05/19)		EUR 165.00		04/26/19		CME		2		EUR 330,000		1,192		606
Put - Euro-Bund (05/19)		166.50		04/26/19		CME		2		333,000		1,685		1,862
Put - EUR-FX (05/19)		$1.14		05/03/19		CME		1		$141,875		852		1,400
Put - U.S. Treasury 5-Year Notes (06/19)		108.25		05/24/19		CME		326		35,289,500		2,804		—
Put - U.S. Treasury 5-Year Notes (06/19)		108.50		05/24/19		CME		172		18,662,000		1,479		—
Put - U.S. Treasury 5-Year Notes (06/19)		108.75		05/24/19		CME		17		1,848,750		146		—
Put - U.S. Treasury 10-Year Notes (06/19)		112.00		05/24/19		CME		163		18,256,000		1,402		—
Put - U.S. Treasury 10-Year Notes (06/19)		112.50		05/24/19		CME		5		562,500		43		—
Put - U.S. Treasury 10-Year Notes (06/19)		121.00		05/24/19		CME		7		847,000		340		328
Put - Euro-Bund (06/19)		EUR 145.00		05/24/19		EUX		94		EUR 13,630,000		1,131		1,054

												32,592		12,518


Total Options on Futures												$65,765		$50,767

Options on Securities

Description

Exercise
Price

Expiration
Date

Counter-
party

Notional
Amount

Cost

Value

Put - Fannie Mae 3.500% due 4/10/49

$69.00

04/03/19

JPM

$10,000,000

$391

$—

Total Purchased Options

$109,278

$76,384

(i)	Premiums received and value of written options outstanding as of March 31, 2019 were as follows:

Credit Default Swaptions on Credit Indices – Sell Protection

Description

Exercise
Rate

Expiration
Date

Counter-
party

Notional
Amount

Premium

Value

Put - CDX IG 31 5Y

0.800%

04/17/19

BRC

$1,550,000

$1,550

($145

)

Inflation Floor/Cap Options

Description

Initial
Index

Floating Rate

Expiration
Date

Counter-
party

Notional
Amount

Premium

Value

Floor - U.S. CPI Urban Consumers

215.95

Maximum of [0, (1 + 0.000%)¹⁰ -Final Index/Initial Index]

03/12/20

CIT

$1,100,000

$9,460

$—

Floor - U.S. CPI Urban Consumers

217.97

Maximum of [0, (1 + 0.000%)¹⁰ - Final Index/Initial Index]

09/29/20

CIT

600,000

7,740

—

$17,200

$—

Options on Futures


Description	Exercise Price		Expiration Date		Exchange	Number of Contracts		Notional Amount		Premium		Value
Call - EUR-FX (04/19)		$1.16		04/05/19	CME		3		$433,125		$1,742		($19	)
Call - U.S. Treasury 5-Year Notes (05/19)		115.25		04/26/19	CME		5		576,250		1,202		(3,437	)
Call - U.S. Treasury 5-Year Notes (05/19)		116.25		04/26/19	CME		30		3,487,500		6,229		(5,859	)
Call - U.S. Treasury 10-Year Notes (05/19)		122.50		04/26/19	CME		6		735,000		2,255		(10,594	)
Call - U.S. Treasury 10-Year Notes (05/19)		123.00		04/26/19	CME		1		123,000		326		(1,328	)
Call - U.S. Treasury 10-Year Notes (05/19)		123.50		04/26/19	CME		3		370,500		885		(2,812	)
Call - U.S. Treasury 10-Year Notes (05/19)		124.50		04/26/19	CME		12		1,494,000		3,245		(4,875	)
Call - U.S. Treasury 10-Year Notes (05/19)		125.00		04/26/19	CME		18		2,250,000		5,375		(4,500	)
Call - U.S. Treasury 10-Year Notes (05/19)		126.00		04/26/19	CME		1		126,000		248		(109	)
Call - U.S. Treasury 30-Year Bonds (05/19)		146.00		04/26/19	CME		1		146,000		717		(3,766	)
Call - U.S. Treasury 30-Year Bonds (05/19)		150.00		04/26/19	CME		3		450,000		1,682		(2,953	)
Call - U.S. Treasury 30-Year Bonds (05/19)		153.00		04/26/19	CME		4		612,000		1,430		(1,062	)
Call - Euro-Bund (05/19)		EUR 165.50		04/26/19	EUX		43		EUR 7,116,500		19,688		(60,294	)
Call - Euro-Bund (05/19)		166.00		04/26/19	EUX		24		3,984,000		13,814		(25,038	)
Call - CAD-FX (05/19)		$75.50		05/03/19	CME		6		$453,000		1,795		(1,920	)
Call - U.S. Treasury 10-Year Notes (06/19)		123.00		05/24/19	CME		5		615,000		3,194		(7,422	)
Call - U.S. Treasury 10-Year Notes (06/19)		123.50		05/24/19	CME		3		370,500		1,401		(3,422	)
Call - U.S. Treasury 10-Year Notes (06/19)		125.00		05/24/19	CME		12		1,500,000		6,370		(5,437	)
Call - U.S. Treasury 30-Year Bonds (06/19)		148.00		05/24/19	CME		2		296,000		1,684		(5,031	)
Call - EUR-FX (06/19)		1.15		06/07/19	CME		2		287,500		1,920		(950	)

											75,202		(150,828	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-25

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2019


Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Premium		Value
Put - U.S. Treasury 10-Year Notes (04/19)		$123.50		04/05/19		CME		7		$864,500		$1,082		($438	)
Put - U.S. Treasury 10-Year Notes (04/19)		123.75		04/12/19		CME		4		495,000		884		(875	)
Put - U.S. Treasury 5-Year Notes (05/19)		115.00		04/26/19		CME		25		2,875,000		2,269		(1,563	)
Put - U.S. Treasury 5-Year Notes (05/19)		115.25		04/26/19		CME		5		576,250		523		(547	)
Put - U.S. Treasury 5-Year Notes (05/19)		115.50		04/26/19		CME		3		346,500		440		(586	)
Put - U.S. Treasury 5-Year Notes (05/19)		116.25		04/26/19		CME		6		697,500		2,427		(3,703	)
Put - U.S. Treasury 10-Year Notes (05/19)		121.00		04/26/19		CME		2		242,000		747		—
Put - U.S. Treasury 10-Year Notes (05/19)		122.00		04/26/19		CME		6		732,000		1,537		(188	)
Put - U.S. Treasury 10-Year Notes (05/19)		122.50		04/26/19		CME		80		9,800,000		29,537		(3,750	)
Put - U.S. Treasury 10-Year Notes (05/19)		123.00		04/26/19		CME		14		1,722,000		2,023		(1,531	)
Put - U.S. Treasury 10-Year Notes (05/19)		123.50		04/26/19		CME		1		123,500		155		(219	)
Put - U.S. Treasury 10-Year Notes (05/19)		123.75		04/26/19		CME		4		495,000		993		(1,250	)
Put - U.S. Treasury 10-Year Notes (05/19)		124.00		04/26/19		CME		3		372,000		885		(1,266	)
Put - U.S. Treasury 30-Year Bonds (05/19)		144.00		04/26/19		CME		3		432,000		1,167		(141	)
Put - U.S. Treasury 30-Year Bonds (05/19)		145.00		04/26/19		CME		1		145,000		358		(63	)
Put - U.S. Treasury 30-Year Bonds (05/19)		146.00		04/26/19		CME		4		584,000		962		(437	)
Put - U.S. Treasury 30-Year Bonds (05/19)		147.00		04/26/19		CME		4		588,000		1,603		(875	)
Put - U.S. Treasury 30-Year Bonds (05/19)		147.50		04/26/19		CME		2		295,000		622		(625	)
Put - Euro-Bund (05/19)		EUR 162.50		04/26/19		CME		1		EUR 162,500		362		(34	)
Put - Euro-Bund (05/19)		164.00		04/26/19		CME		4		656,000		623		(494	)
Put - U.S. Treasury 5-Year Notes (06/19)		$115.25		05/24/19		CME		6		$691,500		1,255		(1,359	)
Put - U.S. Treasury 10-Year Notes (06/19)		123.00		05/24/19		CME		5		615,000		1,398		(1,328	)
Put - U.S. Treasury 10-Year Notes (06/19)		123.50		05/24/19		CME		12		1,482,000		3,870		(5,063	)
Put - U.S. Treasury 30-Year Bonds (06/19)		144.00		05/24/19		CME		4		576,000		3,493		(625	)
Put - U.S. Treasury 30-Year Bonds (06/19)		145.00		05/24/19		CME		2		290,000		590		(469	)
Put - U.S. Treasury 30-Year Bonds (06/19)		146.00		05/24/19		CME		1		146,000		655		(359	)

												60,460		(27,788	)


Total Options on Futures												$135,662		($178,616	)


Total Written Options												$154,412		($178,761	)

(j)	Swap agreements outstanding as of March 31, 2019 were as follows:

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


Referenced Obligation	Payment Frequency		Fixed Deal Receive Rate		Expiration Date		Counter- party		Implied Credit Spread at 3/31/19 (2)		Notional Amount (3)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Brazil Government		Q		1.000%		09/20/19		HSB		0.611%		$1,800,000		$3,967			$2,858			$1,109
Petrobras International Co SA		Q		1.000%		12/20/19		GSC		0.426%		300,000		1,352			(32,995	)		34,347
Russian Federation		Q		1.000%		12/20/23		JPM		1.267%		500,000		(5,686	)		(13,052	)		7,366

														(367	)		(43,189	)		42,822


							Exchange
Deutsche Bank AG		Q		1.000%		12/20/19		ICE		0.574%		EUR 700,000		2,241			(5,436	)		7,677
Citigroup Inc		Q		1.000%		12/20/20		ICE		0.310%		$900,000		10,779			18,995			(8,216)
Tesco PLC		Q		1.000%		06/20/22		ICE		0.717%		EUR 800,000		8,264			3,758			4,506

														21,284			17,317			3,967


Total Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection														$20,917			($25,872	)		$46,789

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

Referenced Obligation

Payment
Frequency

Fixed Deal
Pay Rate

Expiration
Date

Exchange

Notional
Amount (3)

Value (5)

Upfront
Premiums
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

CDX IG 31 5Y

1.000%

12/20/23

ICE

$2,800,000

($54,704

)

($51,694

)

($3,010)

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


Referenced Obligation	Payment Frequency		Fixed Deal Receive Rate		Expiration Date		Exchange		Notional Amount (3)		Value (5)			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CDX IG 23 2Y		Q		1.000%		12/20/19		ICE		$990,000		$5,484			$12,936			($7,452)
CDX IG 25 5Y		Q		1.000%		12/20/20		ICE		2,290,000		27,690			41,980			(14,290)
CDX IG 32 5Y		Q		1.000%		06/20/24		ICE		17,424,659		310,377			279,100			31,277
CDX HY 32 5Y		Q		5.000%		06/20/24		ICE		1,330,000		88,583			81,116			7,467
CDX IG 32 10Y		Q		1.000%		06/20/29		ICE		620,000		(4,455	)		(7,148	)		2,693

												$427,679			$407,984			$19,695


Total Credit Default Swaps												$393,892			$330,418			$63,474


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-26

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2019

(1)

(2)

(3)

(4)

(5)

Interest Rate Swaps – Long


Receive	Pay		Payment Frequency Receive Rate Pay Rate		Counterparty		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
8.410%		Brazil CETIP Interbank		Z / Z		CIT		01/02/20		BRL 52,950,000		$353,103			$16,850			$336,253


					Exchange
1.705%		3-Month USD-LIBOR		S / Q		CME		09/28/19		$4,380,000		(20,063	)		—			(20,063	)
1.138%		3-Month USD-LIBOR		S / Q		CME		10/17/19		12,330,000		(100,557	)		—			(100,557	)
0.250%		6-Month JPY-LIBOR		S / S		CME		12/20/19		JPY 690,000,000		10,862			28,114			(17,252	)
1.671%		3-Month USD-LIBOR		S / Q		CME		06/14/20		$12,160,000		(122,621	)		(3,505	)		(119,116	)
7.351%		28-Day MXN TIIE		L / L		CME		04/05/21		MXN 294,420,000		(188,933	)		(2,293	)		(186,640	)
2.851%		3-Month USD-LIBOR		S / Q		CME		12/18/21		$1,170,000		15,706			—			15,706
7.330%		28-Day MXN TIIE		L / L		CME		04/06/22		MXN 202,000,000		(150,802	)		(4,832	)		(145,970	)
2.800%		3-Month USD-LIBOR		S / Q		CME		08/22/23		$5,000,000		105,316			—			105,316
0.100%		6-Month JPY-LIBOR		S / S		LCH		03/20/24		JPY 2,790,000,000		191,687			88,967			102,720
0.380%		6-Month JPY-LIBOR		S / S		LCH		06/18/28		60,000,000		16,105			3,524			12,581
1.000%		6-Month EUR-LIBOR		A / S		LCH		06/19/29		EUR 2,900,000		160,039			8,925			151,114
0.750%		6-Month EUR-LIBOR		A / S		LCH		09/18/29		17,100,000		388,526			150,039			238,487
3.000%		3-Month USD-LIBOR		S / Q		CME		02/15/36		$2,358,000		141,640			1,383			140,257
1.501%		6-Month EUR-LIBOR		A / S		LCH		07/04/42		EUR 4,000,000		456,435			7,425			449,010
1.250%		6-Month EUR-LIBOR		A / S		LCH		09/18/49		1,300,000		63,056			9,814			53,242

												966,396			287,561			678,835


Total Interest Rate Swaps - Long												$1,319,499			$304,411			$1,015,088

Interest Rate Swaps – Short


Pay	Receive	Payment Frequency Pay Rate Receive Rate	Exchange	Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
1.271%	6-Month GBP-LIBOR	S / S	CME		10/26/21		GBP 3,436,000		($26,998	)		$1,668			($28,666	)
1.385%	3-Month GBP-LIBOR	A / A	CME		10/30/21		4,215,000		(24,369	)		—			(24,369	)
3-Month USD-LIBOR	1 Day U.S. Fed Funds + 0.254%	Q / Q	CME		06/19/24		$7,744,000		1,797			—			1,797
1.250%	6-Month GBP-LIBOR	S / S	LCH		09/18/24		GBP 6,900,000		(69,621	)		15,876			(85,497	)
2.250%	3-Month USD-LIBOR	A / A	CME		12/31/25		$5,421,000		(65,327	)		(33,019	)		(32,308	)
2.250%	3-Month USD-LIBOR	S / Q	CME		12/31/25		1,984,000		8,286			2,724			5,562
2.500%	3-Month USD-LIBOR	S / Q	CME		01/31/26		8,369,000		(92,251	)		(112,446	)		20,195
0.300%	6-Month JPY-LIBOR	S / S	CME		03/18/26		JPY 1,290,000,000		(250,612	)		(108,134	)		(142,478	)
0.300%	6-Month JPY-LIBOR	S / S	LCH		03/18/26		970,000,000		(189,763	)		(62,183	)		(127,580	)
0.300%	6-Month JPY-LIBOR	S / S	LCH		09/20/27		440,000,000		(89,813	)		(16,315	)		(73,498	)
2.500%	3-Month USD-LIBOR	S / Q	CME		12/20/27		$2,000,000		(16,974	)		(11,780	)		(5,194	)
0.300%	6-Month JPY-LIBOR	S / S	LCH		03/20/28		JPY 100,000,000		(20,355	)		7,176			(27,531	)
0.399%	6-Month JPY-LIBOR	S / S	LCH		06/18/28		50,000,000		(14,283	)		(43	)		(14,240	)
2.250%	3-Month USD-LIBOR	S / Q	LCH		06/20/28		$5,200,000		61,919			328,188			(266,269	)
0.450%	6-Month JPY-LIBOR	S / S	LCH		03/20/29		JPY 560,000,000		(184,667	)		(31,011	)		(153,656	)
1.500%	6-Month GBP-LIBOR	S / S	LCH		06/19/29		GBP 900,000		(30,836	)		(6,956	)		(23,880	)
1.500%	6-Month GBP-LIBOR	S / S	LCH		09/18/29		2,700,000		(88,690	)		(19,143	)		(69,547	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-27

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2019


Pay	Receive	Payment Frequency Pay Rate Receive Rate		Exchange		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
0.750%	6-Month JPY-LIBOR		S / S		LCH		03/20/38		JPY 250,000,000		($163,390	)		$20,988			($184,378	)
0.800%	6-Month JPY-LIBOR		S / S		LCH		10/22/38		10,000,000		(7,358	)		—			(7,358	)
0.705%	6-Month JPY-LIBOR		S / S		LCH		10/31/38		50,000,000		(28,524	)		3,205			(31,729	)
0.785%	6-Month JPY-LIBOR		S / S		LCH		11/12/38		20,000,000		(14,188	)		68			(14,256	)
0.750%	6-Month JPY-LIBOR		S / S		LCH		12/20/38		725,000,000		(469,938	)		(25,105	)		(444,833	)
3.330%	3-Month USD-LIBOR		S / Q		CME		02/15/44		$1,833,000		(246,991	)		832			(247,823	)
2.875%	3-Month USD-LIBOR		S / Q		CME		05/15/44		2,072,000		(102,256	)		11,714			(113,970	)
3.000%	3-Month USD-LIBOR		S / Q		CME		05/15/44		1,776,000		(129,901	)		1,416			(131,317	)
2.750%	3-Month USD-LIBOR		S / Q		CME		08/15/44		1,683,000		(42,813	)		(866	)		(41,947	)
0.641%	6-Month JPY-LIBOR		S / S		CME		05/09/46		JPY 187,300,000		(62,616	)		—			(62,616	)
1.750%	3-Month CAD-CDOR		S / S		CME		12/16/46		CAD 300,000		30,344			38,920			(8,576	)
1.498%	6-Month EUR-LIBOR		A / S		CME		08/23/47		EUR 543,000		(68,969	)		(827	)		(68,142	)
1.000%	6-Month JPY-LIBOR		S / S		LCH		03/21/48		JPY 20,000,000		(24,572	)		(615	)		(23,957	)
2.905%	3-Month USD-LIBOR		S / Q		CME		08/22/48		$1,400,000		(84,751	)		44,506			(129,257	)
2.940%	3-Month USD-LIBOR		S / Q		CME		08/22/48		300,000		(20,394	)		—			(20,394	)
1.750%	6-Month GBP-LIBOR		S / S		LCH		06/19/49		GBP 3,100,000		(383,032	)		(215,267	)		(167,765	)

											($2,911,906	)		($166,429	)		($2,745,477	)


Total Interest Rate Swaps											($1,592,407	)		$137,982			($1,730,389	)


Total Swap Agreements											($1,198,515	)		$468,400			($1,666,915	)

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


	Upfront Premium Paid (Received)			Unrealized Appreciation (Deprecation)
OTC Swap Agreements
Assets		$19,708			$379,075
Liabilities		(46,047	)		—
Centrally Cleared Swap Agreements (6)
Assets		1,213,357			1,349,607
Liabilities		(718,618	)		(3,395,597	)

		$468,400			($1,666,915	)

(6)

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


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-28

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

March 31, 2019

(k)	Fair Value Measurements


		Total Value at March 31, 2019			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$239,556,183			$—			$239,556,183			$—
	Senior Loan Notes		3,758,419			—			3,758,419			—
	Mortgage-Backed Securities		272,065,967			—			272,065,967			—
	Asset-Backed Securities		26,385,694			—			26,385,694			—
	U.S. Treasury Obligations		101,299,759			—			101,299,759			—
	Foreign Government Bonds & Notes		21,246,219			—			21,246,219			—
	Municipal Bonds		2,353,967			—			2,353,967			—
	Short-Term Investments		31,982,577			7,182,485			24,800,092			—
	Derivatives:
	Credit Contracts
	Purchased Options		5,960			—			5,960			—
	Swaps		96,442			—			96,442			—

	Total Credit Contracts		102,402			—			102,402			—

	Foreign Currency Contracts
	Futures		41,213			41,213			—			—
	Forward Foreign Currency Contracts		1,683,056			—			1,683,056			—
	Purchased Options		27,955			—			27,955			—

	Total Foreign Currency Contracts		1,752,224			41,213			1,711,011			—

	Interest Rate Contracts
	Futures		4,627,735			4,627,735			—			—
	Purchased Options		42,469			—			42,469			—
	Swaps		1,632,240			—			1,632,240			—

	Total Interest Rate Contracts		6,302,444			4,627,735			1,674,709			—

	Total Assets - Derivatives		8,157,070			4,668,948			3,488,122			—

	Total Assets		706,805,855			11,851,433			694,954,422			—


Liabilities	Reverse Repurchase Agreement		(2,045,000	)		—			(2,045,000	)		—
	Sale-buyback Financing Transactions		(10,978,581	)		—			(10,978,581	)		—
	Derivatives:
	Credit Contracts
	Written Options		(145	)		—			(145	)		—
	Swaps		(32,968	)		—			(32,968	)		—

	Total Credit Contracts		(33,113	)		—			(33,113	)		—

	Foreign Currency Contracts
	Futures		(61,112	)		(61,112	)		—			—
	Forward Foreign Currency Contracts		(536,393	)		—			(536,393	)		—
	Written Options		(2,889	)		—			(2,889	)		—

	Total Foreign Currency Contracts		(600,394	)		(61,112	)		(539,282	)		—

	Interest Rate Contracts
	Futures		(5,251,125	)		(5,251,125	)		—			—
	Written Options		(175,727	)		—			(175,727	)		—
	Swaps		(3,362,629	)		—			(3,362,629	)		—

	Total Interest Rate Contracts		(8,789,481	)		(5,251,125	)		(3,538,356	)		—

	Total Liabilities - Derivatives		(9,422,988	)		(5,312,237	)		(4,110,751	)		—

	Total Liabilities		(22,446,569	)		(5,312,237	)		(17,134,332	)		—

	Total		$684,359,286			$6,539,196			$677,820,090			$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-29

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments

March 31, 2019


	Principal Amount		Value
CORPORATE BONDS & NOTES - 54.3%

Basic Materials - 2.6%

Anglo American Capital PLC (South Africa) 3.750% due 04/10/22 ~		$250,000		$250,814
ArcelorMittal (Luxembourg)
5.250% due 08/05/20		470,000		483,063
5.500% due 03/01/21		290,000		303,117
Celulosa Arauco y Constitucion SA (Chile) 7.250% due 07/29/19		120,000		121,847
CNAC HK Finbridge Co Ltd (China) 3.000% due 07/19/20 ~		200,000		199,685
DowDuPont Inc 3.766% due 11/15/20		300,000		305,328
International Flavors & Fragrances Inc 3.400% due 09/25/20		65,000		65,422
INVISTA Finance LLC 4.250% due 10/15/19 ~		1,040,000		1,049,528
LyondellBasell Industries NV 6.000% due 11/15/21		200,000		214,029
Solvay Finance America LLC (Belgium) 3.400% due 12/03/20 ~		525,000		527,761
Vale Overseas Ltd (Brazil) 4.375% due 01/11/22		505,000		517,372

				4,037,966

Communications - 3.7%

America Movil Sab de CV (Mexico) 5.000% due 03/30/20		520,000		530,120
Axiata SPV2 Bhd (Malaysia) 3.466% due 11/19/20 ~		220,000		221,250
Baidu Inc (China) 2.750% due 06/09/19		410,000		410,130
Charter Communications Operating LLC
3.579% due 07/23/20		370,000		372,794
4.464% due 07/23/22		425,000		440,037
Comcast Corp 3.700% due 04/15/24		595,000		615,129
Crown Castle Towers LLC 3.720% due 07/15/43 ~		55,000		55,820
CSC Holdings LLC 10.875% due 10/15/25 ~		200,000		231,400
Discovery Communications LLC 2.200% due 09/20/19		145,000		144,430
Expedia Group Inc 5.950% due 08/15/20		65,000		67,564
Fox Corp
3.666% due 01/25/22 ~		90,000		91,840
4.030% due 01/25/24 ~		105,000		109,017
JD.com Inc (China) 3.125% due 04/29/21		560,000		553,865
NBCUniversal Media LLC 5.150% due 04/30/20		520,000		533,196
Omnicom Group Inc 6.250% due 07/15/19		510,000		514,703
The Interpublic Group of Cos Inc 3.500% due 10/01/20		45,000		45,410
Time Warner Cable LLC 8.250% due 04/01/19		830,000		830,000

				5,766,705

Consumer, Cyclical - 5.5%

American Airlines Pass Through Trust 3.700% due 04/15/27		180,395		176,371
Daimler Finance North America LLC (Germany)
1.750% due 10/30/19 ~		165,000		163,954
2.200% due 05/05/20 ~		350,000		347,320
2.300% due 02/12/21 ~		805,000		795,643


	Principal Amount		Value
Delta Air Lines Inc
2.600% due 12/04/20		$65,000		$64,622
2.875% due 03/13/20		885,000		883,589
DR Horton Inc 2.550% due 12/01/20		125,000		124,244
Ford Motor Credit Co LLC
2.021% due 05/03/19		250,000		249,777
2.681% due 01/09/20		700,000		697,148
3.157% due 08/04/20		410,000		407,220
General Motors Financial Co Inc
3.200% due 07/13/20		435,000		436,179
3.442% (USD LIBOR + 0.850%) due 04/09/21 §		200,000		198,537
4.200% due 11/06/21		65,000		66,270
Harley-Davidson Financial Services Inc
2.150% due 02/26/20 ~		165,000		163,582
3.141% (USD LIBOR + 0.500%) due 05/21/20 § ~		135,000		135,041
3.555% (USD LIBOR + 0.940%) due 03/02/21 § ~		270,000		270,052
4.050% due 02/04/22 ~		315,000		318,698
Hyundai Capital America 1.750% due 09/27/19 ~		175,000		174,135
Lennar Corp 2.950% due 11/29/20		775,000		772,094
Nissan Motor Acceptance Corp
2.150% due 09/28/20 ~		625,000		614,515
2.600% due 09/28/22 ~		115,000		112,016
O’Reilly Automotive Inc 3.800% due 09/01/22		240,000		246,343
QVC Inc 3.125% due 04/01/19		600,000		600,000
Volkswagen Group of America Finance LLC (Germany) 3.875% due 11/13/20 ~		425,000		430,442

				8,447,792

Consumer, Non-Cyclical - 10.1%

Abbott Laboratories 2.900% due 11/30/21		545,000		547,630
AbbVie Inc
2.300% due 05/14/21		295,000		291,474
2.900% due 11/06/22		205,000		204,669
3.200% due 11/06/22		45,000		45,432
Altria Group Inc
3.490% due 02/14/22		170,000		172,815
3.800% due 02/14/24		440,000		448,322
BAT Capital Corp (United Kingdom) 2.297% due 08/14/20		790,000		782,413
Baxalta Inc 3.600% due 06/23/22		95,000		95,560
Bayer US Finance II LLC (Germany)
3.232% (USD LIBOR + 0.630%) due 06/25/21 § ~		210,000		208,263
3.500% due 06/25/21 ~		530,000		532,406
Becton Dickinson and Co
2.404% due 06/05/20		755,000		749,809
2.675% due 12/15/19		575,000		573,240
3.476% (USD LIBOR + 0.875%) due 12/29/20 §		56,000		56,006
Bunge Ltd Finance Corp
3.000% due 09/25/22		100,000		99,600
3.500% due 11/24/20		465,000		467,484
Campbell Soup Co 3.300% due 03/15/21		460,000		463,119
Celgene Corp
2.750% due 02/15/23		155,000		153,665
2.875% due 02/19/21		165,000		164,892
3.250% due 02/20/23		45,000		45,432
3.550% due 08/15/22		405,000		413,929
3.625% due 05/15/24		40,000		40,711


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-30

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
Cigna Corp
3.265% (USD LIBOR + 0.650%) due 09/17/21 § ~		$110,000		$109,999
3.400% due 09/17/21 ~		185,000		187,057
Conagra Brands Inc 3.511% (USD LIBOR + 0.750%) due 10/22/20 §		70,000		69,940
CVS Health Corp
3.125% due 03/09/20		435,000		436,322
3.350% due 03/09/21		635,000		640,412
Elanco Animal Health Inc
3.912% due 08/27/21 ~		145,000		147,505
4.272% due 08/28/23 ~		70,000		72,218
Equifax Inc
2.300% due 06/01/21		255,000		250,418
3.554% (USD LIBOR + 0.870%) due 08/15/21 §		105,000		104,384
3.600% due 08/15/21		105,000		106,028
ERAC USA Finance LLC 2.350% due 10/15/19 ~		253,000		252,308
Express Scripts Holding Co 3.376% (USD LIBOR + 0.750%) due 11/30/20 §		105,000		105,005
HCA Inc 4.250% due 10/15/19		55,000		55,289
6.500% due 02/15/20		970,000		998,540
HPHT Finance 15 Ltd (Hong Kong) 2.875% due 03/17/20 ~		200,000		199,941
Humana Inc
2.900% due 12/15/22		20,000		19,874
3.150% due 12/01/22		105,000		105,530
3.850% due 10/01/24		15,000		15,299
Imperial Brands Finance PLC (United Kingdom) 2.950% due 07/21/20 ~		525,000		523,554
Keurig Dr Pepper Inc 3.551% due 05/25/21 ~		550,000		556,198
Molson Coors Brewing Co 2.250% due 03/15/20		450,000		447,254
Pernod Ricard SA (France) 5.750% due 04/07/21 ~		240,000		252,912
Reynolds American Inc (United Kingdom) 8.125% due 06/23/19		300,000		303,406
Shire Acquisitions Investments Ireland DAC 1.900% due 09/23/19		1,800,000		1,792,427
Takeda Pharmaceutical Co Ltd (Japan) 3.800% due 11/26/20 ~		220,000		223,357
Teva Pharmaceutical Finance Netherlands III BV (Israel) 1.700% due 07/19/19		1,050,000		1,047,770
Tyson Foods Inc 2.250% due 08/23/21		160,000		157,617

				15,737,435

Energy - 4.7%

Cenovus Energy Inc (Canada) 5.700% due 10/15/19		682,692		692,551
China Shenhua Overseas Capital Co Ltd (China) 3.125% due 01/20/20 ~		725,000		723,011
Columbia Pipeline Group Inc 3.300% due 06/01/20		380,000		381,691
DCP Midstream Operating LP 2.700% due 04/01/19		730,000		730,000
Encana Corp (Canada) 6.500% due 05/15/19		355,000		355,878
Energy Transfer Operating LP 7.500% due 10/15/20		705,000		750,871
Eni SPA (Italy) 4.000% due 09/12/23 ~		270,000		277,312
EnLink Midstream Partners LP 2.700% due 04/01/19		470,000		470,000


	Principal Amount		Value
Enterprise Products Operating LLC 3.500% due 02/01/22		$95,000		$96,889
Marathon Oil Corp 2.700% due 06/01/20		445,000		443,052
Petroleos Mexicanos (Mexico) 8.000% due 05/03/19		265,000		266,458
Phillips 66 3.246% (USD LIBOR + 0.600%) due 02/26/21 §		165,000		165,005
Plains All American Pipeline LP
2.600% due 12/15/19		96,000		95,678
5.000% due 02/01/21		120,000		123,399
5.750% due 01/15/20		470,000		479,593
Sabine Pass Liquefaction LLC 5.625% due 02/01/21		505,000		524,874
Schlumberger Holdings Corp
3.000% due 12/21/20 ~		435,000		436,936
3.750% due 05/01/24 ~		210,000		214,827
The Williams Cos Inc 3.350% due 08/15/22		120,000		121,003

				7,349,028

Financial - 17.1%

ABN AMRO Bank NV (Netherlands) 3.209% (USD LIBOR + 0.570%) due 08/27/21 § ~		200,000		200,393
AerCap Ireland Capital DAC (Ireland)
3.950% due 02/01/22		400,000		405,456
4.625% due 10/30/20		430,000		440,369
AIG Global Funding 3.350% due 06/25/21 ~		100,000		100,660
Air Lease Corp
2.500% due 03/01/21		70,000		69,485
3.500% due 01/15/22		90,000		90,892
Alexandria Real Estate Equities Inc REIT 2.750% due 01/15/20		1,390,000		1,387,878
American Campus Communities Operating Partnership LP REIT 3.350% due 10/01/20		240,000		241,000
American Express Co 3.000% due 02/22/21		365,000		367,010
Aon PLC 2.800% due 03/15/21		550,000		549,134
Banco de Credito del Peru (Peru) 2.250% due 10/25/19 ~		200,000		199,560
Banco Santander Chile (Chile) 2.500% due 12/15/20 ~		445,000		442,699
Bank of America Corp
2.503% due 10/21/22		95,000		93,887
3.152% (USD LIBOR + 0.380%) due 01/23/22 §		660,000		658,036
3.252% (USD LIBOR + 0.650%) due 06/25/22 §		230,000		230,122
3.921% (USD LIBOR + 1.160%) due 01/20/23 §		295,000		298,752
Barclays Bank PLC (United Kingdom) 2.650% due 01/11/21		610,000		605,827
BPCE SA (France) 3.883% (USD LIBOR + 1.220%) due 05/22/22 § ~		250,000		251,639
Brixmor Operating Partnership LP REIT 3.875% due 08/15/22		35,000		35,509
Capital One Financial Corp 2.400% due 10/30/20		455,000		452,623
3.900% due 01/29/24		170,000		173,899
China Overseas Finance Cayman Ltd (China) 4.250% due 05/08/19 ~		500,000		500,622
Citigroup Inc
2.700% due 03/30/21		245,000		244,882
2.900% due 12/08/21		485,000		484,909


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-31

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
Citizens Bank NA
2.250% due 10/30/20		$250,000		$247,991
3.250% due 02/14/22		305,000		308,038
CNA Financial Corp 5.875% due 08/15/20		365,000		379,666
CNO Financial Group Inc 4.500% due 05/30/20		1,240,000		1,252,400
Cooperatieve Rabobank UA (Netherlands) 3.950% due 11/09/22		375,000		382,230
Crown Castle International Corp REIT
2.250% due 09/01/21		255,000		251,498
3.400% due 02/15/21		285,000		287,505
Danske Bank AS (Denmark) 2.200% due 03/02/20 ~		480,000		474,700
Deutsche Bank AG (Germany) 4.028% (USD LIBOR + 1.290%) due 02/04/21 §		250,000		248,008
Discover Bank
3.100% due 06/04/20		635,000		636,582
7.000% due 04/15/20		810,000		842,608
First Niagara Financial Group Inc 7.250% due 12/15/21		120,000		132,634
GE Capital International Funding Co Unlimited Co 2.342% due 11/15/20		1,110,000		1,096,540
Highwoods Realty LP REIT 3.625% due 01/15/23		175,000		175,747
HSBC Bank USA NA 4.875% due 08/24/20		475,000		488,190
HSBC Holdings PLC (United Kingdom) 3.283% (USD LIBOR + 0.600%) due 05/18/21 §		200,000		199,964
ING Groep NV (Netherlands) 3.751% (USD LIBOR + 1.150%) due 03/29/22 §		205,000		205,962
International Lease Finance Corp 6.250% due 05/15/19		340,000		341,253
iStar Inc REIT 4.625% due 09/15/20		450,000		456,187
JPMorgan Chase & Co 3.151% (USD LIBOR + 0.550%) due 03/09/21 §		490,000		490,634
KeyBank NA 3.300% due 02/01/22		420,000		427,414
Marsh & McLennan Cos Inc 3.875% due 03/15/24		190,000		197,335
Mitsubishi UFJ Financial Group Inc (Japan)
3.218% due 03/07/22		955,000		962,739
3.415% (USD LIBOR + 0.650%) due 07/26/21 §		68,000		68,144
Morgan Stanley
3.247% (USD LIBOR + 0.550%) due 02/10/21 §		310,000		310,352
5.500% due 07/24/20		125,000		129,316
Regions Bank 2.972% (USD LIBOR + 0.380%) due 04/01/21 §		535,000		531,916
Reinsurance Group of America Inc
5.000% due 06/01/21		35,000		36,443
6.450% due 11/15/19		677,000		691,440
Santander UK Group Holdings PLC (United Kingdom) 2.875% due 10/16/20		405,000		404,806
Santander UK PLC (United Kingdom) 2.125% due 11/03/20		385,000		380,839
SBA Tower Trust REIT
3.168% due 04/09/47 ~		285,000		284,898
3.448% due 03/15/48 ~		210,000		211,552
Standard Chartered PLC (United Kingdom) 2.100% due 08/19/19 ~		200,000		199,370


	Principal Amount		Value
Synchrony Financial 2.700% due 02/03/20		$1,095,000		$1,093,774
The Goldman Sachs Group Inc
2.875% due 02/25/21		105,000		105,099
3.524% (USD LIBOR + 0.780%) due 10/31/22 §		100,000		99,621
3.875% (USD LIBOR + 1.110%) due 04/26/22 §		295,000		296,665
5.750% due 01/24/22		260,000		279,044
Trinity Acquisition PLC 3.500% due 09/15/21		115,000		116,011
UBS Group Funding Switzerland AG (Switzerland)
3.000% due 04/15/21 ~		680,000		680,092
3.871% (USD LIBOR + 1.220%) due 05/23/23 § ~		255,000		256,771
US Bank NA 3.085% (USD LIBOR + 0.320%) due 04/26/21 §		275,000		275,232
Ventas Realty LP REIT 3.100% due 01/15/23		60,000		60,054
Wells Fargo & Co 2.550% due 12/07/20		23,000		22,947
Wells Fargo Bank NA 3.325% due 07/23/21		580,000		583,993
Willis Towers Watson PLC 5.750% due 03/15/21		470,000		492,379

				26,621,826

Industrial - 5.4%

Avnet Inc 3.750% due 12/01/21		197,000		199,059
Boral Finance PTY Ltd (Australia) 3.000% due 11/01/22 ~		35,000		34,346
CNH Industrial Capital LLC
3.375% due 07/15/19		130,000		130,181
3.875% due 10/15/21		475,000		481,223
4.375% due 11/06/20		480,000		489,624
DAE Funding LLC (United Arab Emirates)
4.000% due 08/01/20 ~		210,000		211,050
5.250% due 11/15/21 ~		220,000		224,950
Eagle Materials Inc 4.500% due 08/01/26		50,000		50,673
Eastern Creation II Investment Holdings Ltd (China) 2.750% due 09/26/20 ~		400,000		396,812
GATX Corp
2.500% due 07/30/19		215,000		214,478
2.600% due 03/30/20		235,000		234,337
Harris Corp 2.700% due 04/27/20		410,000		408,577
Kansas City Southern 2.350% due 05/15/20		400,000		397,328
Keysight Technologies Inc 3.300% due 10/30/19		880,000		882,088
Martin Marietta Materials Inc
3.133% (USD LIBOR + 0.500%) due 12/20/19 §		150,000		149,856
3.313% (USD LIBOR + 0.650%) due 05/22/20 §		220,000		219,994
Park Aerospace Holdings Ltd (Ireland) 3.625% due 03/15/21 ~		230,000		228,850
Penske Truck Leasing Co LP
2.500% due 06/15/19 ~		230,000		229,698
3.050% due 01/09/20 ~		865,000		865,219
3.200% due 07/15/20 ~		50,000		50,120
3.300% due 04/01/21 ~		325,000		326,384
3.650% due 07/29/21 ~		115,000		116,618
Roper Technologies Inc
3.000% due 12/15/20		315,000		315,778
3.650% due 09/15/23		95,000		97,141


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-32

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
SMBC Aviation Capital Finance DAC (Ireland) 4.125% due 07/15/23 ~		$265,000		$270,975
United Technologies Corp 3.333% (USD LIBOR + 0.650%) due 08/16/21 §		125,000		125,083
Vulcan Materials Co
3.211% (USD LIBOR + 0.600%) due 06/15/20 §		640,000		639,209
3.276% (USD LIBOR + 0.650%) due 03/01/21 §		390,000		389,750

				8,379,401

Technology - 2.0%

Broadcom Corp
2.375% due 01/15/20		615,000		612,050
3.000% due 01/15/22		415,000		413,532
DXC Technology Co
2.875% due 03/27/20		280,000		279,910
3.576% (USD LIBOR + 0.950%) due 03/01/21 §		368,000		368,007
Fidelity National Information Services Inc 2.250% due 08/15/21		250,000		245,729
Hewlett Packard Enterprise Co 2.100% due 10/04/19 ~		155,000		154,362
Microchip Technology Inc 3.922% due 06/01/21 ~		245,000		247,287
Xerox Corp 5.625% due 12/15/19		675,000		687,636

				3,008,513

Utilities - 3.2%

American Electric Power Co Inc 3.650% due 12/01/21		50,000		51,039
CenterPoint Energy Inc 3.600% due 11/01/21		75,000		76,159
Dominion Energy Inc
2.579% due 07/01/20		260,000		258,640
2.962% due 07/01/19		405,000		405,087
Edison International
2.125% due 04/15/20		395,000		392,073
2.400% due 09/15/22		183,000		169,660
EDP Finance BV (Portugal) 4.900% due 10/01/19 ~		375,000		378,383
Enel Finance International NV (Italy) 2.875% due 05/25/22 ~		320,000		314,798
4.250% due 09/14/23 ~		205,000		209,716
ENN Energy Holdings Ltd (China) 3.250% due 10/23/19 ~		200,000		200,059
Exelon Generation Co LLC
2.950% due 01/15/20		575,000		574,468
4.000% due 10/01/20		219,000		222,113
FirstEnergy Corp 2.850% due 07/15/22		240,000		238,507
NextEra Energy Capital Holdings Inc
2.300% due 04/01/19		200,000		200,000
3.179% (USD LIBOR + 0.550%) due 08/28/21 §		210,000		209,604
San Diego Gas & Electric Co 1.914% due 02/01/22		83,572		81,544
Sempra Energy
1.625% due 10/07/19		265,000		263,147
2.875% due 10/01/22		25,000		24,658
3.287% (USD LIBOR + 0.500%) due 01/15/21 §		145,000		143,833
State Grid Overseas Investment Ltd (China) 2.250% due 05/04/20 ~		615,000		610,087

				5,023,575

Total Corporate Bonds & Notes (Cost $83,904,609)				84,372,241


	Principal Amount		Value
MORTGAGE-BACKED SECURITIES - 17.5%

Collateralized Mortgage Obligations - Commercial - 3.3%

BAMLL Commercial Mortgage Securities Trust 3.334% (USD LIBOR + 0.850%) due 09/15/34 § ~		$600,000		$597,851
3.490% due 04/14/33 ~		130,000		131,373
Banc of America Commercial Mortgage Trust 1.957% due 02/15/50		65,032		64,262
BX Commercial Mortgage Trust 3.234% (USD LIBOR + 0.750%) due 11/15/35 § ~		130,843		130,659
BX Trust
3.884% (USD LIBOR + 1.400%) due 10/15/32 § ~		385,000		383,534
4.734% (USD LIBOR + 2.250%) due 10/15/32 § ~		125,000		124,639
Citigroup Commercial Mortgage Trust
1.637% due 06/10/48		41,764		41,603
1.643% due 09/10/58		22,618		22,428
CLNS Trust
3.293% (USD LIBOR + 0.800%) due 06/11/32 § ~		395,000		394,304
3.493% (USD LIBOR + 1.000%) due 06/11/32 § ~		200,000		199,402
Commercial Mortgage Trust
1.443% due 08/10/49		46,840		46,061
1.667% due 07/10/50		37,558		37,471
1.770% due 02/10/49		4,867		4,825
1.965% due 02/10/50		64,349		63,726
3.221% due 10/10/48		200,000		200,874
3.349% (USD LIBOR + 0.850%) due 02/13/32 § ~		180,000		180,134
CSAIL Commercial Mortgage Trust 2.025% due 09/15/50		149,038		147,107
Great Wolf Trust
3.484% (USD LIBOR + 0.850%) due 09/15/34 § ~		175,000		174,706
3.954% (USD LIBOR + 1.320%) due 09/15/34 § ~		250,000		249,904
GS Mortgage Securities Corp Trust
3.432% (USD LIBOR + 0.950%) due 11/15/35 § ~		165,000		164,886
4.484% (USD LIBOR + 2.000%) due 11/15/35 § ~		100,000		99,781
GS Mortgage Securities Trust
1.429% due 10/10/49		36,729		36,199
1.593% due 07/10/48		25,352		25,192
InTown Hotel Portfolio Trust
3.184% (USD LIBOR + 0.700%) due 01/15/33 § ~		100,000		99,492
3.734% (USD LIBOR + 1.250%) due 01/15/33 § ~		100,000		99,543
JPMBB Commercial Mortgage Securities Trust 1.423% due 06/15/49		13,446		13,288
Morgan Stanley Bank of America Merrill Lynch Trust
1.597% due 05/15/49		11,160		11,046
1.706% due 05/15/48		69,163		68,583
4.110% due 10/15/47 §		95,000		99,325
Morgan Stanley Capital I Trust
1.638% due 05/15/48		59,083		58,617
3.334% (USD LIBOR + 0.850%) due 11/15/34 § ~		195,000		193,944
3.484% (USD LIBOR + 1.000%) due 11/15/34 § ~		155,000		154,358
RETL Trust RVP ‘A’ 3.634% (USD LIBOR + 1.150%) due 03/15/36 § ~		170,000		170,529


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-33

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
SLIDE Fund Trust 4.334% (USD LIBOR + 1.850%) due 06/15/31 § ~		$128,255		$128,553
Wells Fargo Commercial Mortgage Trust
1.441% due 10/15/49		10,923		10,861
1.531% due 05/15/48		11,314		11,287
1.577% due 01/15/59		28,075		27,816
1.968% due 07/15/50		120,911		119,518
1.975% due 09/15/50		115,511		113,920
WFRBS Commercial Mortgage Trust 4.697% due 04/15/45		195,000		201,693

				5,103,294

Collateralized Mortgage Obligations - Residential - 9.0%

Angel Oak Mortgage Trust I LLC 4.500% due 11/25/48 § ~		160,000		164,519
COLT Mortgage Loan Trust
2.415% due 10/25/47 § ~		131,351		131,265
2.568% due 10/25/47 § ~		57,034		56,986
2.614% due 05/27/47 § ~		96,259		95,983
2.773% due 10/25/47 § ~		34,566		34,597
2.930% due 02/25/48 § ~		54,452		54,369
3.074% due 05/27/47 § ~		27,901		27,879
3.084% due 02/25/48 § ~		45,376		45,299
3.337% due 05/25/49 § ~		190,000		190,356
3.470% due 07/27/48 § ~		210,538		211,324
3.542% due 07/27/48 § ~		102,717		103,033
4.006% due 12/28/48 § ~		333,229		336,289
4.108% due 12/28/48 § ~		323,972		327,011
Deephaven Residential Mortgage Trust
2.577% due 10/25/47 § ~		161,289		160,949
2.711% due 10/25/47 § ~		42,444		42,361
2.813% due 10/25/47 § ~		42,444		42,342
2.976% due 12/25/57 § ~		112,384		112,589
3.479% due 04/25/58 § ~		177,689		179,015
3.485% due 12/26/46 § ~		29,155		29,243
3.963% due 08/25/58 § ~		83,923		84,410
4.080% due 10/25/58 § ~		636,766		646,528
Fannie Mae Connecticut Avenue Securities
3.166% (USD LIBOR + 0.680%) due 10/25/30 §		189,200		189,186
3.206% (USD LIBOR + 0.720%) due 01/25/31 §		88,986		88,996
3.236% (USD LIBOR + 0.750%) due 02/25/30 §		160,071		160,129
3.236% (USD LIBOR + 0.750%) due 02/25/30 §		71,892		71,889
3.336% (USD LIBOR + 0.850%) due 11/25/29 §		174,041		174,290
Fannie Mae REMICS
2.786% (USD LIBOR + 0.300%) due 11/25/47 §		41,976		41,701
2.986% (USD LIBOR + 0.500%) due 11/25/46 §		148,207		148,639
2.986% (USD LIBOR + 0.500%) due 11/25/46 §		144,548		144,853
2.986% (USD LIBOR + 0.500%) due 11/25/46 §		105,195		105,485
3.000% due 11/25/47		336,589		341,933
4.000% due 06/25/44		35,871		37,010
5.000% due 08/25/19		396		396
Flagstar Mortgage Trust 4.000% due 09/25/48 § ~		529,083		537,097
Freddie Mac REMICS 2.000% due 02/15/40		226,260		223,735
Freddie Mac Structured Agency Credit Risk Debt
3.036% (USD LIBOR + 0.550%) due 04/25/30 §		141,306		141,129
3.236% (USD LIBOR + 0.750%) due 03/25/30 §		225,099		225,050


	Principal Amount		Value
3.286% (USD LIBOR + 0.800%) due 12/25/29 §		$162,292		$162,394
3.686% (USD LIBOR + 1.200%) due 08/25/29 §		161,122		161,576
3.819% due 05/25/48 § ~		69,307		69,252
3.981% due 09/25/47 § ~		22,692		22,907
4.167% due 08/25/48 § ~		69,465		69,964
4.460% due 11/25/48 § ~		421,080		422,517
4.686% (USD LIBOR + 2.200%) due 09/25/24 §		512,771		522,879
Freddie Mac Whole Loan Securities Trust 3.864% due 05/25/47 § ~		60,970		61,414
Galton Funding Mortgage Trust
3.500% due 11/25/57 § ~		167,951		166,869
4.000% due 02/25/59 § ~		280,183		279,474
Government National Mortgage Association
2.788% (USD LIBOR + 0.300%) due 09/20/48 §		39,425		39,122
2.938% (USD LIBOR + 0.450%) due 02/20/49 §		34,923		34,910
2.938% (USD LIBOR + 0.450%) due 02/20/49 §		44,844		44,827
GS Mortgage-Backed Securities Trust 2.456% due 07/25/44 § ~		28,253		27,918
Homeward Opportunities Fund I Trust 3.766% due 06/25/48 § ~		135,250		136,915
Homeward Opportunities Fund I Trust
3.454% due 01/25/59 § # ~		350,000		349,995
3.606% due 01/25/59 § # ~		240,000		239,995
3.897% due 06/25/48 § ~		110,659		111,987
Metlife Securitization Trust 3.000% due 04/25/55 § ~		131,951		131,052
New Residential Mortgage Loan Trust
3.675% due 01/25/49 § ~		578,844		583,334
3.986% due 11/25/48 § ~		220,817		226,226
Sequoia Mortgage Trust
3.500% due 02/25/48 § ~		286,860		289,970
4.000% due 06/25/48 § ~		269,681		275,226
4.000% due 08/25/48 § ~		488,358		498,127
4.500% due 08/25/48 § ~		81,393		83,823
STACR Trust
3.286% (USD LIBOR + 0.800%) due 12/25/30 § ~		360,000		360,050
3.336% (USD LIBOR + 0.850%) due 02/25/47 § ~		450,000		450,101
3.736% (USD LIBOR + 1.250%) due 02/25/47 § ~		215,000		216,003
Starwood Mortgage Residential Trust
3.468% due 04/25/49 § ~		120,000		120,150
4.121% due 10/25/48 § ~		637,833		649,432
Verus Securitization Trust
2.929% due 02/25/48 § ~		56,691		56,557
3.402% due 12/25/59 § ~		120,000		120,186
3.677% due 06/01/58 § ~		184,754		186,990
3.779% due 06/01/58 § ~		80,328		81,081
3.830% due 06/01/58 § ~		80,328		80,864
3.836% due 02/25/59 § ~		479,574		483,709
4.148% due 10/25/58 § ~		499,440		508,520

				14,034,181

Fannie Mae - 3.2%

3.000% due 11/01/29 - 09/01/30		184,456		186,565
3.500% due 06/01/29 - 11/01/47		1,520,100		1,553,650
4.000% due 06/01/33 - 09/01/48		764,506		789,610
4.500% due 04/01/26 - 03/01/46		734,448		767,137
5.000% due 01/01/20 - 02/01/49		1,060,248		1,133,169
5.500% due 10/01/35 - 02/01/42		457,704		497,131
6.000% due 11/01/35 - 09/01/39		102,852		113,320

		4,824,314		5,040,582


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-34

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
Freddie Mac - 0.0%

5.500% due 01/01/20 - 12/01/39		$26,665		$29,142


Government National Mortgage Association - 2.0%

4.000% due 11/20/48		178,050		184,056
4.500% due 11/20/48		301,122		313,194
5.000% due 01/20/48 - 10/20/48		2,064,871		2,164,221
5.500% due 09/15/45		229,317		251,393
6.000% due 07/15/36		114,164		128,455

		2,887,524		3,041,319

Total Mortgage-Backed Securities (Cost $27,252,942)				27,248,518


ASSET-BACKED SECURITIES - 16.3%

Allegro Ltd (Cayman) 3.611% (USD LIBOR + 0.840%) due 07/25/27 § ~		310,000		308,556
Ally Auto Receivables Trust
2.410% due 01/15/21 ~		240,000		239,974
2.460% due 09/15/22		40,000		39,775
2.840% due 09/15/22		85,000		84,938
2.930% due 11/15/23		70,000		69,651
Ally Master Owner Trust 3.300% due 07/17/23		105,000		106,606
American Express Credit Account Master Trust 3.070% due 10/15/24		865,000		872,274
AmeriCredit Automobile Receivables Trust
1.530% due 07/08/21		70,360		70,158
2.690% due 06/19/23		110,000		109,765
2.710% due 08/18/22		100,000		99,779
2.710% due 09/08/22		315,000		313,959
2.740% due 12/08/22		535,000		532,760
3.000% due 06/08/21		110,000		110,063
3.080% due 12/18/23		522,000		522,573
3.340% due 08/08/21		135,000		135,521
3.820% due 03/18/24		860,000		876,087
ARI Fleet Lease Trust
1.910% due 04/15/26 ~		45,410		45,197
2.550% due 10/15/26 ~		623,603		622,643
Ascentium Equipment Receivables Trust
2.290% due 06/10/21 ~		83,839		83,507
2.920% due 12/10/20 ~		70,732		70,801
Avis Budget Rental Car Funding AESOP LLC
2.500% due 02/20/21 ~		240,000		239,342
2.500% due 07/20/21 ~		275,000		273,780
2.720% due 11/20/22 ~		535,000		531,834
3.700% due 03/20/23 ~		100,000		100,953
4.530% due 03/20/23 ~		130,000		131,705
Bayview Mortgage Fund Trust 3.500% due 01/28/58 § ~		184,063		185,086
Bayview Opportunity Master Fund Trust 3.500% due 01/28/55 § ~		113,378		114,004
BlueMountain CLO Ltd (Cayman) 3.710% (USD LIBOR + 0.930%) due 07/18/27 § ~		270,000		268,005
BMW Vehicle Lease Trust 2.180% due 06/22/20		185,000		184,511
California Republic Auto Receivables Trust 2.510% due 02/16/21		60,000		59,916
Capital Auto Receivables Asset Trust
1.540% due 08/20/20		2,397		2,395
1.630% due 01/20/21		33,837		33,775
2.430% due 05/20/22 ~		40,000		39,782
2.700% due 09/20/22 ~		65,000		64,279
3.360% due 11/21/22 ~		160,000		160,177
3.480% due 10/20/23 ~		60,000		60,543
3.690% due 12/20/23 ~		80,000		80,681


	Principal Amount		Value
Carlyle Global Market Strategies CLO Ltd (Cayman) 3.761% (USD LIBOR + 1.000%) due 04/20/27 § ~		$250,000		$250,786
CarMax Auto Owner Trust
1.400% due 08/15/21		128,835		127,897
3.000% due 05/16/22		515,000		513,407
3.270% due 03/15/22		155,000		154,741
CBAM Ltd (Cayman) 4.009% (USD LIBOR + 1.280%) due 02/12/30 § ~		760,000		760,129
Chrysler Capital Auto Receivables Trust 1.640% due 07/15/21 ~		30,633		30,543
CNH Equipment Trust
1.930% due 03/15/24		315,000		310,531
2.400% due 02/15/23		265,000		264,688
3.010% due 04/15/24		195,000		197,110
Cole Park CLO Ltd (Cayman) 3.811% (USD LIBOR + 1.050%) due 10/20/28 § # ~		435,000		433,209
Driven Brands Funding LLC 5.216% due 07/20/45 ~		420,863		437,084
Elara HGV Timeshare Issuer LLC
2.530% due 02/25/27 ~		40,816		40,416
2.690% due 03/25/30 ~		70,547		70,169
Enterprise Fleet Financing LLC 2.040% due 02/22/22 ~		295,000		292,964
3.140% due 02/20/24 ~		145,000		145,650
Ford Credit Auto Owner Trust
2.030% due 12/15/27 ~		350,000		344,492
3.520% due 07/15/30 ~		545,000		556,362
GM Financial Automobile Leasing Trust
2.120% due 09/20/21		65,000		64,678
2.260% due 08/20/20		45,000		44,890
3.110% due 12/20/21		105,000		104,899
3.370% due 10/20/22		245,000		244,679
3.500% due 04/20/22		80,000		80,402
3.560% due 12/20/22		275,000		276,978
GM Financial Consumer Automobile Trust 2.450% due 07/17/23 ~		100,000		99,248
GMF Floorplan Owner Revolving Trust
2.410% due 05/17/21 ~		100,000		99,926
2.630% due 07/15/22 ~		190,000		189,092
3.500% due 09/15/23 ~		220,000		224,104
GreatAmerica Leasing Receivables Funding LLC
2.060% due 06/22/20 ~		59,188		59,035
2.600% due 06/15/21 ~		95,000		94,873
Hardee’s Funding LLC 4.250% due 06/20/48 ~		134,361		136,085
Hilton Grand Vacations Trust
1.770% due 11/25/26 ~		60,460		59,860
2.660% due 12/26/28 ~		54,417		54,029
2.960% due 12/26/28 ~		54,417		53,671
Hyundai Auto Lease Securitization Trust 1.650% due 07/15/20 ~		30,554		30,541
Hyundai Auto Receivables Trust 2.380% due 04/17/23		395,000		391,796
Madison Park Funding Ltd (Cayman) 3.951% (USD LIBOR + 1.190%) due 10/21/30 § ~		500,000		498,002
Mill City Mortgage Loan Trust 2.500% due 04/25/57 § ~		48,982		48,669
MMAF Equipment Finance LLC
2.040% due 02/16/22 ~		93,807		93,289
3.200% due 09/12/22 ~		210,000		211,624
MVW Owner Trust
2.150% due 04/22/30 ~		17,205		17,076
2.420% due 12/20/34 ~		62,879		61,728
Navient Private Education Refi Loan Trust 2.530% due 02/18/42 ~		166,556		165,869


