# EDGAR Filing Document

**Accession Number:** 0001137761
**File Stem:** 0001752724-23-043659
**Filing Date:** 2023-2
**Character Count:** 648931
**Document Hash:** c57f2fb10087b7193a28b637dcf0d5ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043659.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043659

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PACIFIC FUNDS SERIES TRUST
- **CENTRAL INDEX KEY:** 0001137761
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10385
- **FILM NUMBER:** 23676120

**BUSINESS ADDRESS:**
- **STREET 1:** 700 NEWPORT CENTER DRIVE
- **STREET 2:** POST OFFFICE BOX 7500
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660
- **BUSINESS PHONE:** 9492193233

**MAIL ADDRESS:**
- **STREET 1:** 700 NEWPORT CENTER DRIVE
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PACIFIC FUNDS SERIES TRUST (formerly called PACIFIC LIFE FUNDS)
- **DATE OF NAME CHANGE:** 20150126

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PACIFIC LIFE FUNDS
- **DATE OF NAME CHANGE:** 20070103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PACIFIC FUNDS
- **DATE OF NAME CHANGE:** 20010405

## Series and Classes Contracts Data

### PF International Growth Fund (Series ID: S000001889)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000004967 | CLASS P      |  |

## Nport-Ex

**PACIFIC FUNDS<sup>SM</sup>** 

**PACIFIC FUNDS<sup>SM</sup> PORTFOLIO OPTIMIZATION CONSERVATIVE** 

**Schedule of Investments** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **AFFILIATED MUTUAL FUNDS - 100.1%** |  |  |
|  Pacific Funds Core Income 'P' | 550708 | $5198687 |
|  Pacific Funds Floating Rate Income 'P' | 1031771 | 9440709 |
|  Pacific Funds High Income 'P' | 1014805 | 8869396 |
|  PF Inflation Managed Fund 'P' | 1096166 | 9207794 |
|  PF Managed Bond Fund 'P' | 7633295 | 67096665 |
|  PF Short Duration Bond Fund 'P' | 3274642 | 30617900 |
|  PF Emerging Markets Debt Fund 'P' | 667911 | 4254591 |
|  PF Growth Fund 'P' | 84924 | 947748 |
|  PF Large-Cap Value Fund 'P' | 575343 | 6311508 |
|  PF Small-Cap Value Fund 'P' | 93612 | 565415 |
|  PF Emerging Markets Fund 'P' | 199693 | 1645472 |
|  PF International Small-Cap Fund 'P' | 106883 | 754594 |
|  PF International Value Fund 'P' | 109626 | 879204 |
|  PF Multi-Asset Fund 'P' | 3182119 | 24725068 |
|  PF Real Estate Fund 'P' | 168374 | 2148455 |
|  Total Affiliated Mutual Funds <br>(Cost $187,517,755) |  | 172663206 |
|  **TOTAL INVESTMENTS - 100.1%<br>(Cost $187,517,755)** | **TOTAL INVESTMENTS - 100.1%<br>(Cost $187,517,755)** | 172663206 |
|  **OTHER ASSETS & LIABILITIES, NET - (0.1%)** | **OTHER ASSETS & LIABILITIES, NET - (0.1%)** | (111388) |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $172551818 |

---

**<u>Note to Schedule of Investments</u>**

(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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Affiliated Mutual Funds | $172663206 | $172663206 | $— | $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 172663206 | 172663206 |  |  |
|  Liabilities | Due to Custodian | (1130) |  | (1130) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (1130) |  | (1130) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $172662076 | $172663206 | ($1130) | $— |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on page 135 and 136*

**1** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS<sup>SM</sup> PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE** 

**Schedule of Investments** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **AFFILIATED MUTUAL FUNDS - 100.1%** |  |  |
|  Pacific Funds Core Income 'P' | 696908 | $6578814 |
|  Pacific Funds Floating Rate Income 'P' | 995246 | 9106499 |
|  Pacific Funds High Income 'P' | 1250415 | 10928627 |
|  PF Inflation Managed Fund 'P' | 810894 | 6811512 |
|  PF Managed Bond Fund 'P' | 9091385 | 79913276 |
|  PF Short Duration Bond Fund 'P' | 2879914 | 26927199 |
|  PF Emerging Markets Debt Fund 'P' | 945883 | 6025273 |
|  PF Growth Fund 'P' | 280756 | 3133239 |
|  PF Large-Cap Value Fund 'P' | 1184633 | 12995428 |
|  PF Small-Cap Value Fund 'P' | 330267 | 1994814 |
|  PF Emerging Markets Fund 'P' | 408172 | 3363339 |
|  PF International Growth Fund 'P' | 107185 | 629174 |
|  PF International Small-Cap Fund 'P' | 145943 | 1030361 |
|  PF International Value Fund 'P' | 398326 | 3194577 |
|  PF Multi-Asset Fund 'P' | 7385169 | 57382767 |
|  PF Real Estate Fund 'P' | 227847 | 2907327 |
|  Total Affiliated Mutual Funds <br>(Cost $257,196,291) |  | 232922226 |
|  **TOTAL INVESTMENTS - 100.1%<br>(Cost $257,196,291)** |  | 232922226 |
|  **OTHER ASSETS & LIABILITIES, NET - (0.1%)** |  | (164509) |
|  **NET ASSETS - 100.0%** |  | $232757717 |

---

**<u>Note to Schedule of Investments</u>**

(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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Affiliated Mutual Funds | $232922226 | $232922226 | $— | $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 232922226 | 232922226 |  |  |
|  Liabilities | Due to Custodian | (1091) |  | (1091) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (1091) |  | (1091) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $232921135 | $232922226 | ($1091) | $— |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136* 

**2** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS<sup>SM</sup> PORTFOLIO OPTIMIZATION MODERATE** 

**Schedule of Investments** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  **AFFILIATED MUTUAL FUNDS - 100.1%** |  |  |
|  Pacific Funds Core Income 'P' | 1390902 | $13130118 |
|  Pacific Funds Floating Rate Income 'P' | 2754284 | 25201698 |
|  Pacific Funds High Income 'P' | 2758125 | 24106016 |
|  PF Inflation Managed Fund 'P' | 1778220 | 14937047 |
|  PF Managed Bond Fund 'P' | 18524547 | 162830765 |
|  PF Short Duration Bond Fund 'P' | 8974384 | 83910493 |
|  PF Emerging Markets Debt Fund 'P' | 1865982 | 11886306 |
|  PF Growth Fund 'P' | 2866791 | 31993393 |
|  PF Large-Cap Value Fund 'P' | 6055675 | 66430756 |
|  PF Small-Cap Growth Fund 'P' \* | 203573 | 2723812 |
|  PF Small-Cap Value Fund 'P' | 1596669 | 9643881 |
|  PF Emerging Markets Fund 'P' | 1360438 | 11210011 |
|  PF International Growth Fund 'P' | 702178 | 4121785 |
|  PF International Small-Cap Fund 'P' | 487598 | 3442445 |
|  PF International Value Fund 'P' | 2145213 | 17204611 |
|  PF Multi-Asset Fund 'P' | 34430895 | 267528052 |
|  PF Real Estate Fund 'P' | 1006094 | 12837758 |
|  Total Affiliated Mutual Funds <br>(Cost $831,969,241) |  | 763138947 |
|  **TOTAL INVESTMENTS - 100.1%<br>(Cost $831,969,241)** | **TOTAL INVESTMENTS - 100.1%<br>(Cost $831,969,241)** | 763138947 |
|  **OTHER ASSETS & LIABILITIES, NET - (0.1%)** | **OTHER ASSETS & LIABILITIES, NET - (0.1%)** | (577158) |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $762561789 |

---

**<u>Note to Schedule of Investments</u>**

(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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Affiliated Mutual Funds | $763138947 | $763138947 | $— | $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 763138947 | 763138947 |  |  |
|  Liabilities | Due to Custodian | (3021) |  | (3021) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (3021) |  | (3021) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $763135926 | $763138947 | ($3021) | $— |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on page 135 and 136*

**3** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS<sup>SM</sup> PORTFOLIO OPTIMIZATION GROWTH** 

**Schedule of Investments** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  **AFFILIATED MUTUAL FUNDS - 100.1%** |  |  |
|  Pacific Funds Core Income 'P' | 597509 | $5640485 |
|  Pacific Funds Floating Rate Income 'P' | 1953719 | 17876533 |
|  Pacific Funds High Income 'P' | 1615070 | 14115709 |
|  PF Inflation Managed Fund 'P' | 382830 | 3215776 |
|  PF Managed Bond Fund 'P' | 8529111 | 74970889 |
|  PF Short Duration Bond Fund 'P' | 5430065 | 50771107 |
|  PF Emerging Markets Debt Fund 'P' | 1070211 | 6817243 |
|  PF Growth Fund 'P' | 1477226 | 16485840 |
|  PF Large-Cap Value Fund 'P' | 5058345 | 55490042 |
|  PF Small-Cap Growth Fund 'P' \* | 626821 | 8386861 |
|  PF Small-Cap Value Fund 'P' | 1926030 | 11633223 |
|  PF Emerging Markets Fund 'P' | 1956159 | 16118753 |
|  PF International Growth Fund 'P' | 1133515 | 6653731 |
|  PF International Small-Cap Fund 'P' | 902923 | 6374639 |
|  PF International Value Fund 'P' | 2728785 | 21884854 |
|  PF Multi-Asset Fund 'P' | 41796772 | 324760916 |
|  PF Real Estate Fund 'P' | 1088190 | 13885304 |
|  Total Affiliated Mutual Funds <br>(Cost $722,661,191) |  | 655081905 |
|  **TOTAL INVESTMENTS - 100.1%<br>(Cost $722,661,191)** | **TOTAL INVESTMENTS - 100.1%<br>(Cost $722,661,191)** | 655081905 |
|  **OTHER ASSETS & LIABILITIES, NET - (0.1%)** | **OTHER ASSETS & LIABILITIES, NET - (0.1%)** | (566402) |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $654515503 |

---

**<u>Note to Schedule of Investments</u>**

(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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Affiliated Mutual Funds | $655081905 | $655081905 | $— | $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 655081905 | 655081905 |  |  |
|  Liabilities | Due to Custodian | (2141) |  | (2141) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (2141) |  | (2141) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $655079764 | $655081905 | ($2141) | $— |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on page 135 and 136*

**4** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS<sup>SM</sup> PORTFOLIO OPTIMIZATION AGGRESSIVE-GROWTH** 

**Schedule of Investments** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **AFFILIATED MUTUAL FUNDS - 100.1%** |  |  |
|  Pacific Funds Floating Rate Income 'P' | 450764 | $4124493 |
|  Pacific Funds High Income 'P' | 167993 | 1468259 |
|  PF Managed Bond Fund 'P' | 869497 | 7642882 |
|  PF Short Duration Bond Fund 'P' | 1169931 | 10938852 |
|  PF Emerging Markets Debt Fund 'P' | 213439 | 1359603 |
|  PF Growth Fund 'P' | 1510842 | 16860991 |
|  PF Large-Cap Value Fund 'P' | 2231071 | 24474846 |
|  PF Small-Cap Growth Fund 'P' \* | 614076 | 8216342 |
|  PF Small-Cap Value Fund 'P' | 2020695 | 12205001 |
|  PF Emerging Markets Fund 'P' | 1106931 | 9121114 |
|  PF International Growth Fund 'P' | 1253152 | 7356004 |
|  PF International Small-Cap Fund 'P' | 731425 | 5163858 |
|  PF International Value Fund 'P' | 909079 | 7290811 |
|  PF Multi-Asset Fund 'P' | 17265530 | 134153167 |
|  PF Real Estate Fund 'P' | 534908 | 6825427 |
|  Total Affiliated Mutual Funds <br>(Cost $292,511,921) |  | 257201650 |
|  **TOTAL INVESTMENTS - 100.1%<br>(Cost $292,511,921)** |  | 257201650 |
|  **OTHER ASSETS & LIABILITIES, NET - (0.1%)** |  | (152286) |
|  **NET ASSETS - 100.0%** |  | $257049364 |

---

**<u>Note to Schedule of Investments</u>**

(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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Affiliated Mutual Funds | $257201650 | $257201650 | $— | $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 257201650 | 257201650 |  |  |
|  Liabilities | Due to Custodian | (494) |  | (494) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (494) |  | (494) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $257201156 | $257201650 | ($494) | $— |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**5** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS<sup>SM</sup> ULTRA SHORT INCOME** 

