PACIFIC FUNDS^SM

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION CONSERVATIVE

Schedule of Investments

December 31, 2019 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%
Pacific Funds Core Income ‘P’		594,500		$6,533,551
Pacific Funds Floating Rate Income ‘P’		356,478		3,543,391
Pacific Funds High Income ‘P’		1,746,498		17,866,671
PF Inflation Managed Fund ‘P’		1,404,977		12,841,489
PF Managed Bond Fund ‘P’		7,472,394		81,747,988
PF Short Duration Bond Fund ‘P’		4,112,139		40,915,786
PF Emerging Markets Debt Fund ‘P’		1,295,065		11,733,291
Pacific Funds Small-Cap Growth ‘P’ *		56,429		692,390
PF Developing Growth Fund ‘P’		26,228		452,429
PF Growth Fund ‘P’		72,843		2,246,469
PF Large-Cap Value Fund ‘P’		359,139		4,593,392
PF Multi-Asset Fund ‘P’		3,456,013		37,739,659
PF Small-Cap Value Fund ‘P’		146,977		1,219,911
PF Emerging Markets Fund ‘P’		181,560		2,331,226
PF International Large-Cap Fund ‘P’		66,887		760,509
PF International Value Fund ‘P’		92,063		729,142
PF Real Estate Fund ‘P’		270,628		3,599,349
PF Currency Strategies Fund ‘P’ *		712,536		6,669,339
Total Affiliated Mutual Funds (Cost $223,241,038)				236,215,982
TOTAL INVESTMENTS - 100.1% (Cost $223,241,038)				236,215,982
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(345,961	)
NET ASSETS - 100.0%				$235,870,021

Notes to Schedule of Investments

(a) The Fund’s investments are affiliated mutual funds.

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$236,215,982		$236,215,982		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

1

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE

Schedule of Investments

December 31, 2019 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%
Pacific Funds Core Income ‘P’		717,211		$7,882,150
Pacific Funds Floating Rate Income ‘P’		342,556		3,405,009
Pacific Funds High Income ‘P’		2,518,500		25,764,251
PF Inflation Managed Fund ‘P’		917,576		8,386,644
PF Managed Bond Fund ‘P’		8,924,532		97,634,385
PF Short Duration Bond Fund ‘P’		3,379,101		33,622,050
PF Emerging Markets Debt Fund ‘P’		1,670,279		15,132,726
Pacific Funds Small-Cap Growth ‘P’ *		80,939		993,119
PF Developing Growth Fund ‘P’		37,410		645,322
PF Growth Fund ‘P’		300,159		9,256,890
PF Large-Cap Value Fund ‘P’		1,607,388		20,558,491
PF Multi-Asset Fund ‘P’		7,140,114		77,970,048
PF Small-Cap Value Fund ‘P’		422,450		3,506,332
PF Emerging Markets Fund ‘P’		534,271		6,860,039
PF International Large-Cap Fund ‘P’		409,532		4,656,377
PF International Small-Cap Fund ‘P’		171,462		1,702,618
PF International Value Fund ‘P’		619,789		4,908,725
PF Real Estate Fund ‘P’		770,328		10,245,369
PF Currency Strategies Fund ‘P’ *		1,022,466		9,570,285
Total Affiliated Mutual Funds (Cost $319,979,613)				342,700,830
TOTAL INVESTMENTS - 100.1% (Cost $319,979,613)				342,700,830
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(452,005	)
NET ASSETS - 100.0%				$342,248,825

Notes to Schedule of Investments

(a) The Fund’s investments are affiliated mutual funds.

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$342,700,830		$342,700,830		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

2

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION MODERATE

Schedule of Investments

December 31, 2019 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%
Pacific Funds Core Income ‘P’		1,503,892		$16,527,773
Pacific Funds Floating Rate Income ‘P’		531,242		5,280,546
Pacific Funds High Income ‘P’		4,722,539		48,311,569
PF Inflation Managed Fund ‘P’		1,150,026		10,511,236
PF Managed Bond Fund ‘P’		19,762,839		216,205,457
PF Short Duration Bond Fund ‘P’		6,870,115		68,357,646
PF Emerging Markets Debt Fund ‘P’		2,317,109		20,993,009
Pacific Funds Small-Cap Growth ‘P’ *		506,165		6,210,644
PF Developing Growth Fund ‘P’		234,425		4,043,834
PF Growth Fund ‘P’		2,685,073		82,807,661
PF Large-Cap Value Fund ‘P’		6,230,481		79,687,849
PF Multi-Asset Fund ‘P’		35,613,626		388,900,801
PF Small-Cap Value Fund ‘P’		1,966,021		16,317,977
PF Emerging Markets Fund ‘P’		2,126,252		27,301,078
PF International Large-Cap Fund ‘P’		1,668,587		18,971,834
PF International Small-Cap Fund ‘P’		544,639		5,408,262
PF International Value Fund ‘P’		2,716,575		21,515,273
PF Real Estate Fund ‘P’		2,406,059		32,000,590
PF Currency Strategies Fund ‘P’ *		2,098,604		19,642,933
Total Affiliated Mutual Funds (Cost $959,527,485)				1,088,995,972
TOTAL INVESTMENTS - 100.1% (Cost $959,527,485)				1,088,995,972
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(1,373,275	)
NET ASSETS - 100.0%				$1,087,622,697

Notes to Schedule of Investments

(a) The Fund’s investments are affiliated mutual funds.

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$1,088,995,972		$1,088,995,972		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

3

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION GROWTH

Schedule of Investments

December 31, 2019 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%
Pacific Funds Core Income ‘P’		536,838		$5,899,854
Pacific Funds High Income ‘P’		2,480,500		25,375,515
PF Inflation Managed Fund ‘P’		453,878		4,148,448
PF Managed Bond Fund ‘P’		7,525,113		82,324,740
PF Short Duration Bond Fund ‘P’		2,485,299		24,728,728
PF Emerging Markets Debt Fund ‘P’		1,365,079		12,367,616
Pacific Funds Small-Cap Growth ‘P’ *		576,987		7,079,634
PF Developing Growth Fund ‘P’		270,864		4,672,411
PF Growth Fund ‘P’		2,096,090		64,643,413
PF Large-Cap Value Fund ‘P’		4,460,634		57,051,511
PF Multi-Asset Fund ‘P’		39,357,510		429,784,007
PF Small-Cap Value Fund ‘P’		3,148,810		26,135,121
PF Emerging Markets Fund ‘P’		2,707,920		34,769,693
PF International Large-Cap Fund ‘P’		1,359,995		15,463,140
PF International Small-Cap Fund ‘P’		886,854		8,806,459
PF International Value Fund ‘P’		2,148,899		17,019,279
PF Real Estate Fund ‘P’		2,528,714		33,631,891
PF Currency Strategies Fund ‘P’ *		1,223,779		11,454,569
Total Affiliated Mutual Funds (Cost $746,165,353)				865,356,029
TOTAL INVESTMENTS - 100.1% (Cost $746,165,353)				865,356,029
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(1,220,145	)
NET ASSETS - 100.0%				$864,135,884

Notes to Schedule of Investments

(a) The Fund’s investments are affiliated mutual funds.

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$865,356,029		$865,356,029		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

4

PACIFIC FUNDS

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION AGGRESSIVE-GROWTH

Schedule of Investments

December 31, 2019 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%
Pacific Funds Core Income ‘P’		41,623		$457,438
Pacific Funds High Income ‘P’		149,985		1,534,348
PF Managed Bond Fund ‘P’		513,246		5,614,912
PF Short Duration Bond Fund ‘P’		447,782		4,455,433
PF Emerging Markets Debt Fund ‘P’		166,436		1,507,907
Pacific Funds Small-Cap Growth ‘P’ *		357,586		4,387,580
PF Developing Growth Fund ‘P’		167,417		2,887,941
PF Growth Fund ‘P’		1,210,256		37,324,298
PF Large-Cap Value Fund ‘P’		1,376,324		17,603,178
PF Multi-Asset Fund ‘P’		16,786,424		183,307,755
PF Small-Cap Value Fund ‘P’		1,882,401		15,623,926
PF Emerging Markets Fund ‘P’		1,123,016		14,419,519
PF International Large-Cap Fund ‘P’		498,996		5,673,582
PF International Small-Cap Fund ‘P’		313,084		3,108,926
PF International Value Fund ‘P’		817,837		6,477,268
PF Real Estate Fund ‘P’		932,467		12,401,808
PF Currency Strategies Fund ‘P’ *		288,867		2,703,793
Total Affiliated Mutual Funds (Cost $267,720,977)				319,489,612
TOTAL INVESTMENTS - 100.1% (Cost $267,720,977)				319,489,612
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(347,935	)
NET ASSETS - 100.0%				$319,141,677

Notes to Schedule of Investments

(a) The Fund’s investments are affiliated mutual funds.

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$319,489,612		$319,489,612		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

5

PACIFIC FUNDS

PACIFIC FUNDS^SM ULTRA SHORT INCOME

Schedule of Investments

December 31, 2019 (Unaudited)

	Principal     Amount		Value
CORPORATE BONDS & NOTES - 63.4%
Basic Materials - 2.2%
Barminco Finance Pty Ltd (Australia) 6.625% due 05/15/22 ~		$150,000		$154,200
Glencore Funding LLC (Switzerland) 2.875% due 04/16/20 ~		200,000		200,277
Syngenta Finance NV (Switzerland) 3.698% due 04/24/20 ~		200,000		200,641
				555,118
Communications - 7.0%
AT&T Inc 2.951% (USD LIBOR + 0.950%) due 07/15/21 §		400,000		403,910
3.875% due 08/15/21		100,000		103,035
Charter Communications Operating LLC 3.579% due 07/23/20		250,000		251,613
Comcast Corp 2.349% (USD LIBOR + 0.440%) due 10/01/21 §		250,000		251,295
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		393,750		397,747
Verizon Communications Inc 2.894% (USD LIBOR + 1.000%) due 03/16/22 §		375,000		381,386
				1,788,986
Consumer, Cyclical - 7.9%
British Airways Pass-Through Trust ‘A’ (United Kingdom)
3.350% due 12/15/30 ~		100,000		103,095
4.625% due 12/20/25 ~		143,611		152,135
Delta Air Lines Pass-Through Trust ‘A’ 4.750% due 11/07/21		385,397		388,678
Ford Motor Credit Co LLC 2.681% due 01/09/20		250,000		250,020
Hasbro Inc 2.600% due 11/19/22		200,000		201,252
Hyatt Hotels Corp 3.375% due 07/15/23		100,000		102,450
Las Vegas Sands Corp 2.900% due 06/25/25		300,000		303,765
Marriott International Inc
2.300% due 01/15/22		100,000		100,465
2.535% (USD LIBOR + 0.650%) due 03/08/21 §		250,000		250,980
McDonald’s Corp 2.366% (USD LIBOR + 0.430%) due 10/28/21 §		150,000		150,519
				2,003,359
Consumer, Non-Cyclical - 7.5%
AbbVie Inc 2.150% due 11/19/21 ~		450,000		451,034
Cigna Corp 2.550% (USD LIBOR + 0.650%) due 09/17/21 §		375,000		375,023
CVS Health Corp 2.605% (USD LIBOR + 0.720%) due 03/09/21 §		125,000		125,796

	Principal     Amount		Value
General Mills Inc 2.541% (USD LIBOR + 0.540%) due 04/16/21 §		$350,000		$351,214
Imperial Brands Finance PLC (United Kingdom) 2.950% due 07/21/20 ~		200,000		200,583
Keurig Dr Pepper Inc 3.130% due 12/15/23		100,000		102,810
Tyson Foods Inc 2.457% (USD LIBOR + 0.550%) due 06/02/20 §		300,000		300,421
				1,906,881
Energy - 7.4%
Diamondback Energy Inc 2.875% due 12/01/24		250,000		252,854
Energy Transfer Operating LP 7.500% due 10/15/20		250,000		259,845
Exxon Mobil Corp 2.234% (USD LIBOR + 0.330%) due 08/16/22 §		250,000		251,263
Kinder Morgan Energy Partners LP 6.500% due 04/01/20		250,000		252,645
MPLX LP 2.785% (USD LIBOR + 0.900%) due 09/09/21 §		150,000		150,475
Occidental Petroleum Corp 2.854% (USD LIBOR + 0.950%) due 02/08/21 §		500,000		503,273
Sabine Pass Liquefaction LLC 5.625% due 02/01/21		200,000		205,586
				1,875,941
Financial - 24.4%
American Express Credit Corp 2.606% (USD LIBOR + 0.700%) due 03/03/22 §		103,000		103,894
AvalonBay Communities Inc REIT
2.431% (USD LIBOR + 0.430%) due 01/15/21 §		400,000		399,958
3.625% due 10/01/20		200,000		201,615
Bank of America Corp
2.314% (USD LIBOR + 0.380%) due 01/23/22 §		100,000		100,133
2.597% (USD LIBOR + 0.650%) due 06/25/22 §		250,000		251,413
Capital One NA 2.150% due 09/06/22		250,000		250,481
Citigroup Inc 2.900% (USD LIBOR + 0.960%) due 04/25/22 §		350,000		354,714
Host Hotels & Resorts LP REIT 3.750% due 10/15/23		200,000		209,220
HSBC Holdings PLC (United Kingdom) 3.400% (USD LIBOR + 1.500%) due 01/05/22 §		200,000		204,020
Jackson National Life Global Funding 2.677% (USD LIBOR + 0.730%) due 06/27/22 § ~		250,000		252,755
JPMorgan Chase & Co 2.509% (USD LIBOR + 0.610%) due 06/18/22 §		500,000		502,079
Mitsubishi UFJ Financial Group Inc (Japan) 2.819% (USD LIBOR + 0.920%) due 02/22/22 §		250,000		252,252

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

6

PACIFIC FUNDS

PACIFIC FUNDS ULTRA SHORT INCOME

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal     Amount		Value
Morgan Stanley 3.336% (USD LIBOR + 1.400%) due 10/24/23 §		$250,000		$255,516
New York Life Global Funding 2.288% (USD LIBOR + 0.440%) due 07/12/22 § ~		400,000		401,694
Piedmont Operating Partnership LP REIT 3.400% due 06/01/23		200,000		204,880
PNC Bank NA 2.403% (USD LIBOR + 0.450%) due 07/22/22 §		250,000		250,506
Reckson Operating Partnership LP REIT 7.750% due 03/15/20		200,000		202,215
Royal Bank of Canada (Canada) 2.639% (USD LIBOR + 0.730%) due 02/01/22 §		200,000		202,090
Sumitomo Mitsui Financial Group Inc (Japan) 2.618% (USD LIBOR + 0.780%) due 07/12/22 §		450,000		452,765
Synchrony Financial 2.700% due 02/03/20		200,000		200,072
The Goldman Sachs Group Inc 2.660% (USD LIBOR + 0.750%) due 02/23/23 §		250,000		251,556
Truist Bank 2.590% due 01/29/21		379,000		379,850
UBS Group AG (Switzerland) 3.439% (USD LIBOR + 1.530%) due 02/01/22 § ~		200,000		204,760
Wells Fargo & Co 3.450% due 02/13/23		100,000		103,601
				6,192,039
Industrial - 2.2%
Penske Truck Leasing Co LP 3.200% due 07/15/20 ~		100,000		100,437
Roper Technologies Inc 3.650% due 09/15/23		250,000		262,501
Ryder System Inc 2.500% due 05/11/20		200,000		200,235
				563,173
Technology - 1.4%
Broadcom Inc 3.125% due 04/15/21 ~		100,000		101,218
Hewlett Packard Enterprise Co 2.567% (USD LIBOR + 0.680%) due 03/12/21 §		250,000		250,974
				352,192
Utilities - 3.4%
Ameren Corp 2.500% due 09/15/24		100,000		100,887
DTE Energy Co 2.250% due 11/01/22		500,000		500,023
Florida Power & Light Co 2.308% (USD LIBOR + 0.400%) due 05/06/22 §		250,000		250,010
				850,920
Total Corporate Bonds & Notes (Cost $16,043,359)				16,088,609

	Principal     Amount		Value
SENIOR LOAN NOTES - 4.9%
Consumer, Cyclical - 2.0%
Hilton Worldwide Finance LLC Term B-2 3.542% (USD LIBOR + 1.750%) due 06/21/26 §		$250,000		$252,187
SeaWorld Parks & Entertainment Inc Term B-5 4.799% (USD LIBOR + 3.000%) due 03/31/24 §		248,087		249,366
				501,553
Financial - 1.0%
Avolon (US) LLC Term B-3 (Ireland) 3.515% (USD LIBOR + 1.750%) due 01/15/25 §		250,000		251,875
Industrial - 1.9%
GFL Environmental Inc Term B (Canada) 4.799% (USD LIBOR + 3.000%) due 05/31/25 §		248,111		248,797
Reynolds Group Holdings Inc Term B 4.549% (USD LIBOR + 2.750%) due 02/05/23 §		248,082		249,206
				498,003
Total Senior Loan Notes (Cost $1,241,124)				1,251,431
ASSET-BACKED SECURITIES - 23.5%
AIMCO CLO (Cayman) 2.851% (USD LIBOR + 0.850%) due 01/15/28 § ~		400,000		399,624
AmeriCredit Automobile Receivables Trust
1.800% due 10/08/21		142,960		142,922
1.900% due 03/18/22		140,780		140,659
1.980% due 12/20/21		200,198		200,169
2.240% due 06/19/23		200,000		200,327
2.880% due 07/08/21		154,253		154,369
Apidos CLO XXIII (Cayman) 2.821% (USD LIBOR + 0.820%) due 01/15/27 § ~		250,000		249,299
Benefit Street Partners CLO VI Ltd (Cayman) 3.243% (USD LIBOR + 1.240%) due 10/18/29 § ~		250,000		250,055
CIFC Funding 2015-V Ltd (Cayman) 2.800% (USD LIBOR + 0.860%) due 10/25/27 § ~		250,000		249,527
Dryden 43 Senior Loan CLO Fund (Cayman) 3.106% (USD LIBOR + 1.140%) due 07/20/29 § ~		250,000		250,198
Magnetite VIII Ltd (Cayman) 2.981% (USD LIBOR + 0.980%) due 04/15/31 § ~		215,000		213,766
Navient Private Education Loan Trust
2.140% (USD LIBOR + 0.400%) due 12/16/58 § ~		9,543		9,542
2.440% (USD LIBOR + 0.700%) due 09/16/24 § ~		106,197		106,194

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

7

PACIFIC FUNDS

PACIFIC FUNDS ULTRA SHORT INCOME

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal     Amount		Value
Navient Private Education Refi Loan Trust 2.180% due 08/15/68 ~		$236,182		$236,336
Navient Student Loan Trust 2.092% (USD LIBOR + 0.300%) due 07/26/66 § ~		62,163		62,159
Palmer Square CLO Ltd (Cayman) 3.101% (USD LIBOR + 1.100%) due 07/16/31 § ~		250,000		249,374
Palmer Square Loan Funding Ltd (Cayman)
2.651% (USD LIBOR + 0.650%) due 07/15/26 § ~		167,519		167,332
2.836% (USD LIBOR + 0.900%) due 10/24/27 § ~		250,000		250,004
3.016% (USD LIBOR + 1.050%) due 04/20/27 § ~		256,234		256,345
Santander Drive Auto Receivables Trust
2.190% due 03/15/22		28,826		28,824
2.280% due 02/15/22		102,000		102,059
2.460% due 03/15/22		91,777		91,863
2.660% due 11/15/21		104,138		104,184
2.790% due 01/16/24		100,000		100,951
3.010% due 03/15/22		37,429		37,442
SLC Student Loan Trust 2.004% (USD LIBOR + 0.110%) due 03/15/27 §		75,076		74,806
SLM Student Loan Trust
2.030% (USD LIBOR + 0.090%) due 01/26/26 §		118,592		118,243
2.110% (USD LIBOR + 0.170%) due 07/25/23 §		16,999		16,998
SMB Private Education Loan Trust
2.040% (USD LIBOR + 0.300%) due 09/15/25 § ~		184,033		183,963
2.060% (USD LIBOR + 0.320%) due 12/16/24 § ~		117,878		117,826
Sofi Consumer Loan Program Trust 2.450% due 08/25/28 ~		215,689		216,054
Sofi Professional Loan Program LLC 2.130% due 11/16/48 ~		86,044		86,028
Toyota Auto Receivables Owner Trust 1.780% due 11/15/21		102,054		101,982
Verizon Owner Trust
1.680% due 05/20/21 ~		9,964		9,962
1.920% due 12/20/21 ~		216,066		216,049
2.060% due 04/20/22 ~		78,535		78,659

	Principal     Amount		Value
Voya CLO Ltd (Cayman)
2.903% (USD LIBOR + 0.900%) due 01/18/29 § ~		$250,000		$248,880
3.131% (USD LIBOR + 1.130%) due 10/15/30 § ~		250,000		249,450
Total Asset-Backed Securities (Cost $5,969,842)				5,972,424
U.S. TREASURY OBLIGATIONS - 2.8%
U.S. Treasury Notes - 2.8%
1.375% due 08/31/20		250,000		249,591
1.500% due 08/31/21		450,000		449,264
Total U.S. Treasury Obligations (Cost $699,189)				698,855
	Shares
SHORT-TERM INVESTMENTS - 4.8%
Money Market Fund - 0.9%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.510%		227,768		227,768
	Principal     Amount
U.S. Treasury Bills - 3.9%
1.554% due 06/25/20		$1,000,000		992,558
Total Short-Term Investments (Cost $1,220,270)				1,220,326
TOTAL INVESTMENTS - 99.4% (Cost $25,173,784)				25,231,645
OTHER ASSETS & LIABILITIES, NET - 0.6%				139,794
NET ASSETS - 100.0%				$25,371,439

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

8

PACIFIC FUNDS

PACIFIC FUNDS ULTRA SHORT INCOME

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Note to Schedule of Investments

(a) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$16,088,609		$—		$16,088,609		$—
	Senior Loan Notes		1,251,431		—		1,251,431		—
	Asset-Backed Securities		5,972,424		—		5,972,424		—
	U.S. Treasury Obligations		698,855		—		698,855		—
	Short-Term Investments		1,220,326		227,768		992,558		—
	Total		$25,231,645		$227,768		$25,003,877		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

9

PACIFIC FUNDS

PACIFIC FUNDS^SM SHORT DURATION INCOME

Schedule of Investments

December 31, 2019 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 56.9%
Basic Materials - 1.9%
Anglo American Capital PLC (South Africa) 3.750% due 04/10/22 ~		$5,000,000		$5,131,617
Barminco Finance Pty Ltd (Australia) 6.625% due 05/15/22 ~		2,475,000		2,544,300
DuPont de Nemours Inc 3.020% (USD LIBOR + 1.110%) due 11/15/23 §		6,965,000		7,106,919
Glencore Funding LLC (Switzerland)
3.000% due 10/27/22 ~		3,000,000		3,025,275
4.125% due 03/12/24 ~		2,500,000		2,618,066
				20,426,177
Communications - 4.2%
AT&T Inc
3.200% due 03/01/22		3,000,000		3,072,664
3.875% due 08/15/21		8,300,000		8,551,903
Charter Communications Operating LLC 3.579% due 07/23/20		4,738,000		4,768,572
DISH DBS Corp 5.125% due 05/01/20		2,000,000		2,014,880
Sprint Communications Inc 6.000% due 11/15/22		3,000,000		3,151,590
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		7,043,750		7,115,244
Tencent Holdings Ltd (China) 2.875% due 02/11/20 ~		2,765,000		2,766,954
The Walt Disney Co 1.750% due 08/30/24		2,800,000		2,775,472
Verizon Communications Inc 3.010% (USD LIBOR + 1.100%) due 05/15/25 §		10,250,000		10,492,973
				44,710,252
Consumer, Cyclical - 6.8%
Alimentation Couche-Tard Inc (Canada) 2.700% due 07/26/22 ~		3,000,000		3,032,460
American Airlines Pass-Through Trust ‘A’ 4.000% due 01/15/27		931,789		977,037
British Airways Pass-Through Trust ‘A’ (United Kingdom)
3.350% due 12/15/30 ~		3,400,000		3,505,217
4.625% due 12/20/25 ~		3,374,851		3,575,172
Daimler Finance North America LLC (Germany)
2.300% due 02/12/21 ~		5,000,000		5,009,913
3.750% due 11/05/21 ~		2,100,000		2,158,559
Delta Air Lines Inc 2.600% due 12/04/20		2,050,000		2,056,375
Delta Air Lines Pass-Through Trust ‘AA’ 3.204% due 10/25/25		4,500,000		4,683,627
Delta Air Lines Pass-Through Trust ‘A’ 4.750% due 11/07/21		1,330,506		1,341,832
Dr. Horton Inc 2.500% due 10/15/24		4,500,000		4,504,148
Ford Motor Credit Co LLC
2.681% due 01/09/20		1,000,000		1,000,082
2.865% (USD LIBOR + 0.930%) due 09/24/20 §		2,000,000		2,003,071
5.584% due 03/18/24		2,300,000		2,489,447
General Motors Financial Co Inc
3.271% (USD LIBOR + 1.310%) due 06/30/22 §		2,745,000		2,758,984
3.550% due 07/08/22		3,000,000		3,088,414

	Principal Amount		Value
Hasbro Inc 2.600% due 11/19/22		$1,800,000		$1,811,269
Hyatt Hotels Corp 3.375% due 07/15/23		6,234,000		6,386,709
Hyundai Capital America 3.750% due 07/08/21 ~		2,100,000		2,142,100
Las Vegas Sands Corp
2.900% due 06/25/25		4,650,000		4,708,362
3.200% due 08/08/24		2,100,000		2,167,835
Marriott International Inc
2.125% due 10/03/22		1,700,000		1,703,470
2.300% due 01/15/22		1,911,000		1,919,896
3.600% due 04/15/24		2,000,000		2,106,219
NCL Corp Ltd 3.625% due 12/15/24 ~		1,825,000		1,854,656
Sands China Ltd (Macau) 4.600% due 08/08/23		3,300,000		3,489,288
United Airlines Pass-Through Trust ‘B’
3.650% due 07/07/27		653,646		664,375
4.625% due 03/03/24		626,627		646,599
4.750% due 10/11/23		442,322		456,920
US Airways Pass-Through Trust ‘A’ 3.950% due 05/15/27		652,360		686,632
				72,928,668
Consumer, Non-Cyclical - 8.1%
AbbVie Inc
2.300% due 11/21/22 ~		6,650,000		6,686,184
2.950% due 11/21/26 ~		2,500,000		2,541,236
Anheuser-Busch InBev Worldwide Inc (Belgium)
3.500% due 01/12/24		5,350,000		5,636,372
4.150% due 01/23/25		2,000,000		2,177,207
Anthem Inc 2.375% due 01/15/25		2,950,000		2,954,781
BAT Capital Corp (United Kingdom)
2.499% (USD LIBOR + 0.590%) due 08/14/20 §		2,400,000		2,404,455
2.764% due 08/15/22		4,500,000		4,565,535
BAT International Finance PLC (United Kingdom) 3.250% due 06/07/22 ~		2,640,000		2,698,142
Bausch Health Cos Inc 6.500% due 03/15/22 ~		1,575,000		1,612,406
Cigna Corp
2.891% (USD LIBOR + 0.890%) due 07/15/23 §		2,300,000		2,313,803
3.200% due 09/17/20		4,000,000		4,031,739
DH Europe Finance II Sarl 2.200% due 11/15/24		2,650,000		2,654,122
General Mills Inc
3.012% (USD LIBOR + 1.010%) due 10/17/23 §		3,100,000		3,149,215
3.700% due 10/17/23		1,965,000		2,070,434
Global Payments Inc 2.650% due 02/15/25		6,000,000		6,028,498
Keurig Dr Pepper Inc
3.130% due 12/15/23		4,500,000		4,626,464
3.551% due 05/25/21		2,500,000		2,553,700
4.057% due 05/25/23		3,000,000		3,163,929
4.417% due 05/25/25		1,000,000		1,092,390
Laboratory Corp of America Holdings 2.300% due 12/01/24		2,550,000		2,539,657
Mars Inc 2.700% due 04/01/25 ~		2,150,000		2,199,443
McKesson Corp 3.650% due 11/30/20		2,350,000		2,383,209

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

10

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
Moody’s Corp 2.625% due 01/15/23		$3,000,000		$3,045,482
PayPal Holdings Inc 2.200% due 09/26/22		5,000,000		5,029,074
Suntory Holdings Ltd (Japan) 2.250% due 10/16/24 ~		4,200,000		4,175,268
Takeda Pharmaceutical Co Ltd (Japan) 4.000% due 11/26/21		3,500,000		3,620,075
Teva Pharmaceutical Finance Netherlands III BV (Israel) 2.200% due 07/21/21		1,166,000		1,131,335
				87,084,155
Energy - 4.0%
Diamondback Energy Inc 2.875% due 12/01/24		3,250,000		3,287,098
Energy Transfer Operating LP
3.600% due 02/01/23		5,325,000		5,454,366
4.250% due 03/15/23		1,500,000		1,566,955
4.500% due 04/15/24		1,800,000		1,915,970
Enterprise Products Operating LLC 3.350% due 03/15/23		4,500,000		4,655,808
Harvest Operations Corp (South Korea) 4.200% due 06/01/23 ~		2,350,000		2,492,784
Kinder Morgan Inc 5.625% due 11/15/23 ~		5,136,000		5,683,422
MPLX LP 3.500% due 12/01/22 ~		6,900,000		7,104,766
Newfield Exploration Co 5.625% due 07/01/24		3,500,000		3,848,280
Occidental Petroleum Corp
2.700% due 08/15/22		2,100,000		2,122,126
3.360% (USD LIBOR + 1.450%) due 08/15/22 §		2,500,000		2,513,592
Sabine Pass Liquefaction LLC 5.625% due 02/01/21		2,000,000		2,055,864
				42,701,031
Financial - 22.8%
AerCap Ireland Capital DAC (Ireland)
3.300% due 01/23/23		3,100,000		3,177,724
4.250% due 07/01/20		2,407,000		2,431,447
Air Lease Corp 2.750% due 01/15/23		2,000,000		2,026,350
American Express Co
2.500% due 08/01/22		2,000,000		2,023,547
2.500% due 07/30/24		1,400,000		1,416,110
Australia & New Zealand Banking Group Ltd (Australia) 2.613% (USD LIBOR + 0.710%) due 05/19/22 § ~		3,000,000		3,027,272
AvalonBay Communities Inc REIT
2.431% (USD LIBOR + 0.430%) due 01/15/21 §		3,469,000		3,468,634
2.850% due 03/15/23		1,970,000		2,011,475
3.500% due 11/15/24		2,000,000		2,113,007
Avolon Holdings Funding Ltd (Ireland) 3.625% due 05/01/22 ~		4,150,000		4,257,278
Bank of America Corp
2.328% due 10/01/21		2,450,000		2,457,621
2.456% due 10/22/25		2,800,000		2,817,997
2.661% (USD LIBOR + 0.770%) due 02/05/26 §		2,750,000		2,750,342

	Principal Amount		Value
2.894% (USD LIBOR + 0.960%) due 07/23/24 §		$5,000,000		$5,053,510
3.550% due 03/05/24		1,700,000		1,765,154
BOC Aviation Ltd (Singapore) 2.750% due 09/18/22 ~		3,500,000		3,514,644
Boston Properties LP REIT 3.800% due 02/01/24		2,000,000		2,115,347
Canadian Imperial Bank of Commerce (Canada) 2.350% (SOFR + 0.800%) due 03/17/23 §		1,400,000		1,405,221
Citibank NA 2.266% (USD LIBOR + 0.300%) due 10/20/20 §		1,000,000		1,001,458
Citigroup Inc
2.429% (SOFR + 0.870%) due 11/04/22 §		5,000,000		5,026,343
2.750% due 04/25/22		3,316,000		3,367,645
3.337% (USD LIBOR + 1.430%) due 09/01/23 §		6,500,000		6,641,005
Citizens Bank NA
2.911% (USD LIBOR + 0.950%) due 03/29/23 §		2,000,000		2,024,512
3.250% due 02/14/22		2,500,000		2,561,752
Cooperatieve Rabobank UA (Netherlands)
2.314% (USD LIBOR + 0.480%) due 01/10/23 §		3,000,000		3,003,995
2.807% (USD LIBOR + 0.860%) due 09/26/23 § ~		1,500,000		1,508,067
Credit Suisse Group AG (Switzerland) 3.094% (USD LIBOR + 1.200%) due 12/14/23 § ~		3,000,000		3,034,218
Crown Castle International Corp REIT
2.250% due 09/01/21		3,000,000		3,008,664
4.875% due 04/15/22		2,000,000		2,118,542
Equinix Inc REIT 2.625% due 11/18/24		2,300,000		2,309,073
Fifth Third Bancorp 2.375% due 01/28/25		4,000,000		4,005,425
Host Hotels & Resorts LP REIT 3.750% due 10/15/23		3,800,000		3,975,189
HSBC Holdings PLC (United Kingdom) 3.262% due 03/13/23		3,400,000		3,477,725
Jackson National Life Global Funding
2.650% due 06/21/24 ~		5,000,000		5,071,545
3.300% due 02/01/22 ~		4,350,000		4,472,738
JPMorgan Chase & Co
2.664% (USD LIBOR + 0.730%) due 04/23/24 §		4,000,000		4,013,382
2.840% (USD LIBOR + 0.900%) due 04/25/23 §		3,450,000		3,481,376
2.972% due 01/15/23		2,000,000		2,040,887
3.166% (USD LIBOR + 1.230%) due 10/24/23 §		3,500,000		3,561,666
Metropolitan Life Global Funding I
2.400% due 06/17/22 ~		3,750,000		3,788,910
3.375% due 01/11/22 ~		1,800,000		1,850,478
Mid-America Apartments LP REIT 4.300% due 10/15/23		2,000,000		2,140,150
Mitsubishi UFJ Financial Group Inc (Japan)
2.623% due 07/18/22		1,750,000		1,773,702
2.665% due 07/25/22		3,000,000		3,043,817
2.796% (USD LIBOR + 0.860%) due 07/26/23 §		2,000,000		2,015,776
3.218% due 03/07/22		2,150,000		2,202,645
Morgan Stanley
2.380% (SOFR + 0.830%) due 06/10/22 §		2,500,000		2,515,145

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

11

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
2.625% due 11/17/21		$2,000,000		$2,023,982
2.883% (USD LIBOR + 0.930%) due 07/22/22 §		5,000,000		5,048,320
3.336% (USD LIBOR + 1.400%) due 10/24/23 §		1,500,000		1,533,097
5.750% due 01/25/21		2,000,000		2,077,594
New York Life Global Funding
2.288% (USD LIBOR + 0.440%) due 07/12/22 § ~		1,350,000		1,355,718
2.950% due 01/28/21 ~		3,000,000		3,041,977
3.250% due 08/06/21 ~		1,500,000		1,534,521
Piedmont Operating Partnership LP REIT 3.400% due 06/01/23		3,800,000		3,892,712
PNC Bank NA
2.232% due 07/22/22		656,000		658,367
2.403% (USD LIBOR + 0.450%) due 07/22/22 §		2,500,000		2,505,063
Royal Bank of Canada (Canada)
2.250% due 11/01/24		5,000,000		5,026,519
2.560% (USD LIBOR + 0.660%) due 10/05/23 §		2,000,000		2,016,321
Springleaf Finance Corp 6.125% due 03/15/24		3,200,000		3,511,968
Sumitomo Mitsui Financial Group Inc (Japan)
2.448% due 09/27/24		600,000		601,388
2.742% (USD LIBOR + 0.740%) due 01/17/23 §		5,000,000		5,026,270
2.784% due 07/12/22		3,250,000		3,305,708
The Bank of New York Mellon Corp
1.950% due 08/23/22		2,800,000		2,805,814
2.100% due 10/24/24		2,000,000		2,002,091
The Bank of Nova Scotia (Canada) 2.375% due 01/18/23		3,200,000		3,247,789
The Goldman Sachs Group Inc
2.350% due 11/15/21		2,000,000		2,007,772
2.707% (USD LIBOR + 0.780%) due 10/31/22 §		2,000,000		2,014,232
2.942% (USD LIBOR + 1.050%) due 06/05/23 §		3,750,000		3,790,320
3.080% (USD LIBOR + 1.170%) due 05/15/26 §		3,200,000		3,235,503
The Huntington National Bank 3.125% due 04/01/22		3,500,000		3,577,946
The PNC Financial Services Group Inc
2.200% due 11/01/24		5,000,000		5,017,165
3.500% due 01/23/24		1,650,000		1,737,471
Truist Bank 3.525% due 10/26/21		4,200,000		4,251,178
UBS AG (Switzerland) 2.450% due 12/01/20 ~		4,200,000		4,215,637
US Bancorp
2.400% due 07/30/24		4,000,000		4,053,548
3.375% due 02/05/24		2,000,000		2,099,480
US Bank NA 3.000% due 02/04/21		3,300,000		3,339,719
Ventas Realty LP REIT 2.650% due 01/15/25		4,000,000		4,029,099
Wells Fargo & Co
2.625% due 07/22/22		4,400,000		4,464,964
3.069% due 01/24/23		2,000,000		2,041,905
3.450% due 02/13/23		5,000,000		5,180,067
Zions Bancorp NA 3.350% due 03/04/22		3,000,000		3,077,988
				246,217,723

	Principal Amount		Value
Industrial - 3.2%
John Deere Capital Corp 2.285% (USD LIBOR + 0.400%) due 06/07/21 §		$6,000,000		$6,022,673
Masco Corp 3.500% due 04/01/21		2,811,000		2,852,121
Penske Truck Leasing Co LP
2.700% due 11/01/24 ~		3,250,000		3,273,913
3.450% due 07/01/24 ~		2,300,000		2,388,933
4.125% due 08/01/23 ~		2,000,000		2,111,075
Reynolds Group Issuer Inc 5.501% (USD LIBOR + 3.500%) due 07/15/21 § ~		2,500,000		2,508,750
Roper Technologies Inc 3.650% due 09/15/23		5,000,000		5,250,032
Ryder System Inc 3.650% due 03/18/24		3,000,000		3,156,332
United Technologies Corp
2.554% (USD LIBOR + 0.650%) due 08/16/21 §		1,149,000		1,149,154
3.350% due 08/16/21		3,000,000		3,071,979
3.650% due 08/16/23		3,000,000		3,162,183
				34,947,145
Technology - 2.7%
Broadcom Inc
3.125% due 04/15/21 ~		4,000,000		4,048,724
3.125% due 10/15/22 ~		2,500,000		2,546,473
3.625% due 10/15/24 ~		5,000,000		5,199,935
Fiserv Inc 3.800% due 10/01/23		5,000,000		5,281,140
International Business Machines Corp
2.305% (USD LIBOR + 0.400%) due 05/13/21 §		6,000,000		6,024,438
2.850% due 05/13/22		6,000,000		6,131,658
				29,232,368
Utilities - 3.2%
Ameren Corp 2.500% due 09/15/24		4,000,000		4,035,500
Dominion Energy Gas Holdings LLC 2.500% due 11/15/24		2,550,000		2,562,432
DTE Energy Co
2.250% due 11/01/22		1,600,000		1,600,073
2.600% due 06/15/22		2,400,000		2,417,108
Duke Energy Corp
2.400% due 08/15/22		2,150,000		2,171,494
2.538% (USD LIBOR + 0.650%) due 03/11/22 §		1,000,000		1,007,207
Duke Energy Progress LLC 3.375% due 09/01/23		1,650,000		1,724,018
Evergy Inc 2.450% due 09/15/24		4,350,000		4,376,753
FirstEnergy Corp 2.850% due 07/15/22		3,800,000		3,861,388
NextEra Energy Operating Partners LP 4.250% due 07/15/24 ~		3,000,000		3,130,005
Sempra Energy 2.501% (USD LIBOR + 0.500%) due 01/15/21 §		5,000,000		5,000,919

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

12

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
Vistra Operations Co LLC 3.550% due 07/15/24 ~		$3,000,000		$3,039,577
				34,926,474
Total Corporate Bonds & Notes (Cost $603,260,202)				613,173,993
SENIOR LOAN NOTES - 9.8%
Communications - 1.4%
CSC Holdings LLC Term B-5 due 04/15/27 ¥		2,000,000		2,013,334
NEP Group Inc Term B due 10/20/25 ¥		1,994,962		1,961,712
Sprint Communications Inc Term B
4.313% (USD LIBOR + 2.500%) due 02/03/24 §		2,919,943		2,900,762
4.813% (USD LIBOR + 3.000%) due 02/03/24 §		1,980,000		1,977,501
Zayo Group LLC Term B-2 4.049% (USD LIBOR + 2.250%) due 01/19/24 §		6,000,000		6,025,416
				14,878,725
Consumer, Cyclical - 2.6%
American Builders & Contractors Supply Co Inc Term B 3.799% (USD LIBOR + 2.000%) due 01/15/27 §		2,992,500		3,006,529
Caesars Resort Collection LLC Term B 4.549% (USD LIBOR + 2.750%) due 12/22/24 §		3,962,102		3,973,109
ClubCorp Holdings Inc Term B 4.695% (USD LIBOR + 2.750%) due 09/18/24 §		1,996,389		1,895,737
Golden Nugget LLC Term B 4.692% (USD LIBOR + 2.750%) due 10/04/23 §		3,306,996		3,323,155
Hilton Worldwide Finance LLC Term B-2 3.542% (USD LIBOR + 1.750%) due 06/21/26 §		3,103,036		3,130,187
Marriott Ownership Resorts Inc Term B 3.549% (USD LIBOR + 1.750%) due 08/31/25 §		3,573,000		3,599,797
Restaurant Brands International Inc Term B (Canada) 3.549% (USD LIBOR + 1.750%) due 11/19/26 §		4,983,247		4,995,675
SeaWorld Parks & Entertainment Inc Term B-5 4.799% (USD LIBOR + 3.000%) due 03/31/24 §		4,439,485		4,462,375
				28,386,564
Consumer, Non-Cyclical - 1.7%
Albertson’s LLC Term B-7 4.549% (USD LIBOR + 2.750%) due 11/17/25 §		1,777,971		1,796,414
Avantor Funding Inc Term B-2 4.799% (USD LIBOR + 3.000%) due 11/21/24 §		2,728,150		2,745,201
Bausch Health Americas Inc Term B 4.740% (USD LIBOR + 3.000%) due 06/01/25 §		5,576,729		5,617,684

	Principal Amount		Value
H-Food Holdings LLC due 05/31/25 ¥		$1,321,646		$1,312,559
Term B-2 due 05/31/25 ¥		673,300		673,300
Refinitiv US Holdings Inc Term B 5.049% (USD LIBOR + 3.250%) due 10/01/25 §		1,989,950		2,009,019
Sunshine Luxembourg VII Sarl Term B (Luxembourg) 6.195% (USD LIBOR + 4.250%) due 10/02/26 §		2,250,000		2,274,309
US Foods Inc Term B 3.549% (USD LIBOR + 1.750%) due 06/27/23 §		2,437,244		2,448,560
				18,877,046
Financial - 0.8%
MGM Growth Properties Operating Partnership LP REIT Term B 3.799% (USD LIBOR + 2.000%) due 03/25/25 §		4,698,505		4,727,453
USI Inc Term B 4.945% (USD LIBOR + 3.000%) due 05/16/24 §		3,439,810		3,443,680
				8,171,133
Industrial - 3.0%
Advanced Disposal Services Inc Term B 3.853% (USD LIBOR + 2.250%) due 11/10/23 §		6,948,539		6,985,449
Berry Global Inc Term W 3.715% (USD LIBOR + 2.000%) due 10/01/22 §		5,131,746		5,158,781
Filtration Group Corp Term B 4.799% (USD LIBOR + 3.000%) due 03/29/25 §		2,989,462		3,005,531
GFL Environmental Inc Term B (Canada) 4.799% (USD LIBOR + 3.000%) due 05/31/25 §		5,199,122		5,213,513
Hamilton HoldCo LLC Term B (Australia) 3.950% (USD LIBOR + 2.000%) due 01/02/27 §		2,992,500		2,999,981
Reynolds Group Holdings Inc Term B 4.549% (USD LIBOR + 2.750%) due 02/05/23 § ¥		5,146,743		5,170,063
The Hillman Group Inc Term B 5.799% (USD LIBOR + 4.000%) due 05/31/25 § ¥		1,994,937		1,965,845
TransDigm Inc Term F due 06/09/23 ¥		1,994,924		2,003,652
				32,502,815
Technology - 0.2%
Vertafore Inc Term B 5.049% (USD LIBOR + 3.250%) due 07/02/25 § ¥		2,482,481		2,458,431
Utilities - 0.1%
Vistra Operations Co LLC Term B-3 3.537% (USD LIBOR + 1.750%) due 12/31/25 §		750,000		755,297
Total Senior Loan Notes (Cost $105,401,117)				106,030,011

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

13

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PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
ASSET-BACKED SECURITIES - 19.5%
Ally Auto Receivables Trust 3.020% due 09/15/23		$1,000,000		$1,003,841
AmeriCredit Automobile Receivables Trust
1.800% due 10/08/21		318,801		318,717
1.900% due 03/18/22		1,351,488		1,350,325
2.045% (USD LIBOR + 0.300%) due 01/18/23 §		2,000,000		2,000,874
2.170% due 01/18/23		1,000,000		1,001,210
2.300% due 02/18/22		3,642,000		3,644,786
2.360% due 12/19/22		2,500,000		2,506,249
2.600% due 09/18/23		2,000,000		2,017,897
2.890% due 01/10/22		1,484,498		1,486,862
2.970% due 11/20/23		1,500,000		1,518,153
3.080% due 12/18/23		2,000,000		2,031,778
3.130% due 02/18/25		1,550,000		1,578,275
3.450% due 06/18/24		2,000,000		2,044,479
3.500% due 01/18/24		2,000,000		2,050,888
Apidos CLO XV ‘A1RR’ (Cayman) 2.976% (USD LIBOR + 1.010%) due 04/20/31 § ~		1,250,000		1,242,808
Apidos CLO XXV ‘A1R’ (Cayman) 3.136% (USD LIBOR + 1.170%) due 10/20/31 § ~		2,000,000		1,992,700
Apidos CLO XXX ‘A1A’ (Cayman) 3.143% (USD LIBOR + 1.140%) due 10/18/31 § ~		3,000,000		2,991,745
Atrium CLO XIII (Cayman) 3.114% (USD LIBOR + 1.180%) due 11/21/30 § ~		470,000		469,870
Benefit Street Partners CLO IV Ltd (Cayman) 3.216% (USD LIBOR + 1.250%) due 01/20/29 § ~		1,000,000		1,001,325
Benefit Street Partners CLO X Ltd (Cayman)
3.141% (USD LIBOR + 1.140%) due 01/15/29 § ~		3,050,000		3,052,323
3.751% (USD LIBOR + 1.750%) due 01/15/29 § ~		500,000		499,523
Buttermilk Park CLO Ltd ‘A1’ (Cayman) 3.101% (USD LIBOR + 1.100%) due 10/15/31 § ~		850,000		845,866
Capital Auto Receivables Asset Trust 3.480% due 10/20/23 ~		1,000,000		1,011,612
Carlyle Global Market Strategies CLO Ltd (Cayman) 2.986% (USD LIBOR + 1.050%) due 07/27/31 § ~		500,000		498,379
Carmax Auto Owner Trust ‘B’ 3.010% due 12/16/24		4,000,000		4,087,680
CIFC Funding 2015-III CLO Ltd (Cayman) 2.836% (USD LIBOR + 0.870%) due 04/19/29 § ~		3,000,000		2,986,905
Dryden 33 Senior Loan CLO Fund (Cayman) 3.751% (USD LIBOR + 1.750%) due 04/15/29 § ~		2,000,000		2,001,361
Dryden 43 Senior Loan CLO Fund (Cayman) 3.106% (USD LIBOR + 1.140%) due 07/20/29 § ~		3,750,000		3,752,975
Dryden 55 CLO Ltd (Cayman) 3.021% (USD LIBOR + 1.020%) due 04/15/31 § ~		2,500,000		2,486,275
Dryden 58 CLO Ltd (Cayman) 3.002% (USD LIBOR + 1.000%) due 07/17/31 § ~		2,000,000		1,982,962

	Principal Amount		Value
Dryden 61 CLO Ltd (Cayman) 3.162% (USD LIBOR + 1.160%) due 01/17/32 § ~		$5,000,000		$4,985,491
Dryden 64 CLO Ltd (Cayman) 2.973% (USD LIBOR + 0.970%) due 04/18/31 § ~		2,000,000		1,977,662
Dryden 75 CLO Ltd (Cayman) 3.701% (USD LIBOR + 1.700%) due 07/15/30 § ~		2,400,000		2,394,076
Ford Credit Auto Owner Trust
1.980% (USD LIBOR + 0.240%) due 02/15/22 §		1,470,413		1,470,910
2.130% due 05/15/25		5,000,000		4,984,602
2.140% due 10/15/22		2,000,000		1,999,535
2.350% due 04/15/23		1,000,000		1,005,617
2.500% due 05/15/24		1,750,000		1,761,650
3.380% due 03/15/24		1,650,000		1,697,245
GM Financial Consumer Automobile Receivables Trust ‘B’ 3.270% due 01/16/24		1,200,000		1,227,275
Hyundai Auto Receivables Trust ‘C’ 2.400% due 06/15/26		2,000,000		1,997,142
Magnetite VIII CLO Ltd (Cayman) 2.981% (USD LIBOR + 0.980%) due 04/15/31 § ~		2,000,000		1,988,520
Magnetite XIV-R CLO Ltd ‘A1’ (Cayman) 3.123% (USD LIBOR + 1.120%) due 10/18/31 § ~		3,000,000		2,992,244
Magnetite XVIII CLO Ltd (Cayman) 2.990% (USD LIBOR + 1.080%) due 11/15/28 § ~		3,000,000		2,991,291
Magnetite XXI CLO Ltd ‘A’ (Cayman) 3.246% (USD LIBOR + 1.280%) due 04/20/30 § ~		1,000,000		1,001,383
Navient Private Education Loan Trust 3.610% due 12/15/59 ~		1,400,000		1,442,774
Navient Private Education Loan Trust ‘A1’ 2.090% (USD LIBOR + 0.350%) due 12/15/59 § ~		942,462		942,151
Navient Private Education Refi Loan Trust ‘A1’
2.180% due 08/15/68 ~		3,542,734		3,545,033
2.820% due 02/15/68 ~		2,412,796		2,426,322
Navient Student Loan Trust 2.640% due 05/15/68 ~		2,000,000		1,985,190
Navient Student Loan Trust ‘A1’ 2.062% (USD LIBOR + 0.270%) due 02/27/68 § ~		2,053,951		2,055,916
Navient Student Loan Trust ‘A2A’ 3.390% due 12/15/59 ~		2,000,000		2,055,014
OCP CLO Ltd (Cayman) 2.756% (USD LIBOR + 0.820%) due 10/26/27 § ~		2,000,000		2,000,190
Octagon Investment Partners 25 Ltd (Cayman) 2.766% (USD LIBOR + 0.800%) due 10/20/26 § ~		3,000,000		3,000,199
OneMain Financial Issuance CLO Trust 2.370% due 09/14/32 ~		1,298,272		1,298,258
Palmer Square CLO Ltd ‘A1’ (Cayman) 2.760% (USD LIBOR + 0.850%) due 08/15/26 § ~ Class A1		1,437,814		1,438,871
Palmer Square CLO Ltd ‘A1A’ (Cayman) 3.101% (USD LIBOR + 1.100%) due 07/16/31 § ~		1,750,000		1,745,620

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

14

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PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
Palmer Square Loan Funding CLO Ltd (Cayman)
2.651% (USD LIBOR + 0.650%) due 07/15/26 § ~		$1,842,713		$1,840,654
2.741% (USD LIBOR + 0.740%) due 10/15/25 § ~		2,409,072		2,410,350
2.836% (USD LIBOR + 0.900%) due 10/24/27 § ~		2,000,000		2,000,032
3.016% (USD LIBOR + 1.050%) due 04/20/27 § ~		4,420,037		4,421,956
Regatta Funding CLO LP (Cayman) 3.251% (USD LIBOR + 1.250%) due 01/15/29 § ~		3,000,000		3,002,761
Regatta X Funding CLO Ltd ‘A’ (Cayman) 3.122% (USD LIBOR + 1.120%) due 01/17/31 § ~		3,000,000		2,990,664
Regatta XIV Funding CLO Ltd ‘A’ (Cayman) 3.130% (USD LIBOR + 1.190%) due 10/25/31 § ~		2,500,000		2,486,865
Santander Drive Auto Receivables Trust
2.070% (USD LIBOR + 0.330%) due 02/15/22 §		2,000,000		2,000,952
2.280% due 09/15/23		2,500,000		2,502,048
2.630% due 07/15/22		1,746,453		1,750,765
2.790% due 08/15/22		1,852,787		1,855,822
2.790% due 01/16/24		5,000,000		5,047,533
3.030% due 09/15/22		1,427,678		1,430,237
3.210% due 09/15/23		2,000,000		2,016,969
3.270% due 01/17/23		1,600,000		1,605,942
3.290% due 10/17/22		1,150,000		1,152,177
3.420% due 04/15/25		1,750,000		1,778,669
3.520% due 12/15/22		2,250,000		2,262,281
SLC Student Loan Trust
1.994% (USD LIBOR + 0.100%) due 09/15/26 §		1,798,061		1,793,549
2.004% (USD LIBOR + 0.110%) due 03/15/27 §		5,393,112		5,353,141
2.014% (USD LIBOR + 0.120%) due 06/15/29 §		987,066		978,532
3.494% (USD LIBOR + 1.600%) due 12/15/32 §		358,775		363,774
SLM Private Credit Student Loan Trust 2.204% (USD LIBOR + 0.310%) due 12/15/38 §		800,000		776,390
SLM Student Loan Trust
2.320% (USD LIBOR + 0.380%) due 10/25/24 §		1,431,358		1,430,193
2.570% (USD LIBOR + 0.630%) due 01/25/40 § ~		3,150,000		3,074,619
SMB Private Education Loan Trust
2.340% due 09/15/34 ~		3,628,146		3,617,334
2.700% due 05/15/31 ~		940,843		943,956
3.050% due 05/15/26 ~		1,683,766		1,692,277
3.440% due 07/15/36 ~		1,850,000		1,879,877
3.500% due 02/15/36 ~		1,000,000		1,037,027
3.600% due 01/15/37 ~		3,000,000		3,084,303
3.630% due 11/15/35 ~		2,954,000		3,074,709
SMB Private Education Loan Trust ‘A1’
2.060% (USD LIBOR + 0.320%) due 12/16/24 § ~		1,014,301		1,013,848
2.090% (USD LIBOR + 0.350%) due 03/16/26 § ~		818,347		817,733
2.090% (USD LIBOR + 0.350%) due 07/15/26 § ~		4,803,400		4,805,314
Sofi Consumer Loan Program Trust ‘A’ 2.450% due 08/25/28 ~		1,725,510		1,728,434

	Principal Amount		Value
Sofi Professional Loan Program LLC ‘A1FX’ 2.130% due 11/16/48 ~		$2,282,754		$2,282,312
Verizon Owner Trust
1.680% due 05/20/21 ~		80,830		80,814
1.920% due 12/20/21 ~		1,296,398		1,296,294
2.060% due 09/20/21 ~		1,077,135		1,077,217
Verizon Owner Trust ‘A1A’
1.940% due 04/22/24		2,000,000		1,998,383
2.060% due 04/20/22 ~		2,215,467		2,218,966
Verizon Owner Trust ‘A1B’ 2.215% (USD LIBOR + 0.450%) due 12/20/23 §		3,000,000		3,009,359
Volvo Financial Equipment LLC 3.130% due 11/15/23 ~		2,000,000		2,045,299
Voya CLO Ltd (Cayman) 3.131% (USD LIBOR + 1.130%) due 10/15/30 § ~		2,000,000		1,995,599
Total Asset-Backed Securities (Cost $208,962,310)				209,894,754
U.S. TREASURY OBLIGATIONS - 10.2%
U.S. Treasury Notes - 10.2%
1.250% due 07/31/23		6,000,000		5,916,472
1.250% due 08/31/24		5,000,000		4,900,651
1.375% due 08/31/20		5,000,000		4,991,829
1.375% due 10/15/22		5,000,000		4,967,642
1.500% due 08/15/22		3,000,000		2,992,512
1.750% due 07/31/21		3,000,000		3,007,126
1.750% due 07/31/24		9,500,000		9,523,253
2.000% due 01/15/21		5,000,000		5,018,591
2.000% due 07/31/22		3,000,000		3,030,133
2.000% due 10/31/22		8,000,000		8,085,086
2.250% due 03/31/21		6,000,000		6,046,410
2.500% due 01/15/22		8,000,000		8,143,923
2.625% due 10/31/20		10,000,000		10,197,552
2.750% due 09/30/20		4,000,000		4,032,350
2.750% due 11/30/20		20,000,000		20,198,110
2.875% due 10/31/20		8,500,000		8,584,947
Total U.S. Treasury Obligations (Cost $109,092,347)				109,636,587
	Shares
SHORT-TERM INVESTMENT - 3.7%
Money Market Fund - 3.7%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.510%		40,161,453		40,161,453
Total Short-Term Investment (Cost $40,161,453)				40,161,453
TOTAL INVESTMENTS - 100.1% (Cost $1,066,877,429)				1,078,896,798
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(976,170	)
NET ASSETS - 100.0%				$1,077,920,628

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

15

PACIFIC FUNDS

PACIFIC FUNDS SHORT DURATION INCOME

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Note to Schedule of Investments

(a) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$613,173,993		$ —		$613,173,993		$ —
	Senior Loan Notes		106,030,011		—		106,030,011		—
	Asset-Backed Securities		209,894,754		—		209,894,754		—
	U.S. Treasury Obligations		109,636,587		—		109,636,587		—
	Short-Term Investment		40,161,453		40,161,453		—		—
	Total		$1,078,896,798		$40,161,453		$1,038,735,345		$ —

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

16

PACIFIC FUNDS

PACIFIC FUNDS^SM CORE INCOME

Schedule of Investments

December 31, 2019 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 48.9%
Basic Materials - 0.3%
Barminco Finance Pty Ltd (Australia) 6.625% due 05/15/22 ~		$1,625,000		$1,670,500
Methanex Corp (Canada) 5.250% due 12/15/29		1,500,000		1,550,904
				3,221,404
Communications - 3.6%
AT&T Inc 5.250% due 03/01/37		4,000,000		4,775,637
CCO Holdings LLC 4.750% due 03/01/30 ~		3,000,000		3,065,640
Charter Communications Operating LLC
4.800% due 03/01/50		1,850,000		1,947,334
5.750% due 04/01/48		2,000,000		2,332,971
Diamond Sports Group LLC 5.375% due 08/15/26 ~		2,400,000		2,432,222
Discovery Communications 5.300% due 05/15/49		2,500,000		2,959,442
Fox Corp 5.576% due 01/25/49 ~		1,800,000		2,289,438
Sprint Communications Inc 6.000% due 11/15/22		6,000,000		6,303,180
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		2,620,187		2,646,782
Verizon Communications Inc
3.010% (USD LIBOR + 1.100%) due 05/15/25 §		3,000,000		3,071,114
3.850% due 11/01/42		2,000,000		2,158,204
3.875% due 02/08/29		1,000,000		1,103,662
				35,085,626
Consumer, Cyclical - 8.6%
Air Canada Pass-Through Trust ‘A’ (Canada) 4.125% due 11/15/26 ~		6,056,881		6,448,473
American Airlines Pass-Through Trust ‘AA’
3.575% due 07/15/29		4,490,003		4,724,629
3.600% due 03/22/29		2,586,128		2,731,191
American Airlines Pass-Through Trust ‘B’ 4.375% due 04/01/24		529,794		545,700
Beazer Homes USA Inc 7.250% due 10/15/29 ~		2,150,000		2,300,554
British Airways Pass-Through Trust ‘A’ (United Kingdom)
3.350% due 12/15/30 ~		2,879,000		2,968,094
4.625% due 12/20/25 ~		2,872,213		3,042,700
British Airways Pass-Through Trust ‘AA’ (United Kingdom) 3.300% due 06/15/34 ~		4,349,588		4,515,408
Continental Airlines Pass-Through Trust ‘A’ 4.000% due 04/29/26		2,447,932		2,586,546
Delta Air Lines Pass-Through Trust ‘AA’ 3.625% due 01/30/29		1,427,030		1,517,453
Downstream Development Authority of the QuapawTribe of Oklahoma 10.500% due 02/15/23 ~		2,750,000		2,895,516
Ford Motor Credit Co LLC 5.584% due 03/18/24		3,350,000		3,625,933
General Motors Co 5.000% due 10/01/28		3,000,000		3,266,944

	Principal Amount		Value
Hasbro Inc
3.000% due 11/19/24		$5,000,000		$5,026,668
3.550% due 11/19/26		2,285,000		2,301,927
Hawaiian Airlines Pass-Through Certificates ‘A’ 3.900% due 07/15/27		1,750,629		1,775,443
Hyatt Hotels Corp 4.375% due 09/15/28		2,000,000		2,170,585
JetBlue Pass-Through Trust ‘AA’ 2.750% due 11/15/33		1,800,000		1,824,699
Lennar Corp 6.250% due 12/15/21		2,500,000		2,635,375
Marriott Ownership Resorts Inc 4.750% due 01/15/28 ~		2,075,000		2,130,190
Mattamy Group Corp (Canada) 6.500% due 10/01/25 ~		2,500,000		2,673,962
NCL Corp Ltd (Bermuda) 3.625% due 12/15/24 ~		2,275,000		2,311,969
Nordstrom Inc
4.375% due 04/01/30		1,950,000		1,989,863
5.000% due 01/15/44		2,500,000		2,448,734
Six Flags Entertainment Corp 4.875% due 07/31/24 ~		2,000,000		2,076,670
Spirit Airlines Pass- Through Trust ‘AA’
3.375% due 08/15/31		415,959		428,951
4.100% due 10/01/29		535,609		559,489
United Airlines Pass Through Trust ‘A’ 2.900% due 11/01/29		1,400,000		1,407,255
United Airlines Pass Through Trust ‘AA’
2.700% due 11/01/33		1,200,000		1,206,022
4.150% due 02/25/33		2,269,583		2,453,005
United Airlines Pass-Through Trust ‘B’
3.650% due 04/07/27		1,491,667		1,513,253
4.750% due 10/11/23		3,273,187		3,381,211
US Airways Pass-Through Trust ‘A’ 4.625% due 12/03/26		2,212,871		2,390,752
				83,875,164
Consumer, Non-Cyclical - 5.8%
AbbVie Inc
3.200% due 11/21/29 ~		5,000,000		5,089,671
4.250% due 11/21/49 ~		2,500,000		2,642,348
Anheuser-Busch InBev Worldwide Inc (Belgium)
4.000% due 01/17/43		2,000,000		2,137,542
4.700% due 02/01/36		2,000,000		2,310,246
5.450% due 01/23/39		5,000,000		6,287,994
Bausch Health Cos Inc 6.500% due 03/15/22 ~		2,000,000		2,047,500
Cigna Corp 4.375% due 10/15/28		4,350,000		4,821,799
Constellation Brands Inc 3.500% due 05/09/27		4,000,000		4,177,512
Global Payments Inc
3.200% due 08/15/29		4,500,000		4,598,764
4.150% due 08/15/49		2,450,000		2,624,025
Humana Inc 3.125% due 08/15/29		2,700,000		2,755,893
Keurig Dr Pepper Inc 4.417% due 05/25/25		5,000,000		5,461,948
PayPal Holdings Inc 2.650% due 10/01/26		3,500,000		3,550,524
Takeda Pharmaceutical Co Ltd (Japan) 4.400% due 11/26/23		3,900,000		4,187,658

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
Teva Pharmaceutical Finance Netherlands III BV (Israel) 2.200% due 07/21/21		$260,000		$252,270
Verisk Analytics Inc 4.125% due 03/15/29		3,150,000		3,457,518
				56,403,212
Energy - 3.9%
Cheniere Corpus Christi Holdings LLC 3.700% due 11/15/29 ~		4,150,000		4,237,107
Concho Resources Inc 4.300% due 08/15/28		2,000,000		2,179,767
Diamondback Energy Inc
3.250% due 12/01/26		2,950,000		2,987,114
5.375% due 05/31/25		3,000,000		3,149,824
Energy Transfer Partners LP 4.750% due 01/15/26		6,000,000		6,495,928
EQM Midstream Partners LP 6.500% due 07/15/48		2,250,000		2,108,224
Kinder Morgan Energy Partners LP
4.300% due 05/01/24		2,720,000		2,908,932
5.000% due 08/15/42		2,500,000		2,739,704
MPLX LP
5.200% due 12/01/47 ~		1,200,000		1,279,199
5.250% due 01/15/25 ~		6,000,000		6,298,177
6.875% due 08/15/68 §		1,000,000		1,010,000
Petroleos Mexicanos (Mexico)
6.350% due 02/12/48		2,100,000		2,033,714
6.840% due 01/23/30 ~		550,000		587,450
				38,015,140
Financial - 16.8%
American Tower Corp REIT 5.000% due 02/15/24		4,300,000		4,735,767
Avolon Holdings Funding Ltd (Ireland) 3.950% due 07/01/24 ~		1,650,000		1,721,527
Bank of America Corp
2.456% due 10/22/25		2,800,000		2,817,997
3.194% due 07/23/30		3,000,000		3,103,032
4.183% due 11/25/27		4,850,000		5,257,293
4.200% due 08/26/24		5,500,000		5,907,243
4.250% due 10/22/26		5,500,000		5,998,675
Boston Properties LP REIT
2.750% due 10/01/26		1,927,000		1,954,101
3.400% due 06/21/29		1,600,000		1,671,528
Citigroup Inc
4.125% due 07/25/28		3,600,000		3,927,296
4.400% due 06/10/25		3,000,000		3,260,526
4.600% due 03/09/26		3,948,000		4,345,870
Columbia Property Trust Operating Partnership LP REIT 4.150% due 04/01/25		3,500,000		3,685,315
Duke Realty LP REIT 3.750% due 12/01/24		3,420,000		3,634,607
Equinix Inc REIT 2.900% due 11/18/26		3,650,000		3,663,228
GLP Capital LP REIT 5.250% due 06/01/25		3,450,000		3,795,310
Healthcare Trust of America Holdings LP REIT
3.100% due 02/15/30		2,000,000		1,985,820
3.500% due 08/01/26		600,000		626,195
HealthPeak Properties Inc 3.500% due 07/15/29		2,800,000		2,920,096
Host Hotels & Resorts LP REIT 3.375% due 12/15/29		4,200,000		4,242,593

	Principal Amount		Value
Jackson National Life Global Funding 2.650% due 06/21/24 ~		$4,000,000		$4,057,236
JPMorgan Chase & Co
2.950% due 10/01/26		2,000,000		2,060,990
4.125% due 12/15/26		4,000,000		4,380,998
KeyCorp 2.550% due 10/01/29		3,500,000		3,421,937
Life Storage LP REIT 4.000% due 06/15/29		2,650,000		2,837,432
MassMutual Global Funding II 3.400% due 03/08/26 ~		3,500,000		3,688,410
Mid-America Apartments LP REIT
3.600% due 06/01/27		1,276,000		1,353,899
3.950% due 03/15/29		4,600,000		5,022,395
Morgan Stanley 5.000% due 11/24/25		7,500,000		8,447,450
Nuveen LLC 4.000% due 11/01/28 ~		2,050,000		2,281,794
Piedmont Operating Partnership LP REIT 4.450% due 03/15/24		3,100,000		3,305,121
PNC Bank NA 2.700% due 10/22/29		2,500,000		2,498,095
Springleaf Finance Corp
5.375% due 11/15/29		925,000		967,226
6.125% due 03/15/24		3,200,000		3,511,968
Teachers Insurance & Annuity Association of America 4.270% due 05/15/47 ~		3,000,000		3,406,477
The Goldman Sachs Group Inc
3.272% due 09/29/25		2,000,000		2,070,091
3.500% due 11/16/26		4,000,000		4,207,103
3.514% (USD LIBOR + 1.600%) due 11/29/23 §		2,755,000		2,855,401
The Howard Hughes Corp 5.375% due 03/15/25 ~		2,500,000		2,612,475
The Northwestern Mutual Life Insurance Co 3.625% due 09/30/59 ~		3,000,000		3,006,455
UDR Inc REIT
2.950% due 09/01/26		2,000,000		2,035,887
3.000% due 08/15/31		3,000,000		3,005,098
3.200% due 01/15/30		2,100,000		2,147,527
US Bancorp 2.400% due 07/30/24		4,000,000		4,053,548
Ventas Realty LP REIT
3.000% due 01/15/30		2,050,000		2,032,015
3.500% due 02/01/25		4,450,000		4,645,911
Wells Fargo & Co 4.400% due 06/14/46		3,750,000		4,299,156
Welltower Inc REIT 3.100% due 01/15/30		1,550,000		1,569,332
Willis North America Inc 2.950% due 09/15/29		4,000,000		3,967,020
				163,002,466
Industrial - 2.8%
Allegion US Holding Co Inc 3.550% due 10/01/27		4,336,000		4,446,754
Masco Corp 7.750% due 08/01/29		2,000,000		2,598,283
Norbord Inc (Canada)
5.750% due 07/15/27 ~		3,000,000		3,121,042
6.250% due 04/15/23 ~		2,000,000		2,145,830
Owens-Brockway Glass Container Inc 5.000% due 01/15/22 ~		2,500,000		2,599,425

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

18

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
Penske Truck Leasing Co Lp
2.700% due 11/01/24 ~		$1,850,000		$1,863,612
3.450% due 07/01/24 ~		1,350,000		1,402,200
4.450% due 01/29/26 ~		1,200,000		1,293,530
Ryder System Inc 2.900% due 12/01/26		2,350,000		2,367,025
Waste Connections Inc 3.500% due 05/01/29		2,600,000		2,753,383
WRKCo Inc 4.200% due 06/01/32		2,450,000		2,685,696
				27,276,780
Technology - 2.4%
Broadcom Inc 4.250% due 04/15/26 ~		5,000,000		5,316,568
Dell International LLC 4.900% due 10/01/26 ~		4,000,000		4,403,525
Fiserv Inc
3.500% due 07/01/29		4,150,000		4,364,450
4.400% due 07/01/49		3,000,000		3,409,462
Micron Technology Inc 4.185% due 02/15/27		2,100,000		2,248,180
NXP BV (Netherlands) 3.875% due 06/18/26 ~		3,000,000		3,183,357
				22,925,542
Utilities - 4.7%
Avangrid Inc
3.150% due 12/01/24		2,160,000		2,229,457
3.800% due 06/01/29		1,900,000		2,015,201
Dominion Energy Inc 3.071% due 08/15/24		4,931,000		5,080,689
DPL Inc 4.350% due 04/15/29 ~		3,000,000		2,894,290
Electricite de France SA (France) 4.500% due 09/21/28 ~		2,000,000		2,223,705
FirstEnergy Corp 4.850% due 07/15/47		2,400,000		2,850,628
IPALCO Enterprises Inc 3.700% due 09/01/24		3,500,000		3,620,762
Jersey Central Power & Light Co 4.300% due 01/15/26 ~		1,700,000		1,850,715
MidAmerican Energy Co 4.250% due 07/15/49		1,650,000		1,977,068
Nevada Power Co 3.700% due 05/01/29		3,000,000		3,248,177
NextEra Energy Operating Partners LP 4.250% due 07/15/24 ~		5,000,000		5,216,675
Oklahoma Gas & Electric Co 3.300% due 03/15/30		2,450,000		2,581,632
Southern California Edison Co 4.000% due 04/01/47		2,750,000		2,891,104
Talen Energy Supply LLC
6.500% due 06/01/25		1,000,000		856,345
6.625% due 01/15/28 ~		2,500,000		2,557,119
Vistra Operations Co LLC 3.550% due 07/15/24 ~		3,500,000		3,546,173
				45,639,740
Total Corporate Bonds & Notes (Cost $454,742,755)				475,445,074

	Principal Amount		Value
SENIOR LOAN NOTES - 14.0%
Communications - 1.8%
CSC Holdings LLC Term B-5 4.240% (USD LIBOR + 2.500%) due 04/15/27 § ¥		$4,250,000		$4,278,335
NEP Group Inc Term B due 10/20/25 ¥		2,992,443		2,942,568
Sprint Communications Inc Term B 4.313% (USD LIBOR + 2.500%) due 02/03/24 §		2,922,387		2,903,190
4.813% (USD LIBOR + 3.000%) due 02/03/24 §		2,475,000		2,471,877
Zayo Group LLC Term B-2 4.049% (USD LIBOR + 2.250%) due 01/19/24 §		5,000,000		5,021,180
			17,617,150
Consumer, Cyclical - 4.1%
American Builders & Contractors Supply Co Inc Term B 3.799% (USD LIBOR + 2.000%) due 01/15/27 §		4,987,500		5,010,881
Bass Pro Group LLC Term B 6.799% (USD LIBOR + 5.000%) due 09/25/24 §		1,468,631		1,465,327
Caesars Resort Collection LLC Term B 4.549% (USD LIBOR + 2.750%) due 12/22/24 §		2,972,203		2,980,460
ClubCorp Holdings Inc Term B 4.695% (USD LIBOR + 2.750%) due 09/18/24 §		2,994,583		2,843,606
Golden Nugget LLC Term B 4.692% (USD LIBOR + 2.750%) due 10/04/23 §		4,163,504		4,183,847
Hilton Worldwide Finance LLC Term B-2 3.542% (USD LIBOR + 1.750%) due 06/21/26 §		4,182,817		4,219,417
Marriott Ownership Resorts Inc Term B 3.549% (USD LIBOR + 1.750%) due 08/31/25 §		8,379,475		8,442,321
Restaurant Brands International Inc Term B (Canada) 3.549% (USD LIBOR + 1.750%) due 11/19/26 §		5,718,157		5,732,418
SeaWorld Parks & Entertainment Inc Term B-5 4.799% (USD LIBOR + 3.000%) due 03/31/24 §		4,902,096		4,927,371
				39,805,648
Consumer, Non-Cyclical - 2.0%
Albertson’s LLC Term B-7 4.549% (USD LIBOR + 2.750%) due 11/17/25 §		1,914,928		1,934,791
Avantor Funding Inc Term B-2 4.799% (USD LIBOR + 3.000%) due 11/21/24 §		909,383		915,067
Bausch Health Americas Inc Term B 4.740% (USD LIBOR + 3.000%) due 06/01/25 §		4,653,934		4,688,112

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
H-Food Holdings LLC Term B-2 due 05/31/25 ¥		$1,994,937		$1,981,221
due 05/31/25 ¥		997,481		997,481
Refinitiv US Holdings Inc Term B 5.049% (USD LIBOR + 3.250%) due 10/01/25 §		2,984,925		3,013,529
Sunshine Luxembourg VII Sarl Term B (Luxembourg) 6.195% (USD LIBOR + 4.250%) due 10/02/26 §		2,250,000		2,274,309
US Foods Inc Term B 3.549% (USD LIBOR + 1.750%) due 06/27/23 §		3,872,372		3,890,351
				19,694,861
Financial - 1.0%
Avolon (US) LLC Term B-3 (Ireland) 3.515% (USD LIBOR + 1.750%) due 01/15/25 §		1,242,786		1,252,107
HUB International Ltd Term B 4.690% (USD LIBOR + 3.000%) due 04/25/25 §		3,472,437		3,475,419
MGM Growth Properties Operating Partnership LP REIT Term B 3.799% (USD LIBOR + 2.000%) due 03/25/25 §		1,455,905		1,464,875
USI Inc Term B 4.945% (USD LIBOR + 3.000%) due 05/16/24 §		3,902,444		3,906,834
				10,099,235
Industrial - 4.4%
Advanced Disposal Services Inc Term B 3.853% (USD LIBOR + 2.250%) due 11/10/23 §		6,945,828		6,982,725
Berry Global Inc Term W 3.715% (USD LIBOR + 2.000%) due 10/01/22 §		3,000,000		3,015,804
Filtration Group Corp Term B 4.799% (USD LIBOR + 3.000%) due 03/29/25 §		3,984,202		4,005,617
GFL Environmental Inc Term B (Canada) 4.799% (USD LIBOR + 3.000%) due 05/31/25 §		6,184,103		6,201,221
Hamilton HoldCo LLC Term B (Australia) 3.950% (USD LIBOR + 2.000%) due 01/02/27 §		4,987,500		4,999,969
Reynolds Group Holdings Inc Term B 4.549% (USD LIBOR + 2.750%) due 02/05/23 § ¥		6,912,231		6,943,551
The Hillman Group Inc Term B 5.799% (USD LIBOR + 4.000%) due 05/31/25 § ¥		2,992,405		2,948,767
TransDigm Inc
Term E 4.299% (USD LIBOR + 2.500%) due 05/30/25 §		1,908,646		1,915,564
Term F 4.299% (USD LIBOR + 2.500%) due 06/09/23 § ¥		5,797,490		5,822,854
				42,836,072