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-35

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
Neuberger Berman CLO Ltd (Cayman) 3.637% (USD LIBOR + 0.850%) due 01/15/28 § ~		$250,000		$248,300
Nissan Master Owner Trust Receivables 1.540% due 06/15/21		75,000		74,805
OCP CLO Ltd (Cayman)
3.585% (USD LIBOR + 0.820%) due 10/26/27 § ~		360,000		358,009
3.881% (USD LIBOR + 1.120%) due 07/20/29 § ~		415,000		413,953
OZLM VIII Ltd (Cayman) 3.625% (USD LIBOR + 1.170%) due 10/17/29 § ~		250,000		249,248
Planet Fitness Master Issuer LLC 4.262% due 09/05/48 ~		199,000		202,680
Santander Drive Auto Receivables Trust
2.100% due 06/15/21		11,143		11,133
2.460% due 03/15/22		126,000		125,727
2.580% due 05/16/22		30,000		29,922
2.960% due 03/15/24		960,000		961,040
3.210% due 09/15/23		210,000		211,015
3.270% due 01/17/23		110,000		110,512
3.490% due 05/17/21		155,000		155,340
3.520% due 12/15/22		125,000		126,267
3.530% due 08/16/21		105,000		105,410
3.650% due 12/15/21		120,000		120,602
4.020% due 04/15/22		105,000		106,057
Santander Retail Auto Lease Trust 2.960% due 11/21/22 ~		85,000		84,849
Sierra Timeshare Conduit Receivables Funding LLC 2.910% due 03/20/34 ~		850,574		844,557
Sierra Timeshare Receivables Funding LLC
2.300% due 10/20/31 ~		40,239		40,075
2.330% due 07/20/33 ~		22,887		22,579
2.400% due 03/22/32 ~		33,485		33,344
2.430% due 10/20/33 ~		60,415		60,089
2.580% due 09/20/32 ~		202,698		201,857
3.080% due 03/21/33 ~		174,555		174,315
SLM Student Loan Trust
2.886% (USD LIBOR + 0.400%) due 03/25/25 §		122,758		120,234
4.271% (USD LIBOR + 1.500%) due 04/25/23 §		23,783		24,071
4.471% (USD LIBOR + 1.700%) due 07/25/23 §		37,231		37,738
SMB Private Education Loan Trust
3.050% due 05/15/26 ~		83,531		83,754
3.484% (USD LIBOR + 1.000%) due 06/15/27 § ~		83,120		83,639
3.634% (USD LIBOR + 1.150%) due 05/15/26 § ~		177,503		178,788
3.984% (USD LIBOR + 1.500%) due 04/15/32 § ~		225,000		229,136
Synchrony Credit Card Master Note Trust
2.620% due 09/15/23		85,000		84,502
3.360% due 03/15/24		780,000		779,311
Towd Point Mortgage Trust
2.250% due 07/25/56 § ~		54,720		53,849
2.750% due 02/25/55 § ~		35,915		35,691
2.750% due 04/25/55 § ~		60,923		60,536
2.750% due 05/25/55 § ~		58,757		58,335
2.750% due 08/25/55 § ~		50,669		50,139
2.750% due 10/25/56 § ~		62,157		61,635
2.750% due 04/25/57 § ~		135,292		134,085
3.000% due 01/25/58 § ~		93,609		92,883
3.750% due 05/25/58 § ~		120,191		121,905
Toyota Auto Receivables Owner Trust 3.000% due 05/15/24		1,085,000		1,099,738


	Principal Amount		Value
Verizon Owner Trust
2.360% due 05/20/21 ~		$125,000		$124,269
2.530% due 04/20/22 ~		120,000		119,274
2.650% due 09/20/21 ~		100,000		99,687
Volvo Financial Equipment LLC
1.670% due 02/18/20 ~		2,905		2,903
3.060% due 12/15/25 ~		265,000		264,479
Wheels SPV LLC 1.590% due 05/20/25 ~		6,979		6,973
World Omni Automobile Lease Securitization Trust 2.320% due 08/15/22		55,000		54,831


Total Asset-Backed Securities (Cost $25,238,707)				25,314,646


U.S. GOVERNMENT AGENCY ISSUES - 0.5%

Federal Home Loan Banks 2.625% due 05/28/20		830,000		831,959


Total U.S. Government Agency Issues (Cost $829,827)				831,959


U.S. TREASURY OBLIGATIONS - 11.4%

U.S. Treasury Notes - 11.4%

2.375% due 03/15/22		3,815,000		3,833,255
2.500% due 12/31/20		7,145,000		7,168,445
2.625% due 12/15/21		4,505,000		4,552,250
2.875% due 10/31/20		1,200,000		1,210,031
2.875% due 10/15/21		935,000		949,555

				17,713,536

Total U.S. Treasury Obligations (Cost $17,627,198)				17,713,536


MUNICIPAL BONDS - 0.1%

State Board of Administration Finance Corp FL ‘A’ 2.163% due 07/01/19		150,000		149,846


Total Municipal Bonds (Cost $150,000)				149,846


	Shares
SHORT-TERM INVESTMENT - 0.2%

Money Market Fund - 0.2%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.370%		228,015		228,015


Total Short-Term Investment (Cost $228,015)				228,015


TOTAL INVESTMENTS - 100.3% (Cost $155,231,298)				155,858,761

DERIVATIVES - 0.1%
(See Notes (b) and (c) in Notes to Schedule of Investments)				79,225


OTHER ASSETS & LIABILITIES, NET - (0.4%)				(580,358	)


NET ASSETS - 100.0%				$155,357,628


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-36

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

March 31, 2019

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Fund’s composition as a percentage of net assets was as follows:


Corporate Bonds & Notes	54.3%
Mortgage-Backed Securities	17.5%
Asset-Backed Securities	16.3%
U.S. Treasury Obligations	11.4%
Others (each less than 3.0%)	0.8%

	100.3%

Derivatives	0.1%
Other Assets & Liabilities, Net	(0.4%	)

	100.0%

(b)	Open futures contracts outstanding as of March 31, 2019 were as follows:


Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 2-Year Notes		06/19		165		$35,045,334		$35,160,469		$115,135
U.S. Treasury 5-Year Notes		06/19		34		3,903,673		3,938,156		34,483
U.S. Treasury Ultra 10-Year Notes		06/19		2		259,612		265,563		5,951

										155,569


Short Futures Outstanding
U.S. Treasury 10-Year Notes		06/19		52		6,381,192		6,459,375		(78,183	)


Total Futures Contracts										$77,386

(c)	Forward foreign currency contracts outstanding as of March 31, 2019 were as follows:


Currency Purchased		Currency Sold		Settlement Month	Counterparty		Unrealized Appreciation		Unrealized Depreciation
EUR	203,245	USD	229,559	05/19		HSB		$—		($482	)
USD	46,600	EUR	41,000	05/19		BNP		389		—
USD	46,747	EUR	41,000	05/19		CIT		536		—
USD	91,266	EUR	80,245	05/19		SSB		822		—
USD	46,784	EUR	41,000	05/19		UBS		574		—


Total Forward Foreign Currency Contracts								$2,321		($482	)

(d)	Fair Value Measurements


		Total Value at March 31, 2019			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$84,372,241			$—			$84,372,241			$—
	Mortgage-Backed Securities		27,248,518			—			27,248,518			—
	Asset-Backed Securities		25,314,646			—			25,314,646			—
	U.S. Government Agency Issues		831,959			—			831,959			—
	U.S. Treasury Obligations		17,713,536			—			17,713,536			—
	Municipal Bonds		149,846			—			149,846			—
	Short-Term Investment		228,015			228,015			—			—
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		2,321			—			2,321			—
	Interest Rate Contracts
	Futures		155,569			155,569			—			—

	Total Assets - Derivatives		157,890			155,569			2,321			—

	Total Assets		156,016,651			383,584			155,633,067			—

Liabilities	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(482	)		—			(482	)		—
	Interest Rate Contracts
	Futures		(78,183	)		(78,183	)		—			—

	Total Liabilities - Derivatives		(78,665	)		(78,183	)		(482	)		—

	Total		$155,937,986			$305,401			$155,632,585			$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-37

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments

March 31, 2019


	Principal Amount		Value
CORPORATE BONDS & NOTES - 20.0%

Argentina - 0.5%

Rio Energy SA 6.875% due 02/01/25 ~		$150,000		$114,180
YPF SA
6.950% due 07/21/27 ~		80,000		71,340
7.000% due 12/15/47 ~		30,000		23,940
8.500% due 07/28/25 ~		160,000		157,600

				367,060

Azerbaijan - 0.8%

Southern Gas Corridor CJSC 6.875% due 03/24/26 ~		220,000		247,225
State Oil Co of the Azerbaijan Republic 6.950% due 03/18/30 ~		270,000		304,627

				551,852

Brazil - 1.8%

Gol Finance Inc 7.000% due 01/31/25 ~		90,000		83,813
Petrobras Global Finance BV
6.850% due 06/05/15		210,000		203,899
6.875% due 01/20/40		240,000		245,580
8.750% due 05/23/26		210,000		248,850
Rumo Luxembourg Sarl 5.875% due 01/18/25 ~		200,000		202,625
Vale Overseas Ltd
6.875% due 11/21/36		120,000		137,700
6.875% due 11/10/39		120,000		138,000

				1,260,467

Chile - 1.5%

Corp Nacional del Cobre de Chile
4.375% due 02/05/49 ~		246,000		250,071
4.875% due 11/04/44 ~		200,000		219,421
5.625% due 10/18/43 ~		200,000		241,698
Empresa Nacional del Petroleo 4.500% due 09/14/47 ~		200,000		190,502
VTR Finance BV 6.875% due 01/15/24 ~		180,000		185,175

				1,086,867

China - 1.4%

Amber Circle Funding Ltd 3.250% due 12/04/22 ~		200,000		200,103
China Evergrande Group 7.500% due 06/28/23 ~		200,000		189,145
Sinochem Overseas Capital Co Ltd
4.500% due 11/12/20 ~		100,000		102,163
6.300% due 11/12/40 ~		100,000		127,224
Sunac China Holdings Ltd 7.950% due 08/08/22 ~		200,000		204,542
Yuzhou Properties Co Ltd 6.375% due 03/06/21 ~		200,000		200,720

				1,023,897

Colombia - 0.4%

Empresas Publicas de Medellin ESP 8.375% due 11/08/27 ~		COP 336,000,000		107,265
Millicom International Cellular SA 5.125% due 01/15/28 ~		$200,000		192,250

				299,515

Georgia - 0.3%

Georgian Railway JSC 7.750% due 07/11/22 ~		200,000		214,578


	Principal Amount		Value
Indonesia - 0.9%

P.T. Pertamina Persero 6.000% due 05/03/42 ~	$	200,000	$	217,685
P.T. Perusahaan Listrik Negara 5.500% due 11/22/21 ~		430,000		453,113

				670,798

Israel - 0.3%

Teva Pharmaceutical Finance Netherlands III BV 6.750% due 03/01/28		200,000		201,962


Jamaica - 0.2%

Digicel Ltd 6.000% due 04/15/21 ~		200,000		168,042


Kazakhstan - 0.9%

Development Bank of Kazakhstan JSC 4.125% due 12/10/22 ~		220,000		221,986
Halyk Savings Bank of Kazakhstan JSC 5.500% due 12/21/22 ~		66,249		66,481
Kazakhstan Temir Zholy Finance BV 6.950% due 07/10/42 ~		300,000		344,626

				633,093

Luxembourg - 0.3%

Altice Financing SA 7.500% due 05/15/26 ~		200,000		197,900


Malaysia - 0.4%

Wakala Global Sukuk Bhd 4.646% due 07/06/21 ~		250,000		259,768


Mexico - 3.2%

Axtel SAB de CV 6.375% due 11/14/24 ~		200,000		200,690
BBVA Bancomer SA 5.125% due 01/18/33 ~		200,000		184,650
Comision Federal de Electricidad
5.750% due 02/14/42 ~		200,000		203,000
8.180% due 12/23/27 ~		MXN 950,000		44,538
Mexichem SAB de CV 6.750% due 09/19/42 ~		$200,000		216,752
Petroleos Mexicanos
5.500% due 06/27/44		45,000		36,900
5.625% due 01/23/46		351,000		291,109
6.000% due 03/05/20		50,000		51,210
6.350% due 02/12/48		131,000		116,151
6.375% due 01/23/45		53,000		47,014
6.500% due 06/02/41		115,000		104,384
6.750% due 09/21/47		498,000		459,425
6.875% due 08/04/26		192,000		200,602
7.190% due 09/12/24 ~		MXN 3,170,000		137,593

				2,294,018

Morocco - 0.3%

OCP SA 6.875% due 04/25/44 ~		$200,000		218,383


Pakistan - 0.5%

The Second Pakistan International Sukuk Co Ltd 6.750% due 12/03/19 ~		350,000		353,938


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-38

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
Paraguay - 0.3%

Telefonica Celular del Paraguay SA 5.875% due 04/15/27 ~	$	200,000	$	203,400


Peru - 0.3%

Banco de Credito del Peru 4.850% due 10/30/20 ~		PEN 358,000		107,908
Patrimonio EN Fideicomiso 5.750% due 04/03/28 ~		$75,000		78,262

				186,170

Philippines - 0.4%

Power Sector Assets & Liabilities Management Corp 7.390% due 12/02/24 ~		230,000		277,538


Russia - 0.6%

Credit Bank of Moscow 5.875% due 11/07/21 ~		200,000		198,051
SCF Capital Designated Activity Co 5.375% due 06/16/23 ~		232,000		234,582

				432,633

Singapore - 0.2%

Puma International Financing SA 5.125% due 10/06/24 ~		200,000		181,162


South Africa - 1.1%

Absa Group Ltd 6.250% due 04/25/28 ~		200,000		200,145
Eskom Holdings SOC Ltd
6.750% due 08/06/23 ~		200,000		197,880
7.125% due 02/11/25 ~		200,000		198,256
MTN Mauritius Investments Ltd 4.755% due 11/11/24 ~		200,000		190,447

				786,728

Ukraine - 0.6%

Metinvest BV 7.750% due 04/23/23 ~		200,000		196,223
Ukreximbank 9.750% due 01/22/25 ~		200,000		202,250

				398,473

United Kingdom - 0.7%

Standard Chartered Bank
6.625% due 05/17/33 ~		IDR 270,000,000		16,658
7.590% due 01/13/26 ~		INR 17,870,000		262,149
8.125% due 05/17/24 ~		IDR 369,000,000		27,053
8.250% due 05/19/36 ~		980,000,000		70,241
8.375% due 03/17/34 ~		810,000,000		58,529
9.000% due 03/20/29 ~		311,000,000		23,815
11.000% due 09/17/25 ~		432,000,000		35,730
12.800% due 06/17/21 ~		157,000,000		12,377

				506,552

Venezuela - 2.1%

Petroleos de Venezuela SA
5.375% due 04/12/27 * Y ~		$113,000		26,725
8.500% due 10/27/20 Y ~		1,460,500		1,307,148
9.000% due 11/17/21 * Y ~		239,354		65,774
9.750% due 05/17/35 * Y ~		306,278		87,871
12.750% due 02/17/22 * Y ~		117,000		32,877

				1,520,395

Total Corporate Bonds & Notes (Cost $14,313,343)				14,295,189


	Principal Amount		Value
SENIOR LOAN NOTES - 0.8%

United Arab Emirates - 0.8%

Dubai World Corp Term B1 2.000% Cash or 1.750% PIK due 09/30/22	$	651,462	$	609,117


Total Senior Loan Notes (Cost $603,570)				609,117


FOREIGN GOVERNMENT BONDS & NOTES - 73.9%

Angola - 0.4%

Angolan Government 8.250% due 05/09/28 ~		279,000		291,823


Argentina - 2.3%

Argentina Bonar 47.623% (ARS Deposit + 3.250%) due 03/01/20 §		ARS 470,000		10,719
44.503% (ARS Deposit + 2.000%) due 04/03/22 §		4,931,267		110,593
Argentina POM Politica Monetaria 54.196% (ARS Reference + 0.000%) due 06/21/20 §		2,443,250		63,341
Argentine Republic Government
3.750% due 12/31/38 §		$442,217		257,039
5.875% due 01/11/28		228,000		175,588
6.875% due 04/22/21		210,000		192,255
6.875% due 01/11/48		319,000		235,661
7.500% due 04/22/26		252,000		214,483
7.625% due 04/22/46		194,000		153,503
8.280% due 12/31/33		56,080		45,635
8.280% due 12/31/33		112,160		93,373
Autonomous City of Buenos Aires Argentina 52.792% (ARS Deposit +3.250%) due 03/29/24 §		ARS 2,641,873		54,173
Provincia de Buenos Aires Argentina 45.741% (ARS Deposit + 3.750%) due 04/12/25 § ~		3,263,000		66,441

				1,672,804

Bahrain - 0.6%

Bahrain Government
7.000% due 10/12/28 ~		$200,000		215,202
7.500% due 09/20/47 ~		200,000		213,646

				428,848

Belarus - 1.2%

Republic of Belarus
6.200% due 02/28/30 ~		200,000		196,139
6.875% due 02/28/23 ~		460,000		483,345
7.625% due 06/29/27 ~		200,000		215,394

				894,878

Brazil - 8.3%

Brazil Letras do Tesouro Nacional
6.530% due 01/01/20		BRL 2,906,000		707,539
7.389% due 07/01/21		10,575,000		2,299,877
7.687% due 01/01/22		400,000		83,282
Brazil Notas do Tesouro Nacional ‘F’
10.000% due 01/01/27		5,307,000		1,439,368
10.000% due 01/01/29		1,183,000		322,344
Brazilian Government
2.625% due 01/05/23		$200,000		194,650
4.250% due 01/07/25		200,000		203,852
4.625% due 01/13/28		200,000		201,952


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-39

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
5.625% due 02/21/47	$	200,000	$	199,125
7.125% due 01/20/37		100,000		117,625
8.250% due 01/20/34		110,000		140,662

				5,910,276

Chile - 2.9%

Bonos de la Tesoreria de la Republica en pesos
4.500% due 03/01/21		CLP 1,185,000,000		1,778,025
4.500% due 03/01/26		50,000,000		76,010
5.000% due 03/01/35		145,000,000		230,263

				2,084,298

Colombia - 2.8%

Colombia Government
3.875% due 04/25/27		$200,000		203,352
5.625% due 02/26/44		200,000		225,940
6.125% due 01/18/41		183,000		216,674
7.375% due 09/18/37		110,000		144,238
8.125% due 05/21/24		185,000		224,312
Colombian TES
6.000% due 04/28/28		COP 463,100,000		141,409
6.250% due 11/26/25		461,200,000		146,683
7.000% due 06/30/32		510,000,000		163,254
7.250% due 10/18/34		262,300,000		85,042
7.750% due 09/18/30		820,700,000		280,578
10.000% due 07/24/24		376,700,000		141,006

				1,972,488

Croatia - 1.0%

Croatia Government
6.000% due 01/26/24 ~		$310,000		347,772
6.375% due 03/24/21 ~		200,000		212,373
6.625% due 07/14/20 ~		160,000		167,436

				727,581

Dominican Republic - 1.8%

Dominican Republic
5.500% due 01/27/25 ~		290,000		299,065
5.875% due 04/18/24 ~		120,000		126,001
6.600% due 01/28/24 ~		100,000		108,126
6.850% due 01/27/45 ~		270,000		289,913
6.875% due 01/29/26 ~		290,000		319,365
7.450% due 04/30/44 ~		130,000		147,063

				1,289,533

Ecuador - 7.4%

Ecuador Government
7.875% due 01/23/28 ~		370,000		353,258
7.950% due 06/20/24 ~		368,000		367,540
8.750% due 06/02/23 ~		458,000		481,473
8.875% due 10/23/27 ~		490,000		491,837
9.625% due 06/02/27 ~		250,000		260,938
9.650% due 12/13/26 ~		652,000		685,415
10.500% due 03/24/20 ~		1,159,000		1,220,137
10.750% due 03/28/22 ~		1,094,000		1,226,647
10.750% due 01/31/29 ~		200,000		221,050

				5,308,295

Egypt - 1.2%

Egypt Government
6.588% due 02/21/28 ~		200,000		196,427
7.500% due 01/31/27 ~		450,000		472,334
8.500% due 01/31/47 ~		200,000		204,658

				873,419

El Salvador - 1.0%

El Salvador Government
5.875% due 01/30/25 ~		102,000		99,451
6.375% due 01/18/27 ~		103,000		101,327
7.625% due 02/01/41 ~		150,000		154,314


	Principal Amount		Value
7.650% due 06/15/35 ~	$	55,000	$	57,407
8.250% due 04/10/32 ~		113,000		122,181
8.625% due 02/28/29 ~		171,000		190,453

				725,133

Gabon - 0.3%

Gabon Government 6.375% due 12/12/24 ~		200,000		192,154


Ghana - 1.0%

Ghana Government
7.875% due 03/26/27 ~		310,000		313,575
8.125% due 03/26/32 ~		200,000		199,560
8.627% due 06/16/49 ~		200,000		195,630

				708,765

Hungary - 1.2%

Hungary Government
5.375% due 02/21/23		318,000		343,667
5.375% due 03/25/24		174,000		190,986
5.750% due 11/22/23		266,000		294,624
7.625% due 03/29/41		30,000		44,649

				873,926

India - 1.6%

Export-Import Bank of India 4.000% due 01/14/23 ~		200,000		203,598
India Government
7.170% due 01/08/28		INR 30,000,000		425,805
7.350% due 06/22/24		10,000,000		146,748
7.370% due 04/16/23		23,650,000		349,099
7.720% due 05/25/25		4,000,000		59,355

				1,184,605

Indonesia - 6.0%

Indonesia Government
5.125% due 01/15/45 ~		$200,000		213,256
5.250% due 01/17/42 ~		200,000		215,647
5.250% due 01/08/47 ~		200,000		217,021
5.950% due 01/08/46 ~		200,000		236,152
6.625% due 02/17/37 ~		100,000		122,602
8.500% due 10/12/35 ~		100,000		142,597
Indonesia Treasury
5.625% due 05/15/23		IDR 5,329,000,000		356,033
6.125% due 05/15/28		5,180,000,000		330,189
6.625% due 05/15/33		3,646,000,000		224,943
7.000% due 05/15/27		298,000,000		20,196
7.500% due 08/15/32		4,001,000,000		269,756
7.500% due 05/15/38		689,000,000		45,685
8.250% due 07/15/21		3,687,000,000		267,517
8.250% due 05/15/29		5,146,000,000		378,397
8.250% due 05/15/36		958,000,000		68,664
8.375% due 03/15/24		5,581,000,000		411,379
8.375% due 09/15/26		7,369,000,000		544,266
Perusahaan Penerbit SBSN Indonesia III 4.550% due 03/29/26 ~		$200,000		208,250

				4,272,550

Ivory Coast - 0.8%

Ivory Coast Government 5.750% due 12/31/32 § ~		639,835		607,968


Jamaica - 0.3%

Jamaica Government 7.875% due 07/28/45		200,000		240,000


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-40

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value

Kazakhstan - 0.4%

Kazakhstan Government 6.500% due 07/21/45 ~	$	230,000	$	295,782


Kenya - 0.3%

Kenya Government 8.250% due 02/28/48 ~		200,000		203,126


Lebanon - 2.0%

Lebanon Government
5.450% due 11/28/19 ~		156,000		152,701
6.000% due 01/27/23 ~		60,000		51,403
6.100% due 10/04/22 ~		469,000		408,537
6.375% due 03/09/20		145,000		140,388
6.600% due 11/27/26 ~		99,000		79,664
6.850% due 03/23/27 ~		117,000		94,589
7.000% due 03/23/32 ~		150,000		117,332
7.250% due 03/23/37 ~		53,000		40,945
8.250% due 04/12/21 ~		395,000		370,806

				1,456,365

Malaysia - 1.3%

Malaysia Government
3.659% due 10/15/20		MYR 3,000,000		738,268
4.181% due 07/15/24		217,000		54,446
4.232% due 06/30/31		201,000		50,239
4.498% due 04/15/30		194,000		49,903
4.642% due 11/07/33		180,000		46,645

				939,501

Mexico - 1.3%

Mexican Bonos
6.500% due 06/09/22		MXN 7,750,000		384,908
7.500% due 06/03/27		690,000		34,456
8.500% due 05/31/29		720,000		38,161
10.000% due 12/05/24		1,850,000		104,724
Mexico Government
4.750% due 03/08/44		$68,000		66,946
5.550% due 01/21/45		94,000		103,189
5.750% due 10/12/10		112,000		115,052
6.050% due 01/11/40		60,000		68,550

				915,986

Morocco - 0.5%

Morocco Government 4.250% due 12/11/22 ~		320,000		327,056


Nigeria - 0.6%

Nigeria Government
6.500% due 11/28/27 ~		200,000		198,159
9.248% due 01/21/49 ~		200,000		222,313

				420,472

Oman - 0.5%

Oman Government
6.500% due 03/08/47 ~		200,000		175,586
6.750% due 01/17/48 ~		200,000		178,185

				353,771

Pakistan - 1.2%

Pakistan Government
6.875% due 12/05/27 ~		200,000		198,000
7.250% due 04/15/19 ~		230,000		229,816
8.250% due 04/15/24 ~		200,000		214,000
8.250% due 09/30/25 ~		200,000		214,500

				856,316


	Principal Amount		Value
Panama - 1.0%

Panama Government
4.300% due 04/29/53	$	200,000	$	204,810
6.700% due 01/26/36		120,000		157,200
7.125% due 01/29/26		100,000		122,375
8.875% due 09/30/27		70,000		97,202
9.375% due 04/01/29		70,000		102,480

				684,067

Paraguay - 0.3%

Paraguay Government 4.625% due 01/25/23 ~		200,000		206,837


Peru - 2.4%

Fondo MIVIVIENDA SA 7.000% due 02/14/24 ~		PEN 236,000		76,932
Peruvian Government
5.625% due 11/18/50		$317,000		407,503
5.940% due 02/12/29 ~		PEN 423,000		134,381
6.150% due 08/12/32 ~		128,000		40,649
6.900% due 08/12/37 ~		1,018,000		344,749
7.350% due 07/21/25		$278,000		350,558
8.750% due 11/21/33		230,000		361,100

				1,715,872

Philippines - 1.0%

Philippine Government
6.375% due 10/23/34		130,000		173,616
7.750% due 01/14/31		170,000		239,400
9.500% due 02/02/30		170,000		262,568
10.625% due 03/16/25		46,000		65,493

				741,077

Qatar - 1.0%

Qatar Government
4.000% due 03/14/29 ~		200,000		206,436
4.817% due 03/14/49 ~		200,000		210,806
5.103% due 04/23/48 ~		246,000		269,985

				687,227

Romania - 0.5%

Romanian Government
4.375% due 08/22/23 ~		302,000		313,455
6.125% due 01/22/44 ~		38,000		43,630

				357,085

Russia - 2.1%

Russia Federal
7.050% due 01/19/28		RUB 15,890,000		226,036
7.500% due 08/18/21		31,429,000		477,554
7.750% due 09/16/26		19,402,000		290,372
8.500% due 09/17/31		7,410,000		115,093
Russia Foreign
4.375% due 03/21/29 ~		$200,000		198,010
5.250% due 06/23/47 ~		200,000		201,190

				1,508,255

Saudi Arabia - 0.6%

Saudi Government
4.375% due 04/16/29 ~		200,000		208,775
5.250% due 01/16/50 ~		200,000		213,773

				422,548

Senegal - 0.3%

Senegal Government 6.250% due 05/23/33 ~		200,000		192,551


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-41

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value

South Africa - 4.8%

Republic of South Africa Government
4.300% due 10/12/28	$	424,000	$	396,631
4.875% due 04/14/26		200,000		198,615
5.000% due 10/12/46		200,000		178,396
5.650% due 09/27/47		230,000		219,729
6.250% due 03/31/36		ZAR 650,000		32,739
6.500% due 02/28/41		3,572,000		175,410
7.000% due 02/28/31		8,370,000		486,436
8.000% due 01/31/30		3,325,000		212,570
8.250% due 03/31/32		3,313,000		210,798
8.500% due 01/31/37		470,000		29,270
8.750% due 01/31/44		5,729,000		359,723
8.750% due 02/28/48		4,695,000		293,894
8.875% due 02/28/35		5,209,000		340,268
9.000% due 01/31/40		2,272,760		146,736
10.500% due 12/21/26		2,117,000		161,965

				3,443,180

Sri Lanka - 0.6%

Sri Lanka Government
6.200% due 05/11/27 ~		$200,000		192,453
7.850% due 03/14/29 ~		200,000		209,261

				401,714

Suriname - 0.3%

Republic of Suriname 9.250% due 10/26/26 ~		200,000		197,300


Thailand - 2.0%

Thailand Government
1.875% due 06/17/22		THB 17,766,000		559,900
2.000% due 12/17/22		5,000		158
2.125% due 12/17/26		2,461,000		76,480
2.400% due 12/17/23		4,756,000		152,051
2.875% due 12/17/28		2,311,000		75,590
2.875% due 06/17/46		333,000		9,857
3.300% due 06/17/38		4,126,000		136,557
3.400% due 06/17/36		3,290,000		111,632
3.775% due 06/25/32		6,951,000		244,491
4.875% due 06/22/29		1,138,000		43,271

				1,409,987

Turkey - 1.5%

Turkey Government
3.000% due 02/23/22 ^ ~		TRY 354,379		59,810
4.875% due 04/16/43		$200,000		148,623
5.750% due 03/22/24		200,000		189,688
6.125% due 10/24/28		200,000		182,359
6.250% due 09/26/22		200,000		197,792
7.000% due 06/05/20		42,000		42,478
7.375% due 02/05/25		130,000		130,813
8.000% due 03/12/25		TRY 90,000		9,766
10.700% due 08/17/22		920,000		122,436

				1,083,765

Ukraine - 2.1%

Ukraine Government
7.375% due 09/25/32 ~		$600,000		536,244
7.750% due 09/01/22 ~		114,000		113,104
7.750% due 09/01/23 ~		114,000		111,206
7.750% due 09/01/25 ~		310,000		296,157
7.750% due 09/01/26 ~		100,000		94,233
7.750% due 09/01/27 ~		126,000		117,873
9.750% due 11/01/28 ~		200,000		206,650

				1,475,467


	Principal Amount		Value
Uruguay - 1.1%

Uruguay Government
4.125% due 11/20/45	$	108,548	$	106,377
4.975% due 04/20/55		248,082		259,246
5.100% due 06/18/50		90,000		95,963
7.625% due 03/21/36		82,000		113,262
7.875% due 01/15/33		133,000		185,119
8.500% due 03/15/28 ~		UYU 1,208,000		31,568
9.875% due 06/20/22 ~		725,000		21,557

				813,092

Venezuela - 1.3%

Venezuela Government
7.750% due 10/13/19 * Y ~		$85,000		24,756
8.250% due 10/13/24 * Y ~		166,100		50,038
9.000% due 05/07/23 * Y ~		73,000		22,174
9.250% due 09/15/27 * Y		252,000		80,640
9.250% due 05/07/28 * Y ~		121,000		36,149
11.750% due 10/21/26 * Y ~		768,700		244,062
11.950% due 08/05/31 * Y ~		1,255,900		389,329
12.750% due 08/23/22 * Y ~		211,000		63,827

				910,975

Vietnam - 0.5%

Vietnam Government
4.800% due 11/19/24 ~		200,000		209,766
6.750% due 01/29/20 ~		180,000		185,286

				395,052

Zambia - 0.3%

Zambia Government 8.970% due 07/30/27 ~		307,000		225,492


Total Foreign Government Bonds & Notes (Cost $53,823,762)				52,899,262


SHORT-TERM INVESTMENTS - 3.9%

Foreign Government Issues - 0.6%

Argentina Treasury Bill (Argentina) 1.860% due 07/31/20		ARS 1,966,404		44,243
Egypt Treasury Bills (Egypt)
14.466% due 07/16/19		EGP 1,650,000		91,513
14.818% due 07/30/19		800,000		44,096
15.087% due 08/13/19		1,150,000		62,998
15.758% due 10/22/19		3,775,000		200,644

				443,494


	Shares
Money Market Fund - 3.3%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.370%		2,317,924		2,317,924


Total Short-Term Investments (Cost $2,753,063)				2,761,418


TOTAL INVESTMENTS - 98.6% (Cost $71,493,738)				70,564,986

DERIVATIVES - (0.1%) (See Notes (d) and (e) in Notes to Schedule of Investments)				(75,996	)


OTHER ASSETS & LIABILITIES, NET - 1.5%				1,109,736


NET ASSETS - 100.0%				$71,598,726


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-42

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

March 31, 2019

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Fund’s composition as a percentage of net assets was as follows:


Foreign Government Bonds & Notes	73.9%
Corporate Bonds & Notes	20.0%
Short-Term Investments	3.9%
Others (each less than 3.0%)	0.8%

	98.6%
Derivatives	(0.1%	)
Other Assets & Liabilities, Net	1.5%

	100.0%

(b)	As of March 31, 2019, the Fund’s composition by country of risk as a percentage of net assets was as follows:


Brazil	10.1%
Ecuador	7.4%
Indonesia	6.9%
South Africa	5.9%
Mexico	4.5%
Chile	4.4%
Venezuela	3.4%
United States (Includes Short-Term Investments)	3.3%
Colombia	3.2%
Others (each less than 3.0%)	49.5%

	98.6%
Derivatives	(0.1%	)
Other Assets & Liabilities, Net	1.5%

	100.0%

(c)	Investments with a total aggregate value of $2,431,370 or 3.4% of the Fund’s net assets were in default as of March 31, 2019.

(d)	Forward foreign currency contracts outstanding as of March 31, 2019 were as follows:


Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
ARS	1,865,250	USD	45,405	04/19	BNP		$ —		($3,694	)
ARS	8,633,100	USD	210,000	04/19	GSC		—		(14,718	)
ARS	2,167,500	USD	50,898	04/19	HSB		—		(2,917	)
BRL	8,959,694	USD	2,396,537	04/19	MER		—		(108,752	)
BRL	1,426,515	USD	366,069	05/19	MER		—		(2,549	)
CLP	651,485,570	USD	966,854	04/19	CSF		—		(9,456	)
CNH	298,272	USD	44,091	04/19	BNP		273		—
CNH	3,663,769	USD	540,909	04/19	HSB		4,025		—
CNH	4,537,023	USD	675,403	05/19	BNP		—		(649	)
CNY	11,614,679	USD	1,736,255	04/19	BNP		—		(7,923	)
COP	2,687,054,600	USD	857,448	04/19	CSF		—		(16,189	)
CZK	21,926,870	USD	965,004	04/19	BRC		—		(11,285	)
CZK	1,877,650	USD	81,740	04/19	JPM		—		(71	)
CZK	5,759,531	USD	255,954	05/19	MER		—		(5,230	)
CZK	7,167,339	USD	316,001	07/19	SCB		—		(3,498	)
HUF	134,610,000	USD	482,655	04/19	BNP		—		(11,488	)
HUF	145,840,808	USD	524,966	05/19	HSB		—		(13,272	)
HUF	145,840,808	USD	532,212	06/19	MER		—		(19,541	)
ILS	1,043,585	USD	284,394	04/19	SCB		3,481		—
INR	23,199,901	USD	323,646	04/19	BNP		9,091		—
INR	12,324,721	USD	170,302	04/19	SCB		6,462		—
INR	11,521,655	USD	163,000	05/19	ANZ		1,568		—
INR	15,650,115	USD	221,000	05/19	BRC		2,537		—
KRW	2,117,540,107	USD	1,879,601	04/19	BNP		—		(16,367	)
MXN	51,350,298	USD	2,639,643	04/19	BSC		—		(7,320	)
MXN	4,125,184	USD	213,589	04/19	HSB		—		(2,123	)
PEN	292,586	USD	87,423	04/19	CSF		606		—
PHP	17,313,683	USD	328,284	04/19	HSB		—		(712	)
PLN	1,088,447	USD	288,629	04/19	GSC		—		(4,856	)
PLN	157,806	USD	42,590	04/19	MER		—		(1,448	)
PLN	5,443,328	USD	1,429,770	05/19	DUB		—		(9,134	)
PLN	5,665,505	USD	1,489,237	05/19	HSB		—		(10,616	)
RON	1,211,068	USD	288,514	04/19	BNP		—		(4,275	)
RON	189,399	USD	45,000	04/19	CIT		—		(548	)
RON	1,179,049	USD	280,086	05/19	BNP		—		(3,677	)
RON	1,323,034	USD	314,148	06/19	JPM		—		(4,275	)
RUB	1,949,640	USD	29,370	04/19	CSF		193		—
RUB	42,324,013	USD	631,623	04/19	GSC		10,142		—
RUB	17,756,860	USD	266,238	04/19	MSC		3,011		—
RUB	86,540,448	USD	1,310,127	05/19	HSB		—		(3,070	)
SGD	1,948,810	USD	1,436,711	04/19	HSB		2,116		—
THB	9,724,100	USD	312,120	04/19	CIT		—		(5,464	)
THB	22,166,000	USD	711,304	04/19	GSC		—		(12,284	)
TRY	8,115,238	USD	1,435,436	04/19	JPM		—		(30,666	)
TRY	61,720	USD	10,845	05/19	JPM		—		(425	)
TWD	34,480,508	USD	1,123,766	04/19	HSB		—		(5,419	)
USD	76,520	ARS	3,219,196	04/19	BNP		3,236		—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-43

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

March 31, 2019


Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
USD	286,740	ARS	12,436,765	04/19	CSF		$7,218		$—
USD	30,000	BRL	115,365	04/19	BSC		543		—
USD	695,000	BRL	2,700,353	04/19	DUB		5,487		—
USD	60,000	BRL	225,577	04/19	JPM		2,401		—
USD	411,713	BRL	1,594,460	04/19	MER		4,581		—
USD	1,230,910	BRL	4,323,939	04/19	SCB		126,827		—
USD	108,010	BRL	421,887	05/19	BNP		500		—
USD	138,720	BRL	546,161	05/19	DUB		—		(459	)
USD	105,000	BRL	406,844	05/19	GSC		1,324		—
USD	130,090	BRL	509,615	05/19	MER		224		—
USD	1,491,794	BRL	5,918,246	12/19	BNP		10,921		—
USD	44,000	CLP	28,821,320	04/19	CIT		1,645		—
USD	533,000	CLP	352,837,249	04/19	CSF		14,484		—
USD	1,713,488	CLP	1,141,165,586	04/19	GSC		36,474		—
USD	36,000	CLP	24,439,320	04/19	JPM		85		—
USD	270,000	CNH	1,819,470	04/19	HSB		—		(621	)
USD	274,740	CNH	1,853,149	04/19	SCB		—		(890	)
USD	36,000	CNY	241,614	04/19	BRC		46		—
USD	30,000	COP	93,360,432	04/19	BNP		771		—
USD	425,000	COP	1,348,206,250	04/19	DUB		2,906		—
USD	87,000	COP	273,180,000	04/19	HSB		1,473		—
USD	44,000	COP	137,984,000	04/19	MER		800		—
USD	59,000	CZK	1,347,428	04/19	BNP		393		—
USD	81,000	CZK	1,832,893	04/19	CIT		1,277		—
USD	70,000	CZK	1,597,050	04/19	HSB		536		—
USD	21,000	CZK	473,803	05/19	HSB		374		—
USD	105,000	HUF	29,418,270	04/19	HSB		2,029		—
USD	44,000	HUF	12,147,713	04/19	JPM		1,480		—
USD	90,000	IDR	1,292,535,000	04/19	BNP		—		(279	)
USD	498,386	IDR	7,059,606,800	04/19	JPM		5,297		—
USD	327,000	IDR	4,710,194,000	05/19	BNP		—		(195	)
USD	249,997	IDR	3,581,661,230	05/19	GSC		1,195		—
USD	78,181	IDR	1,123,693,070	05/19	JPM		123		—
USD	151,458	IDR	2,181,000,000	05/19	SCB		—		(46	)
USD	35,000	ILS	126,418	04/19	MER		127		—
USD	36,000	INR	2,493,936	04/19	BRC		231		—
USD	358,463	INR	24,812,417	04/19	GSC		2,598		—
USD	75,000	INR	5,257,500	04/19	HSB		—		(404	)
USD	177,000	INR	12,792,144	05/19	DUB		—		(5,715	)
USD	176,000	INR	12,689,600	05/19	GSC		—		(5,250	)
USD	76,000	KRW	85,994,000	04/19	ANZ		333		—
USD	30,000	KRW	33,480,900	04/19	BRC		540		—
USD	36,000	KRW	40,744,482	04/19	GSC		149		—
USD	105,000	KRW	118,440,000	04/19	HSB		784		—
USD	119,000	MXN	2,291,135	04/19	BNP		1,552		—
USD	330,000	MXN	6,351,180	04/19	BSC		4,425		—
USD	546,710	MXN	10,707,781	04/19	DUB		—		(2,193	)
USD	72,325	MXN	1,397,153	04/19	HSB		704		—
USD	520,000	MXN	10,163,950	04/19	MER		—		(1,025	)
USD	89,329	MYR	363,693	04/19	DUB		210		—
USD	80,000	PEN	265,400	04/19	MER		151		—
USD	115,000	PLN	439,530	04/19	BNP		409		—
USD	55,000	PLN	209,603	04/19	CIT		354		—
USD	72,000	PLN	272,523	04/19	DUB		950		—
USD	268,006	PLN	1,010,678	05/19	SCB		4,233		—
USD	37,000	RON	154,505	04/19	BNP		738		—
USD	40,000	RON	169,256	04/19	HSB		275		—
USD	105,510	RON	434,965	04/19	ING		3,423		—
USD	135,000	RUB	8,978,580	04/19	GSC		—		(1,143	)
USD	597,152	RUB	39,019,824	04/19	HSB		5,489		—
USD	295,270	RUB	19,470,626	04/19	MSC		34		—
USD	55,000	RUB	3,623,769	04/19	SCB		52		—
USD	115,000	SGD	155,681	04/19	BNP		59		—
USD	55,000	SGD	74,795	04/19	HSB		—		(222	)
USD	160,000	THB	5,064,640	04/19	BNP		283		—
USD	60,000	THB	1,875,438	04/19	MSC		857		—
USD	41,672	TRY	245,093	04/19	BNP		—		(754	)
USD	50,000	TRY	295,350	04/19	BRC		—		(1,126	)
USD	96,000	TRY	540,797	04/19	HSB		2,387		—
USD	95,000	TRY	531,440	04/19	MER		3,006		—
USD	90,000	TWD	2,775,600	04/19	HSB		—		(24	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-44

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

March 31, 2019


Currency Purchased		Currency Sold		Settlement Month	Counterparty		Unrealized Appreciation		Unrealized Depreciation
USD	37,000	TWD	1,137,565	04/19		SCB		$104		$—
USD	86,000	ZAR	1,234,683	04/19		BNP		746		—
USD	346,564	ZAR	4,832,252	04/19		HSB		12,902		—
USD	333,086	ZAR	4,732,463	04/19		MER		6,313		—
USD	151,618	ZAR	2,204,134	05/19		DUB		18		—
ZAR	845,714	USD	59,148	04/19		BRC		—		(752	)
ZAR	770,426	USD	54,430	04/19		CIT		—		(1,233	)
ZAR	1,756,342	USD	124,000	04/19		GSC		—		(2,726	)
ZAR	1,531,567	USD	114,157	04/19		HSB		—		(8,404	)
ZAR	2,510,776	USD	177,000	04/19		MER		—		(3,633	)


Total Forward Foreign Currency Contracts								$332,591		($391,005	)

(e)	Swap agreements outstanding as of March 31, 2019 were as follows:

Interest Rate Swaps – Long

Receive

Pay

Payment
Frequency
Receive Rate/
Pay Rate

Exchange

Expiration
Date

Notional
Amount

Value

Upfront
Premiums
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

2.400%

6-Month PLN-WIBOR

A / S

LCH

03/26/23

PLN 1,060,000

$5,586

$—

$5,586

8.156%

28-Day MXN-TIIE

L / L

CME

12/13/23

MXN 52,000,000

37,630

—

37,630

$43,216

$—

$43,216

Interest Rate Swaps – Short


Pay	Receive		Payment Frequency Receive Rate/ Pay Rate		Exchange		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
2.069%		6-Month CZK-PRIBOR		A / S		LCH		09/19/23		CZK 20,000,000		($8,399	)		$—		($8,399	)
6.600%		6-Month INR-MIBOR		S / S		LCH		12/13/23		INR 66,000,000		(32,610	)		—		(32,610	)
8.255%		28-Day MXN-TIIE		L / L		CME		12/06/28		MXN 12,000,000		(7,111	)		—		(7,111	)
8.410%		28-Day MXN-TIIE		L / L		CME		12/06/28		11,000,000		(12,678	)		—		(12,678	)

												($60,798	)		$—		($60,798	)


Total Interest Rate Swaps												($17,582	)		$—		($17,582	)

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


	Upfront Premium Paid (Received)		Unrealized Appreciation (Deprecation)
Centrally Cleared Swap Agreements (1)
Assets		$—		$43,216
Liabilities		—		(60,798	)

		$—		($17,582	)

(1)

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


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-45

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

March 31, 2019

(f)	Fair Value Measurements


		Total Value at March 31, 2019			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$14,295,189			$—		$14,295,189			$—
	Senior Loan Notes		609,117			—		609,117			—
	Foreign Government Bonds & Notes		52,899,262			—		52,899,262			—
	Short-Term Investments		2,761,418			2,317,924		443,494			—
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		332,591			—		332,591			—
	Interest Rate Contracts
	Swaps		43,216			—		43,216			—

	Total Assets - Derivatives		375,807			—		375,807			—

	Total Assets		70,940,793			2,317,924		68,622,869			—


Liabilities	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(391,005	)		—		(391,005	)		—
	Interest Rate Contracts
	Swaps		(60,798	)		—		(60,798	)		—

	Total Liabilities - Derivatives		(451,803	)		—		(451,803	)		—

	Total Liabilities		(451,803	)		—		(451,803	)		—

	Total		$70,488,990			$2,317,924		$68,171,066			$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-46

PACIFIC FUNDS

PF DEVELOPING GROWTH FUND

Schedule of Investments

March 31, 2019


	Shares		Value
COMMON STOCKS - 99.0%

Basic Materials - 0.5%

Codexis Inc *		3,577		$73,436


Communications - 17.1%

Acacia Communications Inc *		3,223		184,839
Anaplan Inc *		2,955		116,309
Cargurus Inc *		4,806		192,528
Etsy Inc *		5,730		385,171
Mimecast Ltd *		4,361		206,493
Okta Inc *		2,733		226,101
Quantenna Communications Inc *		1,059		25,765
RingCentral Inc ‘A’ *		1,619		174,528
Roku Inc *		3,279		211,528
The Trade Desk Inc ‘A’ *		1,469		290,789
Wix.com Ltd (Israel) *		1,413		170,733
World Wrestling Entertainment Inc ‘A’		2,603		225,888
Zscaler Inc *		3,807		270,031

				2,680,703

Consumer, Cyclical - 11.2%

BJ’s Wholesale Club Holdings Inc *		6,525		178,785
Dave & Buster’s Entertainment Inc		1,701		84,829
Fox Factory Holding Corp *		3,200		223,648
iRobot Corp *		2,588		304,582
Malibu Boats Inc ‘A’ *		4,317		170,867
Planet Fitness Inc ‘A’ *		6,100		419,192
RH *		769		79,169
YETI Holdings Inc *		9,591		290,128

				1,751,200

Consumer, Non-Cyclical - 40.0%

Agios Pharmaceuticals Inc *		1,042		70,272
Allogene Therapeutics Inc *		2,310		66,782
Amarin Corp PLC ADR (Ireland) *		5,489		113,952
Argenx SE ADR (Netherlands) *		1,562		195,000
Array BioPharma Inc *		5,352		130,482
Audentes Therapeutics Inc *		2,632		102,701
Blueprint Medicines Corp *		2,884		230,864
Bright Horizons Family Solutions Inc *		1,805		229,434
Calavo Growers Inc		1,457		122,169
CareDx Inc *		9,245		291,402
Chegg Inc *		8,515		324,592
Denali Therapeutics Inc *		6,181		143,523
Emergent BioSolutions Inc *		822		41,527
FibroGen Inc *		884		48,045
Glaukos Corp *		4,776		374,295
Grand Canyon Education Inc *		1,823		208,752
Guardant Health Inc *		1,935		148,414
GW Pharmaceuticals PLC ADR (United Kingdom) *		1,225		206,498
Haemonetics Corp *		465		40,678
Insperity Inc		2,726		337,097
Inspire Medical Systems Inc *		3,850		218,603
Insulet Corp *		918		87,293
Invitae Corp *		5,603		131,222
iRhythm Technologies Inc *		2,348		176,006
Masimo Corp *		1,325		183,221
Mirati Therapeutics Inc *		1,696		124,317
Myovant Sciences Ltd *		5,439		129,829
Nevro Corp *		1,334		83,388
Paylocity Holding Corp *		2,003		178,648
Penumbra Inc *		1,707		250,946
Repligen Corp *		3,412		201,581
Sage Therapeutics Inc *		892		141,873
Sarepta Therapeutics Inc *		559		66,627
Sprouts Farmers Market Inc *		1,978		42,606
Strategic Education Inc		809		106,230


	Shares		Value
Tactile Systems Technology Inc *		1,708	$	90,046
Tandem Diabetes Care Inc *		6,139		389,827
Teladoc Health Inc *		1,303		72,447
uniQure NV (Netherlands) *		3,038		181,217

				6,282,406

Financial - 3.3%

CenterState Bank Corp		3,373		80,311
eHealth Inc *		2,536		158,094
Evercore Inc ‘A’		840		76,440
Noah Holdings Ltd ADR (China) *		855		41,433
Webster Financial Corp		1,607		81,427
Western Alliance Bancorp *		1,004		41,204
Wintrust Financial Corp		610		41,071

				519,980

Industrial - 8.7%

Aerovironment Inc *		1,839		125,806
Alarm.com Holdings Inc *		1,140		73,986
Axon Enterprise Inc *		2,943		160,129
Cactus Inc ‘A’ *		4,301		153,116
Chart Industries Inc *		2,377		215,166
Curtiss-Wright Corp		328		37,175
Generac Holdings Inc *		3,473		177,922
Novanta Inc *		945		80,070
NV5 Global Inc *		1,623		96,341
RBC Bearings Inc *		973		123,736
Trex Co Inc *		1,867		114,858

				1,358,305

Technology - 18.2%

Alteryx Inc ‘A’ *		2,882		241,713
Appian Corp *		3,081		106,079
Coupa Software Inc *		3,052		277,671
Elastic NV *		1,399		111,738
EPAM Systems Inc *		842		142,407
Everbridge Inc *		4,846		363,498
Five9 Inc *		5,828		307,893
HubSpot Inc *		939		156,071
Inphi Corp *		3,644		159,389
Monolithic Power Systems Inc		1,128		152,833
New Relic Inc *		2,237		220,792
Paycom Software Inc *		649		122,745
Semtech Corp *		2,982		151,814
Twilio Inc ‘A’ *		2,651		342,456

				2,857,099


Total Common Stocks (Cost $11,574,364)				15,523,129


SHORT-TERM INVESTMENT - 0.8%

Money Market Fund - 0.8%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.370%		132,155		132,155


Total Short-Term Investment (Cost $132,155)				132,155


TOTAL INVESTMENTS - 99.8% (Cost $11,706,519)				15,655,284

OTHER ASSETS & LIABILITIES, NET - 0.2%				31,710


NET ASSETS - 100.0%				$15,686,994


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-47

PACIFIC FUNDS

PF DEVELOPING GROWTH FUND

Schedule of Investments (Continued)

March 31, 2019

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Non-Cyclical			40.0%
Technology			18.2%
Communications			17.1%
Consumer, Cyclical			11.2%
Industrial			8.7%
Financial			3.3%
Others (each less than 3.0%)			1.3%

			99.8%
Other Assets & Liabilities, Net			0.2%

			100.0%

(b)	Fair Value Measurements


		Total Value at March 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$15,523,129		$15,523,129		$—		$—
	Short-Term Investment		132,155		132,155		—		—

	Total		$15,655,284		$15,655,284		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-48

PACIFIC FUNDS

PF GROWTH FUND

Schedule of Investments

March 31, 2019


	Shares		Value
COMMON STOCKS - 99.7%

Basic Materials - 1.5%

The Sherwin-Williams Co		6,584		$2,835,795


Communications - 19.7%

Alibaba Group Holding Ltd ADR (China) *		4,117		751,147
Alphabet Inc ‘A’ *		6,494		7,642,724
Alphabet Inc ‘C’ *		3,765		4,417,512
Amazon.com Inc *		6,582		11,720,897
Booking Holdings Inc *		368		642,127
Charter Communications Inc ‘A’ *		2,105		730,246
Comcast Corp ‘A’		33,521		1,340,170
Facebook Inc ‘A’ *		29,460		4,910,687
Lyft Inc ‘A’ *		1,004		78,603
Netflix Inc *		11,479		4,092,952
Spotify Technology SA *		2,597		360,464

				36,687,529

Consumer, Cyclical - 6.9%

Chipotle Mexican Grill Inc *		1,246		885,046
Costco Wholesale Corp		5,537		1,340,729
Dollar General Corp		7,797		930,182
Dollar Tree Inc *		11,373		1,194,620
Hilton Worldwide Holdings Inc		9,816		815,808
Lululemon Athletica Inc *		3,784		620,084
Marriott International Inc ‘A’		12,394		1,550,365
NIKE Inc ‘B’		29,131		2,453,121
Ross Stores Inc		20,119		1,873,079
Starbucks Corp		12,886		957,945
Wynn Resorts Ltd		2,144		255,822

				12,876,801

Consumer, Non-Cyclical - 26.6%

Abbott Laboratories		28,550		2,282,287
Biogen Inc *		3,578		845,768
BioMarin Pharmaceutical Inc *		4,261		378,505
Boston Scientific Corp *		48,972		1,879,545
Colgate-Palmolive Co		26,351		1,806,098
Constellation Brands Inc ‘A’		8,091		1,418,595
CoStar Group Inc *		432		201,493
Danaher Corp		31,594		4,171,040
Edwards Lifesciences Corp *		7,364		1,408,954
Elanco Animal Health Inc *		11,336		363,545
Eli Lilly & Co		8,610		1,117,234
FleetCor Technologies Inc *		7,959		1,962,610
Global Payments Inc		19,298		2,634,563
Illumina Inc *		2,519		782,628
Medtronic PLC		31,938		2,908,913
Monster Beverage Corp *		5,914		322,786
PayPal Holdings Inc *		22,365		2,322,382
Pernod Ricard SA (France)		2,670		479,429
Philip Morris International Inc		8,982		793,919
Regeneron Pharmaceuticals Inc *		1,895		778,125
Square Inc ‘A’ *		7,339		549,838
Stryker Corp		8,758		1,729,880
The Estee Lauder Cos Inc ‘A’		8,751		1,448,728
Thermo Fisher Scientific Inc		19,086		5,224,220
Total System Services Inc		8,001		760,175
TransUnion		14,772		987,360
Verisk Analytics Inc		23,206		3,086,398
Vertex Pharmaceuticals Inc *		11,224		2,064,655
Worldpay Inc ‘A’ *		14,911		1,692,398
Zoetis Inc		30,713		3,091,878

				49,493,949

Energy - 0.4%

Pioneer Natural Resources Co		5,092		775,410


	Shares		Value
Financial - 13.2%

American Tower Corp REIT		17,071		$3,364,011
Aon PLC		14,846		2,534,212
Intercontinental Exchange Inc		19,269		1,467,142
Mastercard Inc ‘A’		31,695		7,462,588
The Charles Schwab Corp		15,064		644,137
Visa Inc ‘A’		57,924		9,047,150

				24,519,240

Industrial - 7.2%

AMETEK Inc		19,557		1,622,644
Amphenol Corp ‘A’		15,953		1,506,601
Canadian Pacific Railway Ltd (Canada)		8,102		1,669,255
FLIR Systems Inc		7,418		352,948
Fortive Corp		15,626		1,310,865
Roper Technologies Inc		7,728		2,642,744
Union Pacific Corp		13,246		2,214,731
Vulcan Materials Co		18,552		2,196,557

				13,516,345

Technology - 24.2%

Activision Blizzard Inc		28,354		1,290,958
Adobe Inc *		30,248		8,060,790
Analog Devices Inc		8,598		905,111
Apple Inc		14,464		2,747,437
Electronic Arts Inc *		23,711		2,409,749
Fidelity National Information Services Inc		17,612		1,991,917
Fiserv Inc *		48,402		4,272,929
Intuit Inc		14,123		3,691,893
Microsoft Corp		105,772		12,474,750
MSCI Inc		8,893		1,768,284
PTC Inc *		4,803		442,741
salesforce.com Inc *		31,485		4,986,279