**Schedule of Investments** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **CORPORATE BONDS & NOTES - 45.9%** | **CORPORATE BONDS & NOTES - 45.9%** | **CORPORATE BONDS & NOTES - 45.9%** |
|  **Basic Materials - 2.6%** | **Basic Materials - 2.6%** | **Basic Materials - 2.6%** |
|  Anglo American Capital PLC (South Africa)<br>3.625% due 09/11/24 ~ | $200000 | $193644 |
|  Celanese US Holdings LLC<br>5.900% due 07/05/24 | 500000 | 500135 |
|  Glencore Funding LLC (Australia)<br>4.125% due 05/30/23 ~ | 247000 | 245741 |
|  Nucor Corp<br>3.950% due 05/23/25 | 200000 | 195858 |
|  Nutrien Ltd (Canada)<br>5.900% due 11/07/24 | 250000 | 253325 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1388703 |
|  **Communications - 3.0%** |  |  |
|  Charter Communications Operating LLC<br>6.090% (USD LIBOR + 1.650%)<br>due 02/01/24 § | 300000 | 301428 |
|  Comcast Corp<br>5.445% (USD LIBOR + 0.630%)<br>due 04/15/24 § | 200000 | 200624 |
|  Cox Communications Inc<br>2.950% due 06/30/23 ~ | 200000 | 197376 |
|  Sprint Spectrum Co LLC<br>4.738% due 09/20/29 ~ | 510188 | 504416 |
|  Verizon Communications Inc<br>5.706% (USD LIBOR + 1.100%)<br>due 05/15/25 § | 400000 | 403383 |
|  |  | 1607227 |
|  **Consumer, Cyclical - 2.0%** |  |  |
|  7-Eleven Inc<br>0.625% due 02/10/23 ~ | 350000 | 348221 |
|  British Airways Pass-Through Trust 'A' (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 12/15/30 ~ | 72771 | 62974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 12/20/25 ~ | 46429 | 45103 |
|  Daimler Trucks Finance North America LLC (Germany)<br>5.333% (SOFR + 1.000%)<br>due 04/05/24 ~ § | 500000 | 498291 |
|  Delta Air Lines Pass-Through Trust 'AA'<br>3.204% due 10/25/25 | 100000 | 97528 |
|  |  | 1052117 |
|  **Consumer, Non-Cyclical - 3.2%** |  |  |
|  Bayer US Finance II LLC (Germany)<br>5.779% (USD LIBOR + 1.010%)<br>due 12/15/23 ~ § | 250000 | 249494 |
|  Cigna Corp<br>3.750% due 07/15/23 | 300000 | 298085 |
|  Coca-Cola Europacific Partners PLC<br>(United Kingdom)<br>0.500% due 05/05/23 ~ | 500000 | 491921 |
|  Element Fleet Management Corp (Canada)<br>1.600% due 04/06/24 ~ | 200000 | 189569 |
|  GE HealthCare Technologies Inc<br>5.550% due 11/15/24 ~ | 150000 | 150650 |
|  Shire Acquisitions Investments Ireland DAC<br>2.875% due 09/23/23 | 300000 | 294907 |
|  |  | 1674626 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Energy - 4.1%** |  |  |
|  Enbridge Inc (Canada)<br>4.789% (SOFR + 0.630%)<br>due 02/16/24 § | $250000 | $248735 |
|  Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 01/15/23 | 200000 | 199836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 03/15/23 | 200000 | 199527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 11/01/23 | 500000 | 496509 |
|  Enterprise Products Operating LLC<br>3.900% due 02/15/24 | 200000 | 197015 |
|  Kinder Morgan Energy Partners LP<br>3.450% due 02/15/23 | 266000 | 265438 |
|  Kinder Morgan Inc<br>5.359% (USD LIBOR + 1.280%)<br>due 01/15/23 § | 100000 | 99998 |
|  MPLX LP<br>4.500% due 07/15/23 | 250000 | 249043 |
|  The Williams Cos Inc<br>4.500% due 11/15/23 | 200000 | 198594 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2154695 |
|  **Financial - 20.5%** |  |  |
|  AerCap Ireland Capital DAC (Ireland)<br>1.150% due 10/29/23 | 350000 | 336877 |
|  Air Lease Corp<br>3.000% due 09/15/23 | 300000 | 294995 |
|  American Express Co<br>3.950% due 08/01/25 | 450000 | 441282 |
|  Bank of America Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.642% (SOFR + 0.690%)<br> due 04/22/25 § | 500000 | 493826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.555% (USD LIBOR + 0.790%)<br> due 03/05/24 § | 250000 | 249883 |
|  Citigroup Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.610% due 09/29/26 | 50000 | 50266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% (USD LIBOR + 1.100%)<br> due 05/17/24 § | 400000 | 400653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.858% (SOFR + 1.528%)<br> due 03/17/26 § | 250000 | 250726 |
|  JPMorgan Chase & Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.124% (SOFR + 0.920%)<br> due 02/24/26 § | 850000 | 836431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.215% (USD LIBOR + 0.890%)<br> due 07/23/24 § | 150000 | 150247 |
|  Mid-America Apartments LP REIT<br>4.300% due 10/15/23 | 472000 | 469378 |
|  Mitsubishi UFJ Financial Group Inc (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.455% due 03/02/23 | 950000 | 948038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.187% (USD LIBOR + 0.860%)<br> due 07/26/23 § | 365000 | 365654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.660% (SOFR + 1.385%)<br> due 09/12/25 § | 500000 | 500095 |
|  Morgan Stanley<br>4.602% (SOFR + 0.466%)<br>due 11/10/23 § | 250000 | 249337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.770% (USD LIBOR + 1.220%)<br> due 05/08/24 § | 500000 | 500931 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**6** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS ULTRA SHORT INCOME** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Reliance Standard Life Global Funding II<br>2.150% due 01/21/23 ~ | $150000 | $149758 |
|  Royal Bank of Canada (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.970% due 07/26/24 | 300000 | 295821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.660% due 10/25/24 | 500000 | 506084 |
|  Skandinaviska Enskilda Banken AB (Sweden)<br>5.081% (USD LIBOR + 0.320%)<br>due 09/01/23 ~ § | 500000 | 499309 |
|  Sumitomo Mitsui Financial Group Inc (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.696% due 07/16/24 | 300000 | 287875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.936% due 10/16/23 | 200000 | 197832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.087% (USD LIBOR + 0.860%)<br> due 07/19/23 § | 132000 | 132090 |
|  Svenska Handelsbanken AB (Sweden)<br>5.196% (SOFR + 0.910%)<br>due 06/10/25 ~ § | 250000 | 248326 |
|  The Goldman Sachs Group Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% (SOFR + 0.700%)<br> due 01/24/25 § | 500000 | 492728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.334% (USD LIBOR + 1.600%)<br> due 11/29/23 § | 500000 | 503888 |
|  The Toronto-Dominion Bank (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.766% due 06/06/25 | 300000 | 291413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.285% due 09/13/24 | 250000 | 247236 |
|  UBS AG (Switzerland)<br>4.478% (SOFR + 0.360%)<br>due 02/09/24 ~ § | 500000 | 497731 |
|  |  | 10888710 |
|  **Industrial - 2.8%** |  |  |
|  Carlisle Cos Inc<br>0.550% due 09/01/23 | 300000 | 290360 |
|  DAE Funding LLC (United Arab Emirates)<br>1.550% due 08/01/24 ~ | 200000 | 185982 |
|  Graphic Packaging International LLC<br>0.821% due 04/15/24 ~ | 400000 | 374556 |
|  Parker-Hannifin Corp<br>3.650% due 06/15/24 | 200000 | 195803 |
|  Penske Truck Leasing Co LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 03/14/23 ~ | 200000 | 198951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 08/01/23 ~ | 250000 | 248653 |
|  |  | 1494305 |
|  **Technology - 2.4%** |  |  |
|  Infor Inc<br>1.450% due 07/15/23 ~ | 325000 | 317464 |
|  International Business Machines Corp<br>4.000% due 07/27/25 | 350000 | 344666 |
|  Leidos Inc<br>2.950% due 05/15/23 | 143000 | 141871 |
|  Microchip Technology Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.670% due 09/01/23 | 93000 | 91290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.333% due 06/01/23 | 200000 | 199180 |
|  NXP BV (China)<br>4.875% due 03/01/24 | 200000 | 198561 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1293032 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Utilities - 5.3%** |  |  |
|  Alliant Energy Finance LLC<br>3.750% due 06/15/23 ~ | $300000 | $297979 |
|  American Electric Power Co Inc<br>4.920% (USD LIBOR + 0.480%)<br>due 11/01/23 § | 250000 | 248876 |
|  CenterPoint Energy Resources Corp<br>5.279% (USD LIBOR + 0.500%)<br>due 03/02/23 § | 172000 | 171919 |
|  DTE Energy Co<br>4.220% due 11/01/24 | 150000 | 147550 |
|  Duke Energy Progress LLC<br>3.375% due 09/01/23 | 135000 | 133574 |
|  Emera US Finance LP (Canada)<br>0.833% due 06/15/24 | 150000 | 140069 |
|  Eversource Energy<br>4.200% due 06/27/24 | 150000 | 148349 |
|  OGE Energy Corp<br>0.703% due 05/26/23 | 200000 | 196486 |
|  PPL Electric Utilities Corp<br>4.661% (SOFR + 0.330%)<br>due 06/24/24 § | 250000 | 246196 |
|  Southern California Edison Co<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700% due 08/01/23 | 350000 | 341030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.162% (SOFR + 0.830%)<br> due 04/01/24 § | 200000 | 198628 |
|  Tampa Electric Co<br>3.875% due 07/12/24 | 150000 | 147140 |
|  Vistra Operations Co LLC<br>4.875% due 05/13/24 ~ | 300000 | 294330 |
|  WEC Energy Group Inc<br>5.000% due 09/27/25 | 100000 | 100082 |
|  |  | 2812208 |
|  Total Corporate Bonds & Notes<br>(Cost $24,590,728) |  | 24365623 |
|  **SENIOR LOAN NOTES - 3.7%** |  |  |
|  **Basic Materials - 0.5%** |  |  |
|  Asplundh Tree Expert LLC Term B<br>6.134% (USD LIBOR + 1.750%)<br>due 09/04/27 § | 244375 | 243586 |
|  **Communications - 0.9%** |  |  |
|  Charter Communications Operating LLC Term B-2<br>6.140% (USD LIBOR + 1.750%)<br>due 02/01/27 § | 487406 | 476781 |
|  **Consumer, Cyclical - 0.9%** |  |  |
|  Hilton Worldwide Finance LLC Term B-2<br>6.173% (USD LIBOR + 1.750%)<br>due 06/21/26 § | 250000 | 249485 |
|  SeaWorld Parks & Entertainment Inc Term B<br>7.438% (USD LIBOR + 3.000%)<br>due 08/25/28 § | 246875 | 243146 |
|  |  | 492631 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**7** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS ULTRA SHORT INCOME** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Consumer, Non-Cyclical - 0.9%** |  |  |
|  United Rentals North America Inc Term B<br>6.134% (USD LIBOR + 1.750%)<br>due 10/31/25 § | $487277 | $488090 |
|  **Financial - 0.3%** |  |  |
|  Avolon (US) LLC Term B-3 (Ireland)<br>6.103% (USD LIBOR + 1.750%)<br>due 01/15/25 § | 138642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138280 |
|  **Industrial - 0.2%** |  |  |
|  GFL Environmental Inc Term B (Canada)<br>7.415% (USD LIBOR + 3.000%)<br>due 05/31/25 § | 123725 | 123879 |
|  Total Senior Loan Notes<br>(Cost $1,966,947) |  | 1963247 |
|  **ASSET-BACKED SECURITIES - 22.0%** |  |  |
|  Ally Auto Receivables Trust<br>5.290% due 06/16/25 | 550000 | 550878 |
|  AmeriCredit Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.760% due 12/18/25 | 300000 | 289482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.480% due 01/21/25 | 159028 | 157940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050% due 01/20/26 | 114701 | 113355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 12/18/25 | 154078 | 153089 |
|  CIFC Funding 2012-II-R Ltd (Cayman)<br>5.043% (USD LIBOR + 0.800%)<br>due 01/20/28 ~ § | 284787 | 282468 |
|  Citibank Credit Card Issuance Trust<br>3.720% due 09/08/25 | 175000 | 173361 |
|  Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.410% due 07/15/25 | 245691 | 239788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.520% due 04/15/25 | 300000 | 299018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.370% due 08/15/25 | 150000 | 150371 |
|  Greenwood Park CLO Ltd (Cayman) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.089% (USD LIBOR + 1.010%)<br> due 04/15/31 ~ § | 250000 | 245599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.109% (USD LIBOR + 1.030%)<br> due 04/15/31 ~ § | 250000 | 244511 |
|  Hilton Grand Vacations Trust<br>2.740% due 02/25/39 ~ | 44800 | 42141 |
|  Magnetite Ltd (Cayman) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.879% (USD LIBOR + 0.800%)<br> due 01/15/28 ~ § | 228104 | 225029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.994% (USD LIBOR + 0.800%)<br> due 01/18/28 ~ § | 706991 | 703349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.059% (USD LIBOR + 0.980%)<br> due 04/15/31 ~ § | 495032 | 486811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.486% (USD LIBOR + 0.880%)<br> due 11/15/28 ~ § | 482379 | 477611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.558% (USD LIBOR + 1.200%)<br> due 01/25/32 ~ § | 250000 | 247266 |
|  Navient Private Education Refi Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.840% due 05/15/69 ~ | 92378 | 79951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.060% due 10/15/69 ~ | 161763 | 137672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.220% due 07/15/69 ~ | 152046 | 135081 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.310% due 01/15/69 ~ | $95531 | $85807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.690% due 05/15/69 ~ | 99026 | 89164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.190% due 02/18/42 ~ | 45334 | 45003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navient Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.320% due 08/26/69 ~ | 107558 | 90245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.989% (USD LIBOR + 0.600%)<br> due 12/26/69 ~ § | 112539 | 107763 |
|  Nelnet Student Loan Trust<br>5.043% (USD LIBOR + 0.690%)<br>due 04/20/62 ~ § | 186523 | 183389 |
|  Neuberger Berman Loan Advisers CLO 26 Ltd<br> (Cayman)<br>5.114% (USD LIBOR + 0.920%)<br>due 10/18/30 ~ § | 450000 | 442820 |
|  Neuberger Berman Loan Advisers CLO 37 Ltd (Cayman)<br>5.213% (USD LIBOR + 0.970%)<br>due 07/20/31 ~ § | 300000 | 294029 |
|  OCP CLO Ltd (Cayman)<br>5.039% (USD LIBOR + 0.960%)<br>due 07/15/30 ~ § | 250000 | 246959 |
|  Palmer Square CLO Ltd (Cayman)<br>5.179% (USD LIBOR + 1.100%)<br>due 07/16/31 ~ § | 250000 | 246506 |
|  Palmer Square Loan Funding Ltd (Cayman)<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.879% (USD LIBOR + 0.800%)<br> due 10/15/29 ~ § | 210782 | 208111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.914% (SOFR + 1.050%)<br> due 04/15/30 ~ § | 459622 | 452871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.143% (USD LIBOR + 0.900%)<br> due 04/20/29 ~ § | 426326 | 421326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.475% (USD LIBOR + 0.800%)<br> due 02/20/28 ~ § | 342222 | 339947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.475% (USD LIBOR + 0.800%)<br> due 05/20/29 ~ § | 202246 | 199783 |
|  Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.590% due 09/15/25 | 69247 | 69056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.760% due 03/17/25 | 251229 | 250195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.980% due 01/15/25 | 400000 | 398023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.370% due 05/15/25 | 350000 | 348443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.810% due 01/15/26 | 250000 | 250516 |
|  SMB Private Education Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.340% due 09/15/34 ~ | 136741 | 130278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.430% due 02/17/32 ~ | 42893 | 41007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 05/15/31 ~ | 90481 | 86677 |
|  Stratus CLO Ltd (Cayman)<br>5.043% (USD LIBOR + 0.800%)<br>due 12/29/29 ~ § | 223991 | 221260 |
|  Toyota Auto Receivables Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.830% due 08/15/25 | 400000 | 396294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.270% due 01/15/26 | 150000 | 150289 |
|  Voya CLO Ltd (Cayman) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.094% (USD LIBOR + 0.900%)<br> due 01/18/29 ~ § | 165171 | 163467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.209% (USD LIBOR + 1.130%)<br> due 10/15/30 ~ § | 250000 | 247066 |
|  Total Asset-Backed Securities<br>(Cost $11,820,508) |  | 11641065 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**8** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS ULTRA SHORT INCOME** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **U.S. TREASURY OBLIGATIONS - 19.8%** | **U.S. TREASURY OBLIGATIONS - 19.8%** | **U.S. TREASURY OBLIGATIONS - 19.8%** |
|  **U.S. Treasury Notes - 19.8%** | **U.S. Treasury Notes - 19.8%** | **U.S. Treasury Notes - 19.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 06/30/23 | $1000000 | $977836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 07/15/23 | 1000000 | 975728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 08/15/23 | 1500000 | 1458501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 09/15/23 | 750000 | 726499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% due 04/15/23 | 1500000 | 1482560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% due 06/15/23 | 1000000 | 980647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% due 08/15/24 | 500000 | 467188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 03/15/23 | 1000000 | 992392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 12/31/23 | 1500000 | 1441966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 01/15/23 | 1000000 | 999266 |
|  Total U.S. Treasury Obligations<br>(Cost $10,512,578) |  | 10502583 |
|  | **Shares** |  |
|  **SHORT-TERM INVESTMENT - 11.5%** |  |  |
|  **Money Market Fund - 11.5%** |  |  |
|  BlackRock Liquidity Funds T-Fund Portfolio<br>'Institutional' 4.030% | 6103212 | 6103212 |
|  Total Short-Term Investment<br>(Cost $6,103,212) |  | 6103212 |
|  **TOTAL INVESTMENTS - 102.9%<br>(Cost $54,993,973)** |  | 54575730 |
|  **OTHER ASSETS & LIABILITIES, NET - (2.9%)** | **OTHER ASSETS & LIABILITIES, NET - (2.9%)** | (1528021) |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $53047709 |

---

**<u>Note to Schedule of Investments</u>**

(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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Corporate Bonds & Notes | $24365623 | $— | $24365623 | $— |
|  | Senior Loan Notes | 1963247 |  | 1963247 |  |
|  | Asset-Backed Securities | 11641065 |  | 11641065 |  |
|  | U.S. Treasury Obligations | 10502583 |  | 10502583 |  |
|  | Short-Term Investment | 6103212 | 6103212 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 54575730 | 6103212 | 48472518 |  |
|  Liabilities | Due to Custodian | (81784) |  | (81784) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (81784) |  | (81784) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $54493946 | $6103212 | $48390734 | $— |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**9** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS<sup>SM</sup> SHORT DURATION INCOME** 