	Principal Amount		Value
Technology - 0.6%
Vertafore Inc Term B 5.049% (USD LIBOR + 3.250%) due 07/02/25 § ¥		$5,954,962		$5,897,271
Utilities - 0.1%
Vistra Operations Co LLC Term B-3 3.537% (USD LIBOR + 1.750%) due 12/31/25 §		500,000		503,531
Total Senior Loan Notes (Cost $135,723,994)				136,453,768
MORTGAGE-BACKED SECURITIES - 0.4%
Fannie Mae - 0.4%
2.000% due 01/01/35		4,500,000		4,440,060
Total Mortgage-Backed Securities (Cost $4,431,797)				4,440,060
ASSET-BACKED SECURITIES - 13.8%
AmeriCredit Automobile Receivables Trust
2.240% due 06/19/23		1,450,000		1,452,373
2.400% due 05/18/22		1,850,000		1,852,793
2.690% due 06/19/23		1,050,000		1,060,373
2.710% due 08/18/22		1,500,000		1,509,300
3.130% due 02/18/25		1,250,000		1,272,803
3.360% due 02/18/25		1,000,000		1,026,069
Apidos CLO XXX ‘A2’ (Cayman) 3.603% (USD LIBOR + 1.600%) due 10/18/31 § ~		3,600,000		3,554,028
Benefit Street Partners CLO X Ltd (Cayman)
3.141% (USD LIBOR + 1.140%) due 01/15/29 § ~		400,000		400,305
3.751% (USD LIBOR + 1.750%) due 01/15/29 § ~		250,000		249,761
Buttermilk Park CLO Ltd ‘A1’ (Cayman) 3.101% (USD LIBOR + 1.100%) due 10/15/31 § ~		1,600,000		1,592,219
Capital Auto Receivables Asset Trust
2.110% due 03/22/21		107,770		107,759
3.090% due 08/22/22 ~		1,600,000		1,614,297
Carlyle Global Market Strategies CLO Ltd (Cayman)
2.986% (USD LIBOR + 1.050%) due 07/27/31 § ~		1,000,000		996,759
3.486% (USD LIBOR + 1.550%) due 07/27/31 § ~		2,000,000		1,949,338
CIFC Funding 2015-III Ltd ‘AR’ (Cayman)
2.836% (USD LIBOR + 0.870%) due 04/19/29 § ~		3,000,000		2,986,905
3.616% (USD LIBOR + 1.650%) due 04/19/29 § ~		1,805,000		1,728,754
Dryden 33 Senior Loan Fund (Cayman) 3.751% (USD LIBOR + 1.750%) due 04/15/29 § ~		2,000,000		2,001,361
Dryden 43 Senior Loan Fund (Cayman) 3.716% (USD LIBOR + 1.750%) due 07/20/29 § ~		3,200,000		3,201,589
Dryden 53 CLO Ltd (Cayman) 3.401% (USD LIBOR + 1.400%) due 01/15/31 § ~		1,500,000		1,472,089

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

20

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
Dryden 55 CLO Ltd (Cayman) 3.901% (USD LIBOR + 1.900%) due 04/15/31 § ~		$1,000,000		$962,855
Dryden 58 CLO Ltd (Cayman)
3.502% (USD LIBOR + 1.500%) due 07/17/31 # § ~		2,000,000		1,966,461
3.802% (USD LIBOR + 1.800%) due 07/17/31 # § ~		2,000,000		1,923,291
Dryden 61 CLO Ltd (Cayman)
3.652% (USD LIBOR + 1.650%) due 01/17/32 § ~		2,250,000		2,231,898
4.062% (USD LIBOR + 2.050%) due 01/17/32 § ~		2,250,000		2,207,129
Dryden 64 CLO Ltd (Cayman) 3.403% (USD LIBOR + 1.400%) due 04/18/31 § ~		1,600,000		1,569,280
Dryden 75 CLO Ltd (Cayman) 3.701% (USD LIBOR + 1.700%) due 07/15/30 § ~		900,000		897,779
Ford Credit Auto Owner Trust
1.730% due 03/15/22		850,000		847,606
2.240% due 06/15/22		1,000,000		1,001,484
2.350% due 04/15/23		2,500,000		2,514,042
3.190% due 07/15/31 ~		4,000,000		4,160,605
Madison Park Funding Ltd (Cayman)
3.601% (USD LIBOR + 1.600%) due 07/15/30 § ~		2,600,000		2,584,341
3.753% (USD LIBOR + 1.750%) due 10/18/30 § ~		2,600,000		2,590,712
3.851% (USD LIBOR + 1.850%) due 07/15/30 § ~		1,400,000		1,368,236
Magnetite VIII Ltd (Cayman) 2.981% (USD LIBOR + 0.980%) due 04/15/31 § ~		3,000,000		2,982,779
Navient Private Education Refi Loan Trust 2.640% due 05/15/68 ~		2,000,000		1,985,190
Navient Student Loan Trust 2.512% (USD LIBOR + 0.720%) due 03/25/67 § ~		2,000,000		1,961,518
Octagon Investment Partners 25 Ltd (Cayman) 3.166% (USD LIBOR + 1.200%) due 10/20/26 § ~		2,000,000		1,988,598
OneMain Financial Issuance Trust 2.370% due 09/14/32 ~		3,245,679		3,245,646
Palmer Square CLO Ltd (Cayman) 3.101% (USD LIBOR + 1.100%) due 07/16/31 § ~		2,000,000		1,994,995
Palmer Square Loan Funding Ltd (Cayman)
2.741% (USD LIBOR + 0.740%) due 10/15/25 § ~		2,599,790		2,601,169
2.760% (USD LIBOR + 0.850%) due 08/15/26 § ~		1,437,814		1,438,871
2.810% (USD LIBOR + 0.900%) due 11/15/26 § ~		3,039,507		3,041,479
2.836% (USD LIBOR + 0.900%) due 10/24/27 § ~		2,750,000		2,750,045
3.536% (USD LIBOR + 1.600%) due 10/24/27 § ~		1,750,000		1,750,737
Regatta XIV Funding Ltd ‘A’ (Cayman) 3.130% (USD LIBOR + 1.190%) due 10/25/31 § ~		3,300,000		3,282,661
Santander Drive Auto Receivables Trust
2.490% due 10/15/25		2,000,000		2,008,291
2.070% (USD LIBOR + 0.330%) due 02/15/22 §		2,000,000		2,000,952
2.630% due 07/15/22		1,334,751		1,335,654
2.660% due 11/15/21		184,314		184,396

	Principal Amount		Value
2.960% due 03/15/24		$1,850,000		$1,860,176
3.290% due 10/17/22		750,000		751,420
3.350% due 07/17/23		2,000,000		2,021,034
3.510% due 08/15/23		2,500,000		2,526,308
SLM Student Loan Trust 2.490% (USD LIBOR + 0.550%) due 10/25/64 § ~		10,000,000		9,838,392
SMB Private Education Loan Trust
2.040% (USD LIBOR + 0.300%) due 09/15/25 § ~		1,025,326		1,024,935
2.340% due 09/15/34 ~		1,759,869		1,754,624
2.700% due 05/15/31 ~		1,510,667		1,515,665
2.820% due 10/15/35 ~		3,949,590		3,959,053
2.880% due 09/15/34 ~		3,518,621		3,533,853
3.440% due 07/15/36 ~		1,850,000		1,879,877
3.500% due 02/15/36 ~		2,300,000		2,385,161
3.600% due 01/15/37 ~		1,550,000		1,593,557
3.630% due 11/15/35 ~		2,000,000		2,081,726
SoFi Consumer Loan Program Trust ‘A’ 2.450% due 08/25/28 ~		2,372,576		2,376,597
Sofi Professional Loan Program LLC 2.370% due 11/16/48 ~		2,000,000		1,963,980
Voya CLO Ltd (Cayman) 3.131% (USD LIBOR + 1.130%) due 10/15/30 § ~		2,000,000		1,995,599
Total Asset-Backed Securities (Cost $134,533,556)				134,469,532
U.S. TREASURY OBLIGATIONS - 16.1%
U.S. Treasury Bonds - 3.8%
2.250% due 08/15/46		4,050,000		3,932,474
2.250% due 08/15/49		2,000,000		1,938,473
2.500% due 02/15/46		3,500,000		3,570,318
2.500% due 05/15/46		3,000,000		3,060,272
2.750% due 11/15/47		4,000,000		4,285,831
2.875% due 11/15/46		3,000,000		3,287,850
3.000% due 11/15/44		4,000,000		4,455,083
3.000% due 02/15/49		5,000,000		5,635,844
3.375% due 11/15/48		6,000,000		7,233,669
				37,399,814
U.S. Treasury Notes - 12.3%
1.125% due 04/30/20		3,000,000		2,994,941
1.250% due 07/31/23		5,000,000		4,930,393
1.375% due 08/31/23		4,000,000		3,960,257
1.375% due 09/30/23		4,500,000		4,451,857
1.625% due 11/15/22		5,000,000		5,001,620
1.625% due 02/15/26		7,000,000		6,932,409
1.625% due 05/15/26		5,000,000		4,945,042
1.625% due 09/30/26		10,000,000		9,870,951
1.750% due 07/31/21		4,000,000		4,009,501
1.750% due 11/15/29		22,000,000		21,653,667
2.000% due 10/31/21		1,400,000		1,410,352
2.000% due 11/30/22		6,000,000		6,065,656
2.125% due 12/31/21		4,500,000		4,546,865
2.250% due 02/15/27		2,000,000		2,054,201
2.375% due 05/15/29		5,000,000		5,193,853
2.500% due 02/28/26		7,400,000		7,704,935
2.625% due 02/15/29		7,000,000		7,414,718

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

21

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
2.875% due 08/15/28		$2,250,000		$2,423,914
3.125% due 11/15/28		12,400,000		13,627,696
				119,192,828
Total U.S. Treasury Obligations (Cost $150,168,217)				156,592,642
FOREIGN GOVERNMENT BONDS & NOTES - 1.0%
Chile Government (Chile) 2.250% due 10/30/22		2,000,000		2,008,400
Export-Import Bank of Korea (South Korea) 2.250% due 01/21/20		1,900,000		1,900,275
Mexico Government (Mexico) 4.500% due 04/22/29		2,300,000		2,525,400
Province of British Columbia (Canada) 2.000% due 10/23/22		3,000,000		3,021,614
Total Foreign Government Bonds & Notes (Cost $9,138,315)				9,455,689
	Shares
SHORT-TERM INVESTMENT - 6.7%
Money Market Fund - 6.7%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.510%		64,765,560		64,765,560
Total Short-Term Investment (Cost $64,765,560)				64,765,560
TOTAL INVESTMENTS - 100.9% (Cost $953,504,194)				981,622,325
OTHER ASSETS & LIABILITIES, NET - (0.9%)				(8,958,133	)
NET ASSETS - 100.0%				$972,664,192

Note to Schedule of Investments

(a) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$475,445,074		$—		$475,445,074		$—
	Senior Loan Notes		136,453,768		—		136,453,768		—
	Mortgage-Backed Securities		4,440,060		—		4,440,060		—
	Asset-Backed Securities		134,469,532		—		134,469,532		—
	U.S. Treasury Obligations		156,592,642		—		156,592,642		—
	Foreign Government Bonds & Notes		9,455,689		—		9,455,689		—
	Short-Term Investment		64,765,560		64,765,560		—		—
	Total		$981,622,325		$64,765,560		$916,856,765		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

22

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PACIFIC FUNDS^SM STRATEGIC INCOME

Schedule of Investments

December 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 1.7%
Basic Materials - 0.2%
Constellium SE *		96,660		$1,295,244
Consumer, Cyclical - 0.1%
Lennar Corp ‘A’		11,376		634,667
Energy - 0.5%
Chevron Corp		8,174		985,049
Diamondback Energy Inc		10,805		1,003,352
Exxon Mobil Corp		14,092		983,340
Pioneer Natural Resources Co		6,488		982,088
				3,953,829
Financial - 0.6%
Bank of America Corp		35,217		1,240,343
Citigroup Inc		17,345		1,385,692
The Goldman Sachs Group Inc		4,792		1,101,824
Wells Fargo & Co		26,387		1,419,621
				5,147,480
Industrial - 0.3%
Evoqua Water Technologies Corp *		75,629		1,433,170
Xylem Inc		11,110		875,357
				2,308,527
Total Common Stocks (Cost $11,765,212)				13,339,747
	Principal Amount
CORPORATE BONDS & NOTES - 66.2%
Basic Materials - 1.6%
Barminco Finance Pty Ltd (Australia) 6.625% due 05/15/22 ~		$4,125,000		4,240,500
Hecla Mining Co 6.875% due 05/01/21		2,600,000		2,597,400
Hexion Inc 7.875% due 07/15/27 ~		1,375,000		1,433,403
JW Aluminum Continuous Cast Co 10.250% due 06/01/26 ~		2,785,000		2,925,218
Univar Solutions USA Inc 5.125% due 12/01/27 ~		1,650,000		1,725,289
				12,921,810
Communications - 6.9%
AT&T Inc
3.400% due 05/15/25		3,000,000		3,144,643
4.350% due 03/01/29		5,175,000		5,754,323
4.850% due 03/01/39		700,000		806,951
CCO Holdings LLC 5.000% due 02/01/28 ~		150,000		157,676
Charter Communications Operating LLC
3.750% due 02/15/28		1,500,000		1,555,405
4.200% due 03/15/28		3,150,000		3,356,891
5.050% due 03/30/29		1,500,000		1,701,134
5.125% due 07/01/49		3,000,000		3,260,820

	Principal Amount		Value
Clear Channel Worldwide Holdings Inc 5.125% due 08/15/27 ~		$3,500,000		$3,651,025
Comcast Corp 4.950% due 10/15/58		3,475,000		4,518,668
CSC Holdings LLC
5.750% due 01/15/30 ~		200,000		213,750
6.500% due 02/01/29 ~		2,025,000		2,261,672
Diamond Sports Group LLC 6.625% due 08/15/27 ~		4,775,000		4,652,521
Discovery Communications LLC 4.125% due 05/15/29		4,175,000		4,510,169
Sirius XM Radio Inc 5.500% due 07/01/29 ~		2,975,000		3,222,193
Sprint Capital Corp 8.750% due 03/15/32		1,500,000		1,823,400
Sprint Communications Inc 6.000% due 11/15/22		1,000,000		1,050,530
Sprint Corp
7.625% due 02/15/25		1,340,000		1,473,799
7.625% due 03/01/26		275,000		303,779
7.875% due 09/15/23		25,000		27,635
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		87,500		88,388
Telesat LLC (Canada)
4.875% due 06/01/27 ~		700,000		714,000
6.500% due 10/15/27 ~		350,000		365,523
The Interpublic Group of Cos Inc 4.650% due 10/01/28		2,000,000		2,250,505
Uber Technologies Inc 8.000% due 11/01/26 ~		250,000		261,206
Verizon Communications Inc 5.250% due 03/16/37		3,500,000		4,391,893
				55,518,499
Consumer, Cyclical - 10.8%
Air Canada Pass-Through Trust ‘B’ (Canada) 3.875% due 09/15/24 ~		736,072		743,205
American Airlines Pass-Through Trust ‘A’
3.500% due 08/15/33		1,950,000		2,000,446
4.100% due 07/15/29		1,285,289		1,370,590
American Airlines Pass-Through Trust ‘AA’ 3.150% due 08/15/33		2,950,000		3,036,427
American Airlines Pass-Through Trust ‘B’ 5.250% due 07/15/25		1,061,389		1,124,821
American Builders & Contractors Supply Co Inc 4.000% due 01/15/28 ~		3,500,000		3,558,975
Beazer Homes USA Inc
5.875% due 10/15/27		2,700,000		2,733,818
6.750% due 03/15/25		1,000,000		1,052,915
7.250% due 10/15/29 ~		1,350,000		1,444,534
British Airways Pass-Through Trust ‘AA’ (United Kingdom) 3.300% due 06/15/34 ~		2,749,740		2,854,569
Caesars Resort Collection LLC 5.250% due 10/15/25 ~		2,800,000		2,901,500
Constellation Merger Sub Inc 8.500% due 09/15/25 ~		3,250,000		2,845,099
Core & Main Holdings LP 8.625% Cash or 9.375% PIK due 09/15/24 ~		1,575,000		1,642,591
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.500% due 02/15/23 ~		2,750,000		2,895,516
eG Global Finance PLC (United Kingdom) 8.500% due 10/30/25 ~		2,500,000		2,658,338

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

23

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
Gateway Casinos & Entertainment Ltd (Canada) 8.250% due 03/01/24 ~		$1,275,000		$1,307,404
General Motors Financial Co Inc
3.200% due 07/06/21		1,550,000		1,571,428
4.375% due 09/25/21		1,500,000		1,554,390
5.100% due 01/17/24		1,000,000		1,085,729
5.650% due 01/17/29		1,175,000		1,328,081
Golden Nugget Inc
6.750% due 10/15/24 ~		2,375,000		2,464,039
8.750% due 10/01/25 ~		2,175,000		2,331,306
Hasbro Inc 3.550% due 11/19/26		2,950,000		2,971,853
Hyundai Capital America 4.125% due 06/08/23 ~		3,700,000		3,865,263
Las Vegas Sands Corp 3.500% due 08/18/26		3,450,000		3,550,642
Lennar Corp 4.750% due 11/29/27		2,075,000		2,239,651
Live Nation Entertainment Inc 4.750% due 10/15/27 ~		3,000,000		3,110,550
Mattamy Group Corp (Canada)
5.250% due 12/15/27 ~		500,000		521,250
6.500% due 10/01/25 ~		1,450,000		1,550,898
Mattel Inc 5.875% due 12/15/27 ~		2,375,000		2,507,050
Merlin Entertainments PLC (United Kingdom) 5.750% due 06/15/26 ~		355,000		389,736
Michaels Stores Inc 8.000% due 07/15/27 ~		2,660,000		2,545,221
Norwegian Air Shuttle ASA Pass-Through Trust ‘B’ (Norway) 7.500% due 05/10/25 ~		293,343		300,585
Panther BF Aggregator 2 LP
6.250% due 05/15/26 ~		2,400,000		2,590,498
8.500% due 05/15/27 ~		575,000		612,001
Scientific Games International Inc
7.000% due 05/15/28 ~		500,000		535,925
7.250% due 11/15/29 ~		500,000		544,675
8.250% due 03/15/26 ~		1,350,000		1,490,905
Tesla Inc 5.300% due 08/15/25 ~		7,025,000		6,831,742
United Airlines Pass Through Trust ‘AA’ 4.150% due 02/25/33		2,723,500		2,943,607
Wynn Resorts Finance LLC 5.125% due 10/01/29 ~		3,250,000		3,495,781
				87,103,554
Consumer, Non-Cyclical - 9.1%
AbbVie Inc
2.950% due 11/21/26 ~		1,850,000		1,880,515
3.200% due 11/21/29 ~		3,000,000		3,053,803
Ahern Rentals Inc 7.375% due 05/15/23 ~		5,600,000		4,454,324
Albertsons Cos Inc
4.625% due 01/15/27 ~		400,000		400,260
5.875% due 02/15/28 ~		1,950,000		2,075,482
Allied Universal Holdco LLC 9.750% due 07/15/27 ~		2,950,000		3,158,248
Anheuser-Busch InBev Worldwide Inc (Belgium)
4.750% due 01/23/29		3,825,000		4,431,446
5.450% due 01/23/39		500,000		628,799
5.800% due 01/23/59		3,200,000		4,361,703
Bacardi Ltd (Bermuda) 4.700% due 05/15/28 ~		3,000,000		3,268,959
BAT Capital Corp (United Kingdom) 3.222% due 08/15/24		2,200,000		2,249,840

	Principal Amount		Value
Bausch Health Americas Inc 8.500% due 01/31/27 ~		$25,000		$28,516
Bausch Health Cos Inc
5.000% due 01/30/28 ~		800,000		823,112
5.250% due 01/30/30 ~		800,000		831,600
6.125% due 04/15/25 ~		600,000		621,189
Charles River Laboratories International Inc 4.250% due 05/01/28 ~		3,500,000		3,572,100
Eagle Holding Co II LLC
7.625% Cash or 8.375% PIK due 05/15/22 ~		3,246,000		3,305,184
7.750% Cash or 8.500% PIK due 05/15/22 ~		725,000		737,441
Global Payments Inc 3.200% due 08/15/29		2,250,000		2,299,382
GW B-CR Security Corp (Canada) 9.500% due 11/01/27 ~		542,000		579,588
HCA Inc
5.000% due 03/15/24		3,000,000		3,280,027
5.125% due 06/15/39		3,200,000		3,542,573
5.625% due 09/01/28		150,000		171,218
Jaguar Holding Co II 6.375% due 08/01/23 ~		500,000		517,339
JBS Investments II GmbH
5.750% due 01/15/28 ~		1,000,000		1,056,350
7.000% due 01/15/26 ~		950,000		1,035,167
Keurig Dr Pepper Inc 4.597% due 05/25/28		3,200,000		3,595,195
Pilgrim’s Pride Corp 5.875% due 09/30/27 ~		2,875,000		3,113,912
Reynolds American Inc (United Kingdom) 4.450% due 06/12/25		1,500,000		1,614,931
Select Medical Corp 6.250% due 08/15/26 ~		4,650,000		5,042,251
TMS International Holding Corp 7.250% due 08/15/25 ~		6,417,000		5,820,764
Verscend Escrow Corp 9.750% due 08/15/26 ~		1,675,000		1,836,261
				73,387,479
Energy - 7.7%
Antero Resources Corp 5.375% due 11/01/21		2,975,000		2,838,172
Archrock Partners LP
6.250% due 04/01/28 ~		1,675,000		1,729,438
6.875% due 04/01/27 ~		1,325,000		1,404,265
Ascent Resources Utica Holdings LLC
7.000% due 11/01/26 ~		2,850,000		2,280,990
10.000% due 04/01/22 ~		50,000		49,856
Cheniere Corpus Christi Holdings LLC 5.125% due 06/30/27		3,125,000		3,459,469
Endeavor Energy Resources LP
5.500% due 01/30/26 ~		3,075,000		3,182,079
5.750% due 01/30/28 ~		1,275,000		1,342,703
Energy Transfer Operating LP
4.050% due 03/15/25		1,200,000		1,261,235
4.750% due 01/15/26		1,700,000		1,840,513
5.800% due 06/15/38		3,000,000		3,395,235
6.250% due 02/15/23		3,650,000		3,436,548
EnLink Midstream Partners LP
4.150% due 06/01/25		275,000		259,073
4.400% due 04/01/24		2,500,000		2,431,475
EQM Midstream Partners LP 4.000% due 08/01/24		3,850,000		3,746,090

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

24

PACIFIC FUNDS

PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
Global Partners LP 7.000% due 08/01/27 ~		$2,275,000		$2,423,666
Kinder Morgan Energy Partners LP
4.300% due 05/01/24		5,315,000		5,684,181
5.000% due 08/15/42		1,000,000		1,095,881
Moss Creek Resources Holdings Inc 7.500% due 01/15/26 ~		2,025,000		1,544,766
MPLX LP
4.000% due 03/15/28		2,650,000		2,743,672
4.800% due 02/15/29		350,000		383,970
5.250% due 01/15/25 ~		4,825,000		5,064,784
6.875% due 02/15/23		450,000		454,500
Sabine Pass Liquefaction LLC 5.625% due 03/01/25		2,725,000		3,068,154
Sunoco Logistics Partners Operations LP 4.000% due 10/01/27		1,200,000		1,241,136
Targa Resources Partners LP
5.000% due 01/15/28		650,000		664,510
5.125% due 02/01/25		900,000		935,991
5.375% due 02/01/27		200,000		207,870
5.875% due 04/15/26		1,500,000		1,596,561
6.500% due 07/15/27 ~		500,000		548,425
WPX Energy Inc 5.250% due 10/15/27		1,850,000		1,955,173
				62,270,381
Financial - 17.6%
AerCap Ireland Capital DAC (Ireland)
3.300% due 01/23/23		1,850,000		1,896,384
3.950% due 02/01/22		750,000		774,882
4.450% due 10/01/25		2,000,000		2,150,079
Air Lease Corp
3.625% due 04/01/27		1,650,000		1,710,821
3.750% due 06/01/26		3,000,000		3,136,054
4.250% due 09/15/24		1,000,000		1,071,030
4.625% due 10/01/28		1,500,000		1,653,604
Alliance Data Systems Corp 4.750% due 12/15/24 ~		700,000		700,000
Avolon Holdings Funding Ltd (Ireland) 4.375% due 05/01/26 ~		3,200,000		3,384,160
Bank of America Corp
2.597% (USD LIBOR + 0.650%) due 06/25/22 §		3,000,000		3,016,958
2.661% (USD LIBOR + 0.770%) due 02/05/26 §		2,000,000		2,000,248
3.366% due 01/23/26		1,000,000		1,046,184
4.183% due 11/25/27		5,575,000		6,043,178
BOC Aviation Ltd (Singapore) 3.500% due 09/18/27 ~		4,000,000		4,108,827
Citigroup Inc
2.900% (USD LIBOR + 0.960%) due 04/25/22 §		3,000,000		3,040,404
3.980% due 03/20/30		3,000,000		3,282,064
4.075% due 04/23/29		3,000,000		3,287,117
4.400% due 06/10/25		2,500,000		2,717,105
4.600% due 03/09/26		575,000		632,947
CNO Financial Group Inc 5.250% due 05/30/29		3,100,000		3,469,202
GLP Capital LP REIT 5.300% due 01/15/29		4,000,000		4,452,090
Healthpeak Properties Inc REIT 3.250% due 07/15/26		5,000,000		5,184,903
Host Hotels & Resorts LP REIT 3.375% due 12/15/29		3,300,000		3,333,466

	Principal Amount		Value
Iron Mountain Inc REIT
4.875% due 09/15/29 ~		$3,300,000		$3,359,804
5.250% due 03/15/28 ~		150,000		156,278
JPMorgan Chase & Co
3.125% due 01/23/25		4,600,000		4,802,075
4.005% due 04/23/29		2,000,000		2,195,659
4.125% due 12/15/26		4,150,000		4,545,286
KeyCorp 2.550% due 10/01/29		4,900,000		4,790,712
Marsh & McLennan Cos Inc 3.875% due 03/15/24		2,500,000		2,666,455
Mid-America Apartments LP REIT 3.950% due 03/15/29		4,175,000		4,558,369
Morgan Stanley
3.124% (USD LIBOR + 1.220%) due 05/08/24 §		2,000,000		2,036,729
3.591% due 07/22/28		3,950,000		4,198,328
3.772% due 01/24/29		2,050,000		2,205,678
5.000% due 11/24/25		3,150,000		3,547,929
Service Properties Trust REIT 4.950% due 02/15/27		4,925,000		5,106,618
Springleaf Finance Corp
5.375% due 11/15/29		2,775,000		2,901,679
7.125% due 03/15/26		3,750,000		4,342,781
Teachers Insurance & Annuity Association of America 4.270% due 05/15/47 ~		1,975,000		2,242,597
The Goldman Sachs Group Inc
2.936% (USD LIBOR + 1.000%) due 07/24/23 §		3,000,000		3,030,424
3.272% due 09/29/25		2,500,000		2,587,614
3.500% due 11/16/26		1,100,000		1,156,953
3.625% due 02/20/24		350,000		367,346
3.750% due 02/25/26		2,300,000		2,434,095
The Howard Hughes Corp 5.375% due 03/15/25 ~		3,025,000		3,161,095
UDR Inc REIT 3.000% due 08/15/31		3,450,000		3,455,863
Ventas Realty LP REIT 3.500% due 02/01/25		3,200,000		3,340,880
VICI Properties LP REIT
4.250% due 12/01/26 ~		1,000,000		1,031,835
4.625% due 12/01/29 ~		1,000,000		1,046,850
Wells Fargo & Co 3.750% due 01/24/24		4,150,000		4,385,867
				141,747,506
Industrial - 8.7%
Allegion US Holding Co Inc
3.200% due 10/01/24		3,000,000		3,084,705
3.550% due 10/01/27		650,000		666,603
Apex Tool Group LLC 9.000% due 02/15/23 ~		2,425,000		2,183,506
ARD Finance SA (Luxembourg) 6.500% Cash or 7.250% PIK due 06/30/27 ~		2,800,000		2,900,240
Ardagh Packaging Finance PLC (Ireland)
4.125% due 08/15/26 ~		200,000		205,375
5.250% due 08/15/27 ~		200,000		210,874
Brand Industrial Services Inc 8.500% due 07/15/25 ~		2,000,000		2,054,980
Cloud Crane LLC 10.125% due 08/01/24 ~		2,800,000		2,945,838
Flex Acquisition Co Inc 7.875% due 07/15/26 ~		1,775,000		1,792,435

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

25

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
GFL Environmental Inc (Canada)
5.125% due 12/15/26 ~		$175,000		$184,429
7.000% due 06/01/26 ~		2,700,000		2,859,968
Masco Corp
3.500% due 04/01/21		1,075,000		1,090,726
7.750% due 08/01/29		4,110,000		5,339,472
Mauser Packaging Solutions Holding Co
5.500% due 04/15/24 ~		1,375,000		1,419,811
7.250% due 04/15/25 ~		4,200,000		4,157,958
New Enterprise Stone & Lime Co Inc 10.125% due 04/01/22 ~		3,943,000		4,185,739
Penske Truck Leasing Co LP
3.350% due 11/01/29 ~		4,925,000		4,924,504
3.450% due 07/01/24 ~		2,950,000		3,064,066
Standard Industries Inc
4.750% due 01/15/28 ~		6,418,000		6,593,356
5.000% due 02/15/27 ~		1,500,000		1,567,234
Titan Acquisition Ltd (Canada) 7.750% due 04/15/26 ~		3,895,000		3,865,096
TransDigm Inc
5.500% due 11/15/27 ~		675,000		683,829
6.250% due 03/15/26 ~		275,000		298,233
6.375% due 06/15/26		25,000		26,562
6.500% due 07/15/24		1,175,000		1,214,286
TransDigm UK Holdings PLC 6.875% due 05/15/26		3,500,000		3,737,466
United Parcel Service Inc 3.400% due 09/01/49		2,125,000		2,151,676
WRKCo Inc 3.900% due 06/01/28		5,175,000		5,493,309
Zekelman Industries Inc 9.875% due 06/15/23 ~		1,115,000		1,172,841
				70,075,117
Technology - 2.6%
Broadcom Inc 4.250% due 04/15/26 ~		5,175,000		5,502,648
Dell International LLC
4.000% due 07/15/24 ~		3,000,000		3,142,496
4.900% due 10/01/26 ~		1,700,000		1,871,498
International Business Machines Corp 3.000% due 05/15/24		5,000,000		5,180,758
NXP BV (Netherlands)
3.875% due 06/18/26 ~		650,000		689,727
4.300% due 06/18/29 ~		4,175,000		4,517,258
				20,904,385
Utilities - 1.2%
DPL Inc 4.350% due 04/15/29 ~		3,000,000		2,894,290
MidAmerican Energy Co 4.250% due 07/15/49		1,975,000		2,366,491
Vistra Operations Co LLC
4.300% due 07/15/29 ~		1,000,000		1,019,969
5.000% due 07/31/27 ~		2,575,000		2,695,587
5.625% due 02/15/27 ~		850,000		897,260
				9,873,597
Total Corporate Bonds & Notes (Cost $513,827,943)				533,802,328

	Principal Amount		Value
SENIOR LOAN NOTES - 22.4%
Basic Materials - 0.6%
Aleris International Inc 6.549% (USD LIBOR + 4.750%) due 02/27/23 §		$4,939,924		$4,953,045
Communications - 4.3%
Charter Communications Operating LLC Term B-2 3.550% (USD LIBOR + 1.750%) due 02/01/27 §		2,474,858		2,493,612
Clear Channel Outdoor Holdings Inc Term B 5.299% (USD LIBOR + 3.500%) due 08/21/26 § ¥		4,239,375		4,269,848
CommScope Inc Term B-2 due 04/04/26 ¥		3,491,272		3,518,312
CSC Holdings LLC
3.990% (USD LIBOR + 2.250%) due 07/17/25 §		639,844		641,443
Term B-5 4.240% (USD LIBOR + 2.500%) due 04/15/27 §		5,824,063		5,862,891
SBA Senior Finance II LLC Term B due 04/11/25 ¥		4,994,937		5,019,911
Sprint Communications Inc Term B
4.313% (USD LIBOR + 2.500%) due 02/03/24 §		2,436,137		2,420,134
4.813% (USD LIBOR + 3.000%) due 02/03/24 §		1,857,180		1,854,837
Uber Technologies Inc Term B 5.745% (USD LIBOR + 4.000%) due 04/04/25 §		1,979,900		1,986,087
Zayo Group LLC Term B-2 4.049% (USD LIBOR + 2.250%) due 01/19/24 §		6,500,000		6,527,534
				34,594,609
Consumer, Cyclical - 4.3%
Bass Pro Group LLC Term B 6.799% (USD LIBOR + 5.000%) due 09/25/24 §		3,463,301		3,455,508
Caesars Resort Collection LLC Term B 4.549% (USD LIBOR + 2.750%) due 12/22/24 §		6,384,848		6,402,586
ClubCorp Holdings Inc Term B 4.695% (USD LIBOR + 2.750%) due 09/18/24 § ¥		4,419,444		4,196,629
Golden Nugget LLC Term B 4.692% (USD LIBOR + 2.750%) due 10/04/23 §		362,377		364,148
Restaurant Brands International Inc Term B (Canada) 3.549% (USD LIBOR + 1.750%) due 11/19/26 §		3,845,797		3,855,388
SeaWorld Parks & Entertainment Inc Term B-5 4.799% (USD LIBOR + 3.000%) due 03/31/24 §		4,769,183		4,793,773
Spectacle Gary Holdings LLC 11.000% (USD LIBOR + 9.000%) due 12/23/25 §		3,263,514		3,292,069

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
SRS Distribution Inc Term B 5.049% (USD LIBOR + 3.250%) due 05/24/25 §		$4,462,500		$4,436,283
Tacala Investment Corp Term B 5.799% (USD LIBOR + 4.000%) due 02/01/25 §		3,939,924		3,960,609
				34,756,993
Consumer, Non-Cyclical - 3.2%
Albertson’s LLC Term B-7 4.549% (USD LIBOR + 2.750%) due 11/17/25 §		1,461,217		1,476,374
Allied Universal Holdco LLC
6.049% (USD LIBOR + 4.250%) due 07/12/26 §		1,364,865		1,375,272
6.055% (USD LIBOR + 4.250%) due 07/12/26 §		135,135		136,166
Bausch Health Americas Inc Term B
4.490% (USD LIBOR + 2.750%) due 11/27/25 §		1,789,474		1,802,671
4.740% (USD LIBOR + 3.000%) due 06/01/25 §		6,696,316		6,745,493
Garda World Security Corp Term B (Canada) 6.660% (USD LIBOR + 4.750%) due 10/30/26 §		2,500,000		2,517,708
Jaguar Holding Co II 4.299% (USD LIBOR + 2.500%) due 08/18/22 §		868,182		873,849
NVA Holdings Inc Term B-3 6.500% (USD LIBOR + 2.750%) due 02/02/25 §		4,859,881		4,861,781
RegionalCare Hospital Partners Holdings Inc Term B 6.304% (USD LIBOR + 4.500%) due 11/16/25 §		3,000,000		3,027,813
Sunshine Luxembourg VII Sarl Term B (Luxembourg) 6.195% (USD LIBOR + 4.250%) due 10/02/26 §		2,750,000		2,779,711
				25,596,838
Energy - 0.3%
Traverse Midstream Partners LLC Term B 5.800% (USD LIBOR + 4.000%) due 09/27/24 §		2,493,687		2,263,021
Financial - 1.1%
HUB International Ltd Term B 4.690% (USD LIBOR + 3.000%) due 04/25/25 §		4,804,666		4,808,793
USI Inc Term B 4.945% (USD LIBOR + 3.000%) due 05/16/24 §		3,910,000		3,914,399
				8,723,192
Industrial - 7.6%
Advanced Disposal Services Inc Term B 3.853% (USD LIBOR + 2.250%) due 11/10/23 §		5,790,375		5,821,133
Brand Industrial Services Inc 6.235% (USD LIBOR + 4.250%) due 06/21/24 §		3,909,774		3,904,187

	Principal Amount		Value
Cornerstone Building Brands Inc Term B 5.486% (USD LIBOR + 3.750%) due 04/12/25 §		$4,328,864		$4,327,024
Crosby US Acquisition Corp Term B 6.535% (USD LIBOR + 4.750%) due 06/27/26 §		2,985,000		2,929,031
Dynasty Acquisition Co Inc 5.945% (USD LIBOR + 4.000%) due 04/08/26 §		3,162,528		3,190,767
EWT Holdings III Corp 4.799% (USD LIBOR + 3.000%) due 12/20/24 §		2,756,109		2,772,475
Filtration Group Corp Term B 4.799% (USD LIBOR + 3.000%) due 03/29/25 §		3,222,606		3,239,927
Flex Acquisition Co Inc
5.091% (USD LIBOR + 3.000%) due 12/29/23 §		1,765,190		1,754,599
Term B 5.349% (USD LIBOR + 3.250%) due 06/29/25 §		978,518		973,381
GFL Environmental Inc Term B (Canada) 4.799% (USD LIBOR + 3.000%) due 05/31/25 §		5,077,604		5,091,659
Kloeckner Pentaplast of America Inc Term B (Luxembourg) 6.177% (USD LIBOR + 4.250%) due 06/30/22 § ¥		3,929,949		3,546,909
Mauser Packaging Solutions Holding Co Term B 5.234% (USD LIBOR + 3.250%) due 04/03/24 §		3,172,415		3,166,962
North American Lifting Holdings Inc
6.445% (USD LIBOR + 4.500%) due 11/27/20 §		2,460,779		2,068,208
(2nd Lien) 10.945% (USD LIBOR + 9.000%) due 11/27/21 §		2,000,000		1,224,376
Reynolds Group Holdings Inc Term B 4.549% (USD LIBOR + 2.750%) due 02/05/23 §		8,801,881		8,841,763
StandardAero (Canada) 5.945% (USD LIBOR + 4.000%) due 04/04/26 §		1,700,284		1,715,466
Titan Acquisition Ltd Term B (Canada) 4.799% (USD LIBOR + 3.000%) due 03/28/25 §		2,954,887		2,911,303
TransDigm Inc
Term F 4.299% (USD LIBOR + 2.500%) due 06/09/23 §		965,118		969,341
Term G 4.299% (USD LIBOR + 2.500%) due 08/22/24 §		2,810,817		2,823,552
				61,272,063
Technology - 1.0%
Tempo Acquisition LLC Term B 4.549% (USD LIBOR + 3.000%) due 05/01/24 §		4,974,490		5,011,799
Vertafore Inc
(2nd Lien) 9.049% (USD LIBOR + 7.250%) due 07/02/26 §		1,000,000		994,167

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

27

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
Term B 5.049% (USD LIBOR + 3.250%) due 07/02/25 §		$2,475,000		$2,451,022
				8,456,988
Total Senior Loan Notes (Cost $181,255,079)				180,616,749
ASSET-BACKED SECURITIES - 3.0%
Apidos CLO XXX ‘A2’ (Cayman) 3.603% (USD LIBOR + 1.600%) due 10/18/31 § ~		2,400,000		2,369,352
Buttermilk Park CLO Ltd ‘A1’ (Cayman) 3.101% (USD LIBOR + 1.100%) due 10/15/31 § ~		700,000		696,596
CIFC Funding 2015-III Ltd ‘AR’ (Cayman) 3.616% (USD LIBOR + 1.650%) due 04/19/29 § ~		1,100,000		1,053,534
Dryden 43 Senior Loan Fund (Cayman) 3.716% (USD LIBOR + 1.750%) due 07/20/29 § ~		1,200,000		1,200,596
Dryden 55 CLO Ltd (Cayman) 3.901% (USD LIBOR + 1.900%) due 04/15/31 § ~		250,000		240,714
Dryden 58 CLO Ltd (Cayman)
3.502% (USD LIBOR + 1.500%) due 07/17/31 § ~		1,500,000		1,474,846
3.802% (USD LIBOR + 1.800%) due 07/17/31 § ~		1,500,000		1,442,468
Dryden 61 CLO Ltd (Cayman)
3.652% (USD LIBOR + 1.650%) due 01/17/32 § ~		1,500,000		1,487,932
4.052% (USD LIBOR + 2.050%) due 01/17/32 § ~		1,500,000		1,471,420
Dryden 64 CLO Ltd (Cayman) 3.403% (USD LIBOR + 1.400%) due 04/18/31 § ~		2,600,000		2,550,080
Madison Park Funding Ltd (Cayman)
3.601% (USD LIBOR + 1.600%) due 07/15/30 § ~		2,000,000		1,987,954
3.753% (USD LIBOR + 1.750%) due 10/18/30 § ~		2,650,000		2,640,534
3.851% (USD LIBOR + 1.850%) due 07/15/30 § ~		1,000,000		977,311
Palmer Square Loan Funding Ltd (Cayman) 5.186% (USD LIBOR + 3.250%) due 10/24/27 § ~		2,250,000		2,251,199
Regatta XIII Funding Ltd ‘D’ (Cayman) 7.951% (USD LIBOR + 5.950%) due 07/15/31 § ~		2,500,000		2,325,574
Total Asset-Backed Securities (Cost $24,600,000)				24,170,110
FOREIGN GOVERNMENT BONDS & NOTES - 0.4%
Mexico Government (Mexico)
3.750% due 01/11/28		2,750,000		2,862,063
4.500% due 04/22/29		700,000		768,600
Total Foreign Government Bonds & Notes (Cost $3,436,188)				3,630,663

	Shares		Value
SHORT-TERM INVESTMENT - 6.4%
Money Market Fund - 6.4%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.510%		51,707,094		$51,707,094
Total Short-Term Investment (Cost $51,707,094)				51,707,094
TOTAL INVESTMENTS - 100.1% (Cost $786,591,516)				807,266,691
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(706,645	)
NET ASSETS - 100.0%				$806,560,046

Notes to Schedule of Investments

(a) Pursuant to the terms of the following senior loan agreement, the Fund had an unfunded loan commitment which could be extended at the option of the borrower:

Borrower	Unfunded Loan Commitment		Value		Unrealized Appreciation (Depreciation)
Spectacle Gary Holdings LLC		$229,403		$238,556		$9,153

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

28

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$13,339,747		$13,339,747		$—		$—
	Corporate Bonds & Notes		533,802,328		—		533,802,328		—
	Senior Loan Notes		180,616,749		—		180,616,749		—
	Asset-Backed Securities		24,170,110		—		24,170,110		—
	Foreign Government Bonds & Notes		3,630,663		—		3,630,663		—
	Short-Term Investment		51,707,094		51,707,094		—		—
	Unfunded Loan Commitment		238,556		—		238,556		—
	Total		$807,505,247		$65,046,841		$742,458,406		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

29

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PACIFIC FUNDS^SM FLOATING RATE INCOME

Schedule of Investments

December 31, 2019 (Unaudited)

	Shares		Value
WARRANTS - 0.0%
Communications - 0.0%
iHeartMedia Inc Exercise @ $14.70 Exp 05/01/39		1,038		$16,219
Total Warrants (Cost $20,207)				16,219
COMMON STOCKS - 0.0%
Communications - 0.0%
iHeartMedia Inc ‘B’ *		11		168
Total Common Stocks (Cost $214)				168
EXCHANGE-TRADED FUND - 1.4%
Invesco Senior Loan		1,003,975		22,910,710
Total Exchange-Traded Fund (Cost $22,833,742)				22,910,710
	Principal Amount
CORPORATE BONDS & NOTES - 3.4%
Consumer, Cyclical - 0.4%
eG Global Finance PLC (United Kingdom) 6.750% due 02/07/25 ~		$6,500,000		6,611,052
Consumer, Non-Cyclical - 0.3%
Ahern Rentals Inc 7.375% due 05/15/23 ~		6,404,000		5,093,838
Industrial - 2.7%
GFL Environmental Inc (Canada)
5.375% due 03/01/23 ~		250,000		258,125
5.625% due 05/01/22 ~		7,336,000		7,485,009
Reynolds Group Issuer Inc
5.501% (USD LIBOR + 3.500%) due 07/15/21 § ~		20,750,000		20,822,625
5.750% due 10/15/20		6,567,643		6,584,062
TransDigm Inc 6.250% due 03/15/26 ~		7,000,000		7,591,388
				42,741,209
Total Corporate Bonds & Notes (Cost $54,895,871)				54,446,099

	Principal Amount		Value
SENIOR LOAN NOTES - 92.4%
Basic Materials - 2.1%
Aleris International Inc 6.549% (USD LIBOR + 4.750%) due 02/27/23 §		$10,835,000		$10,863,778
Messer Industries USA Inc Term B 4.445% (USD LIBOR + 2.500%) due 03/01/26 § ¥		15,177,150		15,276,743
PQ Corp Term B 4.427% (USD LIBOR + 2.500%) due 02/08/25 §		7,107,480		7,153,678
				33,294,199
Communications - 10.9%
Ancestry.com Operations Inc Term B 6.050% (USD LIBOR + 4.250%) due 08/27/26 §		4,095,798		4,036,921
Charter Communications Operating LLC Term B-2 3.550% (USD LIBOR + 1.750%) due 02/01/27 §		13,919,659		14,025,142
Clear Channel Outdoor Holdings Inc Term B 5.299% (USD LIBOR + 3.500%) due 08/21/26 §		21,820,312		21,977,157
CommScope Inc Term B-2 5.049% (USD LIBOR + 3.250%) due 04/04/26 §		9,501,187		9,574,774
CSC Holdings LLC Term B-5 4.240% (USD LIBOR + 2.500%) due 04/15/27 §		18,018,000		18,138,126
Diamond Sports Group LLC Term B 5.030% (USD LIBOR + 3.250%) due 08/24/26 §		5,112,187		5,112,187
NEP Group Inc
(2nd Lien) 8.799% (USD LIBOR + 7.000%) due 10/19/26 §		4,200,000		3,843,000
Term B 5.049% (USD LIBOR + 3.250%) due 10/20/25 §		5,013,829		4,930,264
Outfront Media Capital LLC Term B 3.486% (USD LIBOR + 1.750%) due 11/18/26 §		4,750,000		4,781,806
SBA Senior Finance II LLC Term B 3.550% (USD LIBOR + 1.750%) due 04/11/25 § ¥		21,501,625		21,609,133
Sprint Communications Inc Term B
4.313% (USD LIBOR + 2.500%) due 02/03/24 §		12,497,938		12,415,839
4.813% (USD LIBOR + 3.000%) due 02/03/24 §		8,325,496		8,314,989
Uber Technologies Inc Term B 5.745% (USD LIBOR + 4.000%) due 04/04/25 §		8,909,317		8,937,158
Zayo Group LLC
Term B-1 3.799% (USD LIBOR + 2.000%) due 01/19/21 §		4,621,821		4,637,092
Term B-2 4.049% (USD LIBOR + 2.250%) due 01/19/24 §		35,250,000		35,399,319
				177,732,907

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

30

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
Consumer, Cyclical - 19.9%
American Builders & Contractors Supply Co Inc Term B 3.799% (USD LIBOR + 2.000%) due 01/15/27 §		$16,957,500		$17,036,997
Aramark Services Inc due 12/10/26 ¥		2,000,000		2,013,124
Beacon Roofing Supply Inc Term B 4.049% (USD LIBOR + 2.250%) due 01/02/25 §		12,393,127		12,466,717
BJ’s Wholesale Club Inc Term B 4.491% (USD LIBOR + 2.750%) due 02/03/24 §		12,817,523		12,919,884
Caesars Resort Collection LLC Term B 4.549% (USD LIBOR + 2.750%) due 12/22/24 §		16,198,953		16,243,954
CEOC LLC Term B due 10/06/24 § ¥		23,926,456		24,113,369
CityCenter Holdings LLC Term B 4.049% (USD LIBOR + 2.250%) due 04/18/24 § ¥		5,984,655		6,017,762
ClubCorp Holdings Inc Term B 4.695% (USD LIBOR + 2.750%) due 09/18/24 § ¥		4,015,656		3,813,198
Core & Main LP Term B 4.528% (USD LIBOR + 3.000%) due 08/01/24 §		13,234,733		13,240,133
Curium Bidco Sarl Term B (Luxembourg) 5.945% (USD LIBOR + 4.000%) due 07/11/26 § ¥		6,958,944		7,024,184
EG America LLC (2nd Lien) (United Kingdom) 9.961% (USD LIBOR + 8.000%) due 04/20/26 §		6,036,121		5,764,496
Flynn Restaurant Group LP (2nd Lien) 8.736% (USD LIBOR + 7.000%) due 06/29/26 §		9,635,000		8,912,375
Golden Nugget LLC Term B 4.692% (USD LIBOR + 2.750%) due 10/04/23 § ¥		12,900,340		12,963,371
K-MAC Holdings Corp (2nd Lien) 8.549% (USD LIBOR + 6.750%) due 03/16/26 §		5,831,167		5,678,099
Motion Finco LLC Term B (United Kingdom) due 11/04/26 ¥		1,767,680		1,789,776
NPC International Inc
5.427% (USD LIBOR + 3.500%) due 04/20/24 §		8,210,216		3,825,960
(2nd Lien) 9.427% (USD LIBOR + 7.500%) due 04/18/25 §		11,582,389		1,392,296
Panther BF Aggregator 2 LP Term B 5.305% (USD LIBOR + 3.500%) due 04/30/26 §		5,137,125		5,168,117
Restaurant Brands International Inc Term B (Canada) 3.549% (USD LIBOR + 1.750%) due 11/19/26 § ¥		23,873,769		23,933,310
SeaWorld Parks & Entertainment Inc Term B-5 4.799% (USD LIBOR + 3.000%) due 03/31/24 § ¥		19,455,939		19,556,254
SMG US Midco 2 Inc
4.799% (USD LIBOR + 3.000%) due 01/23/25 §		6,868,919		6,911,850
(2nd Lien) 8.799% (USD LIBOR + 7.000%) due 01/23/26 §		18,290,000		18,510,998

	Principal Amount		Value
Spin Holdco Inc Term B 5.251% (USD LIBOR + 3.250%) due 11/14/22 § ¥		$16,595,212		$16,512,236
SRS Distribution Inc Term B
5.049% (USD LIBOR + 3.250%) due 05/24/25 § ¥		19,544,213		19,429,391
6.299% (USD LIBOR + 4.500%) due 05/24/25 §		8,375,000		8,380,234
Stars Group Holdings BV Term B (Canada) 5.446% (USD LIBOR + 3.500%) due 07/10/25 §		22,002,852		22,224,531
Tacala Investment Corp Term B
(2nd Lien) 9.549% (USD LIBOR + 7.750%) due 02/01/26 §		3,375,000		3,360,936
Term B 5.799% (USD LIBOR + 4.000%) due 02/01/25 §		2,244,289		2,256,072
Univar Solutions USA Inc
Term B-3 4.049% (USD LIBOR + 2.250%) due 07/01/24 §		5,624,764		5,658,164
Term B-5 3.799% (USD LIBOR + 2.000%) due 11/22/26 § ¥		4,500,000		4,520,389
Whatabrands LLC Term B 4.944% (USD LIBOR + 3.250%) due 08/02/26 §		11,970,000		12,043,316
				323,681,493
Consumer, Non-Cyclical - 19.2%
Albertson’s LLC
Term B-7 4.549% (USD LIBOR + 2.750%) due 11/17/25 §		2,967,410		2,998,191
Term B-8 4.549% (USD LIBOR + 2.750%) due 08/17/26 §		780,497		788,744
Aldevron LLC Term B 6.195% (USD LIBOR + 4.250%) due 10/11/26 §		5,250,000		5,315,625
AlixPartners LLP Term B 4.549% (USD LIBOR + 2.750%) due 04/04/24 §		15,919,065		16,034,191
Allied Universal Holdco LLC
6.049% (USD LIBOR + 4.250%) due 07/12/26 §		14,425,697		14,535,693
6.055% (USD LIBOR + 4.250%) due 07/12/26 §		1,428,287		1,439,178
Arterra Wines Canada Inc Term B-1 (Canada) 4.653% (USD LIBOR + 2.750%) due 12/15/23 §		3,824,272		3,826,662
Avantor Funding Inc Term B-2 4.799% (USD LIBOR + 3.000%) due 11/21/24 §		4,758,902		4,788,645
AVSC Holding Corp Term B 6.486% (USD LIBOR + 4.500%) due 10/15/26 §		6,750,000		6,741,562
Bausch Health Americas Inc Term B
4.490% (USD LIBOR + 2.750%) due 11/27/25 §		3,389,241		3,414,236
4.740% (USD LIBOR + 3.000%) due 06/01/25 §		21,177,756		21,333,286

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
Belron Finance US LLC Term B 4.436% (USD LIBOR + 2.500%) due 11/07/26 §		$3,500,000		$3,516,187
CHG PPC Parent LLC Term B 4.549% (USD LIBOR + 2.750%) due 03/30/25 §		8,458,952		8,501,247
Da Vinci Purchaser Corp Term B due 01/08/27 ¥		7,000,000		7,008,750
Garda World Security Corp Term B (Canada) 6.660% (USD LIBOR + 4.750%) due 10/30/26 §		7,750,000		7,804,893
Guidehouse LLP 6.299% (USD LIBOR + 4.500%) due 05/01/25 §		7,730,379		7,701,391
Heartland Dental LLC 5.549% (USD LIBOR + 3.750%) due 04/30/25 §		12,532,763		12,485,765
H-Food Holdings LLC
5.487% (USD LIBOR + 3.688%) due 05/31/25 § ¥		2,493,671		2,476,527
Term B-2 5.799% (USD LIBOR + 4.000%) due 05/31/25 §		7,715,993		7,715,993
Jaguar Holding Co II 4.299% (USD LIBOR + 2.500%) due 08/18/22 §		20,673,966		20,808,926
Mister Car Wash Holdings Inc 5.410% (USD LIBOR + 3.500%) due 05/14/26 §		6,585,952		6,625,468
NVA Holdings Inc
Term B 7.250% (USD LIBOR + 3.500%) due 02/02/25 §		497,500		498,122
Term B-3 6.500% (USD LIBOR + 2.750%) due 02/02/25 §		33,294,237		33,307,255
Ortho-Clinical Diagnostics SA Term B (Luxembourg) 5.306% (USD LIBOR + 3.250%) due 06/30/25 § ¥		3,881,385		3,842,571
PetVet Care Centers LLC
4.549% (USD LIBOR + 2.750%) due 02/14/25 §		6,832,093		6,786,544
(2nd Lien) 8.049% (USD LIBOR + 6.250%) due 02/15/26 §		4,500,000		4,455,000
Term B 5.049% (USD LIBOR + 3.250%) due 02/14/25 § ¥		1,012,906		1,006,153
PSC Industrial Outsourcing LP (2nd Lien) 10.240% (USD LIBOR + 8.500%) due 10/05/25 §		5,000,000		4,812,500
Refinitiv US Holdings Inc Term B
5.049% (USD LIBOR + 3.750%) due 10/01/25 §		31,296,168		31,604,248
5.049% (USD LIBOR + 3.250%) due 10/01/25 § ¥		295,224		298,053
RegionalCare Hospital Partners Holdings Inc Term B 6.304% (USD LIBOR + 4.500%) due 11/16/25 § ¥		7,739,538		7,811,291
Snacking Investments US LLC Term B 5.778% (USD LIBOR + 4.000%) due 12/01/26 §		1,500,000		1,504,695
Sunshine Luxembourg VII Sarl Term B (Luxembourg) 6.195% (USD LIBOR + 4.250%) due 10/02/26 § ¥		7,125,000		7,201,978

	Principal Amount		Value
Trans Union LLC Term B-5 3.549% (USD LIBOR + 1.750%) due 11/13/26 §		$3,884,615		$3,906,163
VetCor Professional Practices LLC 4.799% (USD LIBOR + 3.000%) due 07/02/25 §		15,267,500		15,114,825
Wand NewCo 3 Inc Term B 5.299% (USD LIBOR + 3.500%) due 02/05/26 §		23,748,899		23,993,798
				312,004,356
Energy - 0.1%
Prairie ECI Acquiror LP 6.695% (USD LIBOR + 4.750%) due 03/11/26 §		2,223,867		2,212,054
Financial - 7.5%
Alliant Holdings Intermediate LLC Term B
4.799% (USD LIBOR + 3.000%) due 05/10/25 §		3,633,152		3,638,827
4.990% (USD LIBOR + 3.250%) due 05/10/25 § ¥		9,667,619		9,697,831
AssuredPartners Inc Term B 5.299% (USD LIBOR + 3.250%) due 10/22/24 § ¥		21,743,096		21,835,504
BCPE Rover Merger Sub Inc (2nd Lien) 10.049% (USD LIBOR + 8.250%) due 11/28/26 §		1,750,000		1,474,375
Blackstone Mortgage Trust Inc Term B 4.049% (USD LIBOR + 2.250%) due 04/23/26 §		8,670,270		8,732,479
Canyon Valor Cos Inc Term B 4.549% (USD LIBOR + 2.750%) due 06/16/23 §		1,495,975		1,497,845
Deerfield Dakota Holding LLC Term B 5.049% (USD LIBOR + 3.250%) due 02/13/25 §		9,673,948		9,661,856
DTZ US Borrower LLC Term B 5.049% (USD LIBOR + 3.250%) due 08/21/25 §		10,506,179		10,560,349
HUB International Ltd Term B
4.690% (USD LIBOR + 3.000%) due 04/25/25 §		15,211,406		15,224,473
5.903% (USD LIBOR + 4.000%) due 04/25/25 § ¥		7,750,000		7,834,769
NFP Corp Term B 4.799% (USD LIBOR + 3.000%) due 01/08/24 § ¥		13,423,885		13,391,520
USI Inc Term B
4.945% (USD LIBOR + 3.000%) due 05/16/24 §		12,332,744		12,346,618
5.945% (USD LIBOR + 4.000%) due 12/02/26 § ¥		6,166,894		6,197,728
				122,094,174
Industrial - 19.7%
Advanced Disposal Services Inc Term B 3.853% (USD LIBOR + 2.250%) due 11/10/23 §		40,406,349		40,620,987
APi Group DE Inc Term B 4.299% (USD LIBOR + 2.500%) due 10/01/26 §		1,500,000		1,513,828
Berry Global Inc Term W 3.715% (USD LIBOR + 2.000%) due 10/01/22 §		17,649,974		17,742,954

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
Cornerstone Building Brands Inc Term B 5.486% (USD LIBOR + 3.750%) due 04/12/25 §		$8,824,903		$8,821,152
DiversiTech Holdings Inc Term B 4.945% (USD LIBOR + 3.000%) due 06/01/24 §		6,551,664		6,502,526
Dynasty Acquisition Co Inc 5.945% (USD LIBOR + 4.000%) due 04/08/26 §		16,919,377		17,070,451
Engineered Machinery Holdings Inc
4.945% (USD LIBOR + 3.000%) due 07/19/24 § ¥		8,703,129		8,641,485
6.195% (USD LIBOR + 4.250%) due 07/19/24 §		3,217,500		3,222,864
EWT Holdings III Corp 4.799% (USD LIBOR + 3.000%) due 12/20/24 §		14,203,071		14,287,408
Filtration Group Corp Term B 4.799% (USD LIBOR + 2.750%) due 03/29/25 §		22,396,482		22,516,863
Flex Acquisition Co Inc Term B 5.349% (USD LIBOR + 3.250%) due 06/29/25 §		6,176,909		6,144,481
Gates Global LLC Term B-2 4.549% (USD LIBOR + 2.750%) due 03/31/24 §		7,891,848		7,911,577
Generac Power Systems Inc Term B 3.441% (USD LIBOR + 1.750%) due 12/13/26 §		3,000,000		3,020,001
Genesee & Wyoming Inc due 12/30/26 ¥		4,250,000		4,296,487
GFL Environmental Inc Term B (Canada) 4.799% (USD LIBOR + 3.000%) due 05/31/25 §		21,595,778		21,655,555
Hamilton HoldCo LLC Term B (Australia) 3.950% (USD LIBOR + 2.000%) due 01/02/27 §		5,236,875		5,249,967
Pregis TopCo LLC Term B 5.799% (USD LIBOR + 4.000%) due 08/01/26 §		2,250,000		2,254,219
Pro Mach Group Inc Term B 4.535% (USD LIBOR + 2.750%) due 03/07/25 §		5,728,677		5,687,499
Reynolds Group Holdings Inc Term B 4.549% (USD LIBOR + 2.750%) due 02/05/23 §		26,709,539		26,830,560
StandardAero (Canada) 5.945% (USD LIBOR + 4.000%) due 04/04/26 §		9,096,439		9,177,662
Tailwind Smith Cooper Intermediate Corp (2nd Lien) 10.800% (USD LIBOR + 9.000%) due 05/28/27 §		2,200,000		2,051,500
The Hillman Group Inc Term B 5.799% (USD LIBOR + 4.000%) due 05/31/25 § ¥		14,020,966		13,816,498
Transcendia Holdings Inc Term B 5.299% (USD LIBOR + 3.500%) due 05/30/24 § ±		4,089,171		3,046,432
TransDigm Inc
Term E 4.299% (USD LIBOR + 2.500%) due 05/30/25 §		6,862,651		6,887,528
Term F 4.299% (USD LIBOR + 2.500%) due 06/09/23 §		8,113,464		8,148,961
Term G 4.299% (USD LIBOR + 2.500%) due 08/22/24 §		14,350,960		14,415,984

	Principal Amount		Value
Vertiv Group Corp Term B 5.927% (USD LIBOR + 4.000%) due 11/15/23 §		$11,000,000		$11,000,000
Wesco Aircraft Hardware Corp Term A 4.300% (USD LIBOR + 3.000%) due 10/04/21 §		13,395,641		13,412,385
WP CPP Holdings LLC Term B 5.680% (USD LIBOR + 3.750%) due 04/30/25 §		14,123,355		14,052,738
				320,000,552
Technology - 12.6%
Applied Systems Inc
(2nd Lien) 8.945% (USD LIBOR + 7.000%) due 09/19/25 §		16,389,070		16,819,283
Term B 5.195% (USD LIBOR + 3.250%) due 09/19/24 § ¥		14,004,994		14,076,475
CCC Information Services Inc
(2nd Lien) 8.549% (USD LIBOR + 6.750%) due 04/27/25 §		4,530,000		4,569,638
Term B 4.550% (USD LIBOR + 2.750%) due 04/27/24 § ¥		2,933,654		2,951,989
Epicor Software Corp Term B 5.050% (USD LIBOR + 3.250%) due 06/01/22 §		23,136,226		23,324,207
Kronos Inc
(2nd Lien) 10.159% (USD LIBOR + 8.250%) due 11/01/24 §		11,285,000		11,595,338
Term B 4.909% (USD LIBOR + 3.000%) due 11/01/23 § ¥		14,245,478		14,334,512
Sophia LP Term B 5.195% (USD LIBOR + 3.250%) due 09/30/22 §		23,528,600		23,608,009
SS&C European Holdings Sarl Term B-4 4.049% (USD LIBOR + 2.500%) due 04/16/25 §		1,289,781		1,299,756
SS&C Technologies Inc Term B-3 4.049% (USD LIBOR + 2.500%) due 04/16/25 §		1,849,633		1,863,938
Tempo Acquisition LLC Term B 4.549% (USD LIBOR + 3.000%) due 05/01/24 §		22,750,894		22,921,526
The Dun & Bradstreet Corp Term B 6.792% (USD LIBOR + 5.000%) due 02/08/26 §		23,270,000		23,478,453
The Ultimate Software Group Inc 5.549% (USD LIBOR + 3.750%) due 05/03/26 § ¥		19,002,375		19,129,064
Vertafore Inc
(2nd Lien) 9.049% (USD LIBOR + 7.250%) due 07/02/26 §		15,650,000		15,558,714
Term B 5.049% (USD LIBOR + 3.250%) due 07/02/25 § ¥		8,626,055		8,542,486
				204,073,388

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

33

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
Utilities - 0.4%
Calpine Corp Term B-5 due 01/15/24 ¥		$997,389		$1,003,623
Vistra Operations Co LLC Term B-3 3.537% (USD LIBOR + 1.750%) due 12/31/25 §		4,689,626		4,722,749
				5,726,372
Total Senior Loan Notes (Cost $1,507,729,879)				1,500,819,495
	Shares
SHORT-TERM INVESTMENT - 6.4%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.510%		103,531,804		103,531,804
Total Short-Term Investment (Cost $103,531,804)				103,531,804
TOTAL INVESTMENTS - 103.6% (Cost $1,689,011,717)				1,681,724,495
OTHER ASSETS & LIABILITIES, NET - (3.6%)				(58,359,205	)
NET ASSETS - 100.0%				$1,623,365,290

Notes to Schedule of Investments

(a) 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		$282,609		$281,549		($1,060	)
Mister Car Wash Holdings Inc		330,952		332,938		1,986
Motion Finco LLC		231,739		235,224		3,485
		$845,300		$849,711		$4,411

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

34

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PACIFIC FUNDS FLOATING RATE INCOME

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Warrants		$16,219		$—		$16,219		$—
	Common Stocks		168		—		168		—
	Exchange-Traded Fund		22,910,710		22,910,710		—		—
	Corporate Bonds & Notes		54,446,099		—		54,446,099		—
	Senior Loan Notes		1,500,819,495		—		1,497,773,063		3,046,432
	Short-Term Investment		103,531,804		103,531,804		—		—
	Unfunded Loan Commitments		849,711		—		849,711		—
	Total		$1,682,574,206		$126,442,514		$1,553,085,260		$3,046,432

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

35

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PACIFIC FUNDS^SM HIGH INCOME

Schedule of Investments

December 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 1.0%
Basic Materials - 0.2%
Constellium SE *		11,516		$154,314
Hexion Holdings Corp ‘B’ *		11,203		134,996
				289,310
Consumer, Cyclical - 0.1%
Cedar Fair LP		2,660		147,470
Energy - 0.3%
Chevron Corp		804		96,890
Diamondback Energy Inc		903		83,854
Exxon Mobil Corp		1,235		86,178
Pioneer Natural Resources Co		581		87,946
				354,868
Financial - 0.3%
Citigroup Inc		1,430		114,243
Outfront Media Inc REIT		4,360		116,935
The Goldman Sachs Group Inc		486		111,746
				342,924
Industrial - 0.1%
Evoqua Water Technologies Corp *		5,617		106,442
Xylem Inc		976		76,899
				183,341
Total Common Stocks (Cost $1,294,928)				1,317,913
	Principal Amount
CORPORATE BONDS & NOTES - 85.3%
Basic Materials - 3.2%
Alcoa Nederland Holding BV 7.000% due 09/30/26 ~		$525,000		573,904
Barminco Finance Pty Ltd (Australia) 6.625% due 05/15/22 ~		1,125,000		1,156,500
Constellium SE 6.625% due 03/01/25 ~		350,000		364,031
Hecla Mining Co 6.875% due 05/01/21		525,000		524,475
Hexion Inc 7.875% due 07/15/27 ~		275,000		286,681
JW Aluminum Continuous Cast Co 10.250% due 06/01/26 ~		475,000		498,915
Novelis Corp 5.875% due 09/30/26 ~		100,000		106,643
Olin Corp 5.000% due 02/01/30		525,000		533,846
Univar Solutions USA Inc 5.125% due 12/01/27 ~		325,000		339,830
				4,384,825

	Principal Amount		Value
Communications - 15.2%
Altice Financing SA (Luxembourg) 7.500% due 05/15/26 ~		$125,000		$134,606
Altice France SA (France) 7.375% due 05/01/26 ~		575,000		618,407
CCO Holdings LLC
4.750% due 03/01/30 ~		1,200,000		1,226,256
5.000% due 02/01/28 ~		100,000		105,117
CenturyLink Inc 7.500% due 04/01/24		100,000		112,958
Clear Channel Worldwide Holdings Inc
5.125% due 08/15/27 ~		625,000		651,969
9.250% due 02/15/24 ~		690,000		765,614
CommScope Inc
6.000% due 03/01/26 ~		400,000		426,250
8.250% due 03/01/27 ~		550,000		579,892
CommScope Technologies LLC 6.000% due 06/15/25 ~		100,000		100,363
CSC Holdings LLC
6.500% due 02/01/29 ~		1,500,000		1,675,312
6.625% due 10/15/25 ~		1,350,000		1,436,049
Diamond Sports Group LLC 6.625% due 08/15/27 ~		1,650,000		1,607,677
Frontier Communications Corp
8.000% due 04/01/27 ~		100,000		104,685
8.500% due 04/01/26 ~		25,000		25,359
11.000% due 09/15/25		300,000		146,250
Intelsat Jackson Holdings SA (Luxembourg)
8.000% due 02/15/24 ~		75,000		77,125
8.500% due 10/15/24 ~		650,000		593,395
9.750% due 07/15/25 ~		150,000		139,063
Level 3 Financing Inc
4.625% due 09/15/27 ~		500,000		512,825
5.250% due 03/15/26		1,150,000		1,198,127
Nexstar Broadcasting Inc 5.625% due 07/15/27 ~		675,000		712,564
Outfront Media Capital LLC
4.625% due 03/15/30 ~		50,000		50,967
5.000% due 08/15/27 ~		775,000		813,246
Radiate Holdco LLC 6.875% due 02/15/23 ~		425,000		433,676
Sirius XM Radio Inc 5.500% due 07/01/29 ~		1,175,000		1,272,631
Sprint Capital Corp 8.750% due 03/15/32		400,000		486,240
Sprint Corp
7.625% due 02/15/25		975,000		1,072,354
7.625% due 03/01/26		575,000		635,174
7.875% due 09/15/23		1,400,000		1,547,581
Telesat LLC (Canada)
4.875% due 06/01/27 ~		125,000		127,500
6.500% due 10/15/27 ~		50,000		52,217
Townsquare Media Inc 6.500% due 04/01/23 ~		175,000		178,135
Uber Technologies Inc 8.000% due 11/01/26 ~		100,000		104,482
Virgin Media Secured Finance PLC (United Kingdom) 5.500% due 08/15/26 ~		950,000		999,706
				20,723,772
Consumer, Cyclical - 18.1%
American Airlines Pass-Through Trust ‘B’ 5.250% due 07/15/25		123,829		131,229
American Builders & Contractors Supply Co Inc 4.000% due 01/15/28 ~		600,000		610,110

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

36

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
Beazer Homes USA Inc 5.875% due 10/15/27		$1,225,000		$1,240,343
Caesars Resort Collection LLC 5.250% due 10/15/25 ~		1,325,000		1,373,031
CCM Merger Inc 6.000% due 03/15/22 ~		425,000		434,562
Cedar Fair LP
5.250% due 07/15/29 ~		250,000		269,837
5.375% due 04/15/27		500,000		539,201
Constellation Merger Sub Inc 8.500% due 09/15/25 ~		1,500,000		1,313,122
Core & Main Holdings LP 8.625% Cash or 9.375% PIK due 09/15/24 ~		250,000		260,729
Core & Main LP 6.125% due 08/15/25 ~		625,000		649,994
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.500% due 02/15/23 ~		725,000		763,363
eG Global Finance PLC (United Kingdom) 8.500% due 10/30/25 ~		450,000		478,501
Gateway Casinos & Entertainment Ltd (Canada) 8.250% due 03/01/24 ~		625,000		640,884
Golden Nugget Inc
6.750% due 10/15/24 ~		1,375,000		1,426,549
8.750% due 10/01/25 ~		725,000		777,102
Hilton Grand Vacations Borrower LLC 6.125% due 12/01/24		1,000,000		1,082,915
Jacobs Entertainment Inc 7.875% due 02/01/24 ~		900,000		956,623
Lennar Corp
4.750% due 05/30/25		600,000		646,251
4.750% due 11/29/27		100,000		107,935
Live Nation Entertainment Inc 4.750% due 10/15/27 ~		450,000		466,582
Marriott Ownership Resorts Inc 4.750% due 01/15/28 ~		525,000		538,964
Mattamy Group Corp (Canada) 6.500% due 10/01/25 ~		550,000		588,272
Mattel Inc
3.150% due 03/15/23		125,000		123,489
5.875% due 12/15/27 ~		50,000		52,780
6.750% due 12/31/25 ~		825,000		888,430
Merlin Entertainments PLC (United Kingdom) 5.750% due 06/15/26 ~		1,025,000		1,125,294
Michaels Stores Inc 8.000% due 07/15/27 ~		690,000		660,226
New Red Finance Inc (Canada)
3.875% due 01/15/28 ~		100,000		100,435
4.375% due 01/15/28 ~		300,000		301,305
5.000% due 10/15/25 ~		925,000		956,991
Panther BF Aggregator 2 LP
6.250% due 05/15/26 ~		500,000		539,687
8.500% due 05/15/27 ~		250,000		266,087
Scientific Games International Inc
7.000% due 05/15/28 ~		150,000		160,777
7.250% due 11/15/29 ~		150,000		163,402
8.250% due 03/15/26 ~		450,000		496,968
Six Flags Entertainment Corp 5.500% due 04/15/27 ~		875,000		934,587
Tesla Inc 5.300% due 08/15/25 ~		1,150,000		1,118,364
US Airways Pass-Through Trust ‘B’ 5.375% due 05/15/23		161,573		168,309

	Principal Amount		Value
VOC Escrow Ltd 5.000% due 02/15/28 ~		$600,000		$629,610
Wynn Resorts Finance LLC 5.125% due 10/01/29 ~		625,000		672,266
				24,655,106
Consumer, Non-Cyclical - 13.0%
Ahern Rentals Inc 7.375% due 05/15/23 ~		2,201,000		1,750,708
Albertsons Cos Inc
4.625% due 01/15/27 ~		50,000		50,033
5.875% due 02/15/28 ~		950,000		1,011,133
Allied Universal Holdco LLC 9.750% due 07/15/27 ~		500,000		535,296
Bausch Health Americas Inc 8.500% due 01/31/27 ~		725,000		826,971
Bausch Health Cos Inc
5.000% due 01/30/28 ~		125,000		128,611
5.250% due 01/30/30 ~		125,000		129,938
6.125% due 04/15/25 ~		275,000		284,712
9.000% due 12/15/25 ~		1,050,000		1,196,685
Centene Corp
4.250% due 12/15/27 ~		100,000		103,060
4.625% due 12/15/29 ~		100,000		105,570
Charles River Laboratories International Inc 4.250% due 05/01/28 ~		600,000		612,360
Eagle Holding Co II LLC
7.625% Cash or 8.375% PIK due 05/15/22 ~		635,000		646,578
7.750% Cash or 8.500% PIK due 05/15/22 ~		275,000		279,719
GW B-CR Security Corp (Canada) 9.500% due 11/01/27 ~		97,000		103,727
HCA Inc
5.375% due 09/01/26		150,000		167,441
5.625% due 09/01/28		100,000		114,145
5.875% due 02/01/29		1,125,000		1,302,188
Jaguar Holding Co II 6.375% due 08/01/23 ~		90,000		93,121
JBS Investments II GmbH
5.750% due 01/15/28 ~		200,000		211,270
7.000% due 01/15/26 ~		1,150,000		1,253,098
JBS USA LUX SA
5.500% due 01/15/30 ~		150,000		161,393
5.875% due 07/15/24 ~		400,000		412,100
6.500% due 04/15/29 ~		50,000		55,657
Pilgrim’s Pride Corp 5.875% due 09/30/27 ~		550,000		595,705
Prestige Brands Inc 5.125% due 01/15/28 ~		200,000		210,000
Refinitiv US Holdings Inc 8.250% due 11/15/26 ~		100,000		112,810
RegionalCare Hospital Partners Holdings Inc 9.750% due 12/01/26 ~		525,000		594,576
Select Medical Corp 6.250% due 08/15/26 ~		750,000		813,266
Tenet Healthcare Corp
4.875% due 01/01/26 ~		180,000		188,757
6.250% due 02/01/27 ~		600,000		646,500
6.750% due 06/15/23		975,000		1,073,275
Tms International Holding Corp 7.250% due 08/15/25 ~		1,416,000		1,284,432
Verscend Escrow Corp 9.750% due 08/15/26 ~		650,000		712,579
				17,767,414

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

37

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
Energy - 11.1%
Antero Resources Corp
5.375% due 11/01/21		$500,000		$477,004
5.625% due 06/01/23		175,000		140,875
Archrock Partners LP
6.250% due 04/01/28 ~		25,000		25,813
6.875% due 04/01/27 ~		475,000		503,416
Ascent Resources Utica Holdings LLC 7.000% due 11/01/26 ~		1,075,000		860,374
Cheniere Corpus Christi Holdings LLC
5.125% due 06/30/27		1,175,000		1,300,760
5.875% due 03/31/25		375,000		422,454
Cheniere Energy Partners LP 5.625% due 10/01/26		675,000		715,077
Chesapeake Energy Corp 11.500% due 01/01/25 ~		122,000		115,595
Crestwood Midstream Partners LP
5.625% due 05/01/27 ~		200,000		203,255
5.750% due 04/01/25		250,000		256,248
6.250% due 04/01/23		750,000		766,564
Denbury Resources Inc
5.500% due 05/01/22		9,000		5,879
6.375% due 12/31/24 ~		11,000		7,718
7.750% due 02/15/24 ~		4,000		3,552
9.250% due 03/31/22 ~		525,000		496,289
Endeavor Energy Resources LP
5.500% due 01/30/26 ~		50,000		51,741
5.750% due 01/30/28 ~		775,000		816,153
Energy Transfer Operating LP 6.250% due 02/15/23		800,000		753,216
EnLink Midstream Partners LP 4.150% due 06/01/25		100,000		94,209
Global Partners LP 7.000% due 08/01/27 ~		470,000		500,713
Gulfport Energy Corp 6.375% due 01/15/26		550,000		342,566
Moss Creek Resources Holdings Inc 7.500% due 01/15/26 ~		335,000		255,554
MPLX LP 6.875% due 02/15/23		650,000		656,500
Nabors Industries Inc 5.750% due 02/01/25		250,000		225,729
Parsley Energy LLC
5.250% due 08/15/25 ~		225,000		231,843
5.375% due 01/15/25 ~		225,000		232,310
5.625% due 10/15/27 ~		25,000		26,484
SM Energy Co
5.625% due 06/01/25		575,000		547,449
6.750% due 09/15/26		225,000		221,141
Targa Resources Partners LP
5.125% due 02/01/25		500,000		519,995
5.375% due 02/01/27		50,000		51,968
5.500% due 03/01/30 ~		100,000		102,875
5.875% due 04/15/26		1,050,000		1,117,593
6.500% due 07/15/27 ~		50,000		54,843
Transocean Inc 7.500% due 04/15/31		375,000		291,572
USA Compression Partners LP 6.875% due 09/01/27		775,000		808,674
Whiting Petroleum Corp
6.250% due 04/01/23		300,000		252,000
6.625% due 01/15/26		25,000		17,100