				45,042,838


Total Common Stocks (Cost $104,667,275)				185,747,907


SHORT-TERM INVESTMENT - 0.4%

Money Market Fund - 0.4%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.370%		842,920		842,920


Total Short-Term Investment (Cost $842,920)				842,920


TOTAL INVESTMENTS - 100.1% (Cost $105,510,195)				186,590,827

OTHER ASSETS & LIABILITIES, NET - (0.1%)				(259,930	)


NET ASSETS - 100.0%				$186,330,897

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Non-Cyclical	26.6%
Technology	24.2%
Communications	19.7%
Financial	13.2%
Industrial	7.2%
Consumer, Cyclical	6.9%
Others (each less than 3.0%)	2.3%

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

	100.0%


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-49

PACIFIC FUNDS

PF GROWTH FUND

Schedule of Investments (Continued)

March 31, 2019

(b)	Fair Value Measurements


		Total Value at March 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Basic Materials		$2,835,795		$2,835,795		$—		$—
	Communications		36,687,529		36,687,529		—		—
	Consumer, Cyclical		12,876,801		12,876,801		—		—
	Consumer, Non-Cyclical		49,493,949		49,014,520		479,429		—
	Energy		775,410		775,410		—		—
	Financial		24,519,240		24,519,240		—		—
	Industrial		13,516,345		13,516,345		—		—
	Technology		45,042,838		45,042,838		—		—

	Total Common Stocks		185,747,907		185,268,478		479,429		—

	Short-Term Investment		842,920		842,920		—		—

	Total		$186,590,827		$186,111,398		$479,429		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-50

PACIFIC FUNDS

PF LARGE-CAP VALUE FUND

Schedule of Investments

March 31, 2019


	Shares		Value
COMMON STOCKS - 96.7%

Basic Materials - 3.1%

Air Products & Chemicals Inc		15,701		$2,998,263
PPG Industries Inc		20,880		2,356,726

				5,354,989

Communications - 13.3%

AT&T Inc		94,408		2,960,635
Charter Communications Inc ‘A’ *		11,503		3,990,506
Comcast Corp ‘A’		140,062		5,599,679
DISH Network Corp ‘A’ *		91,359		2,895,167
Fox Corp ‘B’ *		46,525		1,669,317
Motorola Solutions Inc		40,568		5,696,559

				22,811,863

Consumer, Cyclical - 2.0%

The Home Depot Inc		17,780		3,411,804


Consumer, Non-Cyclical - 18.9%

AmerisourceBergen Corp		24,024		1,910,388
Amgen Inc		15,423		2,930,062
Anheuser-Busch InBev SA/NV ADR (Belgium)		28,806		2,418,840
Anthem Inc		16,291		4,675,191
CVS Health Corp		32,536		1,754,666
Johnson & Johnson		25,670		3,588,409
Merck & Co Inc		52,958		4,404,517
Novartis AG ADR (Switzerland)		21,881		2,103,639
Pfizer Inc		56,210		2,387,239
Philip Morris International Inc		35,058		3,098,777
UnitedHealth Group Inc		12,221		3,021,764

				32,293,492

Energy - 9.2%

Chevron Corp		28,585		3,521,100
Exxon Mobil Corp		38,427		3,104,902
Halliburton Co		60,460		1,771,478
Royal Dutch Shell PLC ‘A’ ADR (Netherlands)		37,434		2,342,994
Schlumberger Ltd		34,259		1,492,665
Suncor Energy Inc (Canada)		109,000		3,534,870

				15,768,009

Financial - 28.3%

American Express Co		37,712		4,121,922
American Tower Corp REIT		24,509		4,829,744
Bank of America Corp		167,027		4,608,275
Berkshire Hathaway Inc ‘B’ *		10,690		2,147,514
Capital One Financial Corp		23,245		1,898,884
JPMorgan Chase & Co		73,224		7,412,465
Marsh & McLennan Cos Inc		32,296		3,032,594
MetLife Inc		36,162		1,539,416
State Street Corp		23,353		1,536,861
The Bank of New York Mellon Corp		44,487		2,243,479
The Charles Schwab Corp		49,110		2,099,944
The Progressive Corp		35,975		2,593,438
The Travelers Cos Inc		19,208		2,634,569
US Bancorp		91,469		4,407,891
Wells Fargo & Co		69,696		3,367,711

				48,474,707


	Shares		Value
Industrial - 14.6%

Deere & Co		16,110	$	2,575,022
Honeywell International Inc		29,822		4,739,312
Illinois Tool Works Inc		28,015		4,020,993
Martin Marietta Materials Inc		11,776		2,369,096
TE Connectivity Ltd		49,007		3,957,315
United Parcel Service Inc ‘B’		29,545		3,301,358
United Technologies Corp		30,467		3,926,892

				24,889,988

Technology - 5.5%

Microsoft Corp		40,950		4,829,643
Oracle Corp		65,157		3,499,582
Xerox Corp		34,441		1,101,423

				9,430,648

Utilities - 1.8%

Sempra Energy		23,686		2,981,120


Total Common Stocks (Cost $94,166,104)				165,416,620


SHORT-TERM INVESTMENT - 3.3%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.370%		5,633,761		5,633,761


Total Short-Term Investment (Cost $5,633,761)				5,633,761


TOTAL INVESTMENTS - 100.0% (Cost $99,799,865)				171,050,381

OTHER ASSETS & LIABILITIES, NET - (0.0%)				(4,463	)


NET ASSETS - 100.0%				$171,045,918

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:


Financial	28.3%
Consumer, Non-Cyclical	18.9%
Industrial	14.6%
Communications	13.3%
Energy	9.2%
Technology	5.5%
Short-Term Investment	3.3%
Basic Materials	3.1%
Others (each less than 3.0%)	3.8%

	100.0%
Other Assets & Liabilities, Net	(0.0%	)

	100.0%


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-51

PACIFIC FUNDS

PF LARGE-CAP VALUE FUND

Schedule of Investments (Continued)

March 31, 2019

(b)	Fair Value Measurements


		Total Value at March 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$165,416,620		$165,416,620		$—		$—
	Short-Term Investment		5,633,761		5,633,761		—		—

	Total		$171,050,381		$171,050,381		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-52

PACIFIC FUNDS

PF MID-CAP EQUITY FUND

Schedule of Investments

March 31, 2019


	Shares		Value
COMMON STOCKS - 98.5%

Basic Materials - 2.5%

Eastman Chemical Co		1,275		$96,747
Steel Dynamics Inc		2,000		70,540
The Chemours Co		2,200		81,752

				249,039

Communications - 5.5%

eBay Inc		2,876		106,815
GrubHub Inc *		1,620		112,541
LogMeIn Inc		1,100		88,110
RingCentral Inc ‘A’ *		1,500		161,700
Viacom Inc ‘B’		2,927		82,161

				551,327

Consumer, Cyclical - 9.6%

Alaska Air Group Inc		1,700		95,404
Aramark		3,200		94,560
BorgWarner Inc		1,760		67,602
Capri Holdings Ltd *		1,700		77,775
Lululemon Athletica Inc *		875		143,386
Pool Corp		825		136,100
PVH Corp		860		104,877
Royal Caribbean Cruises Ltd		1,175		134,678
Tiffany & Co		900		94,995

				949,377

Consumer, Non-Cyclical - 25.0%

Amicus Therapeutics Inc *		6,225		84,660
Booz Allen Hamilton Holding Corp		3,100		180,234
Euronet Worldwide Inc *		1,228		175,100
General Mills Inc		2,000		103,500
Hill-Rom Holdings Inc		1,200		127,032
Horizon Pharma PLC *		3,600		95,148
Ionis Pharmaceuticals Inc *		2,000		162,340
Jazz Pharmaceuticals PLC *		825		117,934
Lamb Weston Holdings Inc		2,015		151,004
ManpowerGroup Inc		1,600		132,304
MarketAxess Holdings Inc		600		147,648
Neurocrine Biosciences Inc *		1,100		96,910
Post Holdings Inc *		1,400		153,160
Service Corp International		4,100		164,615
Syneos Health Inc *		2,500		129,400
Teleflex Inc		500		151,080
The Cooper Cos Inc		600		177,702
Tyson Foods Inc ‘A’		1,900		131,917

				2,481,688

Energy - 5.2%

Diamondback Energy Inc		920		93,408
Helmerich & Payne Inc		1,575		87,507
Marathon Petroleum Corp		1,956		117,067
Pioneer Natural Resources Co		900		137,052
WPX Energy Inc *		6,386		83,720

				518,754

Financial - 19.8%

Air Lease Corp		1,935		66,467
Alleghany Corp		300		183,720
AvalonBay Communities Inc REIT		625		125,456
Discover Financial Services		2,100		149,436
Douglas Emmett Inc REIT		3,200		129,344
E*TRADE Financial Corp		2,668		123,875
Equity LifeStyle Properties Inc REIT		945		108,014
Everest Re Group Ltd		500		107,980
Highwoods Properties Inc REIT		2,700		126,306
Hudson Pacific Properties Inc REIT		3,500		120,470
Mid-America Apartment Communities Inc REIT		1,300		142,129


	Shares		Value
Raymond James Financial Inc		1,400		$112,574
Ryman Hospitality Properties Inc REIT		1,261		103,705
SunTrust Banks Inc		2,600		154,050
Western Alliance Bancorp *		2,000		82,080
Zions Bancorp		2,800		127,148

				1,962,754

Industrial - 13.8%

Graphic Packaging Holding Co		5,700		71,991
Hubbell Inc		940		110,901
Ingersoll-Rand PLC		1,745		188,373
ITT Inc		1,800		104,400
Kirby Corp *		1,400		105,154
Packaging Corp of America		1,030		102,361
Parker-Hannifin Corp		690		118,418
PerkinElmer Inc		1,300		125,268
Spirit AeroSystems Holdings Inc ‘A’		1,700		155,601
Stanley Black & Decker Inc		1,000		136,170
Waste Management Inc		1,500		155,865

				1,374,502

Technology - 11.9%

Analog Devices Inc		2,034		214,119
DXC Technology Co		1,801		115,822
Nuance Communications Inc *		6,500		110,045
ON Semiconductor Corp *		3,249		66,832
PTC Inc *		1,200		110,616
RealPage Inc *		1,800		109,242
Synopsys Inc *		1,800		207,270
Take-Two Interactive Software Inc *		1,200		113,244
Zebra Technologies Corp ‘A’ *		630		132,004

				1,179,194

Utilities - 5.2%

Ameren Corp		2,530		186,082
CMS Energy Corp		3,400		188,836
Public Service Enterprise Group Inc		2,331		138,485

				513,403

Total Common Stocks (Cost $9,226,971)				9,780,038


SHORT-TERM INVESTMENT - 1.2%

Money Market Fund - 1.2%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.370%		120,047		120,047


Total Short-Term Investment (Cost $120,047)				120,047


TOTAL INVESTMENTS - 99.7% (Cost $9,347,018)				9,900,085

OTHER ASSETS & LIABILITIES, NET - 0.3%				29,001


NET ASSETS - 100.0%				$9,929,086


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-53

PACIFIC FUNDS

PF MID-CAP EQUITY FUND

Schedule of Investments (Continued)

March 31, 2019

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Non-Cyclical			25.0%
Financial			19.8%
Industrial			13.8%
Technology			11.9%
Consumer, Cyclical			9.6%
Communications			5.5%
Energy			5.2%
Utilities			5.2%
Others (each less than 3.0%)			3.7%

			99.7%
Other Assets & Liabilities, Net			0.3%

			100.0%

(b)	Fair Value Measurements


		Total Value at March 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$9,780,038		$9,780,038		$—		$—
	Short-Term Investment		120,047		120,047		—		—

	Total		$9,900,085		$9,900,085		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-54

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments

March 31, 2019


	Principal Amount		Value
CORPORATE BONDS & NOTES - 39.8%

Basic Materials - 0.7%

Anglo American Capital PLC (South Africa) 4.125% due 04/15/21 ~		$1,600,000		$1,615,984
DowDuPont Inc 3.794% (USD LIBOR + 1.110%) due 11/15/23 §		5,000,000		5,018,462
Glencore Funding LLC (Switzerland) 3.000% due 10/27/22 ~		1,600,000		1,578,194

				8,212,640

Communications - 2.3%

AT&T Inc
3.000% due 06/30/22		3,200,000		3,216,545
3.737% (USD LIBOR + 0.950%) due 07/15/21 §		1,800,000		1,821,833
3.777% (USD LIBOR + 1.180%) due 06/12/24 §		3,750,000		3,721,866
Comcast Corp 3.450% due 10/01/21		2,500,000		2,550,936
eBay Inc 3.800% due 03/09/22		3,060,000		3,128,338
Fox Corp 3.666% due 01/25/22 ~		900,000		918,399
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		3,250,000		3,257,150
The Interpublic Group of Cos Inc 3.500% due 10/01/20		2,000,000		2,018,215
Verizon Communications Inc 3.615% (USD LIBOR + 1.000%) due 03/16/22 §		4,800,000		4,874,046

				25,507,328

Consumer, Cyclical - 4.5%

Alimentation Couche-Tard Inc (Canada)
2.350% due 12/13/19 ~		4,200,000		4,181,627
2.700% due 07/26/22 ~		2,000,000		1,980,717
Daimler Finance North America LLC (Germany)
3.113% (USD LIBOR + 0.450%) due 02/22/21 § ~		6,000,000		5,986,476
3.750% due 11/05/21 ~		2,900,000		2,952,237
Ford Motor Credit Co LLC
2.681% due 01/09/20		3,200,000		3,186,962
3.336% due 03/18/21		2,000,000		1,970,602
3.818% (USD LIBOR + 1.080%) due 08/03/22 §		3,200,000		3,060,593
General Motors Financial Co Inc
3.911% (USD LIBOR + 1.310%) due 06/30/22 §		1,700,000		1,687,969
4.200% due 03/01/21		3,000,000		3,044,401
Marriott International Inc 3.245% (USD LIBOR + 0.650%) due 03/08/21 §		3,000,000		3,008,359
Nissan Motor Acceptance Corp
2.650% due 07/13/22 ~		4,033,000		3,939,010
3.243% (USD LIBOR + 0.630%) due 09/21/21 § ~		2,500,000		2,476,431
3.447% (USD LIBOR + 0.650%) due 07/13/22 § ~		1,700,000		1,671,737
Toyota Motor Credit Corp 3.075% (USD LIBOR + 0.480%) due 09/08/22 §		3,500,000		3,499,709
Volkswagen Group of America Finance LLC (Germany) 3.875% due 11/13/20 ~		5,000,000		5,064,022
Walmart Inc 3.400% due 06/26/23		3,050,000		3,147,446

				50,858,298


	Principal Amount		Value
Consumer, Non-Cyclical - 7.2%

Altria Group Inc 3.490% due 02/14/22		$1,650,000		$1,677,320
Anheuser-Busch InBev Finance Inc (Belgium)
2.650% due 02/01/21		1,954,000		1,951,793
3.300% due 02/01/23		3,800,000		3,858,090
Anheuser-Busch InBev Worldwide Inc (Belgium) 3.500% due 01/12/24		1,300,000		1,324,130
AstraZeneca PLC (United Kingdom) 3.348% (USD LIBOR + 0.665%) due 08/17/23 §		2,400,000		2,388,721
BAT Capital Corp (United Kingdom) 2.764% due 08/15/22		2,500,000		2,461,123
BAT International Finance PLC (United Kingdom) 3.500% due 06/15/22 ~		3,200,000		3,215,789
Bayer US Finance II LLC (Germany)
3.500% due 06/25/21 ~		1,750,000		1,757,946
3.621% (USD LIBOR + 1.010%) due 12/15/23 § ~		2,000,000		1,971,808
Boston Scientific Corp 3.450% due 03/01/24		1,000,000		1,019,126
Cigna Corp
3.200% due 09/17/20 ~		8,000,000		8,041,358
3.677% (USD LIBOR + 0.890%) due 07/15/23 § ~		3,450,000		3,435,200
Conagra Brands Inc 3.511% (USD LIBOR + 0.750%) due 10/22/20 §		2,000,000		1,998,298
Constellation Brands Inc 3.384% (USD LIBOR + 0.700%) due 11/15/21 §		2,500,000		2,501,530
Danone SA (France) 2.077% due 11/02/21 ~		2,500,000		2,452,786
General Mills Inc 3.783% (USD LIBOR + 1.010%) due 10/17/23 §		4,061,000		4,092,131
Imperial Brands Finance PLC (United Kingdom) 2.950% due 07/21/20 ~		4,200,000		4,188,434
Keurig Dr Pepper Inc 3.551% due 05/25/21 ~		7,000,000		7,078,878
Medtronic Inc 3.150% due 03/15/22		6,200,000		6,318,545
Moody’s Corp 3.250% due 06/07/21		3,000,000		3,026,303
Nestle Holdings Inc 3.350% due 09/24/23 ~		3,000,000		3,093,097
Philip Morris International Inc 2.625% due 02/18/22		2,000,000		1,998,759
Reynolds American Inc (United Kingdom) 3.250% due 06/12/20		2,347,000		2,351,028
Smithfield Foods Inc 3.350% due 02/01/22 ~		2,900,000		2,839,652
UnitedHealth Group Inc
3.350% due 07/15/22		2,300,000		2,351,344
3.500% due 06/15/23		4,400,000		4,538,657

				81,931,846

Energy - 1.7%

Andeavor Logistics LP 3.500% due 12/01/22		1,606,000		1,624,172
Energy Transfer Operating LP
3.600% due 02/01/23		3,400,000		3,432,017
4.500% due 04/15/24		900,000		940,837
Enterprise Products Operating LLC 5.250% due 01/31/20		2,100,000		2,140,280
Equinor ASA (Norway) 2.450% due 01/17/23		1,000,000		993,835
Kinder Morgan Energy Partners LP 3.950% due 09/01/22		2,000,000		2,056,373


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-55

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
Kinder Morgan Inc 5.625% due 11/15/23 ~	$	2,000,000	$	2,193,566
Midwest Connector Capital Co LLC 3.625% due 04/01/22 ~		1,250,000		1,268,895
MPLX LP 3.375% due 03/15/23		1,500,000		1,513,229
Shell International Finance BV (Netherlands) 3.088% (USD LIBOR + 0.400%) due 11/13/23 §		2,750,000		2,748,075

				18,911,279

Financial - 20.3%

AerCap Ireland Capital DAC (Ireland) 3.950% due 02/01/22		960,000		973,094
AIG Global Funding 3.062% (USD LIBOR + 0.460%) due 06/25/21 § ~		2,000,000		2,001,185
Air Lease Corp
2.625% due 07/01/22		1,500,000		1,466,263
3.500% due 01/15/22		2,650,000		2,676,272
American Express Co
3.289% (USD LIBOR + 0.650%) due 02/27/23 §		5,000,000		4,993,618
3.700% due 11/05/21		3,050,000		3,118,765
Australia & New Zealand Banking Group Ltd (Australia) 2.300% due 06/01/21		2,500,000		2,474,501
Bank of America Corp
2.503% due 10/21/22		1,200,000		1,185,940
3.921% (USD LIBOR + 1.160%) due 01/20/23 §		9,321,000		9,439,547
Boston Properties LP REIT 4.125% due 05/15/21		1,500,000		1,536,989
Capital One Financial Corp 3.450% due 04/30/21		5,000,000		5,063,291
Citibank NA
3.061% (USD LIBOR + 0.300%) due 10/20/20 §		1,000,000		999,814
3.165% due 02/19/22		6,000,000		6,024,024
Citigroup Inc 2.750% due 04/25/22		1,000,000		996,559
Citizens Bank NA
3.250% due 02/14/22		2,500,000		2,524,905
3.551% (USD LIBOR + 0.950%) due 03/29/23 §		4,000,000		4,005,043
Cooperatieve Rabobank UA (Netherlands)
2.250% due 01/14/20		4,000,000		3,986,920
3.470% (USD LIBOR + 0.860%) due 09/26/23 § ~		2,500,000		2,488,632
Duke Realty LP REIT 3.875% due 10/15/22		2,000,000		2,055,639
HSBC Bank USA NA 4.875% due 08/24/20		4,000,000		4,111,071
HSBC Holdings PLC (United Kingdom) 3.400% due 03/08/21		6,290,000		6,348,892
ING Bank NV (Netherlands) 2.750% due 03/22/21 ~		2,200,000		2,195,975
Intercontinental Exchange Inc 3.450% due 09/21/23		2,200,000		2,253,679
Jackson National Life Global Funding
2.500% due 06/27/22 ~		1,850,000		1,830,582
3.300% due 02/01/22 ~		2,650,000		2,687,788
JPMorgan Chase & Co
2.295% due 08/15/21		2,000,000		1,977,922
2.972% due 01/15/23		2,000,000		2,001,140
JPMorgan Chase Bank NA
3.053% (USD LIBOR + 0.370%) due 02/19/21 §		4,000,000		4,005,444
3.105% (USD LIBOR + 0.340%) due 04/26/21 §		2,000,000		1,999,660


	Principal Amount		Value
Metropolitan Life Global Funding I 3.450% due 10/09/21 ~	$	2,100,000	$	2,128,623
Mid-America Apartments LP REIT 4.300% due 10/15/23		2,000,000		2,085,185
Mitsubishi UFJ Financial Group Inc (Japan)
3.355% (USD LIBOR + 0.740%) due 03/02/23 §		5,300,000		5,300,378
3.561% (USD LIBOR + 0.790%) due 07/25/22 §		4,000,000		4,003,053
Mitsubishi UFJ Trust & Banking Corp (Japan) 2.650% due 10/19/20 ~		6,000,000		5,985,623
New York Life Global Funding
1.500% due 10/24/19 ~		4,000,000		3,975,025
2.950% due 01/28/21 ~		2,000,000		2,012,314
3.121% (USD LIBOR + 0.520%) due 06/10/22 § ~		2,000,000		2,005,152
3.250% due 08/06/21 ~		1,500,000		1,518,936
PNC Bank NA 2.450% due 11/05/20		3,700,000		3,686,984
Protective Life Global Funding 3.117% (USD LIBOR + 0.520%) due 06/28/21 § ~		3,000,000		3,005,644
Royal Bank of Canada (Canada)
2.150% due 10/26/20		2,000,000		1,987,482
3.258% (USD LIBOR + 0.660%) due 10/05/23 §		6,000,000		5,974,863
3.700% due 10/05/23		400,000		413,697
SL Green Operating Partnership LP REIT 3.663% (USD LIBOR + 0.980%) due 08/16/21 §		3,000,000		2,987,484
Sumitomo Mitsui Banking Corp (Japan) 2.650% due 07/23/20		2,000,000		1,997,856
Sumitomo Mitsui Financial Group Inc (Japan)
2.784% due 07/12/22		2,500,000		2,489,118
3.513% (USD LIBOR + 0.740%) due 01/17/23 §		3,130,000		3,132,177
3.579% (USD LIBOR + 0.800%) due 10/16/23 §		7,500,000		7,503,894
3.621% (USD LIBOR + 0.860%) due 07/19/23 §		5,000,000		5,019,986
SunTrust Bank
3.328% (USD LIBOR + 0.590%) due 08/02/22 §		6,000,000		5,962,944
3.525% due 10/26/21		2,800,000		2,830,268
Svenska Handelsbanken AB (Sweden) 2.450% due 03/30/21		2,300,000		2,290,446
The Goldman Sachs Group Inc 3.625% due 02/20/24		2,300,000		2,325,443
The PNC Financial Services Group Inc 3.500% due 01/23/24		1,700,000		1,747,523
The Toronto-Dominion Bank (Canada) 3.401% (USD LIBOR + 0.640%) due 07/19/23 §		10,000,000		10,012,395
UBS Group Funding Switzerland AG (Switzerland) 2.650% due 02/01/22 ~		2,500,000		2,479,466
United Overseas Bank Ltd (Singapore) 3.200% due 04/23/21 ~		2,000,000		2,018,779
US Bank NA
3.050% due 07/24/20		3,750,000		3,773,863
3.104% due 05/21/21		4,000,000		4,017,390
USAA Capital Corp 3.000% due 07/01/20 ~		3,000,000		3,015,352
Wells Fargo & Co
2.600% due 07/22/20		2,940,000		2,936,407
2.625% due 07/22/22		7,000,000		6,953,591
3.889% (USD LIBOR + 1.110%) due 01/24/23 §		9,800,000		9,901,224
Wells Fargo Bank NA 3.325% due 07/23/21		5,000,000		5,034,419


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-56

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
Westpac Banking Corp (Australia)
3.307% (USD LIBOR + 0.710%) due 06/28/22 §	$	4,000,000	$	4,022,973
3.404% (USD LIBOR + 0.720%) due 05/15/23 §		1,750,000		1,755,284
3.650% due 05/15/23		3,251,000		3,341,832
Zions Bancorp NA 3.500% due 08/27/21		1,750,000		1,769,396

				230,825,623

Industrial - 0.6%

Union Pacific Corp 3.200% due 06/08/21		2,350,000		2,374,887
United Technologies Corp 3.350% due 08/16/21		4,000,000		4,056,075

				6,430,962

Technology - 1.2%

Apple Inc
2.400% due 01/13/23		4,200,000		4,172,784
2.400% due 05/03/23		3,000,000		2,974,118
Broadcom Inc
3.125% due 04/15/21 ~		2,000,000		1,997,640
3.125% due 10/15/22 ~		500,000		497,715
Fiserv Inc 3.800% due 10/01/23		2,200,000		2,257,337
Hewlett Packard Enterprise Co 3.318% (USD LIBOR + 0.720%) due 10/05/21 §		2,100,000		2,092,934

				13,992,528

Utilities - 1.3%

American Electric Power Co Inc 3.650% due 12/01/21		1,250,000		1,275,976
Consolidated Edison Co of New York Inc 3.002% (USD LIBOR + 0.400%) due 06/25/21 §		3,000,000		2,996,571
Dominion Energy Inc 2.579% due 07/01/20		3,100,000		3,083,790
Duke Energy Corp 1.800% due 09/01/21		1,705,000		1,664,929
Electricite de France SA (France) 4.600% due 01/27/20 ~		1,500,000		1,525,774
Enel Finance International NV (Italy) 2.875% due 05/25/22 ~		2,500,000		2,459,362
WEC Energy Group Inc 3.375% due 06/15/21		2,100,000		2,125,966

				15,132,368

Total Corporate Bonds & Notes (Cost $448,733,194)				451,802,872


ASSET-BACKED SECURITIES - 21.3%

Ally Auto Receivables Trust
1.810% due 06/15/20		380,922		380,602
2.720% due 05/17/21		6,599,958		6,600,741
2.850% due 03/15/22		5,250,000		5,257,804
American Express Credit Account Master Trust
1.640% due 12/15/21		32,400,000		32,350,081
1.930% due 09/15/22		1,697,000		1,686,867
2.670% due 10/17/22		3,000,000		3,002,650
AmeriCredit Automobile Receivables Trust
1.800% due 10/08/21		2,500,000		2,485,635
1.830% due 05/18/21		1,064,069		1,062,115
1.870% due 08/18/21		1,281,880		1,277,848
1.980% due 12/20/21		1,412,261		1,406,805
2.300% due 02/18/22		3,750,000		3,726,096
2.710% due 07/19/21		1,527,056		1,526,739
2.860% due 11/18/21		10,539,672		10,546,866
2.930% due 06/20/22		3,500,000		3,504,582


	Principal Amount		Value
Capital Auto Receivables Asset Trust
2.020% due 08/20/21 ~	$	3,155,000	$	3,142,330
2.390% due 11/20/20		1,500,000		1,498,700
2.540% due 10/20/20 ~		1,344,130		1,343,424
3.020% due 02/22/21 ~		6,000,000		6,009,338
Carmax Auto Owner Trust 3.020% due 07/15/22		2,250,000		2,256,233
Chase Issuance Trust
1.270% due 07/15/21		1,750,000		1,743,346
1.370% due 06/15/21		13,040,000		13,006,003
1.580% due 08/15/21		6,345,000		6,320,770
2.894% (USD LIBOR + 0.410%) due 05/15/21 §		2,595,000		2,596,129
Citibank Credit Card Issuance Trust
1.800% due 09/20/21		12,115,000		12,067,741
1.920% due 04/07/22		3,400,000		3,377,075
2.150% due 07/15/21		7,317,000		7,306,970
CNH Equipment Trust
1.840% due 03/15/21		813,935		811,692
2.960% due 05/16/22		4,000,000		4,007,858
Ford Credit Auto Owner Trust
1.800% due 09/15/20		1,232,862		1,232,586
2.030% due 08/15/20		841,376		840,386
2.960% due 09/15/21		6,000,000		6,010,226
GM Financial Consumer Automobile Receivables Trust
2.740% due 07/16/21		4,654,064		4,655,295
2.930% due 11/16/21		4,243,312		4,250,293
Honda Auto Receivables Owner Trust
1.360% due 01/18/23		1,440,000		1,422,217
1.800% due 01/21/20		232,695		232,550
2.360% due 06/15/20		1,829,264		1,827,905
2.660% due 12/18/20		2,316,569		2,317,105
2.670% due 12/21/20		8,502,759		8,505,300
John Deere Owner Trust
2.420% due 10/15/20		1,485,895		1,484,676
2.830% due 04/15/21		2,750,000		2,751,062
Mercedes-Benz Auto Receivables Trust 2.710% due 04/15/21		4,958,837		4,960,567
Navient Student Loan Trust
2.726% (USD LIBOR + 0.240%) due 09/27/66 § ~		1,756,217		1,754,946
2.726% (USD LIBOR + 0.240%) due 03/25/67 § ~		1,305,543		1,305,381
2.756% (USD LIBOR + 0.270%) due 03/25/67 § ~		3,230,676		3,228,404
Nelnet Student Loan Trust
2.761% (USD LIBOR + 0.110%) due 08/23/27 §		1,356,951		1,355,269
2.871% (USD LIBOR + 0.100%) due 01/25/30 §		1,219,556		1,219,069
Nissan Auto Receivables Owner Trust
1.590% due 07/15/22		1,000,000		991,522
2.390% due 12/15/20		2,011,082		2,009,014
2.820% due 01/18/22		4,500,000		4,506,552
3.070% due 10/15/21		2,500,000		2,508,748
Santander Drive Auto Receivables Trust
1.890% due 06/15/21		714,981		714,466
2.100% due 06/15/21		1,337,133		1,335,963
2.580% due 10/15/20		707,632		707,536
2.580% due 05/16/22		2,000,000		1,994,821
2.730% due 04/15/21		1,838,370		1,837,359
2.780% due 03/15/21		2,305,407		2,304,894
2.910% due 01/18/22		3,750,000		3,752,086
2.970% due 07/15/21		5,600,000		5,602,228
SLC Student Loan Trust 2.711% (USD LIBOR + 0.100%) due 09/15/26 §		1,548,239		1,546,665
SLM Private Education Loan Trust 3.740% due 02/15/29 ~		455,647		456,067


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-57

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments (Continued)

March 31, 2019


	Principal Amount		Value
SLM Student Loan Trust
2.861% (USD LIBOR + 0.090%) due 10/25/24 §	$	601,209	$	600,601
2.871% (USD LIBOR + 0.100%) due 04/25/27 §		876,308		874,850
3.321% (USD LIBOR + 0.550%) due 04/27/26 § ~		1,004,670		1,005,822
SMB Private Education Loan Trust
2.834% (USD LIBOR + 0.350%) due 03/16/26 § ~		1,702,264		1,700,917
2.960% (USD LIBOR + 0.350%) due 02/16/26 § ~		1,500,000		1,500,776
Toyota Auto Receivables Owner Trust
1.740% due 08/17/20		1,297,684		1,294,935
2.640% due 03/15/21		2,390,708		2,390,504
2.830% due 10/15/21		4,000,000		4,007,727
2.980% due 08/15/21		4,000,000		4,010,270
Verizon Owner Trust
1.420% due 01/20/21 ~		1,023,653		1,022,448
2.060% due 09/20/21 ~		2,000,000		1,993,944
Volvo Financial Equipment LLC 2.900% due 11/15/21 ~		2,000,000		2,004,288


Total Asset-Backed Securities (Cost $241,558,805)				242,331,280


U.S. TREASURY OBLIGATIONS - 38.8%

U.S. Treasury Notes - 38.8%

0.750% due 07/15/19		38,000,000		37,811,484
0.750% due 08/15/19		14,000,000		13,910,313
1.375% due 07/31/19 ‡		50,000,000		49,823,242
1.375% due 01/15/20		43,000,000		42,650,625
1.750% due 03/31/22		8,000,000		7,892,188
2.000% due 01/31/20 ‡		55,500,000		55,326,563
2.000% due 01/15/21		10,000,000		9,947,852
2.000% due 07/31/22		10,000,000		9,930,078
2.500% due 05/31/20		20,500,000		20,530,430
2.500% due 12/31/20		20,000,000		20,065,625
2.625% due 02/28/23		600,000		609,023
2.750% due 09/30/20		10,000,000		10,059,766
2.750% due 11/30/20 ‡		50,000,000		50,349,610


	Principal Amount		Value
2.875% due 11/15/21	$	31,000,000	$	31,498,906
3.125% due 05/15/19 ‡		80,250,000		80,313,812

				440,719,517

Total U.S. Treasury Obligations (Cost $439,402,028)				440,719,517


	Shares
SHORT-TERM INVESTMENT - 0.6%

Money Market Fund - 0.6%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.370%		6,804,165		6,804,165


Total Short-Term Investment (Cost $6,804,165)				6,804,165


TOTAL INVESTMENTS - 100.5% (Cost $1,136,498,192)				1,141,657,834

DERIVATIVES - (0.4%)
(See Notes (c) and (d) in Notes to Schedule of Investments)				(4,558,043	)


OTHER ASSETS & LIABILITIES, NET - (0.1%)				(685,599	)


NET ASSETS - 100.0%				$1,136,414,192

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Fund’s composition as a percentage of net assets was as follows:


Corporate Bonds & Notes	39.8%
U.S. Treasury Obligations	38.8%
Asset-Backed Securities	21.3%
Others (less than 3.0%)	0.6%

	100.5%
Derivatives	(0.4%	)
Other Assets & Liabilities, Net	(0.1%	)

	100.0%

(b)	As of March 31, 2019, investments with a total aggregate value of $29,905,133 were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts and swap agreements.

(c)	Open futures contracts outstanding as of March 31, 2019 were as follows:


Short Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
MSCI EAFE Index		06/19		39		$3,663,215		$3,639,480		$23,735
S&P 500 E-Mini Index		06/19		67		9,472,895		9,506,630		(33,735	)
S&P Mid 400 E-Mini Index		06/19		19		3,608,690		3,611,900		(3,210	)


Total Futures Contracts										($13,210	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-58

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments (Continued)

March 31, 2019

(d)	Swap agreements outstanding as of March 31, 2019 were as follows:

Total Return Swaps – Long


Receive	Pay		Payment Frequency		Counter- party		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
MSCI World Index		3-Month USD-LIBOR -0.140%		Z		BRC		05/16/19		$2,003,682		($30,511	)		$—		($30,511	)
S&P 500 Index		3-Month USD-LIBOR + 0.500%		Z		BRC		05/16/19		25,385,812		397,456			—		397,456
S&P Mid-Cap 400 Index		3-Month USD-LIBOR + 0.340%		Z		JPM		05/16/19		89,715,469		(3,115,364	)		—		(3,115,364	)
MSCI EAFE Index		3-Month USD-LIBOR - 0.110%		Z		MSC		05/16/19		63,074,578		(5,107,055	)		—		(5,107,055	)
MSCI Japan Index		3-Month USD-LIBOR + 0.150%		Z		MSC		05/16/19		3,752,840		(434,710	)		—		(434,710	)
MSCI World Index		3-Month USD-LIBOR - 0.120%		Z		MSC		05/16/19		488,766,512		(9,856,865	)		—		(9,856,865	)
MSCI World Index		3-Month USD-LIBOR - 0.290%		Z		CIT		08/15/19		1,010,318		(17,757	)		—		(17,757	)
MSCI World Index		3-Month USD-LIBOR - 0.300%		Z		CIT		08/15/19		268,553,574		(5,658,587	)		—		(5,658,587	)
Russell Mid-Cap Value Index		3-Month USD-LIBOR + 0.150%		Z		CIT		08/15/19		48,179,597		(1,537,963	)		—		(1,537,963	)
Russell 1000 Index		3-Month USD-LIBOR + 0.170%		Z		MSC		08/15/19		2,006,441		19,676			—		19,676
Russell 2000 Index		3-Month USD-LIBOR - 0.100%		Z		MSC		08/15/19		2,013,003		(185,372	)		—		(185,372	)
Russell Mid-Cap Growth Index		3-Month USD-LIBOR + 0.100%		Z		MSC		08/15/19		57,471,010		1,213,374			—		1,213,374
Russell 2000 Index		3-Month USD-LIBOR - 0.040%		Z		BOA		11/15/19		2,511,506		(69,490	)		—		(69,490	)
MSCI World Index		3-Month USD-LIBOR - 0.195%		Z		CIT		11/15/19		117,269,133		745,793			—		745,793
MSCI EAFE Index		3-Month USD-LIBOR - 0.110%		Z		GSC		11/15/19		3,165,374		(29,384	)		—		(29,384	)
MSCI World Index		3-Month USD-LIBOR - 0.190%		Z		GSC		11/15/19		7,409,357		141,514			—		141,514
MSCI EAFE Index		3-Month USD-LIBOR - 0.120%		Z		JPM		11/15/19		53,279,861		(501,836	)		—		(501,836	)
MSCI Pacific Index		3-Month USD-LIBOR + 0.025%		Z		SGN		11/15/19		2,158,342		(67,249	)		—		(67,249	)
Russell Mid-Cap Growth Index		3-Month USD-LIBOR + 0.220%		Z		SGN		11/15/19		29,216,958		2,506,674			—		2,506,674
Russell Mid-Cap Value Index		3-Month USD-LIBOR + 0.220%		Z		SGN		11/15/19		21,269,956		(62,183	)		—		(62,183	)
Russell 1000 Index		3-Month USD-LIBOR + 0.110%		Z		BRC		03/19/20		32,521,626		457,563			—		457,563
Russell 2000 Index		3-Month USD-LIBOR - 0.110%		Z		BRC		03/19/20		10,228,127		(65,802	)		—		(65,802	)
MSCI World Index		3-Month USD-LIBOR - 0.410%		Z		JPM		03/19/20		203,560,488		2,524,064			—		2,524,064
MSCI EAFE Index		3-Month USD-LIBOR - 0.330%		Z		MSC		03/19/20		22,964,192		205,222			—		205,222
Russell Mid-Cap Value Index		3-Month USD-LIBOR + 0.070%		Z		SGN		03/19/20		95,875,569		613,306			—		613,306

												($17,915,486	)		$—		($17,915,486	)

Total Return Swaps – Short


Pay	Receive		Payment Frequency		Counter- party		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
MSCI Canada Index		3-Month USD-LIBOR - 0.440%		Z		BRC		05/16/19		$21,323,971		$77,551			$—		$77,551
MSCI Europe Index		3-Month USD-LIBOR - 0.270%		Z		BRC		05/16/19		89,467,806		6,835,673			—		6,835,673
MSCI Pacific Index		3-Month USD-LIBOR + 0.150%		Z		BRC		05/16/19		59,034,942		5,285,835			—		5,285,835
Russell Mid-Cap Growth Index		3-Month USD-LIBOR + 0.380%		Z		GSC		05/16/19		8,118,948		(354,587	)		—		(354,587	)
Russell Mid-Cap Value Index		3-Month USD-LIBOR + 0.340%		Z		GSC		05/16/19		15,714,227		425,596			—		425,596
Russell 1000 Value Index		3-Month USD-LIBOR + 0.430%		Z		JPM		05/16/19		29,434,197		321,537			—		321,537
Russell 2000 Index		3-Month USD-LIBOR - 0.080%		Z		JPM		05/16/19		1,527,132		65,930			—		65,930
Russell 1000 Growth Index		3-Month USD-LIBOR + 0.440%		Z		MSC		05/16/19		23,922,997		(966,337	)		—		(966,337	)
MSCI Canada Index		3-Month USD-LIBOR - 0.750%		Z		BRC		08/15/19		1,003,341		37,844			—		37,844
MSCI Pacific Index		3-Month USD-LIBOR + 0.080%		Z		BRC		08/15/19		6,993,777		534,220			—		534,220
MSCI EAFE Index		3-Month USD-LIBOR - 0.120%		Z		CIT		08/15/19		29,132,719		2,079,041			—		2,079,041
MSCI Europe Index		3-Month USD-LIBOR - 0.180%		Z		CIT		08/15/19		13,098,545		903,398			—		903,398
Russell 1000 Growth Index		3-Month USD-LIBOR + 0.130%		Z		CIT		08/15/19		6,034,578		(110,374	)		—		(110,374	)
Russell 1000 Value Index		3-Month USD-LIBOR + 0.130%		Z		CIT		08/15/19		9,999,752		(15,664	)		—		(15,664	)
Russell Mid-Cap Index		3-Month USD-LIBOR		Z		GSC		08/15/19		1,002,540		9,518			—		9,518
S&P Mid-Cap 400 Index		3-Month USD-LIBOR		Z		GSC		08/15/19		7,011,906		419,158			—		419,158
DJ Industrial Average Index		3-Month USD-LIBOR + 0.140%		Z		MSC		08/15/19		8,996,094		(203,189	)		—		(203,189	)
S&P 500 Index		3-Month USD-LIBOR + 0.130%		Z		MSC		08/15/19		34,097,730		(461,309	)		—		(461,309	)
Russell 1000 Index		3-Month USD-LIBOR + 0.310%		Z		BOA		11/15/19		30,501,803		(491,843	)		—		(491,843	)
MSCI Canada Index		3-Month USD-LIBOR - 0.460%		Z		SGN		11/15/19		17,636,258		(96,673	)		—		(96,673	)
MSCI EAFE Index		3-Month USD-LIBOR - 0.270%		Z		BOA		03/19/20		19,334,556		(192,690	)		—		(192,690	)
MSCI Pacific Index		3-Month USD-LIBOR - 0.110%		Z		BRC		03/19/20		34,086,854		(211,635	)		—		(211,635	)
MSCI Europe Index		3-Month USD-LIBOR - 0.350%		Z		SGN		03/19/20		42,910,158		(520,347	)		—		(520,347	)

												$13,370,653			$—		$13,370,653


Total Swap Agreements												($4,544,833	)		$—		($4,544,833	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-59

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments (Continued)

March 31, 2019

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


	Upfront Premium Paid (Received)		Unrealized Appreciation (Deprecation)
OTC Swap Agreements
Assets		$—		$25,819,943
Liabilities		—		(30,364,776	)

		$—		($4,544,833	)

(e)	Fair Value Measurements


		Total Value at March 31, 2019			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$451,802,872			$—			$451,802,872			$—
	Asset-Backed Securities		242,331,280			—			242,331,280			—
	U.S. Treasury Obligations		440,719,517			—			440,719,517			—
	Short-Term Investment		6,804,165			6,804,165			—			—
	Derivatives:
	Equity Contracts
	Futures		23,735			23,735			—			—
	Swaps		25,819,943			—			25,819,943			—

	Total Equity Contracts		25,843,678			23,735			25,819,943			—

	Total Assets - Derivatives		25,843,678			23,735			25,819,943			—

	Total Assets		1,167,501,512			6,827,900			1,160,673,612			—


Liabilities	Derivatives:
	Equity Contracts
	Futures		(36,945	)		(36,945	)		—			—
	Swaps		(30,364,776	)		—			(30,364,776	)		—

	Total Equity Contracts		(30,401,721	)		(36,945	)		(30,364,776	)		—

	Total Liabilities - Derivatives		(30,401,721	)		(36,945	)		(30,364,776	)		—

	Total Liabilities		(30,401,721	)		(36,945	)		(30,364,776	)		—

	Total		$1,137,099,791			$6,790,955			$1,130,308,836			$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-60

PACIFIC FUNDS

PF SMALL-CAP VALUE FUND

Schedule of Investments

March 31, 2019


	Shares		Value
COMMON STOCKS - 96.3%

Basic Materials - 0.7%

Orion Engineered Carbons SA (Luxembourg)		25,195		$478,453


Communications - 5.4%

A10 Networks Inc *		107,956		765,408
Criteo SA ADR (France) *		24,218		485,087
Extreme Networks Inc *		88,224		660,798
Finisar Corp *		35,887		831,502
Houghton Mifflin Harcourt Co *		73,989		537,900
Scholastic Corp		13,620		541,531

				3,822,226

Consumer, Cyclical - 12.9%

Bloomin’ Brands Inc		31,893		652,212
BMC Stock Holdings Inc *		27,577		487,286
Citi Trends Inc		27,710		535,080
Cooper-Standard Holdings Inc *		9,850		462,556
Dana Inc		21,135		374,935
El Pollo Loco Holdings Inc *		33,905		441,104
Hawaiian Holdings Inc		28,395		745,369
Knoll Inc		27,394		518,021
Red Robin Gourmet Burgers Inc *		22,752		655,485
REV Group Inc		53,082		581,248
Signet Jewelers Ltd		18,753		509,331
Skechers U.S.A. Inc ‘A’ *		19,779		664,772
SkyWest Inc		17,704		961,150
Taylor Morrison Home Corp ‘A’ *		53,568		950,832
Tower International Inc		26,080		548,462

				9,087,843

Consumer, Non-Cyclical - 9.1%

Booz Allen Hamilton Holding Corp		9,561		555,877
Cott Corp		56,020		818,452
Fresh Del Monte Produce Inc		21,320		576,280
ICON PLC (Ireland) *		5,122		699,563
Molina Healthcare Inc *		6,336		899,459
Nomad Foods Ltd (United Kingdom) *		53,154		1,086,999
Sotheby’s *		18,455		696,676
Tivity Health Inc *		1,313		23,056
Viad Corp		9,379		527,944
WellCare Health Plans Inc *		1,994		537,881

				6,422,187

Energy - 7.4%

Dril-Quip Inc *		12,650		580,002
Helix Energy Solutions Group Inc *		66,084		522,724
MRC Global Inc *		44,397		776,060
Oasis Petroleum Inc *		80,160		484,166
Oil States International Inc *		28,952		491,026
Patterson-UTI Energy Inc		43,670		612,253
QEP Resources Inc *		96,550		752,124
RPC Inc		42,031		479,574
SM Energy Co		31,674		553,978

				5,251,907

Financial - 30.2%

1st Source Corp		11,735		527,019
Armada Hoffler Properties Inc REIT		44,946		700,708
Associated Banc-Corp		36,740		784,399
BankUnited Inc		27,543		919,936
City Office REIT Inc		69,859		790,105
Cousins Properties Inc REIT		50,805		490,776
Empire State Realty Trust Inc ‘A’ REIT		49,071		775,322
Essent Group Ltd *		19,824		861,353
First American Financial Corp		15,065		775,847


	Shares		Value
Heritage Financial Corp		26,824	$	808,475
IBERIABANK Corp		12,947		928,429
Independence Realty Trust Inc REIT		89,164		962,080
Independent Bank Group Inc		16,732		858,184
Kemper Corp		7,235		550,873
National Storage Affiliates Trust REIT		32,047		913,660
Sandy Spring Bancorp Inc		24,206		757,164
Selective Insurance Group Inc		12,795		809,668
STAG Industrial Inc REIT		37,963		1,125,603
State Auto Financial Corp		11,480		377,922
Sterling Bancorp		50,060		932,618
Synovus Financial Corp		22,460		771,726
Texas Capital Bancshares Inc *		15,631		853,296
TriCo Bancshares		18,499		726,826
Umpqua Holdings Corp		49,390		814,935
Webster Financial Corp		15,853		803,272
WSFS Financial Corp		21,955		847,463
Zions Bancorp NA		19,037		864,470

				21,332,129

Industrial - 11.8%

AAR Corp		16,715		543,405
Air Transport Services Group Inc *		18,199		419,487
Atlas Air Worldwide Holdings Inc *		10,426		527,139
Columbus Mckinnon Corp		12,392		425,665
Control4 Corp *		39,608		670,563
Covenant Transportation Group Inc ‘A’ *		18,575		352,553
EnerSys		6,041		393,632
Granite Construction Inc		11,647		502,568
Graphic Packaging Holding Co		69,149		873,352
Kennametal Inc		2,000		73,500
Oshkosh Corp		4,745		356,492
Primoris Services Corp		31,832		658,286
Regal Beloit Corp		8,120		664,784
Terex Corp		13,586		436,518
Trinseo SA		16,159		732,003
TTM Technologies Inc *		9,120		106,978
Tutor Perini Corp *		35,310		604,507

				8,341,432

Technology - 13.9%

CommVault Systems Inc *		9,455		612,117
CSG Systems International Inc		13,036		551,423
Kulicke & Soffa Industries Inc (Singapore)		43,690		965,986
Luxoft Holding Inc *		21,694		1,273,655
MagnaChip Semiconductor Corp (South Korea) *		92,555		684,907
MaxLinear Inc *		27,868		711,470
Nanometrics Inc *		17,924		553,493
NCR Corp *		35,659		973,134
NetScout Systems Inc *		30,643		860,149
Unisys Corp *		48,130		561,677
Verint Systems Inc *		20,320		1,216,355
WNS Holdings Ltd ADR (India) *		16,357		871,337

				9,835,703

Utilities - 4.9%

Black Hills Corp		11,602		859,360
PNM Resources Inc		19,494		922,846
Portland General Electric Co		17,784		921,923
Southwest Gas Holdings Inc		8,800		723,888

				3,428,017


Total Common Stocks (Cost $60,861,701)				67,999,897


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-61

PACIFIC FUNDS

PF SMALL-CAP VALUE FUND

Schedule of Investments (Continued)

March 31, 2019


	Shares		Value

SHORT-TERM INVESTMENT - 3.5%

Money Market Fund - 3.5%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.370%		2,472,973	$	2,472,973


Total Short-Term Investment (Cost $2,472,973)				2,472,973


TOTAL INVESTMENTS - 99.8% (Cost $63,334,674)				70,472,870

OTHER ASSETS & LIABILITIES, NET - 0.2%				144,676


NET ASSETS - 100.0%				$70,617,546

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:


Financial			30.2%
Technology			13.9%
Consumer, Cyclical			12.9%
Industrial			11.8%
Consumer, Non-Cyclical			9.1%
Energy			7.4%
Communications			5.4%
Utilities			4.9%
Short-Term Investment			3.5%
Others (each less than 3.0%)			0.7%

			99.8%
Other Assets & Liabilities, Net			0.2%

			100.0%

(b)	Fair Value Measurements


		Total Value at March 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$67,999,897		$67,999,897		$—		$—
	Short-Term Investment		2,472,973		2,472,973		—		—

	Total		$70,472,870		$70,472,870		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-62

PACIFIC FUNDS

PF EMERGING MARKETS FUND

Schedule of Investments

March 31, 2019


	Shares		Value
PREFERRED STOCKS - 1.4%

Brazil - 1.4%

Itau Unibanco Holding SA ADR		70,200		$618,462
Lojas Americanas SA		296,618		1,261,366

				1,879,828

India - 0.0%

Zee Entertainment Enterprises Ltd 6.000% due 03/05/22		708,924		56,386


Total Preferred Stocks (Cost $1,616,422)				1,936,214


COMMON STOCKS - 96.7%

Argentina - 1.2%

MercadoLibre Inc *		3,130		1,589,195


Brazil - 3.3%

Atacadao Distribuicao Comercio e Industria Ltda		308,900		1,584,993
B3 SA - Brasil Bolsa Balcao		227,953		1,856,064
StoneCo Ltd ‘A’ *		2,530		104,008
Vale SA ADR		68,640		896,438

				4,441,503

Chile - 1.2%

Banco de Chile		1,386,585		204,110
SACI Falabella		193,108		1,435,884

				1,639,994

China - 25.9%

Alibaba Group Holding Ltd ADR *		50,102		9,141,110
China International Capital Corp Ltd ‘H’ ~		291,200		675,989
Dong-E-E-Jiao Co Ltd ‘A’		93,600		658,983
Huazhu Group Ltd ADR		85,477		3,602,001
Innovent Biologics Inc * ~		61,500		224,699
Jiangsu Hengrui Medicine Co Ltd ‘A’		387,307		3,761,850
Meituan Dianping ‘B’ *		357,000		2,412,950
Pinduoduo Inc ADR *		14,410		357,368
Ping An Healthcare and Technology Co Ltd * ~		9,048		51,182
Ping An Insurance Group Co of China Ltd ‘A’		123,175		1,411,138
Shanghai Junshi Biosciences Co Ltd ‘H’ * ~		51,000		194,256
Sinopharm Group Co Ltd ‘H’		409,400		1,706,943
Sunny Optical Technology Group Co Ltd		68,800		824,801
Tencent Holdings Ltd		113,322		5,211,429
Tencent Music Entertainment Group ADR *		31		561
Wuxi Biologics Cayman Inc * ~		87,000		847,502
Yum China Holdings Inc		48,690		2,186,668
ZTO Express Cayman Inc ADR		79,100		1,445,948

				34,715,378

Colombia - 0.5%

Grupo Aval Acciones y Valores SA ADR		92,199		718,230


Egypt - 0.5%

Commercial International Bank Egypt SAE		156,036		614,129


France - 6.4%

Kering SA		9,847		5,648,289
LVMH Moet Hennessy Louis Vuitton SE		7,786		2,867,860

				8,516,149

Hong Kong - 6.5%

AIA Group Ltd		416,400		4,163,904
Hong Kong Exchanges & Clearing Ltd		70,927		2,478,085


	Shares		Value
Hutchison China MediTech Ltd ADR *		12,440		$380,415
Jardine Strategic Holdings Ltd		45,770		1,716,825

				8,739,229

India - 11.3%

Bandhan Bank Ltd ~		23,306		176,784
Biocon Ltd		82,647		729,185
Cholamandalam Investment and Finance Co Ltd		23,559		494,032
Housing Development Finance Corp Ltd		173,633		4,931,687
Kotak Mahindra Bank Ltd		224,734		4,330,093
Oberoi Realty Ltd		35,987		274,489
Odisha Cement Ltd *		22,888		326,924
Tata Consultancy Services Ltd		56,928		1,645,338
UltraTech Cement Ltd		12,248		707,239
Zee Entertainment Enterprises Ltd		233,554		1,503,197

				15,118,968

Indonesia - 1.1%

P.T. Bank Central Asia Tbk		382,200		745,819
P.T. Indocement Tunggal Prakarsa Tbk		426,200		657,008

				1,402,827

Italy - 1.5%

Moncler SPA		19,789		798,681
PRADA SPA		407,000		1,213,244

				2,011,925

Mexico - 6.4%

Alsea SAB de CV		237,890		498,080
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand ‘B’		423,811		578,830
Fomento Economico Mexicano SAB de CV		236,199		2,177,238
Fomento Economico Mexicano SAB de CV ADR		10,520		970,786
Grupo Aeroportuario del Sureste SAB de CV ‘B’		41,108		664,327
Grupo Financiero Inbursa SAB de CV ‘O’		704,391		974,740
Grupo Mexico SAB de CV ‘B’		730,984		2,001,236
Wal-Mart de Mexico SAB de CV		261,798		699,872

				8,565,109

Peru - 1.3%

Credicorp Ltd		7,150		1,715,643


Philippines - 3.6%

Ayala Corp		25,590		458,275
Ayala Land Inc		1,061,200		908,042
BDO Unibank Inc		54,640		139,466
Jollibee Foods Corp		123,910		748,038
SM Investments Corp		90,697		1,614,923
SM Prime Holdings Inc		1,248,670		949,387

				4,818,131

Russia - 7.9%

LUKOIL PJSC ADR		15,521		1,391,695
MMC Norilsk Nickel PJSC		1,064		222,144
MMC Norilsk Nickel PJSC ADR		6,457		136,372
Novatek PJSC GDR ~		31,170		5,344,319
Polyus PJSC GDR ~		8,300		341,130
Sberbank of Russia PJSC		397,063		1,297,042
Yandex NV ‘A’ *		52,510		1,803,193

				10,535,895

South Africa - 2.3%

FirstRand Ltd		465,281		2,037,318
Shoprite Holdings Ltd		93,561		1,030,767
Steinhoff International Holdings NV *		369,477		48,141

				3,116,226

South Korea - 4.0%

Amorepacific Corp		4,933		821,052
AMOREPACIFIC Group		4,297		264,043


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-63

PACIFIC FUNDS

PF EMERGING MARKETS FUND

Schedule of Investments (Continued)

March 31, 2019


	Shares		Value
LG Household & Health Care Ltd		1,372		$1,714,511
NAVER Corp		2,333		255,329
Samsung Biologics Co Ltd * ~		3,427		967,333
Samsung Electronics Co Ltd		35,182		1,387,681

				5,409,949

Switzerland - 3.7%

Glencore PLC		1,201,026		4,977,270


Taiwan - 5.2%

Taiwan Semiconductor Manufacturing Co Ltd		869,995		6,967,841


Thailand - 0.5%

The Siam Commercial Bank PCL		147,400		613,217


Turkey - 1.4%

Akbank T.A.S.		645,765		735,288
Anadolu Efes Biracilik Ve Malt Sanayii AS		130,442		410,434
BIM Birlesik Magazalar AS		22,526		307,861
Turkiye Garanti Bankasi AS		292,791		440,464

				1,894,047

United Arab Emirates - 1.0%

DP World Ltd		46,714		747,424
Emaar Properties PJSC		429,824		549,974

				1,297,398


Total Common Stocks (Cost $84,091,128)				129,418,253



SHORT-TERM INVESTMENT - 2.1%

Money Market Fund - 2.1%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.370%		2,754,867		2,754,867


Total Short-Term Investment (Cost $2,754,867)				2,754,867


TOTAL INVESTMENTS - 100.2% (Cost $88,462,417)				134,109,334

OTHER ASSETS & LIABILITIES, NET - (0.2%)				(222,550	)