**Schedule of Investments** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  **CORPORATE BONDS & NOTES - 53.6%** |  |  |
|  **Basic Materials - 1.1%** |  |  |
|  Anglo American Capital PLC (South Africa)<br>3.625% due 09/11/24 ~ | $2000000 | $1936441 |
|  Glencore Funding LLC (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 03/12/24 ~ | 2500000 | 2461086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 04/29/24 ~ | 3830000 | 3781733 |
|  Nutrien Ltd (Canada)<br>5.900% due 11/07/24 | 2850000 | 2887902 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11067162 |
|  **Communications - 1.5%** | **Communications - 1.5%** |  |
|  Charter Communications Operating LLC<br>4.500% due 02/01/24 | 5000000 | 4943092 |
|  Comcast Corp<br>5.250% due 11/07/25 | 1500000 | 1521317 |
|  Sprint Spectrum Co LLC<br>4.738% due 09/20/29 ~ | 7026750 | 6947256 |
|  T-Mobile USA Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 02/15/26 | 1675000 | 1526781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 04/15/26 | 100000 | 91828 |
|  |  | 15030274 |
|  **Consumer, Cyclical - 5.9%** | **Consumer, Cyclical - 5.9%** |  |
|  American Airlines Pass-Through Trust 'A'<br>4.000% due 01/15/27 | 698376 | 606652 |
|  British Airways Pass-Through Trust 'A' (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 12/15/30 ~ | 2474226 | 2141099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 12/20/25 ~ | 1272154 | 1235822 |
|  Brunswick Corp<br>0.850% due 08/18/24 | 1950000 | 1802770 |
|  Daimler Trucks Finance North America LLC (Germany)<br>1.125% due 12/14/23 ~ | 2000000 | 1922117 |
|  Delta Air Lines Inc<br>4.500% due 10/20/25 ~ | 6000000 | 5856750 |
|  Delta Air Lines Pass-Through Trust 'AA'<br>3.204% due 10/25/25 | 4500000 | 4388765 |
|  DR Horton Inc<br>2.500% due 10/15/24 | 4500000 | 4288044 |
|  Ford Motor Credit Co LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% due 02/10/25 | 2500000 | 2286450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 08/10/26 | 1775000 | 1543629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 11/13/25 | 4200000 | 3804288 |
|  General Motors Financial Co Inc<br>1.700% due 08/18/23 | 900000 | 879576 |
|  Genting New York LLC<br>3.300% due 02/15/26 ~ | 1800000 | 1574859 |
|  Hyundai Capital America<br>1.000% due 09/17/24 ~ | 3750000 | 3467036 |
|  Hyundai Capital Services Inc (South Korea)<br>2.125% due 04/24/25 ~ | 3000000 | 2745749 |
|  Kia Corp (South Korea)<br>2.375% due 02/14/25 ~ | 2000000 | 1857320 |
|  Las Vegas Sands Corp<br>3.200% due 08/08/24 | 3000000 | 2837367 |
|  Lennar Corp<br>4.500% due 04/30/24 | 5000000 | 4935761 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  Lowe's Cos Inc<br>4.400% due 09/08/25 | $2450000 | $2415932 |
|  MGM Resorts International<br>6.000% due 03/15/23 | 2800000 | 2795744 |
|  Nordstrom Inc<br>2.300% due 04/08/24 | 2300000 | 2159274 |
|  United Airlines Pass-Through Trust 'B'<br>3.650% due 07/07/27 | 460938 | 417688 |
|  US Airways Pass-Through Trust 'A'<br>3.950% due 05/15/27 | 443831 | 403774 |
|  Warnermedia Holdings Inc<br>3.638% due 03/15/25 ~ | 3550000 | 3378833 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59745299 |
|  **Consumer, Non-Cyclical - 4.3%** | **Consumer, Non-Cyclical - 4.3%** |  |
|  Block Inc<br>2.750% due 06/01/26 | 750000 | 670965 |
|  Cargill Inc<br>4.875% due 10/10/25 ~ | 1650000 | 1645145 |
|  Cintas Corp No 2<br>3.450% due 05/01/25 | 2400000 | 2324188 |
|  Element Fleet Management Corp (Canada)<br>1.600% due 04/06/24 ~ | 7300000 | 6919258 |
|  Elevance Health Inc<br>5.350% due 10/15/25 | 1600000 | 1619391 |
|  General Mills Inc<br>5.241% due 11/18/25 | 1500000 | 1504265 |
|  Global Payments Inc<br>1.500% due 11/15/24 | 4500000 | 4180423 |
|  GSK Consumer Healthcare Capital UK PLC<br>3.125% due 03/24/25 | 4750000 | 4521197 |
|  JDE Peet's NV (Netherlands)<br>0.800% due 09/24/24 ~ | 3000000 | 2741940 |
|  McKesson Corp<br>1.300% due 08/15/26 | 1500000 | 1321050 |
|  Mondelez International Holdings Netherlands BV<br>4.250% due 09/15/25 ~ | 2450000 | 2417875 |
|  Philip Morris International Inc<br>5.125% due 11/15/24 | 4000000 | 4008233 |
|  Suntory Holdings Ltd (Japan)<br>2.250% due 10/16/24 ~ | 5600000 | 5254226 |
|  UnitedHealth Group Inc<br>5.150% due 10/15/25 | 3900000 | 3948712 |
|  Zoetis Inc<br>5.400% due 11/14/25 | 900000 | 918962 |
|  |  | 43995830 |
|  **Energy - 1.6%** | **Energy - 1.6%** |  |
|  Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 01/15/26 | 1500000 | 1462722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% due 02/15/28 | 3500000 | 3476305 |
|  Kinder Morgan Inc<br>5.625% due 11/15/23 ~ | 2355000 | 2356944 |
|  MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 07/15/23 | 1000000 | 996171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 12/01/24 | 8020000 | 7960398 |
|  |  | 16252540 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

 **10** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS SHORT DURATION INCOME** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  **Financial - 28.1%** |  |  |
|  AerCap Ireland Capital DAC (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% due 10/29/24 | $4900000 | $4523056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 01/30/26 | 1250000 | 1101064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 09/15/23 | 5000000 | 4968562 |
|  Air Lease Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 09/15/23 | 2432000 | 2391427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 07/01/25 | 1200000 | 1136095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% due 12/15/27 | 3350000 | 3352125 |
|  American Express Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 03/04/25 | 1000000 | 944690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 08/01/25 | 4650000 | 4559913 |
|  ANZ New Zealand Int'l Ltd (New Zealand)<br>2.166% due 02/18/25 ~ | 1650000 | 1549353 |
|  Australia & New Zealand Banking Group Ltd (Australia)<br>5.088% due 12/08/25 | 3900000 | 3920059 |
|  Avolon Holdings Funding Ltd (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 02/21/26 ~ | 4550000 | 3920877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 04/15/26 ~ | 2650000 | 2405347 |
|  Banco Santander SA (Spain)<br>2.746% due 05/28/25 | 3000000 | 2810338 |
|  Bank of America Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.976% due 04/22/25 | 7500000 | 7035354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.843% due 02/04/25 | 13950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13380713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.384% due 04/02/26 | 8000000 | 7647079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.841% due 04/25/25 | 3500000 | 3418928 |
|  BOC Aviation Ltd (Singapore)<br>2.750% due 12/02/23 | 5000000 | 4883376 |
|  Citigroup Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.776% due 10/30/24 | 1400000 | 1341871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.014% due 01/25/26 | 5650000 | 5240543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.140% due 05/24/25 | 3750000 | 3679430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.610% due 09/29/26 | 1000000 | 1005329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.784% (USD LIBOR + 1.023%)<br> due 06/01/24 § | 4000000 | 4006012 |
|  Corebridge Financial Inc<br>3.500% due 04/04/25 ~ | 1700000 | 1631194 |
|  Credit Suisse AG (Switzerland)<br>1.000% due 05/05/23 | 3500000 | 3419296 |
|  GLP Capital LP REIT<br>3.350% due 09/01/24 | 4425000 | 4248265 |
|  HSBC Holdings PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.732% due 08/17/24 | 4050000 | 3903623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.976% due 05/24/25 | 2500000 | 2315999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.162% due 11/22/24 | 4000000 | 3811200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.180% due 12/09/25 | 3000000 | 2915756 |
|  JPMorgan Chase & Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.824% due 06/01/25 | 1500000 | 1399021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.969% due 06/23/25 | 3200000 | 2984714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.301% due 10/15/25 | 4250000 | 4007856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.595% due 02/24/26 | 1500000 | 1411440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 04/01/26 | 1500000 | 1423696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.080% due 04/26/26 | 4000000 | 3887212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.055% (USD LIBOR + 0.730%)<br> due 04/23/24 § | 700000 | 700200 |
|  Lloyds Banking Group PLC (United Kingdom)<br>4.716%<br>due 08/11/26 | 1700000 | 1665013 |
|  MassMutual Global Funding II<br>4.150% due 08/26/25 ~ | 3350000 | 3280374 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  Metropolitan Life Global Funding I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 03/21/25 ~ | $3000000 | $2878744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 08/25/25 ~ | 7000000 | 6850936 |
|  Mitsubishi UFJ Financial Group Inc (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.953% due 07/19/25 | 6000000 | 5578477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.837% due 04/17/26 | 1000000 | 963973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.788% due 07/18/25 | 5000000 | 4953191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.063% due 09/12/25 | 3000000 | 2980599 |
|  Mizuho Financial Group Inc (Japan)<br>1.241% due 07/10/24 | 5000000 | 4879824 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.731% due 04/05/24 | 2000000 | 1971522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.790% due 05/30/25 | 8400000 | 7813871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 04/29/24 | 1000000 | 984987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.679% due 07/17/26 | 1200000 | 1180589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.138% due 10/16/26 | 1500000 | 1533628 |
|  Nomura Holdings Inc (Japan)<br>5.099% due 07/03/25 | 3500000 | 3464819 |
|  Office Properties Income Trust REIT<br>2.650% due 06/15/26 | 4000000 | 3104048 |
|  OneMain Finance Corp<br>6.125% due 03/15/24 | 5200000 | 5041400 |
|  Pricoa Global Funding I<br>4.200% due 08/28/25 ~ | 2000000 | 1961943 |
|  Protective Life Global Funding<br>3.218% due 03/28/25 ~ | 2500000 | 2384346 |
|  Reliance Standard Life Global Funding II<br>2.500% due 10/30/24 ~ | 2000000 | 1892442 |
|  Royal Bank of Canada (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.970% due 07/26/24 | 3350000 | 3303334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.660% due 10/25/24 | 6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6579096 |
|  Santander Holdings USA Inc<br>4.260% due 06/09/25 | 500000 | 485627 |
|  Standard Chartered PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.991% due 01/12/25 ~ | 3000000 | 2835502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.885% due 03/15/24 ~ | 1500000 | 1492893 |
|  State Street Corp<br>5.751% due 11/04/26 | 2350000 | 2408118 |
|  Sumitomo Mitsui Financial Group Inc (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.402% due 09/17/26 | 3000000 | 2616296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.474% due 07/08/25 | 4000000 | 3648337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.348% due 01/15/25 | 2500000 | 2367426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.448% due 09/27/24 | 600000 | 570726 |
|  Sumitomo Mitsui Trust Bank Ltd (Japan)<br>0.800% due 09/16/24 ~ | 3850000 | 3558737 |
|  The Bank of New York Mellon Corp<br>4.414% due 07/24/26 | 1900000 | 1872899 |
|  The Goldman Sachs Group Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.657% due 09/10/24 | 7250000 | 6976700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.757% due 01/24/25 | 12050000 | 11538617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.272% due 09/29/25 | 3000000 | 2892885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/01/25 | 3246000 | 3124254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 02/20/24 | 500000 | 491570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% (SOFR + 0.700%)<br> due 01/24/25 § | 3000000 | 2956367 |
|  The Toronto-Dominion Bank (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.766% due 06/06/25 | 850000 | 825670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.285% due 09/13/24 | 3500000 | 3461297 |
|  Truist Financial Corp<br>4.260% due 07/28/26 | 7000000 | 6884784 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

 **11** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS SHORT DURATION INCOME** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  UBS AG (Switzerland)<br>0.700% due 08/09/24 ~ | $5000000 | $4662144 |
|  UBS Group AG (Switzerland)<br>4.488% due 05/12/26 ~ | 3750000 | 3668487 |
|  US Bancorp<br>5.727% due 10/21/26 | 5350000 | 5454857 |
|  VICI Properties LP REIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 02/15/25 ~ | 6050000 | 5713983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 05/15/25 | 1350000 | 1313048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 02/15/28 | 1350000 | 1283226 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;285632619 |
|  **Industrial - 3.5%** | **Industrial - 3.5%** |  |
|  Amcor Flexibles North America Inc<br>4.000% due 05/17/25 | 4800000 | 4676857 |
|  Canadian Pacific Railway Co (Canada)<br>1.350% due 12/02/24 | 1200000 | 1119384 |
|  DAE Funding LLC (United Arab Emirates)<br>1.550% due 08/01/24 ~ | 2300000 | 2138789 |
|  Flex Ltd<br>6.000% due 01/15/28 | 2000000 | 1999236 |
|  Graphic Packaging International LLC<br>0.821% due 04/15/24 ~ | 5457000 | 5109881 |
|  Penske Truck Leasing Co LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 11/01/24 ~ | 4750000 | 4480724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 07/01/24 ~ | 2300000 | 2222325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 08/01/23 ~ | 2000000 | 1989219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 07/01/27 ~ | 2300000 | 2186156 |
|  Ryder System Inc<br>3.350% due 09/01/25 | 1600000 | 1520562 |
|  Silgan Holdings Inc<br>1.400% due 04/01/26 ~ | 2950000 | 2606007 |
|  TD SYNNEX Corp<br>1.250% due 08/09/24 | 4800000 | 4460817 |
|  TK Elevator US Newco Inc (Germany)<br>5.250% due 07/15/27 ~ | 1500000 | 1334400 |
|  |  | 35844357 |
|  **Technology - 2.1%** | **Technology - 2.1%** |  |
|  DXC Technology Co<br>1.800% due 09/15/26 | 1800000 | 1569825 |
|  Infor Inc<br>1.450% due 07/15/23 ~ | 3000000 | 2930433 |
|  Microchip Technology Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.972% due 02/15/24 | 8250000 | 7837963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.983% due 09/01/24 | 3750000 | 3474676 |
|  NXP BV (China)<br>2.700% due 05/01/25 | 3300000 | 3109376 |
|  Oracle Corp<br>5.800% due 11/10/25 | 2400000 | 2456397 |
|  |  | 21378670 |
|  **Utilities - 5.5%** | **Utilities - 5.5%** |  |
|  CenterPoint Energy Resources Corp<br>5.279% (USD LIBOR + 0.500%)<br>due 03/02/23 § | 862000 | 861594 |
|  Dominion Energy Inc<br>3.071% due 08/15/24 | 4280000 | 4126772 |
|  DPL Inc<br>4.125% due 07/01/25 | 600000 | 564732 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  DTE Energy Co<br>4.220% due 11/01/24 | $1950000 | $1918152 |
|  Duke Energy Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 09/01/26 | 1000000 | 924934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 12/08/25 | 600000 | 599373 |
|  Emera US Finance LP (Canada)<br>0.833% due 06/15/24 | 3857000 | 3601630 |
|  Eversource Energy<br>4.200% due 06/27/24 | 1700000 | 1681289 |
|  NextEra Energy Operating Partners LP<br>4.250% due 07/15/24 ~ | 7875000 | 7651594 |
|  Sempra Energy<br>3.300% due 04/01/25 | 3600000 | 3455295 |
|  Southern California Edison Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.975% due 08/01/24 | 4650000 | 4351078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100% due 04/01/24 | 2100000 | 1995507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 06/01/25 | 2100000 | 2063134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% due 11/01/27 | 2800000 | 2886958 |
|  The AES Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 01/15/26 | 4350000 | 3867425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 07/15/25 ~ | 3650000 | 3447865 |
|  Virginia Electric and Power Co<br>3.750% due 05/15/27 | 2000000 | 1911811 |
|  Vistra Operations Co LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 07/15/24 ~ | 4250000 | 4078647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 05/13/24 ~ | 6000000 | 5886600 |
|  |  | 55874390 |
|  Total Corporate Bonds & Notes<br>(Cost $569,819,891) |  | &nbsp;&nbsp;&nbsp;&nbsp;544821141 |
|  **SENIOR LOAN NOTES - 9.3%** | **SENIOR LOAN NOTES - 9.3%** |  |
|  **Consumer, Cyclical - 2.0%** |  |  |
|  Carnival Corp Term B<br>6.127% (USD LIBOR + 3.250%)<br>due 10/18/28 § | 618750 | 580594 |
|  ClubCorp Holdings Inc Term B<br>7.480% (USD LIBOR + 2.750%)<br>due 09/18/24 § | 3789577 | 3431936 |
|  Hilton Grand Vacations Borrower LLC Term B<br>7.384% (USD LIBOR + 3.000%)<br>due 08/02/28 § | 1972030 | 1961923 |
|  Marriott Ownership Resorts Inc Term B<br>6.134% (USD LIBOR + 1.750%)<br>due 08/31/25 § | 1819096 | 1804694 |
|  Mileage Plus Holdings LLC Term B<br>9.996% (USD LIBOR + 5.250%)<br>due 06/20/27 § | 1800000 | 1855499 |
|  SeaWorld Parks & Entertainment Inc Term B<br>7.438% (USD LIBOR + 3.000%)<br>due 08/25/28 § | 4443750 | 4376632 |
|  Stars Group Holdings BV Term B (Canada)<br>6.980% (USD LIBOR + 2.250%)<br>due 07/21/26 § | 3229054 | 3192504 |
|  United Airlines Inc Term B<br>8.108% (USD LIBOR + 3.750%)<br>due 04/21/28 § | 3025988 | 2994466 |
|  |  | 20198248 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