	Principal Amount		Value
WPX Energy Inc 5.250% due 10/15/27		$600,000		$634,110
				15,107,211
Financial - 8.4%
Alliance Data Systems Corp 4.750% due 12/15/24 ~		125,000		125,000
Ally Financial Inc 5.750% due 11/20/25		900,000		1,009,125
CNO Financial Group Inc 5.250% due 05/30/29		600,000		671,459
GLP Capital LP REIT 5.750% due 06/01/28		875,000		995,507
Iron Mountain Inc REIT
4.875% due 09/15/29 ~		600,000		610,874
5.250% due 03/15/28 ~		100,000		104,185
MGM Growth Properties Operating Partnership LP REIT
5.625% due 05/01/24		1,200,000		1,310,502
5.750% due 02/01/27 ~		150,000		167,813
Park Aerospace Holdings Ltd (Ireland)
5.250% due 08/15/22 ~		425,000		453,990
5.500% due 02/15/24 ~		550,000		604,538
Springleaf Finance Corp
5.375% due 11/15/29		225,000		235,271
5.625% due 03/15/23		375,000		405,000
6.125% due 03/15/24		625,000		685,931
6.875% due 03/15/25		25,000		28,500
7.125% due 03/15/26		1,350,000		1,563,401
The Howard Hughes Corp 5.375% due 03/15/25 ~		1,900,000		1,985,481
VICI Properties LP REIT
4.250% due 12/01/26 ~		200,000		206,367
4.625% due 12/01/29 ~		200,000		209,370
				11,372,314
Industrial - 14.1%
Apex Tool Group LLC 9.000% due 02/15/23 ~		450,000		405,187
ARD Finance SA (Luxembourg) 6.500% Cash or 7.250% PIK due 06/30/27 ~		200,000		207,160
Bombardier Inc (Canada)
5.750% due 03/15/22 ~		325,000		336,243
7.500% due 03/15/25 ~		525,000		542,714
Brand Industrial Services Inc 8.500% due 07/15/25 ~		650,000		667,869
Cloud Crane LLC 10.125% due 08/01/24 ~		475,000		499,740
Flex Acquisition Co Inc 7.875% due 07/15/26 ~		810,000		817,956
Gates Global LLC 6.250% due 01/15/26 ~		675,000		687,855
GFL Environmental Inc (Canada)
5.125% due 12/15/26 ~		25,000		26,347
5.625% due 05/01/22 ~		300,000		306,094
7.000% due 06/01/26 ~		825,000		873,879
Granite Holdings US Acquisition Co 11.000% due 10/01/27 ~		800,000		812,278
Itron Inc 5.000% due 01/15/26 ~		1,425,000		1,480,714
Mauser Packaging Solutions Holding Co
5.500% due 04/15/24 ~		475,000		490,480
7.250% due 04/15/25 ~		1,375,000		1,361,236

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

38

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
Mueller Water Products Inc 5.500% due 06/15/26 ~		$801,000		$846,335
New Enterprise Stone & Lime Co Inc 10.125% due 04/01/22 ~		1,265,000		1,342,876
Sensata Technologies BV 5.625% due 11/01/24 ~		1,175,000		1,310,613
Sensata Technologies Inc 4.375% due 02/15/30 ~		450,000		459,875
Signature Aviation US Holdings Inc 5.375% due 05/01/26 ~		575,000		606,586
Standard Industries Inc 4.750% due 01/15/28 ~		1,300,000		1,335,519
Titan Acquisition Ltd (Canada) 7.750% due 04/15/26 ~		910,000		903,013
TransDigm Inc
5.500% due 11/15/27 ~		375,000		379,905
6.250% due 03/15/26 ~		700,000		759,139
6.500% due 07/15/24		775,000		800,912
TransDigm UK Holdings PLC 6.875% due 05/15/26		825,000		880,974
				19,141,499
Technology - 0.5%
Tempo Acquisition LLC 6.750% due 06/01/25 ~		700,000		724,493
Utilities - 1.7%
Calpine Corp
4.500% due 02/15/28 ~		200,000		202,024
5.125% due 03/15/28 ~		50,000		51,160
NRG Energy Inc 7.250% due 05/15/26		640,000		700,384
Talen Energy Supply LLC
6.500% due 06/01/25		650,000		556,624
7.250% due 05/15/27 ~		100,000		105,405
Vistra Operations Co LLC
5.000% due 07/31/27 ~		375,000		392,561
5.500% due 09/01/26 ~		200,000		212,465
5.625% due 02/15/27 ~		100,000		105,560
				2,326,183
Total Corporate Bonds & Notes (Cost $113,035,091)				116,202,817
SENIOR LOAN NOTES - 8.4%
Basic Materials - 0.2%
Aleris International Inc 6.549% (USD LIBOR + 4.750%) due 02/27/23 §		246,250		246,904
Communications - 0.2%
Sprint Communications Inc Term B 4.813% (USD LIBOR + 3.000%) due 02/03/24 §		247,500		247,188

	Principal Amount		Value
Consumer, Cyclical - 2.7%
18 Fremont Street Acquisition LLC 10.035% (USD LIBOR + 8.000%) due 08/09/25 §		$250,000		$251,250
Bass Pro Group LLC Term B 6.799% (USD LIBOR + 5.000%) due 09/25/24 §		989,873		987,646
Restaurant Brands International Inc Term B 3.549% (USD LIBOR + 1.750%) due 11/19/26 §		909,939		912,209
SeaWorld Parks & Entertainment Inc Term B-5 4.799% (USD LIBOR + 3.000%) due 03/31/24 §		989,822		994,925
Spectacle Gary Holdings LLC 11.000% (USD LIBOR + 9.000%) due 12/23/25 §		582,770		587,870
				3,733,900
Consumer, Non-Cyclical - 0.2%
Allied Universal Holdco LLC
6.049% (USD LIBOR + 4.250%) due 07/12/26 §		227,478		229,212
6.055% (USD LIBOR + 4.250%) due 07/12/26 §		22,523		22,694
				251,906
Energy - 0.7%
Prairie ECI Acquiror LP 6.695% (USD LIBOR + 4.750%) due 03/11/26 §		487,500		484,910
Traverse Midstream Partners LLC Term B 5.800% (USD LIBOR + 4.000%) due 09/27/24 §		498,737		452,604
				937,514
Financial - 0.7%
Deerfield Dakota Holding LLC Term B 5.049% (USD LIBOR + 3.250%) due 02/13/25 §		989,925		988,687
Industrial - 3.7%
Advanced Disposal Services Inc Term B 3.853% (USD LIBOR + 2.250%) due 11/10/23 §		840,811		845,277
Cornerstone Building Brands Inc Term B 5.486% (USD LIBOR + 3.750%) due 04/12/25 §		742,462		742,147
Dynasty Acquisition Co Inc 5.945% (USD LIBOR + 4.000%) due 04/08/26 §		648,724		654,516
EWT Holdings III Corp 4.799% (USD LIBOR + 3.000%) due 12/20/24 §		1,168,652		1,175,592
North American Lifting Holdings Inc (2nd Lien) 10.945% (USD LIBOR + 9.000%) due 11/27/21 §		350,000		214,266
Reynolds Group Holdings Inc Term B 4.549% (USD LIBOR + 2.750%) due 02/05/23 §		989,796		994,281

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

39

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
StandardAero (Canada) 5.945% (USD LIBOR + 4.000%) due 04/04/26 §		$348,776		$351,890
				4,977,969
Total Senior Loan Notes (Cost $11,371,321)				11,384,068
ASSET-BACKED SECURITIES - 2.0%
Benefit Street Partners CLO Ltd ‘D’ (Cayman) 7.916% (USD LIBOR + 5.950%) due 04/20/31 § ~		250,000		236,519
Benefit Street Partners CLO Ltd ‘E’ (Cayman) 8.702% (USD LIBOR + 6.700%) due 01/17/32 § ~		250,000		248,698
Dryden Senior Loan Fund ‘E’ (Cayman) 8.710% (USD LIBOR + 6.800%) due 05/15/32 § ~		425,000		425,691
Dryden Senior Loan Fund ‘F’ (Cayman) 9.201% (USD LIBOR + 7.200%) due 04/15/31 § ~		250,000		209,123
Magnetite XXII Ltd ‘E’ (Cayman) 8.751% (USD LIBOR + 6.750%) due 04/15/31 § ~		500,000		500,991
Neuberger Berman Loan Advisers CLO Ltd ‘E’ (Cayman)
8.716% (USD LIBOR + 6.750%) due 01/20/31 § ~		300,000		300,506
8.716% (USD LIBOR + 6.750%) due 04/20/31 § ~		500,000		501,208
Voya CLO 2019-4 Ltd ‘E’ (Cayman) 9.223% (USD LIBOR + 7.480%) due 01/15/33 § ~		300,000		297,165
Total Asset-Backed Securities (Cost $2,737,984)				2,719,901
	Shares
SHORT-TERM INVESTMENT - 1.9%
Money Market Fund - 1.9%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.510%		2,642,180		2,642,180
Total Short-Term Investment (Cost $2,642,180)				2,642,180
TOTAL INVESTMENTS - 98.6% (Cost $131,081,504)				134,266,879
OTHER ASSETS & LIABILITIES, NET - 1.4%				1,869,790
NET ASSETS - 100.0%				$136,136,669

Notes to Schedule of Investments

(a) Pursuant to the terms of the following senior loan agreement, the Fund had an unfunded loan commitment which could be extended at the option of the borrower:

Borrower	Unfunded Loan Commitments		Value		Unrealized Appreciation (Depreciation)
Spectacle Gary Holdings LLC		$40,965		$42,599		$1,634

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

40

PACIFIC FUNDS

PACIFIC FUNDS HIGH INCOME

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$1,317,913		$1,317,913		$ —		$ —
	Corporate Bonds & Notes		116,202,817		—		116,202,817		—
	Senior Loan Notes		11,384,068		—		11,384,068		—
	Asset-Backed Securities		2,719,901		—		2,719,901		—
	Short-Term Investment		2,642,180		2,642,180		—		—
	Unfunded Loan Commitment		42,599		—		42,599		—
	Total		$134,309,478		$3,960,093		$130,349,385		$ —

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

41

PACIFIC FUNDS

PACIFIC FUNDS^SM DIVERSIFIED INCOME

Schedule of Investments

December 31, 2019 (Unaudited)

	Shares		Value
PREFERRED STOCKS - 0.1%
Communications - 0.0%
Telefonica Brasil SA (Brazil)		500		$7,207
Consumer, Cyclical - 0.0%
Volkswagen AG (Germany)		54		10,629
Consumer, Non-Cyclical - 0.0%
Henkel AG & Co KGaA (Germany)		87		8,987
Financial - 0.1%
Itau Unibanco Holding SA (Brazil)		1,300		11,989
Total Preferred Stocks (Cost $36,452)				38,812
COMMON STOCKS - 64.0%
Basic Materials - 2.4%
Air Liquide SA (France)		170		24,101
Air Products & Chemicals Inc		208		48,878
Albemarle Corp		83		6,062
Asahi Kasei Corp (Japan)		600		6,737
BASF SE (Germany)		586		44,147
BHP Group Ltd (Australia)		1,031		28,231
BHP Group PLC (Australia)		913		21,395
Boliden AB (Sweden)		271		7,197
Cabot Corp		69		3,279
Celanese Corp		109		13,420
CF Industries Holdings Inc		168		8,020
Constellium SE *		850		11,390
Croda International PLC (United Kingdom)		48		3,261
Dow Inc		529		28,952
DuPont de Nemours Inc		487		31,265
Eastman Chemical Co		188		14,901
Ecolab Inc		91		17,562
EMS-Chemie Holding AG (Switzerland)		9		5,917
Givaudan SA (Switzerland)		4		12,532
Glencore PLC (Switzerland)		5,188		16,154
Grupo Mexico SAB de CV ‘B’ (Mexico)		2,757		7,579
Huntsman Corp		150		3,624
International Flavors & Fragrances Inc		26		3,355
International Paper Co		729		33,570
Israel Chemicals Ltd (Israel)		650		3,070
JSR Corp (Japan)		300		5,488
Kuraray Co Ltd (Japan)		500		6,059
Linde PLC (United Kingdom)		168		35,767
LyondellBasell Industries NV ‘A’		246		23,242
Mitsubishi Chemical Holdings Corp (Japan)		600		4,471
MMC Norilsk Nickel PJSC ADR (Russia)		464		14,190
Nippon Steel Corp (Japan)		300		4,522
Nissan Chemical Corp (Japan)		100		4,188
Nitto Denko Corp (Japan)		200		11,246
Novozymes AS ‘B’ (Denmark)		79		3,866
Nucor Corp		242		13,620
Petronas Chemicals Group Bhd (Malaysia)		5,700		10,243
PPG Industries Inc		71		9,478
Reliance Steel & Aluminum Co		53		6,347
Rio Tinto PLC (Australia)		561		33,209
RPM International Inc		97		7,446
Sasol Ltd (South Africa)		1,029		22,325
Shin-Etsu Chemical Co Ltd (Japan)		300		32,992
South32 Ltd (Australia)		1,780		3,361

	Shares		Value
Southern Copper Corp (Peru)		109		$4,630
Steel Dynamics Inc		202		6,876
Stora Enso OYJ ‘R’ (Finland)		312		4,540
Symrise AG (Germany)		48		5,045
The Chemours Co		126		2,279
The Sherwin-Williams Co		26		15,172
UPM-Kymmene OYJ (Finland)		290		10,061
Valvoline Inc		224		4,796
				710,058
Communications - 5.0%
Alibaba Group Holding Ltd ADR (China) *		281		59,600
Alphabet Inc ‘C’ *		93		124,343
Amazon.com Inc *		62		114,566
Arista Networks Inc *		15		3,051
AT&T Inc		2,666		104,187
Baidu Inc ADR (China) *		205		25,912
Booking Holdings Inc *		14		28,752
BT Group PLC (United Kingdom)		1,865		4,752
CenturyLink Inc		840		11,096
China Mobile Ltd (China)		6,500		54,924
China Telecom Corp Ltd ‘H’ (China)		12,000		4,944
Cisco Systems Inc		3,068		147,141
Corning Inc		673		19,591
Deutsche Telekom AG (Germany)		485		7,926
Facebook Inc ‘A’ *		606		124,381
FactSet Research Systems Inc		11		2,951
ITV PLC (United Kingdom)		3,524		7,051
John Wiley & Sons Inc ‘A’		66		3,202
Juniper Networks Inc		425		10,468
KDDI Corp (Japan)		1,700		50,722
M3 Inc (Japan)		400		12,062
MTN Group Ltd (South Africa)		414		2,441
Naspers Ltd ‘N’ (South Africa)		218		35,675
Nice Ltd (Israel) *		21		3,256
Nippon Telegraph & Telephone Corp (Japan)		200		5,055
NTT DOCOMO Inc (Japan)		1,300		36,213
Omnicom Group Inc		210		17,014
Orange SA (France)		431		6,334
P.T. Telekomunikasi Indonesia Persero Tbk (Indonesia)		32,600		9,339
Prosus NV (China) *		218		16,316
Publicis Groupe SA (France)		100		4,534
Singapore Telecommunications Ltd (Singapore)		6,900		17,299
Softbank Corp (Japan)		400		5,364
Swisscom AG (Switzerland)		7		3,706
Telefonica SA (Spain)		1,054		7,371
Telenor ASA (Norway)		170		3,047
Telia Co AB (Sweden)		928		3,987
Telstra Corp Ltd (Australia)		1,483		3,684
Tencent Holdings Ltd (China)		1,300		62,629
The Interpublic Group of Cos Inc		3,403		78,609
The Walt Disney Co		535		77,377
Trend Micro Inc (Japan) *		200		10,234
Verizon Communications Inc		1,543		94,740
ViacomCBS Inc ‘B’		146		6,128
Vodacom Group Ltd (South Africa)		488		4,017
Vodafone Group PLC (United Kingdom)		6,348		12,324
WPP PLC (United Kingdom)		1,228		17,281
Z Holdings Corp (Japan)		3,800		16,044
				1,481,640
Consumer, Cyclical - 7.3%
adidas AG (Germany)		64		20,804
Advance Auto Parts Inc		21		3,363
Alaska Air Group Inc		98		6,639

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

42

PACIFIC FUNDS

PACIFIC FUNDS DIVERSIFIED INCOME

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Shares		Value
ANTA Sports Products Ltd (China)		1,000		$8,953
AutoZone Inc *		9		10,722
Bandai Namco Holdings Inc (Japan)		100		6,083
Barratt Developments PLC (United Kingdom)		436		4,317
Bayerische Motoren Werke AG (Germany)		97		7,945
Best Buy Co Inc		174		15,277
Bridgestone Corp (Japan)		300		11,145
Bunzl PLC (United Kingdom)		125		3,419
Burberry Group PLC (United Kingdom)		145		4,233
Carnival Corp		417		21,196
Chipotle Mexican Grill Inc *		9		7,534
Cie Financiere Richemont SA (Switzerland)		182		14,223
Cie Generale des Etablissements Michelin SCA (France)		133		16,367
Cinemark Holdings Inc		86		2,911
Compass Group PLC (United Kingdom)		628		15,739
Continental AG (Germany)		32		4,135
Copart Inc *		62		5,638
Costco Wholesale Corp		160		47,027
Cummins Inc		172		30,781
Daimler AG (Germany)		266		14,706
Daiwa House Industry Co Ltd (Japan)		400		12,383
Darden Restaurants Inc		75		8,176
Delta Air Lines Inc		1,324		77,428
Denso Corp (Japan)		200		9,032
Dick’s Sporting Goods Inc		141		6,978
Dollar General Corp		77		12,010
Dollar Tree Inc *		68		6,395
Electrolux AB ‘B’ (Sweden)		152		3,737
Extended Stay America Inc		167		2,482
Fastenal Co		598		22,096
Ferrari NV (Italy)		43		7,140
Flutter Entertainment PLC (Ireland)		48		5,834
Foot Locker Inc		147		5,732
Ford Motor Co		3,521		32,745
Galaxy Entertainment Group Ltd (Macao)		1,000		7,362
Geely Automobile Holdings Ltd (China)		8,000		15,663
General Motors Co		863		31,586
Genuine Parts Co		160		16,997
Guangzhou Automobile Group Co Ltd ‘H’ (China)		4,000		4,980
Hanesbrands Inc		437		6,489
Harley-Davidson Inc		1,411		52,475
Hasbro Inc		109		11,511
Hennes & Mauritz AB ‘B’ (Sweden)		856		17,460
Hermes International (France)		13		9,738
Honda Motor Co Ltd (Japan)		700		19,811
Industria de Diseno Textil SA (Spain)		437		15,444
ITOCHU Corp (Japan)		700		16,224
KAR Auction Services Inc		227		4,946
Kingfisher PLC (United Kingdom)		1,842		5,303
Kohl’s Corp		122		6,216
L Brands Inc		142		2,573
Las Vegas Sands Corp		252		17,398
Lear Corp		64		8,781
Leggett & Platt Inc		107		5,439
Lennar Corp ‘A’		92		5,133
Lojas Renner SA (Brazil)		800		11,175
Lowe’s Cos Inc		613		73,413
Lululemon Athletica Inc *		29		6,718
LVMH Moet Hennessy Louis Vuitton SE (France)		98		45,664
Macy’s Inc		336		5,712
Marubeni Corp (Japan)		800		5,911
McDonald’s Corp		662		130,818
Mitsubishi Corp (Japan)		600		15,895
Mitsui & Co Ltd (Japan)		800		14,220
Mr Price Group Ltd (South Africa)		335		4,374
MSC Industrial Direct Co Inc ‘A’		84		6,591
Newell Brands Inc		1,031		19,816

	Shares		Value
Next PLC (United Kingdom)		55		$5,125
NIKE Inc ‘B’		379		38,396
Nissan Motor Co Ltd (Japan)		1,000		5,795
Nitori Holdings Co Ltd (Japan)		100		15,785
Nokian Renkaat OYJ (Finland)		113		3,250
Nordstrom Inc		107		4,380
NVR Inc *		1		3,808
O’Reilly Automotive Inc *		23		10,080
Oriental Land Co Ltd (Japan)		200		27,288
P.T. Astra International Tbk (Indonesia)		7,500		3,736
P.T. United Tractors Tbk (Indonesia)		1,700		2,632
Panasonic Corp (Japan)		1,000		9,379
Pandora AS (Denmark)		84		3,654
Penske Automotive Group Inc		63		3,164
Persimmon PLC (United Kingdom)		256		9,144
Peugeot SA (France)		244		5,875
Polaris Inc		73		7,424
Raia Drogasil SA (Brazil)		300		8,326
Ralph Lauren Corp		58		6,799
Renault SA (France)		82		3,894
Ross Stores Inc		109		12,690
Royal Caribbean Cruises Ltd		137		18,291
Ryohin Keikaku Co Ltd (Japan)		200		4,661
Sands China Ltd (Macao)		1,200		6,412
Sekisui Chemical Co Ltd (Japan)		500		8,675
Sekisui House Ltd (Japan)		300		6,406
Shenzhou International Group Holdings Ltd (China)		700		10,231
Shimano Inc (Japan)		50		8,112
Six Flags Entertainment Corp		134		6,045
Sodexo SA (France)		35		4,148
Starbucks Corp		368		32,355
Subaru Corp (Japan)		300		7,431
Sumitomo Corp (Japan)		600		8,912
Sumitomo Electric Industries Ltd (Japan)		400		6,007
Tapestry Inc		282		7,606
Target Corp		567		72,695
Taylor Wimpey PLC (United Kingdom)		2,620		6,718
The Foschini Group Ltd (South Africa)		289		3,087
The Gap Inc		280		4,950
The Goodyear Tire & Rubber Co		495		7,700
The Home Depot Inc		836		182,566
The Swatch Group AG (Switzerland)		27		7,539
The TJX Cos Inc		430		26,256
Thor Industries Inc		60		4,457
Tiffany & Co		128		17,107
Toho Co Ltd (Japan)		100		4,167
Toyota Motor Corp (Japan)		500		35,231
Tractor Supply Co		35		3,270
Tsuruha Holdings Inc (Japan)		40		5,136
Ulta Beauty Inc *		16		4,050
USS Co Ltd (Japan)		400		7,561
Vail Resorts Inc		45		10,792
Valeo SA (France)		104		3,686
VF Corp		355		35,379
Volvo AB ‘B’ (Sweden)		862		14,431
Wal-Mart de Mexico SAB de CV (Mexico)		8,411		24,146
Walgreens Boots Alliance Inc		1,293		76,235
Walmart Inc		637		75,701
Watsco Inc		127		22,879
Wesfarmers Ltd (Australia)		461		13,397
Whirlpool Corp		49		7,229
Whitbread PLC (United Kingdom)		72		4,621
Williams-Sonoma Inc		81		5,949
WW Grainger Inc		15		5,078
Wyndham Destinations Inc		363		18,763
Wyndham Hotels & Resorts Inc		61		3,831
Wynn Resorts Ltd		68		9,443
Yum China Holdings Inc (China)		270		12,963
				2,180,090

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

43

PACIFIC FUNDS

PACIFIC FUNDS DIVERSIFIED INCOME

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Shares		Value
Consumer, Non-Cyclical - 16.5%
a2 Milk Co Ltd (New Zealand) *		370		$3,746
AbbVie Inc		1,809		160,169
ABIOMED Inc *		15		2,559
Adecco Group AG (Switzerland)		94		5,943
Alfresa Holdings Corp (Japan)		200		4,063
Align Technology Inc *		27		7,534
Altria Group Inc		2,519		125,723
Ambev SA (Brazil)		9,300		43,163
Amgen Inc		717		172,847
Anheuser-Busch InBev SA NV (Belgium)		532		43,571
Archer-Daniels-Midland Co		649		30,081
Asahi Intecc Co Ltd (Japan)		200		5,856
Associated British Foods PLC (United Kingdom)		172		5,917
Astellas Pharma Inc (Japan)		1,500		25,605
Automatic Data Processing Inc		152		25,916
Bayer AG (Germany)		517		42,031
Becton Dickinson and Co		116		31,549
Beiersdorf AG (Germany)		49		5,862
Bid Corp Ltd (South Africa)		312		7,357
Bio-Techne Corp		13		2,854
Biogen Inc *		76		22,551
Bristol-Myers Squibb Co		1,246		79,981
British American Tobacco PLC (United Kingdom)		2,057		87,427
Brown-Forman Corp ‘B’		94		6,354
Bunge Ltd		1,117		64,283
Campbell Soup Co		118		5,832
Cardinal Health Inc		1,205		60,949
CCR SA (Brazil)		3,200		15,098
Chocoladefabriken Lindt & Spruengli AG (Switzerland)		1		7,765
Chugai Pharmaceutical Co Ltd (Japan)		200		18,419
Church & Dwight Co Inc		89		6,260
Cigna Corp		141		28,833
Cintas Corp		26		6,996
Cochlear Ltd (Australia)		20		3,152
Cogna Educacao (Brazil)		1,200		3,410
Colgate-Palmolive Co		955		65,742
Coloplast AS ‘B’ (Denmark)		42		5,211
Conagra Brands Inc		347		11,881
Coty Inc ‘A’		333		3,746
CSL Ltd (Australia)		148		28,695
CSPC Pharmaceutical Group Ltd (China)		6,000		14,318
CVS Health Corp		1,565		116,264
Danaher Corp		227		34,840
Davide Campari-Milano SPA (Italy)		289		2,641
Diageo PLC (United Kingdom)		1,243		52,376
Edwards Lifesciences Corp *		76		17,730
Eli Lilly & Co		985		129,459
Equifax Inc		35		4,904
EssilorLuxottica SA (France)		95		14,524
Flowers Foods Inc		193		4,196
Fresenius Medical Care AG & Co KGaA (Germany)		75		5,522
General Mills Inc		640		34,278
Genmab AS (Denmark) *		20		4,448
Gilead Sciences Inc		894		58,092
GlaxoSmithKline PLC (United Kingdom)		3,376		79,327
Global Payments Inc		38		6,937
H&R Block Inc		128		3,005
Hengan International Group Co Ltd (China)		1,000		7,123
Henkel AG & Co KGaA (Germany)		51		4,794
Henry Schein Inc *		56		3,736
Hormel Foods Corp		127		5,729

	Shares		Value
Humana Inc		49		$17,959
IDEXX Laboratories Inc *		31		8,095
Illumina Inc *		53		17,582
Imperial Brands PLC (United Kingdom)		386		9,550
Ingredion Inc		104		9,667
Intuitive Surgical Inc *		41		24,237
Japan Tobacco Inc (Japan)		1,700		37,904
Johnson & Johnson		1,515		220,993
Kao Corp (Japan)		500		41,238
Kellogg Co		482		33,335
Kikkoman Corp (Japan)		200		9,791
Kimberly-Clark Corp		361		49,656
Kimberly-Clark de Mexico SAB de CV ‘A’ (Mexico)		2,275		4,528
Kobayashi Pharmaceutical Co Ltd (Japan)		50		4,235
Koninklijke Ahold Delhaize NV (Netherlands)		1,104		27,680
Kose Corp (Japan)		30		4,373
Kyowa Kirin Co Ltd (Japan)		200		4,712
L’Oreal SA (France)		123		36,372
Laboratory Corp of America Holdings *		35		5,921
Lamb Weston Holdings Inc		55		4,732
Lion Corp (Japan)		300		5,832
Macquarie Infrastructure Corp		195		8,354
ManpowerGroup Inc		47		4,564
MarketAxess Holdings Inc		11		4,170
McCormick & Co Inc		42		7,129
McKesson Corp		70		9,682
Medtronic PLC		621		70,452
Merck & Co Inc		1,054		95,861
Molson Coors Beverage Co ‘B’		114		6,145
Monster Beverage Corp *		148		9,405
Moody’s Corp		50		11,870
Mowi ASA (Norway)		170		4,420
Nestle SA (Switzerland)		574		62,144
New Oriental Education & Technology Group Inc ADR (China) *		74		8,972
Nielsen Holdings PLC		258		5,237
Nisshin Seifun Group Inc (Japan)		300		5,234
Nissin Foods Holdings Co Ltd (Japan)		100		7,427
Novartis AG (Switzerland)		1,101		104,253
Novo Nordisk AS ‘B’ (Denmark)		1,142		66,178
Ono Pharmaceutical Co Ltd (Japan)		300		6,849
Orion OYJ ‘B’ (Finland)		84		3,890
Otsuka Holdings Co Ltd (Japan)		200		8,915
P.T. Gudang Garam Tbk (Indonesia)		700		2,670
P.T. Unilever Indonesia Tbk (Indonesia)		1,400		4,232
Park24 Co Ltd (Japan)		200		4,897
PayPal Holdings Inc *		327		35,372
PepsiCo Inc		1,197		163,594
Pernod Ricard SA (France)		106		18,967
Pfizer Inc		4,572		179,131
Philip Morris International Inc		1,687		143,547
Pigeon Corp (Japan)		100		3,662
Pola Orbis Holdings Inc (Japan)		200		4,764
Quest Diagnostics Inc		140		14,951
Randstad NV (Netherlands)		80		4,902
Reckitt Benckiser Group PLC (United Kingdom)		349		28,349
Recruit Holdings Co Ltd (Japan)		900		33,710
Regeneron Pharmaceuticals Inc *		28		10,513
RELX PLC (United Kingdom)		758		19,135
ResMed Inc		51		7,903
Robert Half International Inc		128		8,083
Roche Holding AG (Switzerland)		369		119,926
S&P Global Inc		74		20,206
Sabre Corp		186		4,174
Sage Therapeutics Inc *		16		1,155
Sanofi (France)		737		74,015
Santen Pharmaceutical Co Ltd (Japan)		300		5,713

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

44

PACIFIC FUNDS

PACIFIC FUNDS DIVERSIFIED INCOME

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Shares		Value
Secom Co Ltd (Japan)		200		$17,849
Seven & i Holdings Co Ltd (Japan)		400		14,662
SGS SA (Switzerland)		6		16,432
Shionogi & Co Ltd (Japan)		200		12,372
Shoprite Holdings Ltd (South Africa)		432		3,885
Sino Biopharmaceutical Ltd (Hong Kong)		9,000		12,591
Smith & Nephew PLC (United Kingdom)		311		7,495
Sonic Healthcare Ltd (Australia)		160		3,226
Sonova Holding AG (Switzerland)		20		4,572
Spectrum Brands Holdings Inc		10		643
STERIS PLC		30		4,573
Straumann Holding AG (Switzerland)		6		5,886
Sysco Corp		500		42,770
Sysmex Corp (Japan)		100		6,808
Takeda Pharmaceutical Co Ltd (Japan)		500		19,776
TAL Education Group ADR (China) *		183		8,821
The Clorox Co		134		20,574
The Coca-Cola Co		3,220		178,227
The Estee Lauder Cos Inc ‘A’		79		16,317
The Hershey Co		143		21,018
The JM Smucker Co		120		12,496
The Kraft Heinz Co		789		25,351
The Kroger Co		734		21,279
The Procter & Gamble Co		1,941		242,431
The SPAR Group Ltd (South Africa)		310		4,379
Tiger Brands Ltd (South Africa)		254		3,823
Toyo Suisan Kaisha Ltd (Japan)		100		4,247
Transurban Group (Australia) »		1,117		11,692
Unicharm Corp (Japan)		400		13,507
Unilever NV (United Kingdom)		1,090		62,556
Unilever PLC (United Kingdom)		545		31,197
UnitedHealth Group Inc		356		104,657
Universal Health Services Inc ‘B’		32		4,591
Universal Robina Corp (Philippines)		1,420		4,066
Varian Medical Systems Inc *		33		4,686
Verisk Analytics Inc		45		6,720
West Pharmaceutical Services Inc		27		4,059
WH Group Ltd (Hong Kong) ~		8,000		8,272
Wirecard AG (Germany)		39		4,703
Woolworths Group Ltd (Australia)		753		19,099
Woolworths Holdings Ltd (South Africa)		1,276		4,434
Zimmer Biomet Holdings Inc		75		11,226
				4,920,256
Diversified - 0.1%
CK Hutchison Holdings Ltd (United Kingdom)		1,000		9,535
The Siam Cement PCL NVDR (Thailand)		500		6,535
				16,070
Energy - 8.3%
Antero Midstream Corp		5,733		43,513
Apache Corp		267		6,833
Baker Hughes Co		422		10,816
BP Midstream Partners LP		1,109		17,311
BP PLC (United Kingdom)		4,683		29,460
Chevron Corp		826		99,542
China Petroleum & Chemical Corp ‘H’ (China)		14,000		8,430
China Shenhua Energy Co Ltd ‘H’ (China)		4,000		8,364
CNOOC Ltd (China)		8,000		13,303
Crestwood Equity Partners LP		741		22,838
DCP Midstream LP		1,182		28,947
Diamondback Energy Inc		133		12,350
Enbridge Inc (Canada)		1,446		57,507
Energy Transfer LP		10,463		134,240
Eni SPA (Italy)		816		12,674

	Shares		Value
EnLink Midstream LLC		6,915		$42,389
Enterprise Products Partners LP		4,566		128,579
EQM Midstream Partners LP		2,644		79,082
Equinor ASA (Norway)		260		5,185
Exxon Mobil Corp		2,859		199,501
Gazprom PJSC ADR (Russia)		6,374		52,608
Genesis Energy LP		1,665		34,099
Halliburton Co		590		14,437
Helmerich & Payne Inc		82		3,725
Holly Energy Partners LP		576		12,758
HollyFrontier Corp		101		5,122
JXTG Holdings Inc (Japan)		1,200		5,446
Kinder Morgan Inc		3,836		81,208
LUKOIL PJSC ADR (Russia)		410		40,839
Magellan Midstream Partners LP		2,304		144,852
Marathon Petroleum Corp		701		42,235
MPLX LP		5,085		129,464
Murphy Oil Corp		126		3,377
Noble Energy Inc		309		7,676
Noble Midstream Partners LP		362		9,615
Novatek PJSC GDR (Russia)		76		15,428
Occidental Petroleum Corp		815		33,586
ONEOK Inc		1,734		131,212
PetroChina Co Ltd ‘H’ (China)		12,000		6,041
Phillips 66		410		45,678
Phillips 66 Partners LP		1,093		67,373
Pioneer Natural Resources Co		80		12,110
Plains All American Pipeline LP		5,523		101,568
PTT PCL NVDR (Thailand)		4,000		5,869
Repsol SA (Spain)		596		9,363
Royal Dutch Shell PLC ‘A’ (Netherlands)		753		22,300
Royal Dutch Shell PLC ‘B’ (Netherlands)		635		18,849
Schlumberger Ltd		1,719		69,104
Shell Midstream Partners LP		1,967		39,753
Sunoco LP		800		24,480
Tallgrass Energy LP		1,504		33,268
Targa Resources Corp		1,414		57,734
TC Pipelines LP		527		22,292
The Williams Cos Inc		3,868		91,749
TOTAL SA (France)		554		30,742
Valero Energy Corp		665		62,277
Viper Energy Partners LP		800		19,728
Woodside Petroleum Ltd (Australia)		310		7,495
				2,476,324
Financial - 11.0%
Alexandria Real Estate Equities Inc REIT		59		9,533
Allianz SE (Germany)		65		15,927
Ally Financial Inc		598		18,275
American Campus Communities Inc REIT		76		3,574
American International Group Inc		626		32,133
American Tower Corp REIT		46		10,572
Ameriprise Financial Inc		117		19,490
Aon PLC		71		14,789
Aroundtown SA (Germany)		926		8,317
Arthur J Gallagher & Co		53		5,047
Ascendas Real Estate Investment Trust REIT (Singapore)		3,000		6,628
Associated Banc-Corp		206		4,540
Assurant Inc		46		6,030
ASX Ltd (Australia)		88		4,845
Australia & New Zealand Banking Group Ltd (Australia)		475		8,192
AvalonBay Communities Inc REIT		68		14,260
Aviva PLC (United Kingdom)		905		5,023
AXA Equitable Holdings Inc		217		5,377
AXA SA (France)		435		12,292

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

45

PACIFIC FUNDS

PACIFIC FUNDS DIVERSIFIED INCOME

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Shares		Value
Axis Capital Holdings Ltd		61		$3,626
B3 SA - Brasil Bolsa Balcao (Brazil)		2,400		25,637
Banco Bilbao Vizcaya Argentaria SA (Spain)		1,146		6,434
Banco Santander SA (Spain)		2,807		11,769
Bank of America Corp		3,131		110,274
Bank Of China Ltd ‘H’ (China)		13,000		5,557
Bank of Hawaii Corp		42		3,997
Bank OZK		130		3,966
BB Seguridade Participacoes SA (Brazil)		900		8,435
BlackRock Inc		127		63,843
BNP Paribas SA (France)		180		10,699
Boston Properties Inc REIT		49		6,755
Camden Property Trust REIT		45		4,774
CapitaLand Commercial Trust REIT (Singapore)		3,200		4,739
CapitaLand Mall Trust REIT (Singapore)		3,200		5,858
Capitec Bank Holdings Ltd (South Africa)		43		4,440
Cboe Global Markets Inc		32		3,840
China Construction Bank Corp ‘H’ (China)		18,000		15,607
China Overseas Land & Investment Ltd (China)		8,000		31,157
China Resources Land Ltd (China)		6,000		29,852
Cincinnati Financial Corp		86		9,043
CIT Group Inc		101		4,609
CITIC Ltd (China)		9,000		12,012
Citigroup Inc		1,299		103,777
Citizens Financial Group Inc		1,163		47,229
CK Asset Holdings Ltd (Hong Kong)		3,500		25,257
CME Group Inc		130		26,094
Comerica Inc		306		21,955
Commonwealth Bank Of Australia (Australia)		281		15,763
Country Garden Holdings Co Ltd (China)		12,000		19,206
Crown Castle International Corp REIT		177		25,161
CubeSmart REIT		101		3,179
Cullen/Frost Bankers Inc		72		7,040
CyrusOne Inc REIT		61		3,991
Daito Trust Construction Co Ltd (Japan)		130		16,065
DBS Group Holdings Ltd (Singapore)		800		15,425
Dexus REIT (Australia)		521		4,289
Digital Realty Trust Inc REIT		105		12,573
Discover Financial Services		281		23,834
Discovery Ltd (South Africa)		310		2,670
DNB ASA (Norway)		172		3,219
Duke Realty Corp REIT		162		5,617
East West Bancorp Inc		97		4,724
Eaton Vance Corp		166		7,751
EPR Properties REIT		46		3,249
Equity Residential REIT		183		14,808
Essex Property Trust Inc REIT		22		6,619
Everest Re Group Ltd		28		7,752
Extra Space Storage Inc REIT		40		4,225
Federal Realty Investment Trust REIT		27		3,476
Fidelity National Financial Inc		191		8,662
Fifth Third Bancorp		918		28,219
First American Financial Corp		111		6,474
First Hawaiian Inc		124		3,577
First Horizon National Corp		376		6,227
First Republic Bank		47		5,520
Franklin Resources Inc		331		8,599
Gaming and Leisure Properties Inc REIT		107		4,606
Healthpeak Properties Inc REIT		232		7,997
Henderson Land Development Co Ltd (Hong Kong)		3,000		14,721
Hong Kong Exchanges & Clearing Ltd (Hong Kong)		600		19,493
Hongkong Land Holdings Ltd (Hong Kong)		2,000		11,504
Host Hotels & Resorts Inc REIT		219		4,062
HSBC Holdings PLC (United Kingdom)		3,389		26,531
Huntington Bancshares Inc		2,857		43,084

	Shares		Value
Industrial & Commercial Bank of China Ltd ‘H’ (China)		13,000		$10,030
ING Groep NV (Netherlands)		449		5,398
Intesa Sanpaolo SPA (Italy)		1,926		5,073
Invesco Ltd		684		12,298
Iron Mountain Inc REIT		170		5,418
Japan Post Bank Co Ltd (Japan)		500		4,797
Jefferies Financial Group Inc		403		8,612
JPMorgan Chase & Co		807		112,496
KeyCorp		2,750		55,660
Kilroy Realty Corp REIT		51		4,279
Kimco Realty Corp REIT		213		4,411
Lamar Advertising Co ‘A’ REIT		45		4,017
Lazard Ltd ‘A’		104		4,156
Legal & General Group PLC (United Kingdom)		1,361		5,467
Lincoln National Corp		272		16,051
Link REIT (Hong Kong)		2,500		26,485
Lloyds Banking Group PLC (United Kingdom)		12,329		10,214
Longfor Group Holdings Ltd (China) ~		3,000		14,049
M&T Bank Corp		97		16,466
Macquarie Group Ltd (Australia)		44		4,261
Marsh & McLennan Cos Inc		176		19,608
Mastercard Inc ‘A’		267		79,724
Medical Properties Trust Inc REIT		191		4,032
MetLife Inc		596		30,378
Mid-America Apartment Communities Inc REIT		56		7,384
Mitsubishi Estate Co Ltd (Japan)		400		7,654
Mitsubishi UFJ Financial Group Inc (Japan)		1,700		9,191
Mitsui Fudosan Co Ltd (Japan)		300		7,332
Mizuho Financial Group Inc (Japan)		3,400		5,237
Morgan Stanley		1,276		65,229
Muenchener Rueckversicherungs-Gesellschaft AG (Germany)		23		6,787
National Australia Bank Ltd (Australia)		423		7,320
New World Development Co Ltd (Hong Kong)		7,000		9,595
New York Community Bancorp Inc		353		4,243
Nordea Bank Abp (Finland)		799		6,464
Northern Trust Corp		206		21,885
Old Republic International Corp		191		4,273
Omega Healthcare Investors Inc REIT		110		4,658
Oversea-Chinese Banking Corp Ltd (Singapore)		1,300		10,635
P.T. Bank Central Asia Tbk (Indonesia)		9,800		23,569
P.T. Bank Negara Indonesia Persero Tbk (Indonesia)		7,300		4,121
P.T. Bank Rakyat Indonesia Persero Tbk (Indonesia)		60,800		19,245
PacWest Bancorp		198		7,577
Partners Group Holding AG (Switzerland)		13		11,915
People’s United Financial Inc		282		4,766
PICC Property & Casualty Co Ltd ‘H’ (China)		6,000		7,232
Ping An Insurance Group Co of China Ltd ‘H’ (China)		5,000		59,167
Popular Inc (Puerto Rico)		90		5,287
Principal Financial Group Inc		230		12,650
Prologis Inc REIT		221		19,700
Prosperity Bancshares Inc		68		4,889
Prudential Financial Inc		524		49,120
Public Bank Bhd (Malaysia)		3,000		14,268
Public Storage REIT		122		25,981
Realty Income Corp REIT		160		11,781
Regency Centers Corp REIT		80		5,047
Regions Financial Corp		2,092		35,899
RMB Holdings Ltd (South Africa)		890		5,119
Sampo Oyj ‘A’ (Finland)		354		15,457
Sanlam Ltd (South Africa)		1,695		9,577
Scentre Group REIT (Australia)		1,473		3,964
Shimao Property Holdings Ltd (China)		2,500		9,688
Simon Property Group Inc REIT		151		22,493

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

46

PACIFIC FUNDS

PACIFIC FUNDS DIVERSIFIED INCOME

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Shares		Value
Singapore Exchange Ltd (Singapore)		800		$5,269
Sino Land Co Ltd (Hong Kong)		6,000		8,709
Skandinaviska Enskilda Banken AB ‘A’ (Sweden)		411		3,865
SL Green Realty Corp REIT		45		4,135
SM Prime Holdings Inc (Philippines)		7,500		6,225
Standard Bank Group Ltd (South Africa)		1,513		18,198
Starwood Property Trust Inc REIT		171		4,251
State Street Corp		422		33,380
STORE Capital Corp REIT		102		3,798
Sumitomo Mitsui Financial Group Inc (Japan)		200		7,387
Sun Hung Kai Properties Ltd (Hong Kong)		2,000		30,630
Sunac China Holdings Ltd (China)		2,000		11,940
Svenska Handelsbanken AB ‘A’ (Sweden)		380		4,093
Swedbank AB ‘A’ (Sweden)		236		3,508
Swire Properties Ltd (Hong Kong)		2,800		9,276
Swiss Life Holding AG (Switzerland)		10		5,017
Swiss Re AG (Switzerland)		93		10,448
Synchrony Financial		1,086		39,107
Synovus Financial Corp		148		5,802
T Rowe Price Group Inc		234		28,511
TCF Financial Corp		153		7,160
TD Ameritrade Holding Corp		274		13,618
The Bank of New York Mellon Corp		978		49,223
The Hartford Financial Services Group Inc		264		16,043
The PNC Financial Services Group Inc		406		64,810
The Travelers Cos Inc		185		25,336
The Western Union Co		456		12,212
Tokio Marine Holdings Inc (Japan)		100		5,599
Truist Financial Corp		2,238		126,044
UBS Group AG (Switzerland)		686		8,657
UDR Inc REIT		142		6,631
Unibail-Rodamco-Westfield REIT (France)		38		5,995
United Overseas Bank Ltd (Singapore)		500		9,833
Unum Group		422		12,306
US Bancorp		1,720		101,979
Ventas Inc REIT		104		6,005
VEREIT Inc REIT		536		4,953
VICI Properties Inc REIT		218		5,570
Visa Inc ‘A’		511		96,017
Vornado Realty Trust REIT		67		4,455
Webster Financial Corp		67		3,575
Wells Fargo & Co		2,103		113,141
Welltower Inc REIT		174		14,230
Westpac Banking Corp (Australia)		545		9,307
Weyerhaeuser Co REIT		383		11,567
Wharf Real Estate Investment Co Ltd (Hong Kong)		1,000		6,102
Wheelock & Co Ltd (Hong Kong)		1,000		6,666
WP Carey Inc REIT		79		6,323
Zions Bancorp NA		323		16,770
Zurich Insurance Group AG (Switzerland)		46		18,869
				3,288,315
Industrial - 6.5%
3M Co		661		116,614
AAC Technologies Holdings Inc (China)		1,000		8,730
ABB Ltd (Switzerland)		1,795		43,301
Airports of Thailand PCL NVDR (Thailand)		5,800		14,357
Amcor PLC CDI		361		3,947
AMETEK Inc		68		6,782
Amphenol Corp ‘A’		105		11,364
Anhui Conch Cement Co Ltd ‘H’ (China)		2,000		14,572
Atlas Copco AB ‘A’ (Sweden)		248		9,899
Atlas Copco AB ‘B’ (Sweden)		145		5,035
Aurizon Holdings Ltd (Australia)		990		3,633
BAE Systems PLC (United Kingdom)		1,452		10,872
Bouygues SA (France)		95		4,050

	Shares		Value
Caterpillar Inc		433		$63,945
CH Robinson Worldwide Inc		153		11,965
Cie de Saint-Gobain (France)		216		8,849
ComfortDelGro Corp Ltd (Singapore)		3,300		5,839
CRH PLC (Ireland)		160		6,417
CRRC Corp Ltd ‘H’ (China)		13,000		9,478
Deutsche Post AG (Germany)		339		12,890
DSV PANALPINA AS (Denmark)		77		8,874
Eaton Corp PLC		315		29,837
Emerson Electric Co		653		49,798
Evoqua Water Technologies Corp *		645		12,223
Expeditors International of Washington Inc		50		3,901
FANUC Corp (Japan)		230		42,473
Fluor Corp		90		1,699
Fortive Corp		87		6,646
Garmin Ltd		102		9,951
Geberit AG (Switzerland)		14		7,858
General Dynamics Corp		262		46,204
Graphic Packaging Holding Co		415		6,910
Grupo Aeroportuario del Pacifico SAB de CV ‘B’ (Mexico)		1,644		19,542
HeidelbergCement AG (Germany)		43		3,125
Hexagon AB ‘B’ (Sweden)		92		5,157
Hirose Electric Co Ltd (Japan)		40		5,113
Hitachi Ltd (Japan)		400		16,878
Honeywell International Inc		222		39,294
Hoya Corp (Japan)		300		28,639
Hubbell Inc		81		11,973
IDEX Corp		22		3,784
Illinois Tool Works Inc		432		77,600
Jacobs Engineering Group Inc		37		3,324
Johnson Controls International PLC		606		24,670
Keyence Corp (Japan)		140		49,159
Kingspan Group PLC (Ireland)		59		3,604
Komatsu Ltd (Japan)		400		9,601
Kone OYJ ‘B’ (Finland)		125		8,174
Kuehne + Nagel International AG (Switzerland)		60		10,120
Kyocera Corp (Japan)		100		6,816
L3Harris Technologies Inc		66		13,059
LafargeHolcim Ltd (Switzerland)		279		15,478
Legrand SA (France)		99		8,085
Lincoln Electric Holdings Inc		66		6,384
Lockheed Martin Corp		235		91,504
Makita Corp (Japan)		200		6,907
Mettler-Toledo International Inc *		10		7,933
MISUMI Group Inc (Japan)		300		7,425
Mitsubishi Electric Corp (Japan)		900		12,254
Mitsubishi Heavy Industries Ltd (Japan)		100		3,878
MTR Corp Ltd (Hong Kong)		1,000		5,910
MTU Aero Engines AG (Germany)		20		5,699
Murata Manufacturing Co Ltd (Japan)		200		12,310
Nabtesco Corp (Japan)		200		5,893
National Instruments Corp		120		5,081
Northrop Grumman Corp		48		16,511
nVent Electric PLC		160		4,093
Omron Corp (Japan)		100		5,829
Packaging Corp of America		65		7,279
Raytheon Co		88		19,337
Rockwell Automation Inc		128		25,942
Roper Technologies Inc		31		10,981
Ryder System Inc		137		7,440
Schindler Holding AG (Switzerland)		15		3,815
Schneider Electric SE (France)		441		45,308
Siemens AG (Germany)		188		24,551
Sika AG (Switzerland)		46		8,639
Skanska AB ‘B’ (Sweden)		356		8,053
SKF AB ‘B’ (Sweden)		254		5,143
SMC Corp (Japan)		40		18,293

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

47

PACIFIC FUNDS

PACIFIC FUNDS DIVERSIFIED INCOME

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Shares		Value
Snap-on Inc		77		$13,044
Sonoco Products Co		90		5,555
Stanley Black & Decker Inc		44		7,293
TDK Corp (Japan)		50		5,619
Techtronic Industries Co Ltd (Hong Kong)		500		4,081
The Boeing Co		424		138,122
Trinity Industries Inc		139		3,079
Union Pacific Corp		763		137,943
United Parcel Service Inc ‘B’		917		107,344
United Technologies Corp		560		83,866
Venture Corp Ltd (Singapore)		500		6,032
Vinci SA (France)		190		21,161
Waters Corp *		26		6,075
WEG SA (Brazil)		1,600		13,786
Westrock Co		570		24,459
Xylem Inc		180		14,182
				1,936,141
Technology - 5.7%
Accenture PLC ‘A’		222		46,747
Activision Blizzard Inc		202		12,003
Adobe Inc *		139		45,844
Akamai Technologies Inc *		47		4,060
Amdocs Ltd		49		3,537
Analog Devices Inc		103		12,241
ANSYS Inc *		24		6,178
Apple Inc		608		178,539
ASML Holding NV (Netherlands)		158		46,777
Atos SE (France)		69		5,766
Broadcom Inc		318		100,494
Broadridge Financial Solutions Inc		34		4,200
Canon Inc (Japan)		400		10,947
Cerner Corp		106		7,779
Check Point Software Technologies Ltd (Israel) *		42		4,660
Citrix Systems Inc		46		5,101
Cognizant Technology Solutions Corp ‘A’		168		10,419
Dassault Systemes SE (France)		43		7,092
FUJIFILM Holdings Corp (Japan)		200		9,551
Fujitsu Ltd (Japan)		100		9,406
Hamamatsu Photonics KK (Japan)		100		4,098
Hewlett Packard Enterprise Co		1,953		30,975
HP Inc		1,223		25,133
Infineon Technologies AG (Germany)		435		9,829
Infosys Ltd ADR (India)		2,378		24,541
Intel Corp		3,303		197,685
International Business Machines Corp		930		124,657
Intuit Inc		72		18,859
Jack Henry & Associates Inc		22		3,205
KLA Corp		101		17,995
Lam Research Corp		150		43,860
Lenovo Group Ltd (China)		6,000		4,029
Maxim Integrated Products Inc		176		10,826
Micro Focus International PLC (United Kingdom)		116		1,628
Microsoft Corp		939		148,080
NEC Corp (Japan)		100		4,138
NetApp Inc		238		14,815
NetEase Inc ADR (China)		30		9,199
Nexon Co Ltd (Japan) *		500		6,633
Nomura Research Institute Ltd (Japan)		400		8,554
NVIDIA Corp		163		38,354
Obic Co Ltd (Japan)		50		6,735
Oracle Corp		781		41,377
Otsuka Corp (Japan)		100		3,993

	Shares		Value
Paychex Inc		300		$25,518
QUALCOMM Inc		920		81,172
SAP SE (Germany)		500		67,299
Skyworks Solutions Inc		50		6,044
Synopsys Inc *		42		5,846
Texas Instruments Inc		1,086		139,323
The Sage Group PLC (United Kingdom)		361		3,581
Tokyo Electron Ltd (Japan)		60		13,100
Veeva Systems Inc ‘A’ *		44		6,189
VMware Inc ‘A’ *		24		3,643
Western Digital Corp		203		12,884
Xerox Holdings Corp		146		5,383
Xilinx Inc		71		6,942
				1,707,463
Utilities - 1.2%
American Electric Power Co Inc		90		8,506
CLP Holdings Ltd (Hong Kong)		500		5,249
Consolidated Edison Inc		62		5,609
Dominion Energy Inc		180		14,908
DTE Energy Co		31		4,026
Duke Energy Corp		154		14,046
E.ON SE (Germany)		420		4,489
Edison International		80		6,033
EDP - Energias de Portugal SA (Portugal)		1,678		7,282
Enagas SA (Spain)		175		4,464
Enel SPA (Italy)		1,797		14,275
Engie SA (France)		510		8,261
Eversource Energy		62		5,274
Exelon Corp		184		8,389
FirstEnergy Corp		81		3,937
Guangdong Investment Ltd (China)		12,000		25,099
Hong Kong & China Gas Co Ltd (Hong Kong)		5,000		9,769
Iberdrola SA (Spain)		2,896		29,845
National Grid PLC (United Kingdom)		1,045		13,060
Nextera Energy Inc		92		22,279
PPL Corp		160		5,741
Public Service Enterprise Group Inc		90		5,314
Red Electrica Corp SA (Spain)		345		6,952
Sempra Energy		54		8,180
Snam SPA (Italy)		1,431		7,524
SSE PLC (United Kingdom)		295		5,626
The Southern Co		217		13,823
WEC Energy Group Inc		59		5,442
Western Midstream Partners LP		3,705		72,951
Xcel Energy Inc		93		5,905
				352,258
Total Common Stocks (Cost $17,909,148)				19,068,615
EXCHANGE-TRADED FUNDS - 2.5%
iShares MSCI Emerging Markets		4,480		201,018
iShares MSCI India		2,800		98,420
iShares MSCI South Korea		4,036		250,999
iShares MSCI Taiwan		4,788		196,930
Total Exchange-Traded Funds (Cost $701,219)				747,367

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

48

PACIFIC FUNDS

PACIFIC FUNDS DIVERSIFIED INCOME

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 18.4%
Basic Materials - 0.3%
Hecla Mining Co 6.875% due 05/01/21		$25,000		$24,975
Hexion Inc 7.875% due 07/15/27 ~		25,000		26,062
JW Aluminum Continuous Cast Co 10.250% due 06/01/26 ~		25,000		26,259
Univar Solutions USA Inc 5.125% due 12/01/27 ~		25,000		26,141
				103,437
Communications -1.7%
AT&T Inc
4.350% due 03/01/29		75,000		83,396
4.850% due 03/01/39		50,000		57,639
Charter Communications Operating LLC 4.200% due 03/15/28		100,000		106,568
Comcast Corp 4.950% due 10/15/58		25,000		32,508
Diamond Sports Group LLC 6.625% due 08/15/27 ~		75,000		73,076
Discovery Communications LLC 4.125% due 05/15/29		75,000		81,021
Sprint Corp 7.625% due 02/15/25		50,000		54,992
Telesat LLC (Canada) 6.500% due 10/15/27 ~		25,000		26,109
				515,309
Consumer, Cyclical - 2.9%
American Airlines Pass-Through Trust ‘A’ 3.500% due 08/15/33		50,000		51,293
American Airlines Pass-Through Trust ‘AA’ 3.150% due 08/15/33		50,000		51,465
American Builders & Contractors Supply Co Inc 4.000% due 01/15/28 ~		50,000		50,842
Beazer Homes USA Inc
5.875% due 10/15/27		25,000		25,313
7.250% due 10/15/29 ~		25,000		26,751
Caesars Resort Collection LLC 5.250% due 10/15/25 ~		50,000		51,813
Constellation Merger Sub Inc 8.500% due 09/15/25 ~		50,000		43,771
Core & Main Holdings LP 8.625% Cash or 9.375% PIK due 09/15/24 ~		25,000		26,073
General Motors Financial Co Inc 5.650% due 01/17/29		75,000		84,771
Golden Nugget Inc 8.750% due 10/01/25 ~		50,000		53,593
Hasbro Inc 3.550% due 11/19/26		50,000		50,370
Hyundai Capital America 4.125% due 06/08/23 ~		50,000		52,233
Las Vegas Sands Corp 3.500% due 08/18/26		50,000		51,459
Michaels Stores Inc 8.000% due 07/15/27 ~		50,000		47,843
Panther BF Aggregator 2 LP 6.250% due 05/15/26 ~		50,000		53,969

	Principal Amount		Value
Scientific Games International Inc 8.250% due 03/15/26 ~		$50,000		$55,219
Tesla Inc 5.300% due 08/15/25 ~		75,000		72,937
				849,715
Consumer, Non-Cyclical - 2.6%
AbbVie Inc 2.950% due 11/21/26 ~		50,000		50,825
Ahern Rentals Inc 7.375% due 05/15/23 ~		75,000		59,656
Allied Universal Holdco LLC 9.750% due 07/15/27 ~		50,000		53,530
Anheuser-Busch InBev Worldwide Inc (Belgium)
4.750% due 01/23/29		75,000		86,891
5.800% due 01/23/59		50,000		68,152
Centene Corp 4.250% due 12/15/27 ~		25,000		25,765
Charles River Laboratories International Inc 4.250% due 05/01/28 ~		50,000		51,030
Global Payments Inc 3.200% due 08/15/29		50,000		51,097
GW B-CR Security Corp (Canada) 9.500% due 11/01/27 ~		19,000		20,318
HCA Inc 5.125% due 06/15/39		50,000		55,353
Keurig Dr Pepper Inc 4.597% due 05/25/28		50,000		56,175
Pilgrim’s Pride Corp 5.875% due 09/30/27 ~		50,000		54,155
Select Medical Corp 6.250% due 08/15/26 ~		50,000		54,218
TMS International Holding Corp 7.250% due 08/15/25 ~		50,000		45,354
Verscend Escrow Corp 9.750% due 08/15/26 ~		25,000		27,407
				759,926
Energy - 3.1%
Antero Resources Corp 5.375% due 11/01/21		25,000		23,850
Ascent Resources Utica Holdings LLC 7.000% due 11/01/26 ~		50,000		40,017
Cheniere Corpus Christi Holdings LLC 5.125% due 06/30/27		50,000		55,352
Endeavor Energy Resources LP 5.750% due 01/30/28 ~		75,000		78,983
Energy Transfer Operating LP
4.750% due 01/15/26		100,000		108,265
6.250% due 02/15/23		50,000		47,076
Global Partners LP 7.000% due 08/01/27 ~		55,000		58,594
Kinder Morgan Energy Partners LP 4.300% due 05/01/24		100,000		106,946
Moss Creek Resources Holdings Inc 7.500% due 01/15/26 ~		25,000		19,071
MPLX LP
4.000% due 03/15/28		100,000		103,535
6.875% due 02/15/23		50,000		50,500
Sabine Pass Liquefaction LLC 5.625% due 03/01/25		50,000		56,296
SM Energy Co 6.750% due 09/15/26		25,000		24,571

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

49

PACIFIC FUNDS

PACIFIC FUNDS DIVERSIFIED INCOME

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
Targa Resources Partners LP 6.500% due 07/15/27 ~		$75,000		$82,264
WPX Energy Inc 5.250% due 10/15/27		75,000		79,264
				934,584
Financial - 5.6%
Air Lease Corp 3.625% due 04/01/27		100,000		103,686
Avolon Holdings Funding Ltd (Ireland) 4.375% due 05/01/26 ~		50,000		52,878
Bank of America Corp 4.183% due 11/25/27		175,000		189,696
Citigroup Inc 4.600% due 03/09/26		175,000		192,636
CNO Financial Group Inc 5.250% due 05/30/29		50,000		55,955
Host Hotels & Resorts LP REIT 3.375% due 12/15/29		50,000		50,507
Iron Mountain Inc REIT 4.875% due 09/15/29 ~		25,000		25,453
JPMorgan Chase & Co 4.125% due 12/15/26		100,000		109,525
KeyCorp 2.550% due 10/01/29		100,000		97,770
Mid-America Apartments LP REIT 3.950% due 03/15/29		75,000		81,887
Morgan Stanley
3.591% due 07/22/28		50,000		53,143
5.000% due 11/24/25		100,000		112,633
Service Properties Trust REIT 4.950% due 02/15/27		75,000		77,766
Springleaf Finance Corp 5.375% due 11/15/29		25,000		26,141
Teachers Insurance & Annuity Association of America 4.270% due 05/15/47 ~		25,000		28,387
The Goldman Sachs Group Inc 3.500% due 11/16/26		150,000		157,766
UDR Inc REIT 3.000% due 08/15/31		50,000		50,085
Ventas Realty LP REIT 3.500% due 02/01/25		50,000		52,201
VICI Properties LP REIT
4.250% due 12/01/26 ~		25,000		25,796
4.625% due 12/01/29 ~		25,000		26,171
Wells Fargo & Co 3.750% due 01/24/24		100,000		105,684
				1,675,766
Industrial - 1.4%
Brand Industrial Services Inc 8.500% due 07/15/25 ~		25,000		25,687
Flex Acquisition Co Inc 7.875% due 07/15/26 ~		25,000		25,246
Mauser Packaging Solutions Holding Co 7.250% due 04/15/25 ~		75,000		74,249
Penske Truck Leasing Co LP 3.350% due 11/01/29 ~		75,000		74,992
Standard Industries Inc 4.750% due 01/15/28 ~		25,000		25,683
Titan Acquisition Ltd (Canada) 7.750% due 04/15/26 ~		50,000		49,616
TransDigm Inc 5.500% due 11/15/27 ~		25,000		25,327

	Principal Amount		Value
United Parcel Service Inc 3.400% due 09/01/49		$25,000		$25,314
WRKCo Inc 3.900% due 06/01/28		75,000		79,613
				405,727
Technology - 0.7%
Broadcom Inc 4.250% due 04/15/26 ~		75,000		79,749
Dell International LLC 4.900% due 10/01/26 ~		50,000		55,044
NXP BV (Netherlands) 4.300% due 06/18/29 ~		75,000		81,148
				215,941
Utilities - 0.1%
MidAmerican Energy Co 4.250% due 07/15/49		25,000		29,956
Total Corporate Bonds & Notes (Cost $5,381,431)				5,490,361
SENIOR LOAN NOTES - 5.9%
Communications - 0.8%
CSC Holdings LLC Term B-5 4.240% (USD LIBOR + 2.500%) due 04/15/27 §		124,688		125,519
Sprint Communications Inc Term B 4.813% (USD LIBOR + 3.000%) due 02/03/24 §		124,060		123,904
				249,423
Consumer, Cyclical - 1.2%
Golden Nugget LLC Term B 4.692% (USD LIBOR + 2.750%) due 10/04/23 §		120,792		121,382
Restaurant Brands International Inc Term B (Canada) 3.549% (USD LIBOR + 1.750%) due 11/19/26 §		114,033		114,317
SeaWorld Parks & Entertainment Inc Term B-5 4.799% (USD LIBOR + 3.000%) due 03/31/24 §		124,043		124,683
				360,382
Consumer, Non-Cyclical - 1.0%
Albertson’s LLC Term B-7 4.549% (USD LIBOR + 2.750%) due 11/17/25 §		47,227		47,717
Bausch Health Americas Inc Term B 4.740% (USD LIBOR + 3.000%) due 06/01/25 §		114,543		115,384
Jaguar Holding Co II 4.299% (USD LIBOR + 2.500%) due 08/18/22 §		124,026		124,836
				287,937

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

50

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PACIFIC FUNDS DIVERSIFIED INCOME

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
Financial - 0.4%
HUB International Ltd Term B 4.690% (USD LIBOR + 3.000%) due 04/25/25 §		$124,055		$124,162
Industrial - 2.5%
Cornerstone Building Brands Inc Term B 5.486% (USD LIBOR + 3.750%) due 04/12/25 §		124,055		124,003
Dynasty Acquisition Co Inc 5.945% (USD LIBOR + 4.000%) due 04/08/26 §		81,090		81,814
Filtration Group Corp Term B 4.799% (USD LIBOR + 3.000%) due 03/29/25 §		119,356		119,997
GFL Environmental Inc Term B (Canada) 4.799% (USD LIBOR + 3.000%) due 05/31/25 §		124,056		124,399
Reynolds Group Holdings Inc Term B 4.549% (USD LIBOR + 2.750%) due 02/05/23 §		124,041		124,603
StandardAero (Canada) 5.945% (USD LIBOR + 4.000%) due 04/04/26 §		43,597		43,986
TransDigm Inc Term G 4.299% (USD LIBOR + 2.500%) due 08/22/24 §		124,051		124,613
				743,415
Total Senior Loan Notes (Cost $1,747,318)				1,765,319
U.S. TREASURY OBLIGATIONS - 7.1%
U.S. Treasury Bonds - 1.4%
2.875% due 05/15/49		390,000		429,506
U.S. Treasury Notes - 5.7%
1.750% due 06/15/22		420,000		421,598
1.750% due 06/30/24		420,000		421,017
1.875% due 06/30/26		420,000		421,676
2.375% due 05/15/29		410,000		425,896
				1,690,187
Total U.S. Treasury Obligations (Cost $2,101,418)				2,119,693

	Shares		Value
SHORT-TERM INVESTMENT - 1.6%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.510%		473,229		$473,229
Total Short-Term Investment (Cost $473,229)				473,229
TOTAL INVESTMENTS - 99.6% (Cost $28,350,215)				29,703,396
OTHER ASSETS & LIABILITIES, NET - 0.4%				122,217
NET ASSETS - 100.0%				$29,825,613

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

51

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PACIFIC FUNDS DIVERSIFIED INCOME

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Note to Schedule of Investments

(a) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

	Total Value at December 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Preferred Stocks		$38,812		$—		$38,812		$—
Common Stocks
Basic Materials		710,058		365,376		344,682		—
Communications		1,481,640		1,057,126		424,514		—
Consumer, Cyclical		2,180,090		1,554,659		625,431		—
Consumer, Non-Cyclical		4,920,256		3,321,820		1,598,436		—
Diversified		16,070		—		16,070		—
Energy		2,476,324		2,199,356		276,968		—
Financial		3,288,315		2,362,818		925,497		—
Industrial		1,936,141		1,327,010		609,131		—
Technology		1,707,463		1,484,307		223,156		—
Utilities		352,258		214,827		137,431		—
Total Common Stocks		19,068,615		13,887,299		5,181,316		—
Exchange-Traded Funds		747,367		747,367		—		—
Corporate Bonds & Notes		5,490,361		—		5,490,361		—
Senior Loan Notes		1,765,319		—		1,765,319		—
U.S. Treasury Obligations		2,119,693		—		2,119,693		—
Short-Term Investment		473,229		473,229		—		—
Total		$29,703,396		$15,107,895		$14,595,501		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

52

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Schedule of Investments

December 31, 2019 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 3.3%
Communications - 0.3%
AT&T Inc 2.657% (USD LIBOR + 0.750%) due 06/01/21 §		$100,000		$100,619
Consumer, Cyclical - 0.3%
BMW US Capital LLC (Germany) 3.400% due 08/13/21 ~		100,000		102,279
Energy - 0.7%
Petrobras Global Finance BV (Brazil) 5.093% due 01/15/30 ~		244,000		261,754
Financial - 1.2%
Bank of America Corp 5.875% due 03/15/28		10,000		11,097
BOC Aviation Ltd (Singapore) 2.375% due 09/15/21 ~		200,000		199,490
Royal Bank of Scotland Group PLC (United Kingdom) 7.500% due 08/10/20		200,000		204,731
				415,318
Industrial - 0.8%
General Electric Co 3.150% due 09/07/22		100,000		102,215
Komatsu Finance America Inc 2.437% due 09/11/22 ~		200,000		200,863
				303,078
Total Corporate Bonds & Notes (Cost $1,160,649)				1,183,048
MORTGAGE-BACKED SECURITIES - 20.7%
Collateralized Mortgage Obligations - Residential - 6.2%
Alternative Loan Trust 1.912% (USD LIBOR + 0.120%) due 06/25/36 §		117,872		113,026
6.000% due 03/25/37		162,515		112,671
Banc of America Mortgage Trust 4.297% due 07/25/35 §		36,752		34,659
Chevy Chase Funding LLC Mortgage-Backed Certificates 2.152% (USD LIBOR + 0.360%) due 03/25/35 § ~		109,702		109,512
Citigroup Mortgage Loan Trust 4.540% due 03/25/37 §		85,830		84,771
Countrywide Home Loan Mortgage Pass-Through Trust 4.366% due 01/19/34 §		8,954		9,334
Credit Suisse Mortgage Trust 1.942% (USD LIBOR + 0.150%) due 09/29/36 § ~		296,426		288,034

	Principal Amount		Value
Fannie Mae REMICS 2.142% (USD LIBOR + 0.350%) due 07/25/37 §		$18,799		$18,796
2.172% (USD LIBOR + 0.380%) due 07/25/37 §		29,515		29,444
2.232% (USD LIBOR + 0.440%) due 05/25/36 §		13,922		13,819
2.237% (USD LIBOR + 0.445%) due 02/25/37 §		5,573		5,673
Government National Mortgage Association 2.165% (USD LIBOR + 0.400%) due 02/20/49 §		268,519		268,060
2.266% (USD LIBOR + 0.150%) due 08/20/68 §		95,864		93,973
GreenPoint Mortgage Funding Trust 1.972% (USD LIBOR + 0.180%) due 09/25/46 §		21,850		21,045
GSR Mortgage Loan Trust 4.269% due 09/25/35 §		8,494		8,744
Hawksmoor Mortgages PLC (United Kingdom) 1.761% (SONIA + 1.050%) due 05/25/53 § ~		GBP 239,585		318,529
JP Morgan Alternative Loan Trust 2.252% (USD LIBOR + 0.460%) due 03/25/36 §		$61,364		60,513
JP Morgan Mortgage Trust 4.431% due 06/25/35 §		29,567		29,793
Merrill Lynch Mortgage Investors Trust 3.944% due 12/25/34 §		34,636		35,221
Residential Accredit Loans Inc Trust 1.972% (USD LIBOR + 0.180%) due 06/25/46 §		87,716		34,187
Residential Asset Securitization Trust 6.500% due 09/25/36		182,738		123,491
Structured Adjustable Rate Mortgage Loan Trust 0.440% (USD LIBOR + 0.250%) due 02/25/35 §		11,048		10,434
Structured Asset Mortgage Investments II Trust 2.002% (USD LIBOR + 0.210%) due 05/25/36 §		62,190		59,315
Towd Point Mortgage Funding PLC (United Kingdom) 1.820% (GBP LIBOR + 1.025%) due 10/20/51 § ~		GBP 222,232		295,579
WaMu Mortgage Pass-Through Certificates 2.162% (USD LIBOR + 0.370%) due 01/25/45 §		$41,302		40,811
				2,219,434
Fannie Mae - 14.5%
2.500% due 02/01/50		400,000		395,090
3.000% due 02/01/50		1,400,000		1,418,153
3.500% due 03/01/50		570,000		585,600
4.000% due 03/01/50		2,700,000		2,808,548
				5,207,391
Total Mortgage-Backed Securities (Cost $7,409,758)				7,426,825

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
ASSET-BACKED SECURITIES - 7.8%
Asset Backed Funding Corp Trust 2.392% (USD LIBOR + 0.600%) due 10/25/34 §		$21,723		$21,857
B&M CLO Ltd (Cayman) 2.731% (USD LIBOR + 0.730%) due 04/16/26 § ~		93,052		93,019
Countrywide Asset-Backed Certificates 1.932% (USD LIBOR + 0.140%) due 07/25/37 §		267,238		242,727
1.982% (USD LIBOR + 0.190%) due 11/25/37 §		137,859		133,011
1.992% (USD LIBOR + 0.200%) due 09/25/37 §		73,495		63,302
Credit-Based Asset Servicing & Securitization LLC 2.012% (USD LIBOR + 0.220%) due 07/25/37 § ~		317,983		214,071
Crown Point CLO Ltd (Cayman) 2.942% (USD LIBOR + 0.940%) due 07/17/28 § ~		200,000		199,093
Freddie Mac Structured Pass-Through Certificates 1.932% (USD LIBOR + 0.140%) due 09/25/31 §		783		775
Home Equity Asset Trust 2.647% (USD LIBOR + 0.855%) due 08/25/34 §		24,357		24,282
Home Equity Mortgage Loan Asset-Backed Trust 2.012% (USD LIBOR + 0.220%) due 04/25/37 §		86,543		67,893
Latitude Management Real Estate Capital Inc 2.760% (USD LIBOR + 0.980%) due 02/22/32 § ~		27,816		27,708
LoanCore Issuer Ltd (Cayman) 2.870% (USD LIBOR + 1.130%) due 05/15/36 § ~		100,000		100,015
Long Beach Mortgage Loan Trust 1.912% (USD LIBOR + 0.120%) due 08/25/36 §		84,906		46,724
Loomis Sayles CLO II Ltd (Cayman) 2.901% (USD LIBOR + 0.900%) due 04/15/28 § ~		280,000		278,672
MidOcean Credit CLO IV (Cayman) 2.801% (USD LIBOR + 0.800%) due 04/15/27 § ~		445,063		444,049
Option One Mortgage Loan Trust 1.932% (USD LIBOR + 0.140%) due 01/25/37 §		75,574		56,183
1.932% (USD LIBOR + 0.140%) due 03/25/37 §		91,524		70,314
Saxon Asset Securities Trust 2.102% (USD LIBOR + 0.310%) due 09/25/37 §		23,163		22,338
Soundview Home Loan Trust 1.992% (USD LIBOR + 0.200%) due 06/25/37 §		73,022		58,184
SpringCastle Funding Asset-Backed Notes 3.200% due 05/27/36 ~		84,511		84,848
TICP CLO Ltd (Cayman) 2.806% (USD LIBOR + 0.840%) due 04/20/28 § ~		450,000		447,644

	Principal Amount		Value
Venture CLO Ltd (Cayman) 3.103% (USD LIBOR + 1.150%) due 10/22/31 § ~		$100,000		$100,070
Total Asset-Backed Securities (Cost $2,798,102)				2,796,779
U.S. TREASURY OBLIGATIONS - 104.0%
U.S. Treasury Inflation Protected Securities - 104.0%
0.125% due 04/15/22 ^		910,043		908,774
0.125% due 07/15/22 ^		246,198		247,248
0.125% due 01/15/23 ^		681,210		681,217
0.125% due 07/15/26 ^		322,083		323,178
0.250% due 07/15/29 ^		573,460		579,235
0.375% due 07/15/25 ^		1,654,915		1,688,968
0.375% due 01/15/27 ^		767,052		778,893
0.375% due 07/15/27 ^ ‡		4,639,452		4,733,712
0.500% due 01/15/28 ^		3,161,199		3,243,847
0.625% due 07/15/21 ^		2,000,451		2,022,997
0.625% due 04/15/23 ^		1,554,075		1,578,312
0.625% due 01/15/24 ^		1,341,151		1,369,740
0.625% due 01/15/26 ^		1,294,245		1,334,200
0.625% due 02/15/43 ^		22,387		22,658
0.750% due 07/15/28 ^		1,291,777		1,359,400
0.750% due 02/15/42 ^		113,890		118,378
0.750% due 02/15/45 ^		174,856		181,491
0.875% due 02/15/47 ^		46,908		50,312
1.000% due 02/15/46 ^		690,760		760,297
1.000% due 02/15/48 ^		729,469		807,923
1.000% due 02/15/49 ^		276,126		307,125
1.125% due 01/15/21 ^		2,529,325		2,552,841
1.375% due 02/15/44 ^		2,672,188		3,153,714
2.000% due 01/15/26 ^		4,423,999		4,918,530
2.125% due 02/15/40 ^		47,626		62,288
2.125% due 02/15/41 ^		305,536		402,698
2.375% due 01/15/25 ^		2,416,493		2,693,623
2.500% due 01/15/29 ^		213,356		257,208
3.375% due 04/15/32 ^		85,541		117,485
3.875% due 04/15/29 ^		54,790		73,127
				37,329,419
Total U.S. Treasury Obligations (Cost $36,198,187)				37,329,419
FOREIGN GOVERNMENT BONDS & NOTES - 4.8%
Argentina Bonar (Argentina) 52.564% (ARS Deposit + 2.000%) due 04/03/22 § W		ARS 32,000		282
Argentina POM Politica Monetaria (Argentina) 54.606% (ARS Reference + 0.000%) due 06/21/20 § W		870,000		7,343
Australia Government (Australia) 1.250% due 02/21/22 ^ ~		AUD 973,399		816,611
Autonomous Community of Catalonia (Spain) 4.950% due 02/11/20		EUR 100,000		112,732
Mexican Bonos (Mexico) 7.750% due 05/29/31		MXN 493,000		27,841
New Zealand Government (New Zealand) 2.000% due 09/20/25 ^ ~		NZD 850,000		683,604

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

54

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
Peruvian Government International (Peru) 5.940% due 02/12/29 ~		PEN 200,000		$68,198
Total Foreign Government Bonds & Notes (Cost $1,725,123)				1,716,611
SHORT-TERM INVESTMENTS - 1.8%
Foreign Government Issues - 0.0%
Argentina Treasury Bill (Argentina) 0.000% due 05/13/20 W		ARS 60,000		677
0.000% due 02/26/20 W		80,000		777
				1,454
	Shares
Money Market Fund - 0.7%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.510%		254,442		254,442
	Principal Amount
Repurchase Agreement - 1.1%
Citigroup Global Markets Inc 1.550% due 01/02/20 (Dated 12/31/19, Repurchase price of $400,034; collateralized by a U.S. Treasury Security: 2.000% due 08/15/25 and value $408,344)		$400,000		400,000
Total Short-Term Investments (Cost $657,001)				655,896

	Value
TOTAL INVESTMENTS - 142.4% (Cost $49,948,820)		$51,108,578
DERIVATIVES - 0.0%		1,282
OTHER ASSETS & LIABILITIES, NET - (42.4%)		(15,227,742	)
NET ASSETS - 100.0%		$35,882,118

Notes to Schedule of Investments

(a) Investments with a total aggregate value of $9,079 or less than 0.1% of the Fund’s net assets were valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or to the Board of Trustees.