NET ASSETS - 100.0%				$133,886,784

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:


Financial	26.2%
Consumer, Cyclical	18.1%
Communications	16.7%
Consumer, Non-cyclical	13.5%
Technology	7.5%
Basic Materials	6.4%
Energy	5.0%
Industrial	3.5%
Others (each less than 3.0%)	3.3%

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

	100.0%

(b)	As of March 31, 2019, the Fund’s composition by country of risk as a percentage of net assets was as follows:


China	25.9%
India	11.3%
Russia	7.9%
Hong Kong	6.5%
Mexico	6.4%
France	6.4%
Taiwan	5.2%
Brazil	4.7%
South Korea	4.0%
Switzerland	3.7%
Philippines	3.6%
Others (each less than 3.0%)	14.6%

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

	100.0%


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-64

PACIFIC FUNDS

PF EMERGING MARKETS FUND

Schedule of Investments (Continued)

March 31, 2019

(c)	Fair Value Measurements


		Total Value at March 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Preferred Stocks		$1,936,214		$1,936,214		$—		$—
	Common Stocks
	Argentina		1,589,195		1,589,195		—		—
	Brazil		4,441,503		4,441,503		—		—
	Chile		1,639,994		1,435,884		204,110		—
	China		34,715,378		16,927,351		17,788,027		—
	Colombia		718,230		718,230		—		—
	Egypt		614,129		—		614,129		—
	France		8,516,149		—		8,516,149		—
	Hong Kong		8,739,229		380,415		8,358,814		—
	India		15,118,968		326,924		14,792,044		—
	Indonesia		1,402,827		—		1,402,827		—
	Italy		2,011,925		—		2,011,925		—
	Mexico		8,565,109		8,565,109		—		—
	Peru		1,715,643		1,715,643		—		—
	Philippines		4,818,131		748,038		4,070,093		—
	Russia		10,535,895		1,939,565		8,596,330		—
	South Africa		3,116,226		48,141		3,068,085		—
	South Korea		5,409,949		—		5,409,949		—
	Switzerland		4,977,270		—		4,977,270		—
	Taiwan		6,967,841		—		6,967,841		—
	Thailand		613,217		—		613,217		—
	Turkey		1,894,047		307861		1,586,186		—
	United Arab Emirates		1,297,398		747,424		549,974		—

	Total Common Stocks		129,418,253		39,891,283		89,526,970		—

	Short-Term Investment		2,754,867		2,754,867		—		—

	Total		$134,109,334		$44,582,364		$89,526,970		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-65

PACIFIC FUNDS

PF INTERNATIONAL LARGE-CAP FUND

Schedule of Investments

March 31, 2019


	Shares		Value
COMMON STOCKS - 98.0%

Australia - 1.7%

Amcor Ltd		24,814		$271,500
Rio Tinto PLC		12,123		704,630

				976,130

Belgium - 1.4%

KBC Group NV		11,668		815,724


Brazil - 0.5%

Ambev SA ADR		74,793		321,610


Canada - 3.5%

Canadian National Railway Co		13,633		1,219,881
Suncor Energy Inc		24,527		794,900

				2,014,781

China - 2.2%

Baidu Inc ADR *		2,374		391,354
Yum China Holdings Inc		20,451		918,454

				1,309,808

Denmark - 2.5%

Carlsberg AS ‘B’		3,359		420,037
Novo Nordisk AS ‘B’		20,098		1,050,429

				1,470,466

France - 15.5%

Air Liquide SA		10,929		1,390,847
Danone SA		9,747		750,532
Dassault Systemes SE		2,255		336,106
Engie SA		41,156		613,756
EssilorLuxottica SA		5,404		590,335
Hermes International		313		206,666
L’Oreal SA		2,662		716,857
Legrand SA		7,425		497,106
LVMH Moet Hennessy Louis Vuitton SE		3,752		1,381,995
Pernod Ricard SA		6,425		1,153,683
Schneider Electric SE		17,476		1,371,673

				9,009,556

Germany - 8.7%

Bayer AG		16,077		1,035,234
Beiersdorf AG		10,700		1,113,937
Deutsche Boerse AG		2,931		375,814
Merck KGaA		5,419		618,695
MTU Aero Engines AG		1,442		326,847
ProSiebenSat.1 Media SE		18,027		256,650
SAP SE		11,704		1,353,042

				5,080,219

Hong Kong - 2.7%

AIA Group Ltd		159,826		1,598,223



India - 3.2%

Housing Development Finance Corp Ltd		22,441		637,390
Tata Consultancy Services Ltd		41,749		1,206,633

				1,844,023

Ireland - 0.4%

Ryanair Holdings PLC ADR *		2,776		208,033


Israel - 1.2%

Check Point Software Technologies Ltd *		5,533		699,869


	Shares		Value
Italy - 2.1%

Eni SPA		35,941		$635,028
Intesa Sanpaolo SPA		237,158		578,791

				1,213,819

Japan - 14.0%

Daikin Industries Ltd		8,300		975,621
Denso Corp		13,100		511,807
FANUC Corp		2,800		478,838
Hoya Corp		21,200		1,404,230
Japan Tobacco Inc		28,000		693,499
Kubota Corp		50,400		732,578
Kyocera Corp		13,000		765,477
Olympus Corp		98,800		1,074,867
Shin-Etsu Chemical Co Ltd		4,200		353,425
Terumo Corp		37,200		1,138,532

				8,128,874

Netherlands - 3.6%

Akzo Nobel NV		9,900		879,455
ING Groep NV		55,230		669,242
Randstad NV		10,989		536,573

				2,085,270

Singapore - 1.5%

DBS Group Holdings Ltd		46,800		873,610


Spain - 2.0%

Amadeus IT Group SA		14,701		1,178,275


Sweden - 0.9%

Essity AB ‘B’		17,256		497,979


Switzerland - 13.0%

Julius Baer Group Ltd		6,981		282,397
Nestle SA		24,167		2,304,333
Novartis AG		12,148		1,167,660
Roche Holding AG		6,311		1,739,027
Sika AG		3,086		431,584
UBS Group AG		75,613		917,454
Zurich Insurance Group AG		2,163		716,032

				7,558,487

Taiwan - 1.4%

Taiwan Semiconductor Manufacturing Co Ltd ADR		19,442		796,344


United Kingdom - 15.2%

Barclays PLC		165,329		333,019
Compass Group PLC		49,611		1,167,274
Diageo PLC		26,950		1,102,855
Experian PLC		41,780		1,130,797
Just Eat PLC *		32,242		315,503
Linde PLC		3,926		691,262
Prudential PLC		18,136		363,547
Reckitt Benckiser Group PLC		9,022		750,838
RELX PLC *		30,480		651,501
RELX PLC		14,414		308,451
Rolls-Royce Holdings PLC *		51,486		606,333
Smiths Group PLC		21,013		393,214
Tesco PLC		138,111		417,995
WPP PLC		57,330		605,640

				8,838,229

United States - 0.8%

QIAGEN NV *		11,523		467,745


Total Common Stocks (Cost $38,953,283)				56,987,074


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-66

PACIFIC FUNDS

PF INTERNATIONAL LARGE-CAP FUND

Schedule of Investments (Continued)

March 31, 2019


	Shares		Value
SHORT-TERM INVESTMENT - 0.5%

Money Market Fund - 0.5%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.370%		271,176		$271,176


Total Short-Term Investment (Cost $271,176)				271,176


TOTAL INVESTMENTS - 98.5% (Cost $39,224,459)				57,258,250

OTHER ASSETS & LIABILITIES, NET - 1.5%				893,910


NET ASSETS - 100.0%				$58,152,160

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Non-Cyclical			37.4%
Industrial			16.3%
Financial			14.0%
Technology			9.6%
Consumer, Cyclical			7.6%
Basic Materials			6.9%
Others (each less than 3.0%)			6.7%

			98.5%
Other Assets & Liabilities, Net			1.5%

			100.0%

(b)	As of March 31, 2019, the Fund’s composition by country of risk as a percentage of net assets was as follows:


France			15.5%
United Kingdom			15.2%
Japan			14.0%
Switzerland			13.0%
Germany			8.7%
Netherlands			3.6%
Canada			3.5%
India			3.2%
Others (each less than 3.0%)			21.8%

			98.5%
Other Assets & Liabilities, Net			1.5%

			100.0%

(c)	Fair Value Measurements


		Total Value at March 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Australia		$976,130		$—		$976,130		$—
	Belgium		815,724		—		815,724		—
	Brazil		321,610		321,610		—		—
	Canada		2,014,781		2,014,781		—		—
	China		1,309,808		1,309,808		—		—
	Denmark		1,470,466		—		1,470,466		—
	France		9,009,556		—		9,009,556		—
	Germany		5,080,219		—		5,080,219		—
	Hong Kong		1,598,223		—		1,598,223		—
	India		1,844,023		—		1,844,023		—
	Ireland		208,033		208,033		—		—
	Israel		699,869		699,869		—		—
	Italy		1,213,819		—		1,213,819		—
	Japan		8,128,874		—		8,128,874		—
	Netherlands		2,085,270		—		2,085,270		—
	Singapore		873,610		—		873,610		—
	Spain		1,178,275		—		1,178,275		—
	Sweden		497,979		—		497,979		—
	Switzerland		7,558,487		—		7,558,487		—
	Taiwan		796,344		796,344		—		—
	United Kingdom		8,838,229		—		8,838,229		—
	United States		467,745		—		467,745		—

	Total Common Stocks		56,987,074		5,350,445		51,636,629		—

	Short-Term Investment		271,176		271,176		—		—

	Total		$57,258,250		$5,621,621		$51,636,629		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-67

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments

March 31, 2019


	Shares		Value
COMMON STOCKS - 98.1%

Australia - 2.7%

Accent Group Ltd		78,925		$80,792
Ansell Ltd		4,750		85,819
Australian Pharmaceutical Industries Ltd		34,050		36,694
Aveo Group »		54,968		76,951
Charter Hall Long Wale REIT		37,084		120,128
Charter Hall Retail REIT		32,885		108,678
Mayne Pharma Group Ltd *		94,152		46,571
Perseus Mining Ltd *		252,616		82,502
Sandfire Resources NL		23,536		115,680
Shopping Centres Australasia Property Group REIT		62,080		116,426

				870,241

Austria - 0.2%

AT&S Austria Technologie & Systemtechnik AG		4,089		70,321


Belgium - 0.9%

Barco NV		1,182		181,226
Fagron		6,142		110,387

				291,613

Canada - 10.7%

AGF Management Ltd ‘B’		21,600		87,444
Alaris Royalty Corp		7,300		115,152
Artis REIT		9,900		82,306
Baytex Energy Corp *		49,876		84,722
Boardwalk REIT		3,000		91,548
Canfor Corp *		7,300		74,838
Choice Properties REIT		10,200		107,316
CI Financial Corp		5,900		80,530
Corus Entertainment Inc		24,800		109,863
Crescent Point Energy Corp		23,100		74,848
CT REIT		8,900		95,637
Detour Gold Corp *		10,247		96,156
Dundee Precious Metals Inc *		40,200		133,263
Empire Co Ltd ‘A’		6,100		132,056
Enerplus Corp		20,000		167,621
Genworth MI Canada Inc		4,842		146,708
Gluskin Sheff + Associates Inc		9,900		106,308
Granite REIT		3,100		148,116
Hudbay Minerals Inc		14,700		105,051
Medical Facilities Corp		8,200		108,180
New Gold Inc *		104,600		89,231
Parex Resources Inc *		9,300		145,588
Points International Ltd *		6,100		81,984
Polaris Infrastructure Inc		14,900		126,215
Precision Drilling Corp *		30,100		71,401
Seven Generations Energy Ltd ‘A’ *		12,700		91,709
Sherritt International Corp *		216,900		68,169
SmartCentres REIT		4,400		115,272
Superior Plus Corp		13,800		118,240
TransAlta Corp		20,800		152,846
Trevali Mining Corp *		300,000		89,797
Trican Well Service Ltd *		35,700		34,195
WestJet Airlines Ltd		6,700		97,415

				3,429,725

China - 0.4%

Gemdale Properties & Investment Corp Ltd		999,886		127,575


Denmark - 1.3%

Alm Brand AS		11,512		99,346
D/S Norden AS *		5,920		80,555
Royal Unibrew AS		1,964		145,043
Spar Nord Bank AS		11,086		97,186

				422,130


	Shares		Value
Egypt - 0.2%

Centamin PLC		60,081	$	69,663


Finland - 1.1%

Finnair OYJ		13,109		118,074
Outotec OYJ *		23,609		103,712
Valmet OYJ		4,689		118,802

				340,588

France - 5.2%

Alstom SA		4,159		180,343
Alten SA		1,505		161,139
Arkema SA		1,029		98,165
Beneteau SA		5,091		59,705
Casino Guichard Perrachon SA		2,745		119,012
Eiffage SA		2,087		200,620
Eramet		1,690		94,074
Eutelsat Communications SA		4,464		78,174
Ipsen SA		1,101		150,982
IPSOS		2,941		73,652
Kaufman & Broad SA		2,448		100,023
Nexity SA		2,272		110,895
Rexel SA		8,497		95,892
Rothschild & Co		2,514		80,014
Teleperformance		345		62,020

				1,664,710

Germany - 5.3%

Bauer AG		4,214		72,591
CECONOMY AG *		11,960		63,593
Covestro AG ~		1,788		98,647
CTS Eventim AG & Co KGaA		1,385		65,670
DIC Asset AG		9,941		111,960
Hamburger Hafen und Logistik AG		3,500		79,968
HOCHTIEF AG		1,346		195,025
Jenoptik AG		6,100		227,753
LEG Immobilien AG		1,977		242,947
Salzgitter AG		2,345		67,918
Siltronic AG		926		81,687
Software AG		2,955		100,023
TAG Immobilien AG		6,804		168,045
Talanx AG		3,265		126,012

				1,701,839

Hong Kong - 1.9%

Cathay Pacific Airways Ltd		64,000		112,027
Champion REIT		112,000		97,032
Dah Sing Financial Holdings Ltd		17,000		89,304
Kerry Properties Ltd		36,000		160,950
Melco International Development Ltd		41,000		96,185
SmarTone Telecommunications Holdings Ltd		56,715		61,677

				617,175

Israel - 1.8%

AudioCodes Ltd		8,903		123,217
CyberArk Software Ltd *		1,256		149,527
Gazit-Globe Ltd		11,368		91,468
Nova Measuring Instruments Ltd *		4,465		112,429
Silicom Ltd *		2,700		103,275

				579,916

Italy - 3.5%

A2A SPA		109,319		199,737
Banca IFIS SPA		4,849		80,071
Cairo Communication SPA		22,348		94,542
DiaSorin SPA		1,248		125,876
El.En. SPA		4,911		103,646
ERG SPA		6,801		128,806
Fincantieri SPA		56,949		70,100


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-68

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments (Continued)

March 31, 2019


	Shares		Value
Iren SPA		47,451	$	121,138
Rizzoli Corriere Della Sera Mediagroup SPA *		67,088		96,008
Unieuro SPA * ~		6,000		88,859

				1,108,783

Japan - 23.7%

Asahi Co Ltd		6,800		94,147
Asahi Diamond Industrial Co Ltd		14,000		96,841
Avex Inc		6,200		82,798
Capcom Co Ltd		8,600		193,018
Citizen Watch Co Ltd		15,500		86,613
cocokara fine Inc		1,800		71,607
Daiho Corp		3,900		114,189
DMG Mori Co Ltd		8,300		103,188
Financial Products Group Co Ltd		9,700		79,636
First-corp Inc		11,500		84,918
Foster Electric Co Ltd		6,600		99,424
Fudo Tetra Corp		5,200		67,852
Glory Ltd		4,600		110,586
Goldcrest Co Ltd		9,400		127,082
Kaken Pharmaceutical Co Ltd		1,700		77,433
Kinden Corp		5,300		87,949
Kito Corp		6,000		90,913
Kobe Bussan Co Ltd		4,600		174,746
Kureha Corp		2,500		140,446
Look Holdings Inc		7,126		97,765
Marvelous Inc		10,100		78,475
Megmilk Snow Brand Co Ltd		3,500		85,364
Meidensha Corp		7,300		100,392
Meitec Corp		3,100		141,210
Mitsui E&S Holdings Co Ltd *		8,400		79,417
Mitsui Matsushima Holdings Co Ltd		7,800		86,887
Morinaga & Co Ltd		1,900		82,630
Nagase & Co Ltd		12,600		181,411
NichiiGakkan Co Ltd		7,332		86,469
Nihon Unisys Ltd		8,400		223,010
Nippon Carbon Co Ltd		1,900		84,716
Nippon Electric Glass Co Ltd		3,000		79,708
Nippon Piston Ring Co Ltd		8,100		115,225
NIPPON REIT Investment Corp		39		150,316
Nippon Steel Corp		4,430		78,414
Nippon Thompson Co Ltd		21,125		97,561
Nippon Yakin Kogyo Co Ltd		54,500		124,230
Nissin Kogyo Co Ltd		6,300		79,113
Nojima Corp		5,500		100,020
North Pacific Bank Ltd		30,200		75,667
Obara Group Inc		2,600		86,336
OSJB Holdings Corp		34,900		87,433
Rengo Co Ltd		13,300		124,935
Restar Holdings Corp		3,200		59,326
Riken Vitamin Co Ltd		3,600		114,252
Roland DG Corp		3,600		75,848
Ryobi Ltd		5,600		125,978
Sanken Electric Co Ltd		3,000		55,872
Sankyu Inc		2,100		102,641
Seven Bank Ltd		32,300		95,485
Shinoken Group Co Ltd		10,600		71,735
Ship Healthcare Holdings Inc		4,400		180,991
Sinanen Holdings Co Ltd		3,900		74,129
Sojitz Corp		24,300		85,861
Sumitomo Mitsui Construction Co Ltd		16,000		111,623
Sumitomo Seika Chemicals Co Ltd		2,400		88,457
Tachi-S Co Ltd		6,500		93,211
Takara Leben Co Ltd		17,100		53,206
The Oita Bank Ltd		2,900		90,735
The Okinawa Electric Power Co Inc		8,706		148,262
TOA ROAD Corp		3,600		94,418
Tocalo Co Ltd		7,300		57,733
Toho Holdings Co Ltd		6,400		159,977
Toho Zinc Co Ltd		2,400		68,027


	Shares		Value
Tokyu Construction Co Ltd		10,200	$	76,605
Topy Industries Ltd		3,900		78,177
Tosei Corp		17,400		157,683
Toyo Construction Co Ltd		23,300		90,061
Toyota Boshoku Corp		5,200		78,832
Ube Industries Ltd		2,700		55,672
Unipres Corp		5,400		84,576
Unitika Ltd *		15,100		58,135
V Technology Co Ltd		700		89,075
Wacom Co Ltd		23,500		99,274
Yuasa Trading Co Ltd		6,100		172,324

				7,558,271

Jordan - 0.5%

Hikma Pharmaceuticals PLC		6,895		161,029


Malta - 0.3%

Kindred Group PLC SDR		10,241		102,734


Netherlands - 3.9%

Aalberts Industries NV		3,707		128,326
ASR Nederland NV		5,522		230,083
BE Semiconductor Industries NV		2,967		79,210
Boskalis Westminster		3,395		87,888
Flow Traders ~		2,526		69,649
Heijmans NV *		9,578		95,828
Intertrust NV ~		6,321		119,243
Koninklijke Volkerwessels NV		3,598		74,183
OCI NV *		2,341		64,490
SBM Offshore NV		8,057		153,481
Signify NV ~		4,956		132,592

				1,234,973

New Zealand - 0.5%

Air New Zealand Ltd		41,810		72,234
Z Energy Ltd		19,707		84,073

				156,307

Norway - 0.8%

Aker Solutions ASA *		17,817		90,092
Norway Royal Salmon ASA		3,406		78,980
Norwegian Finans Holding ASA *		11,374		88,429

				257,501

Peru - 0.3%

Hochschild Mining PLC		39,298		105,685


Portugal - 0.3%

Sonae SGPS SA		89,239		92,384


Singapore - 0.3%

IGG Inc		67,000		93,046


South Korea - 5.7%

Binggrae Co Ltd		1,300		76,848
Chong Kun Dang Pharmaceutical Corp		1		90
Dong-A ST Co Ltd		1,141		96,997
Doosan Bobcat Inc		2,715		73,977
DY POWER Corp		5,883		85,276
GS Engineering & Construction Corp		2,239		84,240
Handsome Co Ltd		2,890		113,426
Huchems Fine Chemical Corp		5,565		109,368
Hyundai Marine & Fire Insurance Co Ltd		4,695		156,884
Korea Petrochemical Ind Co Ltd		508		70,431
Kumho Petrochemical Co Ltd		1,276		107,227


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-69

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments (Continued)

March 31, 2019


	Shares		Value
LG Uplus Corp		10,894	$	148,366
Moorim P&P Co Ltd		15,847		79,456
OCI Co Ltd		969		79,532
SFA Engineering Corp		3,509		134,106
Silicon Works Co Ltd		2,115		78,925
SK Discovery Co Ltd		2,819		65,889
SL Corp		4,911		95,298
Soulbrain Co Ltd		1,766		82,329
Value Added Technology Co Ltd		3,868		82,384

				1,821,049

Spain - 2.9%

Atlantica Yield PLC		5,882		114,464
Bankinter SA		17,756		135,332
Construcciones y Auxiliar de Ferrocarriles SA		3,310		159,165
Enagas SA		7,780		226,496
Faes Farma SA		25,208		106,604
Sacyr SA		33,000		83,574
Talgo SA * ~		13,258		85,756

				911,391

Sweden - 3.4%

Betsson AB *		11,489		87,183
Evolution Gaming Group AB ~		1,821		143,702
Fastighets AB Balder *		2,925		93,834
Hemfosa Fastigheter AB		16,931		148,691
JM AB		5,996		107,513
NetEnt AB *		20,268		73,645
Nobina AB ~		9,373		60,427
Nyfosa AB *		16,931		101,433
SSAB AB ‘A’		32,965		118,738
Wihlborgs Fastigheter AB		10,910		148,804

				1,083,970

Switzerland - 6.0%

Adecco Group AG		1,809		96,609
Baloise Holding AG		1,051		173,704
Cembra Money Bank AG		1,439		136,173
Coca-Cola HBC AG		6,397		218,134
Emmi AG		161		141,728
Forbo Holding AG		70		109,874
Julius Baer Group Ltd		4,702		190,206
Logitech International SA		3,770		148,057
PSP Swiss Property AG		1,738		188,889
Siegfried Holding AG		357		128,225
Sonova Holding AG		1,224		242,560
Tecan Group AG		618		145,954

				1,920,113

Tanzania - 0.3%

Acacia Mining PLC *		31,708		81,291


United Kingdom - 12.8%

Aggreko PLC		8,555		87,805
Auto Trader Group PLC ~		22,698		154,379
Barratt Developments PLC		8,727		68,170
Bellway PLC		5,355		212,446
Charter Court Financial Services Group PLC ~		30,495		131,865
Cobham PLC *		91,005		130,892
Computacenter PLC		8,703		125,425
Dialog Semiconductor PLC *		4,028		122,844
Drax Group PLC		28,180		138,951
EI Group PLC *		62,035		172,099
Fevertree Drinks PLC		3,874		152,478
Great Portland Estates PLC REIT		17,025		165,602
Gulf Keystone Petroleum Ltd *		32,731		108,255
Hansteen Holdings PLC REIT		88,190		111,877
Inchcape PLC		9,828		73,128
Intermediate Capital Group PLC		7,339		101,941


	Shares		Value
International Personal Finance PLC		31,062	$	78,770
J D Wetherspoon PLC		7,389		126,072
Keller Group PLC		13,168		105,825
Man Group PLC		29,607		52,447
OneSavings Bank PLC		25,380		126,886
Paragon Banking Group PLC		20,981		119,098
Playtech PLC		23,173		131,323
QinetiQ Group PLC		45,074		177,005
Redrow PLC *		15,232		119,355
Rightmove PLC		22,345		148,579
Safestore Holdings PLC REIT		26,388		205,012
Saga PLC		72,082		104,399
Spirent Communications PLC		66,136		123,868
Stagecoach Group PLC		36,558		73,137
Tate & Lyle PLC		15,046		142,311
WH Smith PLC		6,648		183,918

				4,076,162

United States - 1.2%

Argonaut Gold Inc *		54,300		76,390
BRP Inc		4,300		119,313
IMAX Corp *		5,077		115,147
Viemed Healthcare Inc *		13,500		66,573

				377,423


Total Common Stocks (Cost $29,968,829)				31,327,608


SHORT-TERM INVESTMENT - 1.1%

Money Market Fund - 1.1%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.370%		362,848		362,848


Total Short-Term Investment (Cost $362,848)				362,848


TOTAL INVESTMENTS - 99.2% (Cost $30,331,677)				31,690,456

OTHER ASSETS & LIABILITIES, NET - 0.8%				243,212


NET ASSETS - 100.0%				$31,933,668

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:


Financial			22.1%
Industrial			17.9%
Consumer, Cyclical			15.3%
Consumer, Non-Cyclical			13.4%
Basic Materials			8.6%
Technology			7.7%
Energy			4.8%
Communications			4.4%
Utilities			3.7%
Others (each less than 3.0%)			1.3%

			99.2%
Other Assets & Liabilities, Net			0.8%

			100.0%


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-70

PACIFIC FUNDS

PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments (Continued)

March 31, 2019

(b)	As of March 31, 2019, the Fund’s composition by country of risk as a percentage of net assets was as follows:


Japan			23.7%
United Kingdom			12.8%
Canada			10.7%
Switzerland			6.0%
South Korea			5.7%
Germany			5.3%
France			5.2%
Netherlands			3.9%
Italy			3.5%
Sweden			3.4%
Others (each less than 3.0%)			19.0%

			99.2%
Other Assets & Liabilities, Net			0.8%

			100.0%

(c)	Fair Value Measurements


		Total Value at March 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Australia		$870,241		$—		$870,241		$—
	Austria		70,321				70,321		—
	Belgium		291,613		—		291,613		—
	Canada		3,429,725		3,429,725		—		—
	China		127,575		—		127,575		—
	Denmark		422,130		—		422,130		—
	Egypt		69,663		—		69,663
	Finland		340,588		—		340,588		—
	France		1,664,710		119,012		1,545,698		—
	Germany		1,701,839		257,240		1,444,599		—
	Hong Kong		617,175		—		617,175		—
	Israel		579,916		488,448		91,468		—
	Italy		1,108,783		—		1,108,783		—
	Japan		7,558,271		—		7,558,271		—
	Jordan		161,029		—		161,029
	Malta		102,734		—		102,734		—
	Netherlands		1,234,973		206,775		1,028,198		—
	New Zealand		156,307		—		156,307		—
	Norway		257,501		78,980		178,521		—
	Peru		105,685		—		105,685
	Portugal		92,384		—		92,384
	Singapore		93,046		—		93,046		—
	South Korea		1,821,049		190,274		1,630,775		—
	Spain		911,391		114,464		796,927		—
	Sweden		1,083,970		101,433		982,537		—
	Switzerland		1,920,113		—		1,920,113		—
	Tanzania		81,291		—		81,291		—
	United Kingdom		4,076,162		1,127,099		2,949,063		—
	United States		377,423		377,423		—		—

	Total Common Stocks		31,327,608		6,490,873		24,836,735		—

	Short-Term Investment		362,848		362,848		—		—

	Total		$31,690,456		$6,853,721		$24,836,735		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-71

PACIFIC FUNDS

PF INTERNATIONAL VALUE FUND

Schedule of Investments

March 31, 2019


	Shares		Value
PREFERRED STOCKS - 0.3%

Brazil - 0.3%

Telefonica Brasil SA		17,845		$216,491


Total Preferred Stocks (Cost $200,774)				216,491


COMMON STOCKS - 95.9%

Argentina - 0.5%

YPF SA ADR		25,498		357,227


Belgium - 1.2%

Ageas		15,503		747,815


Canada - 2.3%

ARC Resources Ltd		23,587		160,971
Barrick Gold Corp		48,215		660,979
Cameco Corp		16,386		193,191
Eldorado Gold Corp *l		—		1
Kinross Gold Corp *		90,199		310,285
Tourmaline Oil Corp		10,136		156,551

				1,481,978

China - 5.4%

China Mobile Ltd		84,723		864,542
China Telecom Corp Ltd ‘H’		1,501,743		835,606
China Unicom Hong Kong Ltd		786,067		1,000,841
Dongfeng Motor Group Co Ltd ‘H’		776,191		778,688

				3,479,677


Denmark - 1.3%

AP Moller - Maersk AS ‘B’		646		819,030


Finland - 0.5%

Nokia OYJ		57,213		325,922


France - 11.6%

Air France-KLM *		13,358		150,234
Alstom SA		13,476		584,348
BNP Paribas SA		21,546		1,025,340
Cie de Saint-Gobain		32,144		1,165,514
Engie SA		44,125		658,033
Renault SA		10,230		676,387
Rexel SA		54,067		610,164
Societe Generale SA		27,349		790,212
TOTAL SA		33,501		1,864,317

				7,524,549

Germany - 3.1%

CECONOMY AG		37,460		199,179
E.ON SE		41,533		462,191
METRO AG		36,038		598,544
RWE AG		23,296		625,552
Salzgitter AG		4,774		138,268

				2,023,734

India - 0.8%

Canara Bank *		67,196		282,378
NTPC Ltd		135,775		263,815

				546,193


	Shares		Value

Ireland - 1.0%

Bank of Ireland Group PLC		104,751	$	625,158


Italy - 7.0%

Assicurazioni Generali SPA		50,633		938,767
BPER Banca		104,644		428,219
Eni SPA		85,199		1,505,348
Saipem SPA *		134,928		714,520
UniCredit SPA		75,708		972,512

				4,559,366

Japan - 26.5%

Benesse Holdings Inc		5,329		138,678
Canon Inc		19,638		570,190
Chiyoda Corp		24,328		58,165
Citizen Watch Co Ltd		57,235		319,827
Dai-ichi Life Holdings Inc		41,549		578,417
DeNA Co Ltd		21,872		329,702
Eisai Co Ltd		6,813		383,346
Fuji Media Holdings Inc		12,000		165,764
Fujitsu Ltd		7,990		577,834
Gree Inc		52,192		213,629
Hitachi Metals Ltd		37,583		437,852
Honda Motor Co Ltd		48,968		1,330,009
Ibiden Co Ltd		19,153		291,881
Inpex Corp		70,750		673,039
JGC Corp		35,933		479,116
JSR Corp		43,747		680,623
Mitsubishi Estate Co Ltd		29,600		537,090
Mitsubishi Heavy Industries Ltd		16,522		687,545
Mitsubishi UFJ Financial Group Inc		232,962		1,152,182
Mizuho Financial Group Inc		591,182		914,838
Nikon Corp		21,439		303,118
Nippon Television Holdings Inc		22,834		342,795
Nomura Holdings Inc		169,900		613,960
Shimamura Co Ltd		6,110		517,833
Sumitomo Mitsui Financial Group Inc		30,690		1,074,724
Sumitomo Mitsui Trust Holdings Inc		20,952		752,996
T&D Holdings Inc		83,804		882,522
Takeda Pharmaceutical Co Ltd		27,562		1,128,726
THK Co Ltd		9,700		240,913
Yahoo Japan Corp		350,178		858,865

				17,236,179

Netherlands - 4.2%

ING Groep NV		74,035		897,108
PostNL NV		109,374		279,668
Royal Dutch Shell PLC ‘B’		49,651		1,569,257

				2,746,033


Norway - 0.8%

Norsk Hydro ASA		134,241		545,932


Russia - 2.5%

Gazprom PJSC ADR		178,126		805,129
LUKOIL PJSC ADR		5,244		468,866
Sberbank of Russia PJSC ADR		27,184		358,285

				1,632,280

South Africa - 3.2%

Anglo American Platinum Ltd		4,136		211,153
Anglo American PLC		34,725		928,773
Gold Fields Ltd ADR		162,482		606,058
Impala Platinum Holdings Ltd *		58,826		249,658
MTN Group Ltd		11,995		73,834

				2,069,476


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-72

PACIFIC FUNDS

PF INTERNATIONAL VALUE FUND

Schedule of Investments (Continued)

March 31, 2019


	Shares		Value
South Korea - 3.9%

KB Financial Group Inc		17,893	$	662,080
Kia Motors Corp		16,812		523,949
KT Corp ADR		59,968		746,002
Shinhan Financial Group Co Ltd		16,871		626,457

				2,558,488


Spain - 0.9%

CaixaBank SA		178,491		558,176


Sweden - 0.7%

Telefonaktiebolaget LM Ericsson ‘B’		48,252		444,492


Switzerland - 5.7%

Adecco Group AG		18,655		996,263
Julius Baer Group Ltd		16,556		669,726
LafargeHolcim Ltd		17,840		882,057
UBS Group AG		93,241		1,131,344

				3,679,390

Taiwan - 1.0%

MediaTek Inc		38,643		355,296
Shin Kong Financial Holding Co Ltd		1,019,394		300,741

				656,037

United Kingdom - 11.8%

AstraZeneca PLC		3,897		311,066
BP PLC		183,642		1,333,519
BT Group PLC		244,411		710,096
Centrica PLC		383,535		571,316
HSBC Holdings PLC		171,597		1,394,380
J Sainsbury PLC		189,457		581,382
Kingfisher PLC		216,043		662,546
Land Securities Group PLC REIT		32,043		381,505
Marks & Spencer Group PLC		145,297		527,326
Standard Chartered PLC		103,804		800,161
The British Land Co PLC REIT		47,852		367,392

				7,640,689


Total Common Stocks (Cost $62,516,150)				62,257,821


	Shares		Value
SHORT-TERM INVESTMENT - 2.3%

Money Market Fund - 2.3%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.370%		1,494,462		$1,494,462


Total Short-Term Investment (Cost $1,494,462)				1,494,462


TOTAL INVESTMENTS - 98.5% (Cost $64,211,386)				63,968,774

OTHER ASSETS & LIABILITIES, NET - 1.5%				987,555


NET ASSETS - 100.0%				$64,956,329

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Fund’s composition by sector as a percentage of net assets was as follows:


Financial			31.5%
Energy			14.8%
Communications			10.1%
Consumer, Cyclical			9.7%
Industrial			8.9%
Basic Materials			7.6%
Consumer, Non-cyclical			6.4%
Utilities			4.0%
Technology			3.2%
Others (each less than 3.0%)			2.3%

			98.5%
Other Assets & Liabilities, Net			1.5%

			100.0%

(b)	As of March 31, 2019, the Fund’s composition by country of risk as a percentage of net assets was as follows:


Japan			26.5%
United Kingdom			11.8%
France			11.6%
Italy			7.0%
Switzerland			5.7%
China			5.4%
Netherlands			4.2%
South Korea			3.9%
South Africa			3.2%
Germany			3.1%
Others (each less than 3.0%)			16.1%

			98.5%
Other Assets & Liabilities, Net			1.5%

			100.0%


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-73

PACIFIC FUNDS

PF INTERNATIONAL VALUE FUND

Schedule of Investments (Continued)

March 31, 2019

(c)	Fair Value Measurements


		Total Value at March 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
Assets	Preferred Stocks		$216,491		$216,491		$—		$—
	Common Stocks
	Argentina		357,227		357,227		—		—
	Belgium		747,815		—		747,815		—
	Canada		1,481,978		1,481,978		—		—
	China		3,479,677		—		3,479,677		—
	Denmark		819,030		—		819,030		—
	Finland		325,922		—		325,922		—
	France		7,524,549		—		7,524,549		—
	Germany		2,023,734		199,179		1,824,555		—
	India		546,193		—		546,193		—
	Ireland		625,158		—		625,158		—
	Italy		4,559,366		—		4,559,366		—
	Japan		17,236,179		—		17,236,179		—
	Netherlands		2,746,033		—		2,746,033		—
	Norway		545,932		—		545,932		—
	Russia		1,632,280		1,632,280				—
	South Africa		2,069,476		606,058		1,463,418		—
	South Korea		2,558,488		746,002		1,812,486		—
	Spain		558,176		—		558,176		—
	Sweden		444,492		—		444,492		—
	Switzerland		3,679,390		—		3,679,390		—
	Taiwan		656,037		—		656,037		—
	United Kingdom		7,640,689		—		7,640,689		—

	Total Common Stocks		62,257,821		5,022,724		57,235,097		—

	Short-Term Investment		1,494,462		1,494,462		—		—

	Total		$63,968,774		$6,733,677		$57,235,097		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-74

PACIFIC FUNDS

PF REAL ESTATE FUND

Schedule of Investments

March 31, 2019


	Shares		Value
COMMON STOCKS - 99.4%

Consumer, Cyclical - 3.6%

Extended Stay America Inc		31,622		$567,615
Hilton Grand Vacations Inc *		23,225		716,491
Hilton Worldwide Holdings Inc		19,716		1,638,597

				2,922,703

Financial - 93.5%

Alexandria Real Estate Equities Inc REIT		25,900		3,692,304
American Homes 4 Rent ‘A’ REIT		65,494		1,488,024
American Tower Corp REIT		3,775		743,902
Apartment Investment & Management Co ‘A’ REIT		51,927		2,611,409
AvalonBay Communities Inc REIT		25,557		5,130,057
Boston Properties Inc REIT		18,442		2,469,015
Corporate Office Properties Trust REIT		21,814		595,522
Crown Castle International Corp REIT		6,070		776,960
CubeSmart REIT		40,896		1,310,308
Duke Realty Corp REIT		40,162		1,228,154
EPR Properties REIT		21,968		1,689,339
Equinix Inc REIT		10,495		4,755,914
Equity LifeStyle Properties Inc REIT		11,951		1,365,999
Equity Residential REIT		11,784		887,571
Essex Property Trust Inc REIT		12,406		3,588,311
Extra Space Storage Inc REIT		26,423		2,692,768
First Industrial Realty Trust Inc REIT		20,667		730,785
HCP Inc REIT		30,692		960,660
Healthcare Trust of America Inc ‘A’ REIT		82,077		2,346,581
Hudson Pacific Properties Inc REIT		30,061		1,034,700
Invitation Homes Inc REIT		148,049		3,602,032
Kilroy Realty Corp REIT		24,598		1,868,464
Physicians Realty Trust REIT		35,836		674,075
Prologis Inc REIT		85,915		6,181,584
Public Storage REIT		6,409		1,395,752
Regency Centers Corp REIT		44,901		3,030,368
Sabra Health Care REIT Inc		28,785		560,444
Simon Property Group Inc REIT		21,824		3,976,551
Spirit Realty Capital Inc REIT		31,058		1,233,934
STORE Capital Corp REIT		75,269		2,521,512
Sun Communities Inc REIT		19,489		2,309,836
Sunstone Hotel Investors Inc REIT		94,215		1,356,696
Tanger Factory Outlet Centers Inc REIT		21,572		452,581
Taubman Centers Inc REIT		14,641		774,216
Terreno Realty Corp REIT		17,914		753,105
VICI Properties Inc REIT		46,417		1,015,604
Welltower Inc REIT		53,337		4,138,951
Weyerhaeuser Co REIT		19,191		505,491

				76,449,479


	Shares		Value
Technology - 2.3%

InterXion Holding NV (Netherlands) *		27,710		$1,849,088


Total Common Stocks (Cost $69,714,310)				81,221,270



SHORT-TERM INVESTMENT - 0.5%

Money Market Fund - 0.5%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.370%		391,136		391,136


Total Short-Term Investment (Cost $391,136)				391,136


TOTAL INVESTMENTS - 99.9% (Cost $70,105,446)				81,612,406

OTHER ASSETS & LIABILITIES, NET - 0.1%				100,217


NET ASSETS - 100.0%				$81,712,623

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Fund’s composition by property sector as a percentage of net assets was as follows:


REITS-Apartments			21.2%
REITS-Diversified			13.1%
REITS-Office Property			11.8%
REITS-Health Care			10.6%
REITS-Warehouse/Industrial			9.4%
REITS-Storage			6.6%
REITS-Regional Malls			6.4%
REITS-Single Tenant			4.6%
REITS-Manufactured Homes			4.5%
REITS-Shopping Centers			3.7%
Hotels & Motels			3.6%
Others (each less than 3.0%)			3.9%

			99.4%
Short-Term Investment			0.5%
Other Assets & Liabilities, Net			0.1%

			100.0%

(b)	Fair Value Measurements


		Total Value at March 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$81,221,270		$81,221,270		$—		$—
	Short-Term Investment		391,136		391,136		—		—

	Total		$81,612,406		$81,612,406		$—		$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-75

PACIFIC FUNDS

PF CURRENCY STRATEGIES FUND

Schedule of Investments

March 31, 2019


	Principal Amount		Value
U.S. TREASURY OBLIGATIONS - 8.7%

U.S. Treasury Notes - 8.7%

0.750% due 08/15/19 ‡		$3,900,000		$3,875,016


Total U.S. Treasury Obligations (Cost $3,874,025)				3,875,016


FOREIGN GOVERNMENT BONDS & NOTES - 43.0%

Canada - 7.7%

Canadian Government 1.250% due 02/01/20		CAD 4,600,000		3,430,474


France - 6.5%

French Republic Government OAT 1.000% due 05/25/19 ~		EUR 2,600,000		2,922,656


Germany - 15.2%

Bundesrepublik Deutschland Bundesanleihe 3.250% due 01/04/20 ~		5,850,000		6,757,995


Sweden - 5.6%

Sweden Government International 1.500% due 07/25/19 ~		$2,500,000		2,492,475


United Kingdom - 8.0%

United Kingdom Gilt 1.750% due 07/22/19 ~		GBP 2,730,000		3,566,658


Total Foreign Government Bonds & Notes (Cost $19,480,443)				19,170,258


	Shares		Value
SHORT-TERM INVESTMENT - 50.2%

Money Market Fund - 50.2%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.370%		22,337,764		$22,337,764


Total Short-Term Investment (Cost $22,337,764)				22,337,764


TOTAL INVESTMENTS - 101.9% (Cost $45,692,232)				45,383,038

DERIVATIVES - 0.6%
(See Note (c) in Notes to Schedule of Investments)				257,745


OTHER ASSETS & LIABILITIES, NET - (2.5%)				(1,103,628	)


NET ASSETS - 100.0%				$44,537,155

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Fund’s composition as a percentage of net assets was as follows:


Short-Term Investment	50.2%
Foreign Government Bonds & Notes	43.0%
U.S. Treasury Obligations	8.7%

	101.9%
Derivatives	0.6%
Other Assets & Liabilities, Net	(2.5%	)

	100.0%

(b)	As of March 31, 2019, an investment with a value of $654,701 was fully or partially segregated with the broker(s)/custodian as collateral for forward foreign currency contracts.

(c)	Forward foreign currency contracts outstanding as of March 31, 2019 were as follows:


Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
AUD	2,200,000	USD	1,560,845	04/19	GSC		$1,683		$—
CAD	1,820,000	USD	1,366,039	04/19	CIB		—		(3,651	)
CHF	1,570,000	USD	1,571,918	04/19	SSB		6,831		—
COP	12,456,342,000	USD	3,940,322	04/19	JPM		—		(36,360	)
JPY	1,802,100,000	USD	16,268,772	04/19	SSB		11,154		—
KRW	1,771,000,000	USD	1,566,286	04/19	SSB		—		(6,946	)
MXN	315,000,000	USD	16,034,859	04/19	GSC		158,264		—
MYR	17,342,000	USD	4,236,472	04/19	CIB		12,120		—
NOK	71,930,000	USD	8,199,366	04/19	JPM		144,828		—
NZD	5,305,000	USD	3,642,652	04/19	BRC		—		(29,061	)
NZD	385,000	USD	262,614	04/19	SSB		—		(364	)
SEK	147,580,000	USD	15,633,574	04/19	JPM		255,859		—
THB	26,740,000	USD	844,722	04/19	MSC		—		(1,831	)
USD	8,243,652	AUD	11,740,000	04/19	SSB		—		(94,563	)
USD	11,475,095	CAD	15,425,000	04/19	MSC		—		(71,520	)
USD	8,273,574	CHF	8,330,000	04/19	SSB		—		(102,845	)
USD	609,868	COP	1,895,776,000	04/19	GSC		15,710		—
USD	1,601,082	EUR	1,410,000	04/19	CIB		17,602		—
USD	1,472,085	EUR	1,310,000	04/19	MSC		909		—
USD	264,447	GBP	200,000	04/19	CIB		3,777		—
USD	3,369,694	GBP	2,570,000	04/19	SSB		20,096		—
USD	2,661,608	JPY	296,300,000	04/19	SSB		—		(15,126	)
USD	8,315,576	KRW	9,444,000,000	04/19	SSB		269		—
USD	2,801,448	MXN	53,450,000	04/19	GSC		53,757		—
USD	865,554	MYR	3,528,000	04/19	GSC		1,235		—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-76

PACIFIC FUNDS

PF CURRENCY STRATEGIES FUND

Schedule of Investments (Continued)

March 31, 2019


Currency Purchased		Currency Sold		Settlement Month	Counterparty		Unrealized Appreciation		Unrealized Depreciation
USD	1,663,683	NOK	14,230,000	04/19		MSC		$12,941		$—
USD	23,947,455	NZD	35,315,000	04/19		SSB		—		(107,959	)
USD	2,479,359	SEK	22,870,000	04/19		JPM		17,024		—
USD	4,213,409	THB	133,860,000	04/19		BRC		—		(6,088	)


Total Forward Foreign Currency Contracts								$734,059		($476,314	)

(d)	Fair Value Measurements


		Total Value at March 31, 2019			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	U.S. Treasury Obligations		$3,875,016			$—		$3,875,016			$—
	Foreign Government Bonds & Notes		19,170,258			—		19,170,258			—
	Short-Term Investment		22,337,764			22,337,764		—			—
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		734,059			—		734,059			—

	Total Assets		46,117,097			22,337,764		23,779,333			—


Liabilities	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(476,314	)		—		(476,314	)

	Total Liabilities		(476,314	)		—		(476,314	)		—

	Total		$45,640,783			$22,337,764		$23,303,019			$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-77

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments

March 31, 2019


	Shares		Value
SHORT-TERM INVESTMENTS - 77.0%

Money Market Fund - 29.1%

BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 2.370%		10,997,036		$10,997,036


	Principal Amount
U.S. Treasury Bills - 47.9%

2.301% due 04/25/19		$5,933,000		5,923,764
2.315% due 04/18/19		5,002,000		4,996,358
2.422% due 09/12/19 ‡		3,129,000		3,095,334
2.427% due 08/01/19 ‡		1,052,000		1,043,533
2.434% due 09/19/19 ‡		3,129,000		3,093,735


				18,152,724


Total Short-Term Investments (Cost $29,146,740)				29,149,760


TOTAL INVESTMENTS - 77.0% (Cost $29,146,740)				29,149,760

DERIVATIVES - (0.5%)
(See Notes (c) through (e) in Notes to Schedule of Investments)				(201,545	)


OTHER ASSETS & LIABILITIES, NET - 23.5%				8,922,256


NET ASSETS - 100.0%				$37,870,471

Notes to Schedule of Investments

(a)	As of March 31, 2019, the Fund’s composition as a percentage of net assets was as follows:


Short-Term Investments	77.0%
Derivatives	(0.5%	)
Other Assets & Liabilities, Net	23.5%

	100.0%

(b)	As of March 31, 2019, investments with a total aggregate value of $2,414,677 were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts, forward foreign currencies contracts, and swap agreements.

(c)	Open futures contracts outstanding as of March 31, 2019 were as follows:


Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
AEX Index		04/19		2		$239,545		$245,862		$6,317
CAC 40 Index		04/19		12		714,500		719,225		4,725
DAX Index		06/19		2		652,963		646,944		(6,019	)
FTSE 100 Index		06/19		12		1,106,154		1,127,120		20,966
FTSE MIB Index		06/19		1		114,870		116,332		1,462
Hang Seng Index		04/19		1		182,931		185,205		2,274
IBEX 35 Index		04/19		2		204,658		206,143		1,485
MSCI SGX Index		04/19		2		52,946		53,082		136
OMX Index		04/19		13		215,554		216,205		651
S&P 500 E-Mini Index		06/19		84		11,711,440		11,918,760		207,320
S&P/TSE 60 Index		06/19		1		143,587		143,241		(346	)
SPI 200 Index		06/19		5		548,463		547,715		(748	)
TOPIX Index		06/19		9		1,296,388		1,292,791		(3,597	)


Total Futures Contracts										$234,626

(d)	Forward foreign currency contracts outstanding as of March 31, 2019 were as follows:


Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation	Unrealized Depreciation
AUD	324,997	USD	231,645	06/19	CIT	$—		($533	)
AUD	325,003	USD	231,650	06/19	JPM	—		(533	)
CAD	453,000	USD	341,452	06/19	CIT	—		(1,781	)
CAD	453,000	USD	341,453	06/19	JPM	—		(1,782	)
CHF	294,000	USD	296,286	06/19	CIT	1,260		—
CHF	294,000	USD	296,279	06/19	JPM	1,267		—
DKK	411,500	USD	63,092	06/19	CIT	—		(805	)
DKK	411,500	USD	63,120	06/19	JPM	—		(833	)
EUR	945,511	USD	1,080,722	06/19	CIT	—		(12,770	)
EUR	945,489	USD	1,080,698	06/19	JPM	—		(12,771	)
GBP	440,501	USD	583,249	06/19	CIT	—		(7,188	)
GBP	440,499	USD	583,247	06/19	JPM	—		(7,189	)
HKD	1,071,500	USD	136,957	06/19	CIT	—		(127	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-78

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

March 31, 2019


Currency Purchased		Currency Sold		Settlement Month		Counterparty		Unrealized Appreciation	Unrealized Depreciation
HKD	1,071,500	USD	136,957		06/19		JPM	$—		($127	)
ILS	67,501	USD	18,819		06/19		CIT	—		(132	)
ILS	67,499	USD	18,819		06/19		JPM	—		(132	)
JPY	90,130,500	USD	818,073		06/19		CIT	345		—
JPY	90,130,500	USD	818,074		06/19		JPM	344		—
NOK	190,512	USD	22,238		06/19		CIT	—		(80	)
NOK	190,488	USD	22,235		06/19		JPM	—		(80	)
NZD	10,994	USD	7,529		06/19		CIT	—		(30	)
NZD	11,006	USD	7,537		06/19		JPM	—		(31	)
SEK	792,500	USD	85,925		06/19		CIT	—		(163	)
SEK	792,500	USD	85,932		06/19		JPM	—		(169	)
SGD	64,000	USD	47,452		06/19		CIT	—		(156	)
SGD	64,000	USD	47,452		06/19		JPM	—		(156	)
USD	4,245	AUD	6,000		06/19		CIT	—		(22	)
USD	4,245	AUD	6,000		06/19		JPM	—		(22	)
USD	6,720	CAD	9,000		06/19		CIT	—		(29	)
USD	6,720	CAD	9,000		06/19		JPM	—		(29	)
USD	5,031	CHF	5,000		06/19		CIT	—		(29	)
USD	5,031	CHF	5,000		06/19		JPM	—		(29	)
USD	1,993	DKK	13,000		06/19		CIT	25		—
USD	1,993	DKK	13,000		06/19		JPM	25		—
USD	14,250	EUR	12,500		06/19		CIT	131		—
USD	14,250	EUR	12,500		06/19		JPM	131		—
USD	17,169	GBP	13,000		06/19		CIT	168		—
USD	17,169	GBP	13,000		06/19		JPM	168		—
USD	1,661	HKD	13,000		06/19		CIT	1		—
USD	1,661	HKD	13,000		06/19		JPM	1		—
USD	696	ILS	2,500		06/19		CIT	4		—
USD	696	ILS	2,500		06/19		JPM	4		—
USD	24,100	JPY	2,672,000		06/19		CIT	—		(162	)
USD	24,100	JPY	2,672,000		06/19		JPM	—		(162	)
USD	289	NOK	2,500		06/19		CIT	—		(1	)
USD	289	NOK	2,500		06/19		JPM	—		(1	)
USD	1,296	SEK	12,000		06/19		CIT	—		(2	)
USD	1,296	SEK	12,000		06/19		JPM	—		(2	)
USD	2,952	SGD	4,000		06/19		CIT	—		(4	)
USD	2,952	SGD	4,000		06/19		JPM	—		(4	)


Total Forward Foreign Currency Contracts								$3,874		($48,066	)

(e)	Swap agreements outstanding as of March 31, 2019 were as follows:

Total Return Basket Swaps


Counterparty	Payment Frequency		Currency		Expiration Dates (1)		Notional Amount Long (2)		Notional Amount Short (2)			Unrealized Appreciation (Depreciation) (3)			Net Dividends and Financing Fees, Including Cash (4)			Net Value of Reference Entities
GSC		M		USD		05/11/23 - 04/03/24		$37,660,275		($33,604,207	)		($139,460	)		($14,409	)		$3,931,017
JPM		M		AUD		04/05/19 - 04/21/20		1,227,430		(1,222,818	)		(16,227	)		1,744			(13,359	)
JPM		M		GBP		04/05/19 - 05/05/20		4,728,046		(4,553,102	)		(204,621	)		(33,804	)		4,127
JPM		M		HKD		05/14/19 - 04/21/20		638,980		(639,867	)		(535	)		4,386			(5,808	)
JPM		M		SGD		09/17/19 - 04/21/20		164,171		(177,449	)		15,804			2,376			150
MSC		M		CAD		05/02/19		1,628,045		(1,589,856	)		(38,813	)		(3,414	)		2,790
MSC		M		CHF		05/04/20		1,003,992		(1,033,540	)		73,879			46,839			(2,508	)
MSC		M		DKK		05/01/20		962,993		(929,975	)		71,896			20,943			83,971
MSC		M		EUR		05/04/20		10,658,232		(8,774,100	)		135,185			79,362			1,939,955
MSC		M		JPY		05/01/20		8,735,190		(8,543,222	)		(203,711	)		35,256			(46,999	)
MSC		M		NOK		05/04/20		505,055		(404,496	)		(23,033	)		(10,560	)		88,086
MSC		M		SEK		05/04/20		1,049,027		(756,878	)		(73,546	)		(45,842	)		264,445

								$68,961,436		($62,229,510	)		($403,182	)		$82,877			$6,245,867

(1)

The expiration date(s) of the underlying investments in each basket swap are equal to or fall within the range disclosed.

(2)

Notional amount is representative of the cost basis of the long and short positions.

(3)

Unrealized Appreciation (Depreciation) includes Net Dividends and Financing Fees, Including Cash.

(4)

Net Dividends and Financing Fees, Including Cash, includes the gains (losses) realized within the swap when the swap resets.

The percentages shown below are based on net assets.