 **12** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS SHORT DURATION INCOME** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  **Consumer, Non-Cyclical - 2.5%** |  |  |
|  Allied Universal Holdco LLC Term B<br>8.173% (SOFR + 3.750%)<br>due 05/14/28 § | $2468750 | $2348090 |
|  CoreLogic Inc Term B<br>7.938% (USD LIBOR + 3.500%)<br>due 06/02/28 § | 3456250 | 2893168 |
|  Heartland Dental LLC Term B<br>8.387% (USD LIBOR + 4.000%)<br>due 04/30/25 § | 3447500 | 3213718 |
|  Mavis Tire Express Services Topco Corp<br>8.500% (SOFR + 4.000%)<br>due 05/04/28 § | 2082161 | 1991810 |
|  Pathway Vet Alliance LLC Term B<br>8.134% (USD LIBOR + 3.750%)<br>due 03/31/27 § | 2923462 | 2441091 |
|  PetVet Care Centers LLC Term B-3<br>7.884% (USD LIBOR + 3.500%)<br>due 02/15/25 § | 5559307 | 5253545 |
|  Spin Holdco Inc Term B<br>8.765% (USD LIBOR + 4.000%)<br>due 03/04/28 § | 2456250 | 2095488 |
|  Sunshine Luxembourg VII SARL Term B (Luxembourg)<br>8.480% (USD LIBOR + 3.750%)<br>due 10/02/26 § | 3654863 | 3509176 |
|  Wand NewCo 3 Inc Term B-1<br>7.384% (USD LIBOR + 3.000%)<br>due 02/05/26 § | 1737251 | 1652198 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25398284 |
|  **Financial - 2.4%** |  |  |
|  AssuredPartners Inc Term B<br>7.884% (USD LIBOR + 3.500%)<br>due 02/13/27 § | 7037362 | 6852631 |
|  Avolon (US) LLC Term B-3 (Ireland)<br>6.103% (USD LIBOR + 1.750%)<br>due 01/15/25 § | 6029412 | 6013651 |
|  HUB International Ltd Term B<br>7.327% (USD LIBOR + 3.000%)<br>due 04/25/25 § | 5866929 | 5813147 |
|  NFP Corp Term B<br>7.634% (USD LIBOR + 3.250%)<br>due 02/13/27 § | 3084964 | 2959252 |
|  USI Inc Term B<br>8.330% (SOFR + 3.750%)<br>due 11/22/29 § | 3334680 | 3307169 |
|  |  | 24945850 |
|  **Industrial - 0.8%** |  |  |
|  Brown Group Holding LLC Term B<br>6.884% (USD LIBOR + 2.500%)<br>due 06/07/28 § | 230470 | 226767 |
|  Filtration Group Corp Term B<br>7.384% (USD LIBOR + 3.000%)<br>due 03/29/25 § | 5135265 | 5093140 |
|  Proampac PG Borrower LLC Term B<br>7.829% - 8.425% (USD LIBOR + 3.750%) due 11/03/25 § | 2702047 | 2594527 |
|  |  | 7914434 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  **Technology - 1.6%** |  |  |
|  Applied Systems Inc Term B<br>9.080% (USD LIBOR + 4.500%)<br>due 09/19/26 § | $1940082 | $1935232 |
|  Epicor Software Corp Term C<br>7.634% (USD LIBOR + 3.250%)<br>due 07/31/27 § | 3924548 | 3782283 |
|  Sophia LP Term B<br>8.230% (USD LIBOR + 3.500%)<br>due 10/07/27 § | 1200380 | 1161742 |
|  Tempo Acquisition LLC Term B<br>7.323% (SOFR + 3.000%)<br>due 08/31/28 § | 2717696 | 2712036 |
|  UKG Inc<br>6.998% (USD LIBOR + 3.250%)<br>due 05/03/26 § | 6625626 | 6310909 |
|  |  | 15902202 |
|  Total Senior Loan Notes<br>(Cost $98,087,768) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94359018 |
|  **ASSET-BACKED SECURITIES - 22.6%** | **ASSET-BACKED SECURITIES - 22.6%** |  |
|  AIMCO CLO 10 Ltd (Cayman)<br>5.385% (USD LIBOR + 1.060%)<br>due 07/22/32 ~ § | 2700000 | 2637805 |
|  Ally Auto Receivables Trust<br>5.290% due 06/16/25 | 1500000 | 1502394 |
|  AmeriCredit Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.680% due 10/19/26 | 10100000 | 9615070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.690% due 01/19/27 | 2400000 | 2251462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.760% due 12/18/25 | 2400000 | 2315857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.170% due 08/18/27 | 4700000 | 4331426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.480% due 01/21/25 | 1749312 | 1737344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 12/18/25 | 2355191 | 2340078 |
|  Atrium XIII (Cayman)<br>5.505% (USD LIBOR + 1.180%)<br>due 11/21/30 ~ § | 470000 | 463382 |
|  Buttermilk Park CLO Ltd (Cayman)<br>5.179% (USD LIBOR + 1.100%)<br>due 10/15/31 ~ § | 1850000 | 1811086 |
|  Carlyle Global Market Strategies CLO Ltd (Cayman)<br>5.408% (USD LIBOR + 1.050%)<br>due 07/27/31 ~ § | 495916 | 488824 |
|  CIFC Funding Ltd (Cayman) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.097% (USD LIBOR + 0.870%)<br> due 04/19/29 ~ § | 1447982 | 1423161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.194% (USD LIBOR + 1.000%)<br> due 04/18/31 ~ § | 500000 | 491214 |
|  Dryden 55 CLO Ltd (Cayman)<br>5.099% (USD LIBOR + 1.020%)<br>due 04/15/31 ~ § | 2500000 | 2470225 |
|  Dryden 58 CLO Ltd (Cayman)<br>5.079% (USD LIBOR + 1.000%)<br>due 07/17/31 ~ § | 3148000 | 3092381 |
|  Dryden 61 CLO Ltd (Cayman)<br>5.069% (USD LIBOR + 0.990%)<br>due 01/17/32 ~ § | 7000000 | 6874877 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

 **13** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS SHORT DURATION INCOME** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  Dryden 64 CLO Ltd (Cayman)<br>5.164% (USD LIBOR + 0.970%)<br>due 04/18/31 ~ § | $2000000 | $1958663 |
|  Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700% due 10/15/26 | 10550000 | 9602832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.790% due 08/15/26 | 2650000 | 2444132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.190% due 01/15/26 | 2050000 | 1949629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.040% due 08/15/31 ~ | 2000000 | 1877411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.130% due 05/15/25 | 5000000 | 4887125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.520% due 04/15/25 | 4000000 | 3986900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.370% due 08/15/25 | 750000 | 751852 |
|  GM Financial Consumer Automobile Receivables Trust<br>0.750% due 05/17/27 | 800000 | 732418 |
|  Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.740% due 02/25/39 ~ | 179200 | 168562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.610% due 06/20/34 ~ | 581091 | 550972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 01/25/37 ~ | 1396424 | 1341724 |
|  Hyundai Auto Receivables Trust<br>2.400% due 06/15/26 | 2000000 | 1942485 |
|  Magnetite Ltd (Cayman)<br>5.059% (USD LIBOR + 0.980%)<br>due 04/15/31 ~ § | 2148440 | 2112761 |
|  Magnetite XIV-R Ltd (Cayman)<br>5.314% (USD LIBOR + 1.120%)<br>due 10/18/31 ~ § | 3000000 | 2944788 |
|  Magnetite XV Ltd (Cayman)<br>5.368% (USD LIBOR + 1.010%)<br>due 07/25/31 ~ § | 1500000 | 1475221 |
|  Magnetite XVIII Ltd (Cayman)<br>5.486% (USD LIBOR + 0.880%)<br>due 11/15/28 ~ § | 2894273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2865665 |
|  Magnetite XXIX Ltd (Cayman)<br>5.069% (USD LIBOR + 0.990%)<br>due 01/15/34 ~ § | 3300000 | 3238139 |
|  MVW LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.140% due 01/22/41 ~ | 1135924 | 1038325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.740% due 10/20/37 ~ | 309128 | 281924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 11/21/39 ~ | 845476 | 810494 |
|  Navient Private Education Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.460% due 11/15/68 ~ | 763800 | 698136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.610% due 12/15/59 ~ | 566623 | 549993 |
|  Navient Private Education Refi Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.840% due 05/15/69 ~ | 785211 | 679584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.060% due 10/15/69 ~ | 3720543 | 3166463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.110% due 02/18/70 ~ | 1974692 | 1664859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.170% due 09/16/69 ~ | 719895 | 638865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.220% due 07/15/69 ~ | 760230 | 675406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.310% due 01/15/69 ~ | 1757762 | 1578849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.690% due 05/15/69 ~ | 3672597 | 3306367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.120% due 01/15/69 ~ | 1777845 | 1615355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.230% due 07/15/70 ~ | 5507113 | 4786005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.640% due 05/15/68 ~ | 888334 | 836735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 12/15/59 ~ | 492807 | 471853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.160% due 10/15/70 ~ | 6074040 | 5682621 |
|  Navient Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.320% due 08/26/69 ~ | 3190875 | 2677274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.390% due 12/15/59 ~ | 1226253 | 1159394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.939% (USD LIBOR + 0.550%)<br>due 02/25/70 ~ § | 2780199 | 2702978 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.989% (USD LIBOR + 0.600%)<br>due 12/26/69 ~ § | $1387983 | $1329082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.439% (USD LIBOR + 1.050%)<br> due 06/25/69 ~ § | 1880731 | 1849631 |
|  Nelnet Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.360% due 04/20/62 ~ | 2603644 | 2306260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.043% (USD LIBOR + 0.690%)<br> due 04/20/62 ~ § | 2200971 | 2163988 |
|  Neuberger Berman Loan Advisers CLO 25 Ltd (Cayman)<br>5.124% (USD LIBOR + 0.930%)<br>due 10/18/29 ~ § | 2650000 | 2598701 |
|  Neuberger Berman Loan Advisers CLO 26 Ltd<br>5.114% (USD LIBOR + 0.920%)<br>due 10/18/30 ~ § | 5550000 | 5461446 |
|  Neuberger Berman Loan Advisers CLO 37 Ltd (Cayman)<br>5.213% (USD LIBOR + 0.970%)<br>due 07/20/31 ~ § | 4700000 | 4606461 |
|  OCP CLO Ltd (Cayman)<br>5.039% (USD LIBOR + 0.960%)<br>due 07/15/30 ~ § | 2500000 | 2469594 |
|  Palmer Square CLO Ltd (Cayman)<br>5.179% (USD LIBOR + 1.100%)<br>due 07/16/31 ~ § | 2250000 | 2218552 |
|  Palmer Square Loan Funding Ltd (Cayman) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.879% (USD LIBOR + 0.800%)<br> due 10/15/29 ~ § | 5901907 | 5827117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.143% (USD LIBOR + 0.900%)<br> due 04/20/29 ~ § | 2557953 | 2527957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.475% (USD LIBOR + 0.800%)<br> due 05/20/29 ~ § | 6876378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6792633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.479% (USD LIBOR + 1.400%)<br> due 10/15/29 ~ § | 1250000 | 1220893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.643% (USD LIBOR + 1.400%)<br> due 07/20/29 ~ § | 1000000 | 974989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.025% (USD LIBOR + 1.350%)<br> due 02/20/28 ~ § | 2950000 | 2902894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.575% (USD LIBOR + 1.900%)<br> due 02/20/28 ~ § | 1200000 | 1157802 |
|  Regatta XIV Funding Ltd (Cayman)<br>5.548% (USD LIBOR + 1.190%)<br>due 10/25/31 ~ § | 1100000 | 1074196 |
|  Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.590% due 09/15/25 | 1090647 | 1087631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 02/17/26 | 3073541 | 3020762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.880% due 06/15/26 | 1850000 | 1809828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900% due 06/15/26 | 4000000 | 3891962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.950% due 09/15/27 | 2100000 | 2020480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.260% due 02/16/27 | 5000000 | 4754640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 12/15/26 | 3000000 | 2945974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 07/15/25 | 3911963 | 3896963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.110% due 08/17/26 | 1050000 | 1030976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.130% due 08/16/27 | 1800000 | 1757273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.430% due 03/15/27 | 2900000 | 2821806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.490% due 11/16/26 | 2100000 | 2074935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.720% due 06/15/27 | 3100000 | 3023007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.810% due 01/15/26 | 3000000 | 3006196 |
|  SMB Private Education Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.070% due 01/15/53 ~ | 2540234 | 2180705 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

 **14** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS SHORT DURATION INCOME** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.290% due 07/15/53 ~ | $1937145 | $1710487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.340% due 09/15/34 ~ | 2485244 | 2367784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.430% due 02/17/32 ~ | 2079863 | 1988416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 05/15/31 ~ | 1585360 | 1518691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.880% due 09/15/34 ~ | 1529680 | 1466999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.440% due 07/15/36 ~ | 1001220 | 952912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 02/15/36 ~ | 509085 | 485356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 01/15/37 ~ | 1405859 | 1346735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.630% due 11/15/35 ~ | 1459857 | 1373337 |
|  Stratus CLO Ltd (Cayman) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.043% (USD LIBOR + 0.800%)<br> due 12/29/29 ~ § | 671974 | 663778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.643% (USD LIBOR + 1.400%)<br>due 12/29/29 ~ § | 6000000 | 5820626 |
|  Total Asset-Backed Securities<br>(Cost $240,712,646) |  | 230199800 |
|  **U.S. TREASURY OBLIGATIONS - 12.5%** | **U.S. TREASURY OBLIGATIONS - 12.5%** |  |
|  **U.S. Treasury Notes - 12.5%** | **U.S. Treasury Notes - 12.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% due 08/15/24 | 15000000 | 14015625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% due 09/15/24 | 6000000 | 5592891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 02/28/26 | 7500000 | 6684082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 11/15/24 | 4000000 | 3734062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 08/31/26 | 10000000 | 8856250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% due 09/30/26 | 7500000 | 6661230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 08/31/24 | 5000000 | 4734180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 09/30/24 | 10000000 | 9497266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 08/15/26 | 10000000 | 9117188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 05/31/27 | 12300000 | 11596113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 05/15/25 | 10000000 | 9644531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 06/15/25 | 5000000 | 4833203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 08/15/25 | 4000000 | 3884063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 09/15/25 | 5000000 | 4900781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 12/15/25 | 9000000 | 8943750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 10/31/27 | 10000000 | 10037500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 11/30/24 | 5000000 | 5000586 |
|  Total U.S. Treasury Obligations<br>(Cost $130,888,130) |  | 127733301 |
|  | **Shares** |  |
|  **SHORT-TERM INVESTMENT - 1.4%** | **SHORT-TERM INVESTMENT - 1.4%** |  |
|  **Money Market Fund - 1.4%** | **Money Market Fund - 1.4%** |  |
|  BlackRock Liquidity Funds T-Fund Portfolio<br>'Institutional' 4.030% | 14388155 | 14388155 |
|  Total Short-Term Investment<br>(Cost $14,388,155) |  | 14388155 |
|  **TOTAL INVESTMENTS - 99.4%<br>(Cost $1,053,896,590)** | **TOTAL INVESTMENTS - 99.4%<br>(Cost $1,053,896,590)** | 1011501415 |
|  **OTHER ASSETS & LIABILITIES, NET - 0.6%** | **OTHER ASSETS & LIABILITIES, NET - 0.6%** | 5664456 |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $1017165871 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

 **15** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS SHORT DURATION INCOME** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

**<u>Note to Schedule of Investments</u>**

(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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Corporate Bonds & Notes | $544821141 | $— | $544821141 | $— |
|  | Senior Loan Notes | 94359018 |  | 94359018 |  |
|  | Asset-Backed Securities | 230199800 |  | 230199800 |  |
|  | U.S. Treasury Obligations | 127733301 |  | 127733301 |  |
|  | Short-Term Investment | 14388155 | 14388155 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $1011501415 | $14388155 | $997113260 | $— |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