(b) The average amount of borrowings by the Fund on reverse repurchase agreements during the nine-month period ended December 31, 2019 was $3,006,500 at a weighted average interest rate of 2.100%. The average amount of borrowings by the Fund on sale-buyback financing transactions during the nine-month period ended December 31, 2019 was $12,224,684 at a weighted average interest rate of 1.591%.

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

55

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

(c) A reverse repurchase agreement outstanding as of December 31, 2019 was as follows:

Counterparty

Collateral Pledged

Interest Rate

Settlement Date

Maturity Date

Repurchase Amount

Principal Amount

Value

SCB

U.S. Treasury Inflation Protected Securities 0.375% due 07/15/27

2.100%

12/31/19

01/06/20

($3,007,552

)

$3,006,500

($3,006,500

)

(d) Open futures contracts outstanding as of December 31, 2019 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Euro-Bund		03/20		12		$2,330,600		$2,294,874		($35,726	)
Short Euro-BTP		03/20		14		1,763,319		1,765,586		2,267
U.S. Treasury 2-Year Notes		03/20		6		1,293,429		1,293,000		(429	)
U.S. Treasury 10-Year Notes		03/20		3		388,363		385,266		(3,097	)
U.S. Treasury Ultra 10-Year Notes		03/20		1		141,162		140,703		(459	)
										(37,444	)
Short Futures Outstanding
Australia 3-Year Bonds		03/20		13		1,056,281		1,049,240		7,041
Euro-Bobl		03/20		7		1,052,275		1,049,254		3,021
Euro-Buxl		03/20		2		456,442		445,048		11,394
Euro-Schatz		03/20		50		6,281,921		6,276,220		5,701
U.S. Treasury 5-Year Notes		03/20		43		5,126,350		5,100,203		26,147
U.S. Treasury Long Bonds		03/20		4		625,354		623,625		1,729
U.S. Treasury Ultra 30-Year Bonds		03/20		1		186,780		181,656		5,124
										60,157
Total Futures Contracts										$22,713

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

56

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

(e) Forward foreign currency contracts outstanding as of December 31, 2019 were as follows:

Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
BRL	362,155	USD	85,714	01/20	DUB		$4,306		$—
BRL	362,155	USD	89,849	01/20	SCB		171		—
BRL	362,154	USD	88,982	02/20	SCB		950		—
IDR	2,904,296,420	USD	203,183	03/20	DUB		5,421		—
JPY	59,700,000	USD	549,724	01/20	UBS		22		—
KRW	132,787,200	USD	112,000	03/20	BRC		3,126		—
KRW	92,785,680	USD	78,000	03/20	JPM		2,445		—
MXN	3,563,000	USD	181,838	01/20	GSC		5,799		—
RUB	12,164,588	USD	189,746	02/20	GSC		5,070		—
SGD	138,000	USD	101,584	03/20	BRC		1,100		—
TWD	3,569,736	USD	118,000	03/20	BRC		2,052		—
TWD	2,662,440	USD	88,000	03/20	SCB		1,539		—
USD	776,393	AUD	1,144,000	01/20	BRC		—		(26,612	)
USD	89,849	BRL	362,155	01/20	DUB		—		(171	)
USD	89,091	BRL	362,154	01/20	SCB		—		(929	)
USD	430,017	EUR	388,000	01/20	BRC		—		(5,474	)
USD	602,578	GBP	466,000	01/20	JPM		—		(14,867	)
USD	7,808	GBP	6,000	01/20	SCB		—		(141	)
USD	547,879	JPY	59,900,000	01/20	UBS		—		(3,709	)
USD	193,360	KRW	227,549,894	03/20	BRC		—		(3,924	)
USD	32,991	MXN	663,000	01/20	JPM		—		(1,957	)
USD	641,727	NZD	998,000	01/20	UBS		—		(30,227	)
USD	64,036	PEN	214,925	01/20	GSC		—		(815	)
USD	102,484	SGD	140,060	03/20	JPM		—		(1,733	)
USD	208,736	TWD	6,305,091	03/20	DUB		—		(3,307	)
Total Forward Foreign Currency Contracts							$32,001		($93,866	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

57

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PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

(f) Purchased options outstanding as of December 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- 1-Year Interest Rate Swap		Pay		3-Month USD-LIBOR		1.500%		03/10/20		DUB		$9,520,000		$13,526		$1
Call- 2-Year Interest Rate Swap		Pay		3-Month USD-LIBOR		1.066%		10/02/20		JPM		5,200,000		20,756		4,593
														$34,282		$4,594
Options on Futures
Description			Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Cost		Value
Call - Euro-Schatz (02/20)				EUR 114.00		02/21/20		EUX		59		EUR 6,726,000		$365		$331
Call - Euro-Bobl (02/20)				139.00		02/21/20		EUX		7		973,000		43		39
														408		370
Put - Euro-Bund (02/20)				157.00		02/21/20		EUX		6		942,000		70		67
Total Options on Futures														$478		$437
Total Purchased Options														$34,760		$5,031
(g)  Premiums received and value of written options outstanding as of December 31, 2019 were as follows:
Credit Default Swaptions on Credit Indices – Buy Protection
Description					Exercise Rate		Expiration Date		Counter- party		Notional Amount		Premium		Value
Call - iTraxx Main 32 5Y						0.475%		01/15/20		DUB		EUR 100,000		$55		($194	)
Call - iTraxx Main 32 5Y						0.425%		03/18/20		BRC		100,000		48		(85	)
														103		(279	)
Credit Default Swaptions on Credit Indices – Sell Protection
Put - iTraxx Main 32 5Y						0.800%		01/15/20		DUB		100,000		148		(3	)
Put - iTraxx Main 32 5Y						0.700%		03/18/20		BRC		100,000		116		(30	)
														264		(33	)
Total Credit Default Swaptions on Credit Indices														$367		($312	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

58

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

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		($52	)
Cap - U.S. CPI Urban Consumers		234.78	Maximum of [0, Final Index/Initial Index - (1 + 4.000%)10]				05/16/24		JPM		200,000		1,390		—
													15,213		(52	)
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		—
Floor - U.S. CPI Urban Consumers		216.69	Maximum of [0, (1 + 0.000%)10 - Final Index/Initial Index]				04/07/20		CIT		1,800,000		15,960		—
													23,870		—
Total Inflation Floor/Cap Options													$39,083		($52	)
Interest Rate Floor Option
Description	Exercise Rate		Floating Rate Index			Expiration Date		Counter- party		Notional Amount		Premium		Value
Floor - ICE Swap Rate		0.000%	10 Year-2 Year ICE Swap Rate				01/02/20		MSC		$700,000		$543		$—
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		1.404%		03/10/20		DUB		$2,110,000		$14,608		($1	)
Call - 10-Year Interest Rate Swap		Receive	3-Month USD-LIBOR		1.302%		10/02/20		JPM		1,100,000		20,900		(4,692	)
Total Interest Rate Swaptions													$35,508		($4,693	)
Options on Futures
Description			Exercise Price	Expiration Date		Exchange		Number of Contracts		Notional Amount		Premium		Value
Call - U.S. Treasury 10-Year Notes (02/20)			$129.00		01/24/20		CME		1		$129,000		$306		($266	)
Call - U.S. Treasury 10-Year Notes (02/20)			129.50		01/24/20		CME		2		259,000		1,748		(281	)
Call - Euro-Bund (02/20)			EUR 172.00		02/21/20		EUX		2		EUR 344,000		2,780		(1,256	)
													4,834		(1,803	)
Put - U.S. Treasury 10-Year Notes (02/20)			$127.00		01/24/20		CME		1		$127,000		171		(94	)
Put - U.S. Treasury 10-Year Notes (02/20)			129.50		01/24/20		CME		2		259,000		1,810		(2,438	)
Put - Euro-Bund (02/20)			EUR 172.00		02/21/20		EUX		2		EUR 344,000		2,511		(4,644	)
													4,492		(7,176	)
Total Options on Futures													$9,326		($8,979	)
Total Written Options													$84,827		($14,036	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

59

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

(h)   Swap agreements outstanding as of December 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 12/31/19 (2)		Notional Amount (3)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Daimler AG		Q		1.000%		12/20/20		ICE		0.132%		EUR 10,000		$100			$153			($53	)
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 IG32 5Y				Q		1.000%		06/20/24		ICE		$2,900,000		($76,557	)		($57,961	)		($18,596	)
CDX IG33 5Y				Q		1.000%		12/20/24		ICE		200,000		(5,253	)		(3,874	)		(1,379	)
CDX HY33 5Y				Q		5.000%		12/20/24		ICE		495,000		(48,524	)		(29,756	)		(18,768	)
														($130,334	)		($91,591	)		($38,743	)
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		$59,730		$703			($1,855	)		$2,558
CMBX NA AAA 7				M		0.500%		01/17/47		MSC		39,820		469			(1,237	)		1,706
														$1,172			($3,092	)		$4,264
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 12/31/19 (2)		Notional Amount (3)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Mexico Government		Q		1.000%		12/20/23		BRC		0.559%		$200,000		($3,455	)		$1,839			($5,294	)
Total Credit Default Swaps														($132,517	)		($92,691	)		($39,826	)

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

(2) An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swap agreements on corporate and sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads, in comparison to narrower credit spreads, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

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

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

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

Interest Rate Swaps – Long

Receive	Pay	Payment Frequency Receive Rate / Pay Rate		Exchange		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
1.535%	Eurostat Eurozone HICP		Z / Z		LCH		06/15/23		EUR 300,000		$6,997			$—			$6,997
2.500%	3-Month USD-LIBOR		S / Q		CME		12/19/23		$120,000		3,777			(305	)		4,082
2.750%	3-Month USD-LIBOR		S / Q		LCH		12/19/23		400,000		16,465			(2,706	)		19,171
3.850%	GBP Retail Price		Z / Z		LCH		09/15/24		GBP 200,000		9,505			—			9,505
2.335%	U.S. CPI Urban Consumers		Z / Z		LCH		02/05/28		$190,000		7,827			338			7,489
2.364%	U.S. CPI Urban Consumers		Z / Z		LCH		05/10/28		50,000		2,335			—			2,335
1.620%	Eurostat Eurozone HICP		Z / Z		LCH		05/15/28		EUR 310,000		16,567			19			16,548
2.379%	U.S. CPI Urban Consumers		Z / Z		LCH		07/09/28		$500,000		23,667			(287	)		23,954
3.593%	GBP Retail Price		Z / Z		LCH		11/15/28		GBP 45,000		2,108			—			2,108
2.165%	U.S. CPI Urban Consumers		Z / Z		LCH		04/16/29		$100,000		1,815			—			1,815
1.998%	U.S. CPI Urban Consumers		Z / Z		LCH		07/25/29		100,000		356			—			356
1.760%	U.S. CPI Urban Consumers		Z / Z		LCH		11/04/29		400,000		(9,229	)		(708	)		(8,521	)
3.190%	GBP Retail Price		Z / Z		LCH		04/15/30		GBP 300,000		(77	)		(18,091	)		18,014
3.400%	GBP Retail Price		Z / Z		LCH		06/15/30		200,000		10,555			2,555			8,000
3.530%	GBP Retail Price		Z / Z		LCH		10/15/31		50,000		2,368			493			1,875
3.500%	GBP Retail Price		Z / Z		LCH		09/15/33		60,000		2,906			47			2,859
3.579%	GBP Retail Price		Z / Z		LCH		10/15/33		170,000		13,179			—			13,179
3.572%	GBP Retail Price		Z / Z		LCH		05/15/34		50,000		2,692			—			2,692
3.580%	GBP Retail Price		Z / Z		LCH		06/15/39		30,000		3,319			30			3,289
3.590%	GBP Retail Price		Z / Z		LCH		06/15/39		40,000		4,600			—			4,600
1.243%	Eurostat Eurozone HICP		Z / Z		LCH		08/15/39		EUR 40,000		(1,605	)		—			(1,605	)
1.387%	Eurostat Eurozone HICP		Z / Z		LCH		08/15/49		20,000		(1,227	)		—			(1,227	)
											$118,900			($18,615	)		$137,515

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

60

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Interest Rate Swaps – Short

Pay	Receive	Payment Frequency Pay Rate / Receive Rate		Exchange		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
1.160%	France CPI Ex Tobacco		Z / Z		LCH		08/15/20		EUR 80,000		($631	)		$57			($688	)
2.027%	U.S. CPI Urban Consumers		Z / Z		LCH		11/23/20		$100,000		107			—			107
2.021%	U.S. CPI Urban Consumers		Z / Z		LCH		11/25/20		100,000		120			—			120
1.875%	U.S. CPI Urban Consumers		Z / Z		LCH		03/14/21		3,400,000		6,359			—			6,359
1.432%	U.S. CPI Urban Consumers		Z / Z		LCH		08/06/21		100,000		710			—			710
1.580%	U.S. CPI Urban Consumers		Z / Z		LCH		09/20/21		200,000		897			—			897
1.592%	U.S. CPI Urban Consumers		Z / Z		LCH		09/20/21		200,000		850			(39	)		889
2.210%	U.S. CPI Urban Consumers		Z / Z		LCH		02/05/23		120,000		(1,995	)		—			(1,995	)
2.263%	U.S. CPI Urban Consumers		Z / Z		LCH		04/27/23		60,000		(1,378	)		—			(1,378	)
2.263%	U.S. CPI Urban Consumers		Z / Z		LCH		05/09/23		120,000		(2,711	)		—			(2,711	)
2.281%	U.S. CPI Urban Consumers		Z / Z		LCH		05/10/23		180,000		(4,538	)		—			(4,538	)
1.030%	France CPI Ex Tobacco		Z / Z		LCH		03/15/24		EUR 140,000		(514	)		(53	)		(461	)
2.000%	3-Month USD-LIBOR		S / Q		CME		07/27/26		$400,000		(3,893	)		5,823			(9,716	)
2.400%	3-Month USD-LIBOR		S / Q		CME		12/07/26		400,000		(10,728	)		—			(10,728	)
1.750%	3-Month USD-LIBOR		S / Q		LCH		12/21/26		340,000		822			(2,170	)		2,992
3.250%	3-Month NZD-Bank Bills		S / Q		CME		03/21/28		NZD 100,000		(8,875	)		290			(9,165	)
2.765%	3-Month USD-LIBOR		S / Q		CME		07/18/28		$150,000		(12,379	)		—			(12,379	)
1.750%	3-Month USD-LIBOR		S / Q		CME		09/12/29		300,000		3,887			741			3,146
3.598%	GBP Retail Price		Z / Z		LCH		09/15/34		GBP 210,000		(14,270	)		156			(14,426	)
2.000%	U.S. Fed Funds		A / A		LCH		12/15/47		$40,000		(1,370	)		(72	)		(1,298	)
2.250%	3-Month USD-LIBOR		S / Q		CME		12/11/49		300,000		(12,036	)		(691	)		(11,345	)
1.625%	3-Month USD-LIBOR		S / Q		CME		01/16/50		100,000		10,419			(1,423	)		11,842
1.625%	3-Month USD-LIBOR		S / Q		CME		02/03/50		40,000		4,166			(1	)		4,167
2.000%	3-Month USD-LIBOR		S / Q		CME		03/20/50		40,000		718			(631	)		1,349
											($46,263	)		$1,987			($48,250	)
Total Interest Rate Swaps											$72,637			($16,628	)		$89,265
Total Swap Agreements											($59,880	)		($109,319	)		$49,439

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

61

PACIFIC FUNDS

PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

(i) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$1,183,048			$—			$1,183,048			$—
	Mortgage-Backed Securities		7,426,825			—			7,426,825			—
	Asset-Backed Securities		2,796,779			—			2,796,779			—
	U.S. Treasury Obligations		37,329,419			—			37,329,419			—
	Foreign Government Bonds & Notes		1,716,611			—			1,716,611			—
	Short-Term Investments		655,896			254,442			401,454			—
	Derivatives:
	Credit Contracts
	Swaps		4,264			—			4,264			—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		32,001			—			32,001			—
	Interest Rate Contracts
	Futures		62,424			62,424			—			—
	Purchased Options		5,031			—			5,031			—
	Swaps		181,446			—			181,446			—
	Total Interest Rate Contracts		248,901			62,424			186,477			—
	Total Assets - Derivatives		285,166			62,424			222,742			—
	Total Assets		51,393,744			316,866			51,076,878			—
Liabilities	Reverse Repurchase Agreement		(3,006,500	)		—			(3,006,500	)		—
	Sale-buyback Financing Transactions		(7,500,291	)		—			(7,500,291	)		—
	Derivatives:
	Credit Contracts
	Written Options		(312	)		—			(312	)		—
	Swaps		(44,090	)		—			(44,090	)		—
	Total Credit Contracts		(44,402	)		—			(44,402	)		—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(93,866	)		—			(93,866	)		—
	Interest Rate Contracts
	Futures		(39,711	)		(39,711	)		—			—
	Written Options		(13,724	)		—			(13,724	)		—
	Swaps		(92,181	)		—			(92,181	)		—
	Total Interest Rate Contracts		(145,616	)		(39,711	)		(105,905	)		—
	Total Liabilities - Derivatives		(283,884	)		(39,711	)		(244,173	)		—
	Total Liabilities		(10,790,675	)		(39,711	)		(10,750,964	)		—
	Total		$40,603,069			$277,155			$40,325,914			$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

62

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PF MANAGED BOND FUND

Schedule of Investments

December 31, 2019 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 49.4%
Basic Materials - 1.0%
Anglo American Capital PLC (South Africa) 3.625% due 09/11/24 ~		$250,000		$259,297
ArcelorMittal SA (Luxembourg) 3.600% due 07/16/24		60,000		61,603
4.550% due 03/11/26		10,000		10,617
6.125% due 06/01/25		80,000		91,894
7.000% due 10/15/39		80,000		97,460
Barrick Gold Corp (Canada) 5.250% due 04/01/42		30,000		35,771
Barrick North America Finance LLC (Canada) 5.700% due 05/30/41		90,000		110,924
BHP Billiton Finance USA Ltd (Australia) 6.750% due 10/19/75 ~		270,000		317,436
Freeport-McMoRan Inc 3.550% due 03/01/22		10,000		10,143
5.450% due 03/15/43		170,000		176,392
Glencore Funding LLC (Switzerland) 2.875% due 04/16/20 ~		60,000		60,083
3.875% due 10/27/27 ~		30,000		31,240
4.000% due 03/27/27 ~		260,000		270,181
4.125% due 03/12/24 ~		170,000		178,029
Indonesia Asahan Aluminium Persero PT (Indonesia) 6.530% due 11/15/28 ~		700,000		860,750
Newcrest Finance Pty Ltd (Australia) 4.450% due 11/15/21 ~		500,000		518,080
Nutrien Ltd (Canada) 4.875% due 03/30/20		40,000		40,264
Sasol Financing USA LLC (South Africa) 5.875% due 03/27/24		500,000		541,321
Southern Copper Corp (Peru) 6.750% due 04/16/40		260,000		347,303
Syngenta Finance NV (Switzerland) 3.698% due 04/24/20 ~		600,000		601,924
Vale Overseas Ltd (Brazil) 6.875% due 11/21/36		48,000		62,565
Yamana Gold Inc (Brazil) 4.625% due 12/15/27		90,000		94,131
				4,777,408
Communications - 4.3%
Altice Financing SA (Luxembourg) 5.250% due 02/15/23 ~		EUR 300,000		344,966
Altice France SA (France) 7.375% due 05/01/26 ~		$200,000		215,098
Amazon.com Inc 3.875% due 08/22/37		70,000		79,486
4.050% due 08/22/47		80,000		93,980
4.950% due 12/05/44		60,000		78,503
AT&T Inc 3.400% due 05/15/25		200,000		209,643
3.800% due 03/15/22		800,000		830,306
4.350% due 06/15/45		120,000		129,396
CCO Holdings LLC 5.125% due 05/01/27 ~		130,000		137,391
Charter Communications Operating LLC 3.579% due 07/23/20		2,060,000		2,073,292
4.464% due 07/23/22		1,000,000		1,050,998
5.375% due 04/01/38		20,000		22,920
5.750% due 04/01/48		10,000		11,665
6.384% due 10/23/35		20,000		25,226
6.834% due 10/23/55		30,000		39,161

	Principal Amount		Value
Comcast Cable Communications Holdings Inc 9.455% due 11/15/22		$400,000		$483,393
Comcast Corp 3.375% due 08/15/25		20,000		21,223
3.700% due 04/15/24		1,000,000		1,066,084
3.950% due 10/15/25		110,000		120,051
3.999% due 11/01/49		51,000		56,735
4.150% due 10/15/28		290,000		326,478
4.250% due 10/15/30		100,000		114,263
5.650% due 06/15/35		20,000		26,294
Deutsche Telekom International Finance BV (Germany) 2.820% due 01/19/22 ~		1,500,000		1,522,353
DISH DBS Corp 5.875% due 11/15/24		150,000		153,594
eBay Inc 2.750% due 01/30/23		500,000		507,209
3.800% due 03/09/22		800,000		826,945
Expedia Group Inc 3.800% due 02/15/28		800,000		815,932
Fox Corp 5.476% due 01/25/39 ~		80,000		97,823
Netflix Inc 5.375% due 02/01/21		20,000		20,670
Sprint Capital Corp 8.750% due 03/15/32		110,000		133,716
Sprint Communications Inc 7.000% due 03/01/20 ~		600,000		603,906
Sprint Corp 7.250% due 09/15/21		450,000		476,694
7.875% due 09/15/23		20,000		22,108
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		87,500		88,388
4.738% due 09/20/29 ~		450,000		477,853
Telefonica Emisiones SAU (Spain) 5.213% due 03/08/47		150,000		177,805
Telstra Corp Ltd (Australia) 4.800% due 10/12/21 ~		800,000		837,956
The Interpublic Group of Cos Inc 4.000% due 03/15/22		800,000		829,617
Time Warner Cable LLC 4.125% due 02/15/21		770,000		782,462
5.875% due 11/15/40		50,000		57,361
6.550% due 05/01/37		110,000		134,863
6.750% due 06/15/39		20,000		25,387
7.300% due 07/01/38		60,000		78,217
Time Warner Entertainment Co LP 8.375% due 07/15/33		20,000		28,026
United Group BV (Netherlands) 4.875% due 07/01/24 ~		EUR 600,000		704,150
UPCB Finance IV Ltd (Netherlands) 5.375% due 01/15/25 ~		$200,000		206,017
Verizon Communications Inc 2.625% due 08/15/26		20,000		20,307
3.376% due 02/15/25		1,346,000		1,425,248
3.850% due 11/01/42		20,000		21,582
4.329% due 09/21/28		5,000		5,672
4.400% due 11/01/34		90,000		104,284
4.500% due 08/10/33		320,000		373,704
5.500% due 03/16/47		30,000		40,669
Vodafone Group PLC (United Kingdom) 3.750% due 01/16/24		1,300,000		1,374,927
4.375% due 05/30/28		120,000		132,991
				20,664,988

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

63

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
Consumer, Cyclical - 4.8%
BMW Finance NV (Germany) 2.250% due 08/12/22 ~		$900,000		$904,088
Daimler Finance North America LLC (Germany) 2.550% due 08/15/22 ~		1,100,000		1,108,125
2.850% due 01/06/22 ~		900,000		911,046
3.350% due 05/04/21 ~		500,000		507,826
3.400% due 02/22/22 ~		1,100,000		1,127,008
Delta Air Lines Inc 2.900% due 10/28/24		60,000		60,151
Delta Air Lines Pass-Through Trust ‘A’ 6.821% due 02/10/24		782,880		850,117
Ford Motor Co 4.750% due 01/15/43		10,000		8,864
Ford Motor Credit Co LLC 2.109% (EUR LIBOR + 0.370%) due 12/01/21 §		EUR 800,000		881,373
3.145% (USD LIBOR + 1.235%) due 02/15/23 §		$300,000		295,169
3.200% due 01/15/21		900,000		905,087
4.424% (USD LIBOR + 2.550%) due 01/07/21 §		1,000,000		1,014,503
5.085% due 01/07/21		600,000		614,385
5.875% due 08/02/21		200,000		209,386
8.125% due 01/15/20		600,000		601,127
General Motors Co 5.150% due 04/01/38		20,000		20,449
5.950% due 04/01/49		20,000		22,147
6.250% due 10/02/43		40,000		44,899
General Motors Financial Co Inc 0.151% (EUR LIBOR + 0.550%) due 03/26/22 § ~		EUR 700,000		781,934
2.450% due 11/06/20		$480,000		481,199
3.200% due 07/13/20		600,000		602,794
4.200% due 03/01/21		400,000		408,691
4.250% due 05/15/23		30,000		31,613
4.350% due 01/17/27		20,000		21,021
5.100% due 01/17/24		800,000		868,583
Harley-Davidson Financial Services Inc 3.550% due 05/21/21 ~		500,000		509,277
Hilton Worldwide Finance LLC 4.875% due 04/01/27		130,000		138,365
Las Vegas Sands Corp 3.200% due 08/08/24		230,000		237,430
Latam Airlines Pass Through Trust ‘A’ (Chile) 4.200% due 08/15/29		780,684		806,138
Marriott International Inc 4.150% due 12/01/23		800,000		858,433
McDonald’s Corp 3.500% due 03/01/27		10,000		10,680
3.700% due 01/30/26		50,000		53,939
3.800% due 04/01/28		30,000		32,794
MGM Resorts International 7.750% due 03/15/22		800,000		893,424
New Red Finance Inc (Canada) 4.250% due 05/15/24 ~		50,000		51,354
Newell Brands Inc 3.850% due 04/01/23		20,000		20,784
4.200% due 04/01/26		10,000		10,426
Nissan Motor Acceptance Corp 2.738% (USD LIBOR + 0.890%) due 01/13/22 § ~		1,000,000		1,005,184
Sands China Ltd (Macau) 5.125% due 08/08/25		310,000		341,079
VOC Escrow Ltd 5.000% due 02/15/28 ~		140,000		146,909

	Principal Amount		Value
Volkswagen Group of America Finance LLC (Germany) 2.841% (USD LIBOR + 0.940%) due 11/12/21 § ~		$800,000		$807,208
4.625% due 11/13/25 ~		800,000		885,499
4.750% due 11/13/28 ~		1,000,000		1,126,686
Volkswagen International Finance NV (Germany) 1.151% (EUR LIBOR + 1.550%) due 11/16/24 § ~		EUR 500,000		576,410
Volkswagen Leasing GmbH (Germany) 0.250% due 02/16/21 ~		100,000		112,606
Walmart Inc 3.700% due 06/26/28		$160,000		176,435
WestJet Airlines Ltd (Canada) 3.500% due 06/16/21 ~		600,000		609,656
ZF North America Capital Inc (Germany) 4.500% due 04/29/22 ~		500,000		515,411
				23,207,712
Consumer, Non-Cyclical - 7.0%
Abbott Laboratories 3.750% due 11/30/26		38,000		41,526
4.750% due 11/30/36		70,000		87,483
4.900% due 11/30/46		40,000		52,555
AbbVie Inc 2.300% due 11/21/22 ~		230,000		231,252
2.600% due 11/21/24 ~		270,000		271,851
2.900% due 11/06/22		900,000		918,602
2.950% due 11/21/26 ~		50,000		50,825
3.200% due 11/21/29 ~		160,000		162,869
3.375% due 11/14/21		700,000		718,190
3.600% due 05/14/25		70,000		73,881
Aetna Inc 2.800% due 06/15/23		40,000		40,648
Allergan Funding SCS 3.450% due 03/15/22		80,000		81,829
3.800% due 03/15/25		90,000		94,553
Allergan Sales LLC 5.000% due 12/15/21 ~		700,000		732,147
Altria Group Inc 2.850% due 08/09/22		20,000		20,383
3.490% due 02/14/22		40,000		41,159
3.800% due 02/14/24		40,000		42,096
4.400% due 02/14/26		290,000		315,050
4.800% due 02/14/29		290,000		323,092
5.800% due 02/14/39		90,000		105,845
5.950% due 02/14/49		50,000		60,539
6.200% due 02/14/59		30,000		35,690
Amgen Inc 2.125% due 05/01/20		20,000		20,008
3.625% due 05/22/24		30,000		31,707
4.663% due 06/15/51		11,000		12,938
5.375% due 05/15/43		30,000		37,747
Anheuser-Busch Cos LLC (Belgium) 3.650% due 02/01/26		110,000		117,266
4.900% due 02/01/46		100,000		118,447
Anheuser-Busch InBev Worldwide Inc (Belgium) 4.150% due 01/23/25		90,000		97,974
4.750% due 01/23/29		330,000		382,321
Anthem Inc 3.125% due 05/15/22		30,000		30,750
3.350% due 12/01/24		40,000		41,742
3.650% due 12/01/27		30,000		31,758
Bacardi Ltd (Bermuda) 4.500% due 01/15/21 ~		600,000		612,718

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

64

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
BAT Capital Corp (United Kingdom) 2.764% due 08/15/22		$800,000		$811,651
3.557% due 08/15/27		100,000		102,068
4.540% due 08/15/47		170,000		170,779
Bayer US Finance II LLC (Germany) 3.875% due 12/15/23 ~		600,000		629,783
Becton Dickinson & Co 3.363% due 06/06/24		110,000		114,586
3.700% due 06/06/27		100,000		106,542
3.734% due 12/15/24		50,000		52,993
4.685% due 12/15/44		32,000		37,397
Bristol-Myers Squibb Co 2.875% due 02/19/21 ~		500,000		505,755
2.900% due 07/26/24 ~		50,000		51,619
3.200% due 06/15/26 ~		120,000		125,937
3.250% due 08/15/22 ~		400,000		413,277
3.400% due 07/26/29 ~		150,000		160,432
3.550% due 08/15/22 ~		90,000		93,525
3.875% due 08/15/25 ~		50,000		54,090
5.000% due 08/15/45 ~		150,000		192,315
Campbell Soup Co 3.300% due 03/15/21		600,000		608,932
3.650% due 03/15/23		800,000		833,453
Centene Corp 6.125% due 02/15/24		120,000		124,650
Cigna Corp 2.550% (USD LIBOR + 0.650%) due 09/17/21 §		1,200,000		1,200,073
2.721% (USD LIBOR + 0.890%) due 07/15/23 §		700,000		704,201
3.750% due 07/15/23		150,000		157,339
4.125% due 11/15/25		40,000		43,419
4.375% due 10/15/28		360,000		399,045
Conagra Brands Inc 3.800% due 10/22/21		800,000		825,552
Constellation Brands Inc 2.250% due 11/06/20		800,000		801,689
4.250% due 05/01/23		30,000		31,887
CVS Health Corp 3.700% due 03/09/23		1,050,000		1,093,716
4.100% due 03/25/25		60,000		64,398
4.300% due 03/25/28		690,000		753,567
5.050% due 03/25/48		110,000		130,170
5.125% due 07/20/45		60,000		71,090
Danone SA (France) 2.589% due 11/02/23 ~		200,000		203,148
DP World PLC (United Arab Emirates) 5.625% due 09/25/48 ~		200,000		231,728
EMD Finance LLC (Germany) 2.400% due 03/19/20 ~		500,000		500,173
Gilead Sciences Inc 3.650% due 03/01/26		30,000		32,285
4.750% due 03/01/46		30,000		36,025
HCA Inc 4.500% due 02/15/27		40,000		43,157
7.500% due 02/15/22		80,000		88,542
Humana Inc 3.150% due 12/01/22		50,000		51,317
3.950% due 03/15/27		50,000		53,795
4.625% due 12/01/42		50,000		56,241
4.800% due 03/15/47		20,000		23,407
4.950% due 10/01/44		20,000		23,596
IHS Markit Ltd 5.000% due 11/01/22 ~		900,000		960,060
Imperial Brands Finance PLC (United Kingdom) 3.875% due 07/26/29 ~		1,000,000		1,009,343

	Principal Amount		Value
Japan Tobacco Inc (Japan) 2.000% due 04/13/21 ~		$300,000		$299,400
Johnson & Johnson 3.625% due 03/03/37		100,000		110,350
Keurig Dr Pepper Inc 4.057% due 05/25/23		1,000,000		1,054,643
Kraft Heinz Foods Co 2.471% (USD LIBOR + 0.570%) due 02/10/21 §		900,000		901,485
3.950% due 07/15/25		120,000		127,036
Mars Inc 2.700% due 04/01/25 ~		40,000		40,920
3.200% due 04/01/30 ~		40,000		42,341
Medtronic Inc 3.500% due 03/15/25		52,000		55,723
Mondelez International Holdings Netherlands BV 2.000% due 10/28/21 ~		900,000		900,084
Mylan NV 2.250% due 11/22/24 ~		EUR 900,000		1,076,749
PayPal Holdings Inc 2.850% due 10/01/29		$900,000		906,390
Pernod Ricard SA (France) 4.250% due 07/15/22 ~		800,000		841,709
5.750% due 04/07/21 ~		750,000		785,100
Philip Morris International Inc 2.500% due 08/22/22		90,000		91,142
2.500% due 11/02/22		80,000		81,167
4.500% due 03/20/42		30,000		34,034
Prime Security Services Borrower LLC 5.750% due 04/15/26 ~		50,000		54,438
Reckitt Benckiser Treasury Services PLC (United Kingdom) 2.375% due 06/24/22 ~		600,000		604,369
Reynolds American Inc (United Kingdom) 3.250% due 06/12/20		81,000		81,375
5.850% due 08/15/45		50,000		57,322
6.150% due 09/15/43		30,000		35,213
6.875% due 05/01/20		400,000		406,418
Takeda Pharmaceutical Co Ltd (Japan) 4.000% due 11/26/21		1,000,000		1,034,307
4.400% due 11/26/23		1,000,000		1,073,759
Teva Pharmaceutical Finance Co BV (Israel) 2.950% due 12/18/22		40,000		38,271
Teva Pharmaceutical Finance IV BV (Israel) 3.650% due 11/10/21		100,000		98,057
Teva Pharmaceutical Finance Netherlands II BV (Israel) 1.250% due 03/31/23 ~		EUR 900,000		943,082
Teva Pharmaceutical Finance Netherlands III BV (Israel) 2.200% due 07/21/21		$620,000		601,567
2.800% due 07/21/23		110,000		102,254
United Rentals North America Inc 5.500% due 07/15/25		50,000		52,057
5.875% due 09/15/26		90,000		96,775
UnitedHealth Group Inc 3.700% due 08/15/49		20,000		21,483
3.750% due 07/15/25		80,000		86,396
3.875% due 12/15/28		120,000		132,794
3.875% due 08/15/59		50,000		53,959
Wm Wrigley Jr Co 3.375% due 10/21/20 ~		70,000		70,688
				33,809,045

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

65

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
Energy - 1.9%
Apache Corp 3.250% due 04/15/22		$24,000		$24,453
4.250% due 01/15/44		170,000		156,662
4.375% due 10/15/28		20,000		20,897
4.750% due 04/15/43		30,000		28,968
5.100% due 09/01/40		80,000		81,406
Baker Hughes LLC 2.773% due 12/15/22		900,000		918,057
BG Energy Capital PLC (United Kingdom) 4.000% due 10/15/21 ~		800,000		826,358
Blue Racer Midstream LLC 6.125% due 11/15/22 ~		30,000		29,453
BP Capital Markets PLC (United Kingdom) 3.506% due 03/17/25		130,000		138,377
3.535% due 11/04/24		40,000		42,574
Cameron LNG LLC 2.902% due 07/15/31 ~		20,000		20,042
3.302% due 01/15/35 ~		50,000		50,477
Cimarex Energy Co 3.900% due 05/15/27		170,000		175,855
Concho Resources Inc 3.750% due 10/01/27		10,000		10,514
4.300% due 08/15/28		180,000		196,179
4.375% due 01/15/25		50,000		51,646
ConocoPhillips 6.500% due 02/01/39		10,000		14,560
Continental Resources Inc 3.800% due 06/01/24		50,000		51,723
4.375% due 01/15/28		80,000		85,111
4.500% due 04/15/23		50,000		52,248
DCP Midstream Operating LP 6.450% due 11/03/36 ~		20,000		21,069
Devon Energy Corp 5.000% due 06/15/45		220,000		254,992
Energy Transfer Operating LP 4.950% due 06/15/28		40,000		43,815
6.250% due 04/15/49		10,000		12,052
Enterprise Products Operating LLC 4.150% due 10/16/28		180,000		198,815
4.200% due 01/31/50		30,000		32,229
4.800% due 02/01/49		10,000		11,728
4.850% due 03/15/44		10,000		11,616
7.550% due 04/15/38		20,000		28,981
EOG Resources Inc 4.150% due 01/15/26		70,000		76,931
Exxon Mobil Corp 3.043% due 03/01/26		140,000		146,851
4.114% due 03/01/46		50,000		58,654
KazMunayGas National Co JSC (Kazakhstan) 5.375% due 04/24/30 ~		200,000		232,370
Kinder Morgan Energy Partners LP 3.500% due 03/01/21		80,000		81,111
5.500% due 03/01/44		10,000		11,693
Kinder Morgan Inc 4.300% due 06/01/25		50,000		54,241
4.300% due 03/01/28		30,000		32,718
5.050% due 02/15/46		30,000		33,766
5.550% due 06/01/45		30,000		35,914
MPLX LP 2.785% (USD LIBOR + 0.900%) due 09/09/21 §		1,000,000		1,003,163
4.500% due 04/15/38		100,000		101,691
4.700% due 04/15/48		60,000		61,061
4.800% due 02/15/29		40,000		43,882

	Principal Amount		Value
Noble Energy Inc 3.850% due 01/15/28		$40,000		$42,253
5.250% due 11/15/43		80,000		90,037
Oasis Petroleum Inc 6.875% due 01/15/23		10,000		9,800
Occidental Petroleum Corp 2.700% due 08/15/22		70,000		70,738
2.900% due 08/15/24		100,000		101,652
3.000% due 02/15/27		30,000		30,070
3.200% due 08/15/26		60,000		60,761
3.500% due 08/15/29		30,000		30,607
4.100% due 02/15/47		120,000		116,492
4.200% due 03/15/48		10,000		9,919
4.400% due 04/15/46		20,000		20,227
4.625% due 06/15/45		50,000		51,664
4.850% due 03/15/21		24,000		24,724
5.550% due 03/15/26		190,000		215,764
6.450% due 09/15/36		310,000		380,663
Petrobras Global Finance BV (Brazil) 5.299% due 01/27/25		755,000		824,909
6.900% due 03/19/49		30,000		35,243
Petroleos Mexicanos (Mexico) 6.875% due 08/04/26		220,000		242,197
Range Resources Corp 4.875% due 05/15/25		10,000		8,575
5.000% due 03/15/23		150,000		138,346
Shell International Finance BV (Netherlands) 2.875% due 05/10/26		50,000		51,802
4.375% due 05/11/45		130,000		155,473
4.550% due 08/12/43		50,000		60,993
Sinopec Group Overseas Development Ltd (China) 4.375% due 04/10/24 ~		290,000		313,383
Targa Resources Partners LP 4.250% due 11/15/23		60,000		60,725
5.375% due 02/01/27		20,000		20,787
5.500% due 03/01/30 ~		20,000		20,575
5.875% due 04/15/26		20,000		21,287
6.500% due 07/15/27 ~		10,000		10,969
6.875% due 01/15/29 ~		10,000		11,119
The Williams Cos Inc 3.750% due 06/15/27		80,000		83,419
7.500% due 01/15/31		190,000		247,768
Transcontinental Gas Pipe Line Co LLC 7.850% due 02/01/26		30,000		38,119
Western Midstream Operating LP 4.650% due 07/01/26		100,000		102,383
WPX Energy Inc 5.250% due 10/15/27		10,000		10,569
				9,278,915
Financial - 23.5%
AerCap Ireland Capital DAC (Ireland) 3.950% due 02/01/22		800,000		826,541
4.450% due 10/01/25		500,000		537,520
4.625% due 07/01/22		800,000		845,242
AIB Group PLC (Ireland) 4.750% due 10/12/23 ~		500,000		537,047
Aircastle Ltd 5.125% due 03/15/21		500,000		516,570
Ambac LSNI LLC (Cayman) 6.945% (USD LIBOR + 5.000%) due 02/12/23 § ~		327,256		332,163
American Express Co 3.400% due 02/27/23		700,000		726,832

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

66

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
American Express Credit Corp 2.375% due 05/26/20		$80,000		$80,101
American Homes 4 Rent LP REIT 4.250% due 02/15/28		100,000		106,494
American International Group Inc 3.750% due 07/10/25		630,000		674,147
American Tower Corp REIT 3.375% due 05/15/24		1,000,000		1,038,380
5.900% due 11/01/21		500,000		534,082
Atrium European Real Estate Ltd (Poland) 3.000% due 09/11/25 ~		EUR 800,000		959,153
AvalonBay Communities Inc REIT 3.450% due 06/01/25		$300,000		317,040
Banco Bilbao Vizcaya Argentaria SA (Spain) 8.875% due 04/14/21 ~		EUR 800,000		985,597
Banco Santander SA (Spain) 3.848% due 04/12/23		$200,000		208,635
4.379% due 04/12/28		200,000		218,880
Bank of America Corp 2.682% (USD LIBOR + 0.790%) due 03/05/24 §		700,000		703,642
2.936% (USD LIBOR + 1.000%) due 04/24/23 §		500,000		505,742
3.004% due 12/20/23		955,000		978,485
3.419% due 12/20/28		203,000		213,055
3.500% due 04/19/26		110,000		116,965
3.550% due 03/05/24		90,000		93,449
3.593% due 07/21/28		100,000		105,968
3.974% due 02/07/30		540,000		593,667
4.100% due 07/24/23		500,000		533,606
4.200% due 08/26/24		70,000		75,183
4.250% due 10/22/26		420,000		458,081
4.330% due 03/15/50		20,000		23,978
4.450% due 03/03/26		90,000		98,843
Bank of Montreal (Canada) 3.803% due 12/15/32		60,000		62,631
Banque Federative du Credit Mutuel SA (France) 3.750% due 07/20/23 ~		600,000		629,222
Barclays Bank PLC (United Kingdom) 2.281% (USD LIBOR + 0.450%) due 10/15/20 §		900,000		900,103
7.625% due 11/21/22		800,000		899,572
Barclays PLC (United Kingdom) 3.340% (USD LIBOR + 1.430%) due 02/15/23 §		1,000,000		1,008,499
3.684% due 01/10/23		500,000		512,755
4.610% due 02/15/23		700,000		731,179
4.972% due 05/16/29		900,000		1,014,369
8.000% due 12/15/20		EUR 600,000		719,293
Berkshire Hathaway Finance Corp 4.250% due 01/15/49		$120,000		142,120
BNP Paribas SA (France) 4.375% due 03/01/33 ~		250,000		269,979
4.705% due 01/10/25 ~		230,000		249,083
5.198% due 01/10/30 ~		200,000		235,075
Boston Properties LP REIT 4.500% due 12/01/28		500,000		566,715
BPCE SA (France) 4.000% due 09/12/23 ~		850,000		897,196
Brandywine Operating Partnership LP REIT 3.950% due 11/15/27		800,000		836,148
Capital One Financial Corp 4.250% due 04/30/25		500,000		544,274
Carlyle Finance LLC 5.650% due 09/15/48 ~		150,000		178,280
CBL & Associates LP REIT 5.950% due 12/15/26		1,200,000		722,787

	Principal Amount		Value
Citibank NA 2.844% due 05/20/22		$1,000,000		$1,012,227
2.850% due 02/12/21		800,000		807,914
3.650% due 01/23/24		1,600,000		1,693,879
Citigroup Inc 2.750% due 04/25/22		800,000		812,460
4.075% due 04/23/29		150,000		164,356
4.400% due 06/10/25		170,000		184,763
5.300% due 05/06/44		102,000		130,193
5.500% due 09/13/25		220,000		251,495
5.950% due 01/30/23		300,000		317,855
5.950% due 05/15/25		210,000		229,342
6.675% due 09/13/43		70,000		102,406
8.125% due 07/15/39		70,000		117,142
Cooperatieve Rabobank UA (Netherlands) 3.125% due 04/26/21		400,000		406,310
4.625% due 12/01/23		290,000		314,686
5.500% due 06/29/20 ~		EUR 700,000		804,823
6.625% due 06/29/21 ~		400,000		488,054
CPI Property Group SA (Czech Republic) 4.750% due 03/08/23 ~		$800,000		842,727
Credit Suisse AG (Switzerland) 6.500% due 08/08/23 ~		1,200,000		1,340,909
Credit Suisse Group AG (Switzerland) 3.127% (USD LIBOR + 1.240%) due 06/12/24 § ~		750,000		759,363
Credit Suisse Group Funding Guernsey Ltd (Switzerland) 3.750% due 03/26/25		800,000		846,552
3.800% due 09/15/22		800,000		832,753
3.800% due 06/09/23		800,000		837,535
4.875% due 05/15/45		270,000		340,371
Danske Bank AS (Denmark) 5.000% due 01/12/22 ~		200,000		209,987
5.375% due 01/12/24 ~		200,000		219,608
Deutsche Bank AG (Germany) 2.818% (USD LIBOR + 0.970%) due 07/13/20 §		500,000		500,470
3.150% due 01/22/21		600,000		602,767
3.950% due 02/27/23		500,000		512,790
3.961% due 11/26/25		1,000,000		1,021,991
4.250% due 10/14/21		900,000		925,628
5.000% due 02/14/22		900,000		940,036
Digital Realty Trust LP REIT 4.450% due 07/15/28		800,000		885,569
EPR Properties REIT 5.250% due 07/15/23		400,000		428,978
ERP Operating LP REIT 3.375% due 06/01/25		200,000		210,162
GE Capital International Funding Co 2.342% due 11/15/20		1,183,000		1,184,140
GE Capital UK Funding Unlimited Co 5.875% due 11/04/20		GBP 800,000		1,099,974
GLP Capital LP REIT 5.375% due 04/15/26		$900,000		996,525
Goodman US Finance Three LLC REIT (Australia) 3.700% due 03/15/28 ~		200,000		205,300
Host Hotels & Resorts LP REIT 4.000% due 06/15/25		200,000		214,143
HSBC Holdings PLC (United Kingdom) 2.504% (USD LIBOR + 0.600%) due 05/18/21 §		500,000		500,544
3.400% due 03/08/21		1,500,000		1,523,824
3.900% due 05/25/26		200,000		213,298
3.973% due 05/22/30		200,000		215,540
4.583% due 06/19/29		560,000		625,890

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

67

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
Hudson Pacific Properties LP REIT 4.650% due 04/01/29		$800,000		$880,269
ING Groep NV (Netherlands) 3.150% due 03/29/22		800,000		818,078
4.625% due 01/06/26 ~		700,000		778,498
International Lease Finance Corp 5.875% due 08/15/22		150,000		163,396
Intesa Sanpaolo SPA (Italy) 3.375% due 01/12/23 ~		220,000		223,717
5.017% due 06/26/24 ~		370,000		388,734
Jackson National Life Global Funding 2.375% due 09/15/22 ~		900,000		908,197
3.300% due 06/11/21 ~		400,000		408,073
JPMorgan Chase & Co 2.550% due 10/29/20		1,000,000		1,004,625
2.700% due 05/18/23		1,400,000		1,428,665
3.125% due 01/23/25		500,000		521,965
3.509% due 01/23/29		150,000		159,357
3.514% due 06/18/22		500,000		510,808
3.797% due 07/23/24		500,000		526,989
4.203% due 07/23/29		170,000		189,662
4.452% due 12/05/29		220,000		250,234
4.950% due 06/01/45		250,000		318,091
JPMorgan Chase Bank NA 2.276% (USD LIBOR + 0.340%) due 04/26/21 §		500,000		500,293
3.086% due 04/26/21		300,000		301,033
KEB Hana Bank (South Korea) 3.375% due 01/30/22 ~		900,000		920,956
Kilroy Realty LP REIT 4.750% due 12/15/28		1,000,000		1,134,265
Kimco Realty Corp REIT 2.700% due 03/01/24		900,000		910,696
KKR Group Finance Co II LLC 5.500% due 02/01/43 ~		30,000		36,661
Lifestorage LP REIT 3.500% due 07/01/26		800,000		822,030
Lloyds Bank PLC (United Kingdom) 3.300% due 05/07/21		500,000		508,151
Lloyds Banking Group PLC (United Kingdom) 2.291% (AUD Bank Bill + 1.400%) due 03/07/25 §		AUD 800,000		558,109
2.858% due 03/17/23		$1,100,000		1,113,736
4.000% due 03/07/25		AUD 900,000		670,879
4.450% due 05/08/25		$500,000		546,112
4.500% due 11/04/24		260,000		278,006
7.625% due 06/27/23 ~		GBP 600,000		893,446
Metropolitan Life Global Funding 3.450% due 12/18/26 ~		$700,000		751,204
Mid-America Apartments LP REIT 4.200% due 06/15/28		700,000		772,414
Mitsubishi UFJ Financial Group Inc (Japan) 3.407% due 03/07/24		700,000		729,967
3.455% due 03/02/23		600,000		622,379
Mizuho Financial Group Inc (Japan) 3.922% due 09/11/24		600,000		630,669
Morgan Stanley 3.125% due 07/27/26		200,000		206,455
3.737% due 04/24/24		700,000		731,584
3.772% due 01/24/29		10,000		10,759
4.431% due 01/23/30		10,000		11,304
MPT Operating Partnership LP REIT 2.550% due 12/05/23		GBP 700,000		944,847
Nasdaq Inc 3.850% due 06/30/26		$800,000		856,972
National Australia Bank Ltd (Australia) 3.625% due 06/20/23		500,000		525,456

	Principal Amount		Value
National Retail Properties Inc REIT 3.500% due 10/15/27		$200,000		$208,965
Navient Corp 8.000% due 03/25/20		198,000		200,383
Oversea-Chinese Banking Corp Ltd (Singapore) 2.354% (USD LIBOR + 0.450%) due 05/17/21 § ~		400,000		400,767
Park Aerospace Holdings Ltd (Ireland) 5.250% due 08/15/22 ~		850,000		907,980
Regions Bank 3.374% due 08/13/21		500,000		503,875
Reliance Standard Life Global Funding II 2.500% due 01/15/20 ~		30,000		30,002
2.625% due 07/22/22 ~		900,000		912,488
Royal Bank of Scotland Group PLC (United Kingdom) 3.875% due 09/12/23		800,000		838,347
5.125% due 05/28/24		570,000		617,503
6.125% due 12/15/22		70,000		76,623
7.500% due 08/10/20		800,000		818,924
8.625% due 08/15/21		600,000		644,565
Santander Holdings USA Inc 3.244% due 10/05/26 ~		1,000,000		1,011,406
4.500% due 07/17/25		130,000		140,306
Santander UK Group Holdings PLC (United Kingdom) 2.875% due 10/16/20		1,100,000		1,106,199
Santander UK PLC (United Kingdom) 2.375% due 03/16/20		40,000		40,024
3.750% due 11/15/21		1,000,000		1,034,331
Simon Property Group LP REIT 2.500% due 09/01/20		400,000		401,005
Skandinaviska Enskilda Banken AB (Sweden) 2.334% (USD LIBOR + 0.430%) due 05/17/21 § ~		500,000		501,310
3.250% due 05/17/21 ~		500,000		508,468
Societe Generale SA (France) 4.250% due 09/14/23 ~		500,000		531,039
Spirit Realty LP REIT 3.400% due 01/15/30		800,000		804,022
Standard Chartered PLC (United Kingdom) 2.744% due 09/10/22 ~		900,000		906,290
Sumitomo Mitsui Financial Group Inc (Japan) 2.058% due 07/14/21		120,000		120,175
Synchrony Bank 3.650% due 05/24/21		500,000		510,546
Teachers Insurance & Annuity Association of America 4.900% due 09/15/44 ~		40,000		49,122
6.850% due 12/16/39 ~		18,000		26,213
The Depository Trust & Clearing Corp 4.875% due 06/15/20 ~		250,000		252,554
The Goldman Sachs Group Inc 2.660% (USD LIBOR + 0.750%) due 02/23/23 §		500,000		503,111
2.707% (USD LIBOR + 0.780%) due 10/31/22 §		500,000		503,558
3.080% (USD LIBOR + 1.170%) due 05/15/26 §		1,000,000		1,011,095
3.094% (USD LIBOR + 1.200%) due 09/15/20 §		500,000		503,258
3.200% due 02/23/23		60,000		61,698
3.500% due 01/23/25		700,000		734,357
3.750% due 05/22/25		600,000		636,774
3.850% due 07/08/24		160,000		169,189
4.223% due 05/01/29		470,000		517,962
4.250% due 10/21/25		470,000		510,346

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

68

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
5.150% due 05/22/45		$340,000		$417,387
6.250% due 02/01/41		70,000		97,911
The Toronto-Dominion Bank (Canada) 2.500% due 01/18/23 ~		1,200,000		1,215,291
3.350% due 10/22/21 ~		500,000		513,261
UBS AG (Switzerland) 2.465% (USD LIBOR + 0.580%) due 06/08/20 § ~		1,200,000		1,202,108
UBS Group AG (Switzerland) 2.859% due 08/15/23 ~		200,000		203,212
3.000% due 04/15/21 ~		1,000,000		1,013,374
3.491% due 05/23/23 ~		260,000		267,569
4.125% due 09/24/25 ~		1,000,000		1,087,697
4.125% due 04/15/26 ~		200,000		217,473
4.253% due 03/23/28 ~		270,000		295,166
7.000% due 01/31/24 ~		250,000		273,438
UniCredit SPA (Italy) 6.572% due 01/14/22 ~		350,000		375,876
7.830% due 12/04/23 ~		1,800,000		2,100,316
VEREIT Operating Partnership LP REIT 3.950% due 08/15/27		200,000		210,253
Vesteda Finance BV (Netherlands) 2.500% due 10/27/22 ~		EUR 600,000		712,624
Visa Inc 3.150% due 12/14/25		$80,000		84,551
4.300% due 12/14/45		100,000		123,150
Washington Prime Group LP REIT 6.450% due 08/15/24		950,000		878,356
Wells Fargo & Co 2.879% due 10/30/30		150,000		151,006
3.000% due 10/23/26		200,000		204,958
3.157% (USD LIBOR + 1.230%) due 10/31/23 §		2,000,000		2,036,543
3.450% due 02/13/23		40,000		41,441
3.584% due 05/22/28		100,000		106,276
3.750% due 01/24/24		950,000		1,003,993
4.150% due 01/24/29		130,000		144,747
4.400% due 06/14/46		30,000		34,393
4.750% due 12/07/46		110,000		131,895
4.900% due 11/17/45		190,000		232,065
5.375% due 11/02/43		80,000		102,598
5.606% due 01/15/44		150,000		197,380
Wells Fargo Bank NA 2.082% due 09/09/22		900,000		901,563
3.625% due 10/22/21		300,000		308,821
Westpac Banking Corp (Australia) 2.300% due 05/26/20		40,000		40,056
				113,588,916
Industrial - 2.8%
3M Co 2.375% due 08/26/29		60,000		59,188
Aviation Capital Group LLC 2.875% due 01/20/22 ~		500,000		503,557
4.125% due 08/01/25 ~		600,000		627,259
CNH Industrial Capital LLC 4.875% due 04/01/21		400,000		414,160
Eaton Corp 2.750% due 11/02/22		130,000		132,623
4.150% due 11/02/42		20,000		22,359
GATX Corp 2.611% (USD LIBOR + 0.720%) due 11/05/21 §		1,000,000		1,004,550
4.750% due 06/15/22		400,000		422,728
4.850% due 06/01/21		290,000		301,064

	Principal Amount		Value
General Electric Co 3.150% due 09/07/22		$77,000		$78,706
5.300% due 02/11/21		200,000		206,297
5.500% due 01/08/20		20,000		20,007
5.875% due 01/14/38		40,000		48,465
6.750% due 03/15/32		30,000		38,510
6.875% due 01/10/39		298,000		397,057
John Deere Capital Corp 2.435% (USD LIBOR + 0.550%) due 06/07/23 §		500,000		501,967
L3Harris Technologies Inc 5.054% due 04/27/45		60,000		73,916
Lockheed Martin Corp 3.100% due 01/15/23		20,000		20,633
3.550% due 01/15/26		70,000		75,085
4.500% due 05/15/36		30,000		35,554
Northrop Grumman Corp 2.930% due 01/15/25		40,000		41,235
3.250% due 01/15/28		160,000		166,918
NTT Finance Corp (Japan) 1.900% due 07/21/21 ~		800,000		798,020
Penske Truck Leasing Co LP 4.125% due 08/01/23 ~		600,000		633,323
4.250% due 01/17/23 ~		800,000		843,321
Raytheon Co 3.125% due 10/15/20		70,000		70,679
Republic Services Inc 2.500% due 08/15/24		50,000		50,582
Rockwell Collins Inc 2.800% due 03/15/22		500,000		508,749
3.100% due 11/15/21		800,000		813,746
3.200% due 03/15/24		1,000,000		1,040,623
SMBC Aviation Capital Finance DAC (Ireland) 3.000% due 07/15/22 ~		1,100,000		1,119,459
The Boeing Co 2.700% due 02/01/27		30,000		30,412
2.800% due 03/01/27		30,000		30,477
3.100% due 05/01/26		10,000		10,319
3.200% due 03/01/29		90,000		93,813
3.250% due 02/01/35		130,000		133,004
3.750% due 02/01/50		40,000		42,511
TTX Co 2.600% due 06/15/20 ~		550,000		551,091
Union Pacific Corp 3.839% due 03/20/60 ~		130,000		132,069
United Technologies Corp 3.950% due 08/16/25		60,000		65,448
4.125% due 11/16/28		30,000		33,794
4.500% due 06/01/42		60,000		71,862
Waste Management Inc 3.200% due 06/15/26		30,000		31,421
3.450% due 06/15/29		20,000		21,407
3.500% due 05/15/24		20,000		21,037
4.150% due 07/15/49		50,000		57,122
WRKCo Inc 4.650% due 03/15/26		1,000,000		1,103,386
				13,499,513
Technology - 1.7%
Activision Blizzard Inc 2.600% due 06/15/22		900,000		910,731
Apple Inc 2.450% due 08/04/26		180,000		182,524
Broadcom Corp 2.650% due 01/15/23		700,000		704,039
3.000% due 01/15/22		700,000		710,300

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

69

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PF MANAGED BOND FUND

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
Broadcom Inc 3.125% due 10/15/22 ~		$900,000		$916,730
Dell International LLC 4.420% due 06/15/21 ~		1,000,000		1,029,128
5.450% due 06/15/23 ~		500,000		542,332
Hewlett Packard Enterprise Co 2.620% (USD LIBOR + 0.720%) due 10/05/21 §		600,000		600,083
Intel Corp 3.700% due 07/29/25		50,000		54,071
Microsoft Corp 2.400% due 08/08/26		340,000		344,400
3.300% due 02/06/27		200,000		213,776
3.450% due 08/08/36		20,000		21,898
3.950% due 08/08/56		30,000		35,472
NXP BV (Netherlands) 4.625% due 06/01/23 ~		700,000		748,457
4.875% due 03/01/24 ~		800,000		872,674
salesforce.com Inc 3.700% due 04/11/28		30,000		32,898
VMware Inc 2.950% due 08/21/22		500,000		509,677
				8,429,190
Utilities - 2.4%
American Electric Power Co Inc 2.150% due 11/13/20		500,000		501,021
Duke Energy Carolinas LLC 5.300% due 02/15/40		60,000		77,640
Duke Energy Corp 2.409% (USD LIBOR + 0.500%) due 05/14/21 § ~		500,000		501,957
3.150% due 08/15/27		200,000		206,052
3.550% due 09/15/21		800,000		817,274
Duke Energy Ohio Inc 3.650% due 02/01/29		20,000		21,725
Emera US Finance LP (Canada) 2.700% due 06/15/21		800,000		807,436
Entergy Corp 5.125% due 09/15/20		400,000		405,493
FirstEnergy Corp 3.900% due 07/15/27		90,000		96,241
7.375% due 11/15/31		590,000		832,436
IPALCO Enterprises Inc 3.450% due 07/15/20		800,000		803,627
LG&E & KU Energy LLC 4.375% due 10/01/21		500,000		516,309
National Fuel Gas Co 4.900% due 12/01/21		2,000,000		2,082,018
NextEra Energy Capital Holdings Inc 2.403% due 09/01/21		900,000		906,620
2.630% (USD LIBOR + 0.720%) due 02/25/22 §		900,000		907,810
3.200% due 02/25/22		900,000		923,024
Niagara Mohawk Power Corp 4.278% due 12/15/28 ~		1,100,000		1,226,530
Virginia Electric & Power Co 6.350% due 11/30/37		160,000		221,879
				11,855,092
Total Corporate Bonds & Notes (Cost $230,429,664)				239,110,779

	Principal Amount		Value
SENIOR LOAN NOTES - 1.5%
Communications - 0.3%
Altice France SA Term B-12 (France) 5.427% (USD LIBOR + 3.688%) due 01/31/26 §		$254,102		$251,914
Charter Communications Operating LLC Term B-1 due 04/30/25 ¥		19,949		20,108
Term B-2 3.550% (USD LIBOR + 1.750%) due 02/01/27 §		159,332		160,539
CSC Holdings LLC Term B-5 4.240% (USD LIBOR + 2.500%) due 04/15/27 §		30,000		30,200
Diamond Sports Group LLC Term B 5.030% (USD LIBOR + 3.250%) due 08/24/26 §		29,925		29,925
iHeartCommunications Inc 5.691% (USD LIBOR + 4.000%) due 05/01/26 § ¥		59,825		60,477
Intelsat Jackson Holdings SA Term B-3 (Luxembourg) 5.682% (USD LIBOR + 3.750%) due 11/27/23 §		50,000		50,162
Level 3 Financing Inc Term B 3.549% (USD LIBOR + 1.750%) due 03/01/27 §		53,972		54,299
Nexstar Broadcasting Inc Term B 4.452% (USD LIBOR + 2.750%) due 09/19/26 § ¥		189,900		191,166
Sprint Communications Inc Term B 4.313% (USD LIBOR + 2.500%) due 02/03/24 §		59,846		59,453
Univision Communications Inc Term C-5 4.549% (USD LIBOR + 2.750%) due 03/15/24 §		141,716		140,172
Virgin Media Bristol LLC Term N 4.240% (USD LIBOR + 2.500%) due 01/31/28 § ¥		110,000		110,825
Ziggo BV Term E (Netherlands) 4.240% (USD LIBOR + 2.500%) due 04/15/25 §		109,750		110,002
				1,269,242
Consumer, Cyclical - 0.4%
Alterra Mountain Co Term B 4.549% (USD LIBOR + 2.750%) due 07/31/24 §		79,192		79,774
AMC Entertainment Holdings Inc Term B-1 4.800% (USD LIBOR + 3.000%) due 04/22/26 §		19,950		20,119
American Airlines Inc Term B 3.740% (USD LIBOR + 2.000%) due 12/14/23 § ¥		39,592		39,772
Aramark Services Inc due 12/10/26 ¥		20,000		20,131
Boyd Gaming Corp Term B 3.853% (USD LIBOR + 2.250%) due 09/15/23 §		94,652		95,431
Caesars Resort Collection LLC Term B 4.549% (USD LIBOR + 2.250%) due 12/22/24 §		120,010		120,343

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
CEOC LLC Term B 3.799% (USD LIBOR + 2.000%) due 10/06/24 § ¥		$44,710		$45,060
CityCenter Holdings LLC Term B 4.049% (USD LIBOR + 2.250%) due 04/18/24 §		32,838		33,020
Four Seasons Hotels Ltd Term B (Canada) due 11/30/23 ¥		59,718		60,373
Golden Nugget LLC Term B due 10/04/23 ¥		73,524		73,883
Hilton Worldwide Finance LLC Term B-2 3.542% (USD LIBOR + 1.750%) due 06/21/26 § ¥		150,000		151,312
Michaels Stores Inc Term B 4.301% (USD LIBOR + 2.500%) due 01/28/23 §		106,503		103,308
Panther BF Aggregator 2 LP Term B 5.305% (USD LIBOR + 3.500%) due 04/30/26 §		89,775		90,317
Party City Holdings Inc 4.300% (USD LIBOR + 2.500%) due 08/19/22 §		39,337		36,691
PCI Gaming Authority Term B 4.299% (USD LIBOR + 3.000%) due 05/31/26 §		36,208		36,520
Restaurant Brands International Inc Term B (Canada) 3.549% (USD LIBOR + 1.750%) due 11/19/26 §		200,000		200,499
Scientific Games International Inc Term B-5 4.471% (USD LIBOR + 2.750%) due 08/14/24 §		204,646		205,487
Stars Group Holdings BV Term B (Canada) 5.446% (USD LIBOR + 3.500%) due 07/10/25 §		8,907		8,997
TKC Holdings Inc 5.550% (USD LIBOR + 3.750%) due 02/01/23 §		69,458		64,827
UFC Holdings LLC Term B 5.050% (USD LIBOR + 3.250%) due 04/29/26 § ¥		119,179		120,133
Wynn Resorts Finance LLC Term A due 09/20/24 ¥		190,000		190,594
				1,796,591
Consumer, Non-Cyclical - 0.5%
Air Medical Group Holdings Inc Term B 5.035% (USD LIBOR + 3.250%) due 04/28/22 §		304,695		298,887
Albertson’s LLC
Term B-7 due 11/17/25 ¥		49,752		50,269
Term B-8 4.549% (USD LIBOR + 2.750%) due 08/17/26 §		48,324		48,835
Allied Universal Holdco LLC 6.049% (USD LIBOR + 4.250%) due 07/12/26 § ¥		126,518		127,483
6.055% (USD LIBOR + 4.250%) due 07/12/26 § ¥		12,527		12,622
Atlantic Aviation FBO Inc Term B 5.550% (USD LIBOR + 3.750%) due 12/06/25 §		19,800		20,060
Bausch Health Americas Inc Term B 4.740% (USD LIBOR + 3.000%) due 06/01/25 §		45,817		46,154

	Principal Amount		Value
Change Healthcare Holdings LLC Term B 4.299% (USD LIBOR + 2.500%) due 03/01/24 §		$173,257		$174,106
Garda World Security Corp Term B (Canada) 6.660% (USD LIBOR + 4.750%) due 10/30/26 §		50,000		50,354
Grifols Worldwide Operations USA Inc Term B (Spain) due 11/15/27 ¥		140,000		141,321
Jaguar Holding Co II 4.299% (USD LIBOR + 2.500%) due 08/18/22 § ¥		89,687		90,273
MPH Acquisition Holdings LLC Term B 4.695% (USD LIBOR + 2.750%) due 06/07/23 §		186,441		184,421
Option Care Health Inc 6.299% (USD LIBOR + 4.500%) due 08/06/26 §		80,000		79,775
Phoenix Guarantor Inc Term B 6.210% (USD LIBOR + 4.500%) due 03/05/26 §		101,309		102,005
Prime Security Services Borrower LLC Term B 4.944% (USD LIBOR + 3.250%) due 09/23/26 §		159,227		159,846
RegionalCare Hospital Partners Holdings Inc Term B 6.304% (USD LIBOR + 4.500%) due 11/16/25 §		188,999		190,751
Sotera Health Holdings LLC 6.289% (USD LIBOR + 4.500%) due 12/13/26 §		200,000		200,917
Trans Union LLC Term B-5 due 11/13/26 ¥		48,558		48,827
VVC Holding Corp Term B 6.401% (USD LIBOR + 4.500%) due 02/11/26 §		178,750		179,940
				2,206,846
Diversified - 0.0%
First Eagle Holdings Inc Term B 4.695% (USD LIBOR + 2.750%) due 12/01/24 §		39,625		39,872
Energy - 0.0%
Blackstone CQP Holdco LP Term B 5.408% (USD LIBOR + 3.500%) due 09/30/24 §		29,850		30,060
Financial - 0.1%
Asurion LLC Term B-4 4.799% (USD LIBOR + 3.000%) due 08/04/22 §		126,228		127,143
Term B-7 4.799% (USD LIBOR + 3.000%) due 11/03/24 §		59,372		59,767
Avolon (US) LLC Term B-3 (Ireland) 3.515% (USD LIBOR + 1.750%) due 01/15/25 §		93,709		94,411
Focus Financial Partners LLC Term B 4.299% (USD LIBOR + 2.500%) due 07/03/24 §		69,722		70,289
Jane Street Group LLC Term B 4.799% (USD LIBOR + 3.000%) due 08/25/22 §		49,548		49,548

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
LPL Holdings Inc Term B 3.542% (USD LIBOR + 1.750%) due 11/12/26 §		$14,447		$14,559
RPI Finance Trust Term B-6 3.799% (USD LIBOR + 2.000%) due 04/17/23 § ¥		128,028		129,220
The Edelman Financial Center LLC Term B 5.035% (USD LIBOR + 3.250%) due 07/19/25 §		59,400		59,808
VFH Parent LLC 5.197% (USD LIBOR + 3.500%) due 03/01/26 § ¥		39,747		39,951
VICI Properties 1 LLC Term B 3.785% (USD LIBOR + 2.000%) due 12/22/24 § ¥		60,000		60,346
				705,042
Industrial - 0.1%
APi Group DE Inc Term B 4.299% (USD LIBOR + 2.500%) due 10/01/26 §		80,000		80,737
Berry Global Inc Term W 3.715% (USD LIBOR + 2.000%) due 10/01/22 §		80,000		80,421
Brookfield WEC Holdings Inc Term B due 08/01/25 ¥		19,950		20,108
Genesee & Wyoming Inc due 12/30/26 ¥		140,000		141,531
GFL Environmental Inc Term B (Canada) 4.799% (USD LIBOR + 3.000%) due 05/31/25 § ¥		19,949		20,005
Reynolds Group Holdings Inc Term B 4.549% (USD LIBOR + 2.750%) due 02/05/23 §		158,469		159,187
				501,989
Technology - 0.1%
Dcert Buyer Inc 5.799% (USD LIBOR + 4.000%) due 10/16/26 §		170,000		170,611
Dell International LLC Term B-1 3.800% (USD LIBOR + 2.000%) due 09/19/25 §		167,664		168,988
McAfee LLC Term B 5.555% (USD LIBOR + 3.750%) due 09/29/24 § ¥		179,145		180,153
				519,752
Total Senior Loan Notes (Cost $7,053,214)				7,069,394
MORTGAGE-BACKED SECURITIES - 52.8%
Collateralized Mortgage Obligations - Commercial - 2.5%
Ashford Hospitality Trust 2.740% (USD LIBOR + 1.000%) due 05/15/35 § ~		600,000		600,127
BAMLL Re-REMIC Trust 6.012% due 08/10/45 § ~		1,639,796		713,157
BBCCRE Trust 4.715% due 08/10/33 § ~		320,000		312,424
BX Commercial Mortgage Trust 3.790% (USD LIBOR + 2.050%) due 11/15/35 § ~		98,000		98,347

	Principal Amount		Value
Commercial Mortgage Trust 4.455% due 02/10/48 §		$90,000		$91,985
Credit Suisse Commercial Mortgage Trust 5.373% due 12/15/39		77,556		42,074
CSMC Trust 4.373% due 09/15/37 ~		830,000		763,706
4.764% due 12/15/21		430,000		430,776
DBGS Mortgage Trust 3.843% due 04/10/37 ~		900,000		965,396
DBUBS Mortgage Trust 5.512% due 08/10/44 § ~		260,000		268,789
Fannie Mae 3.273% due 01/25/29		140,000		148,534
3.450% due 01/01/29		150,000		161,242
3.610% due 02/25/31		70,000		76,277
3.673% due 09/25/28 §		280,000		303,271
3.700% due 01/25/36		100,000		108,974
Fannie Mae (IO) 0.417% due 10/25/24 §		9,583,824		130,368
FREMF Mortgage Trust 3.847% (USD LIBOR + 2.150%) due 01/25/26 § ~		349,861		352,896
Government National Mortgage Association (IO) 0.403% due 01/16/53 §		10,189,369		240,951
0.547% due 04/16/47 §		3,552,992		114,289
GRACE Mortgage Trust 3.520% due 06/10/28 ~		600,000		606,087
GS Mortgage Securities Trust 3.040% (USD LIBOR + 1.300%) due 09/15/31 § ~		1,120,000		1,117,770
3.203% due 02/10/29 ~		400,000		402,307
5.622% due 11/10/39		94,010		73,638
JP Morgan Chase Commercial Mortgage Securities Trust 6.005% due 02/12/49 §		894,480		580,946
ML-CFC Commercial Mortgage Trust 5.450% due 08/12/48 §		54,190		33,993
Morgan Stanley Bank of America Merrill Lynch Trust 3.040% due 04/15/48		1,000,000		1,019,926
Morgan Stanley Capital I Trust 3.402% due 07/13/29 § ~		600,000		607,338
3.446% due 07/13/29 § ~		700,000		708,489
MRCD MARK Mortgage Trust 2.718% due 12/15/36 ~		370,000		344,270
Waterfall Commercial Mortgage Trust 4.104% due 09/14/22 § ~		185,424		190,274
Wells Fargo Commercial Mortgage Trust (IO) 1.272% due 03/15/50 §		4,728,131		355,118
				11,963,739
Collateralized Mortgage Obligations - Residential - 6.9%
Alternative Loan Trust 1.962% (USD LIBOR + 0.170%) due 07/25/46 §		190,970		195,787
2.002% (USD LIBOR + 0.210%) due 05/25/35 §		258,650		248,735
3.872% due 06/25/37 §		113,446		99,681
American Home Mortgage Investment Trust 6.700% due 06/25/36		1,369,870		462,576
Banc of America Funding Trust 4.675% due 05/25/35 §		16,635		17,021
BCAP LLC Trust 2.108% due 03/28/37 § ~		1,489,214		1,492,954
4.847% due 03/26/37 ~		36,777		37,030