Description	Counter- party		Expiration Dates (1)
The Fund receives or pays the net total return on all positions within the basket and pays financing based upon the then-current 1-Month USD-LIBOR and the 1-Day USD Federal Funds plus or minus a specified spread (rates range from (0.743%) to 0.250%) as negotiated by the parties, which is denominated in USD based on the local currencies of the positions within the swap.		GSC		05/11/23- 04/03/24


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-79

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

March 31, 2019

The following table represents the individual long and short positions and related values within the total return basket swap as of March 31, 2019:



Referenced Entity	Shares		Value
Long Positions: 100.7%

United States 100.7%

3M Co		611		$126,954
Abbott Laboratories		746		59,635
AbbVie Inc		3,014		242,898
ABIOMED Inc		161		45,980
Accenture PLC ‘A’		477		83,962
Activision Blizzard Inc		1,375		62,604
Acuity Brands Inc		92		11,041
Adobe Inc		983		261,960
Adtalem Global Education Inc		632		29,274
AES Corp		1,794		32,436
Aflac Inc		2,729		136,450
AGCO Corp		378		26,290
Agilent Technologies Inc		3,517		282,696
Air Products & Chemicals Inc		139		26,543
Akamai Technologies Inc		1,154		82,753
Alcoa Corp		2,149		60,516
Alexion Pharmaceuticals Inc		948		128,151
Align Technology Inc		84		23,884
Alkermes PLC		1,968		71,812
Allergan PLC		471		68,959
ALLETE Inc		900		74,007
Allison Transmission Holdings Inc		322		14,464
Alphabet Inc ‘A’		53		62,375
Altria Group Inc		2,610		149,892
Amazon.com Inc		73		129,995
AMC Networks Inc ‘A’		1,649		93,597
Amdocs Ltd		1,802		97,506
Ameren Corp		1,464		107,677
American Eagle Outfitters Inc		1,906		42,256
American Electric Power Co Inc		1,452		121,605
American Financial Group Inc		153		14,720
Ameriprise Financial Inc		345		44,195
Amgen Inc		994		188,840
Anadarko Petroleum Corp		1,321		60,079
ANSYS Inc		345		63,035
Anthem Inc		295		84,659
Apple Hospitality Inc REIT		464		7,563
Apple Inc		1,151		218,632
Applied Materials Inc		3,232		128,181
Aramark		221		6,531
Archer-Daniels-Midland Co		2,185		94,239
Armstrong World Industries Inc		214		16,996
Arrow Electronics Inc		914		70,433
Aspen Technology Inc		880		91,749
Associated Banc-Corp		3,824		81,642
Assured Guaranty Ltd		4,412		196,025
Athene Holding Ltd ‘A’		5,063		206,570
Autodesk Inc		330		51,421
Automatic Data Processing Inc		263		42,012
AutoZone Inc		162		165,907
AvalonBay Communities Inc REIT		181		36,332
Avangrid Inc		363		18,277
Avery Dennison Corp		851		96,163
Avnet Inc		2,361		102,397
Axis Capital Holdings Ltd		723		39,606
Bank of America Corp		2,761		76,176
Baxter International Inc		2,336		189,940
Bed Bath & Beyond Inc		3,907		66,380
Belden Inc		323		17,345
Berry Global Group Inc		469		25,265
Best Buy Co Inc		1,431		101,687
Biogen Inc		2,012		475,597
Bio-Rad Laboratories Inc ‘A’		335		102,403
Booking Holdings Inc		35		61,072
Booz Allen Hamilton Holding Corp		1,693		98,431
Boston Properties Inc REIT		218		29,186



Referenced Entity	Shares		Value
Boston Scientific Corp		2,737	$	105,046
Brandywine Realty Trust REIT		515		8,168
Brinker International Inc		1,568		69,588
Bristol-Myers Squibb Co		4,459		212,739
Brixmor Property Group Inc REIT		2,498		45,888
Broadridge Financial Solutions Inc		1,634		169,429
Bruker Corp		6,720		258,317
Brunswick Corp		1,575		79,270
Cable One Inc		13		12,758
Cabot Corp		278		11,573
CACI International Inc ‘A’		36		6,553
Cadence Design Systems Inc		2,907		184,624
Camden Property Trust REIT		129		13,094
Capital One Financial Corp		743		60,696
Capri Holdings Ltd		3,254		148,871
Cardinal Health Inc		3,670		176,711
Carlisle Cos Inc		207		25,382
Caterpillar Inc		205		27,775
CBS Corp ‘B’		4,611		219,161
CDK Global Inc		2,243		131,933
CDW Corp		2,911		280,533
Celanese Corp		837		82,537
Centene Corp		1,553		82,464
CenterPoint Energy Inc		4,502		138,211
Cerner Corp		1,216		69,567
CF Industries Holdings Inc		400		16,352
CH Robinson Worldwide Inc		179		15,571
Charles River Laboratories International Inc		1,796		260,869
Chevron Corp		372		45,823
Ciena Corp		1,250		46,675
Cigna Corp		170		27,339
Cimarex Energy Co		326		22,787
Cirrus Logic Inc		1,669		70,215
Cisco Systems Inc		4,078		220,171
Citigroup Inc		201		12,506
Citizens Financial Group Inc		888		28,860
Citrix Systems Inc		277		27,606
Clean Harbors Inc		796		56,938
CNA Financial Corp		298		12,918
Cognizant Technology Solutions Corp ‘A’		2,411		174,677
Colgate-Palmolive Co		4,193		287,388
Colombia Sportswear Co		542		56,466
Comcast Corp ‘A’		5,392		215,572
Comerica Inc		577		42,306
CommScope Holding Co Inc		4,838		105,130
CommVault Systems Inc		1,608		104,102
Conduent Inc		6,178		85,442
ConocoPhillips		3,329		222,177
Consolidated Edison Inc		1,215		103,044
Constellation Brands Inc ‘A’		275		48,216
CoreLogic Inc		358		13,339
Corporate Office Properties Trust REIT		288		7,862
Crane Co		988		83,605
Cummins Inc		1,098		173,341
Curtiss-Wright Corp		1,212		137,368
Dana Inc		1,402		24,871
Danaher Corp		344		45,415
DaVita Inc		715		38,817
Deckers Outdoor Corp		1,059		155,662
Dell Technologies Inc ‘C’		136		7,982
Delta Air Lines Inc		393		20,298
Deluxe Corp		2,106		92,074
DENTSPLY SIRONA Inc		494		24,497
Devon Energy Corp		1,893		59,743
DexCom Inc		346		41,209
Dick’s Sporting Goods Inc		1,471		54,148
Discover Financial Services		638		45,400
Dollar General Corp		219		26,127
Dominion Energy Inc		114		8,739


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-80

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

March 31, 2019



Referenced Entity	Shares		Value
Domtar Corp		1,776	$	88,178
Douglas Emmett Inc REIT		160		6,467
Dover Corp		730		68,474
DTE Energy Co		272		33,929
DXC Technology Co		2,228		143,283
Eastman Chemical Co		1,299		98,568
Eaton Corp PLC		2,086		168,048
eBay Inc		5,068		188,226
Ecolab Inc		178		31,424
Edwards Lifesciences Corp		319		61,034
Electronic Arts Inc		945		96,040
EMCOR Group Inc		487		35,590
Emerson Electric Co		2,453		167,957
Entergy Corp		678		64,837
EPAM Systems Inc		52		8,795
Equinix Inc REIT		77		34,893
Equity Residential REIT		159		11,976
Everest Re Group Ltd		50		10,798
Eversource Energy		489		34,695
Exelixis Inc		8,590		204,442
Exelon Corp		9,226		462,499
Expeditors International of Washington Inc		84		6,376
Extended Stay America Inc		487		8,742
F5 Networks Inc		596		93,530
Facebook Inc ‘A’		619		103,181
Fair Isaac Corp		403		109,467
Federated Investors Inc ‘B’		1,643		48,156
FedEx Corp		146		26,486
Fidelity National Financial Inc		1,205		44,043
Fifth Third Bancorp		3,218		81,158
First American Financial Corp		913		47,020
Flex Ltd		9,167		91,670
FLIR Systems Inc		844		40,158
Fluor Corp		773		28,446
Foot Locker Inc		2,636		159,742
Fortinet Inc		2,077		174,406
Franklin Resources Inc		532		17,630
Gardner Denver Holdings Inc		1,399		38,906
General Dynamics Corp		56		9,480
General Electric Co		3,070		30,669
Genpact Ltd		979		34,441
Gilead Sciences Inc		5,178		336,622
Globus Medical Inc ‘A’		974		48,125
GrafTech International Ltd		4,205		53,782
Graham Holdings Co ‘B’		119		81,298
Greif Inc ‘A’		451		18,604
H&R Block Inc		4,278		102,415
Haemonetics Corp		1,277		111,712
HCA Healthcare Inc		1,052		137,160
HD Supply Holdings Inc		277		12,008
Healthcare Trust of America Inc ‘A’ REIT		269		7,691
Helen of Troy Ltd		68		7,885
Herman Miller Inc		4,319		151,942
Hewlett Packard Enterprise Co		1,313		20,260
Hill-Rom Holdings Inc		749		79,289
HollyFrontier Corp		2,773		136,626
Hologic Inc		609		29,476
Honeywell International Inc		2,379		378,071
Host Hotels & Resorts Inc REIT		400		7,560
HP Inc		9,065		176,133
Humana Inc		761		202,426
Huntington Ingalls Industries Inc		923		191,246
Huntsman Corp		984		22,130
IAC/InterActiveCorp		219		46,014
ICU Medical Inc		54		12,924
IDACORP Inc		1,014		100,934
IDEXX Laboratories Inc		133		29,739
Illumina Inc		126		39,147
Incyte Corp		653		56,165
Ingersoll-Rand PLC		1,129		121,876



Referenced Entity	Shares		Value
Ingredion Inc		683		$64,673
Inogen Inc		495		47,208
Insperity Inc		642		79,390
Intel Corp		2,365		127,001
International Business Machines Corp		2,207		311,408
International Paper Co		4,893		226,399
Intuit Inc		1,280		334,605
Ionis Pharmaceuticals Inc		837		67,939
IQVIA Holdings Inc		860		123,711
ITT Inc		1,095		63,510
Jabil Inc		358		9,519
Jazz Pharmaceuticals PLC		622		88,915
John Wiley & Sons Inc ‘A’		1,278		56,513
Johnson & Johnson		1,369		191,373
JPMorgan Chase & Co		482		48,793
Juniper Networks Inc		4,741		125,494
KAR Auction Services Inc		449		23,038
Kennametal Inc		528		19,404
KeyCorp		2,992		47,124
Keysight Technologies Inc		1,980		172,656
Kimberly-Clark Corp		2,589		320,777
KLA-Tencor Corp		568		67,825
Kohl’s Corp		381		26,201
Laboratory Corp of America Holdings		551		84,292
Lam Research Corp		474		84,851
Lamar Advertising Co ‘A’ REIT		98		7,767
Landstar System Inc		127		13,893
Las Vegas Sands Corp		2,657		161,971
Lear Corp		400		54,284
Liberty Media Corp-Liberty SiriusXM		1,942		74,262
Lincoln Electric Holdings Inc		234		19,626
Lincoln National Corp		792		46,490
Lockheed Martin Corp		706		211,913
LogMeIn Inc		292		23,389
Louisiana-Pacific Corp		309		7,533
Lowe’s Cos Inc		227		24,850
Lululemon Athletica Inc		1,032		169,114
LyondellBasell Industries NV ‘A’		2,126		178,754
Macy’s Inc		4,177		100,373
Manhattan Associates Inc		1,253		69,053
ManpowerGroup Inc		1,170		96,747
Marathon Oil Corp		1,060		17,713
Marathon Petroleum Corp		1,322		79,122
Masco Corp		231		9,081
Masimo Corp		1,288		178,105
MAXIMUS Inc		1,078		76,516
McKesson Corp		1,605		187,881
Medical Properties Trust Inc REIT		339		6,275
MEDNAX Inc		2,174		59,068
Medtronic PLC		3,560		324,245
Merck & Co Inc		2,990		248,678
MetLife Inc		4,197		178,666
Micron Technology Inc		3,593		148,499
Microsoft Corp		2,972		350,518
MKS Instruments Inc		981		91,282
Molson Coors Brewing Co ‘B’		184		10,976
Monster Beverage Corp		2,225		121,441
Morgan Stanley		1,402		59,164
Motorola Solutions Inc		444		62,346
MSA Safety Inc		1,576		162,958
MSC Industrial Direct Co Inc ‘A’		422		34,904
Murphy USA Inc		596		51,030
Mylan NV		4,122		116,817
National Instruments Corp		2,281		101,185
NetApp Inc		1,261		87,438
Neurocrine Biosciences Inc		104		9,162
NIKE Inc ‘B’		1,615		135,999
Norfolk Southern Corp		436		81,484
NorthWestern Corp		1,354		95,335
Norwegian Cruise Line Holdings Ltd		950		52,212


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-81

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

March 31, 2019



Referenced Entity	Shares		Value
Nu Skin Enterprises Inc ‘A’		1,322		$63,271
Nuance Communications Inc		2,084		35,282
Nucor Corp		1,382		80,640
nVent Electric PLC		2,769		74,708
OGE Energy Corp		720		31,046
Old Republic International Corp		304		6,360
Omnicom Group Inc		717		52,334
ON Semiconductor Corp		818		16,826
Oracle Corp		5,006		268,872
O’Reilly Automotive Inc		247		95,910
Oshkosh Corp		819		61,531
Outfront Media Inc REIT		493		11,536
Packaging Corp of America		1,878		186,636
Palo Alto Networks Inc		76		18,459
Parker-Hannifin Corp		440		75,513
Patterson Cos Inc		360		7,866
Patterson-UTI Energy Inc		2,595		36,382
Paycom Software Inc		293		55,415
PayPal Holdings Inc		316		32,813
Pentair PLC		1,549		68,946
PepsiCo Inc		1,566		191,913
Pfizer Inc		6,649		282,383
Philip Morris International Inc		1,675		148,053
Phillips 66		3,232		307,589
Pilgrim’s Pride Corp		2,266		50,509
Pinnacle West Capital Corp		1,402		134,003
Pitney Bowes Inc		4,618		31,726
PolyOne Corp		882		25,851
Popular Inc		967		50,410
PRA Health Sciences Inc		1,443		159,148
Proofpoint Inc		59		7,164
Prudential Financial Inc		272		24,991
Public Service Enterprise Group Inc		4,208		249,997
PulteGroup Inc		2,681		74,961
PVH Corp		165		20,122
QIAGEN NV		3,890		158,245
Qorvo Inc		639		45,835
QUALCOMM Inc		627		35,758
Qurate Retail Inc		896		14,318
Ralph Lauren Corp		996		129,161
Raymond James Financial Inc		208		16,725
Raytheon Co		1,299		236,522
Regal Beloit Corp		830		67,952
Regeneron Pharmaceuticals Inc		109		44,758
Regions Financial Corp		2,005		28,371
Reinsurance Group of America Inc		1,262		179,179
Reliance Steel & Aluminum Co		947		85,476
Republic Services Inc		899		72,262
Resideo Technologies Inc		2,394		46,180
ResMed Inc		89		9,253
Robert Half International Inc		1,882		122,631
Ross Stores Inc		326		30,351
Sabre Corp		1,980		42,352
salesforce.com Inc		226		35,792
Sally Beauty Holdings Inc		1,560		28,720
Schneider National Inc ‘B’		2,034		42,816
Science Applications International Corp		412		31,703
Seagate Technology PLC		150		7,184
Senior Housing Properties Trust REIT		728		8,576
Service Corp International		1,913		76,807
Signet Jewelers Ltd		586		15,916
Silgan Holdings Inc		1,702		50,430
Simon Property Group Inc REIT		128		23,323
Skechers U.S.A. Inc ‘A’		233		7,831
Skyworks Solutions Inc		1,311		108,131
Snap-on Inc		213		33,339
SolarWinds Corp		1,363		26,606
Sonoco Products Co		1,556		95,741
Southwest Airlines Co		218		11,316
Southwestern Energy Co		6,383		29,936



Referenced Entity	Shares		Value
Spirit AeroSystems Holdings Inc ‘A’		3,276		$299,852
Starbucks Corp		863		64,155
State Street Corp		183		12,043
Steel Dynamics Inc		4,791		168,979
STERIS PLC		104		13,315
Stryker Corp		239		47,207
Symantec Corp		9,479		217,922
Synchrony Financial		6,035		192,517
Synopsys Inc		336		38,690
Sysco Corp		362		24,167
Tapestry Inc		1,931		62,738
Target Corp		981		78,735
TE Connectivity Ltd		1,215		98,111
Tech Data Corp		1,542		157,916
TEGNA Inc		9,342		131,722
Teledyne Technologies Inc		470		111,395
Telephone & Data Systems Inc		1,399		42,991
Texas Instruments Inc		874		92,705
Textron Inc		258		13,070
The Allstate Corp		1,841		173,385
The Boeing Co		614		234,192
The Boston Beer Co Inc ‘A’		259		76,335
The Cooper Cos Inc		22		6,516
The Estee Lauder Cos Inc ‘A’		419		69,365
The Gap Inc		2,486		65,084
The Hartford Financial Services Group Inc		2,542		126,388
The Hershey Co		96		11,024
The Home Depot Inc		541		103,812
The Interpublic Group of Cos Inc		2,277		47,840
The Kroger Co		5,047		124,156
The Michaels Cos Inc		4,311		49,232
The Mosaic Co		370		10,105
The PNC Financial Services Group Inc		700		85,862
The Procter & Gamble Co		4,176		434,513
The Progressive Corp		117		8,435
The Timken Co		1,045		45,583
The TJX Cos Inc		606		32,245
The Travelers Cos Inc		67		9,190
The Ultimate Software Group Inc		233		76,920
The Walt Disney Co		1,055		117,137
Thermo Fisher Scientific Inc		151		41,332
T-Mobile US Inc		1,106		76,425
Toll Brothers Inc		3,068		111,062
Tractor Supply Co		1,132		110,664
TripAdvisor Inc		1,271		65,393
Tupperware Brands Corp		3,279		83,877
Twilio Inc ‘A’		50		6,459
Tyson Foods Inc ‘A’		2,796		194,126
UGI Corp		2,655		147,140
United Continental Holdings Inc		412		32,869
United States Cellular Corp		502		23,047
United Technologies Corp		275		35,445
United Therapeutics Corp		1,892		222,064
Univar Inc		504		11,169
Unum Group		2,473		83,662
Urban Outfitters Inc		3,403		100,865
US Foods Holding Corp		258		9,007
Valero Energy Corp		2,317		196,551
Varian Medical Systems Inc		799		113,234
Veeva Systems Inc ‘A’		270		34,252
Ventas Inc REIT		162		10,337
VeriSign Inc		185		33,589
Verisk Analytics Inc		74		9,842
Verizon Communications Inc		3,439		203,348
Vertex Pharmaceuticals Inc		320		58,864
VF Corp		770		66,921
Viacom Inc ‘B’		5,310		149,052
Vishay Intertechnology Inc		2,471		45,639
VMware Inc ‘A’		334		60,290
Vornado Realty Trust REIT		128		8,632


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-82

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

March 31, 2019



Referenced Entity	Shares		Value
Wabtec Corp		7	$	519
Walgreens Boots Alliance Inc		133		8,415
Walmart Inc		681		66,418
Waste Management Inc		1,910		198,468
Waters Corp		133		33,478
Weight Watchers International Inc		4,322		87,088
Weingarten Realty Investors REIT		986		28,959
Wells Fargo & Co		1,982		95,770
Werner Enterprises Inc		844		28,823
WESCO International Inc		3,597		190,677
West Pharmaceutical Services Inc		359		39,562
Westrock Co		237		9,089
Whirlpool Corp		170		22,591
World Fuel Services Corp		2,232		64,482
WR Grace & Co		553		43,156
WW Grainger Inc		423		127,293
Wyndham Destinations Inc		196		7,936
Xerox Corp		4,449		142,279
Xilinx Inc		981		124,381
Zebra Technologies Corp ‘A’		636		133,261
Zendesk Inc		113		9,605
Zimmer Biomet Holdings Inc		228		29,116
Zoetis Inc		886		89,194
Zynga Inc ‘A’		25,896		138,026

				38,140,205


Total Long Positions 100.7%				38,140,205


Short Positions: (90.3%)

Argentina (0.1%)

MercadoLibre Inc		45		(22,848	)


Bermuda (0.1%)

RenaissanceRe Holdings Ltd		306		(43,911	)


Ghana (0.1%)

Kosmos Energy Ltd		8,032		(50,039	)


Panama (0.3%)

Copa Holdings SA ‘A’		1,391		(112,129	)


Sweden (0.3%)

Autoliv Inc		1,476		(108,530	)


United Kingdom (0.4%)

Janus Henderson Group PLC		476		(11,890	)
Linde PLC		862		(151,652	)

				(163,542	)

United States (89.0%)

2U Inc		1,567		(111,022	)
Aaron’s Inc		467		(24,564	)
Acadia Healthcare Co Inc		5,570		(163,257	)
ACI Worldwide Inc		2,111		(69,389	)
Adient PLC		9,177		(118,934	)
Advanced Micro Devices Inc		4,863		(124,104	)
AECOM		889		(26,377	)
Agios Pharmaceuticals Inc		2,195		(148,031	)
Alaska Air Group Inc		2,100		(117,852	)
Albemarle Corp		2,717		(222,740	)
Allegheny Technologies Inc		6,680		(170,808	)
Allegion PLC		351		(31,839	)
Alliant Energy Corp		795		(37,468	)
Ally Financial Inc		637		(17,511	)
Alnylam Pharmaceuticals Inc		420		(39,249	)
AMERCO		30		(11,145	)
American Airlines Group Inc		3,856		(122,467	)
American Homes 4 Rent ‘A’ REIT		1,416		(32,172	)



Referenced Entity	Shares		Value
American International Group Inc		932		($40,132	)
American Tower Corp REIT		139		(27,391	)
AmerisourceBergen Corp		1,858		(147,748	)
Amphenol Corp ‘A’		155		(14,638	)
Analog Devices Inc		441		(46,424	)
Antero Resources Corp		2,692		(23,770	)
AO Smith Corp		521		(27,780	)
Apache Corp		1,441		(49,945	)
AptarGroup Inc		159		(16,916	)
Aptiv PLC		4,160		(330,678	)
Arch Capital Group Ltd		315		(10,181	)
Arcosa Inc		976		(29,817	)
Arista Networks Inc		29		(9,119	)
ASGN Inc		655		(41,586	)
Atlassian Corp PLC ‘A’		233		(26,187	)
AutoNation Inc		1,107		(39,542	)
Avanos Medical Inc		776		(33,120	)
Avis Budget Group Inc		328		(11,434	)
Baker Hughes a GE Co		3,980		(110,326	)
Ball Corp		806		(46,635	)
BancorpSouth Bank		3,046		(85,958	)
Bank of Hawaii Corp		857		(67,592	)
Bank OZK		1,441		(41,760	)
BB&T Corp		2,007		(93,386	)
Becton Dickinson and Co		230		(57,438	)
BGC Partners Inc ‘A’		5,439		(28,881	)
BioMarin Pharmaceutical Inc		711		(63,158	)
Bio-Techne Corp		179		(35,540	)
Black Hills Corp		1,323		(97,995	)
Bluebird Bio Inc		846		(133,101	)
BOK Financial Corp		82		(6,687	)
BorgWarner Inc		169		(6,491	)
Boyd Gaming Corp		268		(7,332	)
Broadcom Inc		110		(33,078	)
Brookdale Senior Living Inc		13,080		(86,066	)
Brown-Forman Corp ‘B’		981		(51,777	)
Bunge Ltd		998		(52,964	)
Burlington Stores Inc		298		(46,691	)
BWX Technologies Inc		3,313		(164,259	)
Caesars Entertainment Corp		8,218		(71,414	)
Callon Petroleum Co		21,370		(161,344	)
Campbell Soup Co		2,686		(102,417	)
CarMax Inc		2,275		(158,795	)
Carpenter Technology Corp		284		(13,021	)
Cars.com Inc		898		(20,474	)
Casey’s General Stores Inc		280		(36,056	)
Catalent Inc		1,286		(52,199	)
Cathay General Bancorp		932		(31,604	)
Cboe Global Markets Inc		157		(14,984	)
Centennial Resource Development Inc ‘A’		7,959		(69,960	)
CenturyLink Inc		580		(6,954	)
Charter Communications Inc ‘A’		543		(188,372	)
Cheniere Energy Inc		2,078		(142,052	)
Chipotle Mexican Grill Inc		53		(37,646	)
Choice Hotels International Inc		109		(8,474	)
Chubb Ltd		55		(7,704	)
Church & Dwight Co Inc		455		(32,410	)
Cincinnati Financial Corp		1,473		(126,531	)
CME Group Inc		135		(22,218	)
CMS Energy Corp		152		(8,442	)
CNX Resources Corp		828		(8,918	)
Cognex Corp		3,368		(171,296	)
Coherent Inc		563		(79,788	)
Colony Capital Inc REIT		31,993		(170,203	)
Commerce Bancshares Inc		1,438		(83,490	)
Commercial Metals Co		6,779		(115,785	)
Compass Minerals International Inc		1,880		(102,216	)
Conagra Brands Inc		9,305		(258,121	)
Concho Resources Inc		1,291		(143,249	)
Copart Inc		3,096		(187,587	)
CoStar Group Inc		116		(54,105	)
Cousins Properties Inc REIT		5,980		(57,767	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-83

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

March 31, 2019



Referenced Entity	Shares		Value
Cree Inc		2,772		( $ 158,614	)
Crown Castle International Corp REIT		296		(37,888	)
Crown Holdings Inc		888		(48,458	)
Cullen/Frost Bankers Inc		1,139		(110,563	)
CVS Health Corp		872		(47,027	)
Cypress Semiconductor Corp		1,824		(27,214	)
CyrusOne Inc REIT		1,683		(88,257	)
Deere & Co		970		(155,045	)
Delphi Technologies PLC		1,341		(25,828	)
Diamond Offshore Drilling Inc		958		(10,049	)
Digital Realty Trust Inc REIT		1,506		(179,214	)
Discovery Inc ‘A’		2,623		(70,873	)
DISH Network Corp ‘A’		2,386		(75,612	)
Dolby Laboratories Inc ‘A’		166		(10,453	)
Dollar Tree Inc		117		(12,290	)
Domino’s Pizza Inc		446		(115,113	)
Donaldson Co Inc		252		(12,615	)
DowDuPont Inc		4,139		(220,650	)
DR Horton Inc		2,083		(86,195	)
Dril-Quip Inc		1,900		(87,115	)
Duke Energy Corp		199		(17,910	)
Dunkin’ Brands Group Inc		2,074		(155,757	)
Dycom Industries Inc		1,176		(54,025	)
E*TRADE Financial Corp		1,955		(90,771	)
Eagle Materials Inc		985		(83,036	)
Eaton Vance Corp		1,021		(41,157	)
Eldorado Resorts Inc		526		(24,559	)
Element Solutions Inc		15,855		(160,136	)
Energizer Holdings Inc		1,724		(77,459	)
EnerSys		449		(29,257	)
Ensco PLC ‘A’		29,236		(114,897	)
EOG Resources Inc		375		(35,693	)
EQT Corp		1,742		(36,129	)
Equifax Inc		117		(13,865	)
Equitrans Midstream Corp		2,174		(47,350	)
Euronet Worldwide Inc		804		(114,642	)
Exact Sciences Corp		305		(26,419	)
Expedia Group Inc		105		(12,495	)
Extra Space Storage Inc REIT		65		(6,624	)
Extraction Oil & Gas Inc		5,645		(23,878	)
Fastenal Co		1,367		(87,912	)
First Horizon National Corp		3,837		(53,641	)
First Republic Bank		4,027		(404,552	)
First Solar Inc		2,216		(117,093	)
FirstEnergy Corp		2,450		(101,945	)
Fiserv Inc		319		(28,161	)
Five Below Inc		157		(19,507	)
FleetCor Technologies Inc		91		(22,440	)
Floor & Decor Holdings Inc ‘A’		2,726		(112,366	)
Flowserve Corp		1,153		(52,046	)
FMC Corp		473		(36,336	)
FNB Corp		7,323		(77,624	)
Ford Motor Co		8,697		(76,360	)
Fortive Corp		778		(65,266	)
Freeport-McMoRan Inc		8,110		(104,538	)
Fulton Financial Corp		2,245		(34,753	)
Gartner Inc		305		(46,262	)
GATX Corp		178		(13,594	)
GCI Liberty Inc ‘A’		2,089		(116,169	)
General Mills Inc		696		(36,018	)
Gentex Corp		1,710		(35,363	)
Global Payments Inc		2,435		(332,426	)
GoDaddy Inc ‘A’		938		(70,528	)
Grand Canyon Education Inc		325		(37,216	)
Granite Construction Inc		5,392		(232,665	)
Graphic Packaging Holding Co		12,627		(159,479	)
GrubHub Inc		1,067		(74,124	)
Guidewire Software Inc		730		(70,927	)
Hancock Whitney Corp		993		(40,117	)
Hanesbrands Inc		3,463		(61,918	)
Harley-Davidson Inc		1,751		(62,441	)



Referenced Entity	Shares		Value
Harris Corp		474		( $ 75,703	)
Hasbro Inc		1,036		(88,081	)
Healthcare Realty Trust Inc REIT		374		(12,009	)
Healthcare Services Group Inc		2,794		(92,174	)
HealthEquity Inc		1,406		(104,016	)
HEICO Corp		1,059		(100,467	)
Helmerich & Payne Inc		431		(23,946	)
Henry Schein Inc		471		(28,312	)
Hess Corp		2,228		(134,192	)
Hilton Grand Vacations Inc		769		(23,724	)
Home BancShares Inc AR		6,344		(111,464	)
Hormel Foods Corp		1,088		(48,699	)
Hubbell Inc		150		(17,697	)
Huntington Bancshares Inc		2,015		(25,550	)
Hyatt Hotels Corp ‘A’		202		(14,659	)
Insulet Corp		3,082		(293,067	)
Integra LifeSciences Holdings Corp		367		(20,449	)
International Flavors & Fragrances Inc		2,562		(329,960	)
International Game Technology PLC		5,065		(65,794	)
Invesco Ltd		2,178		(42,057	)
Invitation Homes Inc REIT		2,524		(61,409	)
IPG Photonics Corp		1,127		(171,056	)
Jack in the Box Inc		337		(27,317	)
Jacobs Engineering Group Inc		2,441		(183,539	)
JetBlue Airways Corp		580		(9,489	)
Johnson Controls International PLC		924		(34,133	)
Jones Lang LaSalle Inc		113		(17,422	)
KB Home		3,076		(74,347	)
Kemper Corp		1,905		(145,047	)
Kilroy Realty Corp REIT		111		(8,432	)
Kimco Realty Corp REIT		1,213		(22,441	)
Kirby Corp		558		(41,911	)
Knight-Swift Transportation Holdings Inc		4,663		(152,387	)
L Brands Inc		1,155		(31,855	)
Legg Mason Inc		2,388		(65,360	)
Leggett & Platt Inc		641		(27,063	)
Leidos Holdings Inc		359		(23,008	)
LendingTree Inc		404		(142,030	)
Lennar Corp ‘A’		2,004		(98,376	)
Liberty Broadband Corp ‘C’		246		(22,568	)
Ligand Pharmaceuticals Inc		639		(80,329	)
Lions Gate Entertainment Corp ‘A’		2,315		(36,207	)
Littelfuse Inc		686		(125,181	)
Live Nation Entertainment Inc		1,468		(93,277	)
Livent Corp l		—		(7	)
LiveRamp Holdings Inc		258		(14,079	)
LKQ Corp		2,940		(83,437	)
Loews Corp		1,125		(53,921	)
Lumentum Holdings Inc		1,983		(112,119	)
Mack-Cali Realty Corp REIT		437		(9,701	)
Macquarie Infrastructure Corp		5,524		(227,699	)
Markel Corp		149		(148,440	)
MarketAxess Holdings Inc		652		(160,444	)
Marriott Vacations Worldwide Corp		125		(11,688	)
Marsh & McLennan Cos Inc		156		(14,648	)
Martin Marietta Materials Inc		1,012		(203,594	)
Marvell Technology Group Ltd		10,557		(209,979	)
MasTec Inc		3,970		(190,957	)
Matador Resources Co		5,925		(114,530	)
Mattel Inc		10,297		(133,861	)
McCormick & Co Inc		1,442		(217,208	)
McDonald’s Corp		168		(31,903	)
MDU Resources Group Inc		367		(9,480	)
Medidata Solutions Inc		1,256		(91,989	)
Mercury General Corp		265		(13,269	)
Meredith Corp		3,050		(168,543	)
MGM Resorts International		976		(25,044	)
Microchip Technology Inc		2,446		(202,920	)
Mohawk Industries Inc		396		(49,955	)
Molina Healthcare Inc		276		(39,181	)
Monolithic Power Systems Inc		491		(66,526	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-84

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

March 31, 2019



Referenced Entity	Shares		Value
Murphy Oil Corp		276		( $ 8,087	)
Nabors Industries Ltd		14,986		(51,552	)
Nasdaq Inc		245		(21,435	)
National Fuel Gas Co		981		(59,802	)
National Oilwell Varco Inc		3,764		(100,273	)
NCR Corp		834		(22,760	)
Nektar Therapeutics		546		(18,346	)
Netflix Inc		379		(135,136	)
NetScout Systems Inc		1,108		(31,102	)
New York Community Bancorp Inc		39,110		(452,503	)
Newell Brands Inc		12,766		(195,830	)
NewMarket Corp		225		(97,551	)
Newmont Mining Corp		3,758		(134,424	)
News Corp ‘A’		4,082		(50,780	)
NextEra Energy Inc		407		(78,681	)
NiSource Inc		11,701		(335,351	)
Noble Energy Inc		5,911		(146,179	)
Nordson Corp		80		(10,602	)
Northern Trust Corp		992		(89,687	)
NOW Inc		6,848		(95,598	)
NRG Energy Inc		1,707		(72,513	)
Nutanix Inc ‘A’		605		(22,833	)
NuVasive Inc		2,371		(134,649	)
NVIDIA Corp		565		(101,451	)
Oasis Petroleum Inc		9,773		(59,029	)
Oceaneering International Inc		2,912		(45,922	)
Okta Inc		381		(31,520	)
Olin Corp		1,560		(36,098	)
Ollie’s Bargain Outlet Holdings Inc		693		(59,134	)
Omega Healthcare Investors Inc REIT		1,963		(74,888	)
ONEOK Inc		4,163		(290,744	)
Owens Corning		1,534		(72,282	)
PacWest Bancorp		2,631		(98,952	)
Park Hotels & Resorts Inc REIT		3,709		(115,276	)
Parsley Energy Inc ‘A’		480		(9,264	)
Pebblebrook Hotel Trust REIT		3,264		(101,380	)
Penn National Gaming Inc		1,903		(38,250	)
Penske Automotive Group Inc		619		(27,638	)
Penumbra Inc		590		(86,736	)
People’s United Financial Inc		8,334		(137,011	)
PerkinElmer Inc		905		(87,206	)
Perrigo Co PLC		756		(36,409	)
Pinnacle Financial Partners Inc		4,176		(228,427	)
Plantronics Inc		949		(43,758	)
Polaris Industries Inc		1,151		(97,179	)
Pool Corp		407		(67,143	)
Post Holdings Inc		1,333		(145,830	)
PotlatchDeltic Corp REIT		1,121		(42,363	)
PPG Industries Inc		110		(12,416	)
PPL Corp		1,411		(44,785	)
Premier Inc ‘A’		3,651		(125,923	)
Prestige Consumer Healthcare I		3,389		(101,365	)
Primerica Inc		130		(15,880	)
Principal Financial Group Inc		2,745		(137,772	)
Prologis Inc REIT		122		(8,778	)
Prosperity Bancshares Inc		2,305		(159,183	)
Pure Storage Inc ‘A’		2,463		(53,669	)
Quest Diagnostics Inc		615		(55,301	)
Range Resources Corp		8,003		(89,954	)
RealPage Inc		301		(18,268	)
Realty Income Corp REIT		195		(14,344	)
Regency Centers Corp REIT		232		(15,658	)
RingCentral Inc ‘A’		155		(16,709	)
Royal Gold Inc		954		(86,747	)
Sage Therapeutics Inc		186		(29,583	)
Sanderson Farms Inc		1,982		(261,307	)
SBA Communications Corp REIT		277		(55,306	)
Schlumberger Ltd		390		(16,992	)
Scientific Games Corp		3,175		(64,834	)
Seattle Genetics Inc		1,346		(98,581	)
SEI Investments Co		122		(6,375	)



Referenced Entity	Shares		Value
Sempra Energy		2,951		( $ 371,413	)
Sensata Technologies Holding PLC		1,072		(48,261	)
Sensient Technologies Corp		733		(49,690	)
ServiceMaster Global Holdings Inc		407		(19,007	)
Signature Bank/New York NY		585		(74,921	)
Silicon Laboratories Inc		416		(33,638	)
Sirius XM Holdings Inc		5,781		(32,778	)
SITE Centers Corp REIT		2,597		(35,371	)
Six Flags Entertainment Corp		426		(21,023	)
SL Green Realty Corp REIT		268		(24,099	)
SLM Corp		26,607		(263,675	)
Sotheby’s		2,391		(90,260	)
Southwest Gas Holdings Inc		524		(43,104	)
Spectrum Brands Holdings Inc		416		(22,788	)
Sprouts Farmers Market Inc		2,882		(62,078	)
Square Inc ‘A’		1,196		(89,604	)
SS&C Technologies Holdings Inc		119		(7,579	)
Stanley Black & Decker Inc		205		(27,915	)
Stericycle Inc		2,282		(124,186	)
Sterling Bancorp		14,744		(274,681	)
Stifel Financial Corp		3,867		(204,023	)
SVB Financial Group		662		(147,202	)
Switch Inc ‘A’		8,269		(85,253	)
Synaptics Inc		924		(36,729	)
Syneos Health Inc		347		(17,961	)
SYNNEX Corp		725		(69,158	)
Synovus Financial Corp		2,428		(83,426	)
Take-Two Interactive Software Inc		236		(22,271	)
Targa Resources Corp		1,450		(60,248	)
TCF Financial Corp		335		(6,931	)
Teleflex Inc		115		(34,748	)
Tempur Sealy International Inc		490		(28,258	)
Tenet Healthcare Corp		330		(9,517	)
Teradyne Inc		250		(9,960	)
Terex Corp		455		(14,619	)
Tesla Inc		1,456		(407,476	)
Texas Capital Bancshares Inc		310		(16,923	)
Texas Roadhouse Inc		236		(14,677	)
The Bank of New York Mellon Corp		815		(41,100	)
The Brink’s Co		748		(56,407	)
The Charles Schwab Corp		4,536		(193,959	)
The Cheesecake Factory Inc		139		(6,800	)
The Chemours Co		1,079		(40,096	)
The Goodyear Tire & Rubber Co		2,319		(42,090	)
The Hain Celestial Group Inc		5,876		(135,853	)
The Hanover Insurance Group Inc		82		(9,362	)
The JM Smucker Co		118		(13,747	)
The Kraft Heinz Co		4,769		(155,708	)
The Macerich Co REIT		1,038		(44,997	)
The Madison Square Garden Co ‘A’		196		(57,453	)
The Middleby Corp		1,194		(155,256	)
The New York Times Co ‘A’		2,136		(70,168	)
The Scotts Miracle-Gro Co		355		(27,896	)
The Wendy’s Co		2,178		(38,964	)
The Western Union Co		1,639		(30,272	)
The Williams Cos Inc		6,258		(179,730	)
Thor Industries Inc		1,093		(68,170	)
Tiffany & Co		1,553		(163,919	)
Torchmark Corp		360		(29,502	)
Total System Services Inc		1,249		(118,667	)
TransDigm Group Inc		303		(137,559	)
Transocean Ltd		20,897		(182,013	)
TransUnion		1,289		(86,157	)
TreeHouse Foods Inc		739		(47,702	)
TRI Pointe Group Inc		5,705		(72,111	)
Trimble Inc		962		(38,865	)
Trinity Industries Inc		2,996		(65,103	)
Trustmark Corp		2,346		(78,896	)
Twitter Inc		879		(28,902	)
UMB Financial Corp		765		(48,991	)
Under Armour Inc ‘A’		5,653		(119,504	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-85

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

March 31, 2019



Referenced Entity	Shares		Value
United Bankshares Inc		8,454		( $ 306,373	)
United Parcel Service Inc ‘B’		357		(39,891	)
United Rentals Inc		277		(31,647	)
United States Steel Corp		1,822		(35,511	)
Uniti Group Inc REIT		6,668		(74,615	)
Universal Display Corp		1,277		(195,189	)
Urban Edge Properties REIT		1,609		(30,571	)
Vail Resorts Inc		313		(68,015	)
Valley National Bancorp		5,726		(54,855	)
Valmont Industries Inc		69		(8,977	)
VEREIT Inc REIT		29,467		(246,639	)
ViaSat Inc		3,531		(273,653	)
VICI Properties Inc REIT		299		(6,542	)
Virtu Financial Inc ‘A’		6,343		(150,646	)
Visa Inc ‘A’		1,928		(301,134	)
Visteon Corp		2,375		(159,956	)
Vulcan Materials Co		900		(106,560	)
WABCO Holdings Inc		511		(67,365	)
Wabtec Corp		3,696		(272,469	)
Washington Federal Inc		3,387		(97,850	)
Watsco Inc		45		(6,444	)
Wayfair Inc ‘A’		151		(22,416	)
Weatherford International PLC		22,300		(15,565	)
Webster Financial Corp		2,724		(138025	)
WEC Energy Group Inc		974		(77,024	)
Welbilt Inc		9,146		(149,812	)



Referenced Entity	Shares		Value
WellCare Health Plans Inc		957		($258,151	)
Welltower Inc REIT		884		(68,599	)
Western Alliance Bancorp		238		(9,768	)
Western Digital Corp		929		(44,648	)
Weyerhaeuser Co REIT		4,037		(106,335	)
White Mountains Insurance Group Ltd		8		(7,404	)
Willis Towers Watson PLC		117		(20,551	)
Woodward Inc		119		(11,292	)
Workday Inc ‘A’		184		(35,484	)
World Wrestling Entertainment Inc ‘A’		1,059		(91,900	)
WP Carey Inc REIT		504		(39,478	)
WPX Energy Inc		5,265		(69,024	)
WR Berkley Corp		148		(12,539	)
Wyndham Hotels & Resorts Inc		295		(14,747	)
XPO Logistics Inc		1,412		(75,881	)
Xylem Inc		1,372		(108,443	)
Zayo Group Holdings Inc		1,569		(44,591	)
Zillow Group Inc ‘C’		3,391		(117,804	)
Zions Bancorp NA		327		(14,849	)

				(33,708,189	)


Total Short Positions (90.3%)				(34,209,188	)


Total Long and Short Positions 10.4%				$3,931,017

Description

Counter-
party

Expiration

Dates (1)

The Fund receives or pays the net total return on all positions within the basket and pays financing based upon the then-current 1-Month AUD-BBSW plus or minus a specified spread (rates range from (0.782%) to 0.350%) as negotiated by the parties, which is denominated in AUD based on the local currencies of the positions within the swap.

JPM

04/05/19-
04/21/20

The following table represents the individual long and short positions and related values within the total return basket swap as of March 31, 2019:



Referenced Entity	Shares		Value
Long Positions: 3.3%

Australia 3.3%

AGL Energy Ltd		3,305		$51,088
Alumina Ltd		5,736		9,878
Aurizon Holdings Ltd		35,009		113,184
Australia & New Zealand Banking Group Ltd		2,456		45,422
Bank of Queensland Ltd		2,051		13,261
Bendigo & Adelaide Bank Ltd		7,504		51,645
BlueScope Steel Ltd		9,898		98,243
Caltex Australia Ltd		896		16,669
CIMIC Group Ltd		4,685		162,888
Coca-Cola Amatil Ltd		1,548		9,514
Flight Centre Travel Group Ltd		763		22,793
Fortescue Metals Group Ltd		2,390		12,096
Iluka Resources Ltd		8,656		55,441
Incitec Pivot Ltd		6,288		13,943
Newcrest Mining Ltd		2,225		40,295
Oil Search Ltd		1,129		6,281
Origin Energy Ltd		8,347		42,728
Qantas Airways Ltd		15,709		63,212
Santos Ltd		16,998		82,300
South32 Ltd		31,590		83,897
Telstra Corp Ltd		27,839		65,646
Washington H Soul Pattinson & Co Ltd		494		9,245
Woodside Petroleum Ltd		6,786		166,597
WorleyParsons Ltd		1,119		11,231

				1,247,497


Total Long Positions 3.3%				1,247,497



Referenced Entity	Shares		Value
Short Positions: (3.3%)

Australia (3.0%)

Amcor Ltd		3,609		( $ 39,488	)
AMP Ltd		33,332		(49,781	)
APA Group »		7,528		(53,438	)
Challenger Ltd		10,734		(63,263	)
Cochlear Ltd		95		(11,714	)
CSL Ltd		2,480		(344,106	)
Domino’s Pizza Enterprises Ltd		627		(19,334	)
Magellan Financial Group Ltd		341		(8,844	)
Medibank Pvt Ltd		5,383		(10,566	)
Ramsay Health Care Ltd		2,583		(118,117	)
REA Group Ltd		171		(9,081	)
SEEK Ltd		12,512		(156,089	)
Sonic Healthcare Ltd		2,747		(47,942	)
Sydney Airport »		11,950		(63,082	)
Tabcorp Holdings Ltd		3,279		(10,760	)
Transurban Group »		6,981		(65,476	)
Treasury Wine Estates Ltd		2,418		(25,668	)
Vocus Group Ltd		18,377		(48,207	)

				(1,144,956	)

Ireland (0.3%)

James Hardie Industries PLC		8,983		(115,900	)


Total Short Positions (3.3%)				(1,260,856	)


Total Long and Short Positions (0.0%)				($13,359	)


Description	Counter- party		Expiration Dates (1)
The Fund receives or pays the net total return on all positions within the basket and pays financing based upon the then-current 1-Month GBP-LIBOR plus or minus a specified spread (rates range from (1.363%) to 0.300%) as negotiated by the parties, which is denominated in GBP based on the local currencies of the positions within the swap.		JPM		04/05/19- 05/05/20


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-86

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

March 31, 2019

The following table represents the individual long and short positions and related values within the total return basket swap as of March 31, 2019:



Referenced Entity	Shares		Value
Long Positions: 11.8%

Australia 1.0%

BHP Group PLC		7,933		$191,400
Rio Tinto PLC		2,958		171,929

				363,329

Netherlands 0.5%

Royal Dutch Shell PLC ‘A’		5,474		172,026


Russia 0.5%

Evraz PLC		22,713		183,761


South Africa 0.4%

Anglo American PLC		3,027		80,962
Investec PLC		15,207		87,632

				168,594

Switzerland 0.4%

Coca-Cola HBC AG		3,684		125,623
IWG PLC		11,396		37,027

				162,650

United Kingdom 8.9%

Aggreko PLC		1,361		13,969
Ashtead Group PLC		559		13,514
Associated British Foods PLC		597		18,984
BAE Systems PLC		6,283		39,494
Barclays PLC		41,803		84,203
Barratt Developments PLC		2,878		22,481
Bellway PLC		502		19,916
Berkeley Group Holdings PLC		1,022		49,133
BP PLC		12,293		89,266
British American Tobacco PLC		153		6,383
Britvic PLC		3,123		38,759
BT Group PLC		42,135		122,416
Burberry Group PLC		10,794		275,105
Centrica PLC		215,891		321,592
Close Brothers Group PLC		3,062		58,058
Direct Line Insurance Group PLC		3,753		17,265
Dixons Carphone PLC		12,623		24,146
Drax Group PLC		31,645		156,036
easyJet PLC		425		6,186
Experian PLC		262		7,091
Hays PLC		24,240		47,429
Howden Joinery Group PLC		1,315		8,319
Imperial Brands PLC		3,419		116,955
Inchcape PLC		13,595		101,157
Indivior PLC		56,826		71,137
Intermediate Capital Group PLC		583		8,098
International Consolidated Airlines Group SA		2,741		18,239
J Sainsbury PLC		41,187		126,389
Kingfisher PLC		2,040		6,256
Man Group PLC		56,209		99,571
Marks & Spencer Group PLC		13,083		47,482
Meggitt PLC		10,244		67,155
Mondi PLC		3,254		72,054
Moneysupermarket.com Group PLC		19,420		94,153
National Grid PLC		25,103		278,653
Next PLC		189		13,736
Pennon Group PLC		1,442		13,971
Persimmon PLC		2,987		84,489
Petrofac Ltd		3,780		24,096
Playtech Plc		1,229		6,965
Provident Financial PLC		2,502		16,703
Reckitt Benckiser Group PLC		462		38,449
Rolls-Royce Holdings PLC		1,883		22,175
Royal Mail PLC		23,450		72,866
Spectris PLC		561		18,358
Standard Chartered PLC		896		6,907
Standard Life Aberdeen PLC l		—		2



Referenced Entity	Shares		Value
Tate & Lyle PLC		13,217		$125,012
Taylor Wimpey PLC		14,330		32,776
Tesco PLC		3,284		9,939
United Utilities Group PLC		696		7,392
Vodafone Group PLC		91,235		166,254
WH Smith PLC		1,571		43,462
William Hill PLC		34,980		73,194
Wm Morrison Supermarkets PLC		12,174		36,115
WPP PLC		2,939		31,048

				3,390,953

United States 0.1%

Ferguson PLC		367		23,375


Total Long Positions 11.8%				4,464,688


Short Positions: (11.8%)

Chile (0.0%)

Antofagasta PLC		509		(6,404	)


Germany (0.3%)

TUI AG		11,596		(111,222	)


South Africa (0.0%)

Old Mutual Ltd		8,734		(12,848	)


Switzerland (0.1%)

Mediclinic International PLC		7,977		(31,699	)


United Arab Emirates (0.8%)

NMC Health PLC		9,831		(293,032	)


United Kingdom (10.6%)

AA PLC		10,732		(12,720	)
Admiral Group PLC		4,873		(137,839	)
Ashmore Group PLC		4,986		(27,757	)
ASOS PLC		5,597		(233,727	)
Babcock International Group PLC		1,688		(10,861	)
Balfour Beatty PLC		5,091		(17,397	)
BBA Aviation PLC		6,062		(19,673	)
Beazley PLC		6,454		(43,310	)
Bunzl PLC		3,524		(116,314	)
Capita PLC		3,908		(6,320	)
Cobham PLC		5,884		(8,463	)
Compass Group PLC		2,693		(63,362	)
ConvaTec Group PLC		10,844		(20,009	)
Croda International PLC		267		(17,541	)
CYBG PLC		6,428		(16,619	)
DS Smith PLC		1,500		(6,571	)
Greene King PLC		768		(6,658	)
GVC Holdings PLC		20,793		(151,594	)
Halma PLC		4,280		(93,313	)
Hargreaves Lansdown PLC		9,195		(223,383	)
HSBC Holdings PLC		20,560		(167,072	)
Informa PLC		7,171		(69,538	)
Inmarsat PLC		11,388		(82,402	)
Intertek Group PLC		1,054		(66,770	)
ITV PLC		33,793		(55,993	)
JD Sports Fashion PLC		1,398		(9,160	)
John Wood Group PLC		25,732		(170,090	)
Johnson Matthey PLC		545		(22,350	)
Jupiter Fund Management PLC		5,815		(27,410	)
Just Eat PLC		10,677		(104,479	)
Legal & General Group PLC		5,678		(20,376	)
Lloyds Banking Group PLC		74,054		(59,997	)
Melrose Industries PLC		103,426		(247,039	)
Merlin Entertainments PLC		29,872		(133,722	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-87

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

March 31, 2019



Referenced Entity	Shares		Value
Micro Focus International PLC		11,561		($300,581	)
Ocado Group PLC		7,262		(129,660	)
Pearson PLC		4,677		(51,025	)
Prudential PLC		6,554		(131,379	)
Quilter PLC		16,351		(31,255	)
Rentokil Initial PLC		11,673		(53,769	)
Rightmove PLC		1,789		(11,896	)
Rotork PLC		8,229		(30,343	)
Royal Bank of Scotland Group PLC		15,602		(50,240	)
Schroders PLC		1,064		(37,466	)
Severn Trent PLC		262		(6,748	)
Smith & Nephew PLC		2,011		(39,937	)
Spirax-Sarco Engineering PLC		463		(43,392	)



Referenced Entity	Shares		Value
SSE PLC		3,290		($50,903	)
St James’s Place PLC		11,135		(149,223	)
The Sage Group PLC		3,775		(34,503	)
The Weir Group PLC		7,503		(152,499	)
Thomas Cook Group PLC		52,963		(17,223	)
Whitbread PLC		3,226		(213,485	)

				(4,005,356	)


Total Short Positions (11.8%)				(4,460,561	)


Total Long and Short Positions 0.0%				$ 4,127


Description	Counter- party		Expiration Dates (1)
The Fund receives or pays the net total return on all positions within the basket and pays financing based upon the then-current 1-Month HKD-HIBOR plus or minus a specified spread (rates range from (1.001%) to 0.441%) as negotiated by the parties, which is denominated in HKD based on the local currencies of the positions within the swap.		JPM		05/14/19- 04/21/20

The following table represents the individual long and short positions and related values within the total return basket swap as of March 31, 2019:



Referenced Entity	Shares		Value
Long Positions: 1.8%

Hong Kong 1.7%

Chow Tai Fook Jewellery Group Ltd		3,400		$3,442
CK Asset Holdings Ltd		7,000		62,341
CK Hutchison Holdings Ltd		3,000		31,546
CLP Holdings Ltd		500		5,799
Henderson Land Development Co Ltd		4,000		25,458
HKT Trust & HKT Ltd ‘SS’		5,000		8,038
Hysan Development Co Ltd		5,000		26,801
Kerry Properties Ltd		17,500		78,239
Li & Fung Ltd		202,000		36,390
Melco International Development Ltd		30,000		70,380
New World Development Co Ltd		13,000		21,576
Sun Hung Kai Properties Ltd		1,500		25,786
Swire Properties Ltd		6,000		25,823
The Wharf Holdings Ltd		3,000		9,069
WH Group Ltd		24,500		26,206
Wheelock & Co Ltd		12,000		88,069
Yue Yuen Industrial Holdings Ltd		24,000		82,626

				627,589

Macao 0.1%

SJM Holdings Ltd		7,000		8,002
Wynn Macau Ltd		10,800		25,506

				33,508


Total Long Positions 1.8%				661,097



Referenced Entity	Shares		Value
Short Positions: (1.8%)

China (0.2%)

Minth Group Ltd		20,000		( $ 63,063	)


Hong Kong (1.4%)

AIA Group Ltd		12,200		(121,997	)
ASM Pacific Technology Ltd		10,100		(112,857	)
Hang Seng Bank Ltd		400		(9,877	)
HK Electric Investments & HK Electric Investments Ltd ‘SS’		14,500		(14,814	)
Hong Kong & China Gas Co Ltd		21,497		(51,555	)
MTR Corp Ltd		27,256		(168,875	)
Techtronic Industries Co Ltd		1,500		(10,102	)
Wharf Real Estate Investment Co Ltd		4,000		(29,811	)

				(519,888	)

Macao (0.2%)

MGM China Holdings Ltd		30,597		(64,164	)
Sands China Ltd		2,400		(12,079	)

				(76,243	)

United States (0.0%)

Samsonite International SA		2,400		(7,711	)


Total Short Positions (1.8%)				(666,905	)


Total Long and Short Positions (0.0%)				($5,808	)


Description	Counter- party		Expiration Dates (1)
The Fund receives or pays the net total return on all positions within the basket and pays financing based upon the then-current 1-Month SGD-SIBOR plus or minus a specified spread (rates range from (2.000%) to 0.402%) as negotiated by the parties, which is denominated in SGD based on the local currencies of the positions within the swap.		JPM		09/17/19- 04/21/20


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-88

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

March 31, 2019

The following table represents the individual long and short positions and related values within the total return basket swap as of March 31, 2019:



Referenced Entity	Shares		Value
Long Positions: 0.4%

China 0.2%

Yangzijiang Shipbuilding Holdings Ltd		77,506		$86,067


Singapore 0.2%

ComfortDelGro Corp Ltd		32,400		61,581
Genting Singapore Ltd		28,300		21,769

				83,350


Total Long Positions 0.4%				169,417



Referenced Entity	Shares		Value

Short Positions: (0.4%)

Singapore (0.4%)

City Developments Ltd		1,200		($8,031	)
Keppel Corp Ltd		2,400		(11,043	)
Singapore Airlines Ltd		900		(6,427	)
Singapore Post Ltd		34,200		(25,268	)
Singapore Telecommunications Ltd		29,900		(66,758	)
Venture Corp Ltd		600		(7,972	)
Wilmar International Ltd		17,900		(43,768	)

				(169,267	)


Total Short Positions (0.4%)				(169,267	)


Total Long and Short Positions 0.0%				$150


Description	Counter- party		Expiration Date (1)
The Fund receives or pays the net total return on all positions within the basket and pays financing based upon the then-current 1-Day CAD-USD Discount Rate plus or minus a specified spread (rates range from (0.660%) to 0.330%) as negotiated by the parties, which is denominated in CAD based on the local currencies of the positions within the swap.		MSC		05/02/19

The following table represents the individual long and short positions and related values within the total return basket swap as of March 31, 2019:



Referenced Entity	Shares		Value
Long Positions: 4.4%

Canada 4.0%

Air Canada		14,299		$344,648
Alimentation Couche-Tard Inc ‘B’		914		53,841
Bank of Montreal		1,021		76,395
Canadian Imperial Bank of Commerce		1,599		126,355
Canadian National Railway Co		72		6,445
Canadian Pacific Railway Ltd		215		44,298
Canadian Tire Corp Ltd ‘A’		86		9,266
CGI Inc		329		22,618
CI Financial Corp		931		12,707
Empire Co Ltd ‘A’		6,890		149,158
Finning International Inc		2,285		40,627
George Weston Ltd		180		12,943
Gildan Activewear Inc		1,627		58,501
Husky Energy Inc		2,323		23,033
iA Financial Corp Inc		528		19,471
Linamar Corp		1,153		41,345
Loblaw Cos Ltd		354		17,462
Magna International Inc		1,831		89,156
Manulife Financial Corp		469		7,932
Methanex Corp		819		46,516
National Bank of Canada		1,350		60,926
Quebecor Inc ‘B’		641		15,714
Royal Bank of Canada		221		16,673
Seven Generations Energy Ltd ‘A’		3,142		22,689
Teck Resources Ltd ‘B’		1,540		35,632
The Bank of Nova Scotia		132		7,027
Thomson Reuters Corp		114		6,745
West Fraser Timber Co Ltd		3,188		155,064

				1,523,187

United States 0.4%

Bausch Health Cos Inc		975		24,055
BRP Inc		3,796		105,329

				129,384


Total Long Positions 4.4%				1,652,571

Short Positions: (4.4%)

Brazil (0.0%)

Yamana Gold Inc		3,278		(8,536	)



Referenced Entity	Shares		Value

Canada (3.9%)

Agnico Eagle Mines Ltd		1,372		($59,650	)
AltaGas Ltd		8,546		(112,489	)
Barrick Gold Corp		2,291		(31,407	)
BlackBerry Ltd		2,014		(20,301	)
Bombardier Inc ‘B’		15,759		(30,307	)
Brookfield Asset Management Inc ‘A’		798		(37,178	)
Cameco Corp		4,097		(48,287	)
Canadian Utilities Ltd ‘A’		352		(9,609	)
CCL Industries Inc ‘B’		169		(6,842	)
Cenovus Energy Inc		8,869		(76,986	)
Dollarama Inc		248		(6,616	)
Element Fleet Management Corp		9,804		(61,993	)
Enbridge Inc		2,301		(83,338	)
Encana Corp		3,385		(24,520	)
Franco-Nevada Corp		475		(35,612	)
Inter Pipeline Ltd		1,447		(23,941	)
Keyera Corp		3,217		(75,854	)
Onex Corp		234		(13,199	)
Pembina Pipeline Corp		1,484		(54,514	)
Peyto Exploration & Development Corp		1,477		(7,726	)
PrairieSky Royalty Ltd		4,511		(60,761	)
Restaurant Brands International Inc		619		(40,271	)
Saputo Inc		323		(11,009	)
Shopify Inc ‘A’		256		(52,845	)
SNC-Lavalin Group Inc		2,704		(68,614	)
The Stars Group Inc		1,953		(34,139	)
TransCanada Corp		2,946		(132,315	)
Vermilion Energy Inc		921		(22,736	)
Wheaton Precious Metals Corp		8,500		(202,331	)
Whitecap Resources Inc		5,360		(18,490	)