 **16** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS<sup>SM</sup> CORE INCOME** 

**Schedule of Investments** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **CORPORATE BONDS & NOTES - 51.0%** |  |  |
|  **Basic Materials - 1.7%** |  |  |
|  Anglo American Capital PLC (South Africa) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 09/10/30 ~ | $7550000 | $6153033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 03/16/52 ~ | 2750000 | 2296995 |
|  Glencore Funding LLC (Australia)<br>2.625% due 09/23/31 ~ | 1200000 | 958931 |
|  South32 Treasury Ltd (Australia)<br>4.350% due 04/14/32 ~ | 2650000 | 2274455 |
|  |  | 11683414 |
|  **Communications - 2.5%** |  |  |
|  AT&T Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 09/15/53 | 4865000 | 3305452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 06/01/60 | 2800000 | 1955797 |
|  Charter Communications Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 06/01/41 | 3300000 | 2161054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 04/01/61 | 5200000 | 3025787 |
|  Rogers Communications Inc (Canada)<br>4.550% due 03/15/52 ~ | 2500000 | 1949795 |
|  T-Mobile USA Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 04/15/29 | 1600000 | 1412311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 01/15/33 | 2150000 | 2137502 |
|  Verizon Communications Inc<br>3.400% due 03/22/41 | 2550000 | 1927438 |
|  |  | 17875136 |
|  **Consumer, Cyclical - 6.7%** |  |  |
|  American Airlines Inc<br>5.750% due 04/20/29 ~ | 4000000 | 3663043 |
|  American Airlines Pass-Through Trust 'A'<br>2.875% due 01/11/36 | 2200000 | 1776963 |
|  American Airlines Pass-Through Trust 'AA'<br>3.600% due 03/22/29 | 2145493 | 1928659 |
|  American Airlines Pass-Through Trust 'B'<br>3.950% due 01/11/32 | 1300000 | 1035043 |
|  British Airways Pass-Through Trust 'A' (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 12/15/30 ~ | 2095087 | 1813007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 12/20/25 ~ | 1080867 | 1049998 |
|  British Airways Pass-Through Trust 'AA' (United Kingdom)<br>3.300% due 06/15/34 ~ | 3874008 | 3297095 |
|  Continental Airlines Pass-Through Trust 'A'<br>4.000% due 04/29/26 | 1932060 | 1845235 |
|  Delta Air Lines Inc<br>4.500% due 10/20/25 ~ | 4000000 | 3904500 |
|  Delta Air Lines Pass-Through Trust 'AA'<br>3.625% due 01/30/29 | 1200072 | 1097771 |
|  Ferguson Finance PLC<br>4.250% due 04/20/27 ~ | 1650000 | 1562744 |
|  Ford Motor Credit Co LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 08/10/26 | 2225000 | 1934971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 11/13/25 | 2475000 | 2241813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.542% due 08/01/26 | 1725000 | 1592391 |
|  Genting New York LLC<br>3.300% due 02/15/26 ~ | 2000000 | 1749843 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Hilton Grand Vacations Borrower Escrow LLC<br>4.875% due 07/01/31 ~ | $2850000 | $2329741 |
|  Kohl's Corp<br>3.625% due 05/01/31 | 3000000 | 2107020 |
|  Marriott International Inc<br>2.750% due 10/15/33 | 3150000 | 2412106 |
|  New Red Finance Inc (Canada)<br>3.875% due 01/15/28 ~ | 4000000 | 3587002 |
|  Six Flags Entertainment Corp<br>4.875% due 07/31/24 ~ | 1000000 | 964375 |
|  Spirit Airlines Pass-Through Trust 'A'<br>4.100% due 10/01/29 | 428064 | 381928 |
|  United Airlines Pass-Through Trust 'A'<br>2.900% due 11/01/29 | 1230437 | 990105 |
|  United Airlines Pass-Through Trust 'AA'<br>4.150% due 02/25/33 | 966509 | 857609 |
|  US Airways Pass-Through Trust 'A'<br>4.625% due 12/03/26 | 1610109 | 1468941 |
|  Warnermedia Holdings Inc<br>5.050% due 03/15/42 ~ | 2500000 | 1921562 |
|  |  | 47513465 |
|  **Consumer, Non-Cyclical - 5.3%** |  |  |
|  Amgen Inc<br>4.200% due 03/01/33 | 1800000 | 1670861 |
|  Anheuser-Busch InBev Finance Inc (Belgium)<br>4.000% due 01/17/43 | 2000000 | 1670360 |
|  Anheuser-Busch InBev Worldwide Inc (Belgium)<br>5.450% due 01/23/39 | 5000000 | 5011191 |
|  BAT Capital Corp (United Kingdom)<br>5.650% due 03/16/52 | 1650000 | 1367402 |
|  Block Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 06/01/26 | 4000000 | 3578480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 06/01/31 | 500000 | 399600 |
|  Centene Corp<br>2.450% due 07/15/28 | 1750000 | 1480448 |
|  Global Payments Inc<br>5.300% due 08/15/29 | 1850000 | 1792626 |
|  Imperial Brands Finance PLC (United Kingdom)<br>6.125% due 07/27/27 ~ | 1100000 | 1096478 |
|  JBS USA LUX SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 05/15/32 ~ | 1500000 | 1152444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 12/01/52 ~ | 3500000 | 3338393 |
|  Keurig Dr Pepper Inc<br>4.500% due 04/15/52 | 2250000 | 1886482 |
|  Kraft Heinz Foods Co<br>4.375% due 06/01/46 | 4500000 | 3677360 |
|  UnitedHealth Group Inc<br>4.750% due 05/15/52 | 2750000 | 2554375 |
|  Universal Health Services Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 10/15/30 ~ | 4450000 | 3551944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 01/15/32 ~ | 1950000 | 1494075 |
|  Viatris Inc<br>3.850% due 06/22/40 | 3350000 | 2256770 |
|  |  | 37979289 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

 **17** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS CORE INCOME** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Energy - 4.8%** |  |  |
|  Cheniere Energy Partners LP<br>4.500% due 10/01/29 | $3500000 | $3155168 |
|  Enbridge Inc (Canada)<br>7.375% due 01/15/83 | 4200000 | 4092701 |
|  Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 05/15/44 | 4000000 | 3279923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 02/15/33 | 1800000 | 1764513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 11/15/26 | 1650000 | 1423125 |
|  Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 02/15/53 | 1850000 | 1238942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 01/31/51 | 4100000 | 2974591 |
|  Kinder Morgan Energy Partners LP<br>5.000% due 08/15/42 | 2000000 | 1720276 |
|  MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 03/14/52 | 1750000 | 1437802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 12/01/47 | 1200000 | 1026300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 02/15/23 | 3000000 | 2970000 |
|  Petroleos Mexicanos (Mexico)<br>6.350% due 02/12/48 | 2100000 | 1288613 |
|  Sabine Pass Liquefaction LLC<br>5.900% due 09/15/37 ~ | 1800000 | 1806542 |
|  Targa Resources Partners LP<br>4.000% due 01/15/32 | 5750000 | 4845755 |
|  The Williams Cos Inc<br>5.300% due 08/15/52 | 1300000 | 1169231 |
|  |  | 34193482 |
|  **Financial - 16.5%** |  |  |
|  ABN AMRO Bank NV (Netherlands)<br>3.324% due 03/13/37 ~ | 1700000 | 1232824 |
|  AerCap Ireland Capital DAC (Ireland)<br>3.300% due 01/30/32 | 3100000 | 2431041 |
|  Air Lease Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 02/01/30 | 4000000 | 3344496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% due 06/15/26 | 4300000 | 3604346 |
|  Assured Guaranty US Holdings Inc<br>3.600% due 09/15/51 | 2150000 | 1408216 |
|  Avolon Holdings Funding Ltd (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 02/21/28 ~ | 4950000 | 3981182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 04/15/26 ~ | 1350000 | 1225366 |
|  Bank of America Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.482% due 09/21/36 | 4700000 | 3464168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.687% due 04/22/32 | 3700000 | 2970304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.846% due 03/08/37 | 1000000 | 830630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 01/27/27 | 3000000 | 2548292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 04/27/27 | 6000000 | 5902500 |
|  BNP Paribas SA (France)<br>4.625% due 02/25/31 ~ | 3000000 | 2325301 |
|  Broadstone Net Lease LLC REIT<br>2.600% due 09/15/31 | 2750000 | 2067639 |
|  Citigroup Inc<br>2.520% due 11/03/32 | 4500000 | 3510648 |
|  GLP Capital LP REIT<br>3.250% due 01/15/32 | 1200000 | 960996 |
|  Hill City Funding Trust<br>4.046% due 08/15/41 ~ | 2400000 | 1660617 |
|  Host Hotels & Resorts LP REIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 12/15/31 | 4400000 | 3376436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 09/15/30 | 1500000 | 1241265 |
|  HSBC Holdings PLC (United Kingdom)<br>4.700% due 03/09/31 | 3150000 | 2503912 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  JPMorgan Chase & Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.963% due 01/25/33 | $9950000 | $8124252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.912% due 07/25/33 | 1850000 | 1766947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.717% due 09/14/33 | 3750000 | 3671418 |
|  Liberty Mutual Group Inc<br>4.300% due 02/01/61 ~ | 5650000 | 3454184 |
|  LSEGA Financing PLC (United Kingdom)<br>3.200% due 04/06/41 ~ | 2200000 | 1606104 |
|  Massachusetts Mutual Life Insurance Co<br>5.672% due 12/01/52 ~ | 2700000 | 2689261 |
|  MetLife Inc<br>5.000% due 07/15/52 | 850000 | 814245 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.484% due 09/16/36 | 5700000 | 4146123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.943% due 01/21/33 | 4700000 | 3814361 |
|  OneMain Finance Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 11/15/29 | 1575000 | 1290808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 03/15/24 | 5200000 | 5041400 |
|  Teachers Insurance & Annuity Association of America<br>4.270% due 05/15/47 ~ | 3000000 | 2467341 |
|  The Goldman Sachs Group Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.615% due 04/22/32 | 7950000 | 6359126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.102% due 02/24/33 | 3600000 | 2932492 |
|  The Northwestern Mutual Life Insurance Co<br>3.625% due 09/30/59 ~ | 3000000 | 2079000 |
|  The PNC Financial Services Group Inc<br>4.626% due 06/06/33 | 2550000 | 2363078 |
|  VICI Properties LP REIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 02/15/25 ~ | 2300000 | 2172258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 02/15/27 ~ | 2250000 | 2046094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 12/01/29 ~ | 5500000 | 5014240 |
|  Wells Fargo & Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 06/14/46 | 3750000 | 3028986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.897% due 07/25/33 | 2500000 | 2381263 |
|  |  | 117853160 |
|  **Industrial - 3.9%** |  |  |
|  Allegion US Holding Co Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 10/01/27 | 3336000 | 3016342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.411% due 07/01/32 | 2100000 | 2039712 |
|  Berry Global Inc<br>4.875% due 07/15/26 ~ | 5000000 | 4825253 |
|  Flowserve Corp<br>2.800% due 01/15/32 | 7000000 | 5259981 |
|  Lockheed Martin Corp<br>5.700% due 11/15/54 | 1900000 | 2003194 |
|  Masco Corp<br>7.750% due 08/01/29 | 2000000 | 2191475 |
|  nVent Finance Sarl (United Kingdom)<br>2.750% due 11/15/31 | 2300000 | 1775440 |
|  The Weir Group PLC (United Kingdom)<br>2.200% due 05/13/26 ~ | 5950000 | 5283687 |
|  Waste Connections Inc<br>4.200% due 01/15/33 | 1650000 | 1537560 |
|  |  | 27932644 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

 **18** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS CORE INCOME** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Technology - 2.6%** |  |  |
|  Broadcom Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.137% due 11/15/35 ~ | $5000000 | $3691609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187% due 11/15/36 ~ | 1474000 | 1063375 |
|  CGI Inc (Canada)<br>2.300% due 09/14/31 | 3350000 | 2553142 |
|  Kyndryl Holdings Inc<br>3.150% due 10/15/31 | 6500000 | 4345007 |
|  Oracle Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 03/25/31 | 2650000 | 2203698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 03/25/51 | 5000000 | 3584104 |
|  Skyworks Solutions Inc<br>3.000% due 06/01/31 | 1300000 | 1022963 |
|  |  | 18463898 |
|  **Utilities - 7.0%** |  |  |
|  AEP Texas Inc<br>4.700% due 05/15/32 | 1600000 | 1537475 |
|  Appalachian Power Co<br>4.500% due 08/01/32 | 1050000 | 982124 |
|  Arizona Public Service Co<br>6.350% due 12/15/32 | 3100000 | 3269994 |
|  Dominion Energy Inc<br>4.350% due 01/15/27 | 3150000 | 2661540 |
|  DPL Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 07/01/25 | 600000 | 564732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 04/15/29 | 1350000 | 1213109 |
|  Duke Energy Progress NC Storm Funding LLC<br>2.387% due 07/01/39 | 5350000 | 4290619 |
|  FirstEnergy Corp<br>4.400% due 07/15/27 | 2500000 | 2331121 |
|  IPALCO Enterprises Inc<br>4.250% due 05/01/30 | 2400000 | 2137729 |
|  KeySpan Gas East Corp<br>3.586% due 01/18/52 ~ | 2850000 | 1900367 |
|  Nevada Power Co<br>5.900% due 05/01/53 | 2950000 | 3163069 |
|  New England Power Co (United Kingdom)<br>5.936% due 11/25/52 ~ | 1550000 | 1603305 |
|  NextEra Energy Operating Partners LP<br>4.250% due 07/15/24 ~ | 3425000 | 3327836 |
|  NiSource Inc<br>5.000% due 06/15/52 | 700000 | 640446 |
|  NSTAR Electric Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 06/01/52 | 1800000 | 1630334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 09/15/52 | 2300000 | 2236074 |
|  Ohio Edison Co<br>5.500% due 01/15/33 ~ | 1400000 | 1391640 |
|  PG&E Energy Recovery Funding LLC<br>2.280% due 01/15/38 | 2400000 | 1818177 |
|  Piedmont Natural Gas Co Inc<br>5.050% due 05/15/52 | 1750000 | 1588551 |
|  Sempra Energy<br>4.125% due 04/01/52 | 5000000 | 3896223 |
|  Sempra Global<br>3.250% due 01/15/32 ~ | 1800000 | 1440152 |
|  Southwestern Electric Power Co<br>3.250% due 11/01/51 | 1600000 | 1058862 |
|  Texas Electric Market Stabilization Funding N LLC<br>4.265% due 08/01/36 ~ | 1950000 | 1854957 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  The Brooklyn Union Gas Co<br>4.632% due 08/05/27 ~ | $3725000 | $3559612 |
|  |  | 50098048 |
|  Total Corporate Bonds & Notes<br>(Cost $431,496,490) |  | 363592536 |
|  **SENIOR LOAN NOTES - 13.5%** |  |  |
|  **Consumer, Cyclical - 3.4%** |  |  |
|  Carnival Corp Term B<br>6.127% (USD LIBOR + 3.250%)<br>due 10/18/28 § | 733794 | 688543 |
|  ClubCorp Holdings Inc Term B<br>7.480% (USD LIBOR + 2.750%)<br>due 09/18/24 § | 4757136 | 4308182 |
|  Hilton Grand Vacations Borrower LLC Term B<br>7.384% (USD LIBOR + 3.000%)<br>due 08/02/28 § | 1975000 | 1964878 |
|  Marriott Ownership Resorts Inc Term B<br>6.134% (USD LIBOR + 1.750%)<br>due 08/31/25 § | 3849779 | 3819301 |
|  Mileage Plus Holdings LLC Term B<br>9.996% (USD LIBOR + 5.250%)<br>due 06/20/27 § | 1800000 | 1855499 |
|  SeaWorld Parks & Entertainment Inc Term B<br>7.438% (USD LIBOR + 3.000%)<br>due 08/25/28 § | 3950000 | 3890339 |
|  Stars Group Holdings BV Term B (Canada)<br>6.980% (USD LIBOR + 2.250%)<br>due 07/21/26 § | 4444574 | 4394266 |
|  United Airlines Inc Term B<br>8.108% (USD LIBOR + 3.750%)<br>due 04/21/28 § | 3258756 | 3224810 |
|  |  | 24145818 |
|  **Consumer, Non-Cyclical - 3.6%** |  |  |
|  Allied Universal Holdco LLC Term B<br>8.173% (SOFR + 3.750%)<br>due 05/14/28 § | 2468750 | 2348090 |
|  CoreLogic Inc Term B<br>7.938% (USD LIBOR + 3.500%)<br>due 06/02/28 § | 4196875 | 3513133 |
|  Heartland Dental LLC Term B<br>8.387% (USD LIBOR + 4.000%)<br>due 04/30/25 § | 3447500 | 3213718 |
|  Mavis Tire Express Services Topco Corp<br>8.500% (SOFR + 4.000%)<br>due 05/04/28 § | 1407300 | 1346233 |
|  Medline Borrower LP Term B<br>7.634% (USD LIBOR + 3.250%)<br>due 10/21/28 § | 248125 | 236199 |
|  Pathway Vet Alliance LLC Term B<br>8.134% (USD LIBOR + 3.750%)<br>due 03/31/27 § | 4385081 | 3661543 |
|  PetVet Care Centers LLC Term B-3<br>7.884% (USD LIBOR + 3.500%)<br>due 02/15/25 § | 4584533 | 4332384 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