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
Bear Stearns Adjustable Rate Mortgage Trust
4.252% due 01/25/35 §		$311,520		$316,707
4.387% due 08/25/33 §		20,339		20,301
4.684% due 10/25/36 §		5,431		5,348
Bear Stearns ALT-A Trust
3.816% due 11/25/36 §		47,390		39,443
4.413% due 05/25/35 §		16,403		16,634
Chase Mortgage Finance Trust
4.040% due 09/25/36 §		63,059		59,215
4.574% due 02/25/37 §		195,620		199,852
ChaseFlex Trust 1.942% (USD LIBOR + 0.150%) due 08/25/37 §		376,774		405,121
Chevy Chase Funding LLC 2.042% (USD LIBOR + 0.250%) due 08/25/35 § ~		15,688		15,602
2.283% due 05/25/35 § ~		729,278		595,408
Citigroup Mortgage Loan Trust Inc 4.550% (UST + 2.150%) due 09/25/35 §		8,610		8,663
Countrywide Home Loan Mortgage Pass-Through Trust 2.432% (USD LIBOR + 0.640%) due 03/25/35 §		8,596		8,419
Credit Suisse First Boston Mortgage Securities Corp 6.000% due 11/25/35		45,513		36,968
Downey Saving & Loan Association Mortgage Loan Trust 1.944% (USD LIBOR + 0.180%) due 04/19/47 §		94,775		87,962
Eurosail-UK PLC (United Kingdom) 1.750% (GBP LIBOR + 0.950%) due 06/13/45 § ~		GBP 685,322		900,912
Fannie Mae 2.141% (USD LIBOR + 0.450%) due 09/25/46 §		$511,421		511,609
3.125% (US PRIME - 1.625%) due 11/25/23 §		55,429		55,583
5.500% due 04/25/35		371,759		423,967
Fannie Mae (IO)
4.000% due 03/25/43		367,538		55,713
4.000% due 04/25/43		1,483,272		207,563
4.208% (6.000% - USD LIBOR) due 11/25/45 §		1,611,920		339,729
4.308% (6.100% - USD LIBOR) due 09/25/46 §		457,721		72,742
4.308% (6.100% - USD LIBOR) due 09/25/46 §		541,413		92,765
Freddie Mac (IO)
3.500% due 04/15/43		429,232		64,052
4.000% due 04/15/43		316,235		26,963
4.424% (6.100% - USD LIBOR) due 08/15/44 §		257,985		51,150
Freddie Mac REMICS
3.000% due 08/15/48		351,192		351,157
8.000% due 04/15/30		64,827		75,422
Freddie Mac Structured Agency Credit Risk Debt Notes 4.942% (USD LIBOR + 3.150%) due 07/25/30 §		1,120,000		1,155,962
5.792% (USD LIBOR + 4.000%) due 08/25/24 §		350,516		373,743
GMACM Mortgage Loan Trust 6.000% due 12/25/35		653,239		640,833

	Principal Amount		Value
Government National Mortgage Association 2.074% (USD LIBOR + 0.300%) due 05/20/68 §		$420,342		$417,773
2.374% (USD LIBOR + 0.600%) due 07/20/65 §		631,382		630,688
2.574% (USD LIBOR + 0.800%) due 06/20/66 §		725,736		730,368
2.574% (USD LIBOR + 0.800%) due 07/20/66 §		1,157,430		1,164,440
3.629% (USD LIBOR + 0.750%) due 04/20/67 §		721,794		731,195
5.061% due 09/20/66 §		859,189		941,423
Government National Mortgage Association (IO)
4.000% due 11/20/44		888,320		148,754
4.360% (6.100% - USD LIBOR) due 10/16/46 §		229,546		50,633
4.385% (6.150% - USD LIBOR) due 02/20/46 §		1,419,149		242,226
4.500% due 11/16/45		315,167		59,575
Great Hall Mortgages PLC (United Kingdom)
2.029% (USD LIBOR + 0.130%) due 06/18/39 § ~		266,793		260,191
GSR Mortgage Loan Trust
6.000% due 11/25/35		652,540		522,758
6.000% due 07/25/37		331,411		292,289
HarborView Mortgage Loan Trust
1.934% (USD LIBOR + 0.170%) due 12/19/36 §		181,626		169,441
1.952% (USD LIBOR + 0.160%) due 05/25/38 §		310,859		272,050
2.204% (USD LIBOR + 0.440%) due 05/19/35 §		269,969		262,059
4.453% due 08/19/36 §		131,058		123,748
4.694% due 02/25/36 §		56,854		36,369
Hawksmoor Mortgages (United Kingdom)
1.761% (SONIA + 1.050%) due 05/25/53 § ~		GBP 3,258,351		4,331,992
JP Morgan Mortgage Trust
3.500% due 10/25/48 § ~		$1,857,819		1,900,089
4.106% due 07/25/35 §		28,100		28,493
5.750% due 01/25/36		15,206		11,648
Ludgate Funding PLC (United Kingdom)
0.956% (GBP LIBOR + 0.160%) due 01/01/61 § ~		GBP 468,650		584,683
Merrill Lynch Mortgage Investors Trust 4.015% due 11/25/35 §		$324,244		333,978
Morgan Stanley Resecuritization Trust
3.036% (US FED + 0.710%) due 12/27/46 § ~		1,674,796		1,352,302
New Residential Mortgage Loan Trust
2.492% due 09/25/59 § ~		372,233		371,328
Nomura Resecuritization Trust
7.204% due 06/26/35 § ~		1,852,105		1,893,785
RBSSP Resecuritization Trust
3.646% due 12/25/35 § ~		85,876		86,553
Reperforming Loan REMIC Trust
2.132% (USD LIBOR + 0.340%) due 06/25/35 § ~		29,459		28,526
2.132% (USD LIBOR + 0.340%) due 01/25/36 § ~		176,117		172,742
Ripon Mortgages PLC (United Kingdom)
1.602% (GBP LIBOR + 0.800%) due 08/20/56 § ~		GBP 729,673		968,832
Silverstone Master Issuer PLC (United Kingdom)
2.536% (USD LIBOR + 0.570%) due 01/21/70 § ~		$823,500		824,087

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

73

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
Towd Point Mortgage Funding (United Kingdom) 1.611% (SONIA + 0.900%) due 07/20/45 § ~		GBP 1,500,000		$1,982,240
Towd Point Mortgage Funding PLC (United Kingdom) 1.820% (GBP LIBOR + 1.025%) due 10/20/51 § ~		1,333,391		1,773,475
WaMu Mortgage Pass-Through Certificates Trust 4.000% due 02/25/37 §		$145,257		139,189
				33,609,214
Fannie Mae - 18.9%
2.310% due 08/01/22		496,736		501,186
2.500% due 12/01/49		499,950		494,304
2.520% due 10/01/29		20,000		20,167
2.740% due 08/01/29		100,000		102,634
2.765% due 08/01/31		100,000		101,758
2.770% due 08/01/31		100,000		101,808
2.790% due 08/01/29		100,000		103,075
2.810% due 04/01/25 - 08/01/31		130,000		133,040
2.850% due 08/01/31		100,000		102,599
3.000% due 09/01/21 - 01/14/50		7,350,579		7,501,391
3.000% due 02/12/50		30,800,000		31,199,353
3.160% due 05/01/29 - 06/01/29		4,239,711		4,473,963
3.240% due 05/01/29		80,000		84,887
3.260% due 05/01/29		30,000		31,855
3.350% due 05/01/29		10,000		10,661
3.440% (US FED + 1.200%) due 10/01/44 §		10,278		10,361
3.500% due 09/01/34 - 11/01/49		6,025,519		6,267,999
3.500% due 02/12/50		9,300,000		9,560,344
3.500% due 03/12/50		9,800,000		10,068,216
3.579% (USD LIBOR + 1.512%) due 11/01/32 §		29,715		30,342
3.640% due 11/01/28		100,000		107,907
3.737% (USD LIBOR + 1.737%) due 12/01/35 §		4,801		4,856
4.000% due 06/01/25 - 06/01/57		3,479,636		3,642,934
4.000% due 03/12/50		10,700,000		11,130,172
4.119% (UST + 2.043%) due 09/01/35 §		23,680		24,497
4.161% (US FED + 1.927%) due 12/01/36 §		2,193		2,273
4.358% (UST + 2.360%) due 11/01/34 §		26,290		27,927
4.500% due 06/01/24 - 09/01/57		2,378,560		2,534,218
5.000% due 02/01/35 - 08/01/49		1,270,838		1,359,170
5.500% due 07/01/21 - 08/01/39		1,196,886		1,317,482
6.000% due 02/01/33 - 06/01/40		194,839		222,225
				91,273,604

	Principal Amount		Value
Freddie Mac - 5.3%
2.500% due 10/01/49 - 12/01/49		$399,488		$395,130
3.000% due 02/01/38 - 01/01/50		11,623,946		11,840,060
3.500% due 10/01/42 - 12/01/49		4,016,714		4,171,322
3.752% (USD LIBOR + 1.345%) due 09/01/35 §		4,951		5,128
4.000% due 10/01/46 - 11/01/49		6,355,488		6,650,510
4.031% (UST + 2.250%) due 11/01/31 §		2,077		2,185
4.173% (USD LIBOR + 1.870%) due 09/01/35 §		17,429		18,166
4.500% due 11/01/44 - 09/01/48		650,298		689,908
4.553% (USD LIBOR + 1.724%) due 06/01/35 §		45,958		48,301
4.763% (UST + 2.250%) due 04/01/32 §		10,079		10,612
5.000% due 08/01/48 - 01/01/49		1,049,753		1,123,164
5.500% due 03/01/23 - 05/01/40		508,493		571,066
6.000% due 03/01/23		7,433		8,185
				25,533,737
Government National Mortgage Association - 19.2%
2.500% due 09/20/49 - 01/20/50		1,398,929		1,403,436
3.000% due 09/15/42 - 02/20/50		3,574,380		3,671,347
3.500% due 03/20/45 - 10/20/49		1,856,490		1,920,492
3.500% due 02/20/50		12,500,000		12,887,287
4.000% due 06/20/47 - 05/20/49		1,165,992		1,215,665
4.000% due 01/21/50		42,700,000		44,196,866
4.500% due 06/20/48 - 04/20/49		2,719,244		2,854,966
4.500% due 02/20/50		13,900,000		14,560,862
5.000% due 10/15/38 - 02/20/49		3,341,695		3,535,692
5.000% due 01/20/50		6,400,000		6,746,312
				92,992,925
Total Mortgage-Backed Securities (Cost $255,887,182)				255,373,219
ASSET-BACKED SECURITIES - 5.1%
Ally Auto Receivables Trust 2.720% due 05/17/21		46,143		46,151
Applebee’s Funding LLC 4.194% due 06/07/49 ~		270,000		274,053
Argent Securities Inc 2.612% (USD LIBOR + 0.820%) due 02/25/34 §		608,077		593,078
2.917% (USD LIBOR + 1.125%) due 11/25/34 §		469,638		472,016
Asset-Backed Funding Certificates Trust 2.492% (USD LIBOR + 0.700%) due 06/25/34 §		54,434		54,281
Avis Budget Rental Car Funding AESOP LLC 3.350% due 09/22/25 ~		150,000		154,794
Basic Asset Backed Securities Trust 2.102% (USD LIBOR + 0.310%) due 04/25/36 §		389,619		390,108
Bear Stearns Asset Backed Securities I Trust 1.992% (USD LIBOR + 0.200%) due 12/25/36 §		162,274		162,483
2.032% (USD LIBOR + 0.240%) due 12/25/36 §		1,233,993		1,117,087
2.797% (USD LIBOR + 1.005%) due 06/25/35 §		270,040		268,828
Chesapeake Funding II LLC (Canada) 2.110% (USD LIBOR + 0.370%) due 08/15/30 § ~		434,767		434,467
3.230% due 08/15/30 ~		434,767		441,013

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

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December 31, 2019 (Unaudited)

	Principal Amount		Value
CIT Mortgage Loan Trust 3.142% (USD LIBOR + 1.350%) due 10/25/37 § ~		$467,738		$472,842
Citigroup Mortgage Loan Trust 1.962% (USD LIBOR + 0.170%) due 05/25/37 §		77,270		77,213
2.242% (USD LIBOR + 0.450%) due 11/25/45 § ~		368,194		367,128
CLNC Ltd (Cayman) 3.014% (USD LIBOR + 1.250%) due 08/20/35 § ~		900,000		901,123
Community Funding CLO (Cayman) 5.750% due 11/01/27 ~		649,859		659,157
Countrywide Asset-Backed Certificates 1.932% (USD LIBOR + 0.140%) due 07/25/37 §		334,048		303,408
2.192% (USD LIBOR + 0.400%) due 06/25/36 §		500,000		496,792
Credit Acceptance Auto Loan Trust 3.470% due 05/17/27 ~		600,000		607,665
Dividend Solar Loans LLC 3.670% due 08/22/39 ~		303,899		304,789
Evergreen Credit Card Trust (Canada) 1.900% due 09/15/24 ~		1,100,000		1,095,333
First Franklin Mortgage Loan Trust 2.452% (USD LIBOR + 0.660%) due 05/25/36 §		255,346		255,852
Freddie Mac Structured Pass-Through Certificates 3.089% due 11/25/27		200,000		205,927
Gallatin CLO (Cayman) 3.016% (USD LIBOR + 1.050%) due 01/21/28 § ~		500,000		500,005
GM Financial Consumer Automobile Receivables Trust 2.740% due 07/16/21		137,845		137,964
GSAA Home Equity Trust 1.892% (USD LIBOR + 0.100%) due 03/25/37 §		451,915		207,101
6.000% due 08/25/47		369,866		362,083
Home Equity Asset Trust 2.692% (USD LIBOR + 0.900%) due 11/25/34 §		339,945		342,709
Jamestown CLO VIII Ltd (Cayman) 2.871% (USD LIBOR + 0.870%) due 01/15/28 § ~		700,000		699,307
Legacy Mortgage Asset Trust 4.000% due 01/25/59 ~		333,888		337,856
LoanCore Issuer Ltd (Cayman) 2.870% (USD LIBOR + 1.130%) due 05/15/28 § ~		500,000		499,687
Long Beach Mortgage Loan Trust 2.092% (USD LIBOR + 0.300%) due 02/25/36 §		1,036,915		945,965
Mastr Asset Backed Securities Trust 2.012% (USD LIBOR + 0.220%) due 10/25/36 §		661,750		312,766
Merrill Lynch Mortgage Investors Trust 1.952% (USD LIBOR + 0.160%) due 04/25/37 §		416,437		250,464
Monarch Grove CLO (Cayman) 2.820% (USD LIBOR + 0.880%) due 01/25/28 § ~		500,000		498,573
Morgan Stanley Home Equity Loan Trust 1.892% (USD LIBOR + 0.100%) due 12/25/36 §		993,832		565,182
1.932% (USD LIBOR + 0.140%) due 12/25/36 §		784,475		448,531

	Principal Amount		Value
Mountain View CLO Ltd (Cayman) 2.801% (USD LIBOR + 0.800%) due 10/15/26 § ~		$461,945		$461,743
Navient Student Loan Trust 2.942% (USD LIBOR + 1.150%) due 07/26/66 § ~		150,000		150,229
3.430% due 12/15/59 ~		660,801		664,900
Option One Mortgage Loan Trust 1.922% (USD LIBOR + 0.130%) due 07/25/37 §		957,076		714,735
SBA Small Business Investment Cos 3.113% due 03/10/29		197,857		205,358
3.548% due 09/10/28		275,798		286,945
Securitized Asset-Backed Receivables LLC Trust 1.922% (USD LIBOR + 0.130%) due 05/25/37 §		76,257		58,627
1.932% (USD LIBOR + 0.140%) due 05/25/36 §		175,797		108,896
SLM Student Loan Trust 2.050% (USD LIBOR + 0.110%) due 10/27/25 §		4,744		4,742
SMB Private Education Loan Trust 3.240% (USD LIBOR + 1.500%) due 04/15/32 § ~		550,000		554,714
Sofi Professional Loan Program Trust 2.640% due 08/25/47 ~		192,418		192,731
Structured Asset Investment Loan Trust 2.527% (USD LIBOR + 0.735%) due 08/25/35 §		198,229		198,885
Structured Asset Securities Corp Mortgage Loan Trust 2.242% (USD LIBOR + 0.450%) due 05/25/37 § ~		1,000,000		967,777
STWD Ltd (Cayman) 2.820% (USD LIBOR + 1.080%) due 07/15/38 § ~		900,000		900,829
TRTX Issuer Ltd (Cayman) 2.887% (USD LIBOR + 1.150%) due 10/15/34 § ~		900,000		899,730
United States Small Business Administration 2.690% due 07/01/44		60,000		60,857
2.980% due 04/01/39		58,329		59,889
Venture XII CLO Ltd (Cayman) 2.714% (USD LIBOR + 0.800%) due 02/28/26 § ~		543,973		543,080
Venture XVI CLO Ltd (Cayman) 2.851% (USD LIBOR + 0.850%) due 01/15/28 § ~		700,000		698,806
Westlake Automobile Receivables Trust 2.980% due 01/18/22 ~		265,981		266,453
Zais CLO 1 Ltd (Cayman) 3.151% (USD LIBOR + 1.150%) due 04/15/28 § ~		500,000		500,159
Total Asset-Backed Securities (Cost $22,896,930)				24,763,866
U.S. TREASURY OBLIGATIONS - 26.0%
U.S. Treasury Bonds - 8.1%
2.375% due 11/15/49		510,000		507,847
2.875% due 05/15/43		4,700,000		5,116,360
2.875% due 05/15/49		1,000,000		1,101,297
3.000% due 05/15/42		1,800,000		2,000,951
3.000% due 08/15/48		6,300,000		7,089,246
3.125% due 02/15/43		3,500,000		3,966,171
3.125% due 08/15/44		800,000		909,279
3.625% due 08/15/43		11,800,000		14,458,438

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal Amount		Value
3.750% due 11/15/43		$1,500,000		$1,874,236
4.250% due 05/15/39		200,000		263,013
4.375% due 05/15/40		1,000,000		1,341,714
4.625% due 02/15/40		400,000		552,626
				39,181,178
U.S. Treasury Inflation Protected Securities - 7.0%
0.125% due 07/15/26 ^		858,888		861,807
0.375% due 07/15/23 ^		2,543,409		2,578,876
0.375% due 01/15/27 ^		2,343,770		2,379,951
0.625% due 01/15/26 ^		2,491,015		2,567,916
0.750% due 07/15/28 ^		6,807,461		7,163,822
0.750% due 02/15/42 ^		831,397		864,162
0.750% due 02/15/45 ^		327,855		340,295
0.875% due 01/15/29 ^		7,541,932		8,011,396
0.875% due 02/15/47 ^		1,172,699		1,257,793
1.000% due 02/15/46 ^		901,463		992,211
1.000% due 02/15/48 ^		2,295,898		2,542,819
1.000% due 02/15/49 ^		1,503,354		1,672,123
1.375% due 02/15/44 ^		2,131,125		2,515,152
				33,748,323
U.S. Treasury Notes - 10.9%
1.625% due 12/15/22		1,130,000		1,130,536
1.750% due 06/30/24		1,900,000		1,904,602
1.750% due 12/31/24		1,600,000		1,603,630
1.750% due 11/15/29		220,000		216,537
1.875% due 07/31/22 ‡		1,700,000		1,711,593
1.875% due 08/31/22		4,000,000		4,028,200
2.000% due 10/31/22		1,000,000		1,010,636
2.125% due 09/30/24		2,100,000		2,140,444
2.250% due 01/31/24		2,000,000		2,045,061
2.250% due 02/15/27 ‡		600,000		616,260
2.250% due 08/15/27 ‡		300,000		308,247
2.625% due 02/15/29		2,000,000		2,118,491
2.750% due 05/31/23		2,000,000		2,072,862
2.750% due 02/15/24 ‡		400,000		416,987
2.875% due 10/31/23 ‡		30,000,000		31,338,763
				52,662,849
Total U.S. Treasury Obligations (Cost $119,343,120)				125,592,350
FOREIGN GOVERNMENT BONDS & NOTES - 5.5%
Abu Dhabi Government International Bond (United Arab Emirates) 3.125% due 09/30/49 ~		430,000		420,074
Argentina POM Politica Monetaria (Argentina) 54.560% (ARS Reference + 0.000%) due 06/21/20 § W		ARS 7,700,000		64,987
Argentine Bonos del Tesoro (Argentina) 18.200% due 10/03/21 W		4,750,000		25,888
Argentine Republic Government International (Argentina) 3.750% due 12/31/38		$250,000		122,736
5.625% due 01/26/22		430,000		223,734
Autonomous Community of Catalonia (Spain) 4.950% due 02/11/20		EUR 400,000		450,928
Brazil Notas do Tesouro Nacional ‘F’ (Brazil) 10.000% due 01/01/21		BRL 4,038,000		1,056,295
Brazilian Government International (Brazil) 4.625% due 01/13/28		$270,000		290,453
5.625% due 01/07/41		120,000		134,812
5.625% due 02/21/47		200,000		226,587

	Principal Amount		Value
China Government (China) 3.310% due 11/30/25 ~		CNY 3,000,000		$441,643
3.380% due 11/21/24 ~		500,000		73,548
3.390% due 05/21/25 ~		1,000,000		147,492
Colombia Government (Colombia) 5.625% due 02/26/44		$200,000		249,187
Egypt Government International Bond (Egypt) 5.577% due 02/21/23 ~		200,000		209,620
Indonesia Government (Indonesia) 3.500% due 01/11/28		200,000		209,068
4.875% due 05/05/21 ~		300,000		312,188
5.125% due 01/15/45 ~		200,000		238,774
Indonesia Treasury (Indonesia) 7.000% due 05/15/27		IDR 7,665,000,000		551,349
7.500% due 06/15/35		1,622,000,000		117,293
Israel Government International Bond (Israel) 4.125% due 01/17/48		$600,000		696,348
Japan Bank for International Cooperation (Japan) 2.375% due 07/21/22		700,000		708,018
Japanese Government CPI Linked (Japan) 0.100% due 03/10/26 ^		JPY 290,819,744		2,735,427
Kuwait International Government (Kuwait) 3.500% due 03/20/27 ~		$270,000		290,647
Mexican Bonos (Mexico) 7.750% due 11/13/42		MXN 40,650,000		2,282,140
8.000% due 11/07/47		13,110,000		760,205
8.500% due 05/31/29		6,780,000		399,402
Peru Government Bond (Peru) 6.150% due 08/12/32 ~		PEN 3,000,000		1,027,000
Peruvian Government International (Peru) 5.625% due 11/18/50		$30,000		43,941
5.940% due 02/12/29 ~		PEN 1,300,000		443,291
6.550% due 03/14/37		$50,000		73,297
Province of Ontario (Canada) 3.150% due 06/02/22		CAD 900,000		713,977
Province of Quebec (Canada) 3.500% due 07/29/20		$600,000		605,805
Qatar Government International Bond (Qatar) 4.500% due 04/23/28 ~		1,000,000		1,147,596
4.817% due 03/14/49 ~		300,000		372,134
Republic of Poland Government International (Poland) 4.000% due 01/22/24		170,000		183,239
Russian Federal (Russia) 6.900% due 05/23/29		RUB 29,080,000		494,071
7.000% due 08/16/23		26,040,000		436,663
7.050% due 01/19/28		48,792,000		830,347
7.250% due 05/10/34		5,970,000		103,738
7.650% due 04/10/30		26,100,000		464,467
7.700% due 03/16/39		15,630,000		285,196
Spain Government (Spain) 0.600% due 10/31/29 ~		EUR 2,100,000		2,387,797
1.850% due 07/30/35 ~		1,900,000		2,440,013
Tokyo Metropolitan Government (Japan) 2.500% due 06/08/22 ~		$1,000,000		1,011,859
Total Foreign Government Bonds & Notes (Cost $26,818,395)				26,503,274
MUNICIPAL BONDS - 0.3%
City of Chicago IL ‘B’ 5.630% due 01/01/22		270,000		274,514
The University of Arizona ‘A’ 6.423% due 08/01/35		1,300,000		1,331,668
Total Municipal Bonds (Cost $1,567,839)				1,606,182

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENTS - 1.4%
Money Market Fund - 0.4%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.510%		1,719,748		$1,719,748
	Principal Amount
U. S. Government Agency Issues - 1.0%
Federal Home Loan Bank 1.578% due 01/29/20		$2,500,000		2,497,187
1.586% due 03/18/20		800,000		797,382
1.590% due 03/16/20		1,200,000		1,196,177
1.670% (SOFR + 0.120%) due 10/07/20 §		370,000		369,906
				4,860,652
Total Short-Term Investments (Cost $6,580,019)				6,580,400
TOTAL INVESTMENTS - 142.0% (Cost $670,576,363)				686,599,464
TOTAL SECURITIES SOLD SHORT - (1.6%) (PROCEEDS $7,620,188)				(7,627,589	)
DERIVATIVES - (0.3%)				(1,430,918	)
OTHER ASSETS & LIABILITIES, NET - (40.1%)				(193,895,366	)
NET ASSETS - 100.0%				$483,645,591

Notes to Schedule of Investments

(a) Investments with a total aggregate value of $90,875 or less than 0.1% of the Fund’s net assets were valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or to the Board of Trustees.

(b) The average amount of borrowings by the Fund on sale-buyback financing transactions during the nine-month period ended December 31, 2019 was $54,238,003 at a weighted average interest rate of 1.742%.

(c) Securities sold short outstanding as of December 31, 2019 were as follows:

Description	Principal Amount		Value
Mortgage-Backed Securities - (1.6%)
Fannie Mae
4.500% due 02/12/50		$4,500,000		($4,740,405	)
5.000% due 01/14/50		2,700,000		(2,887,184	)
Total Securities Sold Short (Proceeds $7,620,188)				($7,627,589	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

(d) Open futures contracts outstanding as of December 31, 2019 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
AUD FX		03/20		37		$2,524,687		$2,604,060		$79,373
CAD FX		03/20		34		2,571,075		2,620,890		49,815
EUR FX		03/20		108		15,056,794		15,230,700		173,906
Euro-Bobl		03/20		7		1,053,111		1,049,254		(3,857	)
Euro-BTP		03/20		196		31,571,358		31,320,426		(250,932	)
Euro-Bund		03/20		139		26,980,800		26,582,288		(398,512	)
Euro-Buxl		03/20		9		2,054,996		2,002,715		(52,281	)
Eurodollar		06/20		57		13,932,756		14,009,175		76,419
Eurodollar		12/20		60		14,775,873		14,757,000		(18,873	)
Eurodollar		03/21		81		19,889,554		19,934,100		44,546
JPY FX		03/20		3		347,060		346,706		(354	)
MXN FX		03/20		139		3,561,148		3,641,105		79,957
RUB FX		03/20		13		504,321		519,838		15,517
Short Euro-BTP		03/20		38		4,786,150		4,792,305		6,155
U.S. Treasury 2-Year Notes		03/20		163		35,146,752		35,126,500		(20,252	)
U.S. Treasury 5-Year Notes		03/20		1,616		192,289,647		191,672,758		(616,889	)
U.S. Treasury Long Bonds		03/20		263		41,883,621		41,003,344		(880,277	)
U.S. Ultra Long Bonds		03/20		33		6,181,935		5,994,656		(187,279	)
										(1,903,818	)
Short Futures Outstanding
Australia 10-Year Bonds		03/20		7		714,359		702,246		12,113
Euribor		01/20		1		281,547		281,506		41
Euribor		03/20		13		3,659,924		3,659,577		347
Euribor		09/20		77		21,733,045		21,673,794		59,251
Euribor		12/20		81		22,855,489		22,797,434		58,055
Euro-Bobl		03/20		64		9,620,750		9,593,180		27,570
Euro-Bund		03/20		92		17,759,854		17,594,033		165,821
Euro-Buxl		03/20		6		1,367,597		1,335,143		32,454
Eurodollar		01/20		181		44,422,638		44,427,581		(4,943	)
Eurodollar		03/20		137		33,664,538		33,655,763		8,775
Eurodollar		06/21		94		23,134,078		23,133,400		678
Euro-OAT		03/20		76		14,046,221		13,876,074		170,147
Euro-Schatz		03/20		21		2,638,412		2,636,012		2,400
GBP FX		03/20		7		578,182		581,525		(3,343	)
Japan 10-Year Bonds		03/20		3		4,203,281		4,201,739		1,542
Long Gilt		03/20		77		13,496,396		13,400,085		96,311
U.S. Treasury 10-Year Notes		03/20		367		47,480,605		47,130,830		349,775
U.S. Treasury Long Bonds		03/20		124		19,780,733		19,332,375		448,358
										1,425,352
Total Futures Contracts										($478,466	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

78

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PF MANAGED BOND FUND

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

(e) Forward foreign currency contracts outstanding as of December 31, 2019 were as follows:

Currency Purchased		Currency Sold		Settlement Month	Counterparty		Unrealized Appreciation		Unrealized Depreciation
BRL	9,178,542	USD	2,193,490	01/20		CIT		$87,108		$—
CAD	2,240,762	USD	1,698,169	01/20		CIT		27,571		—
CNY	23,561	USD	3,304	01/20		BRC		78		—
EUR	516,000	USD	573,184	01/20		BRC		5,974		—
EUR	505,000	USD	565,358	01/20		CIT		1,699		—
EUR	140,000	USD	154,750	01/20		JPM		2,454		—
EUR	526,000	USD	587,157	01/20		UBS		3,225		—
GBP	1,932,421	USD	2,409,199	01/20		CIT		151,748		—
GBP	285,000	USD	375,567	02/20		UBS		2,422		—
IDR	19,938,229,759	USD	1,384,407	01/20		BRC		52,570		—
INR	103,090,302	USD	1,439,055	01/20		BRC		4,709		—
JPY	21,529,000	USD	198,655	01/20		JPM		—		(329	)
JPY	1,309,300,000	USD	12,095,876	02/20		HSB		—		(15,435	)
MXN	25,512,725	USD	1,313,852	01/20		CIT		31,979		—
MXN	50,833,000	USD	2,529,445	01/20		JPM		150,013		—
MXN	7,634,000	USD	389,162	05/20		RBC		7,179		—
PEN	1,722,411	USD	513,295	01/20		JPM		6,334		—
TWD	807,700	USD	26,255	01/20		JPM		753		—
USD	1,218,882	AUD	1,796,000	01/20		BRC		—		(41,779	)
USD	1,710,571	AUD	2,545,122	01/20		CIT		—		(76,237	)
USD	705,825	CAD	938,000	01/20		HSB		—		(16,556	)
USD	446,248	CAD	590,000	01/20		JPM		—		(8,145	)
USD	1,628,252	CNH	11,614,807	01/20		JPM		—		(39,643	)
USD	3,207,388	EUR	2,902,128	01/20		BNP		—		(51,371	)
USD	22,992,452	EUR	20,794,000	01/20		BRC		—		(349,638	)
USD	7,241,448	EUR	6,560,000	01/20		CIT		—		(124,685	)
USD	351,963	EUR	317,000	01/20		HSB		—		(3,837	)
USD	353,335	EUR	318,000	01/20		UBS		—		(3,588	)
USD	382,854	GBP	283,965	01/20		CIT		6,528		—
USD	155,346	GBP	120,000	01/20		JPM		—		(3,684	)
USD	13,090,926	GBP	10,157,000	02/20		HSB		—		(380,074	)
USD	324,028	GBP	251,000	02/20		SCB		—		(8,868	)
USD	3,743,486	JPY	397,921,363	01/20		BRC		77,833		—
USD	3,958,187	MXN	79,382,632	01/20		BRC		—		(229,355	)
USD	740,818	MXN	14,281,000	01/20		CIT		—		(12,524	)
USD	2,202,592	MXN	43,199,000	01/20		HSB		—		(74,470	)
USD	395,114	MXN	7,634,000	01/20		RBC		—		(7,282	)
USD	383,569	MXN	7,404,000	01/20		UBS		—		(6,704	)
USD	1,364,359	PHP	69,040,000	01/20		BRC		—		(6,816	)
USD	311,927	PHP	16,361,489	01/20		JPM		—		(1,615	)
USD	283,186	RUB	18,261,071	01/20		CIT		—		(10,414	)
USD	270,222	RUB	17,370,670	01/20		JPM		—		(9,061	)
Total Forward Foreign Currency Contracts								$620,177		($1,482,110	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

79

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

(f) Purchased options outstanding as of December 31, 2019 were as follows:

Options on Futures

Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Cost		Value
Call - EUR-FX (01/20)		$1.11		01/03/20		CME		2		$277,500		$1,167		$4,550
Call - AUD-FX (01/20)		68.00		01/03/20		CME		1		68,000		362		2,390
Call - AUD-FX (01/20)		68.50		01/03/20		CME		1		68,500		263		1,890
Call - CAD-FX (01/20)		76.00		01/03/20		CME		1		76,000		163		1,090
Call - U.S. Treasury 5-Year Notes (02/20)		118.50		01/24/20		CME		24		2,844,000		6,963		8,250
Call - U.S. Treasury 10-Year Notes (02/20)		138.50		01/24/20		CME		500		69,250,000		8,677		—
Call - U.S. Treasury 30-Year Bonds (02/20)		155.50		01/24/20		CME		1		155,500		1,205		1,422
Call - U.S. Treasury 30-Year Bonds (02/20)		156.00		01/24/20		CME		2		312,000		2,628		2,312
Call - U.S. Treasury 30-Year Bonds (02/20)		156.50		01/24/20		CME		1		156,500		1,002		922
Call - U.S. Treasury 30-Year Bonds (02/20)		157.00		01/24/20		CME		1		157,000		1,408		734
Call - Euro-Bund (02/20)		EUR 172.50		01/24/20		EUX		1		EUR 172,500		753		191
Call - EUR-FX (02/20)		$1.13		02/07/20		CME		1		$140,625		828		1,138
Call - AUD-FX (02/20)		69.00		02/07/20		CME		1		69,000		473		1,560
Call - AUD-FX (02/20)		69.50		02/07/20		CME		2		139,000		905		2,340
Call - EUR-Schatz (02/20)		EUR 113.70		02/21/20		EUX		3		EUR 341,100		20		17
Call - EUR-Schatz (02/20)		113.80		02/21/20		EUX		18		2,048,400		118		101
Call - U.S. Treasury 10-Year Notes (03/20)		$137.50		02/21/20		CME		1		$137,500		9		—
Call - U.S. Treasury 10-Year Notes (03/20)		138.00		02/21/20		CME		28		3,864,000		241		—
Call - EUR-Bobl (02/20)		EUR 138.25		02/21/20		EUX		3		EUR 414,750		20		17
Call - EUR-Bobl (02/20)		138.50		02/21/20		EUX		4		554,000		26		22
Call - EUR-Bobl (02/20)		138.75		02/21/20		EUX		44		6,105,000		289		247
Call - U.S. Treasury 10-Year Notes (03/20)		$139.00		02/21/20		CME		26		$3,614,000		224		—
Call - U.S. Treasury 30-Year Bonds (03/20)		195.00		02/21/20		CME		7		1,365,000		60		—
												27,804		29,193
Put - EUR-FX (01/20)		1.11		01/03/20		CME		1		138,750		440		6
Put - AUD-FX (01/20)		68.00		01/03/20		CME		1		68,000		253		5
Put - CAD-FX (01/20)		75.50		01/03/20		CME		3		226,500		1,237		15
Put - U.S. Treasury 2-Year Notes (02/20)		107.13		01/24/20		CME		150		32,137,500		4,947		—
Put - U.S. Treasury 5-Year Notes (02/20)		114.50		01/24/20		CME		1,500		171,750,000		26,032		—
Put - U.S. Treasury 10-Year Notes (02/20)		128.00		01/24/20		CME		3		384,000		1,396		984
Put - U.S. Treasury 10-Year Notes (02/20)		128.50		01/24/20		CME		1		128,500		517		547
Put - U.S. Treasury 30-Year Bonds (02/20)		142.00		01/24/20		CME		300		42,600,000		9,894		—
Put - U.S. Treasury 5-Year Notes (03/20)		110.25		02/21/20		CME		30		3,307,500		258		—
Put - U.S. Treasury 5-Year Notes (03/20)		110.50		02/21/20		CME		174		19,227,000		1,496		—
Put - U.S. Treasury 5-Year Notes (03/20)		111.00		02/21/20		CME		28		3,108,000		241		—
Put - U.S. Treasury 5-Year Notes (03/20)		112.00		02/21/20		CME		23		2,576,000		198		—
Put - U.S. Treasury 5-Year Notes (03/20)		112.25		02/21/20		CME		4		449,000		34		—
Put - U.S. Treasury 5-Year Notes (03/20)		113.50		02/21/20		CME		216		24,516,000		1,858		—
Put - U.S. Treasury 5-Year Notes (03/20)		113.75		02/21/20		CME		28		3,185,000		241		219
Put - U.S. Treasury 10-Year Notes (03/20)		117.50		02/21/20		CME		10		1,175,000		86		—
Put - Euro-Bund (02/20)		EUR 157.00		02/21/20		EUX		22		EUR 3,454,000		259		247
												49,387		2,023
Total Options on Futures												$77,191		$31,216
Total Purchased Options												$77,191		$31,216

(g) Premiums received and value of written options outstanding as of December 31, 2019 were as follows:

Inflation Floor/Cap Options

Description

Initial Index

Floating Rate

Expiration Date

Counter- party

Notional Amount

Premium

Value

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

$—

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

1.370%

02/04/20

CIT

$540,000

$1,505

($113

)

Put - 5-Year Interest Rate Swap

Pay

3- Month USD-LIBOR

1.770%

02/04/20

CIT

540,000

1,283

(1,479

)

Total Interest Rate Swaptions

$2,788

($1,592

)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

80

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PF MANAGED BOND FUND

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Options on Futures

Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Premium		Value
Call - EUR-FX (01/20)		$1.12		01/03/20		CME		1		$140,000		$685		($1,037	)
Call - U.S. Treasury 5-Year Notes (02/20)		118.75		01/24/20		CME		16		1,900,000		3,129		(3,500	)
Call - U.S. Treasury 5-Year Notes (02/20)		119.00		01/24/20		CME		29		3,451,000		6,544		(3,852	)
Call - U.S. Treasury 5-Year Notes (02/20)		119.25		01/24/20		CME		10		1,192,500		2,326		(781	)
Call - U.S. Treasury 10-Year Notes (02/20)		128.50		01/24/20		CME		5		642,500		2,319		(2,344	)
Call - U.S. Treasury 10-Year Notes (02/20)		128.75		01/24/20		CME		3		386,250		1,073		(1,078	)
Call - U.S. Treasury 10-Year Notes (02/20)		129.00		01/24/20		CME		7		903,000		2,363		(1,859	)
Call - U.S. Treasury 10-Year Notes (02/20)		129.50		01/24/20		CME		16		2,072,000		6,582		(2,250	)
Call - U.S. Treasury 10-Year Notes (02/20)		130.00		01/24/20		CME		43		5,590,000		14,721		(3,359	)
Call - U.S. Treasury 10-Year Notes (02/20)		130.50		01/24/20		CME		3		391,500		1,260		(141	)
Call - U.S. Treasury 30-Year Bonds (02/20)		158.00		01/24/20		CME		2		316,000		1,325		(875	)
Call - U.S. Treasury 30-Year Bonds (02/20)		159.00		01/24/20		CME		1		159,000		733		(250	)
Call - U.S. Treasury 30-Year Bonds (02/20)		160.00		01/24/20		CME		2		320,000		1,153		(313	)
Call - U.S. Treasury 30-Year Bonds (02/20)		162.00		01/24/20		CME		1		162,000		639		(63	)
Call - Euro-Bund (02/20)		EUR 171.50		01/24/20		EUX		1		EUR 171,500		694		(437	)
Call - U.S. Treasury 5-Year Notes (03/20)		$118.75		02/21/20		CME		5		$593,750		1,944		(1,836	)
Call - U.S. Treasury 5-Year Notes (03/20)		119.00		02/21/20		CME		10		1,190,000		2,170		(2,734	)
Call - U.S. Treasury 10-Year Notes (03/20)		129.00		02/21/20		CME		5		645,000		2,648		(2,656	)
Call - U.S. Treasury 10-Year Notes (03/20)		129.50		02/21/20		CME		6		777,000		2,661		(2,250	)
Call - U.S. Treasury 10-Year Notes (03/20)		130.50		02/21/20		CME		3		391,500		1,776		(516	)
Call - U.S. Treasury 10-Year Notes (03/20)		131.00		02/21/20		CME		27		3,537,000		13,391		(3,375	)
Call - U.S. Treasury 10-Year Notes (03/20)		131.50		02/21/20		CME		6		789,000		1,958		(562	)
Call - U.S. Treasury 10-Year Notes (03/20)		132.00		02/21/20		CME		2		264,000		825		(125	)
Call - U.S. Treasury 30-Year Bonds (03/20)		157.00		02/21/20		CME		3		471,000		3,854		(3,844	)
Call - U.S. Treasury 30-Year Bonds (03/20)		158.00		02/21/20		CME		5		790,000		5,710		(4,687	)
Call - U.S. Treasury 30-Year Bonds (03/20)		160.00		02/21/20		CME		12		1,920,000		15,635		(5,812	)
Call - U.S. Treasury 30-Year Bonds (03/20)		161.00		02/21/20		CME		1		161,000		1,155		(344	)
Call - U.S. Treasury 30-Year Bonds (03/20)		162.00		02/21/20		CME		1		162,000		905		(250	)
												100,178		(51,130	)
Put - U.S. Treasury 5-Year Notes (02/20)		118.00		01/24/20		CME		14		1,652,000		3,554		(1,094	)
Put - U.S. Treasury 5-Year Notes (02/20)		118.50		01/24/20		CME		10		1,185,000		2,834		(2,344	)
Put - U.S. Treasury 5-Year Notes (02/20)		118.75		01/24/20		CME		1		118,750		233		(359	)
Put - U.S. Treasury 10-Year Notes (02/20)		129.00		01/24/20		CME		1		129,000		420		(844	)
Put - U.S. Treasury 30-Year Bonds (02/20)		155.00		01/24/20		CME		1		155,000		873		(812	)
Put - U.S. Treasury 30-Year Bonds (02/20)		156.00		01/24/20		CME		2		312,000		1,856		(2,500	)
Put - U.S. Treasury 5-Year Notes (03/20)		118.00		02/21/20		CME		3		354,000		768		(586	)
Put - U.S. Treasury 5-Year Notes (03/20)		118.50		02/21/20		CME		7		829,500		2,613		(2,680	)
Put - U.S. Treasury 10-Year Notes (03/20)		128.00		02/21/20		CME		5		640,000		2,491		(2,891	)
Put - U.S. Treasury 10-Year Notes (03/20)		128.50		02/21/20		CME		3		385,500		2,245		(2,437	)
												17,887		(16,547	)
Total Options on Futures												$118,065		($67,677	)
Total Written Options												$128,593		($69,269	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

81

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

(h) Swap agreements outstanding as of December 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 12/31/19 (2)		Notional Amount (3)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Italy Government		Q		1.000%		06/20/24		BRC		0.730%		$2,600,000		$30,910			($69,273	)		$100,183
Russian Federation		Q		1.000%		12/20/24		JPM		0.556%		400,000		8,600			1,972			6,628
														39,510			(67,301	)		106,811
							Exchange
Citigroup Inc		Q		1.000%		12/20/20		ICE		0.171%		900,000		7,556			18,995			(11,439	)
Tesco PLC		Q		1.000%		06/20/22		ICE		0.338%		EUR 800,000		15,174			3,661			11,513
Rolls-Royce PLC		Q		1.000%		12/20/24		ICE		0.994%		800,000		564			(4,034	)		4,598
														23,294			18,622			4,672
Total Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection														$62,804			($48,679	)		$111,483
Credit Default Swaps on Credit Indices – Buy Protection (4)
Referenced Obligation			Payment Frequency		Fixed Deal Pay Rate		Expiration Date		Exchange		Notional Amount (3)		Value (5)			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CDX HY 33 5Y				Q		5.000%		12/20/24		ICE		$1,980,000		($194,097	)		($130,026	)		($64,071	)
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 25 5Y				Q		1.000%		12/20/20		ICE		$2,271,680		$20,071			$41,644			($21,573	)
CDX IG 33 5Y				Q		1.000%		12/20/24		ICE		10,070,000		264,495			199,980			64,515
CDX IG 33 10Y				Q		1.000%		12/20/29		ICE		620,000		5,595			(4,032	)		9,627
														$290,161			$237,592			$52,569
Total Credit Default Swaps														$158,868			$58,887			$99,981

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

(2) An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swap agreements on corporate and sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads, in comparison to narrower credit spreads, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. 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 period end. Increasing values (buy protection) or decreasing values (sell protection), when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

82

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Interest Rate Swaps – Long

Receive	Pay	Payment Frequency Receive Rate / Pay Rate		Counterparty		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
8.410%	Brazil CETIP Interbank		Z / Z		CIT		01/02/20		BRL 52,950,000		$422,453			$16,851			$405,602
7.024%	Brazil CETIP Interbank		Z / Z		CIT		01/04/27		5,712,000		35,403			2,294			33,109
7.044%	Brazil CETIP Interbank		Z / Z		JPM		01/04/27		1,400,000		8,994			—			8,994
											466,850			19,145			447,705
				Exchange
1.671%	3-Month USD-LIBOR		S / Q		CME		06/14/20		$12,160,000		(11,249	)		(3,504	)		(7,745	)
2.800%	3-Month USD-LIBOR		S / Q		CME		08/22/23		500,000		23,829			—			23,829
0.100%	6-Month JPY-LIBOR		S / S		LCH		03/20/24		JPY 2,790,000,000		100,759			88,986			11,773
(0.095%)	6-Month JPY-LIBOR		S / S		LCH		09/13/26		140,000,000		(13,272	)		—			(13,272	)
(0.092%)	6-Month JPY-LIBOR		S / S		LCH		09/13/26		70,000,000		(6,500	)		—			(6,500	)
(0.068%)	6-Month JPY-LIBOR		S / S		LCH		09/18/26		120,000,000		(9,353	)		—			(9,353	)
(0.062%)	6-Month JPY-LIBOR		S / S		LCH		09/18/26		190,000,000		(14,078	)		(84	)		(13,994	)
(0.064%)	6-Month JPY-LIBOR		S / S		LCH		09/19/26		67,000,000		(5,011	)		—			(5,011	)
(0.063%)	6-Month JPY-LIBOR		S / S		LCH		09/19/26		67,000,000		(4,968	)		—			(4,968	)
(0.087%)	6-Month JPY-LIBOR		S / S		LCH		09/20/26		34,000,000		(3,052	)		—			(3,052	)
(0.097%)	6-Month JPY-LIBOR		S / S		LCH		09/24/26		82,000,000		(7,898	)		111			(8,009	)
7.450%	28-Day MXN TIIE		L / L		CME		07/18/29		MXN 63,630,000		162,856			26,769			136,087
0.122%	6-Month JPY-LIBOR		S / S		LCH		08/22/39		JPY 370,000,000		(145,225	)		49,345			(194,570	)
0.103%	6-Month JPY-LIBOR		S / S		LCH		08/28/39		90,000,000		(38,543	)		—			(38,543	)
1.000%	6-Month JPY-LIBOR		S / S		LCH		03/21/48		20,000,000		28,770			48,803			(20,033	)
											57,065			210,426			(153,361	)
Total Interest Rate Swaps – Long											$523,915			$229,571			$294,344
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)
1.350%	1 Day U.S. Fed Funds		A / A		CME		09/15/21		$4,213,000		$7,982			($801	)		$8,783
0.300%	6-Month JPY-LIBOR		S / S		CME		03/18/26		JPY 1,160,000,000		(178,600	)		(100,560	)		(78,040	)
0.300%	6-Month JPY-LIBOR		S / S		LCH		03/18/26		410,000,000		(63,126	)		(23,718	)		(39,408	)
1.550%	3-Month USD-LIBOR		S / Q		CME		06/30/26		$23,442,000		330,413			71,668			258,745
1.520%	3-Month USD-LIBOR		S / Q		CME		07/31/26		6,477,000		104,360			23,811			80,549
1.550%	1 Day U.S. Fed Funds		A / A		CME		11/15/26		5,433,000		541			7,036			(6,495	)
0.300%	6-Month JPY-LIBOR		S / S		LCH		09/20/27		JPY 440,000,000		(74,105	)		(16,687	)		(57,418	)
0.300%	6-Month JPY-LIBOR		S / S		LCH		03/20/28		100,000,000		(17,020	)		7,084			(24,104	)
0.399%	6-Month JPY-LIBOR		S / S		LCH		06/18/28		50,000,000		(11,967	)		(42	)		(11,925	)
0.450%	6-Month JPY-LIBOR		S / S		LCH		03/20/29		710,000,000		(213,581	)		(86,980	)		(126,601	)
0.750%	6-Month GBP-LIBOR		S / S		LCH		03/18/30		GBP 200,000		6,803			2,068			4,735
0.750%	6-Month JPY-LIBOR		S / S		LCH		03/20/38		JPY 230,000,000		(169,160	)		19,811			(188,971	)
0.800%	6-Month JPY-LIBOR		S / S		LCH		10/22/38		10,000,000		(8,207	)		—			(8,207	)
0.705%	6-Month JPY-LIBOR		S / S		LCH		10/31/38		50,000,000		(32,694	)		3,203			(35,897	)
0.785%	6-Month JPY-LIBOR		S / S		LCH		11/12/38		20,000,000		(15,778	)		68			(15,846	)
0.750%	6-Month JPY-LIBOR		S / S		LCH		12/20/38		346,300,000		(249,786	)		(36,792	)		(212,994	)
2.875%	3-Month USD-LIBOR		S / Q		CME		05/15/44		$223,000		(35,002	)		2,745			(37,747	)
1.810%	3-Month USD-LIBOR		S / Q		CME		11/15/44		493,000		27,500			660			26,840
1.850%	3-Month USD-LIBOR		S / Q		CME		11/15/44		4,720,000		224,114			9,931			214,183
0.641%	6-Month JPY-LIBOR		S / S		CME		05/09/46		JPY 187,300,000		(109,324	)		—			(109,324	)
1.498%	6-Month EUR-LIBOR		A / S		CME		08/23/47		EUR 543,000		(144,984	)		(813	)		(144,171	)
1.000%	6-Month GBP-LIBOR		S / S		LCH		06/17/50		GBP 3,100,000		113,350			56,828			56,522
											($508,271	)		($61,480	)		($446,791	)
Total Interest Rate Swaps											$15,644			$168,091			($152,447	)
Total Swap Agreements											$174,512			$226,978			($52,466	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

83

PACIFIC FUNDS

PF MANAGED BOND FUND

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

(i) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$239,110,779			$—			$239,110,779			$—
	Senior Loan Notes		7,069,394			—			7,069,394			—
	Mortgage-Backed Securities		255,373,219			—			255,373,219			—
	Asset-Backed Securities		24,763,866			—			24,763,866			—
	U.S. Treasury Obligations		125,592,350			—			125,592,350			—
	Foreign Government Bonds & Notes		26,503,274			—			26,503,274			—
	Municipal Bonds		1,606,182			—			1,606,182			—
	Short-Term Investments		6,580,400			1,719,748			4,860,652			—
	Derivatives:
	Credit Contracts
	Swaps		197,064			—			197,064			—
	Foreign Currency Contracts
	Futures		398,568			398,568			—			—
	Forward Foreign Currency Contracts		620,177			—			620,177			—
	Purchased Options		14,984			—			14,984			—
	Total Foreign Currency Contracts		1,033,729			398,568			635,161			—
	Interest Rate Contracts
	Futures		1,560,758			1,560,758			—			—
	Purchased Options		16,232			—			16,232			—
	Swaps		1,269,751			—			1,269,751			—
	Total Interest Rate Contracts		2,846,741			1,560,758			1,285,983			—
	Total Assets - Derivatives		4,077,534			1,959,326			2,118,208			—
	Total Assets		690,676,998			3,679,074			686,997,924			—
Liabilities	Sale-buyback Financing Transactions		(64,535,554	)		—			(64,535,554	)		—
	Securities Sold Short:
	Mortgaged-Backed Securities		(7,627,589	)		—			(7,627,589	)		—
	Derivatives:
	Credit Contracts
	Swaps		(97,083	)		—			(97,083	)		—
	Foreign Currency Contracts
	Futures		(3,697	)		(3,697	)		—			—
	Forward Foreign Currency Contracts		(1,482,110	)		—			(1,482,110	)		—
	Written Options		(1,037	)		—			(1,037	)		—
	Total Foreign Currency Contracts		(1,486,844	)		(3,697	)		(1,483,147	)		—
	Interest Rate Contracts
	Futures		(2,434,095	)		(2,434,095	)		—			—
	Written Options		(68,232	)		—			(68,232	)		—
	Swaps		(1,422,198	)		—			(1,422,198	)		—
	Total Interest Rate Contracts		(3,924,525	)		(2,434,095	)		(1,490,430	)		—
	Total Liabilities - Derivatives		(5,508,452	)		(2,437,792	)		(3,070,660	)		—
	Total Liabilities		(77,671,595	)		(2,437,792	)		(75,233,803	)		—
	Total		$613,005,403			$1,241,282			$611,764,121			$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

84

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments

December 31, 2019 (Unaudited)

	Principal     Amount		Value
CORPORATE BONDS & NOTES - 51.8%
Basic Materials - 1.0%
Anglo American Capital PLC (South Africa) 3.750% due 04/10/22 ~		$250,000		$256,581
ArcelorMittal SA (Luxembourg) 6.250% due 02/25/22		295,000		318,073
CNAC HK Finbridge Co Ltd (China) 3.000% due 07/19/20 ~		200,000		200,401
DuPont de Nemours Inc 3.766% due 11/15/20		300,000		304,204
International Flavors & Fragrances Inc 3.400% due 09/25/20		65,000		65,563
LyondellBasell Industries NV 6.000% due 11/15/21		200,000		212,461
POSCO (South Korea) 2.375% due 11/12/22 ~		450,000		449,812
				1,807,095
Communications - 1.9%
America Movil Sab de CV (Mexico) 5.000% due 03/30/20		118,000		118,737
Axiata SPV2 Bhd (Malaysia) 3.466% due 11/19/20 ~		220,000		221,914
Baidu Inc (China)
2.875% due 07/06/22		200,000		201,638
3.500% due 11/28/22		200,000		205,725
Charter Communications Operating LLC
3.579% due 07/23/20		370,000		372,387
4.464% due 07/23/22		590,000		620,089
Comcast Corp 3.700% due 04/15/24		250,000		266,521
Crown Castle Towers LLC 3.720% due 07/15/43 ~		55,000		56,946
CSC Holdings LLC 10.875% due 10/15/25 ~		200,000		223,875
Expedia Group Inc 5.950% due 08/15/20		65,000		66,451
Fox Corp
3.666% due 01/25/22 ~		90,000		92,937
4.030% due 01/25/24 ~		105,000		111,939
JD.com Inc (China) 3.125% due 04/29/21		560,000		564,384
The Interpublic Group of Cos Inc 3.500% due 10/01/20		45,000		45,486
WPP Finance 2010 (United Kingdom) 3.625% due 09/07/22		69,000		71,398
				3,240,427
Consumer, Cyclical - 6.5%
American Airlines Pass Through Trust 3.700% due 04/15/27		161,185		163,046
Daimler Finance North America LLC (Germany)
2.200% due 05/05/20 ~		350,000		350,199
2.300% due 02/12/21 ~		805,000		806,596
Delta Air Lines Inc
2.600% due 12/04/20		65,000		65,202
2.875% due 03/13/20		885,000		885,181
DR Horton Inc 2.550% due 12/01/20		125,000		125,571
Ford Motor Credit Co LLC
2.681% due 01/09/20		700,000		700,057
2.865% (USD LIBOR + 0.930%) due 09/24/20 §		450,000		450,691

	Principal     Amount		Value
3.350% due 11/01/22		$305,000		$308,143
3.470% due 04/05/21		200,000		201,863
3.813% due 10/12/21		200,000		203,705
General Motors Financial Co Inc
2.728% (USD LIBOR + 0.850%) due 04/09/21 §		200,000		200,442
3.200% due 07/13/20		435,000		437,026
3.450% due 01/14/22		95,000		97,134
3.550% due 07/08/22		95,000		97,800
4.200% due 11/06/21		65,000		67,396
Harley-Davidson Financial Services Inc
2.150% due 02/26/20 ~		165,000		165,005
2.395% (USD LIBOR + 0.500%) due 05/21/20 § ~		135,000		135,155
2.550% due 06/09/22 ~		85,000		85,317
2.847% (USD LIBOR + 0.940%) due 03/02/21 § ~		270,000		271,636
4.050% due 02/04/22 ~		340,000		351,010
Hasbro Inc
2.600% due 11/19/22		205,000		206,283
3.000% due 11/19/24		280,000		281,493
Hyundai Capital America
2.850% due 11/01/22 ~		121,000		122,364
3.000% due 06/20/22 ~		235,000		237,628
3.950% due 02/01/22 ~		405,000		416,434
Lennar Corp
2.950% due 11/29/20		775,000		779,185
Nissan Motor Acceptance Corp
2.150% due 09/28/20 ~		625,000		623,821
2.600% due 09/28/22 ~		115,000		115,139
3.150% due 03/15/21 ~		375,000		378,699
O’Reilly Automotive Inc 3.800% due 09/01/22		240,000		249,644
Panasonic Corp (Japan) 2.536% due 07/19/22 ~		200,000		201,761
QVC Inc
4.375% due 03/15/23		145,000		149,675
5.125% due 07/02/22		325,000		341,917
United Airlines Pass-Through Trust ‘B’ 3.500% due 11/01/29		90,000		90,971
Volkswagen Group of America Finance LLC (Germany)
2.500% due 09/24/21 ~		200,000		201,781
2.700% due 09/26/22 ~		200,000		202,311
3.875% due 11/13/20 ~		425,000		431,976
				11,199,257
Consumer, Non-Cyclical - 9.4%
AbbVie Inc
2.300% due 05/14/21		295,000		296,330
2.600% due 11/21/24 ~		665,000		669,558
2.900% due 11/06/22		375,000		382,751
3.200% due 11/06/22		45,000		46,189
Allergan Finance LLC 3.250% due 10/01/22		40,000		40,876
Allergan Funding SCS 3.450% due 03/15/22		130,000		132,972
Altria Group Inc
3.490% due 02/14/22		255,000		262,387
3.800% due 02/14/24		440,000		463,053
AmerisourceBergen Corp 3.500% due 11/15/21		150,000		153,597
Anthem Inc 2.500% due 11/21/20		245,000		246,128
BAT Capital Corp (United Kingdom) 2.764% due 08/15/22		825,000		837,015

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

85

PACIFIC FUNDS

PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal     Amount		Value
Baxalta Inc 3.600% due 06/23/22		$95,000		$97,517
Bayer US Finance II LLC (Germany)
2.577% (USD LIBOR + 0.630%) due 06/25/21 § ~		210,000		210,716
3.500% due 06/25/21 ~		530,000		539,678
Becton Dickinson and Co
2.404% due 06/05/20		755,000		755,861
2.836% (USD LIBOR + 0.875%) due 12/29/20 §		56,000		56,028
2.894% due 06/06/22		165,000		167,722
3.125% due 11/08/21		150,000		152,834
Bristol-Myers Squibb Co
2.600% due 05/16/22 ~		95,000		96,569
2.750% due 02/15/23 ~		155,000		157,947
2.875% due 02/19/21 ~		165,000		166,899
2.900% due 07/26/24 ~		205,000		211,637
3.250% due 02/20/23 ~		45,000		46,599
3.550% due 08/15/22 ~		405,000		420,862
3.625% due 05/15/24 ~		40,000		42,266
Bunge Ltd Finance Corp
3.000% due 09/25/22		560,000		567,909
3.500% due 11/24/20		855,000		865,801
4.350% due 03/15/24		30,000		31,511
Cardinal Health Inc
2.616% due 06/15/22		125,000		126,262
3.079% due 06/15/24		150,000		154,319
3.200% due 03/15/23		210,000		215,644
3.500% due 11/15/24		270,000		282,017
Cigna Corp
2.550% (USD LIBOR + 0.650%) due 09/17/21 §		110,000		110,007
3.000% due 07/15/23 ~		175,000		178,845
3.400% due 09/17/21		185,000		189,405
3.750% due 07/15/23		265,000		277,965
3.900% due 02/15/22 ~		125,000		129,473
Conagra Brands Inc 2.703% (USD LIBOR + 0.750%) due 10/22/20 §		70,000		70,007
CVS Health Corp
2.625% due 08/15/24		75,000		75,658
3.350% due 03/09/21		438,000		445,284
3.700% due 03/09/23		410,000		427,070
Elanco Animal Health Inc 3.912% due 08/27/21		180,000		184,663
EMD Finance LLC (Germany) 2.950% due 03/19/22 ~		95,000		96,278
Equifax Inc
2.300% due 06/01/21		255,000		255,780
2.780% (USD LIBOR + 0.870%) due 08/15/21 §		105,000		105,409
3.600% due 08/15/21		255,000		260,898
Express Scripts Holding Co 2.664% (USD LIBOR + 0.750%) due 11/30/20 §		440,000		440,072
Global Payments Inc 2.650% due 02/15/25		170,000		170,807
HPHT Finance 15 Ltd (Hong Kong) 2.875% due 03/17/20 ~		200,000		200,183
Humana Inc
2.900% due 12/15/22		40,000		40,758
3.150% due 12/01/22		105,000		107,765
3.850% due 10/01/24		15,000		15,943
Imperial Brands Finance PLC (United Kingdom)
2.950% due 07/21/20 ~		525,000		526,530
3.750% due 07/21/22 ~		400,000		411,790

	Principal     Amount		Value
Keurig Dr Pepper Inc 3.551% due 05/25/21		$255,000		$260,477
Molson Coors Brewing Co 2.250% due 03/15/20		450,000		449,836
Pernod Ricard SA (France)
4.450% due 01/15/22 ~		260,000		271,980
5.750% due 04/07/21 ~		240,000		251,232
Perrigo Finance Unlimited Co
3.500% due 12/15/21		375,000		380,080
3.900% due 12/15/24		455,000		467,563
Takeda Pharmaceutical Co Ltd (Japan) 4.000% due 11/26/21		400,000		413,723
Tyson Foods Inc 2.250% due 08/23/21		160,000		160,454
				16,273,389
Diversified - 0.2%
CK Hutchison International 17 II Ltd (United Kingdom) 2.750% due 03/29/23 ~		350,000		352,287
Energy - 5.2%
Cenovus Energy Inc (Canada) 3.000% due 08/15/22		265,000		268,656
China Shenhua Overseas Capital Co Ltd (China) 3.125% due 01/20/20 ~		725,000		725,197
Columbia Pipeline Group Inc 3.300% due 06/01/20		380,000		381,316
Diamondback Energy Inc 2.875% due 12/01/24		885,000		895,102
Energy Transfer Operating LP
4.250% due 03/15/23		250,000		261,159
5.875% due 01/15/24		560,000		619,970
7.500% due 10/15/20		705,000		732,763
Eni SPA (Italy) 4.000% due 09/12/23 ~		270,000		284,803
Enterprise Products Operating LLC 3.500% due 02/01/22		95,000		97,969
EQT Corp 2.679% (USD LIBOR + 0.770%) due 10/01/20 §		435,000		433,855
Marathon Oil Corp 2.800% due 11/01/22		510,000		518,485
MPLX LP
2.785% (USD LIBOR + 0.900%) due 09/09/21 §		60,000		60,190
2.985% (USD LIBOR + 1.100%) due 09/09/22 §		180,000		180,738
Occidental Petroleum Corp
2.600% due 08/13/21		315,000		317,374
2.700% due 08/15/22		200,000		202,107
Phillips 66 2.517% (USD LIBOR + 0.600%) due 02/26/21 §		165,000		165,011
Plains All American Pipeline LP 5.000% due 02/01/21		120,000		122,771
PTTEP Canada International Finance Ltd (Thailand) 5.692% due 04/05/21 ~		300,000		312,361
Sabine Pass Liquefaction LLC 5.625% due 02/01/21		780,000		801,787
Saudi Arabian Oil Co (Saudi Arabia) 2.750% due 04/16/22 ~		235,000		237,608
Schlumberger Holdings Corp 3.750% due 05/01/24 ~		210,000		221,271

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

86

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal     Amount		Value
The Williams Cos Inc
3.350% due 08/15/22		$120,000		$122,929
3.700% due 01/15/23		515,000		533,419
Western Midstream Operating LP 4.000% due 07/01/22		425,000		435,590
				8,932,431
Financial - 18.0%
AerCap Ireland Capital DAC (Ireland)
3.950% due 02/01/22		400,000		413,270
4.450% due 12/16/21		220,000		229,293
4.625% due 10/30/20		430,000		438,638
AIG Global Funding
2.300% due 07/01/22 ~		165,000		165,897
3.350% due 06/25/21 ~		138,000		141,049
Air Lease Corp
2.250% due 01/15/23		175,000		175,173
2.500% due 03/01/21		70,000		70,326
3.500% due 01/15/22		90,000		92,485
American Campus Communities Operating Partnership LP REIT 3.350% due 10/01/20		240,000		242,012
American Express Co 3.000% due 02/22/21		365,000		369,385
American International Group Inc
4.875% due 06/01/22		165,000		176,131
6.400% due 12/15/20		365,000		380,137
Aon Corp 2.200% due 11/15/22		95,000		95,460
Aon PLC 2.800% due 03/15/21		550,000		555,670
Avolon Holdings Funding Ltd (Ireland)
3.625% due 05/01/22 ~		335,000		343,660
3.950% due 07/01/24 ~		65,000		67,818
Banco Santander Chile (Chile) 2.500% due 12/15/20 ~		445,000		445,401
Banco Santander Mexico SA (Mexico) 4.125% due 11/09/22 ~		400,000		416,504
Bank of America Corp
2.314% (USD LIBOR + 0.380%) due 01/23/22 §		660,000		660,879
2.503% due 10/21/22		345,000		348,452
2.597% (USD LIBOR + 0.650%) due 06/25/22 §		405,000		407,289
3.126% (USD LIBOR + 1.160%) due 01/20/23 §		295,000		299,400
Banque Federative du Credit Mutuel SA (France) 2.125% due 11/21/22 ~		335,000		335,420
BDO Unibank Inc (Philippines) 2.950% due 03/06/23 ~		400,000		404,303
BPCE SA (France) 3.119% (USD LIBOR + 1.220%) due 05/22/22 § ~		250,000		253,779
Brixmor Operating Partnership LP REIT 3.875% due 08/15/22		35,000		36,461
Capital One Financial Corp
2.400% due 10/30/20		455,000		456,447
3.200% due 01/30/23		180,000		185,071
3.500% due 06/15/23		130,000		135,095
3.900% due 01/29/24		170,000		180,286
Capital One NA
2.150% due 09/06/22		260,000		260,500
2.250% due 09/13/21		250,000		251,122
Citibank NA 2.844% due 05/20/22		305,000		308,729

	Principal     Amount		Value
Citigroup Inc
2.312% due 11/04/22		$310,000		$310,983
2.700% due 03/30/21		245,000		247,332
2.900% due 12/08/21		585,000		594,655
Citizens Bank NA
2.250% due 10/30/20		250,000		250,809
2.550% due 05/13/21		250,000		251,929
3.250% due 02/14/22		305,000		312,534
Cooperatieve Rabobank UA (Netherlands) 3.950% due 11/09/22		375,000		392,111
Credit Suisse AG (Switzerland) 2.100% due 11/12/21		340,000		341,601
Crown Castle International Corp REIT
2.250% due 09/01/21		255,000		255,736
3.400% due 02/15/21		285,000		288,892
Danske Bank AS (Denmark)
2.200% due 03/02/20 ~		480,000		479,992
3.001% due 09/20/22 ~		455,000		458,624
5.000% due 01/12/22 ~		245,000		257,234
Deutsche Bank AG (Germany)
2.950% due 08/20/20		200,000		200,487
3.150% due 01/22/21		175,000		175,807
3.192% (USD LIBOR + 1.290%) due 02/04/21 §		250,000		250,457
3.375% due 05/12/21		160,000		161,691
Discover Bank
3.100% due 06/04/20		635,000		637,403
7.000% due 04/15/20		810,000		820,908
First Niagara Financial Group Inc 7.250% due 12/15/21		120,000		131,433
GE Capital International Funding Co Unlimited Co 2.342% due 11/15/20		1,110,000		1,111,070
Highwoods Realty LP REIT 3.625% due 01/15/23		175,000		180,773
HSBC Bank USA NA 4.875% due 08/24/20		475,000		483,236
HSBC Holdings PLC (United Kingdom) 2.504% (USD LIBOR + 0.600%) due 05/18/21 §		200,000		200,218
ING Groep NV (Netherlands) 3.111% (USD LIBOR + 1.150%) due 03/29/22 §		205,000		207,862
JPMorgan Chase & Co 2.435% (USD LIBOR + 0.550%) due 03/09/21 §		490,000		490,176
KeyBank NA 3.300% due 02/01/22		420,000		431,461
Marsh & McLennan Cos Inc
3.500% due 12/29/20		240,000		243,562
3.875% due 03/15/24		190,000		202,651
Morgan Stanley
2.451% (USD LIBOR + 0.550%) due 02/10/21 §		310,000		310,154
2.500% due 04/21/21		175,000		176,368
2.750% due 05/19/22		245,000		249,489
5.500% due 07/24/20		125,000		127,534
Nordea Bank Abp (Finland) 4.875% due 05/13/21 ~		200,000		207,382
Park Aerospace Holdings Ltd (Ireland)
3.625% due 03/15/21 ~		230,000		233,406
5.250% due 08/15/22 ~		190,000		202,960
Regions Bank 2.289% (USD LIBOR + 0.380%) due 04/01/21 §		535,000		535,221
Reinsurance Group of America Inc 5.000% due 06/01/21		35,000		36,355

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

87

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal     Amount		Value
Santander UK Group Holdings PLC (United Kingdom) 2.875% due 10/16/20		$405,000		$407,282
Santander UK PLC (United Kingdom) 2.125% due 11/03/20		385,000		385,492
SBA Tower Trust REIT
2.836% due 01/15/50 ~		405,000		409,471
3.168% due 04/09/47 ~		370,000		373,985
3.448% due 03/15/48 ~		320,000		329,765
Standard Chartered PLC (United Kingdom) 2.744% due 09/10/22 ~		200,000		201,398
Swedbank AB (Sweden) 2.650% due 03/10/21 ~		680,000		685,042
Synchrony Financial
2.700% due 02/03/20		1,095,000		1,095,396
2.850% due 07/25/22		801,000		810,798
The Goldman Sachs Group Inc
2.707% (USD LIBOR + 0.780%) due 10/31/22 §		100,000		100,712
2.875% due 02/25/21		255,000		257,566
3.000% due 04/26/22		85,000		86,062
3.046% (USD LIBOR + 1.110%) due 04/26/22 §		295,000		298,015
5.750% due 01/24/22		495,000		531,336
Trinity Acquisition PLC 3.500% due 09/15/21		115,000		117,200
Truist Bank 2.800% due 05/17/22		230,000		234,355
UBS Group AG (Switzerland)
3.000% due 04/15/21 ~		680,000		689,095
3.130% (USD LIBOR + 1.220%) due 05/23/23 § ~		255,000		258,675
US Bank NA 2.256% (USD LIBOR + 0.320%) due 04/26/21 §		275,000		275,730
Ventas Realty LP REIT 3.100% due 01/15/23		60,000		61,417
Wells Fargo & Co
2.550% due 12/07/20		23,000		23,144
3.500% due 03/08/22		170,000		175,595
Wells Fargo Bank NA
2.082% due 09/09/22		250,000		250,434
3.325% due 07/23/21		580,000		584,598
Willis Towers Watson PLC 5.750% due 03/15/21		470,000		489,886
				30,924,487
Industrial - 4.6%
Avnet Inc 3.750% due 12/01/21		197,000		202,183
Boral Finance Pty Ltd (Australia) 3.000% due 11/01/22 ~		35,000		35,139
CNH Industrial Capital LLC
3.875% due 10/15/21		475,000		488,794
4.375% due 11/06/20		480,000		488,400
DAE Funding LLC (United Arab Emirates)
4.000% due 08/01/20 ~		210,000		211,919
5.250% due 11/15/21 ~		220,000		228,745
Eagle Materials Inc 4.500% due 08/01/26		50,000		51,908
Eastern Creation II Investment Holdings Ltd (China) 2.750% due 09/26/20 ~		400,000		400,803
GATX Corp 2.600% due 03/30/20		235,000		235,152

	Principal     Amount		Value
General Electric Co
2.700% due 10/09/22		$245,000		$248,337
3.150% due 09/07/22		130,000		132,880
3.450% due 05/15/24		135,000		140,149
4.650% due 10/17/21		138,000		143,877
5.300% due 02/11/21		30,000		30,944
Jabil Inc 5.625% due 12/15/20		115,000		118,748
Martin Marietta Materials Inc 2.549% (USD LIBOR + 0.650%) due 05/22/20 §		220,000		220,271
Northrop Grumman Corp 2.550% due 10/15/22		165,000		167,468
Penske Truck Leasing Co LP
3.050% due 01/09/20 ~		865,000		865,118
3.200% due 07/15/20 ~		50,000		50,218
3.300% due 04/01/21 ~		325,000		329,913
3.650% due 07/29/21 ~		115,000		117,655
Republic Services Inc 2.500% due 08/15/24		185,000		187,152
Roper Technologies Inc
2.350% due 09/15/24		80,000		80,474
2.800% due 12/15/21		195,000		197,905
3.000% due 12/15/20		315,000		317,722
3.125% due 11/15/22		410,000		420,243
3.650% due 09/15/23		95,000		99,751
SMBC Aviation Capital Finance DAC (Ireland)
3.550% due 04/15/24 ~		200,000		207,720
4.125% due 07/15/23 ~		265,000		278,833
United Technologies Corp 2.554% (USD LIBOR + 0.650%) due 08/16/21 §		125,000		125,017
Vulcan Materials Co
2.494% (USD LIBOR + 0.600%) due 06/15/20 §		640,000		640,706
2.557% (USD LIBOR + 0.650%) due 03/01/21 §		390,000		390,839
				7,854,983
Technology - 1.8%
Apple Inc 2.400% due 05/03/23		165,000		167,809
Broadcom Corp
2.375% due 01/15/20		615,000		615,033
3.000% due 01/15/22		415,000		421,106
Fiserv Inc 2.750% due 07/01/24		380,000		386,819
International Business Machines Corp 2.850% due 05/13/22		320,000		327,022
Microchip Technology Inc 3.922% due 06/01/21		515,000		526,743
NXP BV (Netherlands)
3.875% due 09/01/22 ~		200,000		207,534
4.125% due 06/01/21 ~		200,000		205,082
4.625% due 06/01/23 ~		200,000		213,845
				3,070,993
Utilities - 3.2%
American Electric Power Co Inc 3.650% due 12/01/21		50,000		51,586
CenterPoint Energy Inc 3.600% due 11/01/21		75,000		76,956
Dominion Energy Inc 2.579% due 07/01/20		260,000		260,563

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

88

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal     Amount		Value
Edison International
2.125% due 04/15/20		$385,000		$385,242
3.125% due 11/15/22		155,000		157,452
Enel Finance International NV (Italy)
2.875% due 05/25/22 ~		520,000		526,642
4.250% due 09/14/23 ~		205,000		217,050
Exelon Generation Co LLC
2.950% due 01/15/20		575,000		575,097
4.000% due 10/01/20		219,000		221,136
FirstEnergy Corp 2.850% due 07/15/22		240,000		243,877
Israel Electric Corp Ltd (Israel) 5.000% due 11/12/24 ~		300,000		330,515
NextEra Energy Capital Holdings Inc 2.464% (USD LIBOR + 0.550%) due 08/28/21 §		210,000		210,037
NRG Energy Inc 3.750% due 06/15/24 ~		130,000		134,422
San Diego Gas & Electric Co 1.914% due 02/01/22		69,644		69,396
Sempra Energy
2.501% (USD LIBOR + 0.500%) due 01/15/21 §		320,000		320,059
2.850% due 11/15/20		410,000		412,356
2.875% due 10/01/22		25,000		25,470
State Grid Overseas Investment Ltd (China) 2.250% due 05/04/20 ~		615,000		614,979
Vistra Operations Co LLC 3.550% due 07/15/24 ~		705,000		714,301
				5,547,136
Total Corporate Bonds & Notes (Cost $88,215,667)				89,202,485
MORTGAGE-BACKED SECURITIES - 17.5%
Collateralized Mortgage Obligations - Commercial - 2.8%
BAMLL Commercial Mortgage Securities Trust
2.590% (USD LIBOR + 0.850%) due 09/15/34 § ~		600,000		598,572
3.490% due 04/14/33 ~		130,000		134,636
Banc of America Commercial Mortgage Trust 1.957% due 02/15/50		51,292		51,142
Bank 2019-BNK19 2.263% due 08/15/61		109,322		109,828
Bank 2019-BNK24 2.056% due 11/15/62		130,000		129,983
CGDB Commercial Mortgage Trust 3.390% (USD LIBOR + 1.650%) due 11/15/36 § ~		350,000		349,924
Commercial Mortgage Trust
1.443% due 08/10/49		34,437		34,226
1.770% due 02/10/49		2,616		2,610
1.965% due 02/10/50		48,519		48,446
3.221% due 10/10/48		200,000		200,904
Credit Suisse Mortgage Capital Certificates Trust 3.340% (USD LIBOR + 1.600%) due 05/15/36 § ~		210,000		210,429
CSAIL Commercial Mortgage Trust
2.025% due 09/15/50		121,065		120,703
2.360% due 06/15/52		144,386		145,277
Fontainebleau Miami Beach Trust 3.750% due 12/10/36 ~		330,000		338,113
Great Wolf Trust 3.355% (USD LIBOR + 1.633%) due 12/15/36 § ~		145,000		144,968