				(1,463,880	)

Chile (0.1%)

Lundin Mining Corp		4,760		(22,084	)


Zambia (0.4%)

First Quantum Minerals Ltd		13,697		(155,281	)


Total Short Positions (4.4%)				(1,649,781	)


Total Long and Short Positions 0.0%				$2,790


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-89

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

March 31, 2019


Description	Counter- party		Expiration Date (1)
The Fund receives or pays the net total return on all positions within the basket and pays financing based upon the then-current 1-Day CHF-TOIS plus or minus a specified spread (rates range from (2.750%) to 0.350%) as negotiated by the parties, which is denominated in CHF based on the local currencies of the positions within the swap.		MSC		05/04/20

The following table represents the individual long and short positions and related values within the total return basket swap as of March 31, 2019:



Referenced Entity	Shares		Value
Long Positions: 2.7%

Switzerland 2.7%

Adecco Group AG		4,204		$224,513
Aryzta AG		13,129		18,000
Baloise Holding AG		55		9,090
Barry Callebaut AG		5		9,038
DKSH Holding AG		177		10,208
Flughafen Zurich AG		165		30,112
GAM Holding AG		2,374		7,415
Georg Fischer AG		8		7,294
Helvetia Holding AG		37		22,601
Nestle SA		876		83,527
Roche Holding AG		892		245,795
Sonova Holding AG		351		69,558
Swiss Life Holding AG		39		17,183
Temenos AG		1,037		152,994
Zurich Insurance Group AG		387		128,111

				1,035,439


Total Long Positions 2.7%				1,035,439


Short Positions: (2.7%)

Austria (0.1%)

ams AG		1,668		(45,090	)



Referenced Entity	Shares		Value

Switzerland (2.6%)

ABB Ltd		590		( $ 11,089	)
Chocoladefabriken Lindt & Spruengli AG		1		(6,799	)
Cie Financiere Richemont SA		2,410		(175,817	)
Credit Suisse Group AG		4,102		(47,815	)
dormakaba Holding AG		19		(13,614	)
EMS-Chemie Holding AG		65		(35,285	)
Geberit AG		20		(8,180	)
Givaudan SA		32		(81,905	)
Idorsia Ltd		2,332		(41,108	)
Julius Baer Group Ltd		2,466		(99,755	)
LafargeHolcim Ltd		396		(19,579	)
Lonza Group AG		478		(148,398	)
OC Oerlikon Corp AG		2,742		(35,120	)
Partners Group Holding AG		10		(7,275	)
Sika AG		314		(43,914	)
Straumann Holding AG		64		(52,320	)
Sunrise Communications Group AG		86		(6,334	)
Swisscom AG		97		(47,459	)
The Swatch Group AG		128		(36,659	)
Vifor Pharma AG		550		(74,432	)

				(992,857	)


Total Short Positions (2.7%)				(1,037,947	)


Total Long and Short Positions (0.0%)				($2,508	)


Description	Counter- party		Expiration Date (1)
The Fund receives or pays the net total return on all positions within the basket and pays financing based upon the then-current 1-Week DKK-CIBOR plus or minus a specified spread (rates range from (0.350%) to 0.350%) as negotiated by the parties, which is denominated in DKK based on the local currencies of the positions within the swap.		MSC		05/01/20

The following table represents the individual long and short positions and related values within the total return basket swap as of March 31, 2019:



Referenced Entity	Shares		Value
Long Positions: 2.7%

Denmark 2.7%

Carlsberg AS ‘B’		563		$70,402
GN Store Nord AS		3,829		177,828
H Lundbeck AS		4,614		200,086
Novo Nordisk AS ‘B’		1,860		97,214
Orsted AS		1,544		117,017
Pandora AS		5,715		267,571
Rockwool International AS ‘B’		339		79,500

				1,009,618


Total Long Positions 2.7%				1,009,618



Referenced Entity	Shares		Value
Short Positions: (2.5%)

Denmark (2.5%)

AP Moller – Maersk AS ‘B’		250		( $ 316,962	)
Chr Hansen Holding AS		794		(80,594	)
Demant AS		313		(9,264	)
Dfds AS		676		(27,986	)
FLSmidth & Co AS ‘B’		315		(13,621	)
Genmab AS		1,660		(288,039	)
ISS AS		1,621		(49,370	)
Novozymes AS ‘B’		1,228		(56,477	)
Tryg AS		1,743		(47,849	)
Vestas Wind Systems AS		421		(35,485	)

				(925,647	)


Total Short Positions (2.5%)				(925,647	)


Total Long and Short Positions 0.2%				$83,971


Description	Counter- party		Expiration Date (1)
The Fund receives or pays the net total return on all positions within the basket and pays financing based upon the then-current 1-Day EUR-EONIA plus or minus a specified spread (rates range from (5.000%) to 0.350%) as negotiated by the parties, which is denominated in EUR based on the local currencies of the positions within the swap.		MSC		05/04/20


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-90

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

March 31, 2019

The following table represents the individual long and short positions and related values within the total return basket swap as of March 31, 2019:



Referenced Entity	Shares		Value
Long Positions: 28.6%

Belgium 0.7%

Ageas		1,104		$53,253
bpost SA		2,735		29,508
Proximus SADP		559		16,156
Solvay SA		597		64,635
UCB SA		1,022		87,793

				251,345

Finland 2.0%

Cargotec OYJ ‘B’		240		8,855
Kesko OYJ ‘B’		2,485		151,287
Neste OYJ		3,459		368,734
Nokia OYJ		21,940		124,984
Orion OYJ ‘B’		849		31,902
Sampo OYJ ‘A’		165		7,478
UPM-Kymmene OYJ		2,519		73,573

				766,813

France 6.5%

Arkema SA		300		28,620
Atos SE		1,709		164,985
AXA SA		9,592		241,249
Bouygues SA		339		12,119
Bureau Veritas SA		1,062		24,915
Capgemini SE		776		94,162
Carrefour SA		5,936		110,868
Cie de Saint-Gobain		1,453		52,685
CNP Assurances		2,750		60,550
Eiffage SA		103		9,901
Electricite de France SA		14,981		205,081
Engie SA		23,068		344,011
Eutelsat Communications SA		5,774		101,115
Kering SA		69		39,579
Peugeot SA		11,695		285,378
Publicis Groupe SA		121		6,478
Renault SA		126		8,331
Sanofi		806		71,270
Societe BIC SA		274		24,427
Sopra Steria Group		127		14,754
Suez		5,151		68,240
Teleperformance		1,446		259,944
TOTAL SA		3,806		211,802
Veolia Environnement SA		1,093		24,455

				2,464,919

Germany 6.6%

adidas AG		548		133,286
Allianz SE		1,461		325,582
Aurubis AG		1,127		60,455
Carl Zeiss Meditec AG		283		23,651
CECONOMY AG		5,682		30,212
Covestro AG		5,886		324,739
Deutsche Lufthansa AG		10,425		229,153
E.ON SE		29,358		326,704
Evonik Industries AG		2,171		59,245
Freenet AG		419		9,013
Hannover Rueck SE		78		11,208
HeidelbergCement AG		1,570		113,169
HOCHTIEF AG		354		51,292
HUGO BOSS AG		148		10,119
KION Group AG		420		21,978
LANXESS AG		595		31,809
METRO AG		1,096		18,203
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		508		120,394
ProSiebenSat.1 Media SE		5,438		77,421
Puma SE		25		14,499



Referenced Entity	Shares		Value
Rheinmetall AG		616		$64,308
Salzgitter AG		2,320		67,194
SAP SE		1,117		129,131
Schaeffler AG - Preferred		966		7,867
Software AG		4,000		135,396
Talanx AG		1,450		55,962
Wirecard AG		366		45,978

				2,497,968

Italy 5.1%

A2A SPA		130,222		237,930
Autogrill SPA		5,174		49,819
BPER Banca		8,679		35,516
Enel SPA		62,887		402,970
Eni SPA		35,839		633,225
Hera SPA		28,772		104,126
Italgas SPA		15,857		97,982
Leonardo SPA		547		6,357
Saipem SPA		18,053		95,601
Snam SPA		22,800		117,287
Unipol Gruppo SPA		24,811		123,766
UnipolSai Assicurazioni SPA		10,081		27,224

				1,931,803

Luxembourg 0.8%

APERAM SA		481		13,728
ArcelorMittal		2,198		44,607
SES SA		15,031		233,779

				292,114

Netherlands 2.5%

Aegon NV		9,226		44,317
Akzo Nobel NV		104		9,239
ASM International NV		1,579		85,804
ASR Nederland NV		5,951		247,958
Koninklijke Ahold Delhaize NV		9,267		246,723
Koninklijke DSM NV		60		6,545
NN Group NV		2,383		99,149
Signify NV		6,937		185,591
Wolters Kluwer NV		663		45,170

				970,496

Spain 3.4%

ACS Actividades de Construccion y Servicios SA		2,748		120,808
Amadeus IT Group SA		521		41,758
Banco Bilbao Vizcaya Argentaria SA		1,228		7,016
Enagas SA		855		24,891
Endesa SA		13,655		348,483
Iberdrola SA		25,551		224,333
Mediaset Espana Comunicacion SA		2,095		15,655
Melia Hotels International SA		2,299		21,352
Naturgy Energy Group SA		900		25,190
Red Electrica Corp SA		8,390		178,848
Repsol SA		15,787		270,090

				1,278,424

Switzerland 0.1%

STMicroelectronics NV		1,504		22,310


United Kingdom 0.9%

CNH Industrial NV		822		8,375
Dialog Semiconductor PLC		2,246		68,497
Fiat Chrysler Automobiles NV		12,994		194,075
Unilever NV		1,384		80,690

				351,637


Total Long Positions 28.6%				10,827,829


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-91

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

March 31, 2019



Referenced Entity	Shares		Value

Short Positions: (23.5%)

Belgium (0.6%)

Anheuser-Busch InBev SA NV		561		($47,093	)
Telenet Group Holding NV		929		(44,676	)
Umicore SA		3,573		(159,026	)

				(250,795	)

Finland (0.7%)

Elisa OYJ		1,362		(61,449	)
Huhtamaki OYJ		2,819		(105,045	)
Kone OYJ ‘B’		418		(21,112	)
Outokumpu OYJ		16,266		(59,211	)
Wartsila OYJ Abp		467		(7,553	)

				(254,370	)

France (6.8%)

Accor SA		1,875		(75,955	)
Air France-KLM		553		(6,220	)
Altran Technologies SA		10,278		(112,882	)
Amundi SA		452		(28,466	)
BioMerieux		296		(24,482	)
Bollore SA		64,195		(290,283	)
Cie Generale des Etablissements Michelin SCA		186		(21,975	)
Cie Plastic Omnium SA		1,942		(51,737	)
Edenred		3,712		(169,047	)
Elior Group SA		2,396		(32,083	)
EssilorLuxottica SA		2,118		(231,371	)
Getlink SE		4,757		(72,137	)
Iliad SA		1,933		(194,229	)
Ingenico Group SA		1,651		(117,934	)
JCDecaux SA		2,727		(82,961	)
Legrand SA		142		(9,507	)
LVMH Moet Hennessy Louis Vuitton SE		17		(6,262	)
Orpea		1,769		(212,409	)
Remy Cointreau SA		1,025		(136,711	)
SEB SA		512		(86,202	)
Sodexo SA		467		(51,426	)
SPIE SA		528		(9,341	)
Ubisoft Entertainment SA		685		(61,084	)
Valeo SA		11,096		(322,149	)
Vivendi SA		4,453		(129,049	)
Worldline SA		570		(33,777	)

				(2,569,679	)

Germany (6.0%)

1&1 Drillisch AG		1,504		(53,598	)
Axel Springer SE		172		(8,891	)
Bayer AG		363		(23,374	)
Bayerische Motoren Werke AG		265		(20,437	)
Bilfinger SE		258		(8,994	)
Continental AG		779		(117,520	)
Daimler AG		4,299		(252,281	)
Delivery Hero SE		2,946		(106,411	)
Deutsche Bank AG		32,510		(265,023	)
Fielmann AG		234		(16,155	)
Fraport AG Frankfurt Airport Services Worldwide		1,011		(77,559	)
GEA Group AG		6,582		(172,507	)
Infineon Technologies AG		4,007		(79,549	)



Referenced Entity	Shares		Value
Jungheinrich AG Preferred		214		($6,966	)
MTU Aero Engines AG		146		(33,093	)
OSRAM Licht AG		4,576		(157,640	)
RWE AG		2,544		(68,312	)
Sartorius AG Preferred		455		(78,196	)
thyssenkrupp AG		20,030		(275,532	)
United Internet AG		4,734		(173,104	)
Volkswagen AG Preferred		242		(38,153	)
Zalando SE		6,252		(243,709	)

				(2,277,004	)

Italy (3.8%)

Banco BPM SPA		49,948		(103,499	)
Brembo SPA		9,798		(111,205	)
Buzzi Unicem SPA		3,896		(79,821	)
Davide Campari-Milano SPA		10,740		(105,517	)
Ferrari NV		2,747		(369,056	)
Intesa Sanpaolo SPA		63,234		(154,325	)
Moncler SPA		549		(22,158	)
Pirelli & C SPA		28,405		(183,145	)
Prysmian SPA		6,410		(121,486	)
Recordati SPA		233		(9,079	)
Unione di Banche Italiane SPA		62,908		(166,705	)

				(1,425,996	)

Luxembourg (0.8%)

Eurofins Scientific SE		322		(133,393	)
Tenaris SA		11,373		(160,212	)

				(293,605	)

Netherlands (1.4%)

Aalberts Industries NV		250		(8,692	)
ALTICE EUROPE NA		6,656		(17,489	)
ASML Holding NV		674		(126,679	)
Boskalis Westminster		2,302		(59,593	)
Koninklijke Vopak NV		1,044		(50,005	)
OCI NV		2,682		(73,884	)
SBM Offshore NV		9,532		(181,578	)

				(517,920	)

Spain (2.9%)

Aena SME SA		70		(12,614	)
Almirall SA		662		(11,304	)
Banco de Sabadell SA		14,293		(14,246	)
Banco Santander SA		27,237		(126,477	)
Bankia SA		39,128		(101,452	)
Bankinter SA		9,423		(71,820	)
Cellnex Telecom SA		10,056		(295,224	)
Ferrovial SA		5,381		(126,096	)
Grifols SA		7,602		(213,161	)
Industria de Diseno Textil SA		4,027		(118,400	)

				(1,090,794	)

United States (0.5%)

QIAGEN NV		5,117		(207,711	)


Total Short Positions (23.5%)				(8,887,874	)


Total Long and Short Positions 5.1%				$1,939,955


Description	Counter- party		Expiration Date (1)
The Fund receives or pays the net total return on all positions within the basket and pays financing based upon the then-current 1-Day JPY-MUTSC plus or minus a specified spread (rates range from (1.380%) to 0.450%) as negotiated by the parties, which is denominated in JPY based on the local currencies of the positions within the swap.		MSC		05/01/20


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-92

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

March 31, 2019

The following table represents the individual long and short positions and related values within the total return basket swap as of March 31, 2019:



Referenced Entity	Shares		Value
Long Positions: 23.2%

Japan 23.2%

AGC Inc		500		$17,563
Aisin Seiki Co Ltd		1,000		35,799
Ajinomoto Co Inc		600		9,604
Alfresa Holdings Corp		6,300		179,530
Alps Alpine Co Ltd		3,100		64,815
ANA Holdings Inc		400		14,675
Asahi Kasei Corp		700		7,249
Astellas Pharma Inc		9,800		147,253
Bandai Namco Holdings Inc		1,200		56,341
Brother Industries Ltd		1,700		31,573
Chubu Electric Power Co Inc		3,900		60,969
Citizen Watch Co Ltd		6,500		36,322
Concordia Financial Group Ltd		13,800		53,356
Credit Saison Co Ltd		1,200		15,877
Dai Nippon Printing Co Ltd		700		16,767
Daicel Corp		4,800		52,276
Dai-ichi Life Holdings Inc		2,800		38,980
DeNA Co Ltd		1,200		18,089
East Japan Railway Co		300		28,970
Eisai Co Ltd		100		5,627
Fuji Electric Co Ltd		2,600		74,024
FUJIFILM Holdings Corp		300		13,664
Fujitsu Ltd		2,100		151,871
GungHo Online Entertainment Inc		18,800		68,626
Hakuhodo DY Holdings Inc		7,200		115,936
Haseko Corp		16,000		201,661
Hitachi Capital Corp		700		16,257
Hitachi High-Technologies Corp		2,000		82,179
Hitachi Ltd		3,900		126,713
Hoshizaki Corp		1,000		62,076
Idemitsu Kosan Co Ltd		1,100		36,793
IHI Corp		2,400		57,817
Inpex Corp		5,400		51,370
Itochu Techno-Solutions Corp		7,900		184,832
Japan Airlines Co Ltd		9,000		317,156
Japan Post Holdings Co Ltd		600		7,022
JFE Holdings Inc		8,000		136,167
JTEKT Corp		2,200		27,166
JXTG Holdings Inc		22,200		101,342
Kajima Corp		7,500		110,945
Kakaku.com Inc		300		5,757
Kaken Pharmaceutical Co Ltd		300		13,665
Kamigumi Co Ltd		7,100		164,673
Kaneka Corp		1,400		52,560
Kobe Steel Ltd		3,300		24,827
Konica Minolta Inc		900		8,874
Kose Corp		800		147,449
Kyushu Railway Co		300		9,868
LIXIL Group Corp		500		6,683
Mabuchi Motor Co Ltd		1,000		34,877
Marubeni Corp		13,600		94,294
Matsumotokiyoshi Holdings Co Ltd		2,700		90,215
Mazda Motor Corp		8,200		91,938
Mebuki Financial Group Inc		20,100		51,448
Medipal Holdings Corp		4,500		107,072
Mitsubishi Chemical Holdings Corp		7,500		52,970
Mitsubishi Corp		500		13,921
Mitsubishi Gas Chemical Co Inc		8,600		123,183
Mitsubishi Tanabe Pharma Corp		600		8,037
Mitsubishi UFJ Financial Group Inc		15,900		78,638
Mitsubishi UFJ Lease & Finance Co Ltd		1,500		7,657
Mitsui & Co Ltd		700		10,892
Mixi Inc		4,400		101,808
NHK Spring Co Ltd		10,100		90,890
Nikon Corp		10,700		151,283



Referenced Entity	Shares		Value
Nippon Express Co Ltd		3,400		$189,571
Nippon Shokubai Co Ltd		500		32,707
Nippon Telegraph & Telephone Corp		3,300		140,683
Nitto Denko Corp		1,400		73,793
Nomura Research Institute Ltd		500		22,775
NTT Data Corp		1,700		18,795
Obayashi Corp		13,600		137,070
Oji Holdings Corp		8,600		53,517
Olympus Corp		9,200		100,089
Oracle Corp Japan		700		47,074
Orient Corp		11,900		12,170
ORIX Corp		700		10,057
Osaka Gas Co Ltd		500		9,885
Otsuka Corp		1,600		59,860
Persol Holdings Co Ltd		2,400		38,972
Pola Orbis Holdings Inc		3,800		121,548
Renesas Electronics Corp		17,000		79,001
Resona Holdings Inc		13,600		58,915
Rinnai Corp		100		7,081
Rohm Co Ltd		200		12,531
Sankyo Co Ltd		200		7,636
Santen Pharmaceutical Co Ltd		1,400		20,925
Sawai Pharmaceutical Co Ltd		300		17,400
SCSK Corp		1,800		80,372
Seibu Holdings Inc		600		10,513
SG Holdings Co Ltd		3,300		96,270
Shimadzu Corp		300		8,707
Shimizu Corp		1,100		9,580
Shinsei Bank Ltd		6,100		86,801
Shionogi & Co Ltd		1,900		117,955
Showa Denko KK		2,100		74,231
SoftBank Group Corp		700		68,234
Sojitz Corp		52,900		186,915
Sony Corp		3,900		164,663
Square Enix Holdings Co Ltd		3,800		133,557
Sugi Holdings Co Ltd		200		8,826
SUMCO Corp		600		6,664
Sumitomo Chemical Co Ltd		5,800		27,076
Sumitomo Corp		7,800		108,141
Sumitomo Dainippon Pharma Co Ltd		9,400		233,299
Sumitomo Heavy Industries Ltd		2,000		65,000
Sumitomo Mitsui Financial Group Inc		1,500		52,528
Sundrug Co Ltd		1,800		49,677
Suzuken Co Ltd		2,700		156,613
Sysmex Corp		200		12,115
Taiheiyo Cement Corp		5,400		180,354
Taisei Corp		3,000		139,568
Taisho Pharmaceutical Holdings Co Ltd		300		28,660
Teijin Ltd		4,600		76,066
The Chugoku Bank Ltd		3,200		30,012
The Gunma Bank Ltd		16,800		63,665
The Hachijuni Bank Ltd		21,500		89,247
The Hiroshima Bank Ltd		7,100		36,190
The Iyo Bank Ltd		7,100		37,586
THK Co Ltd		1,700		42,222
Tohoku Electric Power Co Inc		4,500		57,458
Tokyo Broadcasting System Holdings Inc		4,500		82,477
Tokyo Electric Power Co Holdings Inc		12,900		81,607
Tokyo Gas Co Ltd		1,400		37,898
Tosoh Corp		6,300		98,300
Toyo Seikan Group Holdings Ltd		3,600		73,848
Toyo Suisan Kaisha Ltd		1,500		57,179
Toyota Boshoku Corp		5,700		86,412
Toyota Tsusho Corp		1,900		62,080
West Japan Railway Co		200		15,069
Yamaguchi Financial Group Inc		1,300		11,022

				8,795,443


Total Long Positions 23.2%				8,795,443


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-93

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

March 31, 2019



Referenced Entity	Shares		Value

Short Positions: (23.3%)

Japan (23.3%)

Aeon Co Ltd		4,500		($94,254	)
AEON Financial Service Co Ltd		3,400		(69,336	)
Asahi Intecc Co Ltd		3,500		(164,831	)
Asics Corp		9,100		(122,454	)
Bridgestone Corp		3,700		(142,574	)
Calbee Inc		3,400		(91,827	)
Canon Inc		5,900		(171,307	)
Chugai Pharmaceutical Co Ltd		1,300		(89,543	)
CyberAgent Inc		2,100		(85,933	)
Daifuku Co Ltd		4,000		(209,237	)
Daiichi Sankyo Co Ltd		2,400		(110,826	)
Daiwa Securities Group Inc		19,800		(96,511	)
Denso Corp		1,800		(70,325	)
Disco Corp		700		(100,248	)
FamilyMart UNY Holdings Co Ltd		9,384		(239,206	)
FANUC Corp		1,100		(188,115	)
Fast Retailing Co Ltd		700		(329,673	)
Fukuoka Financial Group Inc		700		(15,544	)
Hamamatsu Photonics KK		1,804		(69,983	)
Hirose Electric Co Ltd		700		(73,709	)
Hitachi Chemical Co Ltd		3,300		(73,438	)
Hitachi Construction Machinery Co Ltd		200		(5,300	)
Hitachi Metals Ltd		5,800		(67,572	)
Hokuriku Electric Power Co		7,800		(61,246	)
Isetan Mitsukoshi Holdings Ltd		3,100		(31,362	)
J Front Retailing Co Ltd		1,400		(16,682	)
Japan Airport Terminal Co Ltd		2,000		(84,740	)
Japan Post Bank Co Ltd		6,600		(72,113	)
JGC Corp		3,400		(45,334	)
Kansai Paint Co Ltd		5,700		(108,955	)
Kawasaki Heavy Industries Ltd		800		(19,787	)
Keihan Holdings Co Ltd		600		(25,260	)
Keikyu Corp		5,000		(84,950	)
Keio Corp		2,100		(135,843	)
Keisei Electric Railway Co Ltd		200		(7,273	)
Keyence Corp		300		(187,559	)
Kikkoman Corp		1,500		(73,757	)
Kintetsu Group Holdings Co Ltd		1,100		(51,310	)
Koito Manufacturing Co Ltd		1,700		(96,650	)
Komatsu Ltd		1,700		(39,650	)
Kubota Corp		700		(10,175	)
Kuraray Co Ltd		1,300		(16,583	)
Kyowa Hakko Kirin Co Ltd		2,200		(48,012	)
Kyushu Electric Power Co Inc		3,300		(38,979	)
Lawson Inc		200		(11,095	)
M3 Inc		10,400		(175,029	)
Makita Corp		1,200		(41,940	)
Marui Group Co Ltd		9,553		(193,154	)
McDonald’s Holdings Co Japan Ltd		500		(23,132	)
MISUMI Group Inc		7,200		(179,764	)
Mitsubishi Logistics Corp		2,800		(78,301	)
Mitsubishi Materials Corp		500		(13,221	)
MonotaRO Co Ltd		500		(11,177	)
Murata Manufacturing Co Ltd		3,000		(150,135	)
Nabtesco Corp		2,700		(79,120	)
Nagoya Railroad Co Ltd		3,100		(85,908	)
Nexon Co Ltd		1,600		(25,162	)



Referenced Entity	Shares		Value
NGK Spark Plug Co Ltd		1,000		($18,626	)
Nidec Corp		1,300		(165,535	)
Nifco Inc		1,100		(28,084	)
Nintendo Co Ltd		200		(57,338	)
Nippon Paint Holdings Co Ltd		7,100		(280,266	)
Nippon Shinyaku Co Ltd		900		(65,713	)
Nippon Yusen KK		700		(10,280	)
Nissan Chemical Corp		400		(18,375	)
Nissan Motor Co Ltd		10,400		(85,406	)
Nisshin Seifun Group Inc		400		(9,195	)
Nitori Holdings Co Ltd		1,200		(155,155	)
NOK Corp		500		(7,805	)
Nomura Holdings Inc		39,400		(142,378	)
Odakyu Electric Railway Co Ltd		5,300		(128,613	)
Omron Corp		400		(18,792	)
Oriental Land Co Ltd		500		(56,868	)
Otsuka Holdings Co Ltd		800		(31,498	)
Pan Pacific International Holding Corp		2,400		(159,010	)
Park24 Co Ltd		800		(17,392	)
PeptiDream Inc		2,400		(118,200	)
Pigeon Corp		500		(20,514	)
Rakuten Inc		3,500		(33,215	)
Ricoh Co Ltd		10,600		(111,006	)
Seiko Epson Corp		600		(9,204	)
Seven Bank Ltd		8,600		(25,423	)
Sharp Corp		600		(6,629	)
Shikoku Electric Power Co Inc		5,700		(69,529	)
Shimano Inc		1,200		(195,380	)
Shiseido Co Ltd		400		(28,962	)
SMC Corp		200		(75,391	)
Sony Financial Holdings Inc		1,900		(35,857	)
Sumitomo Electric Industries Ltd		2,400		(31,927	)
Sumitomo Metal Mining Co Ltd		2,700		(80,006	)
Suntory Beverage & Food Ltd		200		(9,406	)
Takeda Pharmaceutical Co Ltd		2,700		(110,571	)
TDK Corp		900		(70,834	)
Terumo Corp		7,000		(214,240	)
The Bank of Kyoto Ltd		500		(20,935	)
The Chiba Bank Ltd		3,600		(19,576	)
The Chugoku Electric Power Co Inc		7,500		(93,620	)
The Shizuoka Bank Ltd		800		(6,094	)
The Yokohama Rubber Co Ltd		3,100		(57,707	)
Toho Co Ltd		200		(8,045	)
Tokio Marine Holdings Inc		1,400		(67,825	)
Tokyo Electron Ltd		100		(14,506	)
Toray Industries Inc		7,000		(44,670	)
TOTO Ltd		2,100		(89,292	)
Toyota Industries Corp		2,300		(115,573	)
Toyota Motor Corp		2,500		(147,277	)
Tsuruha Holdings Inc		300		(24,433	)
Welcia Holdings Co Ltd		1,000		(33,974	)
Yahoo Japan Corp		3,600		(8,830	)
Yamaha Corp		400		(20,029	)
Yamaha Motor Co Ltd		5,900		(116,055	)
Yaskawa Electric Corp		7,800		(246,274	)

				(8,842,442	)


Total Short Positions (23.3%)				(8,842,442	)


Total Long and Short Positions (0.1%)				($46,999	)


Description	Counter- party		Expiration Date (1)
The Fund receives or pays the net total return on all positions within the basket and pays financing based upon the then-current 1-Week NOK-NIBOR plus or minus a specified spread (rates range from (0.350%) to 0.350%) as negotiated by the parties, which is denominated in NOK based on the local currencies of the positions within the swap.		MSC		05/04/20


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-94

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

March 31, 2019

The following table represents the individual long and short positions and related values within the total return basket swap as of March 31, 2019:



Referenced Entity	Shares		Value
Long Positions: 1.5%

Norway 1.5%

Equinor ASA		12,967		$284,238
Leroy Seafood Group ASA		16,323		118,587
Norsk Hydro ASA		3,003		12,213
Salmar ASA		3,237		155,480

				570,518


Total Long Positions 1.5%				570,518



Referenced Entity	Shares		Value

Short Position: (1.3%)

Norway (1.0%)

Gjensidige Forsikring ASA		3,717		( $ 64,250	)
Schibsted ASA ‘A’		5,141		(202,075	)
Telenor ASA		321		(6,428	)
Yara International ASA		2,552		(104,568	)

				(377,321	)

United Kingdom (0.3%)

Subsea 7 SA		8,486		(105,111	)


Total Short Position (1.3%)				(482,432	)


Total Long and Short Positions 0.2%				$88,086


Description	Counter- party		Expiration Date (1)
The Fund receives or pays the net total return on all positions within the basket and pays financing based upon the then-current 1-Week SEK-STIBOR plus or minus a specified spread (rates range from (2.350%) to 0.350%) as negotiated by the parties, which is denominated in SEK based on the local currencies of the positions within the swap.		MSC		05/04/20

The following table represents the individual long and short positions and related values within the total return basket swap as of March 31, 2019:



Referenced Entity	Shares		Value
Long Positions: 2.7%

Malta 0.3%

Kindred Group PLC SDR		12,638		$126,780


Sweden 2.4%

AAK AB		762		11,375
Axfood AB		2,285		42,535
Boliden AB		3,284		93,591
Electrolux AB ‘B’		1,014		26,111
Essity AB ‘B’		2,993		86,373
Fingerprint Cards AB ‘B’		23,233		33,146
Sandvik AB		1,432		23,290
Securitas AB ‘B’		2,934		47,461
Skanska AB ‘B’		1,303		23,697
Swedish Match AB		1,826		93,168
Swedish Orphan Biovitrum AB		10,275		241,035
Telefonaktiebolaget LM Ericsson ‘B’		12,533		115,453
Telia Co AB		4,134		18,635
Volvo AB ‘B’		2,267		35,175

				891,045


Total Long Positions 2.7%				1,017,825


Short Positions: (2.0%)

Colombia (0.2%)

Millicom International Cellular SA SDR		1,338		(81,259	)



Referenced Entity	Shares		Value

Finland (0.2%)

Nordea Bank Abp		9,897		( $ 75,364	)


Sweden (1.6%)

Assa Abloy AB ‘B’		3,107		(67,056	)
BillerudKorsnas AB		2,681		(35,604	)
Elekta AB ‘B’		919		(11,447	)
Epiroc AB ‘A’		2,675		(27,017	)
Getinge AB ‘B’		535		(6,239	)
Hexpol AB		1,130		(9,532	)
Husqvarna AB ‘B’		13,172		(107,726	)
Nibe Industrier AB ‘B’		821		(10,524	)
Nordic Entertainment Group AB ‘B’		441		(10,341	)
Saab AB ‘B’		1,115		(35,767	)
Svenska Cellulosa AB SCA ‘B’		9,366		(81,323	)
Svenska Handelsbanken AB ‘A’		9,396		(99,203	)
Tele2 AB ‘B’		7,118		(94,978	)

				(596,757	)


Total Short Positions (2.0%)				(753,380	)


Total Long and Short Positions 0.7%				$264,445


Total Basket Swaps 16.5%				$6,245,867

Total Return Swaps – Long


Receive	Pay		Payment Frequency		Counter- Party		Expiration Date		Number of Contracts		Notional Amount		Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
MSCI Canada Index appreciation		MSCI Canada Index depreciation		M		JPM		06/19/19		76		$371,658		($71	)		$—		($71	)
MSCI Hong Kong Index appreciation		MSCI Hong Kong Index depreciation		M		JPM		06/19/19		13		153,553		2,367			—		2,367
MSCI Italy Index appreciation		MSCI Italy Index depreciation		M		JPM		06/19/19		922		106,332		3,377			—		3,377
MSCI Japan Index appreciation		MSCI Japan Index depreciation		M		JPM		06/19/19		17,823		300,453		(2,287	)		—		(2,287	)
Swiss Market Index appreciation		Swiss Market Index depreciation		M		MSC		06/21/19		6		560,382		7,817			—		7,817

														$11,203			$—		$11,203


Total Swap Agreements																			($391,979	)


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-95

PACIFIC FUNDS

PF EQUITY LONG/SHORT FUND

Schedule of Investments (Continued)

March 31, 2019

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


	Upfront Premium Paid (Received)		Unrealized Appreciation (Deprecation)
OTC Swap Agreements
Assets		$—		$310,325
Liabilities		—		(702,304	)

		$—		($391,979	)

(f)	Fair Value Measurements


		Total Value at March 31, 2019			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Short-Term Investments		$29,149,760			$10,997,036			$18,152,724			$—
	Derivatives:
	Equity Contracts
	Futures		245,336			245,336			—			—
	Swaps		310,325			—			310,325			—

	Total Equity Contracts		555,661			245,336			310,325			—

	Foreign Currency Contracts
	Forward Foreign Currency Contracts		3,874			—			3,874			—

	Total Assets - Derivatives		559,535			245,336			314,199			—

	Total Assets		29,709,295			11,242,372			18,466,923			—


Liabilities	Derivatives:
	Equity Contracts
	Futures		(10,710	)		(10,710	)		—			—
	Swaps		(702,304	)		—			(702,304	)		—

	Total Equity Contracts		(713,014	)		(10,710	)		(702,304	)		—

	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(48,066	)		—			(48,066	)		—

	Total Liabilities - Derivatives		(761,080	)		(10,710	)		(750,370	)		—

	Total Liabilities		(761,080	)		(10,710	)		(750,370	)		—

	Total		$28,948,215			$11,231,662			$17,716,553			$—


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-97 and B-98

B-96

PACIFIC FUNDS

Schedule of Investments (Continued)

Explanation of Symbols and Terms

March 31, 2019



Explanation of Symbols:

*		Non-income producing investments.
^		Investments with their principal amount adjusted for inflation.
§		Variable rate investments. The rate shown is based on the latest available information as of March 31, 2019. For Senior Loan Notes, the rate shown may represent a weighted average interest rate. Interest rates for certain securities are subject to interest rate caps and floors, which would result in a period end rate being more, less or equal to the referenced rate plus spread. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
Y		Issuer filed bankruptcy and/or is in default as of March 31, 2019.
¥		All or a portion of this senior loan position has not settled. Rates do not take effect until settlement date. Rates shown, if any, are for the settled portion.
#		Securities purchased on a when-issued basis. Rates do not take effect until settlement date.
~		Securities are not registered under the Securities Act of 1933 (1933 Act) and these securities are either (1) exempt from registration pursuant to Rule 144A of the 1933 Act and may only be sold to “qualified institutional buyers”, or (2) the securities comply with Regulation S rules governing offers and sales made outside the United States without registration under the 1933 Act and contain certain restrictions as to public resale.
‡		Investments were fully or partially segregated with the broker(s)/custodian as collateral for reverse repurchase agreement, futures contracts, forward foreign currency contracts, option contracts and/or swap agreements as of March 31, 2019.
l		Total shares owned by the Fund as of March 31, 2019 were less than one share.
»		Stapled Security. A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.

Counterparty & Exchange Abbreviations:

ANZ		Australia and New Zealand Banking Group
BNP		BNP Paribas
BOA		Bank of America
BRC		Barclays
BSC		Banco Santander Central Hispano
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
ING		ING Baring
JPM		JPMorgan Chase
LCH		London Clearing House
MER		Merrill Lynch
MSC		Morgan Stanley
MSE		Montreal Exchange
RBS		Royal Bank of Scotland
SCB		Standard Chartered Bank
SGN		Societe Generale
SSB		State Street Bank
UBS		UBS

Currency Abbreviations:

ARS		Argentine Peso
AUD		Australian Dollar
BRL		Brazilian Real





CAD		Canadian Dollar
CHF		Swiss Franc
CLP		Chilean Peso
CNH		Renminbi Offshore (Hong Kong)
CNY		Chinese Renminbi
COP		Colombian Peso
CZK		Czech Koruna
DKK		Danish Krone
EGP		Egyptian Pound
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
MXN		Mexican Peso
MYR		Malaysian Ringgit
NOK		Norwegian Krone
NZD		New Zealand Dollar
PEN		Peruvian Nuevo Sol
PHP		Philippine Peso
PLN		Polish Zloty
RON		Romanian Leu
RUB		Russian Ruble
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



Payment Frequency Abbreviations:

A		Annual
L		Lunar
M		Monthly
Q		Quarterly
S		Semiannual
Z		At Maturity

Reference Rate Abbreviations:

ARS Deposit		Argentina Deposit Rate
ARS Reference		Argentina Reference Rate
AUD Bank Bill		Australian Dollar Bank Bill Rate
EUR LIBOR		Euro London Interbank Offered Rate
GBP LIBOR		British Pound London Interbank Offered Rate
US FED		United States Federal Reserve Bank Rate
US PRIME		United States Prime Rate
USD LIBOR		United States Dollar London Interbank Offered Rate
UST		United States Treasury Rate

Other Abbreviations:

ADR		American Depositary Receipt
GDR		Global Depositary Receipt
IO		Interest Only
PIK		Payment In Kind
REIT		Real Estate Investment Trust
SDR		Swedish Depositary Receipt


See Notes to Financial Statements

B-97

PACIFIC FUNDS

Schedule of Investments (Continued)

Explanation of Symbols and Terms (Continued)

March 31, 2019

Notes:

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

The countries listed in the Schedules 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).

The credit spreads, if any, shown in the Schedules of Investments were obtained from published reports or other sources believed to be reliable, and are not audited by the Independent Registered Public Accounting Firm.


See Notes to Financial Statements

B-98

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2019


		PF Inflation Managed Fund			PF Managed Bond Fund			PF Short Duration Bond Fund			PF Emerging Markets Debt Fund			PF Developing Growth Fund		PF Growth Fund
ASSETS
Investments, at value (excluding derivatives)			$57,437,275			$698,648,785			$155,858,761			$70,564,986			$15,655,284		$186,590,827
Outstanding purchased options, at value			90,527			76,384			—			—			—		—
Cash			—			—			—			316,445			—		—
Cash (segregated for derivative instruments)			400,000			1,689,000			92,300			610,997			—		—
Foreign currency held, at value			176,175			3,089,979			3,551			174,721			—		—
Receivables:
	Dividends and interest		147,766			3,596,995			1,022,156			943,981			1,244		71,149
	Securities sold		16,999,499			187,505,054			433,436			93,529			75,876		—
	Variation margin on futures contracts		12,049			1,311,227			—			—			—		—
	Variation margin on swap agreements		4,839			1,566,981			—			—			—		—
	Due from adviser		5,442			41,244			16,974			17,163			1,527		6,452
Forward foreign currency contracts appreciation			84,021			1,683,056			2,321			332,591			—		—
Swap premiums paid			2,693			19,708			—			—			—		—
Swap agreements appreciation			4,024			379,075			—			—			—		—
Prepaid expenses and other assets			174			9,491			743			285			—		1,379
Total Assets			75,364,484			899,616,979			157,430,242			73,054,698			15,733,931		186,669,807
LIABILITIES
Payables:
	Fund shares redeemed		22,055			296,646			93,587			40,826			7,465		106,820
	Securities purchased		12,339,714			384,209,238			1,787,526			635,888			19,300		72,288
	Sale-buyback financing transactions		21,850,850			10,978,581			—			—			—		—
	Reverse repurchase agreement		—			2,045,000			—			—			—		—
	Due to custodian		—			73,943			—			—			—		—
	Due to brokers		—			3,370,000			—			250,000			—		—
	Swap agreements		2,503			38,605			—			—			—		—
	Variation margin on futures contracts		—			—			29,734			—			—		—
	Variation margin on swap agreements		—			—			—			10,534			—		—
	Accrued advisory fees		17,410			169,684			63,575			47,015			7,684		80,223
	Accrued administration fees		6,529			63,632			23,840			9,219			1,921		21,879
	Accrued support service expenses		2,789			20,424			7,700			3,653			525		6,605
	Accrued custodian fees and expenses		6,404			55,681			7,376			28,936			205		3,798
	Accrued legal, audit and tax service fees		6,941			55,240			19,771			9,258			1,355		17,339
	Accrued trustees’ fees and expenses and deferred compensation		2,719			15,400			2,347			97			2,318		4,148
	Accrued foreign capital gains tax		—			—			—			2,237			—		—
	Accrued other (1)		13,981			105,042			36,676			27,304			6,164		25,810
Forward foreign currency contracts depreciation			38,600			536,393			482			391,005			—		—
Outstanding options written, at value			97,637			178,761			—			—			—		—
Swap premiums received			3,106			46,047			—			—			—		—
Swap agreements depreciation			3,856			—			—			—			—		—
Total Liabilities			34,415,094			402,258,317			2,072,614			1,455,972			46,937		338,910
NET ASSETS			$40,949,390			$497,358,662			$155,357,628			$71,598,726			$15,686,994		$186,330,897
NET ASSETS CONSIST OF:
Paid-in capital			$50,727,064			$507,350,432			$156,187,043			$80,693,037			$12,080,267		$103,186,423
Undistributed/accumulated earnings (deficit)			(9,777,674	)		(9,991,770	)		(829,415	)		(9,094,311	)		3,606,727		83,144,474
NET ASSETS			$40,949,390			$497,358,662			$155,357,628			$71,598,726			$15,686,994		$186,330,897
Class P Shares:
	Shares of beneficial interest outstanding		4,648,564			47,078,053			15,640,207			7,806,405			851,393		6,855,689
	Net Asset Value Per Share		$8.81			$10.56			$9.93			$9.17			$18.43		$27.18

Investments, at cost (excluding derivatives)			$56,962,201			$693,334,102			$155,231,298			$71,493,738			$11,706,519		$105,510,195
Outstanding purchased options, at cost			68,744			109,278			—			—			—		—
Foreign currency held, at cost			176,876			3,118,528			3,581			175,826			—		—
Premiums received from outstanding options written			116,487			154,412			—			—			—		—

(1)	Accrued other for the PF Inflation Managed, PF Managed Bond, PF Short Duration Bond, PF Emerging Markets Debt, and PF Developing Growth Funds include $7,017, $51,788, $21,538, $12,874, and $4,349 of accrued accounting fees, respectively.

See Notes to Financial Statements

C-1

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

March 31, 2019


		PF Large-Cap Value Fund		PF Mid-Cap Equity Fund		PF Multi-Asset Fund		PF Small-Cap Value Fund		PF Emerging Markets Fund		PF International Large-Cap Fund
ASSETS
Investments, at value (excluding derivatives)			$171,050,381		$9,900,085		$1,141,657,834		$70,472,870		$134,109,334		$57,258,250
Cash			—		—		577,734		—		—		3,233
Foreign currency held, at value			—		—		—		—		51,360		—
Receivables:
	Dividends and interest		282,260		9,326		5,840,075		82,907		215,845		1,008,802
	Securities sold		—		37,917		—		320,723		350,331		254,547
	Due from adviser		1,614		—		53,866		2,966		—		—
Swap agreements appreciation			—		—		25,819,943		—		—		—
Prepaid expenses and other assets			2,744		—		10,486		—		1,863		560
Total Assets			171,336,999		9,947,328		1,173,959,938		70,879,466		134,728,733		58,525,392
LIABILITIES
Payables:
	Fund shares redeemed		98,923		—		577,734		35,727		69,685		29,094
	Securities purchased		—		—		5,512,639		142,225		134,426		61,220
	Due to custodian		—		—		173,662		—		—		345
	Variation margin on futures contracts		—		—		102,875		—		—		—
	Accrued advisory fees		98,965		6,628		341,689		47,151		207,203		68,311
	Accrued administration fees		22,838		1,247		146,438		9,430		16,621		6,144
	Accrued support service expenses		7,809		388		47,093		2,825		5,741		2,270
	Accrued custodian fees and expenses		4,157		1,719		25,090		1,708		108,880		44,822
	Accrued legal, audit and tax service fees		22,307		1,395		116,134		7,820		15,695		6,913
	Accrued trustees’ fees and expenses and deferred compensation		8,369		1,310		1,706		1,020		1,724		4,106
	Accrued foreign capital gains tax		—		—		—		—		240,042		126,905
	Accrued other (1)		27,713		5,555		135,910		14,014		41,932		23,102
Swap agreements depreciation			—		—		30,364,776		—		—		—
Total Liabilities			291,081		18,242		37,545,746		261,920		841,949		373,232
NET ASSETS			$171,045,918		$9,929,086		$1,136,414,192		$70,617,546		$133,886,784		$58,152,160
NET ASSETS CONSIST OF:
Paid-in capital			$96,248,283		$9,442,974		$1,130,970,270		$63,342,263		$88,982,898		$36,476,403
Undistributed/accumulated earnings (deficit)			74,797,635		486,112		5,443,922		7,275,283		44,903,886		21,675,757
NET ASSETS			$171,045,918		$9,929,086		$1,136,414,192		$70,617,546		$133,886,784		$58,152,160
Class P Shares:
	Shares of beneficial interest outstanding		14,318,522		880,013		115,812,746		8,599,383		9,102,089		5,002,089
	Net Asset Value Per Share		$11.95		$11.28		$9.81		$8.21		$14.71		$11.63

Investments, at cost (excluding derivatives)			$99,799,865		$9,347,018		$1,136,498,192		$63,334,674		$88,462,417		$39,224,459
Foreign currency held, at cost			—		—		—		—		51,276		—

(1)	Accrued other for the PF Mid-Cap Equity Fund includes $3,594 of accrued accounting fees.

See Notes to Financial Statements

C-2

PACIFIC FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

March 31, 2019


		PF International Small-Cap Fund			PF International Value Fund			PF Real Estate Fund		PF Currency Strategies Fund			PF Equity Long/Short Fund
ASSETS
Investments, at value (excluding derivatives)			$31,690,456			$63,968,774			$81,612,406		$45,383,038			$29,149,760
Cash (segregated for derivative instruments)			—			—			—		—			8,263,000
Foreign currency held, at value			53,666			84,160			—		32,251			38,063
Receivables:
	Dividends and interest		393,581			1,023,436			248,681		148,854			27,069
	Securities sold		—			132,845			368,225		—			—
	Variation margin on futures contracts		—			—			—		—			943,901
	Due from adviser		9,293			—			1,137		—			—
Forward foreign currency contracts appreciation			—			—			—		734,059			3,874
Swap agreements appreciation			—			—			—		—			310,325
Prepaid expenses and other assets			2			1,117			430		144			—
Total Assets			32,146,998			65,210,332			82,230,879		46,298,346			38,735,992
LIABILITIES
Payables:
	Fund shares redeemed		18,390			33,138			43,960		29,757			22,899
	Securities purchased		77,042			72,466			408,734		—			—
	Swap agreements		—			—			—		—			1,189
	Due to brokers		—			—			—		1,200,000			—
	Accrued advisory fees		29,946			46,940			40,690		27,221			26,637
	Accrued administration fees		5,285			7,249			8,138		6,282			3,996
	Accrued support service expenses		3,183			2,892			2,063		2,397			2,122
	Accrued custodian fees and expenses		42,087			49,748			771		4,295			5,075
	Accrued legal, audit and tax service fees		8,155			8,419			5,304		6,475			5,765
	Accrued trustees’ fees and expenses and deferred compensation		115			5,128			554		1,265			77
	Accrued foreign capital gains tax		—			644			—		—			—
	Accrued other (1)		29,127			27,379			8,042		7,185			47,391
Forward foreign currency contracts depreciation			—			—			—		476,314			48,066
Swap agreements depreciation			—			—			—		—			702,304
Total Liabilities			213,330			254,003			518,256		1,761,191			865,521
NET ASSETS			$31,933,668			$64,956,329			$81,712,623		$44,537,155			$37,870,471
NET ASSETS CONSIST OF:
Paid-in capital			$36,673,393			$67,413,897			$70,323,693		$45,001,833			$38,952,674
Undistributed/accumulated earnings (deficit)			(4,739,725	)		(2,457,568	)		11,388,930		(464,678	)		(1,082,203	)
NET ASSETS			$31,933,668			$64,956,329			$81,712,623		$44,537,155			$37,870,471
Class P Shares:
	Shares of beneficial interest outstanding		3,330,575			8,647,538			6,666,827		4,841,712			4,829,519
	Net Asset Value Per Share		$9.59			$7.51			$12.26		$9.20			$7.84

Investments, at cost (excluding derivatives)			$30,331,677			$64,211,386			$70,105,446		$45,692,232			$29,146,740
Foreign currency held, at cost			53,763			84,331			—		32,745			38,110

(1)	Accrued other for the PF International Small-Cap and PF Equity Long/Short Funds include $18,477 and $40,000 of accrued accounting fees, respectively.

See Notes to Financial Statements

C-3

PACIFIC FUNDS

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED MARCH 31, 2019


		PF Inflation Managed Fund			PF Managed Bond Fund			PF Short Duration Bond Fund			PF Emerging Markets Debt Fund			PF Developing Growth Fund			PF Growth Fund
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$8,647			$214,215			$29,856			$94,204			$23,146			$1,220,354
Interest, net of foreign taxes withheld			1,952,899			18,930,426			3,981,222			5,053,392			214			5,586
Other			—			84			—			63			—			—
Total Investment Income			1,961,546			19,144,725			4,011,078			5,147,659			23,360			1,225,940

EXPENSES
Advisory fees			267,765			2,097,530			554,192			641,884			71,446			952,698
Administration fees			100,412			786,574			207,822			122,653			17,862			259,827
Support services expenses			11,836			93,581			21,890			14,586			1,986			31,070
Custodian fees and expenses			8,690			60,840			8,154			43,009			160			4,839
Shareholder report expenses			7,079			45,260			11,129			8,416			989			16,118
Transfer agency out-of-pocket expenses			5,120			38,994			9,182			6,245			839			13,046
Registration fees			383			2,642			1,028			495			70			874
Legal, audit and tax service fees			8,433			61,628			20,798			10,766			1,512			20,362
Trustees’ fees and expenses			3,180			24,192			5,794			3,933			508			8,094
Interest expense			345,818			443,322			—			—			—			—
Other (1)			14,005			116,579			41,981			37,406			8,762			18,510
Total Expenses			772,721			3,771,142			881,970			889,393			104,134			1,325,438
Advisory Fee Waiver (2)			—			—			—			(6,412	)		—			—
Adviser Expense Reimbursement (3)			(58,726	)		(443,715	)		(119,957	)		(124,856	)		(14,826	)		(112,913	)
Net Expenses			713,995			3,327,427			762,013			758,125			89,308			1,212,525
NET INVESTMENT INCOME (LOSS)			1,247,551			15,817,298			3,249,065			4,389,534			(65,948	)		13,415

NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions (4)		(447,816	)		(3,722,276	)		342,850			(486,692	)		920,420			6,959,954
	Foreign currency transactions		(108,590	)		(1,039,572	)		(11,649	)		(1,682,136	)		—			(131	)
	Forward foreign currency contract transactions		288,703			304,230			27,273			(1,321,835	)		—			—
	Futures contract transactions		(376,015	)		(7,662,369	)		6,425			—			—			—
	Purchased option transactions		(12,415	)		(1,843,685	)		—			—			—			—
	Swap transactions		57,235			2,443,686			—			(99,285	)		—			—
	Written option transactions		103,842			2,334,154			—			—			—			—
	Net Realized Gain (Loss)		(495,056	)		(9,185,832	)		364,899			(3,589,948	)		920,420			6,959,823

Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities (5)		519,843			8,214,785			1,340,298			(1,472,688	)		1,206,745			19,702,652
	Foreign currencies		4,370			(54,550	)		—			(15,097	)		—			(51	)
	Forward foreign currency contracts		57,760			3,585,658			1,682			(93,157	)		—			—
	Futures contracts		(70,614	)		(2,648,245	)		59,375			—			—			—
	Purchased options		25,019			128,667			—			—			—			—
	Swaps		(20,011	)		(1,467,008	)		—			4,201			—			—
	Written options		(27,626	)		(128,243	)		—			—			—			—
	Change in Net Unrealized Appreciation (Depreciation)		488,741			7,631,064			1,401,355			(1,576,741	)		1,206,745			19,702,601
NET GAIN (LOSS)			(6,315	)		(1,554,768	)		1,766,254			(5,166,689	)		2,127,165			26,662,424
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$1,241,236			$14,262,530			$5,015,319			($777,155	)		$2,061,217			$26,675,839

Foreign taxes withheld on dividends and interest			$—			$14,506			$—			$34,398			$—			$4,315

(1)	Other expense for the PF Short Duration Bond and PF Developing Growth Funds include $38,184 and $8,035 of accounting fees, respectively.

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

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

(4)	Net realized gain (loss) on investment security transactions for the PF Emerging Markets Debt Fund is net of foreign capital gains tax withheld of $8,067.

(5)	Change in net unrealized appreciation (depreciation) on investment securities for the PF Emerging Markets Debt Fund was net of increase in deferred foreign capital gain tax of $1,174.

See Notes to Financial Statements

C-4

PACIFIC FUNDS

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED MARCH 31, 2019


		PF Large-Cap Value Fund			PF Mid-Cap Equity Fund			PF Multi-Asset Fund			PF Small-Cap Value Fund			PF Emerging Markets Fund			PF International Large-Cap Fund
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$4,400,292			$190,212			$259,482			$958,190			$2,596,576			$2,224,919
Interest, net of foreign taxes withheld			—			—			29,988,585			—			—			1,403
Total Investment Income			4,400,292			190,212			30,248,067			958,190			2,596,576			2,226,322

EXPENSES
Advisory fees			1,216,100			90,921			3,890,681			574,780			1,160,512			570,559
Administration fees			280,638			20,982			1,667,434			114,956			217,596			100,687
Support services expenses			34,570			2,935			183,950			13,672			26,714			13,450
Custodian fees and expenses			4,252			1,634			28,950			1,892			170,971			56,108
Shareholder report expenses			14,545			363			116,751			6,343			13,927			4,359
Transfer agency out-of-pocket expenses			13,826			1,111			80,617			5,578			11,033			5,363
Registration fees			966			38			6,507			359			735			265
Legal, audit and tax service fees			22,528			2,177			137,240			8,564			17,349			7,439
Trustees’ fees and expenses			8,503			700			51,117			3,451			6,950			3,370
Offering expenses			—			—			73,317			—			—			—
Other (1)			19,186			9,262			41,747			13,799			62,755			34,337
Total Expenses			1,615,114			130,123			6,278,311			743,394			1,688,542			795,937
Adviser Expense Reimbursement (2)			(118,375	)		(18,220	)		(609,033	)		(53,658	)		(310,434	)		(124,692	)
Net Expenses			1,496,739			111,903			5,669,278			689,736			1,378,108			671,245
NET INVESTMENT INCOME (LOSS)			2,903,553			78,309			24,578,789			268,454			1,218,468			1,555,077

NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions (3)		12,044,515			9,353,760			(443,987	)		8,893,312			11,196,437			36,165,579
	Foreign currency transactions		—			—			—			—			(318,572	)		12,214
	Futures contract transactions		—			—			(1,316,693	)		—			—			—
	Swap transactions		—			—			(768,299	)		—			—			—
	Net Realized Gain (Loss)		12,044,515			9,353,760			(2,528,979	)		8,893,312			10,877,865			36,177,793

Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities (4)		(6,152,759	)		(7,615,837	)		5,705,224			(11,477,373	)		(19,708,494	)		(36,903,646	)
	Foreign currencies		—			—			—			—			(3,100	)		(34,754	)
	Futures contracts		—			—			(13,210	)		—			—			—
	Swaps		—			—			11,755,791			—			—			—
	Change in Net Unrealized Appreciation (Depreciation)		(6,152,759	)		(7,615,837	)		17,447,805			(11,477,373	)		(19,711,594	)		(36,938,400	)
NET GAIN (LOSS)			5,891,756			1,737,923			14,918,826			(2,584,061	)		(8,833,729	)		(760,607	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$8,795,309			$1,816,232			$39,497,615			($2,315,607	)		($7,615,261	)		$794,470

Foreign taxes withheld on dividends and interest			$76,454			$—			$21,825			$5,767			$415,576			$285,250

(1)	Other expense for the PF Mid-Cap Equity Fund includes $8,108 of accounting fees.

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

(3)	Net realized gain (loss) on investment security transactions for the PF International Large-Cap Fund is net of foreign capital gains tax withheld of ($132,584).

(4)	Change in net unrealized appreciation (depreciation) on investment securities for the PF Emerging Markets and PF International Large-Cap Funds was net of increase in deferred foreign capital gains tax of $232,805 and $121,628, respectively.