 **19** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS CORE INCOME** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Spin Holdco Inc Term B<br>8.765% (USD LIBOR + 4.000%)<br>due 03/04/28 § | $2456250 | $2095488 |
|  Sunshine Luxembourg VII SARL Term B (Luxembourg)<br>8.480% (USD LIBOR + 3.750%)<br>due 10/02/26 § | 3654863 | 3509176 |
|  Wand NewCo 3 Inc Term B-1<br>7.384% (USD LIBOR + 3.000%)<br>due 02/05/26 § | 1737251 | 1652198 |
|  |  | 25908162 |
|  **Financial - 2.6%** |  |  |
|  AssuredPartners Inc Term B<br>7.884% (USD LIBOR + 3.500%)<br>due 02/13/27 § | 4122500 | 4014284 |
|  HUB International Ltd Term B<br>7.327% (USD LIBOR + 3.000%)<br>due 04/25/25 § | 7274632 | 7207946 |
|  NFP Corp Term B<br>7.634% (USD LIBOR + 3.250%)<br>due 02/13/27 § | 3579875 | 3433995 |
|  USI Inc Term B<br>8.330% (SOFR + 3.750%)<br>due 11/22/29 § | 3783175 | 3751964 |
|  |  | 18408189 |
|  **Industrial - 2.4%** |  |  |
|  Brown Group Holding LLC Term B<br>6.884% (USD LIBOR + 2.500%)<br>due 06/07/28 § | 230470 | 226767 |
|  Filtration Group Corp Term B<br>7.384% (USD LIBOR + 3.000%)<br>due 03/29/25 § | 7074443 | 7016411 |
|  Proampac PG Borrower LLC Term B<br>7.829% - 8.425% (USD LIBOR + 3.750%)<br>due 11/03/25 § | 2702047 | 2594527 |
|  TransDigm Inc<br>Term E<br>6.980% (USD LIBOR + 2.250%)<br>due 05/30/25 § | 1851386 | 1834511 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term F<br>6.980% (USD LIBOR + 2.250%)<br>due 12/09/25 § | 5623565 | 5562195 |
|  |  | 17234411 |
|  **Technology - 1.5%** |  |  |
|  Applied Systems Inc Term B<br>9.080% (USD LIBOR + 4.500%)<br>due 09/19/26 § | 1940082 | 1935232 |
|  Epicor Software Corp Term C<br>7.634% (USD LIBOR + 3.250%)<br>due 07/31/27 § | 2221027 | 2140515 |
|  Sophia LP Term B<br>8.230% (USD LIBOR + 3.500%)<br>due 10/07/27 § | 207918 | 201225 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  UKG Inc<br>6.998% (USD LIBOR + 3.250%)<br>due 05/03/26 § | $6625626 | $6310909 |
|  |  | 10587881 |
|  Total Senior Loan Notes<br>(Cost $100,350,783) |  | 96284461 |
|  **MORTGAGE-BACKED SECURITIES - 3.1%** |  |  |
|  **Fannie Mae - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; due 01/01/38 # | 6000000 | 6029017 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 01/01/38 # | 9000000 | 9170089 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 01/01/53 # | 7000000 | 7170011 |
|  |  | 22369117 |
|  Total Mortgage-Backed Securities<br>(Cost $22,455,625) |  | 22369117 |
|  **ASSET-BACKED SECURITIES - 19.0%** |  |  |
|  Aimco CLO 11 Ltd (Cayman)<br>5.209% (USD LIBOR + 1.130%)<br>due 10/17/34 ~ § | 4000000 | 3890701 |
|  AmeriCredit Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.760% due 12/18/25 | 2450000 | 2364104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.890% due 10/19/26 | 2450000 | 2255908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.410% due 08/18/27 | 3500000 | 3154014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.480% due 02/18/26 | 1000000 | 948358 |
|  Buttermilk Park CLO Ltd (Cayman)<br>5.179% (USD LIBOR + 1.100%)<br>due 10/15/31 ~ § | 1600000 | 1566345 |
|  Carlyle Global Market Strategies CLO Ltd (Cayman)<br>5.908% (USD LIBOR + 1.550%)<br>due 07/27/31 ~ § | 2000000 | 1931841 |
|  Dryden 53 CLO Ltd (Cayman)<br>5.479% (USD LIBOR + 1.400%)<br>due 01/15/31 ~ § | 1500000 | 1449099 |
|  Dryden 55 CLO Ltd (Cayman)<br>5.979% (USD LIBOR + 1.900%)<br>due 04/15/31 ~ § | 1000000 | 938181 |
|  Dryden 58 CLO Ltd (Cayman)<br>5.579% (USD LIBOR + 1.500%)<br>due 07/17/31 ~ § | 2000000 | 1931974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.879% (USD LIBOR + 1.800%)<br> due 07/17/31 ~ § | 2000000 | 1860449 |
|  Dryden 64 CLO Ltd (Cayman)<br>5.594% (USD LIBOR + 1.400%)<br>due 04/18/31 ~ § | 1600000 | 1540265 |
|  Flatiron CLO 19 Ltd (Cayman)<br>6.194% (USD LIBOR + 1.550%)<br>due 11/16/34 ~ § | 1000000 | 951498 |
|  Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.190% due 01/15/26 | 1350000 | 1283902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.530% due 05/15/34 ~ | 1050000 | 911485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.040% due 12/15/26 | 1000000 | 956915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.040% due 08/15/31 ~ | 2000000 | 1877411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.190% due 07/15/31 ~ | 4000000 | 3823592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.880% due 11/15/34 ~ | 3250000 | 3120136 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

 **20** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS CORE INCOME** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Hilton Grand Vacations Trust<br>3.610% due 06/20/34 ~ | $594764 | $563936 |
|  Madison Park Funding Ltd (Cayman)<br>5.679% (USD LIBOR + 1.600%)<br>due 07/15/30 ~ § | 2600000 | 2511413 |
|  Magnetite XIV-R Ltd (Cayman)<br>5.314% (USD LIBOR + 1.120%)<br>due 10/18/31 ~ § | 2500000 | 2453990 |
|  Magnetite XXIX Ltd (Cayman)<br>5.069% (USD LIBOR + 0.990%)<br>due 01/15/34 ~ § | 3250000 | 3189076 |
|  Magnetite XXV Ltd (Cayman)<br>5.558% (USD LIBOR + 1.200%)<br>due 01/25/32 ~ § | 615000 | 608275 |
|  MVW LLC<br>1.740% due 10/20/37 ~ | 309128 | 281924 |
|  Navient Private Education Loan Trust<br>2.460% due 11/15/68 ~ | 763800 | 698136 |
|  Navient Private Education Refi Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.840% due 05/15/69 ~ | 692833 | 599633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.170% due 09/16/69 ~ | 490837 | 435589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.220% due 07/15/69 ~ | 760230 | 675406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.310% due 01/15/69 ~ | 1203685 | 1081168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.690% due 05/15/69 ~ | 3961022 | 3566576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.640% due 05/15/68 ~ | 888334 | 836735 |
|  Navient Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.310% due 12/26/69 ~ | 1650575 | 1375455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.320% due 08/26/69 ~ | 3190875 | 2677274 |
|  Neuberger Berman Loan Advisers CLO 25 Ltd (Cayman)<br>5.544% (USD LIBOR + 1.350%)<br>due 10/18/29 ~ § | 1500000 | 1444694 |
|  OneMain Financial Issuance Trust<br>4.130% due 05/14/35 ~ | 2700000 | 2549673 |
|  Palmer Square CLO Ltd (Cayman)<br>5.179% (USD LIBOR + 1.100%)<br>due 07/16/31 ~ § | 2500000 | 2465058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.686% (USD LIBOR + 1.080%)<br> due 11/15/31 ~ § | 3500000 | 3442612 |
|  Palmer Square Loan Funding Ltd (Cayman) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.479% (USD LIBOR + 1.400%)<br> due 10/15/29 ~ § | 9700000 | 9474134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.643% (USD LIBOR + 1.400%)<br> due 07/20/29 ~ § | 4500000 | 4387450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.925% (USD LIBOR + 1.250%)<br> due 05/20/29 ~ § | 6000000 | 5851939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.043% (USD LIBOR + 1.800%)<br> due 04/20/29 ~ § | 750000 | 717683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.575% (USD LIBOR + 1.900%)<br> due 02/20/28 ~ § | 1200000 | 1157802 |
|  Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 02/17/26 | 3032561 | 2980485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.420% due 11/15/27 | 2800000 | 2711178 |
|  SLM Student Loan Trust<br>4.908% (USD LIBOR + 0.550%)<br>due 10/25/64 ~ § | 1453514 | 1396692 |
|  SMB Private Education Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.070% due 01/15/53 ~ | 3628905 | 3115293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.290% due 07/15/53 ~ | 1937145 | 1710487 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.680% due 02/15/51 ~ | $2542688 | $2296271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.230% due 09/15/37 ~ | 4498425 | 4107867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.340% due 09/15/34 ~ | 1004042 | 956588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.430% due 02/17/32 ~ | 1286779 | 1230201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 05/15/31 ~ | 676678 | 648222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.820% due 10/15/35 ~ | 1930868 | 1839312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.880% due 09/15/34 ~ | 3143798 | 3014976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.440% due 07/15/36 ~ | 1387095 | 1320170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 02/15/36 ~ | 2662515 | 2538414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 01/15/37 ~ | 726361 | 695813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.630% due 11/15/35 ~ | 988393 | 929815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.480% due 05/16/50 ~ | 2926710 | 2802628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.048% (USD LIBOR + 0.730%)<br> due 01/15/53 ~ § | 778846 | 746041 |
|  Sofi Professional Loan Program LLC<br>2.370% due 11/16/48 ~ | 1021514 | 949281 |
|  SoFi Professional Loan Program Trust<br>2.540% due 05/15/46 ~ | 1484113 | 1344302 |
|  Stratus CLO Ltd (Cayman)<br>5.643% (USD LIBOR + 1.400%)<br>due 12/29/29 ~ § | 6000000 | 5820626 |
|  TIAA CLO IV Ltd (Cayman)<br>5.943% (USD LIBOR + 1.700%)<br>due 01/20/32 ~ § | 2750000 | 2656947 |
|  Total Asset-Backed Securities<br>(Cost $143,435,415) |  | 135613418 |
|  **U.S. TREASURY OBLIGATIONS - 11.8%** |  |  |
|  **U.S. Treasury Bonds - 8.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% due 05/15/40 | 14500000 | 9082891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 05/15/50 | 9000000 | 4846816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 08/15/50 | 6500000 | 3614229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 08/15/41 | 10000000 | 6848242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 11/15/51 | 7000000 | 4435977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 08/15/51 | 5000000 | 3275586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 08/15/46 | 2550000 | 1807014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 02/15/52 | 14500000 | 10088828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 02/15/46 | 3500000 | 2621992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 05/15/46 | 3000000 | 2240859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 11/15/47 | 2000000 | 1561797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 05/15/52 | 2500000 | 2003906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 11/15/44 | 2000000 | 1652500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 11/15/42 | 10000000 | 9793750 |
|  |  | 63874387 |
|  **U.S. Treasury Notes - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 05/15/30 | 13000000 | 10290820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% due 02/15/31 | 5000000 | 4076367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 11/15/29 | 5000000 | 4359961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 05/15/29 | 2000000 | 1818594 |
|  |  | 20545742 |
|  Total U.S. Treasury Obligations<br>(Cost $107,698,653) |  | 84420129 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

 **21** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS CORE INCOME** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **SHORT-TERM INVESTMENT - 3.4%** |  |  |
|  **Money Market Fund - 3.4%** |  |  |
|  BlackRock Liquidity Funds T-Fund Portfolio<br>'Institutional' 4.030% | 24083559 | $24083559 |
|  Total Short-Term Investment<br>(Cost $24,083,559) |  | 24083559 |
|  TOTAL INVESTMENTS - 101.8%<br>(Cost $829,520,525) |  | 726363220 |
|  **OTHER ASSETS & LIABILITIES, NET - (1.8%)** | **OTHER ASSETS & LIABILITIES, NET - (1.8%)** | (12761431) |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $713601789 |

---

**<u>Note to Schedule of Investments</u>**

(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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Corporate Bonds & Notes | $363592536 | $— | $363592536 | $— |
|  | Senior Loan Notes | 96284461 |  | 96284461 |  |
|  | Mortgage-Backed Securities | 22369117 |  | 22369117 |  |
|  | Asset-Backed Securities | 135613418 |  | 135613418 |  |
|  | U.S. Treasury Obligations | 84420129 |  | 84420129 |  |
|  | Short-Term Investment | 24083559 | 24083559 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $726363220 | $24083559 | $702279661 | $— |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