	Principal     Amount		Value
GS Mortgage Securities Trust
1.429% due 10/10/49		$21,538		$21,469
1.593% due 07/10/48		576		575
InTown Hotel Portfolio Trust
2.440% (USD LIBOR + 0.700%) due 01/15/33 § ~		100,000		99,758
2.990% (USD LIBOR + 1.250%) due 01/15/33 § ~		100,000		99,776
JP Morgan Chase Commercial Mortgage Securities Trust
3.090% (USD LIBOR + 1.350%) due 09/15/29 § ~		380,000		380,472
3.340% (USD LIBOR + 1.600%) due 09/15/29 § ~		120,000		120,225
JPMBB Commercial Mortgage Securities Trust 1.423% due 06/15/49		7,240		7,211
Morgan Stanley Bank of America Merrill Lynch Trust
1.597% due 05/15/49		6,524		6,500
1.706% due 05/15/48		32,421		32,346
4.110% due 10/15/47 §		195,000		207,385
Morgan Stanley Capital I Trust
1.638% due 05/15/48		26,657		26,593
3.177% due 11/10/36 ~		255,000		250,397
New Orleans Hotel Trust 3.029% (USD LIBOR + 1.289%) due 04/15/32 § ~		385,000		384,461
RETL RVP ‘A’ 2.890% (USD LIBOR + 1.150%) due 03/15/36 § ~		83,809		83,947
SLIDE Fund Trust 3.590% (USD LIBOR + 1.850%) due 06/15/31 § ~		125,638		125,870
Wells Fargo Commercial Mortgage Trust
1.577% due 01/15/59		5,164		5,156
1.968% due 07/15/50		96,010		95,859
1.975% due 09/15/50		95,617		95,342
WFRBS Commercial Mortgage Trust 4.697% due 04/15/45		195,000		203,305
				4,866,408
Collateralized Mortgage Obligations - Residential - 9.0%
COLT Mortgage Loan Trust
2.764% due 08/25/49 § ~		334,307		334,687
2.930% due 02/25/48 § ~		27,389		27,473
3.084% due 02/25/48 § ~		22,827		22,898
3.337% due 05/25/49 § ~		131,116		131,442
3.470% due 07/27/48 § ~		115,442		116,013
3.542% due 07/27/48 § ~		56,322		56,606
4.006% due 12/28/48 § ~		202,517		203,798
4.108% due 12/28/48 § ~		196,944		198,186
Connecticut Avenue Securities Trust
2.542% (USD LIBOR + 0.750%) due 09/25/31 § ~		39,592		39,598
2.542% (USD LIBOR + 0.750%) due 06/25/39 § ~		102,191		102,217
2.542% (USD LIBOR + 0.750%) due 07/25/39 § ~		124,086		124,121
2.542% (USD LIBOR + 0.750%) due 09/25/39 § ~		161,188		161,279
Deephaven Residential Mortgage Trust
2.577% due 10/25/47 § ~		92,487		92,661
2.711% due 10/25/47 § ~		24,339		24,386
2.813% due 10/25/47 § ~		24,339		24,385
2.964% due 07/25/59 § ~		265,358		266,748
2.976% due 12/25/57 § ~		70,935		71,064
3.479% due 04/25/58 § ~		114,200		115,168

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

89

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal     Amount		Value
3.485% due 12/26/46 § ~		$16,041		$16,064
3.763% due 04/25/59 § ~		142,681		143,805
3.921% due 04/25/59 § ~		100,000		101,520
3.963% due 08/25/58 § ~		50,679		51,091
4.080% due 10/25/58 § ~		409,272		414,632
Ellington Financial Mortgage Trust 2.739% due 11/25/59 § ~		386,266		386,935
Fannie Mae Connecticut Avenue Securities
2.472% (USD LIBOR + 0.680%) due 10/25/30 §		86,637		86,674
2.512% (USD LIBOR + 0.720%) due 01/25/31 §		40,743		40,760
2.542% (USD LIBOR + 0.750%) due 02/25/30 §		21,096		21,097
2.642% (USD LIBOR + 0.850%) due 11/25/29 §		61,988		62,012
2.892% (USD LIBOR + 1.100%) due 11/25/29 §		400,000		398,401
3.142% (USD LIBOR + 1.350%) due 09/25/29 §		150,000		150,240
Fannie Mae REMICS
3.000% due 11/25/47		293,996		305,016
4.000% due 06/25/44		27,029		27,938
Flagstar Mortgage Trust 4.000% due 09/25/48 § ~		360,957		368,577
Freddie Mac REMICS 2.000% due 02/15/40		188,296		189,084
Freddie Mac Stacr Remic Trust 2.562% (USD LIBOR + 0.770%) due 11/25/49 § ~		140,000		140,087
Freddie Mac STACR Trust
2.522% (USD LIBOR + 0.730%) due 07/25/49 § ~		56,302		56,311
3.192% (USD LIBOR + 1.400%) due 02/25/49 § ~		135,000		135,127
Freddie Mac Structured Agency Credit Risk Debt
2.542% (USD LIBOR + 0.750%) due 03/25/30 §		133,294		133,425
2.592% (USD LIBOR + 0.800%) due 12/25/29 §		60,028		60,061
2.992% (USD LIBOR + 1.200%) due 08/25/29 §		36,761		36,790
3.813% due 05/25/48 § ~		45,329		45,378
3.984% due 09/25/47 § ~		12,084		12,118
3.992% (USD LIBOR + 2.200%) due 09/25/24 §		340,327		344,439
4.152% due 08/25/48 § ~		30,415		30,517
4.459% due 11/25/48 § ~		37,955		37,913
Freddie Mac Whole Loan Securities Trust 3.822% due 05/25/47 § ~		38,729		38,947
Galton Funding Mortgage Trust
3.339% due 10/25/59 § ~		140,000		140,374
3.500% due 11/25/57 § ~		127,584		128,513
4.000% due 02/25/59 § ~		187,910		190,160
Government National Mortgage Association 2.065% (USD LIBOR + 0.300%) due 09/20/48 §		34,741		34,617
GS Mortgage-Backed Securities Trust 2.455% due 07/25/44 § ~		19,011		19,050
Homeward Opportunities Fund I Trust
2.675% due 11/25/59 § ~		244,093		243,933
3.454% due 01/25/59 § ~		261,999		264,044
3.606% due 01/25/59 § ~		179,657		181,052
3.766% due 06/25/48 § ~		102,097		102,993
3.897% due 06/25/48 § ~		83,534		84,292
Metlife Securitization Trust 3.000% due 04/25/55 § ~		114,072		115,580

	Principal     Amount		Value
New Residential Mortgage Loan Trust
2.710% due 11/25/59 § ~		$294,020		$294,690
2.802% due 07/25/49 § ~		252,188		252,724
3.086% due 07/25/49 § ~		103,577		103,697
3.675% due 01/25/49 § ~		410,838		414,002
3.986% due 11/25/48 § ~		165,858		167,755
OBX 2019-EXP2 Trust
2.692% (USD LIBOR + 0.900%) due 06/25/59 § ~		168,042		168,462
2.992% (USD LIBOR + 1.200%) due 06/25/59 § ~		271,705		272,805
OBX 2019-EXP3 Trust 2.692% (USD LIBOR + 0.900%) due 10/25/59 § ~		480,954		479,847
Sequoia Mortgage Trust
3.500% due 02/25/48 § ~		182,906		183,913
4.000% due 06/25/48 § ~		400,196		406,411
4.000% due 08/25/48 § ~		315,297		322,078
4.500% due 08/25/48 § ~		52,549		54,203
SG Residential Mortgage Trust
2.703% due 09/25/59 § ~		155,994		156,063
2.877% due 09/25/59 § ~		389,986		390,156
STACR Trust
2.592% (USD LIBOR + 0.800%) due 12/25/30 § ~		200,463		200,636
2.642% (USD LIBOR + 0.850%) due 02/25/47 § ~		72,841		72,848
3.042% (USD LIBOR + 1.250%) due 02/25/47 § ~		215,000		215,412
Starwood Mortgage Residential Trust
2.610% due 09/27/49 § ~		96,195		95,851
2.941% due 06/25/49 § ~		213,646		214,067
3.299% due 06/25/49 § ~		148,245		148,658
3.468% due 02/25/49 § ~		381,422		384,734
4.121% due 10/25/48 § ~		506,609		516,748
Verus Securitization Trust
2.913% due 07/25/59 § ~		342,544		343,512
2.929% due 02/25/48 § ~		36,149		36,242
3.000% due 11/25/59 ~		411,127		411,819
3.100% due 11/25/59 § ~		163,748		163,418
3.117% due 07/25/59 § ~		210,094		210,685
3.211% due 05/25/59 § ~		189,877		191,238
3.402% due 12/25/59 § ~		102,804		103,644
3.677% due 06/01/58 § ~		127,172		128,199
3.779% due 06/01/58 § ~		55,292		55,754
3.830% due 06/01/58 § ~		55,292		55,761
3.836% due 02/25/59 § ~		348,159		352,124
4.148% due 10/25/58 § ~		398,379		404,360
				15,424,813
Fannie Mae - 3.7%
3.000% due 11/01/29 - 09/01/30		154,016		158,610
3.500% due 06/01/29 - 11/01/47		1,458,732		1,519,131
4.000% due 01/01/47 - 11/01/49		1,031,422		1,075,021
4.500% due 04/01/26 - 11/01/49		1,605,396		1,704,234
5.000% due 01/01/20 - 02/01/49		842,494		916,783
5.500% due 10/01/35 - 02/01/42		402,391		452,601
6.000% due 11/01/35 - 02/01/49		406,339		464,687
				6,291,067
Freddie Mac - 0.2%
4.500% due 03/01/49 - 12/01/49		279,696		294,951
5.500% due 12/01/39		23,019		25,939

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal     Amount		Value
7.000% due 03/01/39		$37,566		$43,689
7.500% due 06/01/38		41,817		48,518
				413,097
Government National Mortgage Association - 1.8%
4.000% due 05/20/49 - 11/20/49		497,679		518,061
4.500% due 06/20/48 - 06/20/49		613,827		643,086
5.000% due 01/20/48 - 06/20/49		1,258,543		1,335,792
5.500% due 09/15/45 - 02/20/49		422,329		460,479
6.000% due 07/15/36		101,537		116,110
				3,073,528
Total Mortgage-Backed Securities (Cost $29,957,461)				30,068,913
ASSET-BACKED SECURITIES - 14.2%
Allegro CLO Ltd (Cayman) 2.780% (USD LIBOR + 0.840%) due 07/25/27 § ~		283,093		283,027
Ally Auto Receivables Trust
2.460% due 09/15/22		40,000		40,103
2.930% due 11/15/23		70,000		70,390
Ally Master Owner Trust 3.300% due 07/17/23		105,000		107,077
American Express Credit Account Master Trust 3.070% due 10/15/24		865,000		883,892
AmeriCredit Automobile Receivables Trust
2.690% due 06/19/23		110,000		111,087
2.710% due 08/18/22		100,000		100,620
2.710% due 09/08/22		315,000		316,924
2.740% due 12/08/22		535,000		538,497
3.080% due 12/18/23		522,000		530,294
3.340% due 08/08/21		130,342		130,457
3.820% due 03/18/24		860,000		890,210
Applebee’s Funding LLC 4.194% due 06/07/49 ~		150,000		152,252
ARI Fleet Lease Trust
1.910% due 04/15/26 ~		16,121		16,106
2.550% due 10/15/26 ~		330,617		330,983
Ascentium Equipment Receivables Trust
2.290% due 06/10/21 ~		41,920		41,954
2.920% due 12/10/20 ~		13,011		13,022
Avis Budget Rental Car Funding AESOP LLC
2.500% due 02/20/21 ~		80,000		80,007
2.500% due 07/20/21 ~		275,000		275,343
2.650% due 03/20/26 ~		425,000		422,357
2.720% due 11/20/22 ~		535,000		538,472
3.700% due 03/20/23 ~		100,000		101,920
4.530% due 03/20/23 ~		130,000		133,332
Bayview Mortgage Fund Trust 3.500% due 01/28/58 § ~		155,051		156,712
Bayview Opportunity Master Fund Trust 3.500% due 01/28/55 § ~		94,122		95,396
BlueMountain CLO Ltd (Cayman) 2.933% (USD LIBOR + 0.930%) due 07/18/27 § ~		270,000		269,765
BRE Grand Islander Timeshare Issuer LLC 3.280% due 09/26/33 ~		349,139		356,358
Capital Auto Receivables Asset Trust
2.700% due 09/20/22 ~		65,000		65,498
3.360% due 11/21/22 ~		160,000		161,500
3.480% due 10/20/23 ~		60,000		60,697
3.690% due 12/20/23 ~		80,000		81,174

	Principal     Amount		Value
CBAM Ltd (Cayman) 3.281% (USD LIBOR + 1.280%) due 02/12/30 § ~		$760,000		$761,538
CNH Equipment Trust
1.930% due 03/15/24		315,000		314,266
3.010% due 04/15/24		195,000		198,619
Cole Park CLO Ltd (Cayman) 3.016% (USD LIBOR + 1.050%) due 10/20/28 § ~		435,000		434,486
Driven Brands Funding LLC 5.216% due 07/20/45 ~		417,600		427,342
Elara HGV Timeshare Issuer LLC
2.530% due 02/25/27 ~		28,100		28,124
2.690% due 03/25/30 ~		54,933		55,285
Enterprise Fleet Financing LLC
2.040% due 02/22/22 ~		192,637		192,569
3.140% due 02/20/24 ~		107,620		108,478
Ford Credit Auto Owner Trust
2.030% due 12/15/27 ~		350,000		350,107
3.520% due 07/15/30 ~		545,000		572,342
GM Financial Automobile Leasing Trust
3.110% due 12/20/21		105,000		105,525
3.370% due 10/20/22		245,000		246,337
3.500% due 04/20/22		80,000		80,780
3.560% due 12/20/22		275,000		278,947
GM Financial Consumer Automobile Trust 2.450% due 07/17/23 ~		100,000		100,284
GMF Floorplan Owner Revolving Trust
2.630% due 07/15/22 ~		190,000		190,248
2.700% due 04/15/24 ~		170,000		171,153
3.240% due 03/15/23 ~		352,000		356,190
3.500% due 09/15/23 ~		220,000		225,315
GreatAmerica Leasing Receivables Funding LLC 2.600% due 06/15/21 ~		80,466		80,661
Hardee’s Funding LLC 4.250% due 06/20/48 ~		133,348		134,288
Hilton Grand Vacations Trust
1.770% due 11/25/26 ~		41,853		41,744
2.660% due 12/26/28 ~		42,491		42,672
2.960% due 12/26/28 ~		42,491		42,659
Hyundai Auto Receivables Trust
2.380% due 04/17/23		395,000		396,116
2.940% due 05/15/25		165,000		168,078
Madison Park Funding Ltd (Cayman)
3.156% (USD LIBOR + 1.190%) due 10/21/30 § ~		500,000		500,581
3.603% (USD LIBOR + 1.300%) due 07/15/32 § ~		250,000		250,931
Mill City Mortgage Loan Trust 2.500% due 04/25/57 § ~		35,978		35,997
MMAF Equipment Finance LLC
2.040% due 02/16/22 ~		48,852		48,850
3.200% due 09/12/22 ~		210,000		212,418
MVW Owner Trust
2.150% due 04/22/30 ~		12,081		12,078
2.420% due 12/20/34 ~		383,504		384,391
2.890% due 11/20/36 ~		401,131		406,291
Navient Private Education Refi Loan Trust
2.400% due 10/15/68 ~		215,000		213,725
2.530% due 02/18/42 ~		59,127		59,139
Navient Private Education Refi Loan Trust ‘A1’ 2.820% due 02/15/68 ~		226,200		227,468
Neuberger Berman CLO Ltd (Cayman) 2.851% (USD LIBOR + 0.850%) due 01/15/28 § ~		250,000		249,999

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

91

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal     Amount		Value
OCP CLO Ltd (Cayman)
2.756% (USD LIBOR + 0.820%) due 10/26/27 § ~		$360,000		$360,034
3.086% (USD LIBOR + 1.120%) due 07/20/29 § ~		415,000		412,876
OZLM VIII Ltd (Cayman) 3.172% (USD LIBOR + 1.170%) due 10/17/29 § ~		250,000		249,097
Planet Fitness Master Issuer LLC 4.262% due 09/05/48 ~		197,500		201,297
Santander Drive Auto Receivables Trust
2.460% due 03/15/22		57,820		57,873
2.580% due 05/16/22		13,618		13,628
2.960% due 03/15/24		960,000		965,280
3.210% due 09/15/23		210,000		211,782
3.270% due 01/17/23		110,000		110,409
3.520% due 12/15/22		125,000		125,682
3.530% due 08/16/21		61,878		61,985
3.650% due 12/15/21		64,424		64,577
4.020% due 04/15/22		105,000		105,656
Santander Retail Auto Lease Trust
2.960% due 11/21/22 ~		85,000		85,344
3.010% due 05/22/23 ~		180,000		182,119
Sierra Timeshare Conduit Receivables Funding LLC 2.910% due 03/20/34 ~		617,805		622,862
Sierra Timeshare Receivables Funding LLC 2.330% due 07/20/33 ~		16,509		16,472
2.430% due 10/20/33 ~		44,491		44,398
2.580% due 09/20/32 ~		152,094		152,352
3.080% due 03/21/33 ~		124,470		125,131
SLM Student Loan Trust
2.192% (USD LIBOR + 0.400%) due 03/25/25 §		110,618		106,835
3.440% (USD LIBOR + 1.500%) due 04/25/23 §		20,421		20,488
3.640% (USD LIBOR + 1.700%) due 07/25/23 §		31,816		32,047
SMB Private Education Loan Trust
2.740% (USD LIBOR + 1.000%) due 06/15/27 § ~		59,089		59,233
2.890% (USD LIBOR + 1.150%) due 05/15/26 § ~		111,813		112,091
3.050% due 05/15/26 ~		52,618		52,884
3.240% (USD LIBOR + 1.500%) due 04/15/32 § ~		225,000		226,928
Synchrony Card Funding LLC 2.340% due 06/15/25		430,000		434,067
Synchrony Credit Card Master Note Trust
2.620% due 09/15/23		85,000		85,105
3.360% due 03/15/24		780,000		784,726
Towd Point Mortgage Trust
2.250% due 07/25/56 § ~		43,505		43,348
2.750% due 02/25/55 § ~		27,028		27,106
2.750% due 04/25/55 § ~		41,902		41,956
2.750% due 05/25/55 § ~		42,424		42,495
2.750% due 08/25/55 § ~		40,835		41,021
2.750% due 10/25/56 § ~		51,821		52,291
2.750% due 04/25/57 § ~		109,698		110,538
3.000% due 01/25/58 § ~		80,676		81,704
3.750% due 05/25/58 § ~		105,903		110,098

	Principal     Amount		Value
Toyota Auto Receivables Owner Trust 3.000% due 05/15/24		$1,085,000		$1,114,996
Verizon Owner Trust
2.360% due 05/20/21 ~		125,000		125,013
2.530% due 04/20/22 ~		120,000		120,251
2.650% due 09/20/21 ~		100,000		100,206
Volvo Financial Equipment LLC 3.060% due 12/15/25 ~		265,000		266,920
World Omni Automobile Lease Securitization Trust 2.320% due 08/15/22		22,194		22,196
Total Asset-Backed Securities (Cost $24,179,092)				24,444,844
U.S. TREASURY OBLIGATIONS - 16.0%
U.S. Treasury Notes - 16.0%
1.500% due 09/15/22		2,590,000		2,583,120
1.625% due 12/15/22		2,155,000		2,156,023
1.750% due 06/15/22		1,875,000		1,882,136
1.750% due 07/15/22		1,840,000		1,846,636
2.125% due 05/15/22		2,170,000		2,196,378
2.250% due 04/15/22		1,615,000		1,638,425
2.375% due 03/15/22		3,740,000		3,804,055
2.500% due 01/15/22		4,250,000		4,326,459
2.500% due 02/15/22		6,000,000		6,113,091
2.625% due 12/15/21		930,000		948,372
				27,494,695
Total U.S. Treasury Obligations (Cost $27,378,726)				27,494,695
SHORT-TERM INVESTMENTS - 1.4%
Commercial Paper - 0.1%
Ford Motor Credit Co LLC 3.223% due 07/27/20		260,000		255,839
	Shares
Money Market Fund - 1.3%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.510%		2,166,043		2,166,043
Total Short-Term Investments (Cost $2,421,311)				2,421,882
TOTAL INVESTMENTS - 100.9% (Cost $172,152,257)				173,632,819
DERIVATIVES - 0.0%				34,308
OTHER ASSETS & LIABILITIES, NET - (0.9%)				(1,633,598	)
NET ASSETS - 100.0%				$172,033,529

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

92

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Notes to Schedule of Investments

(a) Open futures contracts outstanding as of December 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		03/20		210		$45,314,778		$45,255,000		($59,778	)
U.S. Treasury Ultra 10-Year Notes		03/20		2		284,753		281,406		(3,347	)
										(63,125	)
Short Futures Outstanding
U.S. Treasury 5-Year Notes		03/20		60		7,147,936		7,116,563		31,373
U.S. Treasury 10-Year Notes		03/20		46		5,973,466		5,907,406		66,060
										97,433
Total Futures Contracts										$34,308

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

93

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019			Level 1 Quoted Price			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$89,202,485			$—			$89,202,485		$—
	Mortgage-Backed Securities		30,068,913			—			30,068,913		—
	Asset-Backed Securities		24,444,844			—			24,444,844		—
	U.S. Treasury Obligations		27,494,695			—			27,494,695		—
	Short-Term Investments		2,421,882			2,166,043			255,839		—
	Derivatives:
	Interest Rate Contracts
	Futures		97,433			97,433			—		—
	Total Assets		173,730,252			2,263,476			171,466,776		—
Liabilities	Derivatives:
	Interest Rate Contracts
	Futures		(63,125	)		(63,125	)		—		—
	Total Liabilities - Derivatives		(63,125	)		(63,125	)		—		—
	Total		$173,667,127			$2,200,351			$171,466,776		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

94

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PF EMERGING MARKETS DEBT FUND

Schedule of Investments

December 31, 2019 (Unaudited)

	Principal     Amount		Value
CORPORATE BONDS & NOTES - 17.1%
Argentina - 0.2%
MSU Energy SA 6.875% due 02/01/25 ~		$150,000		$91,987
YPF SA 8.500% due 07/28/25 ~		50,000		47,396
				139,383
Azerbaijan - 0.8%
Southern Gas Corridor CJSC 6.875% due 03/24/26 ~		220,000		261,240
State Oil Co of the Azerbaijan Republic 6.950% due 03/18/30 ~		200,000		246,022
				507,262
Brazil - 1.2%
NBM US Holdings Inc 7.000% due 05/14/26 ~		200,000		217,077
Petrobras Global Finance BV
5.093% due 01/15/30 ~		76,000		81,530
6.850% due 06/05/15		120,000		137,543
6.875% due 01/20/40		95,000		111,643
Vale Overseas Ltd
6.875% due 11/21/36		80,000		104,275
6.875% due 11/10/39		80,000		104,475
				756,543
Chile - 1.8%
Corp Nacional del Cobre de Chile
4.375% due 02/05/49 ~		246,000		264,426
4.875% due 11/04/44 ~		200,000		229,757
5.625% due 10/18/43 ~		200,000		251,762
Empresa Nacional del Petroleo 4.500% due 09/14/47 ~		200,000		204,655
VTR Finance BV 6.875% due 01/15/24 ~		180,000		184,425
				1,135,025
China - 1.7%
Amber Circle Funding Ltd 3.250% due 12/04/22 ~		200,000		204,747
China Evergrande Group 7.500% due 06/28/23 ~		200,000		174,475
Sinochem Overseas Capital Co Ltd
4.500% due 11/12/20 ~		100,000		101,801
6.300% due 11/12/40 ~		100,000		136,913
Sunac China Holdings Ltd 7.950% due 08/08/22 ~		200,000		208,988
Yuzhou Properties Co Ltd 6.375% due 03/06/21 ~		200,000		202,750
				1,029,674
Colombia - 0.5%
Empresas Publicas de Medellin ESP 8.375% due 11/08/27 ~		COP 336,000,000		108,158
Millicom International Cellular SA 5.125% due 01/15/28 ~		$200,000		210,271
				318,429

	Principal     Amount		Value
Georgia - 0.4%
Georgian Railway JSC 7.750% due 07/11/22 ~		$200,000		$219,616
Indonesia - 0.8%
P.T. Pertamina Persero 6.000% due 05/03/42 ~		200,000		244,796
P.T. Perusahaan Listrik Negara 5.500% due 11/22/21 ~		230,000		243,892
				488,688
Ireland - 0.4%
C&W Senior Financing DAC 7.500% due 10/15/26 ~		200,000		217,037
Jamaica - 0.3%
Digicel Ltd 6.000% due 04/15/21 ~		200,000		156,582
Kazakhstan - 1.1%
Development Bank of Kazakhstan JSC 4.125% due 12/10/22 ~		220,000		229,293
Halyk Savings Bank of Kazakhstan JSC 5.500% due 12/21/22 ~		66,249		66,925
Kazakhstan Temir Zholy Finance BV 6.950% due 07/10/42 ~		300,000		403,611
				699,829
Luxembourg - 0.4%
Altice Financing SA 7.500% due 05/15/26 ~		200,000		215,370
Malaysia - 0.4%
Wakala Global Sukuk Bhd 4.646% due 07/06/21 ~		250,000		259,469
Mexico - 3.4%
Axtel SAB de CV 6.375% due 11/14/24 ~		200,000		210,919
BBVA Bancomer SA 5.125% due 01/18/33 ~		200,000		202,257
Comision Federal de Electricidad
5.750% due 02/14/42 ~		200,000		224,002
8.180% due 12/23/27 ~		MXN 950,000		48,022
Petroleos Mexicanos
5.625% due 01/23/46		$281,000		251,589
6.350% due 02/12/48		185,000		179,160
6.750% due 09/21/47		498,000		500,647
7.190% due 09/12/24 ~		MXN 3,170,000		153,415
7.690% due 01/23/50 ~		$281,000		307,632
				2,077,643
Pakistan - 0.3%
The Third Pakistan International Sukuk Co Ltd 5.625% due 12/05/22 ~		200,000		205,607

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

95

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal     Amount		Value
Peru - 0.1%
Banco de Credito del Peru 4.850% due 10/30/20 ~		PEN 48,000		$14,637
Patrimonio EN Fideicomiso 5.750% due 04/03/28 ~		$40,000		42,864
				57,501
Philippines - 0.3%
Power Sector Assets & Liabilities Management Corp 7.390% due 12/02/24 ~		130,000		161,578
Russia - 0.4%
SCF Capital Designated Activity Co 5.375% due 06/16/23 ~		232,000		249,746
Saudi Arabia - 0.3%
Saudi Arabian Oil Co 4.250% due 04/16/39 ~		200,000		214,664
South Africa - 0.7%
Absa Group Ltd 6.250% due 04/25/28 ~		200,000		211,300
Eskom Holdings SOC Ltd 7.125% due 02/11/25 ~		200,000		205,188
				416,488
Ukraine - 0.3%
Metinvest BV 7.750% due 04/23/23 ~		200,000		211,057
United Kingdom - 0.8%
Standard Chartered Bank
6.625% due 05/17/33 ~		IDR 270,000,000		18,004
7.590% due 01/13/26 ~		INR 17,870,000		260,809
8.125% due 05/17/24 ~		IDR 369,000,000		28,381
8.250% due 05/19/36 ~		980,000,000		74,016
8.375% due 03/17/34 ~		810,000,000		62,577
9.000% due 03/20/29 ~		311,000,000		25,041
11.000% due 09/17/25 ~		432,000,000		37,673
12.800% due 06/17/21 ~		157,000,000		12,419
				518,920
Venezuela - 0.5%
Petroleos de Venezuela SA
5.375% due 04/12/27 * y ~		$113,000		9,322
8.500% due 10/27/20 y ~		1,460,500		270,192
9.000% due 11/17/21 * y ~		239,354		19,747
9.750% due 05/17/35 * y ~		306,278		25,268
12.750% due 02/17/22 * y ~		117,000		9,653
				334,182
Total Corporate Bonds & Notes (Cost $11,291,151)				10,590,293
SENIOR LOAN NOTES - 1.0%
United Arab Emirates - 1.0%
Dubai World Corp Term B1 2.000% Cash or 1.750% PIK due 09/30/22		647,498		604,601
Total Senior Loan Notes (Cost $610,217)				604,601

	Principal     Amount		Value
FOREIGN GOVERNMENT BONDS & NOTES - 76.1%
Angola - 1.1%
Angolan Government
8.250% due 05/09/28 ~		$200,000		$216,542
9.125% due 11/26/49 ~		200,000		214,506
9.375% due 05/08/48 ~		200,000		220,001
				651,049
Argentina - 3.1%
Argentina Bonar
44.081% (ARS Deposit + 3.250%) due 03/01/20 § W		ARS 470,000		5,006
52.564% (ARS Deposit + 2.000%) due 04/03/22 § W		4,931,267		43,462
Argentina POM Politica Monetaria 54.606% (ARS Reference + 0.000%) due 06/21/20 § W		12,439,899		104,992
Argentine Republic Government
3.750% due 12/31/38 §		$462,217		226,923
4.625% due 01/11/23		381,000		189,134
5.625% due 01/26/22		224,000		116,550
5.875% due 01/11/28		218,000		103,081
6.875% due 04/22/21		552,000		299,681
6.875% due 01/11/48		675,000		325,475
7.500% due 04/22/26		252,000		131,758
7.625% due 04/22/46		344,000		174,042
8.280% due 12/31/33		231,330		142,081
Ciudad Autonoma De Buenos Aires 41.975% (ARS Deposit + 3.250%) due 03/29/24 § W		ARS 2,641,873		28,139
Provincia de Buenos Aires 52.270% (ARS Deposit + 3.750%) due 04/12/25 § ~ W		3,804,000		31,513
				1,921,837
Bahrain - 0.8%
Bahrain Government
7.000% due 10/12/28 ~		$200,000		237,155
7.500% due 09/20/47 ~		200,000		244,287
				481,442
Belarus - 0.8%
Republic of Belarus
6.875% due 02/28/23 ~		260,000		277,972
7.625% due 06/29/27 ~		200,000		227,987
				505,959
Brazil - 7.3%
Brazil Letras do Tesouro Nacional
4.781% due 07/01/21		BRL 3,597,000		832,816
5.164% due 01/01/22		400,000		89,759
5.463% due 07/01/22		3,300,000		716,817
5.906% due 07/01/23		7,184,000		1,456,741
Brazil Notas do Tesouro Nacional ‘F’
10.000% due 01/01/27		667,000		196,044
10.000% due 01/01/29		546,000		164,469
Brazilian Government 2.625% due 01/05/23		$200,000		200,400

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

96

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal     Amount		Value
4.250% due 01/07/25		$200,000		$213,004
4.625% due 01/13/28		200,000		215,150
5.625% due 01/07/41		100,000		112,343
7.125% due 01/20/37		130,000		166,984
8.250% due 01/20/34		90,000		124,345
				4,488,872
Chile - 1.0%
Bonos de la Tesoreria de la Republica
1.500% due 03/01/26 ^		CLP 184,020,590		267,907
1.900% due 09/01/30 ^		14,155,430		22,001
2.000% due 03/01/35 ^		14,155,450		22,869
Bonos de la Tesoreria de la Republica en pesos
4.000% due 03/01/23 ~		120,000,000		168,465
4.700% due 09/01/30 ~		80,000,000		121,717
				602,959
China - 1.4%
China Government
3.130% due 11/21/29		CNY 2,400,000		344,394
3.290% due 05/23/29		2,600,000		377,393
3.860% due 07/22/49		1,000,000		147,437
				869,224
Colombia - 3.3%
Colombia Government
5.625% due 02/26/44		$200,000		249,187
6.125% due 01/18/41		183,000		237,431
7.375% due 09/18/37		110,000		156,578
8.125% due 05/21/24		290,000		357,548
Colombian TES
4.750% due 02/23/23 ^		COP 1,004,378,249		337,829
6.250% due 11/26/25		119,600,000		37,466
7.000% due 05/04/22		962,800,000		306,434
7.500% due 08/26/26		582,800,000		193,771
10.000% due 07/24/24		439,900,000		158,747
				2,034,991
Costa Rica - 0.3%
Costa Rica Government 6.125% due 02/19/31 ~		$200,000		213,050
Croatia - 1.0%
Croatia Government
6.000% due 01/26/24 ~		310,000		355,751
6.625% due 07/14/20 ~		260,000		266,271
				622,022
Czech Republic - 0.5%
Czech Republic Government
0.950% due 05/15/30 ~		CZK 1,690,000		69,877
1.000% due 06/26/26 ~		130,000		5,556
2.000% due 10/13/33		4,440,000		201,278
4.200% due 12/04/36 ~		240,000		14,364
				291,075
Dominican Republic - 1.9%
Dominican Republic
5.500% due 01/27/25 ~		$100,000		107,917
5.875% due 04/18/24 ~		120,000		129,051
6.600% due 01/28/24 ~		100,000		111,418

	Principal     Amount		Value
6.850% due 01/27/45 ~		$270,000		$309,065
6.875% due 01/29/26 ~		290,000		331,791
7.450% due 04/30/44 ~		130,000		157,259
				1,146,501
Ecuador - 5.1%
Ecuador Government
7.875% due 01/23/28 ~		370,000		329,895
7.950% due 06/20/24 ~		368,000		349,753
8.750% due 06/02/23 ~		258,000		254,882
8.875% due 10/23/27 ~		290,000		266,901
9.500% due 03/27/30 ~		200,000		187,070
9.625% due 06/02/27 ~		250,000		236,337
9.650% due 12/13/26 ~		652,000		621,257
10.500% due 03/24/20 ~		200,000		203,138
10.750% due 03/28/22 ~		317,000		323,439
10.750% due 01/31/29 ~		400,000		391,138
				3,163,810
Egypt - 1.7%
Egypt Government
6.588% due 02/21/28 ~		200,000		209,078
7.600% due 03/01/29 ~		200,000		219,264
7.903% due 02/21/48 ~		300,000		315,686
8.500% due 01/31/47 ~		200,000		222,688
15.900% due 07/02/24		EGP 730,000		49,250
16.100% due 05/07/29		731,000		52,108
				1,068,074
El Salvador - 1.2%
El Salvador Government
5.875% due 01/30/25 ~		$102,000		107,780
6.375% due 01/18/27 ~		103,000		109,732
7.625% due 02/01/41 ~		150,000		171,515
7.650% due 06/15/35 ~		95,000		108,626
8.250% due 04/10/32 ~		86,000		102,692
8.625% due 02/28/29 ~		138,000		165,993
				766,338
Gabon - 0.3%
Gabon Government 6.375% due 12/12/24 ~		200,000		209,381
Ghana - 0.7%
Ghana Government
8.125% due 03/26/32 ~		200,000		204,273
8.627% due 06/16/49 ~		200,000		200,120
				404,393
Hungary - 1.7%
Hungary Government
3.000% due 10/27/27		HUF 14,560,000		54,374
3.000% due 08/21/30		8,770,000		32,538
5.375% due 02/21/23		$288,000		316,392
5.375% due 03/25/24		154,000		173,869
5.750% due 11/22/23		266,000		300,360
6.750% due 10/22/28		HUF 19,790,000		94,216
7.625% due 03/29/41		$30,000		49,502
				1,021,251

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

97

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal     Amount		Value
India - 1.9%
Export-Import Bank of India 4.000% due 01/14/23 ~		$200,000		$207,489
India Government
7.170% due 01/08/28		INR 30,000,000		429,018
7.350% due 06/22/24		10,000,000		144,429
7.370% due 04/16/23		23,650,000		341,605
7.720% due 05/25/25		4,000,000		58,713
				1,181,254
Indonesia - 5.4%
Indonesia Government
5.125% due 01/15/45 ~		$200,000		238,774
5.250% due 01/17/42 ~		200,000		241,348
5.950% due 01/08/46 ~		200,000		266,642
6.625% due 02/17/37 ~		100,000		135,962
7.750% due 01/17/38 ~		130,000		195,634
8.500% due 10/12/35 ~		100,000		157,532
Indonesia Treasury
6.125% due 05/15/28		IDR 1,352,000,000		91,984
6.625% due 05/15/33		3,646,000,000		243,125
7.000% due 05/15/27		298,000,000		21,435
7.000% due 09/15/30		2,036,000,000		145,415
7.500% due 08/15/32		2,071,000,000		149,031
7.500% due 06/15/35		1,271,000,000		91,911
7.500% due 05/15/38		689,000,000		49,259
8.250% due 05/15/29		2,604,000,000		202,627
8.250% due 05/15/36		958,000,000		72,355
8.375% due 03/15/24		4,061,000,000		313,908
8.375% due 09/15/26		4,603,000,000		357,244
8.375% due 04/15/39		1,561,000,000		120,596
Perusahaan Penerbit SBSN Indonesia III 4.550% due 03/29/26 ~		$200,000		219,146
				3,313,928
Ivory Coast - 0.5%
Ivory Coast Government
5.875% due 10/17/31 ~		EUR 125,000		146,270
6.875% due 10/17/40 ~		129,000		151,547
				297,817
Kenya - 0.3%
Kenya Government 8.250% due 02/28/48 ~		$200,000		214,910
Lebanon - 1.7%
Lebanon Government
5.800% due 04/14/20 ~		91,000		74,965
6.000% due 01/27/23 ~		60,000		28,077
6.100% due 10/04/22 ~		421,000		205,142
6.150% due 06/19/20		205,000		162,023
6.375% due 03/09/20		125,000		108,989
6.600% due 11/27/26 ~		19,000		8,572
6.850% due 03/23/27 ~		179,000		80,980
7.000% due 03/23/32 ~		150,000		67,989
7.050% due 11/02/35 ~		9,000		4,098
7.250% due 03/23/37 ~		91,000		41,473
8.250% due 04/12/21 ~		474,000		269,507
				1,051,815

	Principal     Amount		Value
Malaysia - 1.4%
Malaysia Government
3.441% due 02/15/21		MYR 290,000		$71,291
3.478% due 06/14/24		1,015,000		251,075
3.733% due 06/15/28		294,000		73,767
3.828% due 07/05/34		127,000		31,771
3.844% due 04/15/33		73,000		18,215
3.885% due 08/15/29		185,000		47,334
3.899% due 11/16/27		51,000		12,931
3.900% due 11/30/26		280,000		70,819
3.906% due 07/15/26		290,000		73,402
4.181% due 07/15/24		217,000		55,297
4.232% due 06/30/31		201,000		52,183
4.498% due 04/15/30		194,000		51,516
4.642% due 11/07/33		180,000		48,596
				858,197
Mexico - 2.8%
Mexican Bonos
7.500% due 06/03/27		MXN 1,720,000		94,565
7.750% due 11/23/34		3,890,000		220,492
8.000% due 11/07/47		2,900,000		168,161
8.500% due 05/31/29		3,890,000		229,156
10.000% due 12/05/24		11,900,000		714,969
Mexico Government
4.750% due 03/08/44		$68,000		75,374
5.550% due 01/21/45		64,000		79,004
5.750% due 10/12/10		72,000		85,423
6.050% due 01/11/40		60,000		78,206
				1,745,350
Morocco - 0.5%
Morocco Government 4.250% due 12/11/22 ~		320,000		337,905
Nigeria - 0.7%
Nigeria Government
6.500% due 11/28/27 ~		200,000		204,773
9.248% due 01/21/49 ~		200,000		224,044
				428,817
Oman - 1.0%
Oman Government
6.500% due 03/08/47 ~		400,000		397,008
6.750% due 01/17/48 ~		200,000		201,567
				598,575
Pakistan - 0.7%
Pakistan Government
6.875% due 12/05/27 ~		200,000		208,883
8.250% due 04/15/24 ~		200,000		223,374
				432,257
Panama - 1.2%
Panama Government
4.300% due 04/29/53		200,000		233,187
6.700% due 01/26/36		120,000		168,563
7.125% due 01/29/26		100,000		125,285
8.875% due 09/30/27		70,000		100,213
9.375% due 04/01/29		70,000		107,124
				734,372

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

98

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PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal     Amount		Value
Paraguay - 0.3%
Paraguay Government 4.625% due 01/25/23 ~		$200,000		$211,783
Peru - 2.2%
Fondo MIVIVIENDA SA 7.000% due 02/14/24 ~		PEN 236,000		79,355
Peruvian Government
5.350% due 08/12/40 ~		273,000		83,466
5.400% due 08/12/34 ~		406,000		128,810
5.625% due 11/18/50		$317,000		464,308
7.350% due 07/21/25		178,000		224,888
8.750% due 11/21/33		230,000		379,005
				1,359,832
Philippines - 1.2%
Philippine Government
6.375% due 10/23/34		100,000		142,308
7.750% due 01/14/31		170,000		251,873
9.500% due 02/02/30		170,000		271,883
10.625% due 03/16/25		61,000		86,374
				752,438
Poland - 0.8%
Republic of Poland
2.750% due 04/25/28		PLN 454,000		125,498
2.750% due 10/25/29		1,253,000		348,567
				474,065
Qatar - 1.6%
Qatar Government
3.250% due 06/02/26 ~		$200,000		210,938
4.000% due 03/14/29 ~		200,000		223,600
4.817% due 03/14/49 ~		200,000		248,090
5.103% due 04/23/48 ~		246,000		316,614
				999,242
Romania - 0.6%
Romanian Government
4.375% due 08/22/23 ~		194,000		207,237
6.125% due 01/22/44 ~		38,000		49,356
6.750% due 02/07/22 ~		104,000		113,864
				370,457
Russia - 2.2%
Russia Federal
6.900% due 05/23/29		RUB 1,098,000		18,655
7.050% due 01/19/28		11,625,000		197,835
7.250% due 05/10/34		1,769,000		30,739
7.700% due 03/23/33		8,871,000		159,544
7.750% due 09/16/26		12,396,000		218,051
8.500% due 09/17/31		12,784,000		243,636
Russia Foreign
4.375% due 03/21/29 ~		$200,000		222,760
5.250% due 06/23/47 ~		200,000		250,829
				1,342,049

	Principal     Amount		Value
Saudi Arabia - 1.2%
Saudi Government
4.375% due 04/16/29 ~		$200,000		$224,735
5.000% due 04/17/49 ~		200,000		239,507
5.250% due 01/16/50 ~		200,000		249,004
				713,246
Senegal - 0.3%
Senegal Government 6.250% due 05/23/33 ~		200,000		210,888
South Africa - 2.7%
Republic of South Africa Government
4.300% due 10/12/28		217,000		213,157
5.650% due 09/27/47		230,000		224,392
5.750% due 09/30/49		250,000		243,971
5.875% due 05/30/22		100,000		107,162
8.000% due 01/31/30		ZAR 2,775,000		185,092
8.250% due 03/31/32		3,313,000		217,308
8.750% due 01/31/44		1,792,140		112,595
8.750% due 02/28/48		2,703,450		170,496
8.875% due 02/28/35		1,333,690		88,873
9.000% due 01/31/40		1,762,760		114,888
				1,677,934
Sri Lanka - 0.7%
Sri Lanka Government
7.550% due 03/28/30 ~		$200,000		198,951
7.850% due 03/14/29 ~		200,000		203,459
				402,410
Suriname - 0.3%
Republic of Suriname 9.250% due 10/26/26 ~		200,000		157,570
Thailand - 1.7%
Thailand Government
1.875% due 06/17/22		THB 15,571,000		528,687
2.000% due 12/17/22		5,000		171
2.125% due 12/17/26		2,698,000		94,690
2.400% due 12/17/23		3,781,000		131,913
2.875% due 06/17/46		333,000		13,141
3.300% due 06/17/38		2,638,000		108,290
3.400% due 06/17/36		760,000		31,455
3.600% due 06/17/67		2,090,000		96,391
3.775% due 06/25/32		1,493,000		61,805
				1,066,543
Turkey - 2.7%
Turkey Government
3.000% due 02/23/22 ^ ~		TRY 387,781		65,680
4.875% due 04/16/43		$200,000		165,400
5.600% due 11/14/24		222,000		226,288
5.750% due 03/22/24		200,000		204,989
6.125% due 10/24/28		200,000		202,959
6.250% due 09/26/22		200,000		209,325
6.350% due 08/10/24		200,000		209,440
6.875% due 03/17/36		50,000		51,727
7.000% due 06/05/20		42,000		42,833
7.375% due 02/05/25		130,000		142,250
10.500% due 08/11/27		TRY 240,000		37,680

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

99

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal     Amount		Value
10.600% due 02/11/26		TRY 160,000		$25,470
10.700% due 08/17/22		611,000		101,269
11.000% due 02/24/27		81,000		13,003
				1,698,313
Ukraine - 3.4%
Ukraine Government
7.375% due 09/25/32 ~		$400,000		427,687
7.750% due 09/01/22 ~		114,000		123,262
7.750% due 09/01/23 ~		214,000		232,903
7.750% due 09/01/25 ~		310,000		339,412
7.750% due 09/01/26 ~		200,000		219,172
7.750% due 09/01/27 ~		126,000		138,296
9.750% due 11/01/28 ~		400,000		487,450
15.840% due 02/26/25 ~		UAH 1,247,000		61,681
16.000% due 08/11/21 ~		413,000		18,065
17.000% due 05/11/22 ~		397,000		18,180
17.250% due 01/05/22 ~		365,000		16,536
				2,082,644
United Arab Emirates - 0.3%
Abu Dhabi Government 3.125% due 09/30/49 ~		$200,000		195,383
Uruguay - 1.4%
Uruguay Government
4.125% due 11/20/45		108,548		117,062
4.975% due 04/20/55		178,082		210,446
5.100% due 06/18/50		90,000		108,282
7.625% due 03/21/36		82,000		121,437
7.875% due 01/15/33		133,000		197,885
8.500% due 03/15/28 ~		UYU 3,220,000		74,644
9.875% due 06/20/22 ~		1,102,000		29,107
				858,863
Venezuela - 0.6%
Venezuela Government
7.750% due 10/13/20 * y ~		$85,000		9,988
8.250% due 10/13/24 * y ~		166,100		19,932
9.000% due 05/07/23 * y ~		73,000		8,760
9.250% due 09/15/27 * y		252,000		30,240
9.250% due 05/07/28 * y ~		121,000		14,520
11.750% due 10/21/26 * y ~		768,700		92,244
11.950% due 08/05/31 * y ~		1,255,900		150,708
12.750% due 08/23/22 * y ~		211,000		25,320
				351,712
Vietnam - 0.3%
Vietnam Government 6.750% due 01/29/20 ~		180,000		180,238
Zambia - 0.3%
Zambia Government 8.970% due 07/30/27 ~		307,000		212,657
Total Foreign Government Bonds & Notes (Cost $47,521,817)				46,975,692

	Principal     Amount		Value
SHORT-TERM INVESTMENTS – 3.0%
Foreign Government Issues - 0.7%
Argentina Treasury Bill (Argentina)
0.000% due 07/29/20 W		ARS 1,310,601		$17,470
0.000% due 10/29/20 W		4,656,404		46,695
0.000% due 05/13/20 W		4,208,321		47,445
Egypt Treasury Bills (Egypt)
7.816% due 01/21/20		EGP 150,000		9,305
9.947% due 01/28/20		1,750,000		108,233
14.313% due 07/14/20		2,575,000		149,166
Uruguay Monetary Regulation Bill (Uruguay)
9.867% due 07/03/20		UYU 2,903,000		73,907
10.318% due 03/10/21		572,000		13,574
				465,795
	Shares
Money Market Fund - 2.3%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.510%		1,401,999		1,401,999
Total Short-Term Investments (Cost $1,952,974)				1,867,794
TOTAL INVESTMENTS - 97.2% (Cost $61,376,159)				60,038,380
DERIVATIVES - 0.3%				196,581
OTHER ASSETS & LIABILITIES, NET - 2.5%				1,520,290
NET ASSETS - 100.0%				$61,755,251

Notes to Schedule of Investments

(a) Investments with a total aggregate value of $324,722 or 0.5% of the Fund’s net assets were valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or to the Board of Trustees.

(b) Investments with a total aggregate value of $685,894 or 1.1% of the Fund’s net assets were in default as of December 31, 2019.

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

100

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

(c) Forward foreign currency contracts outstanding as of December 31, 2019 were as follows:

Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
BRL	1,379,865	USD	335,000	01/20	BSC		$7,991		$—
BRL	434,942	USD	105,000	01/20	DUB		3,113		—
BRL	1,429,745	USD	353,250	01/20	HSB		2,139		—
CLP	363,862,052	USD	504,768	01/20	CSF		—		(20,680	)
CNH	1,550,384	USD	220,000	02/20	ANZ		2,420		—
CNH	680,940	USD	97,000	02/20	BNP		688		—
CNH	714,459	USD	102,000	02/20	HSB		497		—
CNH	749,161	USD	107,000	02/20	MER		475		—
CNY	211,354	USD	30,000	03/20	BNP		280		—
CNY	7,967,314	USD	1,135,560	03/20	HSB		5,873		—
COP	549,649,600	USD	160,000	01/20	CSF		7,023		—
COP	138,234,400	USD	40,000	01/20	DUB		2,006		—
CZK	3,792,282	USD	165,000	01/20	BNP		2,281		—
CZK	579,725	USD	25,000	01/20	HSB		572		—
CZK	385,239	USD	16,390	01/20	JPM		604		—
CZK	1,409,164	USD	60,834	01/20	SCB		1,326		—
CZK	9,968,598	USD	433,620	02/20	SCB		6,172		—
CZK	1,456,616	USD	63,054	03/20	DUB		1,213		—
HUF	41,652,100	USD	140,000	01/20	ING		1,381		—
HUF	36,038,689	USD	122,472	01/20	MER		—		(145	)
HUF	135,500,171	USD	447,831	03/20	HSB		13,485		—
IDR	5,510,510,000	USD	389,985	01/20	ANZ		7,339		—
IDR	3,117,379,136	USD	221,300	01/20	BNP		3,472		—
IDR	1,848,860,000	USD	130,000	01/20	DUB		3,308		—
ILS	86,380	USD	25,000	01/20	HSB		52		—
ILS	561,403	USD	162,945	03/20	MER		448		—
INR	13,184,950	USD	185,000	01/20	ANZ		—		(401	)
KRW	1,352,833,509	USD	1,159,638	02/20	MER		12,035		—
KRW	255,979,000	USD	215,000	02/20	MSC		6,700		—
MXN	7,680,379	USD	401,767	01/20	BRC		2,517		—
MXN	985,092	USD	50,000	01/20	HSB		1,854		—
MXN	11,461,463	USD	592,033	01/20	JPM		11,281		—
MXN	13,491,075	USD	699,290	01/20	MER		10,860		—
MYR	1,550,098	USD	373,025	02/20	DUB		6,614		—
PEN	1,508,610	USD	449,192	01/20	CSF		5,689		—
PEN	270,880	USD	80,000	01/20	MER		1,676		—
PHP	1,780,450	USD	35,000	01/20	ANZ		96		—
PHP	11,591,257	USD	227,878	01/20	BRC		609		—
PLN	1,179,450	USD	305,000	01/20	BNP		5,914		—
PLN	235,866	USD	60,772	01/20	SCB		1,405		—
PLN	4,042,592	USD	1,049,997	02/20	BNP		15,721		—
PLN	155,801	USD	39,849	03/20	BRC		1,226		—
RON	173,395	USD	40,000	01/20	BNP		565		—
RON	410,267	USD	95,000	01/20	MER		981		—
RON	932,822	USD	217,756	02/20	BRC		203		—
RON	1,179,049	USD	270,871	03/20	BNP		4,271		—
RUB	88,453,028	USD	1,368,818	01/20	HSB		50,860		—
RUB	11,293,749	USD	177,800	01/20	JPM		3,466		—
RUB	20,785,863	USD	325,000	01/20	MSC		8,615		—
RUB	43,503,787	USD	668,970	03/20	BRC		24,373		—
SGD	230,988	USD	170,000	02/20	ANZ		1,830		—
SGD	1,175,323	USD	866,234	02/20	HSB		8,079		—
THB	7,591,326	USD	250,770	01/20	BNP		2,855		—
THB	10,564,100	USD	348,647	01/20	HSB		4,299		—
THB	1,833,909	USD	60,665	01/20	SCB		605		—
TRY	204,926	USD	35,000	01/20	BNP		—		(827	)
TRY	4,783,311	USD	818,725	01/20	SCB		—		(21,066	)
TWD	20,548,201	USD	679,796	02/20	BNP		10,247		—
TWD	3,936,400	USD	130,000	02/20	MSC		2,191		—
UAH	1,334,370	USD	44,700	04/20	MER		9,598		—
UAH	1,567,190	USD	53,000	05/20	BRC		10,445		—
UAH	1,256,224	USD	42,440	05/20	GSC		8,325		—
UAH	1,031,087	USD	34,900	05/20	MER		6,968		—
USD	130,000	BRL	556,192	01/20	BRC		—		(8,252	)
USD	130,000	BRL	554,528	01/20	BSC		—		(7,838	)
USD	80,000	BRL	338,112	01/20	CIT		—		(4,044	)
USD	70,000	BRL	296,069	01/20	DUB		—		(3,593	)
USD	351,116	BRL	1,499,651	01/20	HSB		—		(21,650	)
USD	352,779	BRL	1,429,745	02/20	HSB		—		(2,263	)
USD	355,020	CLP	282,128,998	01/20	CSF		—		(20,329	)
USD	69,980	CLP	55,306,594	01/20	DUB		—		(3,601	)
USD	60,000	CLP	46,162,800	01/20	SCB		—		(1,416	)
USD	14,606	CNH	102,870	02/20	DUB		—		(152	)
USD	851,124	CNY	6,000,000	02/20	HSB		—		(9,178	)
USD	110,000	CNY	777,117	03/20	ANZ		—		(1,333	)
USD	65,000	COP	227,693,050	01/20	CSF		—		(4,189	)
USD	45,000	COP	157,725,450	01/20	DUB		—		(2,928	)
USD	293,045	COP	998,990,510	01/20	MER		—		(10,520	)
USD	80,000	CZK	1,841,386	01/20	SCB		—		(1,225	)
USD	280,674	EUR	252,769	01/20	BNP		—		(3,121	)
USD	55,000	HUF	16,441,700	01/20	MER		—		(809	)
USD	160,000	IDR	2,274,560,000	01/20	BRC		—		(4,003	)
USD	118,497	IDR	1,702,502,652	01/20	DUB		—		(4,259	)
USD	142,989	IDR	2,051,459,468	01/20	GSC		—		(4,928	)
USD	159,390	IDR	2,264,777,325	01/20	HSB		—		(3,907	)
USD	32,533	IDR	466,655,920	01/20	SCB		—		(1,114	)
USD	40,000	INR	2,881,200	01/20	ANZ		—		(339	)
USD	188,870	INR	13,617,530	01/20	DUB		—		(1,785	)
USD	138,512	INR	9,928,579	02/20	SCB		—		(102	)
USD	118,000	INR	8,486,560	03/20	CIT		8		—
USD	107,000	INR	7,695,975	03/20	MSC		—		—
USD	117,000	INR	8,411,130	03/20	SCB		57		—
USD	70,000	KRW	82,936,000	02/20	ANZ		—		(1,830	)
USD	185,000	MXN	3,650,828	01/20	DUB		—		(7,174	)
USD	75,000	MYR	313,440	02/20	DUB		—		(1,766	)
USD	50,000	PEN	170,225	01/20	CSF		—		(1,327	)
USD	200,000	PEN	679,400	01/20	MSC		—		(4,854	)
USD	110,000	PLN	425,972	01/20	MER		—		(2,290	)
USD	45,000	RON	194,618	01/20	BNP		—		(530	)
USD	125,000	RUB	8,074,038	01/20	SCB		—		(4,589	)
USD	45,000	SGD	61,448	02/20	MER		—		(710	)
USD	85,000	THB	2,572,100	01/20	BRC		—		(934	)
USD	60,000	TRY	349,842	01/20	MSC		1,661		—
USD	35,000	TWD	1,061,445	02/20	MER		—		(645	)
USD	361,000	ZAR	5,348,880	01/20	HSB		—		(19,331	)
USD	73,050	ZAR	1,089,192	01/20	SCB		—		(4,397	)
ZAR	866,469	USD	58,137	01/20	DUB		3,473		—
ZAR	452,539	USD	30,000	01/20	HSB		2,178		—
ZAR	4,064,468	USD	275,000	01/20	MER		14,003		—
ZAR	11,689,927	USD	789,935	01/20	SCB		41,275		—
ZAR	8,303,265	USD	550,866	03/20	MER		34,931		—
Total Forward Foreign Currency Contracts							$414,717		($220,374	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

101

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

(d) Swap agreements outstanding as of December 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

2.400%

6-Month PLN-WIBOR

A / S

LCH

03/26/23

PLN 1,060,000

$9,463

$—

$9,463

Interest Rate Swaps – Short

Pay

Receive

Payment Frequency Receive Rate / Pay Rate

Exchange

Expiration Date

Notional Amount

Value

Upfront Premiums Paid (Received)

Unrealized Depreciation

7.005%

28-Day MXN-TIIE

L / L

CME

09/15/21

MXN 33,000,000

($7,225

)

$—

($7,225

)

Total Interest Rate Swaps

$2,238

$—

$2,238

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

102

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PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

(e) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$10,590,293			$—		$10,590,293			$—
	Senior Loan Notes		604,601			—		604,601			—
	Foreign Government Bonds & Notes		46,975,692			—		46,975,692			—
	Short-Term Investments		1,867,794			1,401,999		465,795			—
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		414,717			—		414,717			—
	Interest Rate Contracts
	Swaps		9,463			—		9,463			—
	Total Assets - Derivatives		424,180			—		424,180			—
	Total Assets		60,462,560			1,401,999		59,060,561			—
Liabilities	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(220,374	)		—		(220,374	)		—
	Interest Rate Contracts
	Swaps		(7,225	)		—		(7,225	)		—
	Total Liabilities - Derivatives		(227,599	)		—		(227,599	)		—
	Total Liabilities		(227,599	)		—		(227,599	)		—
	Total		$60,234,961			$1,401,999		$58,832,962			$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

103

PACIFIC FUNDS

PACIFIC FUNDS^SM LARGE-CAP

Schedule of Investments

December 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.3%
Basic Materials - 1.6%
CF Industries Holdings Inc		3,516		$167,854
Huntsman Corp		7,993		193,111
				360,965
Communications - 17.8%
Alphabet Inc ‘A’ *		543		727,289
Amazon.com Inc *		495		914,681
Cisco Systems Inc		6,059		290,590
Comcast Corp ‘A’		10,079		453,253
Discovery Inc ‘A’ *		8,833		289,192
Expedia Group Inc		2,614		282,678
Facebook Inc ‘A’ *		3,196		655,979
Verizon Communications Inc		8,104		497,585
				4,111,247
Consumer, Cyclical - 6.6%
AutoZone Inc *		262		312,123
Best Buy Co Inc		3,093		271,565
Delta Air Lines Inc		4,263		249,300
Foot Locker Inc		2,734		106,599
Polaris Inc		1,609		163,635
PulteGroup Inc		7,071		274,355
Royal Caribbean Cruises Ltd		1,098		146,594
				1,524,171
Consumer, Non-Cyclical - 23.5%
Abbott Laboratories		4,113		357,255
Biogen Inc *		544		161,421
Cigna Corp		1,354		276,879
Eli Lilly & Co		2,710		356,175
General Mills Inc		4,914		263,194
Gilead Sciences Inc		3,254		211,445
Johnson & Johnson		2,226		324,707
Kimberly-Clark Corp		1,708		234,935
Medtronic PLC		3,217		364,969
Merck & Co Inc		5,017		456,296
Mondelez International Inc ‘A’		5,024		276,722
Quanta Services Inc		5,520		224,719
The Kroger Co		6,679		193,624
The Procter & Gamble Co		3,183		397,557
Thermo Fisher Scientific Inc		1,188		385,946
UnitedHealth Group Inc		1,474		433,327
US Foods Holding Corp *		6,914		289,627
Vertex Pharmaceuticals Inc *		1,069		234,058
				5,442,856
Energy - 4.6%
ConocoPhillips		4,534		294,846
EOG Resources Inc		3,164		265,017
Marathon Petroleum Corp		3,945		237,686
Phillips 66		2,412		268,721
				1,066,270
Financial - 18.1%
American Express Co		2,703		336,497
American Tower Corp REIT		1,104		253,721
AvalonBay Communities Inc REIT		1,159		243,042
Bank of America Corp		14,141		498,046

	Shares		Value
Boston Properties Inc REIT		1,514		$208,720
E*TRADE Financial Corp		4,130		187,378
JPMorgan Chase & Co		4,494		626,464
Prudential Financial Inc		3,217		301,562
The Charles Schwab Corp		4,521		215,019
The Hartford Financial Services Group Inc		4,305		261,615
Visa Inc ‘A’		3,286		617,439
Willis Towers Watson PLC		1,010		203,959
Zions Bancorp NA		4,561		236,807
				4,190,269
Industrial - 7.7%
Arconic Inc		4,111		126,495
Honeywell International Inc		1,856		328,512
Ingersoll-Rand PLC		1,508		200,443
Northrop Grumman Corp		596		205,006
Raytheon Co		1,366		300,165
Textron Inc		4,538		202,395
The Boeing Co		716		233,244
Westrock Co		4,328		185,715
				1,781,975
Technology - 15.8%
Adobe Inc *		1,147		378,292
Apple Inc		3,371		989,894
Broadcom Inc		1,123		354,890
DXC Technology Co		2,533		95,216
Intel Corp		5,764		344,975
Microsoft Corp		7,878		1,242,361
NXP Semiconductors NV (Netherlands)		1,930		245,612
				3,651,240
Utilities - 2.6%
DTE Energy Co		2,366		307,272
Duke Energy Corp		3,219		293,605
				600,877
Total Common Stocks (Cost $17,589,797)				22,729,870
SHORT-TERM INVESTMENT - 1.8%
Money Market Fund - 1.8%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.510%		405,712		405,712
Total Short-Term Investment (Cost $405,712)				405,712
TOTAL INVESTMENTS - 100.1% (Cost $17,995,509)				23,135,582
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(21,574	)
NET ASSETS - 100.0%				$23,114,008

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

104

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PACIFIC FUNDS^SM LARGE-CAP

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Note to Schedule of Investments

(a) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$22,729,870		$22,729,870		$—		$—
	Short-Term Investment		$405,712		405,712		—		—
	Total		$23,135,582		$23,135,582		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

105

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PACIFIC FUNDS^SM LARGE-CAP VALUE

Schedule of Investments

December 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.0%
Basic Materials - 2.8%
Air Products & Chemicals Inc		1,112		$261,309
CF Industries Holdings Inc		2,710		129,375
Huntsman Corp		7,711		186,298
				576,982
Communications - 12.6%
Alphabet Inc ‘A’ *		165		221,000
AT&T Inc		14,138		552,513
Cisco Systems Inc		5,202		249,488
Comcast Corp ‘A’		9,757		438,772
Discovery Inc ‘A’ *		9,363		306,545
The Walt Disney Co		1,878		271,615
Verizon Communications Inc		9,588		588,703
				2,628,636
Consumer, Cyclical - 5.4%
Best Buy Co Inc		2,024		177,707
BorgWarner Inc		2,120		91,966
Delta Air Lines Inc		5,055		295,616
PVH Corp		2,100		220,815
Royal Caribbean Cruises Ltd		2,645		353,134
				1,139,238
Consumer, Non-Cyclical - 21.3%
Biogen Inc *		449		133,232
Cigna Corp		1,005		205,512
Eli Lilly & Co		1,582		207,922
Gilead Sciences Inc		2,698		175,316
Hill-Rom Holdings Inc		2,140		242,954
Johnson & Johnson		1,816		264,900
Kimberly-Clark Corp		2,231		306,874
Medtronic PLC		4,497		510,185
Merck & Co Inc		3,237		294,405
Mondelez International Inc ‘A’		5,072		279,366
PepsiCo Inc		2,504		342,222
Quanta Services Inc		6,538		266,162
The Procter & Gamble Co		4,941		617,131
Thermo Fisher Scientific Inc		868		281,987
Tyson Foods Inc ‘A’		1,381		125,726
UnitedHealth Group Inc		616		181,092
				4,434,986
Energy - 8.2%
Chevron Corp		3,907		470,832
ConocoPhillips		4,224		274,687
Diamondback Energy Inc		3,037		282,016
EOG Resources Inc		2,837		237,627
Marathon Petroleum Corp		3,585		215,996
Phillips 66		2,034		226,608
				1,707,766
Financial - 28.2%
American Express Co		1,349		167,937
AvalonBay Communities Inc REIT		692		145,112
Bank of America Corp		21,439		755,082
Berkshire Hathaway Inc ‘B’ *		1,065		241,223
Boston Properties Inc REIT		1,858		256,144
Discover Financial Services		3,400		288,388

	Shares		Value
E*TRADE Financial Corp		3,876		$175,854
Equity LifeStyle Properties Inc REIT		1,514		106,570
Highwoods Properties Inc REIT		2,443		119,487
Intercontinental Exchange Inc		2,709		250,718
JPMorgan Chase & Co		6,551		913,209
Prologis Inc REIT		3,139		279,811
Prudential Financial Inc		3,691		345,994
State Street Corp		3,882		307,066
The Allstate Corp		1,674		188,241
The Charles Schwab Corp		4,522		215,066
The Hartford Financial Services Group Inc		4,862		295,464
The Travelers Cos Inc		1,160		158,862
Truist Financial Corp		4,864		273,941
Wells Fargo & Co		2,872		154,514
Willis Towers Watson PLC		1,219		246,165
				5,884,848
Industrial - 8.2%
Caterpillar Inc		1,620		239,242
Honeywell International Inc		1,252		221,604
Ingersoll-Rand PLC		1,577		209,615
Lockheed Martin Corp		537		209,097
Northrop Grumman Corp		880		302,693
Owens Corning		2,453		159,739
Textron Inc		2,877		128,314
Waste Management Inc		2,106		240,000
				1,710,304
Technology - 5.5%
Broadcom Inc		1,073		339,090
Intel Corp		3,211		192,178
Microsoft Corp		1,186		187,032
ON Semiconductor Corp *		11,846		288,806
Oracle Corp		2,746		145,483
				1,152,589
Utilities - 5.8%
American Electric Power Co Inc		3,935		371,897
DTE Energy Co		2,507		325,584
Duke Energy Corp		2,318		211,425
Xcel Energy Inc		4,727		300,117
				1,209,023
Total Common Stocks (Cost $15,516,944)				20,444,372
SHORT-TERM INVESTMENT - 1.8%
Money Market Fund - 1.8%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.510%		375,369		375,369
Total Short-Term Investment (Cost $375,369)				375,369

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

106

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PACIFIC FUNDS LARGE-CAP VALUE

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Value
TOTAL INVESTMENTS - 99.8% (Cost $15,892,313)		$20,819,741
OTHER ASSETS & LIABILITIES, NET - 0.2%		36,110
NET ASSETS - 100.0%		$20,855,851

Note to Schedule of Investments

(a) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$20,444,372		$20,444,372		$—		$—
	Short-Term Investment		375,369		375,369		—		—
	Total		$20,819,741		$20,819,741		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

107

PACIFIC FUNDS

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Schedule of Investments

December 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.9%
Basic Materials - 3.3%
Allegheny Technologies Inc *		70,962		$1,466,075
Axalta Coating Systems Ltd *		90,300		2,745,120
Kaiser Aluminum Corp		28,105		3,116,564
Kraton Corp *		65,935		1,669,474
PolyOne Corp		46,386		1,706,541
Rogers Corp *		11,918		1,486,532
				12,190,306
Communications - 4.4%
CDW Corp		26,138		3,733,552
Ciena Corp *		65,727		2,805,886
Sinclair Broadcast Group Inc ‘A’		69,476		2,316,330
Viavi Solutions Inc *		224,467		3,367,005
Vonage Holdings Corp *		242,755		1,798,814
Yelp Inc *		61,893		2,155,733
				16,177,320
Consumer, Cyclical - 11.4%
Aramark		87,076		3,779,098
BJ’s Restaurants Inc		55,557		2,108,944
BJ’s Wholesale Club Holdings Inc *		105,994		2,410,303
Bloomin’ Brands Inc		159,366		3,517,208
Capri Holdings Ltd *		42,523		1,622,252
Dine Brands Global Inc		29,013		2,423,166
G-III Apparel Group Ltd *		54,095		1,812,182
KB Home		66,756		2,287,728
Lithia Motors Inc ‘A’		15,818		2,325,246
RH*		14,689		3,136,101
SeaWorld Entertainment Inc *		105,291		3,338,778
SkyWest Inc		46,893		3,030,695
Sleep Number Corp *		60,542		2,981,088
Steven Madden Ltd		57,097		2,455,742
The Children’s Place Inc		16,300		1,019,076
UniFirst Corp		11,305		2,283,384
Wolverine World Wide Inc		58,317		1,967,616
				42,498,607
Consumer, Non-Cyclical - 28.9%
Adtalem Global Education Inc *		55,537		1,942,129
Amedisys Inc *		21,597		3,604,971
Amicus Therapeutics Inc *		177,501		1,728,860
AMN Healthcare Services Inc *		32,456		2,022,333
BioTelemetry Inc *		49,660		2,299,258
Cardtronics PLC ‘A’ *		79,011		3,527,841
Charles River Laboratories International Inc *		21,667		3,309,851
Encompass Health Corp		34,873		2,415,653
Esperion Therapeutics Inc *		20,754		1,237,561
Euronet Worldwide Inc *		25,602		4,033,851
FTI Consulting Inc *		27,848		3,081,660
Harsco Corp *		83,914		1,930,861
Helen of Troy Ltd *		12,389		2,227,418
Hill-Rom Holdings Inc		38,039		4,318,568
Horizon Therapeutics PLC *		124,146		4,494,085
Hostess Brands Inc *		145,064		2,109,231
ICF International Inc		35,464		3,249,212
Insperity Inc		33,683		2,898,085
Ionis Pharmaceuticals Inc *		44,798		2,706,247
Jazz Pharmaceuticals PLC *		24,101		3,597,797
Lamb Weston Holdings Inc		47,773		4,109,911
LHC Group Inc *		23,773		3,274,968

	Shares		Value
LivaNova PLC *		27,479		$2,072,741
LiveRamp Holdings Inc *		77,844		3,741,961
Merit Medical Systems Inc *		66,585		2,078,784
Myriad Genetics Inc *		55,729		1,517,501
Neurocrine Biosciences Inc *		27,247		2,928,780
Option Care Health Inc *		407,273		1,519,128
Performance Food Group Co *		74,316		3,825,788
Post Holdings Inc *		14,404		1,571,476
PRA Health Sciences Inc *		25,825		2,870,449
Quanta Services Inc		79,828		3,249,798
Quidel Corp *		34,092		2,557,923
Service Corp International		87,041		4,006,497
Supernus Pharmaceuticals Inc *		51,551		1,222,790
Syneos Health Inc *		56,819		3,379,310
Teleflex Inc		7,150		2,691,546
The Cooper Cos Inc		12,093		3,885,360
				107,240,183
Energy - 2.2%
Diamondback Energy Inc		34,897		3,240,536
Helix Energy Solutions Group Inc *		193,780		1,866,101
WPX Energy Inc *		214,165		2,942,627
				8,049,264
Financial - 21.7%
Alleghany Corp *		5,155		4,121,783
Blucora Inc *		85,434		2,233,245
Deluxe Corp		53,891		2,690,239
Douglas Emmett Inc REIT		81,336		3,570,650
Everest Re Group Ltd		16,767		4,641,776
Glacier Bancorp Inc		50,716		2,332,429
Highwoods Properties Inc REIT		61,513		3,008,601
Horace Mann Educators Corp		64,914		2,834,145
Hudson Pacific Properties Inc REIT		92,935		3,499,003
IBERIABANK Corp		46,632		3,489,473
Invesco Mortgage Capital Inc REIT		86,384		1,438,294
Lamar Advertising Co ‘A’ REIT		49,760		4,441,578
Life Storage Inc REIT		28,265		3,060,534
Mid-America Apartment Communities Inc REIT		26,342		3,473,456
Old Republic International Corp		177,705		3,975,261
PacWest Bancorp		69,604		2,663,745
Piedmont Office Realty Trust Inc ‘A’ REIT		161,694		3,596,075
Radian Group Inc		123,836		3,115,714
Ryman Hospitality Properties Inc REIT		36,669		3,177,736
TCF Financial Corp		73,633		3,446,024
The Hanover Insurance Group Inc		29,602		4,045,705
Virtu Financial Inc ‘A’		130,865		2,092,531
Western Alliance Bancorp		48,219		2,748,483
Wintrust Financial Corp		38,966		2,762,689
Zions Bancorp		75,911		3,941,299
				80,400,468
Industrial - 14.6%
Aerojet Rocketdyne Holdings Inc *		70,998		3,241,769
Altra Industrial Motion Corp		57,637		2,087,036
American Woodmark Corp *		26,346		2,753,420
EnPro Industries Inc		34,028		2,275,793
Generac Holdings Inc *		45,063		4,532,887
Graphic Packaging Holding Co		203,260		3,384,279
Hubbell Inc		12,857		1,900,522
Itron Inc *		34,952		2,934,220
ITT Inc		42,408		3,134,375
Jacobs Engineering Group Inc		37,696		3,386,232
Kirby Corp *		23,161		2,073,604
MasTec Inc *		55,105		3,535,537

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

108

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PACIFIC FUNDS SMALL/MID-CAP

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Shares		Value
Rexnord Corp *		54,139		$1,766,014
Ryder System Inc		33,283		1,807,600
Sonoco Products Co		52,196		3,221,537
Spirit AeroSystems Holdings Inc ‘A’		23,410		1,706,121
SPX Corp *		77,563		3,946,405
US Concrete Inc *		43,892		1,828,541
US Ecology Inc		39,669		2,297,232
Werner Enterprises Inc		60,192		2,190,387
				54,003,511
Technology - 9.3%
Bottomline Technologies DE Inc *		65,393		3,505,065
CommVault Systems Inc *		39,835		1,778,234
Cornerstone OnDemand Inc *		31,664		1,853,927
j2 Global Inc		34,876		3,268,230
MKS Instruments Inc		19,333		2,126,823
Nuance Communications Inc *		121,548		2,167,201
Qualys Inc *		21,524		1,794,456
RealPage Inc *		53,318		2,865,842
Silicon Laboratories Inc *		33,978		3,940,768
SPS Commerce Inc *		67,566		3,744,508
Synopsys Inc *		26,128		3,637,018
Zebra Technologies Corp ‘A’ *		15,679		4,005,044
				34,687,116
Utilities - 2.1%
Black Hills Corp		50,569		3,971,689
Portland General Electric Co		66,344		3,701,332
				7,673,021
Total Common Stocks (Cost $302,795,062)				362,919,796
SHORT-TERM INVESTMENT - 2.6%
Money Market Fund - 2.6%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.510%		9,729,377		9,729,377
Total Short-Term Investment (Cost $9,729,377)				9,729,377
TOTAL INVESTMENTS - 100.5% (Cost $312,524,439)				372,649,173
OTHER ASSETS & LIABILITIES, NET - (0.5%)				(1,902,778	)
NET ASSETS - 100.0%				$370,746,395

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

109

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PACIFIC FUNDS SMALL/MID-CAP

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Note to Schedule of Investments

(a) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$362,919,796		$362,919,796		$—		$—
	Short-Term Investment		9,729,377		9,729,377		—		—
	Total		$372,649,173		$372,649,173		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

110

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PACIFIC FUNDS^SM SMALL-CAP

Schedule of Investments

December 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.4%
Basic Materials - 3.4%
Allegheny Technologies Inc *		6,157		$127,204
Commercial Metals Co		5,456		121,505
Kraton Corp *		5,153		130,474
PolyOne Corp		4,418		162,538
Rogers Corp *		730		91,053
				632,774
Communications - 4.4%
NETGEAR Inc *		2,734		67,010
Perficient Inc *		4,170		192,112
Sinclair Broadcast Group Inc ‘A’		3,017		100,587
Viavi Solutions Inc *		13,105		196,575
Vonage Holdings Corp *		11,197		82,970
Yelp Inc *		5,182		180,489
				819,743
Consumer, Cyclical - 11.6%
BJ’s Restaurants Inc		2,735		103,821
BJ’s Wholesale Club Holdings Inc *		4,459		101,398
Bloomin’ Brands Inc		6,275		138,489
Callaway Golf Co		4,977		105,512
Dine Brands Global Inc		1,501		125,364
G-III Apparel Group Ltd *		2,213		74,135
KB Home		4,238		145,236
Lithia Motors Inc ‘A’		1,216		178,752
Marriott Vacations Worldwide Corp		1,570		202,153
RH *		597		127,459
SeaWorld Entertainment Inc *		3,867		122,623
SkyWest Inc		2,884		186,393
Sleep Number Corp *		3,182		156,682
Steven Madden Ltd		3,736		160,685
The Children’s Place Inc		1,419		88,716
UniFirst Corp		451		91,093
Wolverine World Wide Inc		2,086		70,382
				2,178,893
Consumer, Non-Cyclical - 29.4%
Acadia Healthcare Co Inc *		3,700		122,914
Addus HomeCare Corp *		1,215		118,122
Adtalem Global Education Inc *		3,569		124,808
Amedisys Inc *		1,331		222,171
Amicus Therapeutics Inc *		10,729		104,501
AMN Healthcare Services Inc *		2,923		182,132
Amphastar Pharmaceuticals Inc *		5,139		99,131
BioTelemetry Inc *		1,977		91,535
Blueprint Medicines Corp *		1,445		115,759
Cardtronics PLC ‘A’ *		4,308		192,352
Edgewell Personal Care Co *		4,295		132,973
Esperion Therapeutics Inc *		1,817		108,348
FibroGen Inc *		2,381		102,121
FTI Consulting Inc *		1,214		134,341
Harsco Corp *		8,401		193,307
Helen of Troy Ltd *		1,065		191,476
Horizon Therapeutics PLC *		7,879		285,220
Hostess Brands Inc *		10,432		151,681
ICF International Inc		2,250		206,145
Insperity Inc		1,876		161,411
Iovance Biotherapeutics Inc *		4,191		116,007
J&J Snack Foods Corp		207		38,144
LHC Group Inc *		1,572		216,559