See Notes to Financial Statements

C-5

PACIFIC FUNDS

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED MARCH 31, 2019


		PF International Small-Cap Fund			PF International Value Fund			PF Real Estate Fund			PF Currency Strategies Fund			PF Equity Long/Short Fund
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$2,018,014			$3,190,356			$1,508,617			$345,245			$171,232
Interest, net of foreign taxes withheld			—			—			—			586,131			735,860
Total Investment Income			2,018,014			3,190,356			1,508,617			931,376			907,092

EXPENSES
Advisory fees			634,043			547,092			412,265			372,465			543,731
Administration fees			111,890			126,252			68,711			85,953			70,921
Support services expenses			14,173			16,568			7,587			10,391			11,700
Custodian fees and expenses			55,019			73,787			867			5,544			6,455
Shareholder report expenses			8,067			6,447			3,659			5,008			5,695
Transfer agency out-of-pocket expenses			6,035			6,715			3,212			4,302			5,886
Registration fees			428			353			277			310			273
Legal, audit and tax service fees			9,669			9,406			5,938			7,095			7,117
Trustees’ fees and expenses			3,825			4,203			1,963			2,751			2,504
Other (1)			37,487			37,239			6,892			4,637			79,541
Total Expenses			880,636			828,062			511,371			498,456			733,823
Advisory Fee Waiver (2)			—			—			(32,189	)		—			(70,921	)
Adviser Expense Reimbursement (3)			(60,110	)		(154,717	)		(30,395	)		—			—
Net Expenses			820,526			673,345			448,787			498,456			662,902
NET INVESTMENT INCOME (LOSS)			1,197,488			2,517,011			1,059,830			432,920			244,190

NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) On:
	Investment security transactions		(6,777,035	)		5,403,345			4,602,459			5,100			(102,220	)
	Foreign currency transactions		(34,601	)		(38,738	)		—			(509,933	)		(33,244	)
	Forward foreign currency contract transactions		—			—			—			1,496,939			(861,818	)
	Futures contract transactions		—			—			—			—			(350,728	)
	Purchased option transactions		—			—			—			(263,580	)		—
	Swap transactions		—			—			—			—			(2,390,780	)
	Written option transactions		—			—			—			235,799			—
	Net Realized Gain (Loss)		(6,811,636	)		5,364,607			4,602,459			964,325			(3,738,790	)

Change In Net Unrealized Appreciation (Depreciation) On:
	Investment securities (4)		(6,329,604	)		(16,049,027	)		1,960,973			(548,580	)		9,668
	Foreign currencies		(15,467	)		(20,412	)		—			(2,625	)		373
	Forward foreign currency contracts		—			—			—			(617,264	)		(19,158	)
	Futures contracts		—			—			—			—			1,007,448
	Purchased options		—			—			—			477,239			—
	Swaps		—			—			—			—			(6,581,524	)
	Written options		—			—			—			(193,674	)		—
	Change in Net Unrealized Appreciation (Depreciation)		(6,345,071	)		(16,069,439	)		1,960,973			(884,904	)		(5,583,193	)
NET GAIN (LOSS)			(13,156,707	)		(10,704,832	)		6,563,432			79,421			(9,321,983	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			($11,959,219	)		($8,187,821	)		$7,623,262			$512,341			($9,077,793	)

Foreign taxes withheld on dividends and interest			$236,919			$492,715			$—			$—			$—

(1)	Other expense for the PF Equity Long/Short Fund includes $72,972 of accounting fees.

(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 International Value Fund was net of decrease in deferred foreign capital gains tax of $19,590.

See Notes to Financial Statements

C-6

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended March 31, 2019			Year Ended March 31, 2018			Year Ended March 31, 2019			Year Ended March 31, 2018			Year Ended March 31, 2019			Year Ended March 31, 2018
	PF Inflation Managed Fund						PF Managed Bond Fund						PF Short Duration Bond Fund
OPERATIONS
Net investment income (loss)		$1,247,551			$488,345			$15,817,298			$18,549,661			$3,249,065			$2,448,443
Net realized gain (loss)		(495,056	)		15,306			(9,185,832	)		9,219,892			364,899			(803,745	)
Change in net unrealized appreciation (depreciation)		488,741			(36,317	)		7,631,064			(4,482,311	)		1,401,355			(655,791	)
Net Increase (Decrease) in Net Assets Resulting from Operations		1,241,236			467,334			14,262,530			23,287,242			5,015,319			988,907

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		(2,002,797	)					(15,588,848	)					(2,654,646	)
Net investment income - Class P					(165,026	)					(26,381,232	)					(2,387,342	)
Net realized gains - Class P					—						(871,668	)					—
Net Decrease from Dividends and Distributions to Shareholders		(2,002,797	)		(165,026	)		(15,588,848	)		(27,252,900	)		(2,654,646	)		(2,387,342	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		2,259,623			64,592,086			65,397,455			5,783,284			127,240,312			4,942,999
Dividends and distribution reinvestments - Class P		2,002,797			165,026			15,588,848			27,252,900			2,654,646			2,387,342
Cost of shares repurchased - Class P		(38,323,765	)		(2,417,220	)		(180,977,802	)		(172,610,204	)		(89,166,761	)		(61,302,167	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(34,061,345	)		62,339,892			(99,991,499	)		(139,574,020	)		40,728,197			(53,971,826	)
NET INCREASE (DECREASE) IN NET ASSETS		(34,822,906	)		62,642,200			(101,317,817	)		(143,539,678	)		43,088,870			(55,370,261	)

NET ASSETS
Beginning of Year		75,772,296			13,130,096			598,676,479			742,216,157			112,268,758			167,639,019
End of Year		$40,949,390			$75,772,296			$497,358,662			$598,676,479			$155,357,628			$112,268,758
Undistributed/Accumulated Net Investment Income (Loss)					$186,399						($1,643,668	)					$644,281

	PF Emerging Markets Debt Fund						PF Developing Growth Fund						PF Growth Fund
OPERATIONS
Net investment income (loss)		$4,389,534			$2,347,533			($65,948	)		($41,051	)		$13,415			$231,718
Net realized gain (loss)		(3,589,948	)		1,779,170			920,420			1,272,919			6,959,823			10,114,729
Change in net unrealized appreciation (depreciation)		(1,576,741	)		(420,204	)		1,206,745			1,084,703			19,702,601			18,433,706
Net Increase (Decrease) in Net Assets Resulting from Operations		(777,155	)		3,706,499			2,061,217			2,316,571			26,675,839			28,780,153

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		(1,235,277	)					(95,677	)					(10,767,593	)
Net investment income - Class P					(3,464,056	)					—						(255,381	)
Net realized gains - Class P					—						—						(5,034,209	)
Net Decrease from Dividends and Distributions to Shareholders		(1,235,277	)		(3,464,056	)		(95,677	)		—			(10,767,593	)		(5,289,590	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		18,582,694			46,255,849			8,879,889			1,177,216			43,746,338			78,781,362
Dividends and distribution reinvestments - Class P		1,235,277			3,464,056			95,677			—			10,767,593			5,289,590
Cost of shares repurchased - Class P		(31,964,603	)		(6,818,320	)		(4,717,570	)		(2,835,820	)		(90,823,136	)		(35,961,516	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(12,146,632	)		42,901,585			4,257,996			(1,658,604	)		(36,309,205	)		48,109,436
NET INCREASE (DECREASE) IN NET ASSETS		(14,159,064	)		43,144,028			6,223,536			657,967			(20,400,959	)		71,599,999

NET ASSETS
Beginning of Year		85,757,790			42,613,762			9,463,458			8,805,491			206,731,856			135,131,857
End of Year		$71,598,726			$85,757,790			$15,686,994			$9,463,458			$186,330,897			$206,731,856
Undistributed/Accumulated Net Investment Income (Loss)					($385,597	)					($1,866	)					$5,432

See Notes to Financial Statements

C-7

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	Year Ended March 31, 2019			Year Ended March 31, 2018			Year Ended March 31, 2019			Year Ended March 31, 2018			Year Ended March 31, 2019			Year/Period Ended March 31, 2018 (1)
	PF Large-Cap Value Fund						PF Mid-Cap Equity Fund						PF Multi-Asset Fund
OPERATIONS
Net investment income (loss)		$2,903,553			$5,264,729			$78,309			$255,243			$24,578,789			$1,047,910
Net realized gain (loss)		12,044,515			105,969,265			9,353,760			15,006,079			(2,528,979	)		(1,288,736	)
Change in net unrealized appreciation (depreciation)		(6,152,759	)		(74,455,651	)		(7,615,837	)		(5,362,910	)		17,447,805			(16,846,206	)
Net Increase (Decrease) in Net Assets Resulting from Operations		8,795,309			36,778,343			1,816,232			9,898,412			39,497,615			(17,087,032	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		(65,461,743	)					(19,252	)					(15,433,139	)
Net investment income - Class P					(5,568,048	)					(279,701	)					—
Net realized gains - Class P					(5,764,837	)					(10,976,374	)					—
Net Decrease from Dividends and Distributions to Shareholders		(65,461,743	)		(11,332,885	)		(19,252	)		(11,256,075	)		(15,433,139	)		—

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		96,163,101			2,825,708			10,035,915			226,914			601,760,853			750,387,520
Dividends and distribution reinvestments - Class P		65,461,743			11,332,885			19,252			11,256,075			15,433,139			—
Cost of shares repurchased - Class P		(88,855,637	)		(318,212,161	)		(33,232,671	)		(44,826,567	)		(238,144,754	)		(10	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		72,769,207			(304,053,568	)		(23,177,504	)		(33,343,578	)		379,049,238			750,387,510
NET INCREASE (DECREASE) IN NET ASSETS		16,102,773			(278,608,110	)		(21,380,524	)		(34,701,241	)		403,113,714			733,300,478

NET ASSETS
Beginning of Year or Period		154,943,145			433,551,255			31,309,610			66,010,851			733,300,478			—
End of Year or Period		$171,045,918			$154,943,145			$9,929,086			$31,309,610			$1,136,414,192			$733,300,478
Undistributed/Accumulated Net Investment Income (Loss)					$625,163						($1,016	)					$1,064,555

	PF Small-Cap Value Fund						PF Emerging Markets Fund						PF International Large-Cap Fund
OPERATIONS
Net investment income (loss)		$268,454			$194,522			$1,218,468			$1,311,410			$1,555,077			$2,258,631
Net realized gain (loss)		8,893,312			13,993,171			10,877,865			29,818,496			36,177,793			32,271,447
Change in net unrealized appreciation (depreciation)		(11,477,373	)		(5,896,589	)		(19,711,594	)		17,643,260			(36,938,400	)		(6,291,224	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,315,607	)		8,291,104			(7,615,261	)		48,773,166			794,470			28,238,854

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		(16,428,676	)					(15,394,527	)					(24,018,845	)
Net investment income - Class P					(230,521	)					(1,205,327	)					(2,849,998	)
Net realized gains - Class P					(15,035,437	)					—						—
Net Decrease from Dividends and Distributions to Shareholders		(16,428,676	)		(15,265,958	)		(15,394,527	)		(1,205,327	)		(24,018,845	)		(2,849,998	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		16,035,351			759,572			39,212,019			2,759,146			24,020,771			5,456,504
Dividends and distribution reinvestments - Class P		16,428,676			15,265,958			15,394,527			1,205,327			24,018,845			2,849,998
Cost of shares repurchased - Class P		(24,616,740	)		(46,126,238	)		(76,101,427	)		(73,761,115	)		(92,047,573	)		(84,980,635	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		7,847,287			(30,100,708	)		(21,494,881	)		(69,796,642	)		(44,007,957	)		(76,674,133	)
NET INCREASE (DECREASE) IN NET ASSETS		(10,896,996	)		(37,075,562	)		(44,504,669	)		(22,228,803	)		(67,232,332	)		(51,285,277	)

NET ASSETS
Beginning of Year		81,514,542			118,590,104			178,391,453			200,620,256			125,384,492			176,669,769
End of Year		$70,617,546			$81,514,542			$133,886,784			$178,391,453			$58,152,160			$125,384,492
Undistributed/Accumulated Net Investment Income (Loss)					($743	)					($1,522,112	)					($249,495	)

(1)	PF Multi-Asset Fund commenced operations on January 31, 2018.

See Notes to Financial Statements

C-8

PACIFIC FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	Year Ended March 31, 2019			Year Ended March 31, 2018			Year Ended March 31, 2019			Year Ended March 31, 2018			Year Ended March 31, 2019			Year Ended March 31, 2018
	PF International Small-Cap Fund						PF International Value Fund						PF Real Estate Fund
OPERATIONS
Net investment income (loss)		$1,197,488			$754,316			$2,517,011			$5,038,239			$1,059,830			$777,524
Net realized gain (loss)		(6,811,636	)		4,296,821			5,364,607			27,546,854			4,602,459			4,246,790
Change in net unrealized appreciation (depreciation)		(6,345,071	)		1,654,919			(16,069,439	)		(9,695,966	)		1,960,973			(6,500,964	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(11,959,219	)		6,706,056			(8,187,821	)		22,889,127			7,623,262			(1,476,650	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		(1,873,319	)					(13,896,218	)					(6,470,668	)
Net investment income - Class P					(1,105,961	)					(7,139,546	)					(616,661	)
Net realized gains - Class P					(3,413,550	)					—						(5,759,868	)
Net Decrease from Dividends and Distributions to Shareholders		(1,873,319	)		(4,519,511	)		(13,896,218	)		(7,139,546	)		(6,470,668	)		(6,376,529	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		13,122,384			49,538,815			23,359,226			5,213,861			51,075,260			9,367,327
Dividends and distribution reinvestments - Class P		1,873,319			4,519,511			13,896,218			7,139,546			6,470,668			6,376,529
Cost of shares repurchased - Class P		(59,045,777	)		(9,226,369	)		(93,840,625	)		(59,107,900	)		(18,505,117	)		(5,409,463	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(44,050,074	)		44,831,957			(56,585,181	)		(46,754,493	)		39,040,811			10,334,393
NET INCREASE (DECREASE) IN NET ASSETS		(57,882,612	)		47,018,502			(78,669,220	)		(31,004,912	)		40,193,405			2,481,214

NET ASSETS
Beginning of Year		89,816,280			42,797,778			143,625,549			174,630,461			41,519,218			39,038,004
End of Year		$31,933,668			$89,816,280			$64,956,329			$143,625,549			$81,712,623			$41,519,218
Undistributed/Accumulated Net Investment Income (Loss)					($93,534	)					$593,345						$141,085

	PF Currency Strategies Fund						PF Equity Long/Short Fund
OPERATIONS
Net investment income (loss)		$432,920			($119,890	)		$244,190			($300,859	)
Net realized gain (loss)		964,325			(900,769	)		(3,738,790	)		16,433,672
Change in net unrealized appreciation (depreciation)		(884,904	)		(433,088	)		(5,583,193	)		(6,424,573	)
Net Increase (Decrease) in Net Assets Resulting from Operations		512,341			(1,453,747	)		(9,077,793	)		9,708,240

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Total distributable earnings - Class P		—						(2,425,959	)
Net investment income - Class P					(2,053,772	)					(4,575,880	)
Net realized gains - Class P					—						(5,371,424	)
Net Decrease from Dividends and Distributions to Shareholders		—			(2,053,772	)		(2,425,959	)		(9,947,304	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		9,333,517			7,841,564			22,981,830			3,506,269
Dividends and distribution reinvestments - Class P		—			2,053,772			2,425,959			9,947,304
Cost of shares repurchased - Class P		(27,863,804	)		(31,655,007	)		(33,156,148	)		(27,173,385	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(18,530,287	)		(21,759,671	)		(7,748,359	)		(13,719,812	)
NET INCREASE (DECREASE) IN NET ASSETS		(18,017,946	)		(25,267,190	)		(19,252,111	)		(13,958,876	)

NET ASSETS
Beginning of Year		62,555,101			87,822,291			57,122,582			71,081,458
End of Year		$44,537,155			$62,555,101			$37,870,471			$57,122,582
Undistributed/Accumulated Net Investment Income (Loss)					($1,805,479	)					($5,259,736	)

See Notes to Financial Statements

C-9

PACIFIC FUNDS

STATEMENT OF CASH FLOWS (1)

FOR THE YEAR ENDED MARCH 31, 2019


		PF Inflation Managed Fund
CASH FLOWS FROM OPERATING ACTIVITIES (2):
Net increase (decrease) in net assets from operations			$1,241,236
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		(106,304,473	)
	Proceeds from disposition of long-term securities		135,465,681
	Proceeds (purchases) of short-term securities, net		4,512,750
	Proceeds (purchases) from foreign currency transactions		4,370
	(Increase) decrease in dividends and interest receivable		20,495
	(Increase) decrease in receivable for securities sold		(15,650,780	)
	(Increase) decrease in receivable for swap agreements		13,394
	(Increase) decrease in receivable due from adviser		(2,669	)
	(Increase) decrease in prepaid expenses and other assets		(174	)
	(Increase) decrease in variation margin on futures contracts		(31,288	)
	(Increase) decrease in variation margin on swap agreements		(65,901	)
	Increase (decrease) in swap premiums		(2,693	)
	Increase (decrease) in payable for securities purchased		9,307,141
	Increase (decrease) in payable for due to custodian		(16	)
	Increase (decrease) in payable for swap agreements		2,503
	Increase (decrease) in accrued advisory fees		650
	Increase (decrease) in accrued administration fees		244
	Increase (decrease) in accrued support services expenses		2,342
	Increase (decrease) in accrued custodian fees and expenses		4,757
	Increase (decrease) in accrued legal, audit and tax service fees		4,496
	Increase (decrease) in accrued trustees’ fees and expenses and deferred compensation		471
	Increase (decrease) in accrued other payable		10,192
	Change in net unrealized (appreciation) depreciation on investment securities		(519,843	)
	Change in net unrealized (appreciation) depreciation on foreign currencies		(4,370	)
	Change in net unrealized (appreciation) depreciation on forward foreign currency contracts		(57,760	)
	Change in net unrealized (appreciation) depreciation on purchased options		(25,019	)
	Change in net unrealized (appreciation) depreciation on swaps (3)		(7,062	)
	Change in net unrealized (appreciation) depreciation on written options		27,626
	Net realized (gain) loss on investment security transactions		447,816
	Net realized (gain) loss on foreign currency transactions		90,386
	Net realized (gain) loss on purchased option transactions		12,415
	Net realized (gain) loss on written option transactions		(103,842	)
	Net amortization on investments		180,871
Net cash provided by (used in) operating activities			28,573,946

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from shares sold			2,264,026
Payment of shares redeemed			(38,327,188	)
Increase (decrease) in payable for reverse repurchase agreement			(2,450,000	)
Proceeds from sale-buyback financing activities			1,156,274,892
Payment on sale-buyback financing transactions			(1,146,119,514	)
Net cash provided by (used in) financing activities			(28,357,784	)

NET INCREASE (DECREASE) IN CASH AND FOREIGN CURRENCY			216,162

CASH AND FOREIGN CURRENCY:
Beginning of Year			360,013
End of Year (4)			$576,175

(1)

Information on financial transactions which have been settled through the receipt or disbursement of cash is presented in the Statement of Cash Flows. The cash amounts shown in the Statement of Cash Flows are the amount included within the Statements of Assets and Liabilities and include cash and foreign currency, if any, but does not include any short-term investments. The PF Inflation Managed Fund has not met the exemption criteria under the Financial Accounting Standards Board Accounting Standards Codification Topic 230, Statement of Cash Flows, and therefore includes a Statement of Cash Flows. All other funds have met the exemption criteria.

(2)	Interest paid by the PF Inflation Managed Fund was $345,818.

(3)	Excludes centrally cleared swaps included in variation margin.

(4)	Includes cash (segregated for derivative instruments) of $400,000.

See Notes to Financial Statements

C-10

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS

Selected per share, ratios and supplemental data for each year or period ended March 31, were as follows:


Fund	Selected Per Share Data																						Ratios to Average Net Assets									Supplemental Data
			Investment Operations									Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
PF Inflation Managed Fund
4/1/2018 - 3/31/2019		$8.88		$0.16			$0.05			$0.21			($0.28	)		$—			($0.28	)		$8.81		1.15	%		1.07	%(6)		1.86	%		2.50	%		$40,949		126	%
4/1/2017 - 3/31/2018		8.92		0.27			(0.19	)		0.08			(0.12	)		—			(0.12	)		8.88		1.06	%		0.94	%		3.08	%		0.87	%		75,772		108	%
4/1/2016 - 3/31/2017		8.73		0.29			(0.10	)		0.19			—			—			—			8.92		0.98	%		0.80	%		3.35	%		2.18	%		13,130		194	%
4/1/2015 - 3/31/2016		8.80		0.20			(0.27	)		(0.07	)		—			—			—			8.73		0.79	%		0.64	%		2.36	%		(0.80	%)		52,190		89	%
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	%
PF Managed Bond Fund
4/1/2018 - 3/31/2019		$10.58		$0.31			$0.03			$0.34			($0.36	)		$—			($0.36	)		$10.56		0.72	%		0.63	%(6)		3.02	%		3.43	%		$497,359		520	%
4/1/2017 - 3/31/2018		10.67		0.29			0.05			0.34			(0.42	)		(0.01	)		(0.43	)		10.58		0.64	%		0.57	%		2.63	%		3.29	%		598,676		364	%
4/1/2016 - 3/31/2017		10.57		0.26			0.10			0.36			(0.15	)		(0.11	)		(0.26	)		10.67		0.64	%		0.56	%		2.39	%		3.42	%		742,216		372	%
4/1/2015 - 3/31/2016		11.06		0.28			(0.16	)		0.12			(0.25	)		(0.36	)		(0.61	)		10.57		0.64	%		0.55	%		2.58	%		1.31	%		421,377		370	%
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	%
PF Short Duration Bond Fund
4/1/2018 - 3/31/2019		$9.79		$0.23			$0.07			$0.30			($0.16	)		$—			($0.16	)		$9.93		0.64	%		0.55	%		2.34	%		3.05	%		$155,358		164	%
4/1/2017 - 3/31/2018		9.88		0.15			(0.09	)		0.06			(0.15	)		—			(0.15	)		9.79		0.63	%		0.55	%		1.56	%		0.65	%		112,269		67	%
4/1/2016 - 3/31/2017		9.84		0.12			0.01			0.13			(0.09	)		—			(0.09	)		9.88		0.68	%		0.55	%		1.16	%		1.36	%		167,639		233	%
4/1/2015 - 3/31/2016		10.01		0.12			(0.09	)		0.03			(0.20	)		—			(0.20	)		9.84		0.65	%		0.55	%		1.18	%		0.35	%		75,899		98	%
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	%
PF Emerging Markets Debt Fund
4/1/2018 - 3/31/2019		$9.37		$0.47			($0.54	)		($0.07	)		($0.13	)		$—			($0.13	)		$9.17		1.09	%		0.93	%		5.37	%		(0.61	%)		$71,599		60	%
4/1/2017 - 3/31/2018		9.39		0.51			0.30			0.81			(0.83	)		—			(0.83	)		9.37		1.11	%		0.94	%		5.28	%		8.76	%		85,758		68	%
4/1/2016 - 3/31/2017		9.14		0.72			0.58			1.30			(1.05	)		—			(1.05	)		9.39		1.10	%		0.94	%		7.58	%		14.88	%		42,614		75	%
4/1/2015 - 3/31/2016		8.89		0.61			(0.35	)		0.26			(0.01	)		—			(0.01	)		9.14		1.07	%		0.94	%		6.91	%		2.93	%		108,161		80	%
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	%
PF Developing Growth Fund
4/1/2018 - 3/31/2019		$14.84		($0.09	)		$3.80			$3.71			$—			($0.12	)		($0.12	)		$18.43		0.87	%		0.75	%		(0.55	%)		25.05	%		$15,687		127	%
4/1/2017 - 3/31/2018		11.50		(0.06	)		3.40			3.34			—			—			—			14.84		0.90	%		0.75	%		(0.45	%)		29.04	%		9,463		86	%
4/1/2016 - 3/31/2017		9.80		(0.04	)		1.74			1.70			—			—			—			11.50		0.90	%		0.75	%		(0.40	%)		17.35	%		8,805		123	%
4/1/2015 - 3/31/2016		14.80		(0.07	)		(3.18	)		(3.25	)		—			(1.75	)		(1.75	)		9.80		0.82	%		0.75	%		(0.51	%)		(23.59	%)		42,196		229	%
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	%
PF Growth Fund
4/1/2018 - 3/31/2019		$25.38		$0.00	(7)		$3.62			$3.62			($0.01	)		($1.81	)		($1.82	)		$27.18		0.77	%		0.70	%		0.01	%		14.99	%		$186,331		28	%
4/1/2017 - 3/31/2018		20.94		0.04			5.33			5.37			(0.04	)		(0.89	)		(0.93	)		25.38		0.76	%		0.70	%		0.16	%		25.93	%		206,732		34	%
4/1/2016 - 3/31/2017		18.82		0.02			2.61			2.63			(0.02	)		(0.49	)		(0.51	)		20.94		0.77	%		0.70	%		0.12	%		14.25	%		135,132		43	%
4/1/2015 - 3/31/2016		19.30		0.02			0.43			0.45			(0.09	)		(0.84	)		(0.93	)		18.82		0.76	%		0.70	%		0.11	%		2.17	%		122,698		35	%
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	%
PF Large-Cap Value Fund
4/1/2018 - 3/31/2019		$17.14		$0.24			$0.46			$0.70			($0.17	)		($5.72	)		($5.89	)		$11.95		0.86	%		0.80	%		1.55	%		5.49	%		$171,046		43	%
4/1/2017 - 3/31/2018		16.60		0.22			0.79			1.01			(0.23	)		(0.24	)		(0.47	)		17.14		0.86	%		0.80	%		1.27	%		6.01	%		154,943		7	%
4/1/2016 - 3/31/2017		14.78		0.22			2.11			2.33			(0.20	)		(0.31	)		(0.51	)		16.60		0.86	%		0.80	%		1.40	%		15.88	%		433,551		21	%
4/1/2015 - 3/31/2016		16.46		0.23			(0.43	)		(0.20	)		(0.22	)		(1.26	)		(1.48	)		14.78		0.86	%		0.80	%		1.45	%		(1.29	%)		299,971		10	%
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	%
PF Mid-Cap Equity Fund
4/1/2018 - 3/31/2019		$10.73		$0.06			$0.51			$0.57			($0.02	)		$—			($0.02	)		$11.28		0.93	%		0.80	%		0.56	%		5.37	%		$9,929		119	%
4/1/2017 - 3/31/2018		11.00		0.05			1.75			1.80			(0.04	)		(2.03	)		(2.07	)		10.73		0.88	%		0.80	%		0.40	%		16.31	%		31,310		77	%
4/1/2016 - 3/31/2017		10.63		0.05			2.43			2.48			(0.17	)		(1.94	)		(2.11	)		11.00		0.89	%		0.80	%		0.45	%		24.02	%		66,011		101	%
4/1/2015 - 3/31/2016		12.15		0.15			(0.59	)		(0.44	)		(0.12	)		(0.96	)		(1.08	)		10.63		0.86	%		0.80	%		1.34	%		(3.79	%)		169,595		184	%
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	%
PF Multi-Asset Fund
4/1/2018 - 3/31/2019		$9.42		$0.21			$0.31			$0.52			($0.13	)		$—			($0.13	)		$9.81		0.56	%		0.51	%		2.21	%		5.72	%		$1,136,414		75	%
1/31/2018 - 3/31/2018		10.00		0.03			(0.61	)		(0.58	)		—			—			—			9.42		0.59	%		0.51	%		1.68	%		(5.80	%)		733,300		37	%


See Notes to Financial Statements		See explanation of references, if any, on C-13

C-11

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

Selected per share, ratios and supplemental data for each year or period ended March 31, were as follows:


Fund	Selected Per Share Data																						Ratios to Average Net Assets									Supplemental Data
			Investment Operations									Distributions
For the Year or Period Ended (1)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss) (2)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Total			Net Asset Value, End of Year or Period		Expenses Before Reductions (3)			Expenses After Reductions (3), (4)			Net Investment Income (Loss) (3)			Total Returns (5)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
PF Small-Cap Value Fund
4/1/2018 - 3/31/2019		$11.22		$0.04			($0.56	)		($0.52	)		($0.03	)		($2.46	)		($2.49	)		$8.21		0.97	%		0.90	%		0.35	%		(4.23	%)		$70,618		56	%
4/1/2017 - 3/31/2018		12.09		0.02			0.79			0.81			(0.02	)		(1.66	)		(1.68	)		11.22		0.97	%		0.90	%		0.17	%		6.54	%		81,515		30	%
4/1/2016 - 3/31/2017		10.14		0.01			2.44			2.45			(0.07	)		(0.43	)		(0.50	)		12.09		0.98	%		0.90	%		0.12	%		23.99	%		118,590		49	%
4/1/2015 - 3/31/2016		10.45		0.03			(0.27	)		(0.24	)		(0.01	)		(0.06	)		(0.07	)		10.14		0.96	%		0.90	%		0.33	%		(2.29	%)		199,324		55	%
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	%
PF Emerging Markets Fund
4/1/2018 - 3/31/2019		$17.30		$0.13			($0.95	)		($0.82	)		($0.09	)		($1.68	)		($1.77	)		$14.71		1.16	%		0.95	%		0.84	%		(3.61	%)		$133,887		46	%
4/1/2017 - 3/31/2018		13.81		0.10			3.49			3.59			(0.10	)		—			(0.10	)		17.30		1.20	%		0.95	%		0.63	%		25.93	%		178,391		34	%
4/1/2016 - 3/31/2017		12.09		0.08			1.71			1.79			(0.07	)		—			(0.07	)		13.81		1.20	%		0.95	%		0.64	%		14.83	%		200,620		69	%
4/1/2015 - 3/31/2016		13.58		0.10			(1.47	)		(1.37	)		(0.12	)		—			(0.12	)		12.09		1.23	%		0.95	%		0.84	%		(10.09	%)		118,049		65	%
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	%
PF International Large-Cap Fund
4/1/2018 - 3/31/2019		$20.85		$0.41			($1.09	)		($0.68	)		($0.24	)		($8.30	)		($8.54	)		$11.63		1.19	%		1.00	%		2.32	%		0.62	%		$58,152		41	%
4/1/2017 - 3/31/2018		18.19		0.26			2.74			3.00			(0.34	)		—			(0.34	)		20.85		1.14	%		1.00	%		1.28	%		16.54	%		125,384		10	%
4/1/2016 - 3/31/2017		16.69		0.25			1.58			1.83			(0.33	)		—			(0.33	)		18.19		1.13	%		1.00	%		1.46	%		11.17	%		176,670		16	%
4/1/2015 - 3/31/2016		18.50		0.20			(1.85	)		(1.65	)		(0.16	)		—			(0.16	)		16.69		1.10	%		1.00	%		1.17	%		(8.93	%)		289,863		24	%
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	%
PF International Small-Cap Fund
4/1/2018 - 3/31/2019		$11.24		$0.17			($1.58	)		($1.41	)		($0.05	)		($0.19	)		($0.24	)		$9.59		1.18	%		1.10	%		1.61	%		(12.54	%)		$31,934		50	%
4/1/2017 - 3/31/2018		10.50		0.19			1.79			1.98			(0.29	)		(0.95	)		(1.24	)		11.24		1.16	%		1.10	%		1.63	%		19.24	%		89,816		52	%
4/1/2016 - 3/31/2017		10.27		0.21			1.10			1.31			(0.41	)		(0.67	)		(1.08	)		10.50		1.18	%		1.09	%		2.07	%		13.85	%		42,798		53	%
4/1/2015 - 3/31/2016		10.69		0.15			(0.12	)		0.03			(0.32	)		(0.13	)		(0.45	)		10.27		1.11	%		1.08	%		1.37	%		0.22	%		118,558		51	%
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
4/1/2018 - 3/31/2019		$10.17		$0.28			($1.20	)		($0.92	)		($0.34	)		($1.40	)		($1.74	)		$7.51		0.98	%		0.80	%		2.99	%		(8.51	%)		$64,956		54	%
4/1/2017 - 3/31/2018		9.31		0.30			0.99			1.29			(0.43	)		—			(0.43	)		10.17		0.92	%		0.80	%		2.95	%		14.01	%		143,626		111	%
4/1/2016 - 3/31/2017		8.35		0.21			1.03			1.24			(0.28	)		—			(0.28	)		9.31		0.90	%		0.80	%		2.43	%		15.15	%		174,630		67	%
4/1/2015 - 3/31/2016		9.51		0.16			(1.19	)		(1.03	)		(0.13	)		—			(0.13	)		8.35		0.92	%		0.80	%		1.80	%		(10.87	%)		140,760		73	%
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	%
PF Real Estate Fund
4/1/2018 - 3/31/2019		$11.86		$0.28			$1.75			$2.03			($0.21	)		($1.42	)		($1.63	)		$12.26		1.12	%		0.98	%		2.31	%		18.20	%		$81,713		104	%
4/1/2017 - 3/31/2018		14.94		0.30			(0.75	)		(0.45	)		(0.22	)		(2.41	)		(2.63	)		11.86		1.13	%		1.05	%		2.12	%		(4.15	%)		41,519		47	%
4/1/2016 - 3/31/2017		15.99		0.16			(0.18	)		(0.02	)		(0.39	)		(0.64	)		(1.03	)		14.94		1.12	%		1.05	%		1.01	%		(0.14	%)		39,038		27	%
4/1/2015 - 3/31/2016		16.87		0.36			0.15			0.51			(0.23	)		(1.16	)		(1.39	)		15.99		1.12	%		1.05	%		2.33	%		3.61	%		70,717		26	%
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	%
PF Currency Strategies Fund
4/1/2018 - 3/31/2019		$9.12		$0.07			$0.01			$0.08			$—			$—			$—			$9.20		0.87	%		0.87	%		0.76	%		0.88	%		$44,537		97	%
4/1/2017 - 3/31/2018		9.49		(0.01	)		(0.13	)		(0.14	)		(0.23	)		—			(0.23	)		9.12		0.88	%		0.88	%		(0.15	%)		(1.32	%)		62,555		0	%
4/1/2016 - 3/31/2017		9.75		(0.06	)		0.90			0.84			(1.10	)		—			(1.10	)		9.49		0.90	%		0.90	%		(0.62	%)		8.95	%		87,822		0	%
4/1/2015 - 3/31/2016		9.92		(0.08	)		0.11			0.03			(0.20	)		—			(0.20	)		9.75		0.86	%		0.86	%		(0.78	%)		0.35	%		127,251		82	%
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	%
PF Equity Long/Short Fund
4/1/2018 - 3/31/2019		$9.71		$0.04			($1.51	)		($1.47	)		($0.15	)		($0.25	)		($0.40	)		$7.84		1.55	%		1.40	%		0.52	%		(15.08	%)		$37,870		0	%
4/1/2017 - 3/31/2018		9.78		(0.04	)		1.41			1.37			(0.64	)		(0.80	)		(1.44	)		9.71		1.39	%		1.24	%		(0.41	%)		14.45	%		57,123		0	%
4/1/2016 - 3/31/2017		10.31		(0.10	)		1.38			1.28			(1.81	)		—			(1.81	)		9.78		1.43	%		1.28	%		(0.95	%)		13.10	%		71,081		0	%
4/27/2015 - 3/31/2016		10.00		(0.12	)		2.09			1.97			(1.66	)		—			(1.66	)		10.31		1.42	%		1.27	%		(1.21	%)		20.01	%		167,587		0	%


See Notes to Financial Statements		See explanation of references, if any, on C-13

C-12

PACIFIC FUNDS

FINANCIAL HIGHLIGHTS (Continued)

Selected per share, ratios and supplemental data for each year or period ended March 31, were as follows:

(1)	For share classes that commenced operations after April 1, 2014, the first date reported represents the commencement date of operations for that share class.

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

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

(4)	The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any, 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 distribution, if any. Total returns are not annualized for periods less than one full year.

(6)	The annualized ratios of expenses, excluding interest expense, after expense reductions to average net assets for the year ended March 31, 2019 are as follows:


Fund	Class P
PF Inflation Managed Fund		0.55%
PF Managed Bond Fund		0.55%

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


See Notes to Financial Statements

C-13

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS

1. ORGANIZATION

Pacific Funds Series Trust (which may be referred to as “Pacific Funds” or the “Trust”) is registered under the Investment Company Act of 1940 (“1940 Act”), as amended, as a diversified, open-end, management investment company, and is organized as a Delaware statutory trust. Pacific Life Fund Advisors LLC (“PLFA” or the “Investment Adviser”) serves as investment adviser to the Trust. As of March 31, 2019, the Trust was comprised of thirty-four separate active funds, seventeen of which are presented in these financial statements (each individually a “Fund”, and collectively the “Funds”). All of the Funds listed in the table below (collectively known as the “PF Underlying Funds”) offer Class P shares only, which are sold at net asset value:



PF Underlying Funds

PF Inflation Managed Fund	PF Large-Cap Value Fund	PF International Small-Cap Fund

PF Managed Bond Fund	PF Mid-Cap Equity Fund (1)	PF International Value Fund

PF Short Duration Bond Fund	PF Multi-Asset Fund	PF Real Estate Fund

PF Emerging Markets Debt Fund	PF Small-Cap Value Fund	PF Currency Strategies Fund

PF Developing Growth Fund	PF Emerging Markets Fund	PF Equity Long/Short Fund

PF Growth Fund	PF International Large-Cap Fund

(1)	Class P shares of the PF Mid-Cap Equity are currently not available for investment by any fund of funds of the Trust.

Presently, only the following Fund of Funds, the Investment Adviser, and certain of its affiliates can invest in Class P shares of the PF Underlying Funds.



Fund of Funds

Pacific Funds^SM Portfolio Optimization Conservative*		Pacific Funds^SM Portfolio Optimization Growth*

Pacific Funds^SM Portfolio Optimization Moderate-Conservative*		Pacific Funds^SM Portfolio Optimization Aggressive-Growth*

Pacific Funds^SM Portfolio Optimization Moderate*		Pacific Funds^SM Diversified Alternatives

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

There is a separate annual report containing the financial statements for the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives, which is available without charge. For information on how to obtain the annual report for these Funds, see the Where to Go for More Information section of this report on page F-20.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the increases and decreases in net assets from operations during the reporting period. Actual results 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. The following Accounting Standards Update(s) (each an “ASU”) were implemented during this reporting cycle.

On November 17, 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. This update intends to reduce diversity in the presentation of restricted cash and restricted cash equivalents in the statement. Any restricted cash and restricted cash equivalents is included as components of cash and cash equivalents as presented on the statement of cash flows (disclosures have been amended as reported on page C-10).

On August 28, 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. This update intends to improve the effectiveness of disclosure requirements on fair value measurements, including the consideration of costs and benefits. As a result of the implementation of ASU 2018-13, certain disclosures were removed from the Schedules of Investments and Note 3D.

A. INVESTMENT TRANSACTIONS AND INCOME

D-1

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

transactions are recorded on the basis of identified cost. Gains and losses realized on principal paydowns from mortgage-backed and asset-backed securities are recorded as interest income. Litigation settlements on securities that were previously held are recorded as realized gains on investment securities.

B. DISTRIBUTIONS TO SHAREHOLDERS

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. Each Fund may utilize the consent dividend provision of Section 565 of the Internal Revenue Code to effectively distribute income and capital gains for tax purposes even though they are not actually paid by the Fund.

C. FOREIGN CURRENCY TRANSLATION

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. NEW PRONOUNCEMENTS NOT YET ADOPTED

3. VALUATION AND FAIR VALUE MEASUREMENTS

A. VALUATION POLICY

B. DETERMINATION OF NET ASSET VALUE (“NAV”)

Each Fund presented in these financial statements is divided into shares. The price per share of a Fund’s shares is called its 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.

D-2

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

C. INVESTMENT VALUATION

Domestic Equity Investments

Foreign Equity Investments

For foreign equity investments, the Trust generally uses the official closing price or the last reported sale price from the principal foreign exchanges, 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 Contracts, Option Contracts, and Swap Agreements

Exchange traded futures contracts, option contracts, and swap agreements are generally valued using the settlement price determined by the relevant exchange. Exchange traded futures contracts, option contracts, and swap agreements 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 forward commitments, swap agreements and option contracts) are generally valued by approved pricing services that use evaluated prices from various observable market and other factors. Certain OTC swap agreements are valued using industry pricing models, broker quotes or other methodologies pursuant to the Trust’s 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

Investments in Mutual Funds

Fund investments in affiliated or unaffiliated mutual funds are valued at their respective published NAVs.

Investment Values Determined by a Valuation Committee

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

D. FAIR VALUE MEASUREMENTS AND DISCLOSURES

D-3

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

• 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 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 (as described in Note 3C) and based on significant observable inputs are reflected as Level 2. Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. A summary of each Fund’s investments as of March 31, 2019, as categorized under the three-tier hierarchy of inputs, 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 (foreign or domestic) that are actively traded on a securities exchange are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to these securities, they are categorized as Level 1. Equity securities traded on inactive markets and certain foreign equity securities are fair valued using significant other observable inputs which include broker-dealer quotes, recently executed transactions adjusted for changes in the benchmark index, or evaluated price quotes received from pricing vendors that take into account the integrity of the market sector and issuer, the individual characteristics of the security, and information received from broker-dealers and other market sources pertaining to the issuer or security. To the extent that these inputs are observable and timely, the fair values of these securities would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

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

U.S. Treasury Obligations

Mortgage-Backed and Asset-Backed Securities

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

Municipal Bonds

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

Foreign Government Bonds and Notes

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

D-4

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

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.

Futures Contracts

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

Option Contracts

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

Forward Foreign Currency Contracts

Forward foreign currency contracts are fair valued using the mean between broker-dealer bid and ask quotations, and forward foreign currency exchange rates gathered from leading market makers. To the extent that these inputs are observable and timely, the fair values of forward foreign currency contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Swap Agreements

Interest Rate Swaps – Interest rate swaps that are 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 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 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 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 of future cash flows, 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

D-5

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

Unfunded loan commitments on senior loan participations and assignments, if any, are marked to market daily and valued according to the Trust’s valuation policies and procedures. Any outstanding unfunded loan commitments are presented in 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 March 31, 2019, none of the Funds presented in this report had any unfunded loan commitments.

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

Market and Regulatory Risks

Equity Investments

Debt Investments

D-6

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

Foreign and Emerging Markets Investments

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

The countries listed in the Schedules of Investments for individual investment holdings (each a “Holding”) are each considered the country of risk to which a Holding, and therefore the Fund, is exposed. Each Holding’s country of risk is obtained from a third-party source that uses factors such as reporting currency, sales/revenue and location of management of the Holding’s issuer to determine country of risk. The country of risk may not be exclusive, however, as there may be other countries of risk to which a Holding is exposed that are not disclosed, although the country identified is expected to be the primary country of risk for that Holding. A Holding is generally subject to greater country risk based on where it conducts business or is economically tied to rather than where it is formed or incorporated. Foreign markets risks may include currency risk, market and regulatory risk, liquidity risk, emerging markets risk, frontier markets risk and geographic focus risk, among other risks.

Senior Loan Participations and Assignments

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 a Fund to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgage and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or issuers will meet their obligations.

D-7

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

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

When-Issued Securities

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

Delayed-Delivery Transactions

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

Repurchase Agreements

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

D-8

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

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

Borrowings and Other Financing Transactions

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

Reverse Repurchase Agreements – Certain Funds may enter into reverse repurchase agreements. In a reverse repurchase agreement, a Fund sells a security that it holds to a financial institution with an agreement to repurchase the same security at an agreed-upon price and date. Securities sold under reverse repurchase agreements are recorded as a liability. Interest payments made are recorded as a component of interest expense. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A reverse repurchase agreement involves the risk that the market value of the security sold by a Fund may decline below the repurchase price of the security. A Fund will segregate assets determined to be liquid by the manager or otherwise cover its obligations under reverse repurchase agreements.

Sale-Buybacks Financing Transactions – Certain Funds may enter into transactions referred to as sale-buybacks. A sale-buyback transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. Such transactions are recorded as secured borrowings. A Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Fund are recorded as a liability. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the price drop. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income. Interest payments based upon negotiated financing terms made by the Fund to counterparties are recorded as a component of interest expense. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to a Fund. A Fund will segregate assets determined to be liquid or otherwise cover its obligations under sale-buyback transactions.

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

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

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

Segregation and Collateral

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

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

A. PRINCIPAL MARKET RISKS MANAGED BY INVESTING IN DERIVATIVES

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

D-9

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

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.

B. DERIVATIVE INVESTMENTS

Futures Contracts – A futures contract is a commitment to buy or sell a specific amount of a financial instrument or commodity at a negotiated price on a specified future date. Futures contracts are subject to the possibility of illiquid markets, and the possibility of an imperfect correlation between the value of the instruments and the underlying securities. Initial margin is deposited with a futures broker upon entering into futures contracts and can be funded with either cash or securities, in accordance with the initial margin requirements of the broker or the exchange. During the period a futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking-to-market on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin receivables or payables represent the difference between the change in unrealized appreciation and depreciation on the open contracts and the cash deposits made on the margin accounts. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s cost of the contract. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

D-10

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

During the reporting period, the following Funds entered into futures contracts for the reasons described: the PF Inflation Managed and PF Managed Bond Funds used futures contracts to manage interest rate risk exposure, as a substitute for cash bond exposure, and for purposes of liquidity. The PF Short Duration Bond Fund entered into interest rate futures to manage duration and yield curve exposure. The PF Multi-Asset Fund entered into futures contracts to gain exposure to various markets, for purposes of hedging, and as part of the Fund’s investment strategy. The PF Equity Long/Short Fund used futures to gain exposure to equity markets.

Option Contracts – An option contract is a commitment that gives the purchaser of the contract the right, but not the obligation, to buy or sell an underlying reference asset at a specific price on or before a specified future date. On the other hand, the writer of an option contract is obligated, upon the exercise of the option, to buy or sell an underlying reference asset at a specific price on or before a specified future date. A swaption is an option contract granting the owner the right to enter into an underlying swap. Inflation-capped options are options on U.S. inflation rates at a stated strike price. The seller of an inflation-capped option receives an upfront premium and in return the buyer receives the right to receive a payment at the expiration of the option if the cumulative annualized inflation rate over the life of the option is above (for caps) or below (for floors) the stated strike price. The purpose of inflation-capped options is to protect the buyer from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products below a certain rate on a given notional exposure. Writing put options or purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Writing call options or purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes or purchases a call, put, or inflation-capped option, an amount equal to the premium received or paid by the Fund is recorded as a liability or an investment, respectively, and subsequently adjusted to the current market value, based on the quoted daily settlement price of the option written or purchased. Certain options may be written or purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. Premiums received or paid from writing or purchasing options, which expire unexercised, are treated by a Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or realized is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or loss on investment transactions. A Fund, as a writer of an option, may have no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the underlying written option. In addition, an illiquid market may make it difficult for a Fund to close out an option contract.

The maximum risk of loss associated with writing put options is limited to the exercised fair value of the option contract. The maximum risk of loss associated with writing call options is potentially unlimited. Listed option contracts present minimal counterparty credit risk since they are 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 Fund purchased and wrote options on futures, currencies, bond indices, and swaps as a means of capitalizing on anticipated changes in market volatility and to generate income. The PF Managed Bond Fund purchased and wrote options and swaptions on futures, bond indices, currencies, and swaps and also purchased options on TBAs as a means of capitalizing on anticipated changes in market volatility and to generate income. The PF Managed Bond Fund held inflation floors, and the PF Inflation Managed Fund held inflation caps and floors, to hedge duration. The PF Currency Strategies Fund purchased options to hedge risk on currency investments.

Forward Foreign Currency Contracts – A forward foreign currency contract (“Forward Contract”) is a commitment to buy or sell a specific amount of a foreign currency at a negotiated price on a specified future date. Forward Contracts can help a Fund manage the risk of changes in currency exchange rates. The market value of a Forward Contract fluctuates with changes in foreign currency rates. These contracts are marked-to-market daily at the applicable forward currency translation rates. A Fund records realized gains or losses at the time the Forward Contract is closed. A Forward Contract is extinguished through a closing transaction or upon delivery of the currency or entering an offsetting contract. A Fund’s maximum risk of loss from counterparty credit risk related to Forward Contracts is the fair value of the contract. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.

During the reporting period, the following Funds entered into forward foreign currency contracts for the reasons described: the PF Inflation Managed and PF Managed Bond Funds purchased and sold forward contracts in connection with settling planned purchases or sales of investments, to hedge and manage the currency exposure associated with some or all of the Funds’ investments, to manage interest rate risk and yield curve exposures, and as part of the investment strategy of these Funds. The PF Short Duration Bond Fund entered into Forward Contracts in order to decrease 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 Currency Strategies and PF Equity Long/Short Funds 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 Funds’ returns against adverse currency movements, and as a part of the investment strategies of these Funds.

Swap Agreements – Swap agreements are bilaterally negotiated agreements between the Funds and their counterparties to exchange swap investment cash flows, assets, foreign currencies or market-linked returns at specified intervals. Swap agreements are privately negotiated in the OTC market or are executed in a multilateral or other execution facility platform, such as a registered commodities exchange (“centrally cleared swaps”). In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are marked-to-market daily based upon values received from third party vendors or quotations from market makers. Market values greater than zero are recorded as an asset and market values less than zero are recorded as a liability. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is recorded as unrealized appreciation or depreciation. Daily changes in valuation

D-11

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

of centrally cleared swaps, if any, are recorded as variation margin receivable or payable. OTC swap payments received or made at the beginning of the measurement period are recorded as an asset or liability and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gain or loss when the swap is closed. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss. Net periodic payments received by a Fund are recorded as realized gain.

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

A Fund investing in interest rate swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or disagree as to the meaning of the contractual terms in the agreements, or that there may be unfavorable changes in interest rates. A Fund’s maximum risk of loss from counterparty credit risk related to interest rate swaps is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.

During the reporting period, the following Funds entered into interest rate swap agreements for the 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, and as a substitute for cash bond exposure. The PF Emerging Markets Debt Fund entered into interest rate swaps to gain exposure to various markets, for purposes of hedging, and as part of the Fund’s investment strategy.

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, none of the Funds held cross-currency swaps.

Credit Default Swaps – Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. A Fund investing in credit default swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or disagree as to the meaning of the contractual terms in the agreements, or that there may be unfavorable changes in interest rates.

As a seller of protection, a Fund generally receives an upfront payment and/or a fixed rate of income throughout the term of the swap provided there is no credit event. As the seller, a Fund would effectively add leverage to the Fund because, in addition to the total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index, or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index, or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swap agreements on corporate and sovereign issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on asset-backed securities involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. Unlike credit default swaps on corporate and sovereign

D-12

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

issues, deliverable obligations in most instances would be limited to the specific referenced obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other writedowns or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. Credit default swap agreements on indices are benchmarks for protecting investors owning bonds against default. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index.

An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Wider credit spreads, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate and sovereign issues or U.S. Treasury obligation issues as of period end, are disclosed in the Notes to Schedules of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk.

A Fund may use pair trades of credit default swaps. Pair trades attempt to match a long position with a short position of two securities in the same market sector for hedging purposes. Pair trades of credit default swaps attempt to gain exposure to credit risk while hedging or offsetting the effects of overall market movements. For example, a Fund may purchase protection through a credit default swap referenced to the debt of an issuer, and simultaneously selling protection through a credit default swap referenced to the debt of a different issuer with the intent to realize gains from the pricing differences of the two issuers who are expected to have similar market risks.

A Fund may use spread curve trades by simultaneously purchasing and selling protection through credit default swaps referenced to the same issuer but with different maturities. Spread curves attempt to gain exposure to credit risk on a forward basis by realizing gains on the expected differences in spreads.

A Fund’s maximum risk of loss from counterparty credit risk related to credit default swaps, either as the buyer or seller of protection, is the fair value of the contract. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.

The aggregate fair value of credit default swaps in a net liability position is reflected as unrealized depreciation and is disclosed in the Notes to Schedules of Investments. The 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 March 31, 2019 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 and PF Managed Bond Funds purchased credit protection through credit default swaps to reduce credit exposure to individual issuers, reduce broad credit risk, and to benefit from price differences between the credit default swap and cash bonds markets. The PF Managed Bond Fund also entered into credit default swaps and credit default swaps on credit indices to obtain exposure to the credit risk of individual securities or to the broader investment grade, high yield, emerging market, mortgage, or other asset classes.

D-13

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

During the reporting period, the following Funds entered into total return swap agreements for the reasons described: the PF Emerging Markets Debt and the PF Multi-Asset Funds entered into total return swaps to gain exposure to various markets, for purposes of hedging, and as part of each Fund’s investment strategy. The PF Equity Long/Short Fund used total return swaps to gain exposure to various markets.

Total Return Basket Swaps – 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 (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These financing fees are based on defined market rates or a specified benchmark rate, plus or minus a specified spread. Positions within the swap are reset periodically, and financing fees are reset monthly. At maturity, 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 swaps 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 reference asset. One party agrees to exchange a “fixed rate” or strike price payment for the “floating rate” or realized price variance on the underlying reference 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 reference 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 reference 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 reference 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 reference asset.

None of the Funds presented in these financial statements held volatility swaps as of March 31, 2019.

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	Outstanding purchased options, at value	Outstanding options written, at value
Equity contracts	Receivable: Variation margin on futures contracts	Payable: Variation margin on futures contracts
Interest rate contracts	Receivable: Variation margin on swap agreements Swap agreements appreciation	Payable: Variation margin on swap agreements Swap agreements depreciation
Foreign currency contracts	Outstanding purchased options, at value	Outstanding options written, at value
	Receivable: Variation margin on futures contracts Receivable: Variation margin on swap agreements	Payable: Variation margin on futures contracts Payable: Variation margin on swap agreements
	Swap agreements appreciation	Swap agreements depreciation
	Forward foreign currency contracts appreciation	Forward foreign currency contracts depreciation

The following is a summary of fair values of derivative investments disclosed in the Trust’s Statements of Assets and Liabilities, categorized by primary risk exposure as of March 31, 2019:


	Asset Derivative Investments Value
Fund	Total Value at March 31, 2019		Credit Contracts			Equity Contracts			Foreign Currency Contracts			Interest Rate Contracts
PF Inflation Managed		$527,839		$4,120	*		$—			$84,021			$439,698	*
PF Managed Bond		8,157,070		102,402	*		—			1,752,224	*		6,302,444	*
PF Short Duration Bond		157,890		—			—			2,321			155,569	*
PF Emerging Markets Debt		375,807		—			—			332,591			43,216	*
PF Multi-Asset		25,843,678		—			25,843,678	*		—			—
PF Currency Strategies		734,059		—			—			734,059			—
PF Equity Long/Short		559,535		—			555,661	*		3,874			—

D-14

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)


	Liability Derivative Investments Value
Fund	Total Value at March 31, 2019			Credit Contracts			Equity Contracts			Foreign Currency Contracts			Interest Rate Contracts
PF Inflation Managed		($584,356	)		($4,594	)*		$—			($38,600	)		($541,162	)*
PF Managed Bond		(9,422,988	)		(33,113	)*		—			(600,394	)*		(8,789,481	)*
PF Short Duration Bond		(78,665	)		—			—			(482	)		(78,183	)*
PF Emerging Markets Debt		(451,803	)		—			—			(391,005	)		(60,798	)*
PF Multi-Asset		(30,401,721	)		—			(30,401,721	)*		—			—
PF Currency Strategies		(476,314	)		—			—			(476,314	)		—
PF Equity Long/Short		(761,080	)		—			(713,014	)*		(48,066	)		—

Includes cumulative appreciation (depreciation) of futures contracts and centrally cleared options, and/or centrally cleared swaps as reported in the Notes to Schedules of Investments.

The following is a summary of the location of realized gains and losses and changes in net unrealized appreciation and depreciation on derivative investments, if any, disclosed in the Trust’s Statements of Operations:


Derivative Investments Risk Type		Location of Gain (Loss) on Derivative Investments Recognized in the Statements of Operations
Credit contracts		Net realized gain (loss) on futures contract transactions
Equity contracts		Net realized gain (loss) on purchased option transactions
Interest rate contracts		Net realized gain (loss) on swap transactions Net realized gain (loss) on written option transactions
		Change in net unrealized appreciation (depreciation) on futures contracts
		Change in net unrealized appreciation (depreciation) on purchased options
		Change in net unrealized appreciation (depreciation) on swaps Change in net unrealized appreciation (depreciation) on written options
Foreign currency contracts		Net realized gain (loss) on forward foreign currency contract transactions
		Net realized gain (loss) on futures contract transactions
		Net realized gain (loss) on purchased option transactions Net realized gain (loss) on swap transactions
		Net realized gain (loss) on written option transactions
		Change in net unrealized appreciation (depreciation) on forward foreign currency contracts
		Change in net unrealized appreciation (depreciation) on futures contracts
		Change in net unrealized appreciation (depreciation) on purchased options
		Change in net unrealized appreciation (depreciation) on swaps
		Change in net unrealized appreciation (depreciation) on written options

The following is a summary of each Fund’s net realized gain and/or loss and change in net unrealized appreciation and/or depreciation on derivative investments recognized in the Trust’s Statements of Operations categorized by primary risk exposure for the fiscal year ended March 31, 2019:


	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		$61,350			($4,318	)		$—			$288,703			($223,035	)
PF Managed Bond		(4,423,984	)		438,558			—			(534,243	)		(4,328,299	)
PF Short Duration Bond		33,698			—			—			27,273			6,425
PF Emerging Markets Debt		(1,421,120	)		—			—			(1,321,835	)		(99,285	)
PF Multi-Asset		(2,084,992	)		—			(2,084,992	)		—			—
PF Currency Strategies		1,469,158			—			—			1,469,158			—
PF Equity Long/Short		(3,603,326	)		—			(2,741,508	)		(861,818	)		—


	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		($35,472	)		($5,249	)		$—			$57,760			($87,983	)
PF Managed Bond		(529,171	)		68,735			—			3,250,830			(3,848,736	)
PF Short Duration Bond		61,057			—			—			1,682			59,375
PF Emerging Markets Debt		(88,956	)		—			—			(93,157	)		4,201
PF Multi-Asset		11,742,581			—			11,742,581			—			—
PF Currency Strategies		(333,699	)		—			—			(333,699	)		—
PF Equity Long/Short		(5,593,234	)		—			(5,574,076	)		(19,158	)		—

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.