 **22** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS<sup>SM</sup> ESG CORE BOND** 

**Schedule of Investments** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **CORPORATE BONDS & NOTES - 58.9%** |  |  |
|  **Communications - 3.5%** |  |  |
|  Charter Communications Operating LLC<br>2.300% due 02/01/32 | $250000 | $184740 |
|  Comcast Corp<br>5.500% due 11/15/32 | 300000 | 313784 |
|  Sprint Spectrum Co LLC<br>4.738% due 09/20/29 ~ | 168750 | 166841 |
|  Verizon Communications Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% due 09/03/41 | 50000 | 34601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 03/22/41 | 250000 | 188964 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888930 |
|  **Consumer, Cyclical - 3.8%** |  |  |
|  Ferguson Finance PLC<br>3.250% due 06/02/30 ~ | 200000 | 170058 |
|  Lowe's Cos Inc<br>4.450% due 04/01/62 | 250000 | 195649 |
|  Marriott International Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 10/15/33 | 100000 | 76575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 10/15/27 | 250000 | 247116 |
|  Meritage Homes Corp<br>3.875% due 04/15/29 ~ | 200000 | 169900 |
|  Warnermedia Holdings Inc<br>5.050% due 03/15/42 ~ | 150000 | 115294 |
|  |  | 974592 |
|  **Consumer, Non-Cyclical - 9.9%** |  |  |
|  Alcon Finance Corp (Switzerland)<br>5.375% due 12/06/32 ~ | 200000 | 201644 |
|  Amgen Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 02/21/40 | 100000 | 74021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 03/01/33 | 150000 | 139239 |
|  Anheuser-Busch InBev Worldwide Inc (Belgium)<br>3.750% due 07/15/42 | 500000 | 403386 |
|  Cigna Corp<br>2.375% due 03/15/31 | 200000 | 164171 |
|  CVS Health Corp<br>1.750% due 08/21/30 | 300000 | 237112 |
|  HCA Inc<br>3.125% due 03/15/27 ~ | 100000 | 91064 |
|  Keurig Dr Pepper Inc<br>4.500% due 04/15/52 | 250000 | 209609 |
|  McKesson Corp<br>1.300% due 08/15/26 | 250000 | 220175 |
|  Moody's Corp<br>4.250% due 08/08/32 | 200000 | 187498 |
|  Sysco Corp<br>3.150% due 12/14/51 | 150000 | 99272 |
|  Takeda Pharmaceutical Co Ltd (Japan)<br>2.050% due 03/31/30 | 200000 | 163696 |
|  UnitedHealth Group Inc<br>4.750% due 05/15/52 | 250000 | 232216 |
|  Zoetis Inc<br>2.000% due 05/15/30 | 100000 | 81379 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2504482 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Energy - 2.7%** |  |  |
|  Enbridge Inc (Canada)<br>7.375% due 01/15/83 | $350000 | $341058 |
|  Enterprise Products Operating LLC<br>3.700% due 01/31/51 | 250000 | 181378 |
|  Kinder Morgan Energy Partners LP<br>5.000% due 08/15/42 | 200000 | 172028 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694464 |
|  **Financial - 24.4%** |  |  |
|  AerCap Ireland Capital DAC (Ireland)<br>3.300% due 01/30/32 | 250000 | 196052 |
|  Air Lease Corp<br>1.875% due 08/15/26 | 450000 | 391397 |
|  American Tower Corp REIT<br>2.750% due 01/15/27 | 100000 | 90792 |
|  Bank of America Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.482% due 09/21/36 | 350000 | 257970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.846% due 03/08/37 | 300000 | 249189 |
|  Broadstone Net Lease LLC REIT<br>2.600% due 09/15/31 | 200000 | 150374 |
|  Citigroup Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.520% due 11/03/32 | 250000 | 195036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.057% due 01/25/33 | 250000 | 202396 |
|  Cooperatieve Rabobank UA (Netherlands)<br>1.980% due 12/15/27 ~ | 500000 | 435268 |
|  Equinix Inc REIT<br>3.900% due 04/15/32 | 250000 | 222814 |
|  GLP Capital LP REIT<br>3.250% due 01/15/32 | 100000 | 80083 |
|  Healthpeak Properties Inc REIT<br>1.350% due 02/01/27 | 150000 | 130054 |
|  HSBC Holdings PLC (United Kingdom)<br>2.099% due 06/04/26 | 250000 | 227717 |
|  JAB Holdings BV (Austria)<br>4.500% due 04/08/52 ~ | 250000 | 170529 |
|  Massachusetts Mutual Life Insurance Co<br>5.672% due 12/01/52 ~ | 250000 | 249006 |
|  MetLife Inc<br>5.000% due 07/15/52 | 100000 | 95794 |
|  Morgan Stanley<br>2.943% due 01/21/33 | 500000 | 405783 |
|  Nordea Bank Abp (Finland)<br>1.500% due 09/30/26 ~ | 350000 | 302672 |
|  PNC Bank NA<br>2.700% due 10/22/29 | 250000 | 211482 |
|  State Street Corp<br>5.751% due 11/04/26 | 150000 | 153710 |
|  Sumitomo Mitsui Financial Group Inc (Japan)<br>2.472% due 01/14/29 | 500000 | 422083 |
|  Sun Communities Operating LP REIT<br>2.700% due 07/15/31 | 150000 | 118761 |
|  The Bank of New York Mellon Corp<br>4.596% due 07/26/30 | 50000 | 48378 |
|  The Goldman Sachs Group Inc<br>3.814% due 04/23/29 | 500000 | 457609 |
|  Truist Bank<br>2.636% due 09/17/29 | 250000 | 233955 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**23** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS ESG CORE BOND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Ventas Realty LP REIT<br>2.650% due 01/15/25 | $250000 | $236744 |
|  VICI Properties LP REIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 08/15/30 ~ | 200000 | 175369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 12/01/29 ~ | 100000 | 91168 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6202185 |
|  **Industrial - 7.9%** |  |  |
|  Allegion US Holding Co Inc<br>3.550% due 10/01/27 | 200000 | 180836 |
|  Canadian National Railway Co (Canada)<br>3.850% due 08/05/32 | 250000 | 233044 |
|  Eaton Corp<br>4.150% due 03/15/33 | 100000 | 93278 |
|  Flowserve Corp<br>2.800% due 01/15/32 | 250000 | 187857 |
|  Keysight Technologies Inc<br>3.000% due 10/30/29 | 250000 | 217205 |
|  nVent Finance Sarl (United Kingdom)<br>2.750% due 11/15/31 | 250000 | 192983 |
|  Parker-Hannifin Corp<br>4.500% due 09/15/29 | 250000 | 240132 |
|  Ryder System Inc<br>3.350% due 09/01/25 | 200000 | 190070 |
|  The Weir Group PLC (United Kingdom)<br>2.200% due 05/13/26 ~ | 250000 | 222004 |
|  Waste Connections Inc<br>4.200% due 01/15/33 | 100000 | 93185 |
|  Waste Management Inc<br>4.150% due 04/15/32 | 150000 | 143172 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1993766 |
|  **Technology - 3.1%** |  |  |
|  Broadcom Inc<br>3.187% due 11/15/36 ~ | 12000 | 8657 |
|  Dell International LLC<br>4.900% due 10/01/26 | 300000 | 295706 |
|  Fiserv Inc<br>3.500% due 07/01/29 | 250000 | 225763 |
|  Oracle Corp<br>2.300% due 03/25/28 | 300000 | 260373 |
|  |  | 790499 |
|  **Utilities - 3.6%** |  |  |
|  CenterPoint Energy Houston Electric LLC<br>4.450% due 10/01/32 | 150000 | 145076 |
|  Enel Finance International NV (Italy)<br>2.650% due 09/10/24 ~ | 200000 | 191488 |
|  ITC Holdings Corp<br>4.950% due 09/22/27 ~ | 150000 | 148183 |
|  New England Power Co (United Kingdom)<br>5.936% due 11/25/52 ~ | 100000 | 103439 |
|  NiSource Inc<br>5.000% due 06/15/52 | 150000 | 137239 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  NSTAR Electric Co<br>4.950% due 09/15/52 | $200000 | $194441 |
|  |  | 919866 |
|  Total Corporate Bonds & Notes <br>(Cost $17,404,744) |  | 14968784 |
|  **MORTGAGE-BACKED SECURITIES - 2.9%** | **MORTGAGE-BACKED SECURITIES - 2.9%** |  |
|  **Fannie Mae - 1.7%** | **Fannie Mae - 1.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 09/01/35 | 140430 | 125427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 12/01/35 | 334791 | 299015 |
|  |  | 424442 |
|  **Freddie Mac - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 12/01/35 | 335597 | 299745 |
|  Total Mortgage-Backed Securities <br>(Cost $846,247) |  | 724187 |
|  **ASSET-BACKED SECURITIES - 17.9%** | **ASSET-BACKED SECURITIES - 17.9%** |  |
|  Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700% due 10/15/26 | 450000 | 409599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.530% due 05/15/34 ~ | 350000 | 303828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.370% due 08/15/25 | 400000 | 400988 |
|  GM Financial Revolving Receivables Trust<br>1.170% due 06/12/34 ~ | 150000 | 130528 |
|  Magnetite Ltd (Cayman)<br>5.059% (USD LIBOR + 0.980%) <br>due 04/15/31 ~ § | 247516 | 243406 |
|  Magnetite XXVIII Ltd (Cayman)<br>5.373% (USD LIBOR + 1.130%) <br>due 01/20/35 ~ § | 250000 | 243247 |
|  Navient Private Education Refi Loan Trust<br>0.840% due 05/15/69 ~ | 138567 | 119927 |
|  Navient Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.310% due 12/26/69 ~ | 187565 | 156302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.320% due 08/26/69 ~ | 161336 | 135368 |
|  OCP CLO Ltd (Cayman)<br>5.039% (USD LIBOR + 0.960%) <br>due 07/15/30 ~ § | 250000 | 246959 |
|  Palmer Square CLO Ltd (Cayman)<br>5.179% (USD LIBOR + 1.100%) <br>due 07/16/31 ~ § | 250000 | 246506 |
|  Palmer Square Loan Funding Ltd (Cayman)<br>5.043% (USD LIBOR + 0.800%) <br>due 07/20/29 ~ § | 189754 | 187569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.143% (USD LIBOR + 0.900%) <br>due 04/20/29 ~ § | 284217 | 280884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.479% (USD LIBOR + 1.400%) <br>due 10/15/29 ~ § | 250000 | 244179 |
|  Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.590% due 09/15/25 | 69247 | 69056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 02/17/26 | 614708 | 604152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.370% due 05/15/25 | 400000 | 398220 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**24** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS ESG CORE BOND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  SMB Private Education Loan Trust<br>1.070% due 01/15/53 ~ | $151204 | $129804 |
|  Total Asset-Backed Securities <br>(Cost $4,793,728) |  | 4550522 |
|  **U.S. TREASURY OBLIGATIONS - 15.2%** | **U.S. TREASURY OBLIGATIONS - 15.2%** |  |
|  **U.S. Treasury Bonds - 4.9%** | **U.S. Treasury Bonds - 4.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 05/15/50 | 250000 | 134634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 08/15/50 | 250000 | 139009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% due 11/15/50 | 500000 | 297685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 08/15/41 | 125000 | 85603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 11/15/51 | 150000 | 95057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 08/15/51 | 250000 | 163779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 02/15/52 | 200000 | 139156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 05/15/52 | 250000 | 200391 |
|  |  | 1255314 |
|  **U.S. Treasury Notes - 10.3%** | **U.S. Treasury Notes - 10.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% due 11/30/25 | 1500000 | 1341914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% due 11/15/30 | 1000000 | 799531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 05/31/27 | 500000 | 471387 |
|  |  | 2612832 |
|  Total U.S. Treasury Obligations <br>(Cost $4,663,021) |  | 3868146 |
|  | **Shares** |  |
|  **SHORT-TERM INVESTMENT - 4.5%** | **SHORT-TERM INVESTMENT - 4.5%** |  |
|  **Money Market Fund - 4.5%** | **Money Market Fund - 4.5%** |  |
|  BlackRock Liquidity Funds T-Fund Portfolio<br>'Institutional' 4.030% | 1140190 | 1140190 |
|  Total Short-Term Investment <br>(Cost $1,140,190) |  | 1140190 |
|  **TOTAL INVESTMENTS - 99.4%<br>(Cost $28,847,930)** | **TOTAL INVESTMENTS - 99.4%<br>(Cost $28,847,930)** | 25251829 |
|  **OTHER ASSETS & LIABILITIES, NET - 0.6%** | **OTHER ASSETS & LIABILITIES, NET - 0.6%** | 156549 |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $25408378 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**25** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS ESG CORE BOND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

**<u>Note to Schedule of Investments</u>**

(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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Corporate Bonds & Notes | $14968784 | $— | $14968784 | $— |
|  | Mortgage-Backed Securities | 724187 |  | 724187 |  |
|  | Asset-Backed Securities | 4550522 |  | 4550522 |  |
|  | U.S. Treasury Obligations | 3868146 |  | 3868146 |  |
|  | Short-Term Investment | 1140190 | 1140190 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 25251829 | 1140190 | 24111639 |  |
|  Liabilities | Due to Custodian | (222) |  | (222) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (222) |  | (222) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $25251607 | $1140190 | $24111417 | $— |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**26** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS<sup>SM</sup> STRATEGIC INCOME** 