	Shares		Value
LivaNova PLC *		1,897		$143,091
LiveRamp Holdings Inc *		4,428		212,854
Magellan Health Inc *		1,389		108,689
Myriad Genetics Inc *		5,854		159,404
NuVasive Inc *		2,322		179,584
Option Care Health Inc *		27,799		103,690
Orthofix Medical Inc *		2,577		119,006
Performance Food Group Co *		3,317		170,759
Quidel Corp *		2,437		182,848
Revance Therapeutics Inc *		6,930		112,474
SP Plus Corp *		2,283		96,868
Supernus Pharmaceuticals Inc *		4,702		111,532
Syneos Health Inc *		3,144		186,989
Ultragenyx Pharmaceutical Inc *		2,381		101,693
Vanda Pharmaceuticals Inc *		7,186		117,922
				5,518,561
Energy - 2.0%
Helix Energy Solutions Group Inc *		15,879		152,915
Magnolia Oil & Gas Corp ‘A’ *		11,264		141,701
PDC Energy Inc *		3,353		87,748
				382,364
Financial - 23.9%
Argo Group International Holdings Ltd		2,481		163,126
Armada Hoffler Properties Inc REIT		7,306		134,065
Blucora Inc *		3,762		98,339
Brightsphere Investment Group Inc		10,118		103,406
Cathay General Bancorp		3,769		143,410
CenterState Bank Corp		5,503		137,465
ConnectOne Bancorp Inc		2,885		74,202
Deluxe Corp		2,747		137,130
Enterprise Financial Services Corp		3,213		154,899
Essent Group Ltd		2,412		125,400
First Industrial Realty Trust Inc REIT		5,070		210,456
First Midwest Bancorp Inc		6,461		148,991
Glacier Bancorp Inc		2,782		127,944
Home BancShares Inc		6,418		126,178
Horace Mann Educators Corp		4,390		191,667
IBERIABANK Corp		1,988		148,762
Invesco Mortgage Capital Inc REIT		8,207		136,646
Investors Bancorp Inc		19,026		226,695
National Storage Affiliates Trust REIT		4,306		144,768
NexPoint Residential Trust Inc REIT		3,887		174,915
Old National Bancorp		8,479		155,081
Piedmont Office Realty Trust Inc ‘A’ REIT		7,317		162,730
PotlatchDeltic Corp REIT		2,192		94,848
PS Business Parks Inc REIT		1,080		178,060
Radian Group Inc		7,237		182,083
Ryman Hospitality Properties Inc REIT		2,232		193,425
Selective Insurance Group Inc		2,777		181,033
Simmons First National Corp ‘A’		5,255		140,781
United Community Banks Inc		5,229		161,471
WSFS Financial Corp		2,746		120,796
				4,478,772
Industrial - 13.0%
Air Transport Services Group Inc *		5,395		126,567
Altra Industrial Motion Corp		4,925		178,334
American Woodmark Corp *		1,137		118,828
EMCOR Group Inc		2,233		192,708
EnerSys		1,868		139,782
Generac Holdings Inc *		1,860		187,097
Itron Inc *		1,112		93,352
MasTec Inc *		3,467		222,443

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

111

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Shares		Value
OSI Systems Inc *		1,201		$120,989
Rexnord Corp *		4,625		150,868
Saia Inc *		1,938		180,467
SPX Corp *		3,187		162,155
Universal Forest Products Inc		2,882		137,471
US Concrete Inc *		2,416		100,651
US Ecology Inc		1,409		81,595
Vishay Intertechnology Inc		7,081		150,754
Werner Enterprises Inc		2,595		94,432
				2,438,493
Technology - 8.9%
Allscripts Healthcare Solutions Inc *		11,728		115,110
Bottomline Technologies DE Inc *		2,072		111,059
CommVault Systems Inc *		2,276		101,601
Cornerstone OnDemand Inc *		3,178		186,072
Glu Mobile Inc *		18,832		113,934
j2 Global Inc		2,047		191,824
Qualys Inc *		2,082		173,576
Silicon Laboratories Inc *		1,228		142,424
SPS Commerce Inc *		3,469		192,252
Verint Systems Inc *		4,162		230,408
Virtusa Corp *		2,525		114,458
				1,672,718
Utilities - 2.8%
ALLETE Inc		947		76,868
Black Hills Corp		2,285		179,464
Portland General Electric Co		1,968		109,795
Southwest Gas Holdings Inc		1,977		150,192
				516,319
Total Common Stocks (Cost $15,758,069)				18,638,637
SHORT-TERM INVESTMENT - 0.6%
Money Market Fund - 0.6%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.510%		105,889		105,889
Total Short-Term Investment (Cost $105,889)				105,889
TOTAL INVESTMENTS - 100.0% (Cost $15,863,958)				18,744,526
OTHER ASSETS & LIABILITIES, NET - 0.0%				8,680
NET ASSETS - 100.0%				$18,753,206

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

112

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PACIFIC FUNDS SMALL-CAP

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Note to Schedule of Investments

(a) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$18,638,637		$18,638,637		$—		$—
	Short-Term Investment		105,889		105,889		—		—
	Total		$18,744,526		$18,744,526		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

113

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PACIFIC FUNDS^SM SMALL-CAP VALUE

Schedule of Investments

December 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 95.9%
Basic Materials - 2.8%
Allegheny Technologies Inc *		6,468		$133,629
Commercial Metals Co		5,120		114,022
Kaiser Aluminum Corp		1,668		184,965
Kraton Corp *		6,654		168,479
				601,095
Communications - 2.0%
NETGEAR Inc *		4,883		119,682
Viavi Solutions Inc *		10,607		159,105
Yelp Inc *		4,119		143,465
				422,252
Consumer, Cyclical - 9.8%
BJ’s Wholesale Club Holdings Inc *		6,306		143,398
Bloomin’ Brands Inc		7,818		172,543
Callaway Golf Co		6,603		139,984
Del Taco Restaurants Inc *		11,281		89,176
Designer Brands Inc ‘A’		10,735		168,969
Dine Brands Global Inc		1,742		145,492
G-III Apparel Group Ltd *		3,947		132,224
KB Home		5,617		192,495
Marriott Vacations Worldwide Corp		1,330		171,251
RH *		739		157,776
SkyWest Inc		4,083		263,884
The Children’s Place Inc		1,526		95,406
UniFirst Corp		1,067		215,513
				2,088,111
Consumer, Non-Cyclical - 17.2%
Aaron’s Inc		2,508		143,232
Acadia Healthcare Co Inc *		4,278		142,115
Addus HomeCare Corp *		1,998		194,246
Adtalem Global Education Inc *		6,301		220,346
Cardtronics PLC ‘A’ *		4,618		206,194
Central Garden & Pet Co ‘A’ *		4,923		144,539
Edgewell Personal Care Co *		5,631		174,336
Harsco Corp *		8,021		184,563
Helen of Troy Ltd *		1,809		325,240
Horizon Therapeutics PLC *		5,372		194,466
Hostess Brands Inc *		10,776		156,683
ICF International Inc		2,560		234,547
LivaNova PLC *		1,163		87,725
Magellan Health Inc *		2,714		212,370
Myriad Genetics Inc *		3,658		99,607
Option Care Health Inc *		36,585		136,462
Orthofix Medical Inc *		2,755		127,226
Revance Therapeutics Inc *		7,227		117,294
SP Plus Corp *		5,932		251,695
Syneos Health Inc *		3,214		191,153
Viad Corp		1,741		117,518
				3,661,557
Energy - 4.0%
Delek US Holdings Inc		3,025		101,428
Helix Energy Solutions Group Inc *		19,553		188,295
Jagged Peak Energy Inc *		15,043		127,715
Magnolia Oil & Gas Corp ‘A’ *		19,580		246,317
PDC Energy Inc *		7,310		191,303
				855,058

	Shares		Value
Financial - 39.9%
Agree Realty Corp REIT		2,008		$140,901
Aircastle Ltd		6,142		196,606
Argo Group International Holdings Ltd		3,308		217,501
Armada Hoffler Properties Inc REIT		11,455		210,199
Blucora Inc *		4,294		112,245
Brightsphere Investment Group Inc		11,301		115,496
Camden National Corp		2,942		135,509
Cathay General Bancorp		4,822		183,477
CenterState Bank Corp		8,492		212,130
ConnectOne Bancorp Inc		6,437		165,560
Deluxe Corp		3,655		182,458
Enterprise Financial Services Corp		4,066		196,022
Essent Group Ltd		3,389		176,194
First Bancorp		5,469		218,268
First Industrial Realty Trust Inc REIT		7,778		322,865
First Interstate BancSystem Inc ‘A’		5,068		212,451
First Midwest Bancorp Inc		8,933		205,995
Glacier Bancorp Inc		5,185		238,458
Hilltop Holdings Inc		7,810		194,703
Home BancShares Inc		8,261		162,411
Horace Mann Educators Corp		4,470		195,160
Horizon Bancorp Inc		8,495		161,405
IBERIABANK Corp		3,370		252,177
Invesco Mortgage Capital Inc REIT		18,428		306,826
Investors Bancorp Inc		21,822		260,009
MFA Financial Inc REIT		36,624		280,174
National Storage Affiliates Trust REIT		7,057		237,256
NexPoint Residential Trust Inc REIT		4,748		213,660
Old National Bancorp		8,787		160,714
Old Second Bancorp Inc		9,749		131,319
Piedmont Office Realty Trust Inc ‘A’ REIT		13,017		289,498
PotlatchDeltic Corp REIT		968		41,885
QCR Holdings Inc		2,928		128,422
Radian Group Inc		9,089		228,679
Ryman Hospitality Properties Inc REIT		3,227		279,652
Sandy Spring Bancorp Inc		5,707		216,181
Selective Insurance Group Inc		3,781		246,483
Simmons First National Corp ‘A’		8,090		216,731
Stifel Financial Corp		1,854		112,445
Sunstone Hotel Investors Inc REIT		10,180		141,706
TCF Financial Corp		3,852		180,274
United Community Banks Inc		6,889		212,732
WSFS Financial Corp		4,452		195,844
				8,488,681
Industrial - 11.0%
Altra Industrial Motion Corp		4,389		158,926
Astronics Corp *		3,976		111,129
AZZ Inc		3,254		149,521
EMCOR Group Inc		2,976		256,829
EnerSys		1,986		148,613
Knowles Corp *		8,074		170,765
MYR Group Inc *		4,148		135,183
Rexnord Corp *		5,557		181,269
Sanmina Corp *		6,883		235,674
TriMas Corp *		6,174		193,925
UFP Technologies Inc *		3,121		154,833
Universal Forest Products Inc		2,415		115,196
Vishay Intertechnology Inc		7,221		153,735
Werner Enterprises Inc		4,985		181,404
				2,347,002

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

114

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PACIFIC FUNDS SMALL-CAP VALUE

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Shares		Value
Technology - 4.3%
Allscripts Healthcare Solutions Inc *		13,976		$137,174
CACI International Inc ‘A’ *		728		181,993
CSG Systems International Inc		2,192		113,502
Insight Enterprises Inc *		3,342		234,909
Verint Systems Inc *		4,599		254,601
				922,179
Utilities - 4.9%
Black Hills Corp		4,864		382,019
Portland General Electric Co		6,106		340,654
Southwest Gas Holdings Inc		4,187		318,086
				1,040,759
Total Common Stocks (Cost $17,841,313)				20,426,694
EXCHANGE-TRADED FUND - 0.8%
iShares Russell 2000 Value		1,224		157,382
Total Exchange-Traded Fund (Cost $140,622)				157,382
SHORT-TERM INVESTMENT - 2.5%
Money Market Fund - 2.5%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.510%		540,307		540,307
Total Short-Term Investment (Cost $540,307)				540,307
TOTAL INVESTMENTS - 99.2% (Cost $18,522,242)				21,124,383
OTHER ASSETS & LIABILITIES, NET - 0.8%				178,466
NET ASSETS - 100.0%				$21,302,849

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

115

PACIFIC FUNDS

PACIFIC FUNDS SMALL-CAP VALUE

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Note to Schedule of Investments

(a) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$20,426,694		$20,426,694		$—		$—
	Exchange-Traded Fund		157,382		157,382		—		—
	Short-Term Investment		540,307		540,307		—		—
Total			$21,124,383		$21,124,383		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

116

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Schedule of Investments

December 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.0%
Basic Materials - 2.8%
Kaiser Aluminum Corp		3,249		$360,281
PolyOne Corp		8,381		308,337
Rogers Corp *		1,605		200,192
				868,810
Communications - 4.8%
NETGEAR Inc *		9,161		224,536
Sinclair Broadcast Group Inc ‘A’		6,281		209,409
Viavi Solutions Inc *		27,298		409,470
Vonage Holdings Corp *		38,467		285,040
Yelp Inc *		9,847		342,971
				1,471,426
Consumer, Cyclical - 14.5%
BJ’s Restaurants Inc		7,044		267,390
BJ’s Wholesale Club Holdings Inc *		15,997		363,772
Bloomin’ Brands Inc		17,562		387,593
Dine Brands Global Inc		3,269		273,027
G-III Apparel Group Ltd *		8,817		295,369
KB Home		6,996		239,753
Lithia Motors Inc ‘A’		2,437		358,239
PetIQ Inc *		7,411		185,646
RH *		1,405		299,967
SeaWorld Entertainment Inc *		13,394		424,724
Shake Shack Inc ‘A’ *		3,670		218,622
Sleep Number Corp *		6,358		313,068
Steven Madden Ltd		8,454		363,607
The Children’s Place Inc		2,951		184,496
Wolverine World Wide Inc		8,588		289,759
				4,465,032
Consumer, Non-Cyclical - 37.1%
Aaron’s Inc		5,200		296,972
Acadia Healthcare Co Inc *		8,408		279,314
Addus HomeCare Corp *		2,403		233,620
Amedisys Inc *		2,803		467,877
Amicus Therapeutics Inc *		25,172		245,175
AMN Healthcare Services Inc *		5,742		357,784
Amphastar Pharmaceuticals Inc *		8,157		157,349
BioTelemetry Inc *		6,701		310,256
Blueprint Medicines Corp *		3,578		286,634
Cardtronics PLC ‘A’ *		8,938		399,082
Chegg Inc *		12,971		491,731
Esperion Therapeutics Inc *		4,864		290,040
FibroGen Inc *		6,406		274,753
FTI Consulting Inc *		2,504		277,093
Harsco Corp *		12,075		277,846
Heron Therapeutics Inc *		12,367		290,624
Horizon Therapeutics PLC *		15,806		572,177
Insperity Inc		3,981		342,525
Iovance Biotherapeutics Inc *		8,791		243,335
iRhythm Technologies Inc *		4,053		275,969
LHC Group Inc *		3,293		453,644
LivaNova PLC *		4,249		320,502
LiveRamp Holdings Inc *		6,049		290,775
Merit Medical Systems Inc *		9,030		281,917
Myriad Genetics Inc *		9,543		259,856
NuVasive Inc *		5,224		404,024
Option Care Health Inc *		49,889		186,086
Orthofix Medical Inc *		5,904		272,647

	Shares		Value
Performance Food Group Co *		11,039		$568,288
PTC Therapeutics Inc *		5,675		272,570
Quidel Corp *		5,842		438,325
Revance Therapeutics Inc *		12,266		199,077
Supernus Pharmaceuticals Inc *		9,570		227,000
Syneos Health Inc *		6,192		368,269
Ultragenyx Pharmaceutical Inc *		6,255		267,151
Vanda Pharmaceuticals Inc *		11,640		191,012
				11,371,299
Energy - 0.5%
Matador Resources Co *		8,784		157,849
Financial - 7.3%
Blucora Inc *		12,105		316,425
ConnectOne Bancorp Inc		8,720		224,278
Deluxe Corp		7,755		387,130
Essent Group Ltd		7,023		365,126
Glacier Bancorp Inc		4,578		210,542
PS Business Parks Inc REIT		2,072		341,611
Ryman Hospitality Properties Inc REIT		4,484		388,583
				2,233,695
Industrial - 16.3%
Aerojet Rocketdyne Holdings Inc *		6,880		314,141
American Woodmark Corp *		3,308		345,719
Astronics Corp *		7,855		219,547
EnPro Industries Inc		4,058		271,399
Generac Holdings Inc *		6,303		634,019
Itron Inc *		3,207		269,228
Masonite International Corp *		4,001		288,912
MasTec Inc *		6,856		439,881
MYR Group Inc *		7,547		245,957
OSI Systems Inc *		3,309		333,349
Saia Inc *		3,235		301,243
SPX Corp *		8,793		447,388
Tetra Tech Inc		4,390		378,242
US Concrete Inc *		5,184		215,965
US Ecology Inc		4,912		284,454
				4,989,444
Technology - 14.7%
Allscripts Healthcare Solutions Inc *		28,827		282,937
Benefitfocus Inc *		5,586		122,557
Bottomline Technologies DE Inc *		8,978		481,221
Cloudera Inc *		26,882		312,638
CommVault Systems Inc *		5,579		249,047
Cornerstone OnDemand Inc *		8,600		503,530
Glu Mobile Inc *		53,309		322,519
j2 Global Inc		6,085		570,225
Qualys Inc *		4,177		348,236
RealPage Inc *		3,976		213,710
Silicon Laboratories Inc *		3,793		439,912
SPS Commerce Inc *		6,687		370,594
Virtusa Corp *		6,504		294,826
				4,511,952
Total Common Stocks (Cost $24,307,441)				30,069,507

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

117

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PACIFIC FUNDS SMALL-CAP GROWTH

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENT - 2.0%
Money Market Fund - 2.0%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.510%		631,974		$631,974
Total Short-Term Investment (Cost $631,974)				631,974
TOTAL INVESTMENTS - 100.0% (Cost $24,939,415)				30,701,481
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(7,412	)
NET ASSETS - 100.0%				$30,694,069

Note to Schedule of Investments

(a) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$30,069,507		$30,069,507		$—		$—
	Short-Term Investment		631,974		631,974		—		—
	Total		$30,701,481		$30,701,481		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

118

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PF DEVELOPING GROWTH FUND

Schedule of Investments

December 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.9%
Communications - 3.4%
Anaplan Inc *		2,900		$151,960
Cardlytics Inc *		643		40,419
Q2 Holdings Inc *		1,214		98,431
The RealReal Inc *		3,716		70,047
Wix.com Ltd (Israel) *		530		64,861
				425,718
Consumer, Cyclical - 14.6%
Asbury Automotive Group Inc *		1,120		125,205
Dick’s Sporting Goods Inc		2,652		131,247
Fox Factory Holding Corp *		1,282		89,189
Freshpet Inc *		2,445		144,475
Herman Miller Inc		3,240		134,946
LGI Homes Inc *		2,346		165,745
Lithia Motors Inc ‘A’		1,068		156,996
Malibu Boats Inc ‘A’ *		3,402		139,312
National Vision Holdings Inc *		2,097		68,006
Planet Fitness Inc ‘A’ *		2,821		210,672
RH*		569		121,482
Wingstop Inc		1,116		96,233
YETI Holdings Inc *		7,830		272,327
				1,855,835
Consumer, Non-Cyclical - 41.4%
10X Genomics Inc ‘A’ *		1,609		122,686
ACADIA Pharmaceuticals Inc *		3,896		166,671
Amarin Corp PLC ADR (Ireland) *		4,116		88,247
Argenx SE ADR (Netherlands) *		997		160,038
Avalara Inc *		2,351		172,211
Blueprint Medicines Corp *		1,435		114,958
Bridgebio Pharma Inc *		4,758		166,768
Bright Horizons Family Solutions Inc *		1,242		186,660
Calavo Growers Inc		1,595		144,491
CareDx Inc *		3,016		65,055
Chegg Inc *		4,883		185,115
ChemoCentryx Inc *		1,804		71,348
Coherus Biosciences Inc *		11,713		210,893
CRISPR Therapeutics AG (Switzerland) *		1,443		87,886
Deciphera Pharmaceuticals Inc *		1,059		65,912
Forty Seven Inc *		1,787		70,354
Glaukos Corp *		1,111		60,516
Grocery Outlet Holding Corp *		1,969		63,894
Guardant Health Inc *		1,407		109,943
GW Pharmaceuticals PLC ADR (United Kingdom) *		600		62,736
Helen of Troy Ltd *		390		70,118
Inspire Medical Systems Inc *		3,497		259,512
Insulet Corp *		918		157,162
iRhythm Technologies Inc *		909		61,894
Karuna Therapeutics Inc *		500		37,670
Masimo Corp *		856		135,299
Mirati Therapeutics Inc *		1,721		221,768
Myovant Sciences Ltd *		3,960		61,459
Natera Inc *		1,769		59,598
Nevro Corp *		2,214		260,234
NextCure Inc *		949		53,457
Paylocity Holding Corp *		1,693		204,548
Penumbra Inc *		888		145,872
Quanta Services Inc		1,497		60,943
Repligen Corp *		3,174		293,595
Rocket Pharmaceuticals Inc *		2,952		67,188

	Shares		Value
Sarepta Therapeutics Inc *		708		$91,360
Strategic Education Inc		698		110,912
Tandem Diabetes Care Inc *		1,079		64,319
Teladoc Health Inc *		1,893		158,482
The Boston Beer Co Inc ‘A’ *		254		95,974
Turning Point Therapeutics Inc *		1,720		107,139
uniQure NV (Netherlands) *		1,496		107,203
				5,262,088
Energy - 1.0%
SolarEdge Technologies Inc *		1,369		130,178
Financial - 6.0%
Assetmark Financial Holdings Inc *		4,811		139,615
CenterState Bank Corp		4,588		114,609
eHealth Inc *		1,306		125,481
Goosehead Insurance Inc ‘A’		2,370		100,488
Redfin Corp *		4,701		99,379
Western Alliance Bancorp		3,305		188,385
				767,957
Industrial - 11.0%
Axon Enterprise Inc *		2,305		168,911
Comtech Telecommunications Corp		2,812		99,798
Federal Signal Corp		4,813		155,219
Generac Holdings Inc *		3,665		368,662
MasTec Inc *		1,894		121,519
Novanta Inc *		848		74,997
OSI Systems Inc *		950		95,703
RBC Bearings Inc *		358		56,686
Tetra Tech Inc		1,445		124,501
Trex Co Inc *		1,451		130,416
				1,396,412
Technology - 21.5%
Alteryx Inc ‘A’ *		1,459		146,002
Appian Corp *		2,727		104,199
Cirrus Logic Inc *		1,752		144,382
Coupa Software Inc *		1,081		158,096
Cubic Corp		1,913		121,609
Everbridge Inc *		781		60,981
Five9 Inc *		3,162		207,364
Globant SA (Argentina) *		1,294		137,229
HubSpot Inc *		422		66,887
HUYA Inc ADR (China) *		3,737		67,079
Inphi Corp *		3,491		258,404
LivePerson Inc *		2,236		82,732
Lumentum Holdings Inc *		1,241		98,411
Medallia Inc *		3,015		93,797
MKS Instruments Inc		1,611		177,226
Monolithic Power Systems Inc		1,106		196,890
Semtech Corp *		1,921		101,621
Silicon Laboratories Inc *		1,573		182,437
SVMK Inc *		8,151		145,658
Verra Mobility Corp *		12,556		175,658
				2,726,662
Total Common Stocks (Cost $9,887,075)				12,564,850

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

119

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PF DEVELOPING GROWTH FUND

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENT - 0.9%
Money Market Fund - 0.9%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.510%		113,587		$113,587
Total Short-Term Investment (Cost $113,587)				113,587
TOTAL INVESTMENTS - 99.8% (Cost $10,000,662)				12,678,437
OTHER ASSETS & LIABILITIES, NET - 0.2%				25,224
NET ASSETS - 100.0%				$12,703,661

Note to Schedule of Investments

(a) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$12,564,850		$12,564,850		$—		$—
	Short-Term Investment		113,587		113,587		—		—
	Total		$12,678,437		$12,678,437		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

120

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Schedule of Investments

December 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.3%
Basic Materials - 1.8%
The Sherwin-Williams Co		5,918		$3,453,390
Communications - 18.3%
Alibaba Group Holding Ltd ADR (China) *		3,701		784,982
Alphabet Inc ‘A’ *		6,118		8,194,388
Alphabet Inc ‘C’ *		2,418		3,232,915
Amazon.com Inc *		5,820		10,754,429
Charter Communications Inc ‘A’ *		6,052		2,935,704
Comcast Corp ‘A’		18,527		833,159
Facebook Inc ‘A’ *		25,011		5,133,508
Netflix Inc *		9,853		3,188,135
Shopify Inc ‘A’ (Canada) *		785		312,100
Spotify Technology SA *		3,186		476,466
				35,845,786
Consumer, Cyclical - 7.2%
Chipotle Mexican Grill Inc *		1,119		936,726
Costco Wholesale Corp		5,473		1,608,624
Dollar General Corp		8,331		1,299,469
Dollar Tree Inc *		11,676		1,098,128
Hilton Worldwide Holdings Inc		8,821		978,337
Lululemon Athletica Inc *		3,400		787,678
Marriott International Inc ‘A’		11,140		1,686,930
NIKE Inc ‘B’		22,792		2,309,057
O’Reilly Automotive Inc *		633		277,419
Ross Stores Inc		19,037		2,216,288
Starbucks Corp		6,741		592,669
Wynn Resorts Ltd		2,618		363,562
				14,154,887
Consumer, Non-Cyclical - 24.4%
Abbott Laboratories		27,237		2,365,806
Becton Dickinson and Co		3,237		880,367
Boston Scientific Corp *		56,742		2,565,873
Clarivate Analytics PLC (United Kingdom) *		6,454		108,427
Colgate-Palmolive Co		30,920		2,128,533
Constellation Brands Inc ‘A’		5,215		989,546
CoStar Group Inc *		998		597,103
Danaher Corp		25,349		3,890,565
Edwards Lifesciences Corp *		6,618		1,543,913
Eli Lilly & Co		5,794		761,505
Equifax Inc		2,098		293,972
FleetCor Technologies Inc *		7,154		2,058,349
Global Payments Inc		25,642		4,681,204
IHS Markit Ltd *		14,039		1,057,839
Illumina Inc *		3,094		1,026,404
Medtronic PLC		28,703		3,256,355
PayPal Holdings Inc *		18,455		1,996,277
Pernod Ricard SA (France)		2,398		429,095
Square Inc ‘A’ *		10,321		645,682
The Estee Lauder Cos Inc ‘A’		7,865		1,624,437
Thermo Fisher Scientific Inc		17,152		5,572,170
TransUnion		14,035		1,201,536
Verisk Analytics Inc		20,855		3,114,486
Vertex Pharmaceuticals Inc *		6,252		1,368,875
Zoetis Inc		27,602		3,653,125
				47,811,444

	Shares		Value
Energy - 0.3%
Pioneer Natural Resources Co		3,546		$536,758
Financial - 13.5%
American Tower Corp REIT		13,656		3,138,422
Aon PLC		15,237		3,173,715
Intercontinental Exchange Inc		20,794		1,924,485
Mastercard Inc ‘A’		28,485		8,505,336
Visa Inc ‘A’		52,055		9,781,134
				26,523,092
Industrial - 6.6%
AMETEK Inc		17,577		1,753,130
Amphenol Corp ‘A’		16,959		1,835,472
Canadian Pacific Railway Ltd (Canada)		6,607		1,684,455
Fortive Corp		14,044		1,072,821
Roper Technologies Inc		6,945		2,460,127
Union Pacific Corp		8,049		1,455,179
Vulcan Materials Co		19,393		2,792,398
				13,053,582
Technology - 27.2%
Adobe Inc *		27,183		8,965,225
Analog Devices Inc		9,915		1,178,299
Apple Inc		13,000		3,817,450
Black Knight Inc *		6,830		440,398
Cadence Design Systems Inc *		4,132		286,596
Electronic Arts Inc *		24,037		2,584,218
Fidelity National Information Services Inc		28,276		3,932,909
Fiserv Inc *		43,499		5,029,789
Intuit Inc		12,693		3,324,677
Microsoft Corp		102,403		16,148,953
MSCI Inc		9,652		2,491,953
salesforce.com Inc *		24,978		4,062,422
Take-Two Interactive Software Inc *		9,755		1,194,305
				53,457,194
Total Common Stocks (Cost $88,888,132)				194,836,133
SHORT-TERM INVESTMENT - 0.8%
Money Market Fund - 0.8%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.510%		1,617,440		1,617,440
Total Short-Term Investment (Cost $1,617,440)				1,617,440
TOTAL INVESTMENTS - 100.1% (Cost $90,505,572)				196,453,573
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(154,348	)
NET ASSETS - 100.0%				$196,299,225

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

121

PACIFIC FUNDS

PF GROWTH FUND

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Note to Schedule of Investments

(a) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Basic Materials		$3,453,390		$3,453,390		$—		$—
	Communications		35,845,786		35,845,786		—		—
	Consumer, Cyclical		14,154,887		14,154,887		—		—
	Consumer, Non-Cyclical		47,811,444		47,382,349		429,095		—
	Energy		536,758		536,758		—		—
	Financial		26,523,092		26,523,092		—		—
	Industrial		13,053,582		13,053,582		—		—
	Technology		53,457,194		53,457,194		—		—
	Total Common Stocks		194,836,133		194,407,038		429,095		—
	Short-Term Investment		1,617,440		1,617,440		—		—
	Total		$196,453,573		$196,024,478		$429,095		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

122

PACIFIC FUNDS

PF LARGE-CAP VALUE FUND

Schedule of Investments

December 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.5%
Basic Materials - 3.5%
Air Products & Chemicals Inc		15,155		$3,561,273
PPG Industries Inc		20,156		2,690,624
				6,251,897
Communications - 14.5%
AT&T Inc		91,130		3,561,360
Charter Communications Inc ‘A’ *		11,098		5,383,418
Comcast Corp ‘A’		137,851		6,199,160
DISH Network Corp ‘A’ *		106,226		3,767,836
Fox Corp ‘B’		60,255		2,193,282
Motorola Solutions Inc		30,498		4,914,448
				26,019,504
Consumer, Cyclical - 2.1%
The Home Depot Inc		17,159		3,747,182
Consumer, Non-Cyclical - 18.7%
AmerisourceBergen Corp		23,187		1,971,359
Amgen Inc		10,951		2,639,958
Anheuser-Busch InBev SA/NV ADR (Belgium)		34,906		2,863,688
Anthem Inc		13,595		4,106,098
CVS Health Corp		31,395		2,332,335
Johnson & Johnson		24,775		3,613,929
Keurig Dr Pepper Inc		60,915		1,763,489
Merck & Co Inc		51,111		4,648,545
Novartis AG ADR (Switzerland)		21,111		1,999,001
Pfizer Inc		54,248		2,125,437
Philip Morris International Inc		32,644		2,777,678
UnitedHealth Group Inc		9,424		2,770,468
				33,611,985
Energy - 7.9%
Chevron Corp		27,601		3,326,197
Enterprise Products Partners LP		95,050		2,676,608
Exxon Mobil Corp		37,096		2,588,559
Royal Dutch Shell PLC ‘A’ ADR (Netherlands)		36,130		2,130,947
Suncor Energy Inc (Canada)		105,205		3,450,724
				14,173,035
Financial - 25.6%
American Express Co		36,393		4,530,565
American Tower Corp REIT		21,544		4,951,242
Bank of America Corp		161,219		5,678,133
Berkshire Hathaway Inc ‘B’ *		12,500		2,831,250
JPMorgan Chase & Co		66,064		9,209,322
Marsh & McLennan Cos Inc		31,169		3,472,538
The Bank of New York Mellon Corp		35,249		1,774,082
The Charles Schwab Corp		47,399		2,254,296
The Progressive Corp		27,788		2,011,573
The Travelers Cos Inc		18,533		2,538,094
US Bancorp		69,590		4,125,991
Wells Fargo & Co		45,616		2,454,141
				45,831,227

	Shares		Value
Industrial - 16.6%
Deere & Co		20,757		$3,596,358
Honeywell International Inc		28,787		5,095,299
Illinois Tool Works Inc		20,745		3,726,424
Martin Marietta Materials Inc		11,377		3,181,464
TE Connectivity Ltd		47,307		4,533,903
United Parcel Service Inc ‘B’		33,265		3,894,001
United Technologies Corp		37,977		5,687,436
				29,714,885
Technology - 6.7%
Apple Inc		11,070		3,250,706
Microsoft Corp		34,587		5,454,370
Oracle Corp		62,894		3,332,124
				12,037,200
Utilities - 2.9%
Edison International		23,963		1,807,050
Sempra Energy		22,855		3,462,075
				5,269,125
Total Common Stocks (Cost $90,838,140)				176,656,040
SHORT-TERM INVESTMENT - 1.5%
Money Market Fund - 1.5%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.510%		2,725,437		2,725,437
Total Short-Term Investment (Cost $2,725,437)				2,725,437
TOTAL INVESTMENTS - 100.0% (Cost $93,563,577)				179,381,477
OTHER ASSETS & LIABILITIES, NET - 0.0%				57,055
NET ASSETS - 100.0%				$179,438,532

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

123

PACIFIC FUNDS

PF LARGE-CAP VALUE FUND

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Note to Schedule of Investments

(a) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$176,656,040		$176,656,040		$—		$—
	Short-Term Investment		2,725,437		2,725,437		—		—
	Total		$179,381,477		$179,381,477		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

124

PACIFIC FUNDS

PF MID-CAP EQUITY FUND

Schedule of Investments

December 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.1%
Basic Materials - 2.8%
CF Industries Holdings Inc		1,825		$87,125
Eastman Chemical Co		1,495		118,494
Huntsman Corp		4,400		106,304
				311,923
Communications - 7.2%
Ciena Corp *		2,975		127,003
Discovery Inc ‘A’ *		5,735		187,764
eBay Inc		2,104		75,975
Expedia Group Inc		1,395		150,855
RingCentral Inc ‘A’ *		1,000		168,670
Sinclair Broadcast Group Inc ‘A’		2,740		91,352
				801,619
Consumer, Cyclical - 9.8%
Alaska Air Group Inc		1,970		133,467
Aramark		2,840		123,256
Best Buy Co Inc		1,660		145,748
Lululemon Athletica Inc *		875		202,711
Pool Corp		610		129,552
PulteGroup Inc		2,150		83,420
PVH Corp		1,235		129,860
Royal Caribbean Cruises Ltd		1,050		140,186
				1,088,200
Consumer, Non-Cyclical - 24.1%
Amicus Therapeutics Inc *		7,000		68,180
Booz Allen Hamilton Holding Corp		2,040		145,105
Euronet Worldwide Inc *		1,128		177,728
General Mills Inc		1,625		87,035
Hill-Rom Holdings Inc		1,200		136,236
Horizon Therapeutics PLC *		3,275		118,555
Ionis Pharmaceuticals Inc *		2,050		123,841
Jazz Pharmaceuticals PLC *		995		148,534
Lamb Weston Holdings Inc		2,265		194,858
ManpowerGroup Inc		1,125		109,237
MarketAxess Holdings Inc		370		140,271
Neurocrine Biosciences Inc *		1,010		108,565
Post Holdings Inc *		1,400		152,740
Quanta Services Inc		3,850		156,734
Service Corp International		3,750		172,612
Syneos Health Inc *		2,330		138,577
Teleflex Inc		500		188,220
The Cooper Cos Inc		600		192,774
Tyson Foods Inc ‘A’		1,340		121,994
				2,681,796
Energy - 3.8%
Diamondback Energy Inc		2,145		199,185
Marathon Petroleum Corp		1,656		99,774
WPX Energy Inc *		8,786		120,719
				419,678
Financial - 22.0%
Air Lease Corp		1,935		91,951
Alleghany Corp *		265		211,886
AvalonBay Communities Inc REIT		695		145,742
Boston Properties Inc REIT		1,200		165,432

	Shares		Value
Discover Financial Services		1,850		$156,917
Douglas Emmett Inc REIT		3,685		161,771
E*TRADE Financial Corp		2,868		130,121
Everest Re Group Ltd		540		149,494
Highwoods Properties Inc REIT		3,175		155,289
Hudson Pacific Properties Inc REIT		4,150		156,248
Mid-America Apartment Communities Inc REIT		1,066		140,563
Ryman Hospitality Properties Inc REIT		1,461		126,610
TCF Financial Corp		2,725		127,530
The Hanover Insurance Group Inc		885		120,953
Western Alliance Bancorp		2,000		114,000
Willis Towers Watson PLC		725		146,406
Zions Bancorp NA		2,800		145,376
				2,446,289
Industrial - 13.2%
Acuity Brands Inc		750		103,500
Arconic Inc		2,870		88,310
Graphic Packaging Holding Co		5,700		94,905
Hubbell Inc		850		125,647
Ingersoll-Rand PLC		1,196		158,972
ITT Inc		1,800		133,038
Kirby Corp *		1,400		125,342
Martin Marietta Materials Inc		480		134,227
PerkinElmer Inc		1,300		126,230
Spirit AeroSystems Holdings Inc ‘A’		1,325		96,566
Stanley Black & Decker Inc		900		149,166
Textron Inc		2,855		127,333
				1,463,236
Technology - 9.9%
Analog Devices Inc		1,285		152,709
Cerner Corp		1,550		113,755
Nuance Communications Inc *		7,600		135,508
NXP Semiconductors NV (Netherlands)		1,024		130,314
RealPage Inc *		1,800		96,750
Synopsys Inc *		1,315		183,048
Take-Two Interactive Software Inc *		1,200		146,916
Zebra Technologies Corp ‘A’ *		530		135,383
				1,094,383
Utilities - 5.3%
Ameren Corp		2,670		205,056
CMS Energy Corp		3,300		207,372
Public Service Enterprise Group Inc		2,921		172,485
				584,913
Total Common Stocks (Cost $9,049,128)				10,892,037
SHORT-TERM INVESTMENT - 1.9%
Money Market Fund - 1.9%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.510%		210,568		210,568
Total Short-Term Investment (Cost $210,568)				210,568

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

125

PACIFIC FUNDS

PF MID-CAP EQUITY FUND

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Value
TOTAL INVESTMENTS - 100.0% (Cost $9,259,696)		$11,102,605
OTHER ASSETS & LIABILITIES, NET - (0.0%)		(1,299	)
NET ASSETS - 100.0%		$11,101,306

Note to Schedule of Investments

(a) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$10,892,037		$10,892,037		$—		$—
	Short-Term Investment		210,568		210,568		—		—
	Total		$11,102,605		$11,102,605		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

126

PACIFIC FUNDS

PF MULTI-ASSET FUND

Schedule of Investments

December 31, 2019 (Unaudited)

	Principal         Amount		Value
CORPORATE BONDS & NOTES - 43.9%
Basic Materials - 0.8%
Anglo American Capital PLC (South Africa) 4.125% due 04/15/21 ~		$1,600,000		$1,632,166
DuPont de Nemours Inc 3.020% (USD LIBOR + 1.110%) due 11/15/23 §		5,000,000		5,101,880
Glencore Funding LLC (Switzerland) 3.000% due 10/27/22 ~		1,600,000		1,613,480
				8,347,526
Communications - 1.9%
AT&T Inc
2.951% (USD LIBOR + 0.950%) due 07/15/21 §		1,800,000		1,817,595
3.000% due 06/30/22		3,200,000		3,270,522
3.067% (USD LIBOR + 1.180%) due 06/12/24 §		3,750,000		3,817,520
eBay Inc 3.800% due 03/09/22		3,060,000		3,163,064
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		4,026,313		4,067,180
Verizon Communications Inc 2.894% (USD LIBOR + 1.000%) due 03/16/22 §		4,800,000		4,881,745
				21,017,626
Consumer, Cyclical - 4.1%
Alimentation Couche-Tard Inc (Canada) 2.700% due 07/26/22 ~		2,000,000		2,021,640
Daimler Finance North America LLC (Germany)
2.300% due 02/12/21 ~		4,500,000		4,508,922
2.349% (USD LIBOR + 0.450%) due 02/22/21 § ~		1,500,000		1,500,936
3.750% due 11/05/21 ~		2,900,000		2,980,867
Ford Motor Credit Co LLC
2.681% due 01/09/20		3,200,000		3,200,261
2.982% (USD LIBOR + 1.080%) due 08/03/22 §		3,200,000		3,147,915
3.336% due 03/18/21		2,000,000		2,015,126
General Motors Financial Co Inc
3.271% (USD LIBOR + 1.310%) due 06/30/22 §		1,700,000		1,708,660
4.200% due 03/01/21		3,000,000		3,065,181
Las Vegas Sands Corp 3.200% due 08/08/24		2,600,000		2,683,986
Marriott International Inc
2.125% due 10/03/22		1,650,000		1,653,368
2.535% (USD LIBOR + 0.650%) due 03/08/21 §		3,000,000		3,011,754
Nissan Motor Acceptance Corp
2.498% (USD LIBOR + 0.650%) due 07/13/22 § ~		1,700,000		1,696,683
2.558% (USD LIBOR + 0.630%) due 09/21/21 § ~		2,500,000		2,502,400
2.650% due 07/13/22 ~		2,033,000		2,039,036
Toyota Motor Credit Corp 2.365% (USD LIBOR + 0.480%) due 09/08/22 §		3,500,000		3,512,201
Volkswagen Group of America Finance LLC (Germany) 3.875% due 11/13/20 ~		5,000,000		5,082,065
				46,331,001

	Principal         Amount		Value
Consumer, Non-Cyclical - 7.8%
AbbVie Inc 2.150% due 11/19/21 ~		$6,100,000		$6,114,023
Anheuser-Busch InBev Finance Inc (Belgium) 3.300% due 02/01/23		3,416,000		3,538,560
Anheuser-Busch InBev Worldwide Inc (Belgium) 3.500% due 01/12/24		1,300,000		1,369,586
AstraZeneca PLC (United Kingdom) 2.569% (USD LIBOR + 0.665%) due 08/17/23 §		2,400,000		2,407,299
BAT Capital Corp (United Kingdom) 2.764% due 08/15/22		2,500,000		2,536,408
BAT International Finance PLC (United Kingdom) 3.500% due 06/15/22 ~		3,200,000		3,287,374
Bayer US Finance II LLC (Germany)
2.904% (USD LIBOR + 1.010%) due 12/15/23 § ~		2,000,000		2,013,223
3.500% due 06/25/21 ~		1,750,000		1,781,954
Bristol-Myers Squibb Co 2.900% due 07/26/24 ~		2,000,000		2,064,750
Cigna Corp
2.891% (USD LIBOR + 0.890%) due 07/15/23 §		5,450,000		5,482,707
3.200% due 09/17/20		8,000,000		8,063,477
Conagra Brands Inc 2.703% (USD LIBOR + 0.750%) due 10/22/20 §		2,000,000		2,000,206
Constellation Brands Inc 2.610% (USD LIBOR + 0.700%) due 11/15/21 §		2,500,000		2,500,445
DH Europe Finance II Sarl 2.050% due 11/15/22		4,100,000		4,105,036
General Mills Inc 3.012% (USD LIBOR + 1.010%) due 10/17/23 §		7,061,000		7,173,099
Imperial Brands Finance PLC (United Kingdom) 2.950% due 07/21/20 ~		4,200,000		4,212,236
Keurig Dr Pepper Inc 3.551% due 05/25/21		7,000,000		7,150,360
Moody’s Corp 3.250% due 06/07/21		3,000,000		3,055,425
PayPal Holdings Inc 2.200% due 09/26/22		7,500,000		7,543,611
Reynolds American Inc (United Kingdom) 3.250% due 06/12/20		2,347,000		2,357,866
Smithfield Foods Inc 3.350% due 02/01/22 ~		2,500,000		2,507,621
Suntory Holdings Ltd (Japan) 2.250% due 10/16/24 ~		1,000,000		994,111
UnitedHealth Group Inc 2.375% due 10/15/22		4,400,000		4,454,091
				86,713,468
Energy - 2.3%
Energy Transfer Operating LP
3.600% due 02/01/23		3,400,000		3,482,600
4.250% due 03/15/23		1,519,000		1,586,803
4.500% due 04/15/24		900,000		957,985
Enterprise Products Operating LLC 5.250% due 01/31/20		2,100,000		2,104,796

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal         Amount		Value
Exxon Mobil Corp 2.234% (USD LIBOR + 0.330%) due 08/16/22 §		$2,750,000		$2,763,891
Kinder Morgan Energy Partners LP 3.950% due 09/01/22		2,000,000		2,084,201
Kinder Morgan Inc 5.625% due 11/15/23 ~		2,000,000		2,213,171
Midwest Connector Capital Co LLC 3.625% due 04/01/22 ~		1,250,000		1,281,612
MPLX LP
2.785% (USD LIBOR + 0.900%) due 09/09/21 §		2,000,000		2,006,326
3.375% due 03/15/23		1,500,000		1,540,463
3.500% due 12/01/22 ~		1,606,000		1,653,660
Occidental Petroleum Corp 2.854% (USD LIBOR + 0.950%) due 02/08/21 §		4,150,000		4,177,166
				25,852,674
Financial - 22.3%
AerCap Ireland Capital DAC (Ireland) 3.950% due 02/01/22		960,000		991,849
AIG Global Funding 2.407% (USD LIBOR + 0.460%) due 06/25/21 § ~		2,000,000		2,008,011
Air Lease Corp
2.625% due 07/01/22		1,500,000		1,517,110
3.500% due 01/15/22		2,650,000		2,723,159
American Express Co
2.500% due 07/30/24		2,100,000		2,124,165
2.569% (USD LIBOR + 0.650%) due 02/27/23 §		5,000,000		5,022,832
3.700% due 11/05/21		3,050,000		3,142,997
Australia & New Zealand Banking Group Ltd (Australia) 2.300% due 06/01/21		2,500,000		2,513,586
Banco Santander SA (Spain) 2.706% due 06/27/24		2,900,000		2,940,583
Bank of America Corp
2.503% due 10/21/22		600,000		606,003
3.126% (USD LIBOR + 1.160%) due 01/20/23 §		9,321,000		9,460,033
Boston Properties LP REIT 3.800% due 02/01/24		737,000		779,505
Canadian Imperial Bank of Commerce (Canada) 2.350% (SOFR + 0.800%) due 03/17/23 §		1,200,000		1,204,475
Capital One Financial Corp 3.450% due 04/30/21		5,000,000		5,091,020
Capital One NA 2.150% due 09/06/22		2,000,000		2,003,848
Citibank NA 3.165% due 02/19/22		6,000,000		6,078,112
Citigroup Inc
2.750% due 04/25/22		1,800,000		1,828,034
2.900% (USD LIBOR + 0.960%) due 04/25/22 §		2,000,000		2,026,936
Citizens Bank NA
2.911% (USD LIBOR + 0.950%) due 03/29/23 §		4,000,000		4,049,024
3.250% due 02/14/22		2,500,000		2,561,752
Cooperatieve Rabobank UA (Netherlands) 2.807% (USD LIBOR + 0.860%) due 09/26/23 § ~		2,500,000		2,513,444
Duke Realty LP REIT 3.875% due 10/15/22		2,000,000		2,084,623

	Principal         Amount		Value
HSBC Bank USA NA 4.875% due 08/24/20		$4,000,000		$4,069,355
HSBC Holdings PLC (United Kingdom) 3.400% due 03/08/21		6,290,000		6,389,901
ING Bank NV (Netherlands) 2.750% due 03/22/21 ~		2,200,000		2,222,953
Intercontinental Exchange Inc 3.450% due 09/21/23		2,200,000		2,316,345
Jackson National Life Global Funding
2.500% due 06/27/22 ~		1,850,000		1,875,757
3.300% due 02/01/22 ~		2,650,000		2,724,771
JPMorgan Chase & Co
2.295% due 08/15/21		2,000,000		2,004,604
2.840% (USD LIBOR + 0.900%) due 04/25/23 §		2,000,000		2,018,189
2.972% due 01/15/23		2,500,000		2,551,109
3.250% due 09/23/22		1,200,000		1,241,327
JPMorgan Chase Bank NA 2.276% (USD LIBOR + 0.340%) due 04/26/21 §		2,000,000		2,001,174
Metropolitan Life Global Funding I 3.450% due 10/09/21 ~		2,100,000		2,158,390
Mid-America Apartments LP REIT 4.300% due 10/15/23		2,000,000		2,140,150
Mitsubishi UFJ Financial Group Inc (Japan)
2.623% due 07/18/22		1,050,000		1,064,221
2.647% (USD LIBOR + 0.740%) due 03/02/23 §		5,300,000		5,316,733
2.730% (USD LIBOR + 0.790%) due 07/25/22 §		4,000,000		4,026,386
Mitsubishi UFJ Trust & Banking Corp (Japan) 2.650% due 10/19/20 ~		6,000,000		6,030,550
Morgan Stanley
2.380% (SOFR + 0.830%) due 06/10/22 §		2,500,000		2,515,145
2.451% (USD LIBOR + 0.550%) due 02/10/21 §		2,000,000		2,000,996
3.336% (USD LIBOR + 1.400%) due 10/24/23 §		1,500,000		1,533,097
5.750% due 01/25/21		3,458,000		3,592,159
New York Life Global Funding
2.288% (USD LIBOR + 0.440%) due 07/12/22 § ~		2,000,000		2,008,471
2.411% (USD LIBOR + 0.520%) due 06/10/22 § ~		2,000,000		2,009,639
3.250% due 08/06/21 ~		1,500,000		1,534,521
PNC Bank NA 2.403% (USD LIBOR + 0.450%) due 07/22/22 §		1,900,000		1,903,848
Protective Life Global Funding 2.481% (USD LIBOR + 0.520%) due 06/28/21 § ~		3,000,000		3,014,503
Royal Bank of Canada (Canada)
2.560% (USD LIBOR + 0.660%) due 10/05/23 §		6,000,000		6,048,964
3.700% due 10/05/23		400,000		422,836
Sumitomo Mitsui Financial Group Inc (Japan)
2.742% (USD LIBOR + 0.740%) due 01/17/23 §		3,130,000		3,146,445
2.784% due 07/12/22		2,500,000		2,542,852
2.801% (USD LIBOR + 0.800%) due 10/16/23 §		7,500,000		7,519,659
2.826% (USD LIBOR + 0.860%) due 07/19/23 §		5,000,000		5,042,018
Synchrony Bank 3.650% due 05/24/21		1,000,000		1,021,092

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal     Amount		Value
Synchrony Financial 2.700% due 02/03/20		$331,000		$331,120
The Bank of New York Mellon Corp
1.950% due 08/23/22		2,000,000		2,004,153
2.100% due 10/24/24		3,000,000		3,003,137
The Goldman Sachs Group Inc
2.660% (USD LIBOR + 0.750%) due 02/23/23 §		7,089,000		7,133,113
3.625% due 02/20/24		2,300,000		2,413,986
The PNC Financial Services Group Inc 3.500% due 01/23/24		1,700,000		1,790,121
The Toronto-Dominion Bank (Canada) 2.606% (USD LIBOR + 0.640%) due 07/19/23 §		10,000,000		10,088,147
Truist Bank
2.492% (USD LIBOR + 0.590%) due 08/02/22 §		6,000,000		6,020,008
2.494% (USD LIBOR + 0.590%) due 05/17/22 §		10,000,000		10,050,928
3.525% due 10/26/21		2,800,000		2,834,118
UBS Group AG (Switzerland) 2.650% due 02/01/22 ~		2,500,000		2,525,470
US Bank NA 2.350% (USD LIBOR + 0.440%) due 05/23/22 §		10,000,000		10,045,537
Ventas Realty LP REIT 2.650% due 01/15/25		1,650,000		1,662,004
Wells Fargo & Co
2.625% due 07/22/22		7,000,000		7,103,352
3.046% (USD LIBOR + 1.110%) due 01/24/23 §		9,800,000		9,932,063
Wells Fargo Bank NA 3.325% due 07/23/21		5,000,000		5,039,638
Westpac Banking Corp (Australia)
2.630% (USD LIBOR + 0.720%) due 05/15/23 §		1,750,000		1,762,768
2.671% (USD LIBOR + 0.710%) due 06/28/22 §		2,750,000		2,769,342
3.650% due 05/15/23		3,251,000		3,409,220
				249,197,486
Industrial - 0.9%
John Deere Capital Corp
2.285% (USD LIBOR + 0.400%) due 06/07/21 §		6,000,000		6,022,673
2.377% (USD LIBOR + 0.490%) due 06/13/22 §		3,000,000		3,013,956
Ryder System Inc 2.875% due 06/01/22		1,500,000		1,522,850
				10,559,479
Technology - 1.7%
Apple Inc
2.400% due 01/13/23		2,200,000		2,236,558
2.400% due 05/03/23		3,000,000		3,051,065
Broadcom Inc
3.125% due 04/15/21 ~		2,000,000		2,024,362
3.125% due 10/15/22 ~		1,000,000		1,018,589
Fiserv Inc 3.800% due 10/01/23		2,200,000		2,323,702
Hewlett Packard Enterprise Co
2.567% (USD LIBOR + 0.680%) due 03/12/21 §		2,145,000		2,153,357
2.620% (USD LIBOR + 0.720%) due 10/05/21 §		2,100,000		2,100,289
International Business Machines Corp 2.305% (USD LIBOR + 0.400%) due 05/13/21 §		4,000,000		4,016,292
				18,924,214

	Principal     Amount		Value
Utilities - 2.1%
American Electric Power Co Inc 3.650% due 12/01/21		$1,250,000		$1,289,662
Consolidated Edison Co of New York Inc 2.347% (USD LIBOR + 0.400%) due 06/25/21 §		3,000,000		3,008,867
Dominion Energy Inc
2.579% due 07/01/20		3,100,000		3,106,719
2.715% due 08/15/21		1,000,000		1,007,742
Duke Energy Florida LLC 2.167% (USD LIBOR + 0.250%) due 11/26/21 §		2,700,000		2,702,509
Electricite de France SA (France) 4.600% due 01/27/20 ~		1,500,000		1,502,534
Enel Finance International NV (Italy) 2.875% due 05/25/22 ~		2,500,000		2,531,933
Evergy Inc 2.450% due 09/15/24		1,750,000		1,760,763
Florida Power & Light Co 2.308% (USD LIBOR + 0.400%) due 05/06/22 §		3,000,000		3,000,122
Oncor Electric Delivery Co LLC 2.750% due 06/01/24		1,800,000		1,822,070
WEC Energy Group Inc 3.375% due 06/15/21		2,100,000		2,142,466
				23,875,387
Total Corporate Bonds & Notes (Cost $484,403,070)				490,818,861
ASSET-BACKED SECURITIES - 12.4%
AIMCO CLO (Cayman) 2.851% (USD LIBOR + 0.850%) due 01/15/28 § ~		850,000		849,201
Ally Auto Receivables Trust
1.750% due 12/15/21		1,074,819		1,074,090
1.930% due 10/17/22		5,000,000		4,999,023
2.720% due 05/17/21		615,246		615,351
2.850% due 03/15/22		3,395,222		3,404,472
American Express Credit Account Master Trust 2.670% due 10/17/22		3,000,000		3,004,672
AmeriCredit Automobile Receivables Trust
1.800% due 10/08/21		714,801		714,612
1.870% due 08/18/21		71,370		71,360
1.980% due 12/20/21		495,490		495,419
2.040% due 07/18/22		780,887		781,001
2.045% (USD LIBOR + 0.300%) due 01/18/23 §		2,000,000		2,000,874
2.240% due 06/19/23		6,066,000		6,075,929
2.300% due 02/18/22		3,750,000		3,752,869
2.710% due 07/19/21		18,994		18,999
2.860% due 11/18/21		2,886,564		2,889,727
2.930% due 06/20/22		2,344,412		2,352,509
Capital Auto Receivables Asset Trust
2.020% due 08/20/21 ~		900,086		899,949
3.020% due 02/22/21 ~		1,776,032		1,778,413
Carmax Auto Owner Trust 3.020% due 07/15/22		1,525,364		1,532,024

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal     Amount		Value
CNH Equipment Trust 2.960% due 05/16/22		$2,912,080		$2,924,181
Ford Credit Auto Owner Trust
1.880% due 07/15/22		4,250,000		4,247,415
1.980% (USD LIBOR + 0.240%) due 02/15/22 §		1,470,413		1,470,910
2.780% due 02/15/22		3,074,180		3,084,938
2.960% due 09/15/21		2,465,917		2,472,607
GM Financial Consumer Automobile Receivables Trust
1.970% (USD LIBOR + 0.230%) due 08/16/22 §		5,805,396		5,807,708
2.740% due 07/16/21		1,586,361		1,587,730
2.930% due 11/16/21		1,470,906		1,473,594
Honda Auto Receivables Owner Trust
1.360% due 01/18/23		1,440,000		1,437,939
2.660% due 12/18/20		429,870		430,114
2.670% due 12/21/20		1,832,171		1,833,741
Hyundai Auto Receivables Trust 1.930% due 07/15/22		2,250,000		2,252,804
John Deere Owner Trust 2.830% due 04/15/21		833,375		834,157
Mercedes-Benz Auto Receivables Trust
2.040% due 06/15/22		3,250,000		3,256,393
2.710% due 04/15/21		1,110,687		1,111,560
Navient Private Education Loan Trust 2.440% (USD LIBOR + 0.700%) due 09/16/24 § ~		151,710		151,706
Navient Private Education Refi Loan Trust
2.140% (USD LIBOR + 0.400%) due 12/15/59 § ~		7,315,549		7,304,264
2.180% due 08/15/68 ~		944,729		945,342
Navient Student Loan Trust
2.032% (USD LIBOR + 0.240%) due 09/27/66 § ~		361,186		361,161
2.062% (USD LIBOR + 0.270%) due 03/25/67 § ~		416,012		415,888
2.122% (USD LIBOR + 0.330%) due 12/27/67 § ~		787,501		787,511
Nelnet Student Loan Trust 2.020% (USD LIBOR + 0.110%) due 08/23/27 §		1,245,058		1,243,027
Nissan Auto Receivables Owner Trust
1.590% due 07/15/22		671,637		670,922
2.820% due 01/18/22		3,467,597		3,479,448
3.070% due 10/15/21		1,568,008		1,573,195
Santander Drive Auto Receivables Trust
2.190% due 03/15/22		62,494		62,491
2.280% due 02/15/22		3,000,000		3,001,747
2.460% due 03/15/22		1,376,656		1,377,938
2.580% due 05/16/22		907,843		908,505
2.630% due 07/15/22		7,282,958		7,300,939
2.910% due 01/18/22		1,195,484		1,196,045
3.090% due 04/15/22		36,583		36,598
SLC Student Loan Trust 1.994% (USD LIBOR + 0.100%) due 09/15/26 §		934,058		931,714
SLM Student Loan Trust
2.030% (USD LIBOR + 0.090%) due 10/25/24 §		226,457		226,296
2.030% (USD LIBOR + 0.090%) due 01/26/26 §		1,274,867		1,271,114
2.040% (USD LIBOR + 0.100%) due 04/25/27 §		410,305		409,645
2.490% (USD LIBOR + 0.550%) due 04/27/26 § ~		465,509		465,589

	Principal     Amount		Value
SMB Private Education Loan Trust
2.040% (USD LIBOR + 0.300%) due 09/15/25 § ~		$262,904		$262,804
2.060% (USD LIBOR + 0.320%) due 12/16/24 § ~		685,339		685,033
2.090% (USD LIBOR + 0.350%) due 02/16/26 § ~		971,722		971,266
2.090% (USD LIBOR + 0.350%) due 03/16/26 § ~		500,841		500,465
2.090% (USD LIBOR + 0.350%) due 07/15/26 § ~		4,803,400		4,805,314
Toyota Auto Receivables Owner Trust
2.590% due 02/15/22		9,000,000		9,023,823
2.640% due 03/15/21		616,213		616,605
2.830% due 10/15/21		3,049,120		3,059,871
2.980% due 08/15/21		2,309,513		2,318,489
Verizon Owner Trust
1.920% due 12/20/21 ~		9,010,830		9,010,110
2.060% due 09/20/21 ~		1,871,746		1,871,890
Total Asset-Backed Securities (Cost $138,520,733)				138,783,040
U.S. TREASURY OBLIGATIONS - 33.2%
U.S. Treasury Notes - 33.2%
1.375% due 01/15/20		34,500,000		34,496,645
1.375% due 05/31/20		11,000,000		10,987,557
1.625% due 06/30/21		18,000,000		18,007,562
1.750% due 03/31/22		20,000,000		20,071,738
1.750% due 07/15/22		10,000,000		10,036,065
1.750% due 06/30/24		10,000,000		10,024,222
1.750% due 07/31/24		10,000,000		10,024,477
2.000% due 01/31/20		55,500,000		55,515,122
2.000% due 01/15/21		10,000,000		10,037,182
2.000% due 07/31/22		10,000,000		10,100,443
2.250% due 03/31/21		15,000,000		15,116,025
2.500% due 05/31/20		20,500,000		20,571,203
2.500% due 12/31/20		20,000,000		20,167,387
2.625% due 02/28/23		3,600,000		3,709,925
2.750% due 09/30/20		9,000,000		9,072,788
2.750% due 11/30/20		80,000,000		80,792,440
2.875% due 11/15/21		31,000,000		31,729,600
				370,460,381
Total U.S. Treasury Obligations (Cost $367,720,957)				370,460,381

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENT - 0.6%
Money Market Fund - 0.6%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.510%		6,727,416		$6,727,416
Total Short-Term Investment (Cost $6,727,416)				6,727,416
TOTAL INVESTMENTS - 90.1% (Cost $997,372,176)				1,006,789,698
DERIVATIVES - 9.6%				106,777,116
OTHER ASSETS & LIABILITIES, NET - 0.3%				4,280,124
NET ASSETS - 100.0%				$1,117,846,938

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Notes to Schedule of Investments

(a) Open futures contracts outstanding as of December 31, 2019 were as follows:

Short Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Depreciation
S&P 500 E-Mini Index		03/20		147		$23,409,065		$23,748,585		($339,520)

(b) Swap agreements outstanding as of December 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)
Russell 1000 Index	3-Month USD-LIBOR + 0.110%	Z	BRC		03/19/20		$32,521,626		$4,891,632			$—		$4,891,632
Russell 2000 Index	3-Month USD-LIBOR - 0.110%	Z	BRC		03/19/20		10,228,127		729,935			—		729,935
MSCI World Index	3-Month USD-LIBOR - 0.410%	Z	JPM		03/19/20		203,560,488		27,353,265			—		27,353,265
MSCI EAFE Index	3-Month USD-LIBOR - 0.330%	Z	MSC		03/19/20		22,964,192		2,378,062			—		2,378,062
Russell Mid-Cap Value Index	3-Month USD-LIBOR + 0.070%	Z	SGN		03/19/20		95,875,569		9,533,158			—		9,533,158
Russell 1000 Growth Index	3-Month USD-LIBOR + 0.160%	Z	BOA		06/11/20		92,443,636		14,385,745			—		14,385,745
Russell 1000 Value Index	3-Month USD-LIBOR + 0.170%	Z	BOA		06/11/20		105,900,145		11,937,607			—		11,937,607
Russell Mid-Cap Growth Index	3-Month USD-LIBOR + 0.100%	Z	BOA		06/11/20		41,248,117		4,552,461			—		4,552,461
Russell Mid-Cap Value Index	3-Month USD-LIBOR + 0.120%	Z	BOA		06/11/20		58,739,864		5,460,062			—		5,460,062
MSCI EAFE Index	3-Month USD-LIBOR - 0.230%	Z	JPM		06/11/20		72,900,725		7,552,592			—		7,552,592
Russell 1000 Growth Index	3-Month USD-LIBOR + 0.200%	Z	BOA		09/17/20		59,746,808		5,901,646			—		5,901,646
Russell 1000 Value Index	3-Month USD-LIBOR + 0.210%	Z	BOA		09/17/20		87,593,998		9,013,130			—		9,013,130
Russell Mid-Cap Growth Index	3-Month USD-LIBOR + 0.160%	Z	BOA		09/17/20		41,594,361		2,513,909			—		2,513,909
MSCI EAFE Index	3-Month USD-LIBOR - 0.190%	Z	CIT		09/17/20		47,147,102		5,418,850			—		5,418,850
Russell 1000 Growth Index	3-Month USD-LIBOR + 0.210%	Z	BRC		01/14/21		39,326,460		2,068,661			—		2,068,661
Russell 1000 Value Index	3-Month USD-LIBOR + 0.210%	Z	BRC		01/14/21		44,898,775		1,587,253			—		1,587,253
Russell Mid-Cap Growth Index	3-Month USD-LIBOR + 0.190%	Z	BRC		01/14/21		18,019,431		752,153			—		752,153
Russell Mid-Cap Value Index	3-Month USD-LIBOR + 0.180%	Z	BRC		01/14/21		25,364,802		970,511			—		970,511
MSCI EAFE Index	3-Month USD-LIBOR - 0.110%	Z	MSC		01/14/21		31,282,446		1,008,079			—		1,008,079
									$118,008,711			$—		$118,008,711
Total Return Swaps - Short
Pay	Receive	Payment Frequency	Counter- party	Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
MSCI EAFE Index	3-Month USD-LIBOR - 0.270%	Z	BOA		03/19/20		$19,334,556		($2,023,638	)		$—		($2,023,638	)
MSCI Pacific Index	3-Month USD-LIBOR - 0.110%	Z	BRC		03/19/20		34,086,854		(3,019,526	)		—		(3,019,526	)
MSCI Europe Index	3-Month USD-LIBOR - 0.350%	Z	SGN		03/19/20		42,910,158		(4,934,405	)		—		(4,934,405	)
Russell Mid-Cap Value Index	3-Month USD-LIBOR + 0.160%	Z	BRC		09/17/20		9,555,317		(914,506	)		—		(914,506	)
									($10,892,075	)		$—		($10,892,075	)
Total Swap Agreements									$107,116,636			$—		$107,116,636

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

132

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PF MULTI-ASSET FUND

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

(c) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$490,818,861			$—			$490,818,861			$—
	Asset-Backed Securities		138,783,040			—			138,783,040			—
	U.S. Treasury Obligations		370,460,381			—			370,460,381			—
	Short-Term Investment		6,727,416			6,727,416			—			—
	Derivatives:
	Equity Contracts
	Swaps		118,008,711			—			118,008,711			—
	Total Assets		1,124,798,409			6,727,416			1,118,070,993			—
Liabilities	Derivatives:
	Equity Contracts
	Futures		(339,520	)		(339,520	)		—			—
	Swaps		(10,892,075	)		—			(10,892,075	)		—
	Total Equity Contracts		(11,231,595	)		(339,520	)		(10,892,075	)		—
	Total Liabilities - Derivatives		(11,231,595	)		(339,520	)		(10,892,075	)		—
	Total		$1,113,566,814			$6,387,896			$1,107,178,918			$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

133

PACIFIC FUNDS

PF SMALL-CAP VALUE FUND

Schedule of Investments

December 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.7%
Basic Materials - 2.3%
Carpenter Technology Corp		13,689		$681,439
Orion Engineered Carbons SA (Luxembourg)		39,531		762,948
				1,444,387
Communications - 3.6%
A10 Networks Inc *		88,766		609,822
Casa Systems Inc *		77,757		318,026
Criteo SA ADR (France) *		25,348		439,281
Extreme Networks Inc *		57,924		426,900
Houghton Mifflin Harcourt Co *		77,395		483,719
				2,277,748
Consumer, Cyclical - 16.1%
Bloomin’ Brands Inc		29,533		651,793
BMC Stock Holdings Inc *		9,387		269,313
Callaway Golf Co		32,012		678,654
Citi Trends Inc		27,604		638,204
Cooper-Standard Holdings Inc *		10,227		339,127
Dana Inc		42,670		776,594
El Pollo Loco Holdings Inc *		55,904		846,387
Hawaiian Holdings Inc		23,185		679,089
Knoll Inc		17,884		451,750
Malibu Boats Inc ‘A’ *		3,332		136,445
Papa John’s International Inc		12,594		795,311
Red Robin Gourmet Burgers Inc *		4,603		151,991
Regis Corp *		42,880		766,266
REV Group Inc		46,002		562,604
Signet Jewelers Ltd		17,843		387,907
Skechers U.S.A. Inc ‘A’ *		11,729		506,576
SkyWest Inc		9,663		624,520
Spartan Motors Inc		4,022		72,718
Taylor Morrison Home Corp *		36,128		789,758
				10,125,007
Consumer, Non-Cyclical - 7.9%
Cott Corp		52,028		711,743
Fresh Del Monte Produce Inc		19,520		682,810
ICON PLC (Ireland) *		4,002		689,264
Molina Healthcare Inc *		4,937		669,902
Nomad Foods Ltd (United Kingdom) *		44,754		1,001,147
The Hain Celestial Group Inc *		29,369		762,272
Viad Corp		7,089		478,507
				4,995,645
Energy - 4.7%
Dril-Quip Inc *		13,000		609,830
Helix Energy Solutions Group Inc *		54,164		521,599
MRC Global Inc *		34,626		472,299
Oil States International Inc *		33,516		546,646
Patterson-UTI Energy Inc		32,230		338,415
QEP Resources Inc		52,337		235,516
RPC Inc		39,969		209,438
				2,933,743
Financial - 35.8%
1st Source Corp		11,175		579,759
Armada Hoffler Properties Inc REIT		29,876		548,225
Associated Banc-Corp		35,912		791,500

	Shares		Value
Bank of Marin Bancorp		8,988		$404,909
BankUnited Inc		23,539		860,586
Carter Bank & Trust *		25,904		614,443
City Office REIT Inc		52,819		714,113
Cousins Properties Inc REIT		20,276		835,371
Easterly Government Properties Inc REIT		23,781		564,323
Empire State Realty Trust Inc ‘A’ REIT		25,711		358,926
Essent Group Ltd		14,264		741,585
First American Financial Corp		7,109		414,597
HarborOne Bancorp Inc *		4,390		48,246
Heritage Financial Corp		29,830		844,189
IBERIABANK Corp		12,562		940,014
Independence Realty Trust Inc REIT		59,186		833,339
Independent Bank Group Inc		13,199		731,753
Kemper Corp		9,362		725,555
National Storage Affiliates Trust REIT		25,206		847,426
Opus Bank		21,732		562,207
RLJ Lodging Trust REIT		34,780		616,302
Sandy Spring Bancorp Inc		20,683		783,472
Selective Insurance Group Inc		8,975		585,080
STAG Industrial Inc REIT		30,032		948,110
State Auto Financial Corp		11,387		353,225
Sterling Bancorp		34,430		725,784
Synovus Financial Corp		19,940		781,648
Texas Capital Bancshares Inc *		13,341		757,369
TriCo Bancshares		15,829		645,981
Umpqua Holdings Corp		45,852		811,580
Webster Financial Corp		15,483		826,173
WSFS Financial Corp		20,100		884,199
Zions Bancorp NA		15,627		811,354
				22,491,343
Industrial - 13.3%
AAR Corp		16,967		765,212
Belden Inc		13,020		716,100
Covenant Transportation Group Inc ‘A’ *		17,187		222,142
EnerSys		9,093		680,429
Graphic Packaging Holding Co		38,518		641,325
Hub Group Inc ‘A’ *		12,389		635,432
Kennametal Inc		19,128		705,632
Masonite International Corp *		12,296		887,894
Primoris Services Corp		28,958		644,026
Regal Beloit Corp		6,360		544,479
Terex Corp		13,166		392,083
Trinseo SA		12,549		466,948
TTM Technologies Inc *		44,753		673,533
Tutor Perini Corp *		29,010		373,069
				8,348,304
Technology - 11.8%
CommVault Systems Inc *		15,059		672,234
KEMET Corp		14,840		401,422
Kulicke & Soffa Industries Inc (Singapore)		37,350		1,015,920
MagnaChip Semiconductor Corp (South Korea) *		50,142		582,149
MaxLinear Inc *		28,647		607,889
NCR Corp *		26,623		936,065
NetScout Systems Inc *		27,660		665,776
Onto Innovation Inc *		5,369		196,183
Unisys Corp *		67,130		796,162
Verint Systems Inc *		16,393		907,516
WNS Holdings Ltd ADR (India) *		9,257		612,351
				7,393,667

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

134

PACIFIC FUNDS

PF SMALL-CAP VALUE FUND

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Shares		Value
Utilities - 2.2%
Black Hills Corp		8,769		$688,717
PNM Resources Inc		14,152		717,648
				1,406,365
Total Common Stocks (Cost $51,594,302)				61,416,209
SHORT-TERM INVESTMENT - 1.2%
Money Market Fund - 1.2%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.510%		742,573		742,573
Total Short-Term Investment (Cost $742,573)				742,573
TOTAL INVESTMENTS - 98.9% (Cost $52,336,875)				62,158,782
OTHER ASSETS & LIABILITIES, NET - 1.1%				666,776
NET ASSETS - 100.0%				$62,825,558

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

135

PACIFIC FUNDS

PF SMALL-CAP VALUE FUND

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Note to Schedule of Investments

(a) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$61,416,209		$61,416,209		$—		$—
	Short-Term Investment		742,573		742,573		—		—
	Total		$62,158,782		$62,158,782		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

136

PACIFIC FUNDS

PF EMERGING MARKETS FUND

Schedule of Investments

December 31, 2019 (Unaudited)

	Shares		Value
RIGHTS - 0.0%
Brazil - 0.0%
Lojas Americanas SA Exp 01/31/20		2,162		$5,262
Total Rights (Cost $0)				5,262
PREFERRED STOCKS - 2.2%
Brazil - 2.2%
Itau Unibanco Holding SA ADR		42,510		388,967
Lojas Americanas SA		224,018		1,442,888
			1,831,855
India - 0.0%
Zee Entertainment Enterprises Ltd 6.000% due 03/05/22		390,884		30,119
Total Preferred Stocks (Cost $999,208)				1,861,974
COMMON STOCKS - 93.9%
Argentina - 0.3%
MercadoLibre Inc *		440		251,654
Brazil - 3.8%
Atacadao SA		146,800		852,109
B3 SA - Brasil Bolsa Balcao		79,153		845,503
Pagseguro Digital Ltd *		8,626		294,664
StoneCo Ltd ‘A’ *		9,889		394,472
Vale SA ADR *		65,470		864,204
				3,250,952
Chile - 0.9%
SACI Falabella		177,303		764,198
China - 29.3%
Alibaba Group Holding Ltd ADR *		28,958		6,141,992
Baozun Inc ADR *		10,968		363,260
Budweiser Brewing Co APAC Ltd * ~		422,800		1,427,004
China International Capital Corp Ltd ‘H’ ~		190,800		367,875
Hansoh Pharmaceutical Group Co Ltd * ~		60,000		199,820
Huazhu Group Ltd ADR		61,564		2,466,869
Innovent Biologics Inc * ~		141,500		482,964
Jiangsu Hengrui Medicine Co Ltd ‘A’		155,007		1,950,101
Meituan Dianping ‘B’ *		69,200		904,178
OneConnect Financial Technology Co Ltd ADR *		26,751		268,313
Ping An Insurance Group Co of China Ltd ‘A’		112,671		1,384,617
Shanghai Junshi Biosciences Co Ltd ‘H’ * ~		19,600		67,159
Sinopharm Group Co Ltd ‘H’		105,114		383,549

	Shares		Value
Tencent Holdings Ltd ADR		89,381		$4,306,033
Wuxi Biologics Cayman Inc * ~		33,500		424,293
Yum China Holdings Inc		48,650		2,335,687
ZTO Express Cayman Inc ADR		67,885		1,585,115
				25,058,829
Colombia - 0.6%
Grupo Aval Acciones y Valores SA ADR		55,829		486,829
Egypt - 0.6%
Commercial International Bank Egypt SAE		94,491		488,763
France - 5.6%
Kering SA		6,626		4,365,991
LVMH Moet Hennessy Louis Vuitton SE		954		444,522
				4,810,513
Hong Kong - 6.3%
AIA Group Ltd		285,600		3,003,931
Hang Lung Properties Ltd		50,000		109,787
Hong Kong Exchanges & Clearing Ltd		38,743		1,258,672
Hutchison China MediTech Ltd ADR *		8,000		200,560
Jardine Strategic Holdings Ltd		27,770		851,653
				5,424,603
India - 10.7%
Cholamandalam Investment and Finance Co Ltd		53,539		229,181
Housing Development Finance Corp Ltd		115,200		3,895,195
Kotak Mahindra Bank Ltd		105,409		2,487,885
Oberoi Realty Ltd		31,172		231,716
Tata Consultancy Services Ltd		52,580		1,592,395
Zee Entertainment Enterprises Ltd		185,526		759,486
				9,195,858
Indonesia - 1.0%
P.T. Bank Central Asia Tbk		165,400		397,788
P.T. Indocement Tunggal Prakarsa Tbk		207,718		284,102
P.T. Semen Indonesia Persero Tbk		207,000		178,505
				860,395
Italy - 1.9%
Moncler SPA		14,032		631,548
PRADA SPA		246,400		1,018,567
				1,650,115
Mexico - 7.0%
Alsea SAB de CV *		149,240		393,316
Fomento Economico Mexicano SAB de CV		243,677		2,298,290
Fomento Economico Mexicano SAB de CV ADR		6,370		602,029
Grupo Aeroportuario del Sureste SAB de CV ‘B’		24,893		466,381
Grupo Financiero Banorte SAB de CV ‘O’		55,165		307,985
Grupo Financiero Inbursa SAB de CV ‘O’		418,436		513,432
Grupo Mexico SAB de CV ‘B’		477,615		1,313,047
Wal-Mart de Mexico SAB de CV		45,337		130,154
				6,024,634