D-15

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

The following is a summary of the average number of positions and values of derivative investments by derivative type for the fiscal year ended March 31, 2019:


	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		11		($95,691	)		31		$33,817			21		($11,712	)		56		$58,774
PF Managed Bond		36		(37,289	)		90		(248,256	)		85		(62,618	)		54		(1,189,472	)
PF Short Duration Bond		4		39,545			4		881			—		—			—		—
PF Emerging Markets Debt		—		—			118		65,746			—		—			15		(63,234	)
PF Multi-Asset		1		153,414			—		—			—		—			46		(23,869,316	)
PF Currency Strategies		—		—			64		657,448			1		31,613			—		—
PF Equity Long/Short		12		(323,217	)		49		(33,807	)		—		—			18		1,427,092

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 fiscal year ended March 31, 2019.

C. ENFORCEABLE MASTER NETTING ARRANGEMENTS

Master Agreements and Netting Arrangements – Certain Funds are parties to various agreements, including but not limited to International Swaps and Derivatives Association Agreements and related Credit Support Annex, Master Repurchase Agreements, and Master Securities Forward Transactions Agreements (collectively “Master Agreements”), which govern the terms of certain transactions with select counterparties. These Master Agreements generally include provisions for general obligations, representations, agreements, collateral, and certain events of default or termination. These Master Agreements also include provisions for netting arrangements that help reduce credit and counterparty risk associated with relevant transactions (“netting arrangements”). The netting arrangements are generally tied to credit related events that, if triggered, would cause an event of default or termination giving a Fund or counterparty the right to terminate early and cause settlement, on a net basis, of all transactions under the applicable Master Agreement. In the event of an early termination as a result of an event of default under the Master Agreement, the total value exposure of all transactions will be offset against collateral exchanged to date, which would result in a net receivable or payable that would be due from or to the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in the event of a bankruptcy or insolvency of the counterparty. Credit related events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/moratorium. Any election made by a counterparty to early terminate the transactions under a Master Agreement could have a material adverse impact on a Fund’s financial statements. A Fund’s overall exposure to credit risk, subject to netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

The following is a summary of financial and derivative instruments that are subject to enforceable master agreements with netting arrangements (or similar arrangements) and collateral received and pledged in connection with the master agreements with netting arrangements (or similar arrangements) as of March 31, 2019:


	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		$4,024		($1,609	)		$—			$2,415		($3,856	)		$1,609		$—		($2,247	)
Option contracts		89,015		(89,015	)		—			—		(90,034	)		89,015		—		(1,019	)
Forward foreign currency contracts		84,021		(37,243	)		—			46,778		(38,600	)		37,243		—		(1,357	)
Sale-buyback financing transactions												(21,850,850	)		21,850,850		—		—

PF Managed Bond
Swap agreements		379,075		—			(343,619	)		35,456		—			—		—		—
Option contracts		25,617		(145	)		(15,450	)		10,022		(145	)		145		—		—
Forward foreign currency contracts		1,683,056		(411,753	)		(364,568	)		906,735		(536,393	)		411,753		—		(124,640	)
Reverse repurchase agreements												(2,045,000	)		—		2,042,617		(2,383	)
Sale-buyback financing transactions												(10,978,581	)		10,957,941		—		(20,640	)

D-16

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)


	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 Short Duration Bond
Forward foreign currency contracts		$	2,321		$—			$	—			$	2,321		($482	)		$	—		$	—		($482	)

PF Emerging Markets Debt
Forward foreign currency contracts			332,591		(175,735	)			(3,902	)			152,954		(391,005	)			175,735			60,761		(154,509	)

PF Multi-Asset
Swap agreements			25,819,943		(9,516,406	)			(16,056,850	)			246,687		(30,364,776	)			9,516,406			20,668,547		(179,823	)

PF Currency Strategies
Forward foreign currency contracts			734,059		(92,211	)			(612,000	)			29,848		(476,314	)			92,211			348,954		(35,149	)

PF Equity Long/Short
Swap agreements			310,325		(310,325	)			—				—		(702,304	)			310,325			391,979		—
Forward foreign currency contracts			3,874		(3,874	)			—				—		(48,066	)			3,874			44,192		—

During the reporting period, certain Funds may have had investments in repurchase agreements. The gross value and related collateral received for these investments, if any, are presented in each applicable Fund’s Schedule of Investments and the value of these investments is also presented in the Statements of Assets and Liabilities. The value of the related collateral, if any, held by each applicable Fund presented in these financial statements, exceeded the value of the repurchase agreements as of March 31, 2019.

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 Investment Adviser to each Fund of the Trust. PLFA manages the PF Multi-Asset Fund. PLFA receives investment advisory fees from each Fund which are based on annual percentages of the average daily net assets of each Fund. Pursuant to Sub-Advisory Agreements, the Trust and PLFA engage various investment management firms under PLFA’s supervision to sub-advise certain PF Underlying Funds presented in these financial statements. PLFA, as Investment Adviser of the Trust, pays related management fees to these sub-advisers as compensation for their sub-advisory services provided to the Trust. As of March 31, 2019, the investment advisory fees that PLFA receives from each Fund presented in these financial statements based upon an annual percentage of the average daily net assets of each Fund, and the sub-adviser of each Fund, are as follows:


Fund	Advisory Fees	Advisory Fee Waiver	Sub-Adviser
PF Inflation Managed	0.40%		Pacific Investment Management Company LLC
PF Managed Bond	0.40%		Pacific Investment Management Company LLC and Western Asset Management Company (co-sub-advisors)
PF Short Duration Bond	0.40%		T. Rowe Price Associates, Inc.
PF Emerging Markets Debt	0.785%	0.02% (effective November 1, 2018 through July 31, 2020)	Ashmore Investment Management Limited
PF Developing Growth	0.60%		Lord, Abbett & Co. LLC
PF Growth	0.55%		MFS Investment Management
PF Large-Cap Value	0.65%		ClearBridge Investments, LLC
PF Mid-Cap Equity	0.65%		Scout Investments, Inc. (April 1, 2018 through June 12, 2018); Rothschild & Co Asset Management US Inc. (June 13, 2018 to present)
PF Multi-Asset	0.35%
PF Small-Cap Value	0.75%		AllianceBernstein L.P.
PF Emerging Markets	0.80%		OppenheimerFunds, Inc.
PF International Large-Cap	0.85%		MFS Investment Management
PF International Small-Cap	0.85%		QS Investors, LLC
PF International Value	0.65%		Wellington Management Company LLP
PF Real Estate	0.90%	0.15% (effective November 1, 2018 through July 31, 2020)	Morgan Stanley Investment Management Inc. (April 1, 2018 through April 30, 2018); Principal Real Estate Investors, LLC (May 1, 2018 to present)
PF Currency Strategies	0.65%		UBS Asset Management (Americas) Inc. (sole sub-adviser as of October 16, 2018; previously co-sub-adviser with Macro Currency Group)
PF Equity Long/Short	1.15%	0.15% (through July 31, 2019)	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 Investment 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

D-17

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

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. 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 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 Investment Adviser, the Distributor, and Pacific Life are related parties. The advisory fees earned by the Investment 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 fiscal year ended March 31, 2019 are presented in the Statements of Operations. The amounts of each of these fees that remained payable as of March 31, 2019 are presented in the Statements of Assets and Liabilities.

B. EXPENSE LIMITATION AGREEMENTS

To help limit the Trust’s expenses, PLFA has contractually agreed to reimburse each Fund (other than the PF Equity Long/Short 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 and expenses; 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 expenses; 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); taxes (including foreign taxes on dividends, interest or gains); brokerage commissions and other transactional expenses; and extraordinary expenses such as litigation expenses, liquidation expenses, reorganization expenses, and other expenses not incurred in the ordinary course of each Fund’s business. The expense cap for the PF Underlying Funds (except the PF Multi-Asset, PF International Small-Cap, PF Currency Strategies, and PF Equity Long/Short Funds) is 0.15% through July 31, 2019 and 0.30% thereafter through July 31, 2023. The expense cap for the PF Multi-Asset Fund is 0.16% through July 31, 2019. The expense cap for the PF International Small-Cap and PF Currency Strategies Funds is 0.25% through July 31, 2019. There is no expense cap for the PF Equity Long/Short Fund.

There is no guarantee that PLFA will continue to cap expenses for a Fund upon the expiration of the expense cap. In addition, any expense reimbursements made by PLFA to a Fund are subject to recoupment by PLFA from such Fund in future periods, not to exceed three years from the date on which the reimbursement took place, provided that the recoupment would be limited to the lesser of: (i) the expense cap in effect at the time of the reimbursement or (ii) the expense cap in effect at the time of recoupment. Any amounts repaid to PLFA will have the effect of increasing such expenses of the applicable Fund, but not above the expense cap. The amounts of adviser reimbursement to each applicable Fund presented in these financial statements for the fiscal year ended March 31, 2019 are presented in the Statements of Operations. Any amounts that remained due from the Investment Adviser as of March 31, 2019 are presented in the Statements of Assets and Liabilities.

The cumulative expense reimbursement amounts, if any, as of March 31, 2019 that are subject to recoupment by PLFA from the Funds presented in these financial statements are as follows:


Fund	3/31/2020		3/31/2021		3/31/2022
PF Inflation Managed		$33,114		$19,621		$58,726
PF Managed Bond		590,876		540,942		443,715
PF Short Duration Bond		123,091		131,342		119,957
PF Emerging Markets Debt		107,918		77,724		124,856
PF Developing Growth		22,807		13,829		14,826
PF Growth		82,308		89,652		112,913
PF Large-Cap Value		243,001		247,008		118,375
PF Mid-Cap Equity		79,956		49,499		18,220
PF Multi-Asset				48,872		609,033
PF Small-Cap Value		104,811		75,777		53,658
PF Emerging Markets		433,451		516,488		310,434
PF International Large-Cap		336,014		256,803		124,692
PF International Small-Cap		46,102		28,196		60,110
PF International Value		181,721		213,419		154,717
PF Real Estate		46,036		30,103		30,395

Total		$2,431,206		$2,339,275		$2,354,627

There was no recoupment of expense reimbursement by PLFA from any Funds presented in these financial statements for the fiscal year ended March 31, 2019.

D-18

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

C. INVESTMENTS IN AFFILIATED FUNDS

As of March 31, 2019, Pacific Life owned 100.00% of the total shares outstanding (aggregate of all share classes) of the PF Mid-Cap Equity Fund.

D. INDEPENDENT TRUSTEES

Amounts in the deferral account are obligations of each Fund at the time of such deferral and are payable in accordance with the Plan. A Trustee who defers compensation has the ability to select credit rate options that track the performance, at NAV of Class A of certain series of the Trust without a sales load or at NAV of Class I shares of the Pacific Select Fund. Pacific Select Fund is a Delaware statutory trust and is registered under the 1940 Act as an open-end management investment company. PLFA is the Investment Adviser to Pacific Select Fund. The obligation of 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 fiscal year ended March 31, 2019, such expenses increased by $3,282 for all applicable Funds presented in these financial statements as a result of the market value appreciation on such accounts. As of March 31, 2019 the total amount in the DCP Liability accounts was $51,058 for all applicable Funds presented in these financial statements.

E. OFFICERS OF THE TRUST

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

F. INDEMNIFICATIONS

G. INTERFUND TRANSACTIONS

For the fiscal year ended March 31, 2019, the purchase and sale transactions with an affiliated Fund conducted in compliance with Rule 17a-7 under the 1940 Act are summarized in the following table:

Fund

Purchases

Sales

Net Realized

Gain (Loss)

PF Multi-Asset

$30,193,432

$—

D-19

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

8. PURCHASES AND SALES OF INVESTMENTS

The cost of purchases and proceeds from sales of investments (excluding short-term investments) for the fiscal year ended March 31, 2019, are summarized in the following table:


	U.S. Government Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
PF Inflation Managed		$95,020,461		$131,340,298		$10,269,676		$4,089,132
PF Managed Bond		3,121,762,236		3,059,080,557		207,993,359		258,546,803
PF Short Duration Bond		156,846,456		140,939,635		99,798,450		74,350,031
PF Emerging Markets Debt		—		—		44,182,561		46,078,099
PF Developing Growth		—		—		18,911,013		14,719,598
PF Growth		—		—		49,247,364		94,631,007
PF Large-Cap Value		—		—		85,046,110		77,273,694
PF Mid-Cap Equity		—		—		17,183,247		40,364,524
PF Multi-Asset		262,007,141		137,725,449		754,099,128		513,652,169
PF Small-Cap Value		—		—		41,520,119		50,367,096
PF Emerging Markets		—		—		65,716,951		99,220,383
PF International Large-Cap		—		—		27,801,209		93,773,091
PF International Small-Cap		—		—		36,003,109		79,526,692
PF International Value		—		—		45,550,698		112,627,081
PF Real Estate		—		—		82,637,023		48,690,473
PF Currency Strategies		—		—		5,428,220		2,978,580

9. SECURED BORROWINGS

The contractual maturity of secured borrowings and type of collateral pledged as of March 31, 2019, 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		$935,042		$20,915,808		$—		$—		$21,850,850

Total borrowings			$935,042		$20,915,808		$—		$—		$21,850,850

PF Managed Bond
Sale-buyback financing transactions	U.S. Treasury Obligations		$1,039,889		$8,183,472		$1,755,221		$—		$10,978,582
Reverse repurchase agreement	U.S. Treasury Obligations		—		2,045,000		—		—		2,045,000

Total borrowings			$1,039,889		$10,228,472		$1,755,221		$—		$13,023,582

10 . FEDERAL INCOME TAX INFORMATION

Each Fund intends to qualify each year as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code (the “Code”). A Fund that qualifies as a RIC does not have to pay income tax as long as it distributes sufficient taxable income and net capital gains. Each Fund declared and paid sufficient dividends on net investment income and capital gains distributions during the fiscal year or period ended March 31, 2019, 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.

D-20

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)


				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
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 Inflation Managed		($9,181,633	)		$—		$—		$251,648		$—		$—		$251,648
PF Managed Bond		(10,615,626	)		—		—		1,294,631		—		—		1,294,631
PF Short Duration Bond		(2,825,374	)		1,372,547		—		—		—		—		—
PF Emerging Markets Debt		(7,496,797	)		352,967		—		—		—		—		—
PF Developing Growth		—			—		—		25,055		—		135,133		160,188
PF Growth		—			—		2,496,638		—		—		—		—
PF Large-Cap Value		—			376,964		3,503,332		—		—		—		—
PF Multi-Asset		—			—		6,373,980		1,377,429		—		—		1,377,429
PF Small-Cap Value		—			—		993,308		—		—		—		—
PF Emerging Markets		—			591,402		2,382,251		—		—		—		—
PF International Large-Cap		—			53,709		4,630,687		—		—		—		—
PF International Small-Cap		(6,996,678	)		1,041,350		—		—		—		—		—
PF International Value		—			—		—		213,040		271,856		—		484,896
PF Real Estate		—			301,393		191,443		—		—		—		—
PF Currency Strategies		—			—		—		159,137		—		—		159,137
PF Equity Long/Short		—			—		—		1,002,623		94,148		—		1,096,771

Accumulated capital losses represent net capital loss carryovers as of March 31, 2019 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, 2019 and capital loss carryover from prior years utilized during the fiscal year ended March 31, 2019:


	Unlimited Period of Net Capital Loss Carryover						Accumulated Capital Loss Carryover			Capital Loss Carryover Utilized During the Year Ended March 31, 2019
Fund	Short-Term			Long-Term			Accumulated Capital Loss Carryover
PF Inflation Managed		($850,349	)		($8,331,284	)		($9,181,633	)		$19,794
PF Managed Bond		—			(10,615,626	)		(10,615,626	)		—
PF Short Duration Bond		(807,716	)		(2,017,658	)		(2,825,374	)		391,755
PF Emerging Markets Debt		(2,847,247	)		(4,649,550	)		(7,496,797	)		111,233
PF Developing Growth		—			—			—			1,011,567
PF Multi-Asset		—			—			—			52,422
PF International Small-Cap		(6,996,678	)		—			(6,996,678	)		—
PF Currency Strategies		—			—			—			3,212


Fund	Total Cost of Investments on Tax Basis (1)		Gross Unrealized Appreciation on Investments		Gross Unrealized Depreciation on Investments			Net Unrealized Appreciation (Depreciation) on Investments			Net Unrealized Appreciation (Depreciation) on Other (2)			Net Unrealized Appreciation (Depreciation)
PF Inflation Managed		$57,790,128		$516,010		($868,863	)		($352,853	)		$36,837			($316,016	)
PF Managed Bond		696,930,018		13,751,025		(12,032,258	)		1,718,767			369,183			2,087,950
PF Short Duration Bond		155,233,251		906,085		(280,575	)		625,510			(30	)		625,480
PF Emerging Markets Debt		71,963,719		1,884,490		(3,283,223	)		(1,398,733	)		(46,715	)		(1,445,448	)
PF Developing Growth		11,886,071		4,187,360		(418,147	)		3,769,213			—			3,769,213
PF Growth		105,939,032		81,671,639		(1,019,844	)		80,651,795			(51	)		80,651,744
PF Large-Cap Value		100,124,957		72,504,474		(1,579,050	)		70,925,424			—			70,925,424
PF Mid-Cap Equity		9,412,677		1,187,710		(700,302	)		487,408			—			487,408
PF Multi-Asset		1,136,665,630		5,813,637		(821,433	)		4,992,204			(4,544,833	)		447,371
PF Small-Cap Value		64,189,977		12,391,488		(6,108,595	)		6,282,893			—			6,282,893
PF Emerging Markets		91,933,370		51,382,943		(9,206,979	)		42,175,964			(244,215	)		41,931,749
PF International Large-Cap		40,119,591		19,753,982		(2,615,323	)		17,138,659			(143,274	)		16,995,385
PF International Small-Cap		30,468,305		4,510,425		(3,288,274	)		1,222,151			(6,548	)		1,215,603
PF International Value		65,923,148		4,488,468		(6,442,842	)		(1,954,374	)		(13,275	)		(1,967,649	)
PF Real Estate		70,715,832		11,798,480		(901,906	)		10,896,574			—			10,896,574
PF Currency Strategies		45,692,232		6,324		(315,518	)		(309,194	)		3,653			(305,541	)
PF Equity Long/Short		29,146,740		109,897		(106,877	)		3,020			22,183			25,203

(1)

The difference between the total cost of investments on tax basis and investments, at cost, as presented in the Statements of Assets and Liabilities is primarily due to wash sale loss deferrals, investments in passive foreign investment companies, partnerships, and differing treatments for sale-buyback financing transactions and U.S. Treasury Inflation Protected Securities.

(2)

Other includes net appreciation or depreciation on derivatives, short sales, and foreign currencies, if any.

D-21

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

11. TAX CHARACTER OF DISTRIBUTIONS

The tax character of income and capital gain distributions to shareholders during the fiscal year or period ended March 31, 2019 and 2018, were as follows:


	For the Year Ended March 31, 2019						For the Year or Period Ended March 31, 2018
Funds	Ordinary Income		Long-Term Capital Gains		Total Distributions		Ordinary Income		Long-Term Capital Gains		Total Distributions
PF Inflation Managed		$2,002,797		$—		$2,002,797		$165,026		$—		$165,026
PF Managed Bond		15,588,848		—		15,588,848		27,252,900		—		27,252,900
PF Short Duration Bond		2,654,646		—		2,654,646		2,387,342		—		2,387,342
PF Emerging Markets Debt		1,235,277		—		1,235,277		3,464,056		—		3,464,056
PF Developing Growth		—		95,677		95,677		—		—		—
PF Growth		562,295		10,205,298		10,767,593		1,081,093		4,208,497		5,289,590
PF Large-Cap Value		3,580,330		61,881,413		65,461,743		6,916,773		4,416,112		11,332,885
PF Mid-Cap Equity		446,362		5,318,107		5,764,469		2,759,880		8,496,195		11,256,075
PF Multi-Asset		15,433,139		—		15,433,139		—		—		—
PF Small Cap Value		1,150,556		15,278,120		16,428,676		230,521		15,035,437		15,265,958
PF Emerging Markets		833,161		14,561,366		15,394,527		1,205,327		—		1,205,327
PF International Large-Cap		1,238,466		22,780,379		24,018,845		2,849,998		—		2,849,998
PF International Small-Cap		374,460		1,498,859		1,873,319		1,494,781		3,024,730		4,519,511
PF International Value		7,861,965		6,034,253		13,896,218		7,139,546		—		7,139,546
PF Real Estate		900,002		5,570,666		6,470,668		636,138		5,740,391		6,376,529
PF Currency Strategies		—		—		—		2,053,772		—		2,053,772
PF Equity Long/Short		1,622,662		803,297		2,425,959		6,050,516		3,896,788		9,947,304

12. RECLASSIFICATION OF ACCOUNTS

During the fiscal year ended March 31, 2019, reclassifications as shown in the following table have been made in each Fund’s capital account to report these balances on a tax basis, excluding certain temporary differences, as of March 31, 2019. Additional adjustments may be required in subsequent reporting periods. These reclassifications, which have no impact on the NAV of the Funds, are primarily attributable to reclassifications of sale-buyback financing transactions, paydown gain/loss, partnership income, expiration of capital loss carryforwards, foreign currency transactions, non-deductible expenses, swap income, redesignation of dividends paid, treatment of net operating losses and capital gains under Federal tax rules versus U.S. GAAP. The calculation of net investment income per share in the financial highlights excludes these adjustments.


Fund	Paid-In Capital			Undistributed/ Accumulated Net Investment Income (Loss)			Undistributed/ Accumulated Net Realized Gain (Loss)
PF Inflation Managed		$—			$183,055			($183,055	)
PF Managed Bond		—			897,243			(897,243	)
PF Short Duration Bond		—			129,940			(129,940	)
PF Emerging Markets Debt		—			(3,048,474	)		3,048,474
PF Developing Growth		(40,461	)		40,461			—
PF Growth		(3	)		12,623			(12,620	)
PF Large-Cap Value		—			(445,249	)		445,249
PF Mid-Cap Equity		14,973,395			(59,337	)		(14,914,058	)
PF Multi-Asset		1,550,433			(11,587,634	)		10,037,201
PF Small-Cap Value		—			(23,593	)		23,593
PF Emerging Markets		—			247,014			(247,014	)
PF International Large-Cap		26,634,840			(211,566	)		(26,423,274	)
PF International Small-Cap		—			185,610			(185,610	)
PF International Value		(4,195,633	)		(406,024	)		4,601,657
PF Currency Strategies		—			961,113			(961,113	)
PF Equity Long/Short		(8,511,664	)		5,353,390			3,158,274

D-22

PACIFIC FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

13. SHARES OF BENEFICIAL INTEREST

Each Fund is authorized to issue an unlimited number of shares of beneficial interest with no par value unless otherwise determined by the trustees of the Board. Changes in shares of beneficial interest of each Fund for the fiscal year ended March 31, 2019 and the fiscal year or period ended March 31, 2018 were as follows:


	Year ended 3/31/2019			Year/ Period ended 3/31/2018			Year ended 3/31/2019			Year ended 3/31/2018			Year ended 3/31/2019			Year ended 3/31/2018			Year ended 3/31/2019			Year ended 3/31/2018
	PF Inflation Managed Fund						PF Managed Bond Fund						PF Short Duration Bond Fund						PF Emerging Markets Debt Fund

Class P
Shares sold		256,207			7,313,111			6,352,160			531,321			12,928,251			501,598			2,106,584			4,948,673
Dividends and distributions reinvested		236,457			18,480			1,537,362			2,548,681			271,714			243,358			143,304			375,304
Shares repurchased		(4,377,223	)		(271,176	)		(17,374,944	)		(16,107,371	)		(9,029,155	)		(6,235,028	)		(3,595,690	)		(707,964	)
Net increase (decrease)		(3,884,559	)		7,060,415			(9,485,422	)		(13,027,369	)		4,170,810			(5,490,072	)		(1,345,802	)		4,616,013
Beginning shares outstanding		8,533,123			1,472,708			56,563,475			69,590,844			11,469,397			16,959,469			9,152,207			4,536,194
Ending shares outstanding		4,648,564			8,533,123			47,078,053			56,563,475			15,640,207			11,469,397			7,806,405			9,152,207

	PF Developing Growth Fund						PF Growth Fund						PF Large-Cap Value Fund						PF Mid-Cap Equity Fund

Class P
Shares sold		477,855			76,603			1,636,305			2,958,294			6,177,036			162,487			881,298			19,834
Dividends and distributions reinvested		6,044			—			437,817			221,110			5,625,143			641,021			2,011			1,040,934
Shares repurchased		(270,382	)		(204,222	)		(3,363,434	)		(1,488,410	)		(6,523,746	)		(17,877,474	)		(2,921,454	)		(4,145,268	)
Net increase (decrease)		213,517			(127,619	)		(1,289,312	)		1,690,994			5,278,433			(17,073,966	)		(2,038,145	)		(3,084,500	)
Beginning shares outstanding		637,876			765,495			8,145,001			6,454,007			9,040,089			26,114,055			2,918,158			6,002,658
Ending shares outstanding		851,393			637,876			6,855,689			8,145,001			14,318,522			9,040,089			880,013			2,918,158

	PF Multi-Asset Fund						PF Small-Cap Value Fund						PF Emerging Markets Fund						PF International Large-Cap Fund

Class P
Shares sold		61,114,150			77,848,543			1,765,846			63,528			2,603,510			166,751			1,907,404			258,634
Dividends and distributions reinvested		1,819,946			—			2,034,155			1,337,718			1,152,531			72,654			2,217,372			135,456
Shares repurchased		(24,969,892	)		(1	)		(2,466,137	)		(3,945,051	)		(4,965,180	)		(4,456,527	)		(5,136,988	)		(4,094,473	)
Net increase (decrease)		37,964,204			77,848,542			1,333,864			(2,543,805	)		(1,209,139	)		(4,217,122	)		(1,012,212	)		(3,700,383	)
Beginning shares outstanding		77,848,542			—			7,265,519			9,809,324			10,311,228			14,528,350			6,014,301			9,714,684
Ending shares outstanding		115,812,746			77,848,542			8,599,383			7,265,519			9,102,089			10,311,228			5,002,089			6,014,301

	PF International Small-Cap Fund						PF International Value Fund						PF Real Estate Fund						PF Currency Strategies Fund

Class P
Shares sold		1,285,828			4,317,301			2,962,401			509,308			4,140,280			778,164			1,004,078			868,157
Dividends and distributions reinvested		208,299			403,934			1,854,451			700,642			562,033			495,992			—			235,254
Shares repurchased		(6,156,842	)		(805,699	)		(10,296,096	)		(5,843,205	)		(1,536,045	)		(387,143	)		(3,024,855	)		(3,493,107	)
Net increase (decrease)		(4,662,715	)		3,915,536			(5,479,244	)		(4,633,255	)		3,166,268			887,013			(2,020,777	)		(2,389,696	)
Beginning shares outstanding		7,993,290			4,077,754			14,126,782			18,760,037			3,500,559			2,613,546			6,862,489			9,252,185
Ending shares outstanding		3,330,575			7,993,290			8,647,538			14,126,782			6,666,827			3,500,559			4,841,712			6,862,489

	PF Equity Long/Short Fund

Class P
Shares sold		2,782,615			344,554
Dividends and distributions reinvested		312,462			990,313
Shares repurchased		(4,145,703	)		(2,720,419	)
Net increase (decrease)		(1,050,626	)		(1,385,552	)
Beginning shares outstanding		5,880,145			7,265,697
Ending shares outstanding		4,829,519			5,880,145

D-23

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Trustees of Pacific Funds Series Trust

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of PF Inflation Managed Fund, PF Managed Bond Fund, PF Short Duration Bond Fund, PF Emerging Markets Debt Fund, PF Developing Growth Fund, PF Growth Fund, PF Large-Cap Value Fund, PF Mid-Cap Equity Fund, PF Multi-Asset Fund, PF Small-Cap Value Fund, PF Emerging Markets Fund, PF International Large-Cap Fund, PF International Small-Cap Fund, PF International Value Fund, PF Real Estate Fund, PF Currency Strategies Fund, and PF Equity Long/Short Fund (the “Funds”) (seventeen of the funds comprising Pacific Funds Series Trust), including the schedules of investments, as of March 31, 2019; the related statements of operations and cash flows (for PF Inflation Managed Fund), changes in net assets, and the financial highlights for the periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2019, and the results of their operations and its cash flows (for the PF Inflation Managed Fund), the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.


Individual Fund Comprising the Pacific Funds Series Trust	Statements of Operations and Cash Flows (for PF Inflation Managed Fund)	Statements of Changes in Net Assets	Financial Highlights
PF Inflation Managed Fund, PF Managed Bond Fund, PF Short Duration Bond Fund, PF Emerging Markets Debt Fund , PF Developing Growth Fund, PF Growth Fund, PF Large-Cap Value Fund, PF Mid-Cap Equity Fund, PF Small-Cap Value Fund, PF Emerging Markets Fund, PF International Large-Cap Fund, PF International Value Fund, PF Real Estate Fund and PF Currency Strategies Fund	For the year ended March 31, 2019	For the years ended March 31, 2019 and 2018	For the years ended March 31, 2019, 2018, 2017, 2016, and 2015
PF Multi-Asset Fund	For the year ended March 31, 2019	For the year ended March 31, 2019 and the period from January 31, 2018 (commencement of operations) through March 31, 2018	For the year ended March 31, 2019 and the period from January 31, 2018 (commencement of operations) through March 31, 2018
PF International Small-Cap Fund	For the year ended March 31, 2019	For the years ended March 31, 2019 and 2018	For the years ended March 31, 2019, 2018, 2017, 2016, and the period from January 14, 2015 (commencement of operations) through March 31, 2015
PF Equity Long/Short Fund	For the year ended March 31, 2019	For the years ended March 31, 2019 and 2018	For the years ended March 31, 2019, 2018, 2017, and the period from April 27, 2015 (commencement of operations) through March 31, 2016

Basis for Opinion

LOGO

Philadelphia, PA

May 24, 2019

We have served as the auditor of one or more affiliated investment companies of Pacific Funds Series Trust since 1988.

E-1

PACIFIC FUNDS

OTHER TAX INFORMATION

(Unaudited)


Fund	Percentage
PF Growth		78.63%
PF Large-Cap Value		100.00%
PF Mid-Cap Equity		22.38%
PF Small-Cap Value		65.06%
PF International Small-Cap		1.00%

For the fiscal year ended March 31, 2019 certain dividends paid by the Funds may be subject to a maximum tax rate of 15% as provided by the Jobs and Growth Relief Reconciliation Act of 2003. Of the distributions made by the following Funds, the corresponding percentages represent the amount of each distribution which may qualify for the 15% dividend income tax rate.


Fund	Percentage
PF Growth		85.45%
PF Large-Cap Value		100.00%
PF Mid-Cap Equity		24.23%
PF Small-Cap Value		76.24%
PF Emerging Markets		100.00%
PF International Large-Cap		100.00%
PF International Small-Cap		97.84%
PF International Value		100.00%

Shareholders should not use the above tax information to prepare their tax returns. The information will be included in your Form 1099 DIV, which will be sent to you separately in January 2020. The Funds intend to pass through the maximum allowable percentages to shareholders.

The following Funds designated the listed amounts as long-term capital gain dividends during the fiscal year ended March 31, 2019. Distributable long-term gains are based on net realized long-term gains determined on a tax basis and may differ from such amounts for financial reporting purposes.


Fund	Amount
PF Developing Growth		$95,677
PF Growth		10,205,298
PF Large-Cap Value		61,881,413
PF Mid-Cap Equity		13,313,912
PF Multi-Asset		6,373,980
PF Small-Cap Value		15,278,120
PF Emerging Markets		14,561,366
PF International Large-Cap		45,443,252
PF International Small-Cap		1,498,859
PF International Value		6,034,253
PF Real Estate		5,570,666
PF Equity Long/Short		803,297

F-1

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 October 1, 2018 to March 31, 2019.

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 03/31/19” 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 10/01/18-03/31/19” 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 October 1, 2018 to March 31, 2019.

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.

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 10/01/18		Ending Account Value at 03/31/19		Annualized Expense Ratio		Expenses Paid During the Period 10/01/18 - 03/31/19 (1)
PF Inflation Managed Fund
Actual Fund Return

Class P		$1,000.00		$1,025.00		1.17%		$5.91

Hypothetical

Class P		$1,000.00		$1,019.10		1.17%		$5.89
PF Managed Bond Fund
Actual Fund Return

Class P		$1,000.00		$1,044.20		0.61%		$3.11

Hypothetical

Class P		$1,000.00		$1,021.89		0.61%		$3.07
PF Short Duration Bond Fund
Actual Fund Return

Class P		$1,000.00		$1,022.10		0.55%		$2.77

Hypothetical

Class P		$1,000.00		$1,022.19		0.55%		$2.77
PF Emerging Markets Debt Fund
Actual Fund Return

Class P		$1,000.00		$1,060.70		0.92%		$4.73

Hypothetical

Class P		$1,000.00		$1,020.34		0.92%		$4.63
PF Developing Growth Fund
Actual Fund Return

Class P		$1,000.00		$967.00		0.75%		$3.68

Hypothetical

Class P		$1,000.00		$1,021.19		0.75%		$3.78
PF Growth Fund
Actual Fund Return

Class P		$1,000.00		$996.40		0.70%		$3.48

Hypothetical

Class P		$1,000.00		$1,021.44		0.70%		$3.53
PF Large-Cap Value Fund
Actual Fund Return

Class P		$1,000.00		$991.80		0.80%		$3.97

Hypothetical

Class P		$1,000.00		$1,020.94		0.80%		$4.03
PF Mid-Cap Equity Fund
Actual Fund Return

Class P		$1,000.00		$972.10		0.80%		$3.93

Hypothetical

Class P		$1,000.00		$1,020.94		0.80%		$4.03
PF Multi-Asset Fund
Actual Fund Return

Class P		$1,000.00		$979.20		0.51%		$2.52

Hypothetical

Class P		$1,000.00		$1,022.39		0.51%		$2.57
PF Small-Cap Value Fund
Actual Fund Return

Class P		$1,000.00		$893.20		0.90%		$4.25

Hypothetical

Class P		$1,000.00		$1,020.44		0.90%		$4.53

See explanation of references on page F-3

F-2

PACIFIC FUNDS

DISCLOSURE OF FUND EXPENSES (Continued)

(Unaudited)


	Beginning Account Value at 10/01/18		Ending Account Value at 03/31/19		Annualized Expense Ratio		Expenses Paid During the Period 10/01/18 - 03/31/19 (1)
PF Emerging Markets Fund
Actual Fund Return

Class P		$1,000.00		$1,036.40		0.95%		$4.82

Hypothetical

Class P		$1,000.00		$1,020.19		0.95%		$4.78
PF International Large-Cap Fund
Actual Fund Return

Class P		$1,000.00		$990.10		1.00%		$4.96

Hypothetical

Class P		$1,000.00		$1,019.95		1.00%		$5.04
PF International Small-Cap Fund
Actual Fund Return

Class P		$1,000.00		$917.00		1.10%		$5.26

Hypothetical

Class P		$1,000.00		$1,019.45		1.10%		$5.54
PF International Value Fund
Actual Fund Return

Class P		$1,000.00		$924.90		0.80%		$3.84

Hypothetical

Class P		$1,000.00		$1,020.94		0.80%		$4.03
PF Real Estate Fund
Actual Fund Return

Class P		$1,000.00		$1,099.50		0.93%		$4.87

Hypothetical

Class P		$1,000.00		$1,020.29		0.93%		$4.68
PF Currency Strategies Fund
Actual Fund Return

Class P		$1,000.00		$1,007.70		0.86%		$4.30

Hypothetical

Class P		$1,000.00		$1,020.64		0.86%		$4.33
PF Equity Long/Short Fund
Actual Fund Return

Class P		$1,000.00		$931.70		1.57%		$7.56

Hypothetical

Class P		$1,000.00		$1,017.10		1.57%		$7.90

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

F-3

PACIFIC FUNDS

TRUSTEES AND OFFICERS INFORMATION

(Unaudited)

The address of each trustee and officer is c/o Pacific Funds Series Trust, 700 Newport Center Drive, Newport Beach, CA 92660.


Name and Age	Position(s) with the Fund and Length of Time Served*	Current Directorship(s) Held and Principal Occupation(s) (and certain additional occupation information) During Past 5 years	Number of Funds In Fund Complex Overseen**

INDEPENDENT TRUSTEES

Gale K. Caruso Year of birth 1957	Trustee since 1/01/06	Trustee (1/06 to present) of Pacific Select Fund; Independent Trustee (2/15 to present) of Matthews Asia Funds.	89

		Formerly: Member of the Board of Directors of LandAmerica Financial Group, Inc.; President and Chief Executive Officer of Zurich Life; Chairman, President and Chief Executive Officer of Scudder Canada Investor Services, Ltd.; Managing Director of Scudder Kemper Investments; Member of the Advisory Council to the Trust for Public Land in Maine; Member of the Board of Directors of Make-A-Wish of Maine.

Paul A. Keller Year of birth 1954	Trustee since 6/20/16	Trustee (6/16 to present) of Pacific Select Fund; Consultant to the Trust and Pacific Select Fund (11/15 to 6/16); Independent Trustee (8/10 to present) of Fenimore Asset Management Trust (FAM Funds); Business Consultant (7/10 to present) (sole proprietor); Certified Public Accountant in New York (1982 to present); Adjunct Professor of Accounting (2011 to 2015), SUNY College at Old Westbury; Interim Chief Financial Officer (2014 to 2015) of The Leon Levy Foundation.	89

		Formerly: Partner of PricewaterhouseCoopers LLP; Partner of McGladrey & Pullen LLP.

Lucie H. Moore Year of birth 1956	Trustee since 6/13/01	Trustee (10/98 to present) of Pacific Select Funds; Member of the Board of Trustees (2014 to present) of Azusa Pacific University; Member of the Board of Trustees (2016 to present) of Pacifica Christian High School Orange County.	89

		Formerly: Partner of Gibson, Dunn & Crutcher (Law); Member of the Board of Trustees of Sage Hill School; Member of the Board of Trustees of The Pegasus School; and Member of the Advisory Board of Court Appointed Special Advocates (CASA) of Orange County.

Nooruddin (Rudy) S. Veerjee Year of birth 1958	Trustee since 9/13/05	Trustee (1/05 to present) of Pacific Select Fund. Formerly: President of Transamerica Insurance and Investment Group; President of Transamerica Asset Management; Chairman and Chief Executive Officer of Transamerica Premier Funds (Mutual Fund); and Director of various Transamerica Life Companies.	89

F-4

PACIFIC FUNDS

TRUSTEES AND OFFICERS INFORMATION (Continued)

(Unaudited)


Name and Age	Position(s) with the Trust and Length of Time Served*	Current Directorship(s) Held and Principal Occupation(s) During Past 5 years	Number of Funds In Fund Complex Overseen**

INTERESTED PERSONS

James T. Morris Year of birth 1960	Chairman of the Board and Trustee since 1/11/07	Director (4/07 to present), Chairman (5/08 to present), Chief Executive Officer (4/07 to present) and President (1/16 to present) of Pacific Mutual Holding Company and Pacific LifeCorp; Director (4/07 to present), Chairman (5/08 to present), Chief Executive Officer (4/07 to present) and President (1/16 to present) of Pacific Life; Chief Executive Officer (5/07 to 10/15) and President (5/07 to 3/12) of Pacific Life Fund Advisors LLC; Director (4/16 to present) of Edison International (a public utility holding company); and Chairman of the Board and Trustee (1/07 to present) of Pacific Select Fund.		89

Adrian S. Griggs Year of birth 1966	Chief Executive Officer since 1/01/18	Chief Operating Officer (1/17 to present), Executive Vice President (4/12 to present) and Chief Financial Officer (4/12 to 2/17) of Pacific Mutual Holding Company and Pacific LifeCorp; Chief Operating Officer (1/17 to present), Executive Vice President (4/12 to present), Chief Financial Officer (4/12 to 2/17) and Director (1/16 to present) of Pacific Life; Chief Financial Officer (4/12 to 10/15) and Executive Vice President (4/12 to 10/15) of Pacific Life Fund Advisors LLC; Chief Executive Officer (1/15 to present) of Pacific Select Distributors, LLC; and Chief Executive Officer (1/18 to present) of Pacific Select Fund.		89

Howard T. Hirakawa Year of birth 1962	Senior Vice President since 12/10/14 (Vice President 6/06 to 12/09/14)	Senior Vice President (4/14 to present), Vice President (5/07 to 3/14) of Pacific Life Fund Advisors LLC; and Senior Vice President (12/14 to present) and Vice President (6/06 to 12/14) of Pacific Select Fund.		89

Robin S. Yonis Year of birth 1954	Vice President and General Counsel since 6/13/01 and Assistant Secretary since 9/17/15	Vice President, Fund Advisor General Counsel and Assistant Secretary (5/07 to present) of Pacific Life Fund Advisors LLC; and Vice President and General Counsel (4/05 to present) and Assistant Secretary (9/15 to present) of Pacific Select Fund.		89

Sharon E. Pacheco Year of birth 1957	Vice President and Chief Compliance Officer since 6/04/04	Vice President and Chief Compliance Officer (11/03 to present) of Pacific Mutual Holding Company and Pacific LifeCorp; Vice President (2/00 to present) and Chief Compliance Officer (1/03 to present) of Pacific Life; Vice President and Chief Compliance Officer (5/07 to present) of Pacific Life Fund Advisors LLC; and Vice President and Chief Compliance Officer (6/04 to present) of Pacific Select Fund.		89

Jane M. Guon Year of birth 1964	Vice President and Secretary since 1/01/11	Vice President and Secretary (1/11 to present) of Pacific Mutual Holding Company, Pacific LifeCorp and Pacific Life; Director (1/11 to 3/17) of Pacific Life; Vice President and Secretary (1/11 to present) of Pacific Life Fund Advisors LLC; Vice President and Secretary (1/11 to present) of Pacific Select Distributors, LLC; and Vice President and Secretary (1/11 to present) of Pacific Select Fund.		89

Laurene E. MacElwee Year of birth 1966	Vice President since 4/04/05 and Assistant Secretary since 6/13/01	Vice President (4/11 to present) and Assistant Secretary (5/07 to present) of Pacific Life Fund Advisors LLC; and Vice President (12/11 to present), Assistant Secretary (4/05 to present) of Pacific Select Fund.		89

Carleton J. Muench Year of birth 1973	Vice President since 11/30/06	Vice President (4/14 to present) and Assistant Vice President (5/07 to 3/14) of Pacific Life Fund Advisors LLC; and Vice President (12/14 to present) and Assistant Vice President (11/06 to 12/14) of Pacific Select Fund.		89

F-5

PACIFIC FUNDS

TRUSTEES AND OFFICERS INFORMATION (Continued)

(Unaudited)


Name and Age	Position(s) with the Trust and Length of Time Served*	Current Directorship(s) Held and Principal Occupation(s) During Past 5 years	Number of Funds In Fund Complex Overseen**

INTERESTED PERSONS (Continued)

Trevor T. Smith Year of birth 1975	Vice President since 3/23/16 and Treasurer since 4/01/18 (Assistant Treasurer 3/23/16 to 3/31/18)	Assistant Vice President (1/17 to present) and Director of Variable Products Accounting (4/09 to 12/16) of Pacific Life; Assistant Vice President (3/16 to present), Treasurer (4/18 to present) and Assistant Treasurer (3/16 to 3/18) of Pacific Select Fund.	89

Kevin W. Steiner Year of birth 1975	Vice President since 1/01/13	Assistant Vice President (4/12 to present) of Pacific Life Fund Advisors LLC; and Assistant Vice President (1/13 to present) of Pacific Select Fund.	89

Audrey L. Cheng Year of birth 1975	Vice President since 12/11/13	Assistant Vice President (9/11 to present) of Pacific Life; Assistant Vice President (12/13 to present) of Pacific Select Fund.	89

A trustee serves until he or she resigns, retires, or his or her successor is elected and qualified.

As of March 31, 2019, the “Fund Complex” consisted of Pacific Select Fund (55 funds) and Pacific Funds (34 funds).

F-6

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS

(Unaudited)

I. Introduction and Background

II. Annual Consideration and Approval of Investment Advisory and Sub-Advisory Agreements

In evaluating the Advisory Agreement and each Sub-Advisory Agreement, the Board, including all the Independent Trustees, considered the following factors, among others:

A. Nature, Extent and Quality of Services

¹	At the December 12th meeting, the Board did not consider the continuance of the Sub-Advisory Agreements relating to the PF Mid-Cap Equity Fund and PF Real Estate Fund, as those agreements were not up for renewal at that time.

F-7

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

F-8

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

objectives. The Trustees also took into account PLFA’s continuing analysis of the Underlying Funds and each Sub-Adviser’s investment performance for the impact on broader asset allocation strategies for the Asset Allocation Funds.

F-9

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

management services which have benefited and should continue to benefit the Sub-Advised Funds and their shareholders, the organizational depth and resources of the Sub-Advisers, including the background and experience of each Sub-Adviser’s management personnel, and the expertise of each Sub-Adviser’s portfolio management team, as well as the investment methodology used by the Sub-Adviser. The Trustees also considered that each Sub-Adviser provides PLFA with information that assists PLFA in performing its oversight role, including information about the Sub-Adviser’s compliance program.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PLFA and each Sub-Adviser.

B. Investment Results

PF Growth Fund

PF Large-Cap Value Fund

Pacific Funds Large-Cap

F-10

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

Pacific Funds Large-Cap Value

PF Developing Growth Fund

PF Mid-Cap Equity Fund

Pacific Funds Small/Mid-Cap

The Fund: (1) outperformed its Selected Performance Peer Group median for the one-year period; (2) underperformed its primary benchmark for the one-year period; and (3) is ranked in the second quintile of its Selected Performance Peer Group for the one-year period. In evaluating the performance of the Fund, the Board also considered that the Fund had not been in operation for a sufficient time period to establish a meaningful track record.

Pacific Funds Small-Cap

The Fund: (1) outperformed its Selected Performance Peer Group median for the one-year period; (2) underperformed its primary benchmark for the one-year period; and (3) is ranked in the second quintile of its Selected Performance Peer Group for the one-year period. In evaluating the performance of the Fund, the Board also considered that the Fund had not been in operation for a sufficient time period to establish a meaningful track record.

Pacific Funds Small-Cap Growth

The Fund: (1) underperformed its Selected Performance Peer Group median for the one-year period; (2) outperformed its primary benchmark for the one-year period; and (3) is ranked in the fourth quintile of its Selected Performance Peer Group for the one-year period. In evaluating the performance of the Fund, the Board also considered that the Fund had not been in operation for a sufficient time period to establish a meaningful track record.

PF Small-Cap Value Fund

Pacific Funds Small-Cap Value

PF Emerging Markets Fund

PF Emerging Markets Debt Fund

F-11

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

PF International Large-Cap Fund

PF International Small-Cap Fund

PF International Value Fund

PF Currency Strategies Fund

Pacific Funds Diversified Alternatives

PF Equity Long/Short Fund

PF Global Absolute Return Fund

PF Real Estate Fund

Pacific Funds Core Income

F-12

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

Pacific Funds Floating Rate Income

The Fund: (1) outperformed its Selected Performance Peer Group median for the one-, three- and five-year periods; (2) underperformed its primary benchmark for the one-, three- and five-year periods; and (3) is ranked in the second quintile of its Selected Performance Peer Group for the one-, three- and five-year periods.

Pacific Funds High Income

PF Inflation Managed Fund

PF Managed Bond Fund

PF Short Duration Bond Fund

Pacific Funds Short Duration Income

Pacific Funds Strategic Income

Pacific Funds Portfolio Optimization Conservative

Pacific Funds Portfolio Optimization Moderate-Conservative

Pacific Funds Portfolio Optimization Moderate

F-13

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers and its benchmark over various time periods and PLFA’s future outlook for the Fund. The Board considered that PLFA would continue to manage exposures to asset classes and underlying managers in an effort to improve performance.

Pacific Funds Portfolio Optimization Growth

Pacific Funds Portfolio Optimization Aggressive-Growth

C. Advisory Fees and Total Expense Ratios

A summary of certain comparative fee and expense information considered by the Trustees for each Fund is provided below.

PF Growth Fund

PF Large-Cap Value Fund

F-14

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

Pacific Funds Large-Cap

Pacific Funds Large-Cap Value

PF Developing Growth Fund

PF Mid-Cap Equity Fund

Pacific Funds Small/Mid-Cap

Pacific Funds Small-Cap

Pacific Funds Small-Cap Growth

PF Small-Cap Value Fund

Pacific Funds Small-Cap Value

PF Emerging Markets Fund

PF Emerging Markets Debt Fund

F-15

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

PF International Large-Cap Fund

PF International Small-Cap Fund

PF International Value Fund

PF Currency Strategies Fund

Pacific Funds Diversified Alternatives

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that will reduce its advisory fee once the Fund attains varying higher asset levels, but that the Fund has not yet reached the first breakpoint.

PF Equity Long/Short Fund

PF Global Absolute Return Fund

PF Real Estate Fund

Pacific Funds Core Income

Pacific Funds Floating Rate Income

F-16

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

Pacific Funds High Income

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that will reduce its advisory fee once the Fund attains varying higher asset levels, but that the Fund has not yet reached the first breakpoint.

PF Inflation Managed Fund

The Trustees considered that (a) the advisory fee for the Fund is slightly less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are in line with the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group.

PF Managed Bond Fund

PF Short Duration Bond Fund

Pacific Funds Short Duration Income

Pacific Funds Strategic Income

Pacific Funds Portfolio Optimization Conservative

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; (b) the Operating Expenses for the Fund are greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (c) the net expense ratio was greater than the Comparable Peer Fund Average. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that will reduce its advisory fee once the Fund attains varying higher asset levels, but that the Fund has not yet reached the first breakpoint.

Pacific Funds Portfolio Optimization Moderate-Conservative

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; (b) the Operating Expenses for the Fund are greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (c) the net expense ratio was slightly less than the Comparable Peer Fund Average. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that will reduce its advisory fee once the Fund attains varying higher asset levels, but that the Fund has not yet reached the first breakpoint.

Pacific Funds Portfolio Optimization Moderate

F-17

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

Pacific Funds Portfolio Optimization Growth

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; (b) the Operating Expenses for the Fund are greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (c) the net expense ratio was slightly less than the Comparable Peer Fund Average. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that will reduce its advisory fee once the Fund attains varying higher asset levels, but that the Fund has not yet reached the first breakpoint.

Pacific Funds Portfolio Optimization Aggressive-Growth

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; (b) the Operating Expenses for the Fund are greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (c) the net expense ratio was less than the Comparable Peer Fund Average. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that will reduce its advisory fee once the Fund attains varying higher asset levels, but that the Fund has not yet reached the first breakpoint.

The Board concluded that the advisory fees, sub-advisory fees and total expenses of each Fund were fair and reasonable.

D. Costs, Level of Profits and Economies of Scale

F-18

PACIFIC FUNDS

APPROVAL OF INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

E. Ancillary Benefits

The Board concluded that such benefits were consistent with those generally derived by investment advisers to mutual funds or were otherwise not unusual.

F. Conclusion

F-19

PACIFIC FUNDS

WHERE TO GO FOR MORE INFORMATION

(Unaudited)

Availability of Quarterly Holdings

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

Availability of Proxy Voting Record

Information Relating to Investments Held by the Trust

Availability of Proxy Voting Policies

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

How to obtain Information

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

•

On the Trust’s website at https://www.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

F-20

Item 2. Code of Ethics.

As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no substantive amendments or waivers to the Code of Ethics during the period covered by this report.

A copy of this Code of Ethics is filed as Exhibit 99 to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board has determined that Paul A. Keller, a member of the Registrant’s Audit Committee, is an “audit committee financial expert” and “independent,” as such terms are defined in this Item. This designation does not increase the designee’s duties, obligations or liability as compared to his duties, obligations and liability as a member of the Audit Committee and of the Board; nor does it reduce the responsibility of the other Audit Committee members. There may be other individuals who, through education or experience, would qualify as “audit committee financial experts” if the Board had designated them as such. Most importantly, the Board believes each member of the Audit Committee contributes significantly to the effective oversight of the Registrant’s financial statements and condition. Mr. Keller is a retired partner of PricewaterhouseCoopers LLP.

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a)

The aggregate fees billed for the fiscal years ended March 31, 2019 and 2018 for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $800,000 and $915,000, respectively.

Audit-Related Fees

(b)

There were no aggregate fees billed for the fiscal years ended March 31, 2019 and 2018 for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item.

Tax Fees

(c)

The aggregate fees billed for the fiscal years ended March 31, 2019 and 2018 for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $178,143 and $180,010, respectively. The nature of the services comprising the fees was the review of income tax returns and excise tax.

All Other Fees

(d)

There were no aggregate fees billed for the fiscal years ended March 31, 2019 and 2018 for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item.

(e)(1)

The Audit Committee is required to pre-approve audit and non-audit services performed for the Registrant by the independent auditor as outlined below in order to assure that the provision of such services does not impair the auditor’s independence:

Pre-Approval Requirements for Services to Registrant. Before the Auditor is engaged by the Registrant to render audit related or permissible non-audit services, either:

(i) The Audit Committee shall pre-approve such engagement; or

(ii)

Such engagement shall be entered into pursuant to pre-approval policies and procedures established by the Audit Committee. Any such policies and procedures must (1) be detailed as to the particular service and (2) not involve any delegation of the Audit Committee’s responsibilities to the Adviser. The Audit Committee hereby delegates authority to its Chairperson, and may delegate to one or more of its other members, the authority to grant pre-approvals. In the event of a pre-approval by the Chairperson or other authorized member of the Audit Committee, the person to whom authority is delegated under this Section shall report on such pre-approval to the full Audit Committee at its next regularly scheduled meeting.

(iii)

De Minimis Exceptions to Pre-Approval Requirements. Pre-approval for a service provided to the Registrant other than audit, review or attest services is not required if: (1) the aggregate amount of all such non-audit services provided to the Registrant constitutes not more than 5 percent of the total amount of revenues paid by the Registrant to the Auditor during the fiscal year in which the non audit services are provided; (2) such services were not recognized by the Registrant at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and are approved by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee.

Pre-Approval of Non-Audit Services Provided to the Adviser and Others. The Audit Committee shall pre-approve any non-audit services proposed to be provided by the Auditor to (i) the Adviser and (ii) any entity in the investment company complex, if the nature of the services provided relate directly to the operations or financial reporting of the Registrant. Investment company complex means the Pacific Select Fund, the Pacific Funds Series Trust, the Adviser and any entity controlled by or under common control with the Adviser if such entity is an investment adviser or is engaged in the business of providing administrative, custodian, underwriting or transfer agent services to the Trusts or the Adviser.

(i)

De Minimis Exception: The De Minimis exceptions set forth above under Section (e)(1)A.(iii) apply to pre-approvals under this Section (e)(1)B. as well, except that the “total amount of revenues” calculation for this Section’s (e)(1)B. services is based on the total amount of revenues paid to the Auditor by the Registrant and any other entity that has its services approved under this Section (i.e., the Adviser or any control person).

Pre-Approval of Program and Subscription Services Provided to the Registrants and their Affiliates. The Audit Committee is deemed to have pre-approved Program and Subscription Services (“Programs”) provided to the Registrant and their affiliates, entities within the Registrant’s investment company complex or their affiliates, including employees of Pacific Life and Pacific Life Fund Advisors LLC (collectively, “Fund Persons”) so long as: (1) such Programs are free to Fund Persons or if there is a charge, Fund Persons pay: (a) the going rate for such Programs, or (b) the Fund Persons receive a discount of $500 or less; or (2) the Program is approved under or covered by and in compliance with the policies and/or procedures of Pacific Life’s Audit Committee with respect to the provision of educational services by the Auditor or other parties. Any Programs that do not meet the above criteria require approval by the Audit Committee, its Chairperson or other delegates as provided in Section (e)(1)A.(iii). Programs are educational programs and seminars provided by the Auditor or its affiliates and include live programs, webcasts, podcasts, websites, database subscriptions, checklists, research reports, local office seminars, Debrief webcast series, Technical library and similar or related items. Any Programs that do not meet the above criteria require approval by the Audit Committee, its Chairperson or other delegates as provided in this Section.

(e)(2)

No services included in (b)-(d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)

Not applicable.

(g)

The aggregate fees billed for the years ended March 31, 2019 and 2018 by the Registrant’s principal accountant for non-audit services rendered to the Registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant were $1,636,451 and $1,541,010, respectively.

(h)

The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant which were not pre-approved (not requiring pre-approval) is compatible with maintaining the principal accountant’s independence.

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 the 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 the 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)

Code of Ethics, subject to the disclosure of Item 2 hereof is attached hereto as Exhibit 99.CODE ETH.

(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.

(a)(4)

Not applicable.

(b)

Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is attached hereto as Exhibit 99.906 CERT pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Signatures

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


Pacific Funds Series Trust

By:		/s/ Adrian Griggs
		Adrian Griggs
		Chief Executive Officer

Date:		June 6, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Adrian Griggs
		Adrian Griggs
		Chief Executive Officer

Date:		June 6, 2019

By:		/s/ Trevor T. Smith
		Trevor T. Smith
		Treasurer (Principal Financial and Accounting Officer)

Date:		June 6, 2019