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

137

PACIFIC FUNDS

PF EMERGING MARKETS FUND

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Shares		Value
Peru - 1.9%
Credicorp Ltd		7,750		$1,651,757
Philippines - 2.2%
Ayala Land Inc		580,200		520,388
SM Investments Corp		55,072		1,133,282
SM Prime Holdings Inc		288,156		239,172
				1,892,842
Russia - 8.7%
LUKOIL PJSC ADR		5,088		506,798
MMC Norilsk Nickel PJSC		644		198,125
MMC Norilsk Nickel PJSC ADR		10,499		321,073
Novatek PJSC GDR		19,353		3,928,659
Polyus PJSC GDR ~		2,683		153,424
Sberbank of Russia PJSC		331,975		1,363,468
Yandex NV ‘A’ *		21,639		941,080
				7,412,627
South Africa - 2.3%
FirstRand Ltd		392,276		1,760,136
Shoprite Holdings Ltd		22,811		205,163
Steinhoff International Holdings NV *		73,665		4,418
				1,969,717
South Korea - 2.6%
Amorepacific Corp		2,987		514,412
AMOREPACIFIC Group		3,099		221,393
LG Household & Health Care Ltd		298		323,703
Samsung Biologics Co Ltd * ~		3,095		1,154,990
				2,214,498
Switzerland - 1.1%
Glencore PLC *		293,786		914,773
Taiwan - 5.3%
Taiwan Semiconductor Manufacturing Co Ltd		413,995		4,582,026
Thailand - 0.4%
The Siam Commercial Bank PCL		89,300		363,135
Turkey - 1.4%
Akbank T.A.S. *		473,481		644,937
Anadolu Efes Biracilik Ve Malt Sanayii AS		78,991		306,457
BIM Birlesik Magazalar AS		27,282		213,982
				1,165,376
Total Common Stocks (Cost $44,200,548)				80,434,094

	Shares		Value
SHORT-TERM INVESTMENT - 3.5%
Money Market Fund - 3.5%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.510%		2,998,457		$2,998,457
Total Short-Term Investment (Cost $2,998,457)				2,998,457
TOTAL INVESTMENTS - 99.6% (Cost $48,198,213)				85,299,787
OTHER ASSETS & LIABILITIES, NET - 0.4%				368,151
NET ASSETS - 100.0%				$85,667,938

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

138

PACIFIC FUNDS

PF EMERGING MARKETS FUND

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Note to Schedule of Investments

(a) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Rights		$5,262		$—		$5,262		$—
	Preferred Stocks
	Brazil		1,831,855		388,967		1,442,888		—
	India		30,119		30,119		—		—
	Total Preferred Stocks		1,861,974		419,086		1,442,888		—
	Common Stocks
	Argentina		251,654		251,654		—		—
	Brazil		3,250,952		1,553,340		1,697,612		—
	Chile		764,198		—		764,198		—
	China		25,058,829		14,655,399		10,403,430		—
	Colombia		486,829		486,829		—		—
	Egypt		488,763		488,763		—		—
	France		4,810,513		—		4,810,513		—
	Hong Kong		5,424,603		200,560		5,224,043		—
	India		9,195,858		2,351,881		6,843,977		—
	Indonesia		860,395		—		860,395		—
	Italy		1,650,115		—		1,650,115		—
	Mexico		6,024,634		6,024,634		—		—
	Peru		1,651,757		1,651,757		—		—
	Philippines		1,892,842		—		1,892,842		—
	Russia		7,412,627		4,869,739		2,542,888		—
	South Africa		1,969,717		4,418		1,965,299		—
	South Korea		2,214,498		—		2,214,498		—
	Switzerland		914,773		—		914,773		—
	Taiwan		4,582,026		—		4,582,026		—
	Thailand		363,135		—		363,135		—
	Turkey		1,165,376		520,439		644,937		—
	Total Common Stocks		80,434,094		33,059,413		47,374,681		—
	Short-Term Investment		2,998,457		2,998,457		—		—
	Total		$85,299,787		$36,476,956		$48,822,831		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

139

PACIFIC FUNDS

PF INTERNATIONAL LARGE-CAP FUND

Schedule of Investments

December 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.5%
Australia - 0.9%
Rio Tinto PLC		7,210		$426,799
Belgium - 1.6%
KBC Group NV		9,538		719,117
Brazil - 0.5%
Ambev SA ADR		52,833		246,202
Canada - 3.2%
Canadian National Railway Co		9,505		859,727
Suncor Energy Inc		18,891		619,153
				1,478,880
China - 1.5%
Baidu Inc ADR *		1,720		217,408
Yum China Holdings Inc		9,762		468,674
				686,082
Denmark - 2.6%
Carlsberg AS ‘B’		2,412		359,957
Novo Nordisk AS ‘B’		14,191		822,352
				1,182,309
France - 15.8%
Air Liquide SA		8,708		1,234,546
Danone SA		7,357		610,972
Dassault Systemes SE		1,415		233,371
Engie SA		29,367		475,699
EssilorLuxottica SA		3,650		558,020
Hermes International		140		104,876
L’Oreal SA		1,730		511,576
Legrand SA		5,195		424,246
LVMH Moet Hennessy Louis Vuitton SE		2,044		952,414
Pernod Ricard SA		4,416		790,192
Schneider Electric SE		12,745		1,309,424
				7,205,336
Germany - 9.6%
Bayer AG		11,348		922,558
Beiersdorf AG		7,393		884,423
Deutsche Boerse AG		2,797		438,607
Merck KGaA		4,211		496,453
MTU Aero Engines AG		1,040		296,324
ProSiebenSat.1 Media SE		12,205		190,434
SAP SE		8,646		1,163,742
				4,392,541
Hong Kong - 2.8%
AIA Group Ltd		120,426		1,266,637
India - 2.4%
Housing Development Finance Corp Ltd		13,808		466,882
Tata Consultancy Services Ltd		20,281		614,214
				1,081,096

	Shares		Value
Ireland - 1.0%
Ryanair Holdings PLC ADR *		5,298		$464,158
Israel - 1.1%
Check Point Software Technologies Ltd *		4,346		482,232
Italy - 2.0%
Eni SPA		24,400		378,964
Intesa Sanpaolo SPA		193,833		510,595
				889,559
Japan - 14.7%
Daikin Industries Ltd		5,800		818,321
Denso Corp		5,100		230,328
FANUC Corp		1,500		276,997
Hitachi Ltd		13,100		552,764
Hoya Corp		12,500		1,193,276
Japan Tobacco Inc		19,900		443,701
Kubota Corp		34,600		543,332
Kyocera Corp		9,000		613,401
Olympus Corp		58,300		898,561
Shin-Etsu Chemical Co Ltd		2,200		241,941
Terumo Corp		24,600		872,668
				6,685,290
Netherlands - 3.6%
Akzo Nobel NV		7,248		740,198
ING Groep NV		37,595		451,985
Randstad NV		7,549		462,568
				1,654,751
Portugal - 0.5%
Galp Energia SGPS SA		13,923		233,741
Singapore - 1.1%
DBS Group Holdings Ltd		26,100		503,240
Spain - 2.2%
Amadeus IT Group SA		12,156		995,542
Sweden - 0.9%
Essity AB ‘B’		12,117		390,243
Switzerland - 14.6%
Alcon Inc *		1,732		98,103
Cie Financiere Richemont SA		5,103		398,804
Julius Baer Group Ltd		6,634		342,002
Nestle SA		16,255		1,759,852
Novartis AG		8,659		819,917
Roche Holding AG		4,426		1,438,462
Sika AG		2,134		400,756
UBS Group AG		54,904		692,855
Zurich Insurance Group AG		1,649		676,419
				6,627,170
Taiwan - 1.8%
Taiwan Semiconductor Manufacturing Co Ltd ADR		13,721		797,190

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

140

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Shares		Value
United Kingdom - 13.1%
Barclays PLC		116,879		$278,697
Compass Group PLC		26,951		675,444
Diageo PLC		19,029		801,824
Experian PLC		26,334		892,715
Linde PLC		2,166		464,763
M&G PLC *		8,620		27,084
Prudential PLC		8,620		165,166
Reckitt Benckiser Group PLC		6,826		554,469
RELX PLC		31,530		795,485
Rolls-Royce Holdings PLC		33,247		300,489
Smiths Group PLC		13,435		300,075
Tesco PLC		107,800		364,327
WPP PLC		25,054		352,569
				5,973,107
United States - 1.0%
Amcor PLC CDI		16,914		184,941
QIAGEN NV *		7,869		268,124
				453,065
Total Common Stocks (Cost $22,387,905)				44,834,287
SHORT-TERM INVESTMENT - 0.7%
Money Market Fund - 0.7%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.510%		306,143		306,143
Total Short-Term Investment (Cost $306,143)				306,143
TOTAL INVESTMENTS - 99.2% (Cost $22,694,048)				45,140,430
OTHER ASSETS & LIABILITIES, NET - 0.8%				380,673
NET ASSETS - 100.0%				$45,521,103

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

141

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Note to Schedule of Investments

(a) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Australia		$426,799		$—		$426,799		$—
	Belgium		719,117		—		719,117		—
	Brazil		246,202		246,202		—		—
	Canada		1,478,880		1,478,880		—		—
	China		686,082		686,082		—		—
	Denmark		1,182,309		—		1,182,309		—
	France		7,205,336		—		7,205,336		—
	Germany		4,392,541		1,074,857		3,317,684		—
	Hong Kong		1,266,637		—		1,266,637		—
	India		1,081,096		614,214		466,882		—
	Ireland		464,158		464,158		—		—
	Israel		482,232		482,232		—		—
	Italy		889,559		—		889,559		—
	Japan		6,685,290		—		6,685,290		—
	Netherlands		1,654,751		—		1,654,751		—
	Portugal		233,741		—		233,741		—
	Singapore		503,240		—		503,240		—
	Spain		995,542		—		995,542		—
	Sweden		390,243		—		390,243		—
	Switzerland		6,627,170		—		6,627,170		—
	Taiwan		797,190		797,190		—		—
	United Kingdom		5,973,107		27,084		5,946,023		—
	United States		453,065		—		453,065		—
	Total Common Stocks		44,834,287		5,870,899		38,963,388		—
	Short-Term Investment		306,143		306,143		—		—
	Total		$45,140,430		$6,177,042		$38,963,388		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

142

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Schedule of Investments

December 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.9%
Australia - 3.2%
Accent Group Ltd		49,656		$65,025
Ansell Ltd		2,989		60,865
Appen Ltd		3,041		48,030
Asaleo Care Ltd *		50,000		37,193
Charter Hall Long Wale REIT		23,332		90,042
McMillan Shakespeare Ltd		3,884		35,625
Perseus Mining Ltd *		158,933		128,459
Sandfire Resources NL		14,808		62,219
Shopping Centres Australasia Property Group REIT		39,058		73,284
				600,742
Austria - 1.1%
ams AG *		965		39,177
AT&S Austria Technologie & Systemtechnik AG		2,573		57,896
S IMMO AG		2,112		52,830
Wienerberger AG		2,102		62,294
				212,197
Belgium - 2.2%
Barco NV		566		139,209
Bekaert SA		1,888		56,124
D’ieteren SA/NV		1,411		99,079
KBC Ancora		1,200		60,369
Orange Belgium SA		2,516		58,420
				413,201
Canada - 9.6%
Alaris Royalty Corp		4,600		77,685
Artis REIT		6,200		56,817
B2Gold Corp		18,200		73,021
Boardwalk REIT		1,900		67,203
Canaccord Genuity Group Inc		8,800		32,800
Canadian Solar Inc *		2,600		57,460
CI Financial Corp		3,700		61,859
Corus Entertainment Inc		15,600		63,911
Crescent Point Energy Corp		14,500		64,653
CRH Medical Corp *		14,000		48,516
CT REIT		5,600		69,604
Empire Co Ltd ‘A’		3,800		89,136
Enerplus Corp		12,600		89,754
Genworth MI Canada Inc		3,042		133,107
High Liner Foods Inc		5,000		31,689
Hudbay Minerals Inc		9,200		38,116
Knight Therapeutics Inc *		8,200		47,866
New Gold Inc *		65,800		58,273
Northland Power Inc		3,800		79,596
Northview Apartment REIT		2,600		59,346
Parex Resources Inc *		4,100		76,250
Points International Ltd *		3,838		58,606
Polaris Infrastructure Inc		9,400		88,676
Precision Drilling Corp *		18,900		26,344
Real Matters Inc *		6,900		65,464
Ritchie Bros Auctioneers Inc		1,800		77,237
Seven Generations Energy Ltd ‘A’ *		8,000		52,181
TFI International Inc		2,200		74,155
				1,819,325

	Shares		Value
China - 0.4%
Gemdale Properties & Investment Corp Ltd		629,886		$83,321
Denmark - 2.9%
Alm Brand AS		7,243		64,310
D/S Norden AS		3,724		59,646
Pandora AS		1,699		73,909
Royal Unibrew AS		1,235		113,124
Scandinavian Tobacco Group AS ~		6,500		79,276
SimCorp AS		755		85,849
Spar Nord Bank AS		6,975		67,741
				543,855
Egypt - 0.3%
Centamin PLC		37,800		63,401
Finland - 0.4%
Valmet Oyj		2,950		70,741
France - 3.9%
Alten SA		566		71,568
Criteo SA ADR *		2,700		46,791
Eiffage SA		1,313		150,637
Eutelsat Communications SA		2,809		45,656
IPSOS		1,850		60,210
Kaufman & Broad SA		1,540		63,915
Metropole Television SA		3,146		59,215
SCOR SE		1,500		63,144
SPIE SA		3,460		70,716
Teleperformance		217		53,017
Virbac SA *		200		53,057
				737,926
Georgia - 0.2%
Bank of Georgia Group PLC		2,100		45,202
Germany - 5.3%
Affimed NV *		12,000		32,880
AURELIUS Equity Opportunities SE & Co KGaA		1,069		46,742
Covestro AG ~		1,125		52,347
CTS Eventim AG & Co KGaA		871		54,650
Deutsche Pfandbriefbank AG ~		4,188		68,209
DIC Asset AG		6,254		111,541
HOCHTIEF AG		847		107,837
LEG Immobilien AG		1,243		146,794
Norma Group SE		1,200		50,925
Salzgitter AG		1,475		32,558
Software AG		2,955		102,886
TAG Immobilien AG		4,281		106,322
Talanx AG		2,054		101,657
				1,015,348
Hong Kong - 1.1%
Dah Sing Financial Holdings Ltd		10,700		42,178
K Wah International Holdings Ltd		88,000		49,120
Shun Tak Holdings Ltd		102,000		48,703
SmarTone Telecommunications Holdings Ltd		37,500		28,882
Stella International Holdings Ltd		30,000		48,124
				217,007

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

143

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PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Shares		Value
Ireland - 0.4%
Greencore Group PLC		23,817		$84,372
Israel - 1.2%
AudioCodes Ltd		5,601		143,890
Gazit-Globe Ltd		7,152		79,274
				223,164
Italy - 1.2%
A2A SPA		25,000		46,946
Banca Farmafactoring SPA ~		9,373		56,140
Banca IFIS SPA		3,051		47,949
Enav SPA ~		11,325		67,582
				218,617
Japan - 23.3%
Aoyama Trading Co Ltd		2,800		39,402
Asahi Co Ltd		4,300		55,738
Asahi Diamond Industrial Co Ltd		8,800		51,646
Avex Inc		3,900		44,924
Capcom Co Ltd		2,500		69,200
Cawachi Ltd		2,500		50,653
Citizen Watch Co Ltd		9,700		52,827
DMG Mori Co Ltd		5,200		79,561
Eagle Industry Co Ltd		4,500		46,519
ESPEC Corp		2,600		53,248
FCC Co Ltd		2,400		51,918
Financial Products Group Co Ltd		6,100		58,861
First-corp Inc		7,200		39,675
Foster Electric Co Ltd		4,200		73,774
Fuji Media Holdings Inc		3,000		42,595
Fukui Computer Holdings Inc		2,200		71,302
Furyu Corp		4,900		48,225
Glory Ltd		2,900		87,635
Kaken Pharmaceutical Co Ltd		1,100		60,693
Kissei Pharmaceutical Co Ltd		1,500		42,615
Kito Corp		3,800		59,644
Kyoei Steel Ltd		2,000		38,973
Look Holdings Inc		4,526		51,881
Marvelous Inc		6,400		42,646
Meitec Corp		2,000		112,371
Mitsui E&S Holdings Co Ltd *		5,300		42,879
Mitsui Matsushima Holdings Co Ltd		4,900		54,432
Mochida Pharmaceutical Co Ltd		1,300		52,337
Morinaga & Co Ltd		1,200		57,627
Nagase & Co Ltd		7,900		117,156
NichiiGakkan Co Ltd		4,632		70,068
Nihon Unisys Ltd		2,500		78,423
Nippon Carbon Co Ltd		1,200		44,839
Nippon Electric Glass Co Ltd		1,900		42,180
Nippon Piston Ring Co Ltd		5,100		74,911
NIPPON REIT Investment Corp		15		65,989
Nippon Thompson Co Ltd		13,325		62,824
Nippon Yakin Kogyo Co Ltd		3,450		73,242
Obara Group Inc		1,600		53,909
Optorun Co Ltd		1,300		35,455
OSJB Holdings Corp		21,900		54,279
PAL GROUP Holdings Co Ltd		1,600		55,835
Rengo Co Ltd		8,400		63,996
Restar Holdings Corp		2,000		37,081
Riken Vitamin Co Ltd		2,300		88,034
Roland DG Corp		2,300		45,822
Ryobi Ltd		3,500		62,202
Ryosan Co Ltd		1,600		41,208

	Shares		Value
Sangetsu Corp		2,800		$52,797
Sankyu Inc		1,300		65,328
Sanwa Holdings Corp		5,300		59,390
Seven Bank Ltd		20,300		66,505
Shin Nippon Biomedical Laboratories Ltd		6,000		34,567
Shinoken Group Co Ltd		6,700		79,115
Ship Healthcare Holdings Inc		2,800		129,168
Sinanen Holdings Co Ltd		2,500		46,462
Sojitz Corp		15,300		49,313
Sumitomo Mitsui Construction Co Ltd		10,100		58,480
Sumitomo Osaka Cement Co Ltd		1,300		56,626
Sumitomo Seika Chemicals Co Ltd		1,500		48,540
Takara Leben Co Ltd		10,800		50,078
The Okinawa Electric Power Co Inc		5,506		103,320
TOA ROAD Corp		2,300		75,348
Toho Zinc Co Ltd		1,500		28,291
Tokyu Construction Co Ltd		6,400		45,586
Tomy Co Ltd		4,500		58,297
Topy Industries Ltd		2,500		46,009
Towa Pharmaceutical Co Ltd		2,100		54,569
Toyo Construction Co Ltd		14,700		70,279
Toyo Kanetsu KK		2,200		48,304
Toyota Boshoku Corp		3,300		52,988
TS Tech Co Ltd		1,700		52,766
Ube Industries Ltd		1,700		36,819
Unitika Ltd *		9,500		32,643
Yuasa Trading Co Ltd		3,800		127,892
				4,430,734
Jordan - 0.6%
Hikma Pharmaceuticals PLC		4,338		114,403
Luxembourg - 0.3%
APERAM SA		2,000		64,246
Netherlands - 4.6%
Aalberts NV		2,333		105,004
ASM International NV		566		63,886
ASR Nederland NV		3,474		130,190
BE Semiconductor Industries NV		1,866		72,444
Boskalis Westminster		2,136		54,734
Flow Traders ~		1,589		38,393
Heijmans NV *		6,026		50,695
Intertrust NV ~		3,977		77,220
Koninklijke Volkerwessels NV		2,263		55,718
OCI NV *		1,473		31,186
SBM Offshore NV		5,069		94,705
Signify NV ~		3,118		97,590
				871,765
New Zealand - 0.3%
Air New Zealand Ltd		26,305		51,886
Norway - 0.7%
Grieg Seafood ASA		3,775		60,358
Norwegian Finans Holding ASA *		7,156		77,679
				138,037
Singapore - 0.5%
First REIT		54,900		40,630
Hi-P International Ltd		46,900		53,402
				94,032

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

144

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Shares		Value
South Korea - 5.5%
Binggrae Co Ltd		817		$39,562
Dong-A ST Co Ltd		718		73,746
Doosan Bobcat Inc		1,708		50,722
DY POWER Corp		3,701		32,252
Handsome Co Ltd		1,818		49,597
Hanwha Aerospace Co Ltd *		1,400		42,348
HDC Holdings Co Ltd		3,428		32,622
Huchems Fine Chemical Corp		3,501		64,029
Hyundai Mipo Dockyard Co Ltd		1,168		46,324
Hyundai Wia Corp		1,098		47,576
InBody Co Ltd		2,000		40,804
INTOPS Co Ltd		2,810		31,270
JW Life Science Corp		2,225		37,986
Korea Petrochemical Ind Co Ltd		319		32,327
Korean Reinsurance Co		6,291		49,545
Kumho Petrochemical Co Ltd		803		53,702
LG Uplus Corp		6,854		84,066
Lotte Chilsung Beverage Co Ltd		315		38,020
Moorim P&P Co Ltd		9,970		36,369
Seegene Inc *		2,391		63,143
SK Discovery Co Ltd		1,773		40,074
Value Added Technology Co Ltd		2,433		61,356
				1,047,440
Spain - 3.9%
Atlantica Yield PLC		3,682		97,168
Bankinter SA		11,172		82,061
Construcciones y Auxiliar de Ferrocarriles SA		2,083		95,797
Enagas SA		4,894		124,834
Faes Farma SA		15,859		89,254
Mediaset Espana Comunicacion SA		7,550		48,076
Sacyr SA		20,762		60,792
Talgo SA * ~		13,258		90,568
Viscofan SA		1,000		52,944
				741,494
Sweden - 4.5%
Betsson AB		7,228		33,684
Bilia AB ‘A’		5,583		63,362
Evolution Gaming Group AB ~		4,000		120,716
Fastighets AB Balder ‘B’ *		1,840		85,157
JM AB		2,202		65,138
Lindab International AB		4,718		60,278
Nyfosa AB *		10,652		92,118
Orexo AB *		5,663		38,011
Resurs Holding AB ~		7,550		48,492
SSAB AB ‘A’		20,740		72,875
Tethys Oil AB		5,499		49,601
Wihlborgs Fastigheter AB		6,864		126,228
				855,660
Switzerland - 6.3%
Adecco Group AG		1,138		71,947
Baloise Holding AG		551		99,723
Cembra Money Bank AG		905		99,015
Coca-Cola HBC AG		4,025		136,811
Forbo Holding AG		43		73,172
Huber + Suhner AG		550		43,661
Interroll Holding AG		22		49,442
Julius Baer Group Ltd		1,573		81,093
Logitech International SA		2,372		112,368
PSP Swiss Property AG		1,093		150,916

	Shares		Value
Siegfried Holding AG		224		$108,408
Sonova Holding AG		770		176,029
				1,202,585
United Kingdom - 13.1%
Aggreko PLC		6,484		71,603
Auto Trader Group PLC ~		14,280		112,772
Bellway PLC		3,369		170,043
Bovis Homes Group PLC		3,978		71,557
Dialog Semiconductor PLC *		2,534		128,695
Drax Group PLC		17,729		73,740
Fevertree Drinks PLC		2,437		67,488
Gulf Keystone Petroleum Ltd		20,593		57,965
Hansteen Holdings PLC REIT		55,484		85,548
IMI PLC		4,605		71,963
Inchcape PLC		7,879		73,682
Intermediate Capital Group PLC		4,618		98,498
International Personal Finance PLC		19,543		41,678
J D Wetherspoon PLC		5,493		121,001
Keller Group PLC		8,285		82,177
Man Group PLC		29,607		62,008
Mitchells & Butlers PLC *		17,751		108,043
OneSavings Bank PLC		12,583		72,237
Paragon Banking Group PLC		13,200		94,243
Quilter PLC ~		38,422		82,030
Redrow PLC		9,127		90,087
Rightmove PLC		14,059		117,972
Rotork PLC		16,000		71,125
Safestore Holdings PLC REIT		9,437		100,753
Spirent Communications PLC		41,609		138,616
Stagecoach Group PLC		23,001		48,748
Tate & Lyle PLC		9,467		95,389
Vesuvius PLC		13,798		91,385
				2,501,046
United States - 1.9%
Argonaut Gold Inc *		34,300		51,507
Caesarstone Ltd		3,000		45,210
CyberArk Software Ltd *		790		92,098
IMAX Corp *		3,177		64,906
Oxford Immunotec Global PLC *		3,100		51,460
Viemed Healthcare Inc *		8,500		53,217
				358,398
Total Common Stocks (Cost $16,401,204)				18,820,145
SHORT-TERM INVESTMENT - 0.5%
Money Market Fund - 0.5%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.510%		97,467		97,467
Total Short-Term Investment (Cost $97,467)				97,467

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

145

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PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Value
TOTAL INVESTMENTS - 99.4% (Cost $16,498,671)		$18,917,612
OTHER ASSETS & LIABILITIES, NET - 0.6%		106,368
NET ASSETS - 100.0%		$19,023,980

Note to Schedule of Investments

(a) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Australia		$600,742		$37,193		$563,549		$—
	Austria		212,197		173,020		39,177		—
	Belgium		413,201		157,499		255,702		—
	Canada		1,819,325		1,819,325		—		—
	China		83,321		—		83,321		—
	Denmark		543,855		430,731		113,124		—
	Egypt		63,401		—		63,401		—
	Finland		70,741		—		70,741		—
	France		737,926		268,634		469,292		—
	Georgia		45,202		45,202		—		—
	Germany		1,015,348		144,421		870,927		—
	Hong Kong		217,007		48,124		168,883		—
	Ireland		84,372		—		84,372		—
	Israel		223,164		143,890		79,274		—
	Italy		218,617		67,582		151,035		—
	Japan		4,430,734		65,989		4,364,745		—
	Jordan		114,403		—		114,403		—
	Luxembourg		64,246		—		64,246		—
	Netherlands		871,765		222,026		649,739		—
	New Zealand		51,886		51,886		—		—
	Norway		138,037		77,679		60,358		—
	Singapore		94,032		—		94,032		—
	South Korea		1,047,440		103,591		943,849		—
	Spain		741,494		408,367		333,127		—
	Sweden		855,660		155,480		700,180		—
	Switzerland		1,202,585		49,442		1,153,143		—
	United Kingdom		2,501,046		1,179,196		1,321,850		—
	United States		358,398		358,398		—		—
	Total Common Stocks		18,820,145		6,007,675		12,812,470		—
	Short-Term Investment		97,467		97,467		—		—
	Total		$18,917,612		$6,105,142		$12,812,470		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

146

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Schedule of Investments

December 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.4%
Argentina - 0.4%
YPF SA ADR		18,684		$216,361
Belgium - 1.1%
Ageas		9,138		540,356
Canada - 3.4%
ARC Resources Ltd		17,212		108,424
Barrick Gold Corp		35,293		655,552
Cameco Corp		12,035		107,112
Encana Corp		86,627		405,600
Kinross Gold Corp *		65,595		310,920
Tourmaline Oil Corp		9,205		107,890
				1,695,498
China - 4.5%
China Mobile Ltd		69,423		586,615
China Telecom Corp Ltd ‘H’		1,285,845		529,754
China Unicom Hong Kong Ltd		682,997		643,124
Dongfeng Motor Group Co Ltd ‘H’		573,401		539,447
				2,298,940
Denmark - 1.3%
AP Moller - Maersk AS ‘B’		427		615,837
The Drilling Co of 1972 AS *		664		43,843
				659,680
Finland - 1.0%
Nokia OYJ		136,013		503,096
France - 11.0%
BNP Paribas SA		15,058		895,023
Cie de Saint-Gobain		23,617		967,495
Engie SA		32,258		522,528
Renault SA		9,833		466,946
Rexel SA		45,273		602,165
Societe Generale SA		21,478		749,542
TOTAL SA		24,835		1,378,113
				5,581,812
Germany - 3.8%
CECONOMY AG *		27,263		164,812
Daimler AG		12,681		701,063
Deutsche Lufthansa AG		18,321		337,238
E.ON SE		23,486		250,993
METRO AG		9,362		150,646
RWE AG		7,153		219,183
Salzgitter AG		3,439		75,911
				1,899,846
India - 1.1%
Canara Bank *		75,688		234,902
NTPC Ltd		28,117		46,896
Zee Entertainment Enterprises Ltd		61,035		249,858
				531,656

	Shares		Value
Ireland - 1.3%
AIB Group PLC		49,202		$171,421
Bank of Ireland Group PLC		90,248		496,692
				668,113
Italy - 5.8%
Assicurazioni Generali SPA		18,648		384,986
BPER Banca		59,663		300,198
Eni SPA		67,874		1,054,172
Saipem SPA *		76,038		371,882
UniCredit SPA		56,926		832,089
				2,943,327
Japan - 27.9%
Benesse Holdings Inc		4,009		105,376
Canon Inc		9,198		251,735
Chiyoda Corp *		17,248		44,614
Citizen Watch Co Ltd		41,535		226,204
Dai-ichi Life Holdings Inc		30,599		504,280
DeNA Co Ltd		15,992		257,747
Eisai Co Ltd		2,903		217,220
Fuji Media Holdings Inc		8,760		124,378
Fujitsu Ltd		3,290		309,444
Gree Inc		37,612		169,941
Hitachi Metals Ltd		5,863		86,302
Honda Motor Co Ltd		38,168		1,080,213
Inpex Corp		60,360		625,313
JGC Holdings Corp		31,483		501,084
JSR Corp		32,087		586,956
Mitsubishi Estate Co Ltd		21,700		415,227
Mitsubishi Heavy Industries Ltd		10,972		425,460
Mitsubishi Motors Corp		60,410		251,805
Mitsubishi UFJ Financial Group Inc		170,482		921,683
Mizuho Financial Group Inc		284,592		438,391
Nikon Corp		27,609		337,649
Nippon Television Holdings Inc		16,854		224,854
Nissan Motor Co Ltd		71,400		413,744
Nitto Denko Corp		6,630		372,790
Nomura Holdings Inc		94,390		485,711
Resona Holdings Inc		120,020		523,111
Shimamura Co Ltd		5,290		402,166
Sumitomo Mitsui Financial Group Inc		22,580		834,001
Sumitomo Mitsui Trust Holdings Inc		12,992		513,586
T&D Holdings Inc		66,924		846,301
Takeda Pharmaceutical Co Ltd		20,162		797,452
THK Co Ltd		10,450		280,564
Z holdings Corp		137,404		580,135
				14,155,437
Luxembourg - 0.3%
RTL Group SA		2,606		128,403
Malaysia - 0.3%
CIMB Group Holdings Bhd		135,900		171,169
Netherlands - 5.2%
ABN AMRO Bank NV		30,157		549,654
ING Groep NV		60,220		723,993
PostNL NV		80,045		180,651
Royal Dutch Shell PLC ‘B’		39,944		1,185,693
				2,639,991

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

147

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PF INTERNATIONAL VALUE FUND

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Shares		Value
Norway - 1.7%
Equinor ASA		18,272		$364,386
Norsk Hydro ASA		138,570		515,288
				879,674
Russia - 2.7%
Gazprom PJSC ADR		60,145		494,392
LUKOIL PJSC ADR		3,034		299,486
Sberbank of Russia PJSC ADR		19,294		316,422
VEON Ltd ADR		91,677		231,943
				1,342,243
South Africa - 2.6%
Anglo American PLC		20,065		576,430
Gold Fields Ltd ADR		47,907		316,186
Impala Platinum Holdings Ltd *		21,521		219,888
MTN Group Ltd		36,012		212,296
				1,324,800
South Korea - 3.0%
KB Financial Group Inc		13,303		548,056
KT Corp ADR		44,055		511,038
Shinhan Financial Group Co Ltd		12,393		464,648
				1,523,742
Spain - 1.3%
CaixaBank SA		211,190		665,053
Switzerland - 6.0%
Adecco Group AG		12,460		787,749
Julius Baer Group Ltd		12,160		626,884
LafargeHolcim Ltd		13,072		725,202
UBS Group AG		72,788		918,540
				3,058,375
Taiwan - 0.9%
Innolux Corp		720,490		200,626
Shin Kong Financial Holding Co Ltd *		743,774		257,045
				457,671
Thailand - 0.7%
Kasikornbank PCL NVDR		69,800		351,384

	Shares		Value
United Kingdom - 11.1%
Babcock International Group PLC		48,458		$403,999
BP PLC		136,764		860,362
BT Group PLC		206,001		524,933
Centrica PLC		282,346		333,980
HSBC Holdings PLC		102,772		804,550
J Sainsbury PLC		194,905		594,318
Kingfisher PLC		158,484		456,236
Land Securities Group PLC REIT		23,542		309,027
Marks & Spencer Group PLC		106,671		302,463
Standard Chartered PLC		76,252		718,534
The British Land Co PLC REIT		35,152		297,442
				5,605,844
Total Common Stocks (Cost $46,933,712)				49,842,471
SHORT-TERM INVESTMENT - 1.0%
Money Market Fund - 1.0%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.510%		522,471		522,471
Total Short-Term Investment (Cost $522,471)				522,471
TOTAL INVESTMENTS - 99.4% (Cost $47,456,183)				50,364,942
OTHER ASSETS & LIABILITIES, NET - 0.6%				297,828
NET ASSETS - 100.0%				$50,662,770

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

148

PACIFIC FUNDS

PF INTERNATIONAL VALUE FUND

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Note to Schedule of Investments

(a) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
Assets	Common Stocks
	Argentina		$ 216,361		$ 216,361		$—		$—
	Belgium		540,356		—		540,356		—
	Canada		1,695,498		1,695,498		—		—
	China		2,298,940		—		2,298,940		—
	Denmark		659,680		615,837		43,843		—
	Finland		503,096		—		503,096		—
	France		5,581,812		—		5,581,812		—
	Germany		1,899,846		337,238		1,562,608		—
	India		531,656		296,754		234,902		—
	Ireland		668,113		171,421		496,692		—
	Italy		2,943,327		—		2,943,327		—
	Japan		14,155,437		—		14,155,437		—
	Luxembourg		128,403		—		128,403		—
	Malaysia		171,169		—		171,169		—
	Netherlands		2,639,991		180,651		2,459,340		—
	Norway		879,674		—		879,674		—
	Russia		1,342,243		1,342,243		—		—
	South Africa		1,324,800		316,186		1,008,614		—
	South Korea		1,523,742		511,038		1,012,704		—
	Spain		665,053		—		665,053		—
	Switzerland		3,058,375		—		3,058,375		—
	Taiwan		457,671		—		457,671		—
	Thailand		351,384		—		351,384		—
	United Kingdom		5,605,844		1,035,421		4,570,423		—
	Total Common Stocks		49,842,471		6,718,648		43,123,823		—
	Short-Term Investment		522,471		522,471		—		—
	Total		$50,364,942		$7,241,119		$43,123,823		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

149

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PF REAL ESTATE FUND

Schedule of Investments

December 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.3%
Consumer, Cyclical - 1.1%
Hilton Worldwide Holdings Inc		9,386		$1,041,001
Financial - 95.5%
Alexandria Real Estate Equities Inc REIT		23,635		3,818,943
American Homes 4 Rent ‘A’ REIT		102,324		2,681,912
American Tower Corp REIT		3,800		873,316
Americold Realty Trust REIT		33,340		1,168,900
Apartment Investment & Management Co ‘A’ REIT		45,449		2,347,441
AvalonBay Communities Inc REIT		23,912		5,014,346
Boston Properties Inc REIT		18,730		2,582,118
Brandywine Realty Trust REIT		25,618		403,484
Cousins Properties Inc REIT		51,088		2,104,826
Crown Castle International Corp REIT		3,640		517,426
CubeSmart REIT		44,036		1,386,253
Duke Realty Corp REIT		40,302		1,397,270
EPR Properties REIT		23,808		1,681,797
Equinix Inc REIT		10,465		6,108,421
Equity LifeStyle Properties Inc REIT		22,752		1,601,513
Equity Residential REIT		12,194		986,739
Essential Properties Realty Trust REIT		34,513		856,268
Essex Property Trust Inc REIT		13,216		3,976,166
Extra Space Storage Inc REIT		20,233		2,137,009
First Industrial Realty Trust Inc REIT		17,287		717,583
Healthcare Realty Trust Inc REIT		33,180		1,107,217
Healthcare Trust of America Inc ‘A’ REIT		102,327		3,098,462
Healthpeak Properties Inc REIT		52,625		1,813,984
Host Hotels & Resorts Inc REIT		83,987		1,557,959
Invitation Homes Inc REIT		159,233		4,772,213
Kilroy Realty Corp REIT		24,174		2,028,199
Park Hotels & Resorts Inc REIT		31,101		804,583
Prologis Inc REIT		80,045		7,135,211
Public Storage REIT		5,719		1,217,918
Regency Centers Corp REIT		47,301		2,984,220
Sabra Health Care REIT Inc		46,198		985,865
Simon Property Group Inc REIT		18,204		2,711,668
STORE Capital Corp REIT		72,603		2,703,736
Sun Communities Inc REIT		19,289		2,895,279
Sunstone Hotel Investors Inc REIT		57,795		804,506
Taubman Centers Inc REIT		14,813		460,536
Terreno Realty Corp REIT		32,184		1,742,442
VICI Properties Inc REIT		53,183		1,358,826
Welltower Inc REIT		56,707		4,637,498
Weyerhaeuser Co REIT		18,311		552,992
				87,735,045
Technology - 2.7%
InterXion Holding NV (Netherlands) *		29,351		2,459,907
Total Common Stocks (Cost $73,404,268)				91,235,953

	Shares		Value
SHORT-TERM INVESTMENT - 0.3%
Money Market Fund - 0.3%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.510%		209,694		$209,694
Total Short-Term Investment (Cost $209,694)				209,694
TOTAL INVESTMENTS - 99.6% (Cost $73,613,962)				91,445,647
OTHER ASSETS & LIABILITIES, NET - 0.4%				408,548
NET ASSETS - 100.0%				$91,854,195

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

150

PACIFIC FUNDS

PF REAL ESTATE FUND

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Note to Schedule of Investments

(a) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$91,235,953		$91,235,953		$—		$—
	Short-Term Investment		209,694		209,694		—		—
	Total		$91,445,647		$91,445,647		$—		$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

151

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PF CURRENCY STRATEGIES FUND

Schedule of Investments

December 31, 2019 (Unaudited)

	Principal     Amount		Value
CORPORATE BONDS & NOTES - 25.6%
Communications - 3.2%
AT&T Inc
2.799% (USD LIBOR + 0.890%) due 02/15/23 §		$15,000		$15,130
2.951% (USD LIBOR + 0.950%) due 07/15/21 §		520,000		525,083
NBCUniversal Enterprise Inc 2.309% (USD LIBOR + 0.400%) due 04/01/21 § ~		555,000		556,521
Verizon Communications Inc 2.894% (USD LIBOR + 1.000%) due 03/16/22 §		514,000		522,754
				1,619,488
Consumer, Cyclical - 1.8%
BMW US Capital LLC (Germany)
2.401% (USD LIBOR + 0.500%) due 08/13/21 § ~		300,000		300,846
2.540% (USD LIBOR + 0.640%) due 04/06/22 § ~		195,000		195,947
Daimler Finance North America LLC (Germany) 2.561% (USD LIBOR + 0.670%) due 11/05/21 § ~		110,000		110,499
Toyota Motor Credit Corp 2.412% (USD LIBOR + 0.540%) due 01/08/21 §		295,000		296,272
				903,564
Consumer, Non-Cyclical - 2.4%
Anheuser-Busch InBev Finance Inc (Belgium) 3.162% (USD LIBOR + 1.260%) due 02/01/21 §		290,000		293,233
Bristol-Myers Squibb Co 2.284% (USD LIBOR + 0.380%) due 05/16/22 § ~		465,000		466,653
CVS Health Corp 2.605% (USD LIBOR + 0.720%) due 03/09/21 §		465,000		467,960
				1,227,846
Energy - 1.1%
BP Capital Markets PLC (United Kingdom) 2.160% (USD LIBOR + 0.250%) due 11/24/20 §		431,000		431,680
Phillips 66 2.751% (USD LIBOR + 0.750%) due 04/15/20 § ~		135,000		135,058
				566,738
Financial - 12.7%
ABN AMRO Bank NV (Netherlands) 2.489% (USD LIBOR + 0.570%) due 08/27/21 § ~		190,000		190,820
American Express Co 2.429% (USD LIBOR + 0.525%) due 05/17/21 §		450,000		451,963
Bank of America Corp 2.597% (USD LIBOR + 0.650%) due 06/25/22 §		515,000		517,911

	Principal     Amount		Value
3.126% (USD LIBOR + 1.160%) due 01/20/23 §		$20,000		$20,298
3.146% (USD LIBOR + 1.180%) due 10/21/22 §		70,000		71,042
Capital One Financial Corp 2.835% (USD LIBOR + 0.950%) due 03/09/22 §		555,000		560,889
Citigroup Inc
2.626% (USD LIBOR + 0.690%) due 10/27/22 §		185,000		186,514
2.900% (USD LIBOR + 0.960%) due 04/25/22 §		410,000		415,522
JPMorgan Chase & Co 2.509% (USD LIBOR + 0.610%) due 06/18/22 §		625,000		627,598
Morgan Stanley 2.883% (USD LIBOR + 0.930%) due 07/22/22 §		615,000		620,943
New York Life Global Funding 2.441% (USD LIBOR + 0.440%) due 07/12/22 § ~		330,000		331,398
Royal Bank of Canada (Canada) 2.398% (USD LIBOR + 0.470%) due 04/29/22 §		465,000		467,447
The Goldman Sachs Group Inc 2.707% (USD LIBOR + 0.780%) due 10/31/22 §		570,000		574,056
The Toronto-Dominion Bank (Canada) 2.318% (USD LIBOR + 0.430%) due 06/11/21 §		295,000		296,297
US Bank NA 2.285% (USD LIBOR + 0.400%) due 12/09/22 §		435,000		435,894
Wells Fargo Bank NA 2.545% (USD LIBOR + 0.660%) due 09/09/22 §		575,000		578,246
				6,346,838
Industrial - 2.2%
General Electric Co 2.801% (USD LIBOR + 0.800%) due 04/15/20 §		55,000		55,073
Honeywell International Inc 2.274% (USD LIBOR + 0.370%) due 08/08/22 §		310,000		311,833
John Deere Capital Corp 2.285% (USD LIBOR + 0.400%) due 06/07/21 §		465,000		466,757
United Technologies Corp 2.554% (USD LIBOR + 0.650%) due 08/16/21 §		270,000		270,036
				1,103,699
Technology - 0.5%
International Business Machines Corp 2.305% (USD LIBOR + 0.400%) due 05/13/21 §		230,000		230,937

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

152

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Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	Principal     Amount		Value
Utilities - 1.7%
Dominion Energy Gas Holdings LLC 2.494% (USD LIBOR + 0.600%) due 06/15/21 §		$345,000		$346,441
Duke Energy Florida LLC 2.167% (USD LIBOR + 0.250%) due 11/26/21 §		140,000		140,130
Florida Power & Light Co 2.308% (USD LIBOR + 0.400%) due 05/06/22 §		345,000		345,014
				831,585
Total Corporate Bonds & Notes (Cost $12,806,483)				12,830,695
ASSET-BACKED SECURITIES - 9.3%
Ally Auto Receivables Trust 2.350% due 06/15/22		291,114		291,753
Capital One Multi-Asset Execution Trust
2.150% (USD LIBOR + 0.410%) due 01/15/25 §		250,000		250,963
2.250% (USD LIBOR + 0.510%) due 09/16/24 §		405,000		407,759
2.370% (USD LIBOR + 0.630%) due 02/15/24 §		325,000		327,106
CARDS II Trust (Canada) 2.130% (USD LIBOR + 0.390%) due 05/15/24 § ~		150,000		150,394
Chase Issuance Trust
1.940% (USD LIBOR + 0.200%) due 04/17/23 §		248,000		248,301
2.290% (USD LIBOR + 0.550%) due 06/15/23 §		212,000		213,365
Citibank Credit Card Issuance Trust 2.204% (USD LIBOR + 0.490%) due 12/07/23 §		670,000		674,223
Evergreen Credit Card Trust (Canada) 2.220% (USD LIBOR + 0.480%) due 01/15/23 § ~		120,000		120,337
Ford Credit Auto Lease Trust 2.000% (USD LIBOR + 0.260%) due 02/15/22 §		350,000		349,958
Ford Credit Auto Owner Trust 1.980% (USD LIBOR + 0.240%) due 02/15/22 §		318,589		318,697
GM Financial Consumer Automobile Receivables Trust 1.970% due 05/16/22 ~		216,014		216,072
Navient Student Loan Trust 2.122% (USD LIBOR + 0.330%) due 12/27/67 § ~		49,219		49,219
Nissan Auto Receivables Owner Trust 2.820% due 01/18/22		111,734		112,116
USAA Auto Owner Trust 2.260% due 02/15/22		350,000		350,576
Verizon Owner Trust
2.025% (USD LIBOR + 0.260%) due 09/20/22 § ~		376,000		376,269
2.060% due 04/20/22 ~		180,630		180,915
Total Asset-Backed Securities (Cost $4,634,214)				4,638,023

	Principal     Amount		Value
U.S. TREASURY OBLIGATIONS - 2.0%
U.S. Treasury Notes - 2.0%
1.526% (UST + 0.000%) due 01/31/20 §		$1,000,000		$999,976
Total U.S. Treasury Obligations (Cost $999,934)				999,976
FOREIGN GOVERNMENT BONDS & NOTES - 24.4%
Bundesrepublik Deutschland Bundesanleihe (Germany) 3.250% due 01/04/20 ~		EUR 2,800,000		3,140,774
Canadian Government (Canada) 1.250% due 02/01/20		CAD 4,200,000		3,232,727
French Republic Government OAT (France) (0.572%) due 05/25/20 ~		EUR 2,300,000		2,586,186
United Kingdom Gilt (United Kingdom) 4.750% due 03/07/20 ~		GBP 2,450,000		3,269,234
Total Foreign Government Bonds & Notes (Cost $11,984,966)				12,228,921
	Shares
SHORT-TERM INVESTMENTS - 38.6%
Money Market Fund - 27.2%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 1.510%		13,595,988		13,595,988
	Principal     Amount
U.S. Treasury Bills - 11.4%
1.513% due 02/04/20		$2,500,000		2,496,425
1.718% due 06/18/20		3,250,000		3,226,717
				5,723,142
Total Short-Term Investments (Cost $19,316,488)				19,319,130
TOTAL INVESTMENTS - 99.9% (Cost $49,742,085)				50,016,745
DERIVATIVES - (0.0%)				(16,342	)
OTHER ASSETS & LIABILITIES, NET - 0.1%				46,427
NET ASSETS - 100.0%				$50,046,830

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

153

PACIFIC FUNDS

PF CURRENCY STRATEGIES FUND

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Notes to Schedule of Investments

(a) Forward foreign currency contracts outstanding as of December 31, 2019 were as follows:

Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
AUD	14,402,540	USD	9,881,702	01/20	CIT		$230,913		$—
AUD	1,426,723	USD	972,629	01/20	RBC		29,132		—
AUD	2,140	USD	1,447	01/20	SCB		56		—
AUD	1,663,386	USD	1,126,171	01/20	SSB		41,761		—
BRL	28,843,161	USD	7,006,465	01/20	GSC		159,210		—
BRL	15,980,000	USD	3,873,564	01/20	MSC		96,998		—
CAD	12,086,807	USD	9,145,003	01/20	CIT		163,992		—
CAD	5,534,048	USD	4,188,613	01/20	GSC		73,590		—
CAD	1,188,922	USD	894,157	01/20	RBC		21,525		—
CHF	2,318,380	USD	2,348,390	01/20	CIT		50,891		—
CHF	3,398,696	USD	3,456,736	01/20	GSC		60,558		—
CHF	247,364	USD	252,154	01/20	RBC		3,842		—
CLP	348,667,181	USD	484,078	01/20	CIT		—		(20,261	)
CLP	2,955,688,860	USD	3,785,000	02/20	GSC		147,979		—
COP	26,113,999,000	USD	7,719,412	01/20	BRC		219,854		—
CZK	33,055,029	USD	1,409,596	01/20	CIT		48,494		—
CZK	19,807,803	USD	869,832	01/20	GSC		3,910		—
CZK	38,774,644	USD	1,655,338	01/20	SSB		55,050		—
EUR	7,805,459	USD	8,693,165	01/20	CIT		74,192		—
EUR	3,995,169	USD	4,426,300	01/20	GSC		61,209		—
EUR	1,710,000	USD	1,907,625	01/20	MSC		12,511		—
EUR	2,261,873	USD	2,508,989	01/20	SCB		31,624		—
EUR	7,534,477	USD	8,384,435	01/20	SSB		78,546		—
GBP	387,201	USD	474,306	01/20	CIT		38,907		—
GBP	1,113,999	USD	1,425,366	01/20	GSC		51,176		—
GBP	541,539	USD	663,575	01/20	RBC		54,204		—
GBP	979,352	USD	1,228,291	01/20	SCB		69,785		—
GBP	1,694,596	USD	2,124,756	01/20	SSB		121,335		—
HUF	632,672,407	USD	2,097,410	01/20	GSC		49,143		—
JPY	2,270,818,142	USD	21,187,490	01/20	CIT		—		(262,980	)
JPY	247,140,184	USD	2,288,231	01/20	GSC		—		(10,952	)
JPY	87,194,044	USD	808,091	01/20	RBC		—		(4,639	)
JPY	138,129,473	USD	1,300,519	01/20	SCB		—		(27,722	)
JPY	2,408,893,937	USD	22,347,595	01/20	SSB		—		(153,900	)
KRW	2,330,155,320	USD	1,958,440	01/20	CIT		58,338		—
KRW	1,057,902,809	USD	913,087	01/20	GSC		2,540		—
MXN	16,611,512	USD	849,477	01/20	CIT		26,133		—
MXN	51,327,923	USD	2,646,023	01/20	GSC		59,523		—
MXN	144,700,000	USD	7,502,463	01/20	MSC		130,660		—
MXN	22,796,863	USD	1,157,197	01/20	SSB		44,448		—
MYR	8,054,000	USD	1,937,455	01/20	MSC		33,969		—
NOK	34,239,233	USD	3,820,000	01/20	CIB		80,295		—
NOK	192,175,636	USD	21,049,896	01/20	CIT		841,911		—
NOK	65,726,514	USD	7,195,500	01/20	GSC		291,777		—
NOK	10,192,278	USD	1,115,869	01/20	RBC		45,191		—
NOK	69,010,000	USD	7,587,527	01/20	SSB		273,613		—
NZD	5,224,903	USD	3,319,759	01/20	CIT		198,795		—
NZD	2,935,486	USD	1,874,602	01/20	GSC		102,213		—
NZD	768,502	USD	486,580	01/20	RBC		30,944		—
NZD	1,450,408	USD	920,661	01/20	SCB		56,072		—
NZD	1,018,992	USD	645,312	01/20	SSB		40,897		—
PLN	2,365,587	USD	600,509	01/20	CIT		23,062		—
PLN	1,052,694	USD	267,420	01/20	SSB		10,072		—
SEK	17,451,700	USD	1,818,713	01/20	CIT		46,506		—
SEK	62,421,526	USD	6,388,606	01/20	GSC		282,941		—
SEK	15,514,337	USD	1,608,983	01/20	SCB		49,173		—
SEK	136,119,588	USD	14,238,947	01/20	SSB		307,513		—
TRY	3,225,443	USD	536,144	01/20	GSC		2,971		—
TRY	2,547,493	USD	426,809	01/20	RBC		—		(1,009	)
TRY	3,066,427	USD	508,824	01/20	SSB		3,713		—
USD	3,907,039	AUD	5,675,000	01/20	CIB		—		(77,107	)
USD	3,118,807	AUD	4,550,309	01/20	CIT		—		(76,152	)
USD	8,425,122	AUD	12,315,252	01/20	GSC		—		(221,923	)
USD	573,077	AUD	837,207	01/20	SCB		—		(14,761	)
USD	1,977,513	AUD	2,908,177	01/20	SSB		—		(64,437	)
USD	1,040,265	BRL	4,338,322	01/20	CIT		—		(37,530	)
USD	1,605,771	BRL	6,613,132	01/20	GSC		—		(37,168	)
USD	127,852	BRL	520,000	01/20	MSC		—		(1,353	)
USD	14,527,542	CAD	19,125,000	01/20	CIB		—		(201,730	)
USD	5,386,756	CAD	7,147,572	01/20	CIT		—		(118,147	)
USD	4,801,591	CAD	6,353,799	01/20	GSC		—		(91,966	)
USD	1,035,541	CAD	1,356,142	01/20	RBC		—		(8,929	)
USD	333,898	CAD	442,285	01/20	SCB		—		(6,740	)
USD	5,317,994	CAD	7,066,582	01/20	SSB		—		(124,533	)
USD	6,277,870	CHF	6,187,582	01/20	CIT		—		(125,629	)
USD	6,643,497	CHF	6,529,084	01/20	GSC		—		(113,421	)
USD	2,030,948	CHF	2,002,647	01/20	SCB		—		(41,582	)
USD	18,427,806	CHF	18,114,398	01/20	SSB		—		(315,930	)
USD	483,317	CLP	348,660,097	01/20	GSC		19,509		—
USD	225,749	COP	751,448,000	01/20	MSC		—		(2,709	)
USD	581,195	CZK	13,584,152	01/20	CIT		—		(18,015	)
USD	1,651,333	CZK	38,147,511	01/20	GSC		—		(31,391	)
USD	19,575,567	EUR	17,686,775	01/20	CIT		—		(290,820	)
USD	3,043,613	EUR	2,730,584	01/20	GSC		—		(23,472	)
USD	877,128	EUR	792,962	01/20	RBC		—		(13,554	)
USD	3,283,767	EUR	2,953,696	01/20	SSB		—		(33,925	)
USD	3,243,458	GBP	2,503,402	01/20	CIT		—		(74,660	)
USD	3,409,711	GBP	2,776,273	01/20	GSC		—		(270,082	)
USD	3,259,482	GBP	2,465,000	01/20	SSB		—		(7,268	)
USD	1,800,862	HUF	545,300,941	01/20	CIT		—		(49,254	)
USD	4,197,209	HUF	1,243,537,579	01/20	SSB		—		(20,947	)
USD	5,379,683	JPY	581,049,259	01/20	CIT		25,590		—
USD	9,482,333	JPY	1,009,055,178	01/20	GSC		184,369		—
USD	1,125,807	JPY	119,541,531	01/20	RBC		24,288		—
USD	1,757,732	JPY	186,723,684	01/20	SSB		37,162		—
USD	3,215,716	KRW	3,762,774,950	01/20	GSC		—		(41,011	)
USD	552,978	KRW	658,927,988	01/20	SSB		—		(17,333	)
USD	1,674,818	MXN	33,246,816	01/20	CIT		—		(77,655	)
USD	3,850,005	MXN	76,260,037	01/20	GSC		—		(169,738	)
USD	380,773	MXN	7,503,516	01/20	SCB		—		(14,745	)
USD	5,765,738	NOK	52,500,251	01/20	CIT		—		(214,861	)
USD	2,384,044	NOK	21,539,174	01/20	GSC		—		(69,604	)
USD	538,891	NOK	4,942,016	01/20	SCB		—		(24,082	)
USD	6,753,186	NOK	61,665,277	01/20	SSB		—		(271,453	)
USD	7,151,121	NZD	11,060,374	01/20	CIT		—		(297,156	)
USD	2,861,496	NZD	4,499,644	01/20	GSC		—		(168,654	)
USD	478,240	NZD	744,178	01/20	RBC		—		(22,904	)
USD	2,132,055	NZD	3,368,814	01/20	SCB		—		(136,572	)
USD	11,015,388	NZD	16,756,027	01/20	SSB		—		(267,739	)
USD	867,384	PLN	3,417,925	01/20	GSC		—		(33,586	)
USD	3,820,000	SEK	35,898,832	01/20	CIB		—		(15,901	)
USD	9,510,110	SEK	92,753,976	01/20	CIT		—		(403,338	)
USD	1,475,883	SEK	14,258,311	01/20	GSC		—		(48,030	)
USD	249,491	SEK	2,452,188	01/20	RBC		—		(12,597	)
USD	1,174,881	SEK	11,395,459	01/20	SCB		—		(43,054	)
USD	3,197,676	SEK	30,704,709	01/20	SSB		—		(84,011	)
USD	7,602,471	THB	229,400,000	01/20	BRC		—		(59,159	)
USD	192,424	TRY	1,129,243	01/20	GSC		3,678		—
USD	1,313,081	TRY	7,709,493	01/20	RBC		24,481		—
USD	242,917	ZAR	3,660,719	01/20	CIT		—		(17,689	)
USD	2,714,052	ZAR	40,319,074	01/20	GSC		—		(156,249	)
USD	640,047	ZAR	9,840,278	01/20	SSB		—		(60,479	)
ZAR	18,118,067	USD	1,173,982	01/20	CIT		115,837		—
ZAR	35,705,666	USD	2,362,589	01/20	GSC		179,285		—
Total Forward Foreign Currency Contracts							$5,707,856		($5,724,198	)

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

154

PACIFIC FUNDS

PF CURRENCY STRATEGIES FUND

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2019:

		Total Value at December 31, 2019			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$12,830,695			$—		$12,830,695			$—
	Asset-Backed Securities		4,638,023			—		4,638,023			—
	U.S. Treasury Obligations		999,976			—		999,976			—
	Foreign Government Bonds & Notes		12,228,921			—		12,228,921			—
	Short-Term Investments		19,319,130			13,595,988		5,723,142			—
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		5,707,856			—		5,707,856			—
	Total Assets		55,724,601			13,595,988		42,128,613			—
Liabilities	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(5,724,198	)		—		(5,724,198	)		—
	Total Liabilities - Derivatives		(5,724,198	)		—		(5,724,198	)		—
	Total		$50,000,403			$13,595,988		$36,404,415			$—

See Supplemental Notes to Schedules of Investments See explanation of symbols and terms, if any, on pages 156 and 157

155

PACIFIC FUNDS

Schedule of Investments (Continued)

Explanation of Symbols and Terms

December 31, 2019 (Unaudited)

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 December 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 December 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 agreements, futures contracts, forward foreign currency contracts, option contracts and/or swap agreements as of December 31, 2019.
W	The values of these investments were determined by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or to the Board of Trustees (the “Board”. Each determination was made in good faith in accordance with the procedures established by the Board and the provisions of the Investment Company Act of 1940.
»	Stapled Security. A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.
±	Investments categorized as a significant unobservable input (Level 3).
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
RBC	Royal Bank of Canada
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
EGP	Egyptian Pound
EUR	Euro
GBP	British Pound
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	Korean Won
MXN	Mexican Peso
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
UAH	Ukrainian Hryvnia
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
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
SONIA	Sterling Overnight Interbank Average Rate
US FED	United States Federal Reserve Bank Rate
US PRIME	United States Prime Rate
UST	United States Treasury Rate
Other Abbreviations:
ADR	American Depositary Receipt
CDI	Chess Depositary Interests
GDR	Global Depositary Receipt
IO	Interest Only
PIK	Payment In Kind
REIT	Real Estate Investment Trust

See Supplemental Notes to Schedules of Investments

156

PACIFIC FUNDS

Schedule of Investments (Continued)

Explanation of Symbols and Terms (Continued)

December 31, 2019 (Unaudited)

Notes:

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

The countries listed in the Schedules of Investments are based on country of risk.

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 Supplemental Notes to Schedules of Investments

157

PACIFIC FUNDS

SUPPLEMENTAL NOTES TO SCHEDULES OF INVESTMENTS

December 31, 2019 (Unaudited)

1. ORGANIZATION

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

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

2. FAIR VALUE MEASUREMENTS AND DISCLOSURES

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

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

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

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

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

The inputs or methodologies used for characterizing each Fund’s investments within the three-tier hierarchy are not necessarily an indication of the relative risks associated with investing in those investments. Foreign equity investments that are valued with the assistance of a statistical research service approved by the Board and based on significant observable inputs are reflected as Level 2. Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy.

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

Equity Securities (Common and Preferred Stock) and Mutual Funds

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

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

U.S. Treasury Obligations

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

Mortgage-Backed and Asset-Backed Securities

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

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

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December 31, 2019 (Unaudited)

Municipal Bonds

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

Foreign Government Bonds and Notes

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

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

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

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

Futures Contracts

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

Option Contracts

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

Forward Foreign Currency Contracts

Forward foreign currency contracts are fair valued using the mean between broker-dealer bid and ask quotations, and forward foreign currency exchange rates gathered from leading market makers. To the extent that these inputs are observable and timely, the fair values of forward foreign currency contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Swap Agreements

Interest Rate Swaps – Interest rate swaps are fair valued using pricing models that are based on real-time snap shots of relevant interest rate curves that are built using the most actively traded securities for a given maturity. The pricing models also incorporate cash and money market rates. In addition, market data pertaining to interest rate swaps are monitored regularly to ensure that interest rates are properly depicting the current market rate. To the extent that these inputs are observable and timely, the fair values of interest rate swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Credit Default Swaps – Credit default swaps are fair valued using pricing models that take into account, among other factors, information received from market makers and broker-dealers, default probabilities from index specific credit spread curves, recovery rates, and cash flows. To the extent that these inputs are observable and timely, the fair values of credit default swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Total Return Swaps – Total return swaps are fair valued using pricing models that take into account among other factors, index spread curves, nominal values, modified duration values and cash flows. To the extent that these inputs are observable and timely, the fair values of total return swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

159

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SUPPLEMENTAL NOTES TO SCHEDULES OF INVESTMENTS (Continued)

December 31, 2019 (Unaudited)

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.

3. INVESTMENTS IN AFFILIATED FUNDS

A summary of holdings and transactions with affiliated mutual fund investments as of and for the period ended December 31, 2019 is as follows:

	Beginning				Distributions				Net			Change in Unrealized			As of December 31, 2019
Fund/Underlying Fund	Value as of April 1, 2019		Purchase Cost (1)		Received and Reinvested (2)		Sales Proceeds		Realized Gain (Loss) (3)			Appreciation (Depreciation)			Ending Value		Shares Balance
Pacific Funds Portfolio Optimization Conservative
Pacific Funds Core Income		$7,598,484		$66,985		$163,574		$1,589,896		$17,469			$276,935			$6,533,551		594,500
Pacific Funds Floating Rate Income		6,356,221		66,528		203,687		3,093,247		(95,143	)		105,345			3,543,391		356,478
Pacific Funds High Income		16,618,804		2,566,043		673,502		2,413,864		(24,903	)		447,089			17,866,671		1,746,498
PF Inflation Managed		14,124,612		139,554		160,475		2,095,270		50,046			462,072			12,841,489		1,404,977
PF Managed Bond		93,902,067		833,810		1,059,118		18,387,430		1,321,448			3,018,975			81,747,988		7,472,394
PF Short Duration Bond		37,048,639		7,672,897		1,047,627		4,866,815		22,609			(9,171	)		40,915,786		4,112,139
PF Emerging Markets Debt		12,751,835		154,988		585,300		1,650,341		(884	)		(107,607	)		11,733,291		1,295,065
Pacific Funds Small-Cap Growth		760,923		11,744		—		89,267		(17,070	)		26,060			692,390		56,429
PF Developing Growth		498,405		6,734		—		71,296		43,328			(24,742	)		452,429		26,228
PF Growth		2,323,716		20,770		229		457,615		101,706			257,663			2,246,469		72,843
PF Large-Cap Value		4,668,784		50,658		59,022		747,436		267,694			294,670			4,593,392		359,139
PF Multi-Asset		37,434,469		1,599,328		887,820		6,126,329		169,733			3,774,638			37,739,659		3,456,013
PF Small-Cap Value		1,255,559		17,270		7,118		165,187		53,453			51,698			1,219,911		146,977
PF Emerging Markets		5,103,493		38,268		33,930		3,039,730		671,985			(476,720	)		2,331,226		181,560
PF International Large-Cap		1,396,039		13,807		10,001		788,772		139,717			(10,283	)		760,509		66,887
PF International Small-Cap		1,272,421		12,652		—		1,288,641		(96,035	)		99,603			—		—
PF International Value		1,375,816		18,485		20,214		740,531		5,745			49,413			729,142		92,063
PF Real Estate		3,877,366		33,675		65,178		731,567		44,421			310,276			3,599,349		270,628
PF Currency Strategies		3,796,527		3,590,023		—		744,944		(26,392	)		54,125			6,669,339		712,536
PF Equity Long/Short (4)		3,802,632		8,714		—		3,630,548		(649,066	)		468,268			—		—
		$255,966,812		$16,922,933		$4,976,795		$52,718,726		$1,999,861			$9,068,307			$236,215,982
Pacific Funds Portfolio Optimization Moderate-Conservative
Pacific Funds Core Income		$8,822,165		$51,616		$192,218		$1,528,489		$15,693			$328,947			$7,882,150		717,211
Pacific Funds Floating Rate Income		7,416,217		70,236		231,007		4,319,170		(126,789	)		133,508			3,405,009		342,556
Pacific Funds High Income		22,357,375		5,354,856		930,243		3,468,845		(35,130	)		625,752			25,764,251		2,518,500
PF Inflation Managed		9,357,278		56,927		104,955		1,474,655		39,546			302,593			8,386,644		917,576
PF Managed Bond		109,150,939		639,718		1,266,827		18,485,108		1,415,862			3,646,147			97,634,385		8,924,532
PF Short Duration Bond		29,791,079		7,460,390		862,141		4,522,768		27,329			3,879			33,622,050		3,379,101
PF Emerging Markets Debt		16,726,117		106,551		756,676		2,324,255		69			(132,432	)		15,132,726		1,670,279
Pacific Funds Small-Cap Growth		1,108,836		10,285		—		138,164		18,654			(6,492	)		993,119		80,939
PF Developing Growth		726,274		4,800		—		113,139		85,346			(57,959	)		645,322		37,410
PF Growth		9,783,262		55,870		945		2,084,941		441,185			1,060,569			9,256,890		300,159
PF Large-Cap Value		21,330,322		123,425		264,659		3,713,384		1,228,466			1,325,003			20,558,491		1,607,388
PF Multi-Asset		81,552,140		469,998		1,837,667		14,290,011		648,823			7,751,431			77,970,048		7,140,114
PF Small-Cap Value		3,659,180		32,874		20,487		508,236		177,686			124,341			3,506,332		422,450
PF Emerging Markets		13,015,087		73,923		100,078		6,939,199		2,075,584			(1,465,434	)		6,860,039		534,271
PF International Large-Cap		6,473,127		36,475		61,349		2,585,758		739,614			(68,430	)		4,656,377		409,532
PF International Small-Cap		3,708,606		32,609		94,610		2,194,973		(92,381	)		154,147			1,702,618		171,462
PF International Value		7,108,208		64,109		136,394		2,730,958		37,165			293,807			4,908,725		619,789
PF Real Estate		9,418,586		1,785,963		185,893		1,977,785		105,863			726,849			10,245,369		770,328
PF Currency Strategies		5,533,000		5,187,638		—		1,189,929		(62,749	)		102,325			9,570,285		1,022,466
PF Equity Long/Short (4)		5,541,750		10,489		—		5,288,677		(926,597	)		663,035			—		—
		$372,579,548		$21,628,752		$7,046,149		$79,878,444		$5,813,239			$15,511,586			$342,700,830

160

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SUPPLEMENTAL NOTES TO SCHEDULES OF INVESTMENTS (Continued)

December 31, 2019 (Unaudited)

	Beginning				Distributions				Net			Change in Unrealized			As of December 31, 2019
Fund/Underlying Fund	Value as of April 1, 2019		Purchase Cost (1)		Received and Reinvested (2)		Sales Proceeds		Realized Gain (Loss) (3)			Appreciation (Depreciation)			Ending Value		Shares Balance
Pacific Funds Portfolio Optimization Moderate
Pacific Funds Core Income		$18,006,462		$52,732		$397,707		$2,639,177		$28,906			$681,143			$16,527,773		1,503,892
Pacific Funds Floating Rate Income		11,459,848		72,867		356,792		6,619,325		(205,838	)		216,202			5,280,546		531,242
Pacific Funds High Income		46,123,452		5,596,228		1,860,755		6,433,283		(62,405	)		1,226,822			48,311,569		4,722,539
PF Inflation Managed		11,582,422		48,313		131,478		1,674,646		45,008			378,661			10,511,236		1,150,026
PF Managed Bond		219,577,492		17,517,405		2,803,740		34,285,792		3,046,100			7,546,512			216,205,457		19,762,839
PF Short Duration Bond		69,140,691		5,738,534		1,751,900		8,411,578		133,526			4,573			68,357,646		6,870,115
PF Emerging Markets Debt		23,004,631		68,837		1,049,243		2,945,393		7,458			(191,767	)		20,993,009		2,317,109
Pacific Funds Small-Cap Growth		6,862,909		35,411		—		760,927		(63,944	)		137,195			6,210,644		506,165
PF Developing Growth		4,495,080		13,764		—		635,645		391,168			(220,533	)		4,043,834		234,425
PF Growth		86,169,450		251,744		8,449		16,881,596		3,760,709			9,498,905			82,807,661		2,685,073
PF Large-Cap Value		75,681,904		5,610,417		1,025,801		12,028,859		(274,530	)		9,673,116			79,687,849		6,230,481
PF Multi-Asset		401,029,374		1,183,885		9,165,475		64,032,170		2,428,804			39,125,433			388,900,801		35,613,626
PF Small-Cap Value		22,646,588		117,646		95,299		7,988,505		862,197			584,752			16,317,977		1,966,021
PF Emerging Markets		46,031,557		147,562		398,104		21,746,110		8,500,176			(6,030,211	)		27,301,078		2,126,252
PF International Large-Cap		19,459,547		57,835		249,818		3,109,631		2,626,152			(311,887	)		18,971,834		1,668,587
PF International Small-Cap		11,476,951		58,621		300,389		6,614,820		(270,565	)		457,686			5,408,262		544,639
PF International Value		21,997,625		115,099		597,568		2,473,012		153,041			1,124,952			21,515,273		2,716,575
PF Real Estate		29,145,205		5,469,235		580,367		5,748,766		395,889			2,158,660			32,000,590		2,406,059
PF Currency Strategies		14,268,549		13,333,123		—		7,996,850		(298,880	)		336,991			19,642,933		2,098,604
PF Equity Long/Short (4)		14,291,047		—		—		13,609,494		(2,416,521	)		1,734,968			—		—
		$1,152,450,784		$55,489,258		$20,772,885		$226,635,579		$18,786,451			$68,132,173			$1,088,995,972
Pacific Funds Portfolio Optimization Growth
Pacific Funds Core Income		$5,821,489		$432,996		$133,045		$718,415		$4,754			$225,985			$5,899,854		536,838
Pacific Funds Floating Rate Income		4,417,354		11,936		118,030		4,536,824		(123,649	)		113,153			—		—
Pacific Funds High Income		26,669,108		70,041		1,047,480		3,055,288		(29,587	)		673,761			25,375,515		2,480,500
PF Inflation Managed		4,464,711		14,766		51,884		546,115		14,016			149,186			4,148,448		453,878
PF Managed Bond		70,124,800		16,914,678		1,067,446		9,308,122		1,033,004			2,492,934			82,324,740		7,525,113
PF Short Duration Bond		17,767,979		8,491,538		633,684		2,060,713		39,024			(142,784	)		24,728,728		2,485,299
PF Emerging Markets Debt		13,301,449		26,353		618,067		1,464,221		17,065			(131,097	)		12,367,616		1,365,079
Pacific Funds Small-Cap Growth		10,582,026		35,596		—		3,488,096		(426,160	)		376,268			7,079,634		576,987
PF Developing Growth		6,930,939		14,053		—		2,444,808		389,580			(217,353	)		4,672,411		270,864
PF Growth		56,556,688		8,466,786		6,599		9,817,418		4,184,402			5,246,356			64,643,413		2,096,090
PF Large-Cap Value		52,644,228		4,321,215		734,764		7,324,331		3,336,811			3,338,824			57,051,511		4,460,634
PF Multi-Asset		439,328,375		865,589		10,129,377		66,163,105		2,384,816			43,238,955			429,784,007		39,357,510
PF Small-Cap Value		26,189,940		89,001		152,612		2,522,075		1,726,415			499,228			26,135,121		3,148,810
PF Emerging Markets		48,795,883		118,669		506,948		17,918,198		8,649,655			(5,383,264	)		34,769,693		2,707,920
PF International Large-Cap		23,827,393		47,459		203,296		10,965,323		2,683,318			(333,003	)		15,463,140		1,359,995
PF International Small-Cap		8,848,134		29,666		489,063		844,437		(36,755	)		320,788			8,806,459		886,854
PF International Value		26,526,020		90,469		472,647		11,241,551		74,488			1,097,206			17,019,279		2,148,899
PF Real Estate		26,963,249		8,484,887		610,137		4,755,520		393,144			1,935,994			33,631,891		2,528,714
PF Currency Strategies		8,800,318		8,231,295		—		5,592,043		(144,356	)		159,355			11,454,569		1,223,779
PF Equity Long/Short (4)		8,814,136		—		—		8,393,453		(1,361,216	)		940,533			—		—
		$887,374,219		$56,756,993		$16,975,079		$173,160,056		$22,808,769			$54,601,025			$865,356,029

161

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SUPPLEMENTAL NOTES TO SCHEDULES OF INVESTMENTS (Continued)

December 31, 2019 (Unaudited)

	Beginning				Distributions				Net			Change in Unrealized			As of December 31, 2019
Fund/Underlying Fund	Value as of April 1, 2019		Purchase Cost (1)		Received and Reinvested (2)		Sales Proceeds		Realized Gain (Loss) (3)			Appreciation (Depreciation)			Ending Value		Shares Balance
Pacific Funds Portfolio Optimization Aggressive-Growth
Pacific Funds Core Income		$314,307		$156,193		$8,267		$34,235		$796			$12,110			$457,438		41,623
Pacific Funds Floating Rate Income		3,801		—		2		3,815		12			—			—		—
Pacific Funds High Income		1,559,871		14,905		62,748		141,562		1,153			37,233			1,534,348		149,985
PF Managed Bond		4,388,991		1,422,669		72,799		465,648		79,561			116,540			5,614,912		513,246
PF Short Duration Bond		1,558,880		4,695,609		114,163		1,905,735		18,124			(25,608	)		4,455,433		447,782
PF Emerging Markets Debt		1,556,007		13,959		75,350		121,771		(242	)		(15,396	)		1,507,907		166,436
Pacific Funds Small-Cap Growth		4,641,966		47,996		—		359,953		(36,937	)		94,508			4,387,580		357,586
PF Developing Growth		3,040,477		24,794		—		289,134		275,745			(163,941	)		2,887,941		167,417
PF Growth		31,504,514		4,791,755		3,807		4,382,664		1,927,967			3,478,919			37,324,298		1,210,256
PF Large-Cap Value		16,781,066		122,522		226,463		1,624,636		1,114,762			983,001			17,603,178		1,376,324
PF Multi-Asset		176,778,623		1,072,537		4,316,051		17,897,854		689,127			18,349,271			183,307,755		16,786,424
PF Small-Cap Value		16,849,568		169,268		91,227		2,824,642		985,119			353,386			15,623,926		1,882,401
PF Emerging Markets		18,680,820		128,766		210,220		5,947,757		3,650,275			(2,302,805	)		14,419,519		1,123,016
PF International Large-Cap		6,968,174		49,088		74,603		2,183,889		1,062,146			(296,540	)		5,673,582		498,996
PF International Small-Cap		4,657,643		39,433		172,642		1,864,783		(75,946	)		179,937			3,108,926		313,084
PF International Value		7,935,351		79,755		179,867		2,128,736		45,805			365,226			6,477,268		817,837
PF Real Estate		9,462,486		3,125,543		224,636		1,251,208		147,279			693,072			12,401,808		932,467
PF Currency Strategies		2,316,273		2,208,203		—		1,818,892		(39,025	)		37,234			2,703,793		288,867
PF Equity Long/Short (4)		2,319,912		6,217		—		2,214,881		(362,041	)		250,793			—		—
		$311,318,730		$18,169,212		$5,832,845		$47,461,795		$9,483,680			$22,146,940			$319,489,612

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

(2) Distributions received include distributions from net investment income, if any.

(3) Net realized gain (loss) includes capital gains, if any.

(4) All shares in the PF Equity Long/Short Fund were fully redeemed during the period ended December 31, 2019.

As of December 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 Diversified Income		100.00%
Pacific Funds Ultra Short Income		50.08%
Pacific Funds Large-Cap Value		40.55%
Pacific Funds Small-Cap Growth		11.33%
Pacific Funds Small-Cap Value		33.49%
PF Mid-Cap Equity Fund		100.00%

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