**Schedule of Investments** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | <br> **Shares** | <br> **Value** |
|  **COMMON STOCKS - 0.0%** | **COMMON STOCKS - 0.0%** |  |
|  **Industrial - 0.0%** |  |  |
|  TNT Crane & Rigging Inc | 4054 | $31082 |
|  Total Common Stocks<br>(Cost $1,516,777) |  | 31082 |
|  | **Principal<br>Amount** |  |
|  **CORPORATE BONDS & NOTES - 74.5%** | **CORPORATE BONDS & NOTES - 74.5%** |  |
|  **Basic Materials - 4.2%** | **Basic Materials - 4.2%** |  |
|  Anglo American Capital PLC (South Africa) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 09/10/30 ~ | $6450000 | 5256564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 03/17/31 ~ | 8500000 | 6960811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 03/16/29 ~ | 750000 | 674852 |
|  Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% due 03/15/25 | 3000000 | 2990864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.165% due 07/15/27 | 5000000 | 4939654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.379% due 07/15/32 | 4300000 | 4101000 |
|  Glencore Funding LLC (Australia)<br>2.625% due 09/23/31 ~ | 9000000 | 7191984 |
|  JW Aluminum Continuous Cast Co<br>10.250% due 06/01/26 ~ | 710000 | 723955 |
|  Novelis Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 11/15/26 ~ | 500000 | 448878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 08/15/31 ~ | 4679000 | 3826217 |
|  South32 Treasury Ltd (Australia)<br>4.350% due 04/14/32 ~ | 11000000 | 9441135 |
|  SPCM SA (France)<br>3.375% due 03/15/30 ~ | 5000000 | 4031500 |
|  TMS International Corp<br>6.250% due 04/15/29 ~ | 9126000 | 6549776 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57137190 |
|  **Communications - 8.0%** | **Communications - 8.0%** |  |
|  AT&T Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 02/01/32 | 2475000 | 1946382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% due 06/01/27 | 4000000 | 3563649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 03/01/29 | 5500000 | 5241924 |
|  CCO Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 02/01/31 ~ | 750000 | 603300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 01/15/34 ~ | 8375000 | 6197500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 09/01/29 ~ | 2500000 | 2354163 |
|  Charter Communications Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 04/01/31 | 1950000 | 1522571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 02/15/28 | 1500000 | 1355128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 03/15/28 | 5750000 | 5294980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% due 03/30/29 | 1500000 | 1414347 |
|  Comcast Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 08/15/62 | 2500000 | 1408397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 07/15/46 | 4000000 | 2947498 |
|  CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 02/15/31 ~ | 1500000 | 980655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 12/01/30 ~ | 4400000 | 2441292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 01/15/30 ~ | 200000 | 113239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 02/01/29 ~ | 2725000 | 2233451 |
|  DISH Network Corp<br>11.750% due 11/15/27 ~ | 3325000 | 3428574 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Frontier Communications Holdings LLC<br>5.000% due 05/01/28 ~ | $4250000 | $3714542 |
|  Rogers Communications Inc (Canada)<br>3.800% due 03/15/32 ~ | 8000000 | 6925310 |
|  Sirius XM Radio Inc<br>3.875% due 09/01/31 ~ | 7775000 | 6080783 |
|  Sprint Capital Corp<br>8.750% due 03/15/32 | 3000000 | 3577065 |
|  T-Mobile USA Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050% due 02/15/28 | 3000000 | 2581597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% due 03/15/29 | 2000000 | 1691808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 04/15/29 | 2050000 | 1809524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/15/31 | 1125000 | 973940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 04/15/27 | 7000000 | 6603946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 04/15/30 | 6000000 | 5448963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 04/15/40 | 3900000 | 3344292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 01/15/33 | 1700000 | 1690117 |
|  Uber Technologies Inc<br>4.500% due 08/15/29 ~ | 11525000 | 10062823 |
|  Verizon Communications Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 01/20/31 | 3000000 | 2334584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% due 03/21/31 | 11500000 | 9485513 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;109371857 |
|  **Consumer, Cyclical - 9.5%** | **Consumer, Cyclical - 9.5%** |  |
|  American Airlines Inc<br>5.750% due 04/20/29 ~ | 5125000 | 4693274 |
|  American Airlines Pass-Through Trust 'A' |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 08/15/33 | 1685637 | 1282064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% due 07/15/29 | 1071541 | 875890 |
|  American Airlines Pass-Through Trust 'AA'<br>3.150% due 08/15/33 | 2550066 | 2117303 |
|  American Airlines Pass-Through Trust 'B'<br>5.250% due 07/15/25 | 730968 | 712623 |
|  British Airways Pass-Through Trust 'AA' (United Kingdom)<br>3.300% due 06/15/34 ~ | 2449085 | 2084370 |
|  CDI Escrow Issuer Inc<br>5.750% due 04/01/30 ~ | 7650000 | 6871109 |
|  Dornoch Debt Merger Sub Inc<br>6.625% due 10/15/29 ~ | 3070000 | 2157615 |
|  Ferguson Finance PLC<br>4.650% due 04/20/32 ~ | 7000000 | 6389998 |
|  Fertitta Entertainment LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 01/15/29 ~ | 4975000 | 4216487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 01/15/30 ~ | 5000000 | 4042375 |
|  Ford Motor Co<br>6.100% due 08/19/32 | 2175000 | 2012489 |
|  Ford Motor Credit Co LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 02/10/29 | 7500000 | 6000263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 11/13/25 | 400000 | 362313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 11/13/30 | 400000 | 329122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 08/17/27 | 3500000 | 3140533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 05/28/27 | 1600000 | 1495632 |
|  Foundation Building Materials Inc<br>6.000% due 03/01/29 ~ | 4855000 | 3656901 |
|  General Motors Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 10/01/27 | 6500000 | 6122902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 10/01/25 | 1950000 | 1986550 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**27** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS STRATEGIC INCOME** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  General Motors Financial Co Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 01/17/27 | $5000000 | $4758158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% due 01/17/24 | 1000000 | 996451 |
|  Hilton Grand Vacations Borrower Escrow LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 07/01/31 ~ | 5775000 | 4720791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 06/01/29 ~ | 1875000 | 1614891 |
|  Hyatt Hotels Corp<br>6.000% due 04/23/30 | 5450000 | 5343938 |
|  Hyundai Capital America<br>1.650% due 09/17/26 ~ | 5000000 | 4400837 |
|  LBM Acquisition LLC<br>6.250% due 01/15/29 ~ | 4000000 | 2550606 |
|  Lowe's Cos Inc<br>4.250% due 04/01/52 | 5000000 | 3988992 |
|  MajorDrive Holdings IV LLC<br>6.375% due 06/01/29 ~ | 8050000 | 6017302 |
|  Marriott International Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% due 04/15/31 | 4000000 | 3248767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 10/15/27 | 2300000 | 2273464 |
|  Midwest Gaming Borrower LLC<br>4.875% due 05/01/29 ~ | 4625000 | 3941259 |
|  New Red Finance Inc (Canada)<br>4.000% due 10/15/30 ~ | 6000000 | 4871370 |
|  PetSmart Inc<br>7.750% due 02/15/29 ~ | 6150000 | 5787565 |
|  SRS Distribution Inc<br>6.125% due 07/01/29 ~ | 1875000 | 1518412 |
|  STL Holding Co LLC<br>7.500% due 02/15/26 ~ | 3400000 | 3013930 |
|  United Airlines Pass-Through Trust 'AA'<br>4.150% due 02/25/33 | 2319622 | 2058261 |
|  Viking Ocean Cruises Ship VII Ltd<br>5.625% due 02/15/29 ~ | 175000 | 141103 |
|  Warnermedia Holdings Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.054% due 03/15/29 ~ | 6000000 | 5202242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279% due 03/15/32 ~ | 2000000 | 1652535 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;128650687 |
|  **Consumer, Non-Cyclical - 9.1%** | **Consumer, Non-Cyclical - 9.1%** |  |
|  Ahern Rentals Inc<br>7.375% due 05/15/23 ~ | 6600000 | 6600000 |
|  Allied Universal Holdco LLC<br>9.750% due 07/15/27 ~ | 7950000 | 6933593 |
|  AmerisourceBergen Corp<br>2.700% due 03/15/31 | 8000000 | 6660111 |
|  Anheuser-Busch InBev Worldwide Inc (Belgium)<br>4.750% due 01/23/29 | 9325000 | 9224630 |
|  APi Group DE Inc<br>4.750% due 10/15/29 ~ | 5925000 | 5166455 |
|  CoreLogic Inc<br>4.500% due 05/01/28 ~ | 4225000 | 3246891 |
|  Global Payments Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150% due 01/15/27 | 8000000 | 6989780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% due 08/15/32 | 5000000 | 4776382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 08/15/52 | 5000000 | 4545616 |
|  GSK Consumer Healthcare Capital US LLC<br>3.375% due 03/24/29 | 8000000 | 7210379 |
|  HCA Inc<br>3.625% due 03/15/32 ~ | 7000000 | 5941770 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  JBS USA LUX SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 02/01/28 ~ | $700000 | $664473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 04/01/33 ~ | 8000000 | 7650240 |
|  Kraft Heinz Foods Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 06/01/46 | 5500000 | 4494551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 07/15/45 | 3975000 | 3686998 |
|  MPH Acquisition Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 09/01/28 ~ | 900000 | 703926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 11/01/28 ~ | 5200000 | 3469504 |
|  Sysco Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% due 02/15/30 | 4000000 | 3333603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 12/14/31 | 3000000 | 2418299 |
|  Tenet Healthcare Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 06/01/29 ~ | 3125000 | 2712953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 01/15/30 ~ | 1825000 | 1582859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 10/01/28 ~ | 4175000 | 3746770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 06/15/30 ~ | 425000 | 405686 |
|  The Hertz Corp<br>5.000% due 12/01/29 ~ | 5900000 | 4483410 |
|  UnitedHealth Group Inc<br>5.300% due 02/15/30 | 7000000 | 7230526 |
|  US Foods Inc<br>4.625% due 06/01/30 ~ | 7800000 | 6878738 |
|  Viatris Inc<br>2.700% due 06/22/30 | 4450000 | 3488611 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;124246754 |
|  **Energy - 8.1%** | **Energy - 8.1%** |  |
|  Antero Midstream Partners LP<br>5.375% due 06/15/29 ~ | 7400000 | 6775366 |
|  Archrock Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 04/01/28 ~ | 2025000 | 1856190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 04/01/27 ~ | 1325000 | 1267024 |
|  Callon Petroleum Co<br>7.500% due 06/15/30 ~ | 4125000 | 3779738 |
|  Cheniere Corpus Christi Holdings LLC<br>5.125% due 06/30/27 | 7625000 | 7545406 |
|  Cheniere Energy Partners LP<br>3.250% due 01/31/32 | 10925000 | 8696920 |
|  CQP Holdco LP<br>5.500% due 06/15/31 ~ | 5225000 | 4573861 |
|  Energy Transfer Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 05/15/25 | 1000000 | 942625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 05/15/30 | 3000000 | 2651976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 10/01/27 | 1200000 | 1121920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 03/15/25 | 1200000 | 1163317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 01/15/26 | 7200000 | 7021067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 06/01/27 | 1500000 | 1491753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% due 02/15/28 | 450000 | 446954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% due 06/15/38 | 3000000 | 2757831 |
|  EnLink Midstream LLC<br>6.500% due 09/01/30 ~ | 4625000 | 4583606 |
|  EQM Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 01/15/31 ~ | 9625000 | 7887254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 07/15/28 | 1250000 | 1119941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 07/01/25 ~ | 184000 | 177876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 07/01/27 ~ | 1750000 | 1675625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 06/01/27 ~ | 50000 | 49029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 06/01/30 ~ | 50000 | 48245 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**28** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS STRATEGIC INCOME** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Genesis Energy LP<br>7.750% due 02/01/28 | $2750000 | $2535665 |
|  ITT Holdings LLC<br>6.500% due 08/01/29 ~ | 3500000 | 2954052 |
|  MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 08/15/30 | 2225000 | 1808156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 02/15/29 | 1350000 | 1294687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 09/01/32 | 300000 | 282189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 03/14/52 | 3650000 | 2998845 |
|  New Fortress Energy Inc<br>6.500% due 09/30/26 ~ | 3425000 | 3187305 |
|  Tallgrass Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 12/31/30 ~ | 3100000 | 2684693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 09/01/31 ~ | 2275000 | 1958965 |
|  Targa Resources Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 01/15/32 | 5850000 | 4930029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 01/15/28 | 650000 | 621133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 03/01/30 | 4000000 | 3769620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 07/15/27 | 500000 | 503985 |
|  Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 08/15/29 ~ | 900000 | 789079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 11/01/33 ~ | 6560000 | 5370967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 08/15/31 ~ | 7400000 | 6317750 |
|  |  | 109640644 |
|  **Financial - 20.0%** | **Financial - 20.0%** |  |
|  AerCap Ireland Capital DAC (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 10/29/26 | 3250000 | 2846149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 10/01/25 | 2000000 | 1924637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 10/15/27 | 1000000 | 930390 |
|  Air Lease Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 08/15/26 | 750000 | 652329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 12/01/30 | 3500000 | 2909118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 06/01/26 | 1500000 | 1406829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% due 06/15/26 | 2750000 | 2305105 |
|  Athene Holding Ltd |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 01/15/31 | 1000000 | 823428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% due 04/03/30 | 4925000 | 4980408 |
|  Avolon Holdings Funding Ltd (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 02/21/26 ~ | 6450000 | 5558166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 02/21/28 ~ | 6500000 | 5227815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 02/15/27 ~ | 3200000 | 2742774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 07/01/24 ~ | 3000000 | 2873611 |
|  Bank of America Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.922% due 10/24/31 | 1000000 | 766121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.087% due 06/14/29 | 7300000 | 6155769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.482% due 09/21/36 | 4250000 | 3132492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.551% due 02/04/28 | 3000000 | 2668777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.592% due 04/29/31 | 7500000 | 6124743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.651% due 03/11/32 | 5000000 | 4014010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.687% due 04/22/32 | 1450000 | 1164038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.972% due 02/04/33 | 6000000 | 4849196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 04/27/27 | 5000000 | 4918750 |
|  Citigroup Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.462% due 06/09/27 | 5000000 | 4342948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.520% due 11/03/32 | 4500000 | 3510648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.561% due 05/01/32 | 450000 | 356332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.666% due 01/29/31 | 1000000 | 822321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.668% due 07/24/28 | 4000000 | 3679856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.980% due 03/20/30 | 3000000 | 2711751 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.075% due 04/23/29 | $3000000 | $2765878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 09/29/27 | 10500000 | 10028338 |
|  Corebridge Financial Inc<br>3.850% due 04/05/29 ~ | 5000000 | 4564375 |
|  GLP Capital LP REIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 01/15/31 | 2925000 | 2514257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 01/15/29 | 9000000 | 8533035 |
|  Host Hotels & Resorts LP REIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 12/15/31 | 5750000 | 4412387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 12/15/29 | 6800000 | 5698855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 09/15/30 | 1500000 | 1241265 |
|  HSBC Holdings PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.206% due 08/17/29 | 4500000 | 3640075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 03/09/31 | 3000000 | 2384678 |
|  Invitation Homes Operating Partnership LP REIT<br>2.700% due 01/15/34 | 9000000 | 6588745 |
|  Iron Mountain Inc REIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 09/15/29 ~ | 4175000 | 3648449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 07/15/30 ~ | 1000000 | 871255 |
|  JPMorgan Chase & Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.578% due 04/22/27 | 5000000 | 4399071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.069% due 06/01/29 | 6000000 | 5021552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.522% due 04/22/31 | 1950000 | 1599966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.580% due 04/22/32 | 550000 | 441900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.947% due 02/24/28 | 2300000 | 2083885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.963% due 01/25/33 | 6950000 | 5674729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.005% due 04/23/29 | 2000000 | 1853890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 12/15/26 | 5725000 | 5539995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.717% due 09/14/33 | 3950000 | 3867227 |
|  Liberty Mutual Group Inc<br>4.300% due 02/01/61 ~ | 3950000 | 2414872 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.512% due 07/20/27 | 5000000 | 4345040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.484% due 09/16/36 | 550000 | 400064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.943% due 01/21/33 | 7500000 | 6086747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.591% due 07/22/28 | 11000000 | 10107068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 11/24/25 | 3150000 | 3143996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.297% due 04/20/37 | 550000 | 504397 |
|  OneMain Finance Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 09/15/28 | 3175000 | 2528951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 11/15/29 | 4775000 | 3913402 |
|  State Street Corp<br>5.820% due 11/04/28 | 3000000 | 3103451 |
|  The Charles Schwab Corp<br>5.000% due 06/01/27 | 5000000 | 4577492 |
|  The Goldman Sachs Group Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.542% due 09/10/27 | 7000000 | 6047197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.948% due 10/21/27 | 5000000 | 4378448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% due 02/07/30 | 4000000 | 3346847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.615% due 04/22/32 | 5050000 | 4039445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.102% due 02/24/33 | 4000000 | 3258324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 03/15/30 | 3000000 | 2703848 |
|  The PNC Financial Services Group Inc<br>4.626% due 06/06/33 | 6900000 | 6394210 |
|  VICI Properties LP REIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 02/15/27 ~ | 3000000 | 2728125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 12/01/29 ~ | 5000000 | 4558400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 02/15/28 | 450000 | 427742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 05/15/32 | 3000000 | 2783625 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**29** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS STRATEGIC INCOME** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Wells Fargo & Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.393% due 06/02/28 | $4500000 | $3978436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 10/23/26 | 3000000 | 2776731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.196% due 06/17/27 | 5000000 | 4644067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.526% due 03/24/28 | 5985000 | 5552926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.908% due 04/25/26 | 1900000 | 1848302 |
|  |  | 272364471 |
|  **Industrial - 11.5%** | **Industrial - 11.5%** |  |
|  ARD Finance SA (Luxembourg)<br>6.500% Cash or 7.250% PIK<br>due 06/30/27 ~ | 3768194 | 2626855 |
|  Carrier Global Corp<br>2.722% due 02/15/30 | 4450000 | 3756261 |
|  Chart Industries Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 01/01/30 ~ | 800000 | 805232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% due 01/01/31 ~ | 525000 | 539078 |
|  Clydesdale Acquisition Holdings Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 04/15/29 ~ | 3150000 | 2998880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% due 04/15/30 ~ | 2150000 | 1844370 |
|  First Student Bidco Inc<br>4.000% due 07/31/29 ~ | 7475000 | 6193579 |
|  Flowserve Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 01/15/32 | 5050000 | 3794700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 10/01/30 | 7050000 | 5894382 |
|  GFL Environmental Inc (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 09/01/28 ~ | 1025000 | 902469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 08/01/28 ~ | 875000 | 749276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 08/15/29 ~ | 1950000 | 1655014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 06/15/29 ~ | 2375000 | 2081747 |
|  Granite US Holdings Corp<br>11.000% due 10/01/27 ~ | 4975000 | 5249670 |
|  Hillenbrand Inc<br>3.750% due 03/01/31 | 6375000 | 5235787 |
|  Husky III Holding Ltd (Canada)<br>13.000% Cash or 13.750% PIK<br>due 02/15/25 ~ | 2050000 | 1819375 |
|  LABL Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 11/01/28 ~ | 4475000 | 3907324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 07/15/26 ~ | 2500000 | 2360435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% due 11/01/29 ~ | 1975000 | 1576736 |
|  Madison IAQ LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 06/30/28 ~ | 1875000 | 1570312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 06/30/29 ~ | 4075000 | 2800661 |
|  Masco Corp<br>7.750% due 08/01/29 | 4110000 | 4503481 |
|  Mauser Packaging Solutions Holding Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 04/15/24 ~ | 4375000 | 4263031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% due 04/15/25 ~ | 6700000 | 6209404 |
|  nVent Finance Sarl (United Kingdom)<br>2.750% due 11/15/31 | 3600000 | 2778949 |
|  OT Merger Corp<br>7.875% due 10/15/29 ~ | 5500000 | 2928832 |
|  Owens-Brockway Glass Container Inc<br>5.375% due 01/15/25 ~ | 5886000 | 5656153 |
|  Penske Truck Leasing Co LP<br>3.350% due 11/01/29 ~ | 3675000 | 3101980 |
|  SPX FLOW Inc<br>8.750% due 04/01/30 ~ | 6600000 | 5213736 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Standard Industries Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 01/15/31 ~ | $6673000 | $5035368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 07/15/30 ~ | 7500000 | 6127572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 01/15/28 ~ | 4443000 | 4004698 |
|  TD SYNNEX Corp<br>2.650% due 08/09/31 | 5000000 | 3801115 |
|  Teledyne Technologies Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 04/01/28 | 3500000 | 3019726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 04/01/31 | 3500000 | 2870483 |
|  The Boeing Co<br>5.040% due 05/01/27 | 12200000 | 12084872 |
|  The Weir Group PLC (United Kingdom)<br>2.200% due 05/13/26 ~ | 6800000 | 6038500 |
|  Titan Acquisition Ltd (Canada)<br>7.750% due 04/15/26 ~ | 3395000 | 3062861 |
|  TK Elevator US Newco Inc (Germany)<br>5.250% due 07/15/27 ~ | 5000000 | 4448000 |
|  TransDigm Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 01/15/29 | 675000 | 594692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 05/01/29 | 4475000 | 3909024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 11/15/27 | 675000 | 635229 |
|  Vontier Corp<br>2.950% due 04/01/31 | 4500000 | 3258238 |
|  WRKCo Inc<br>3.000% due 06/15/33 | 5175000 | 4124544 |
|  |  | 156032631 |
|  **Technology - 2.3%** | **Technology - 2.3%** |  |
|  Broadcom Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.137% due 11/15/35 ~ | 2700000 | 1993469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187% due 11/15/36 ~ | 203000 | 146449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.469% due 04/15/34 ~ | 2000000 | 1601403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 11/15/30 | 1589000 | 1427872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.926% due 05/15/37 ~ | 2153000 | 1885935 |
|  Entegris Escrow Corp<br>4.750% due 04/15/29 ~ | 5375000 | 4912494 |
|  Kyndryl Holdings Inc<br>2.700% due 10/15/28 | 3000000 | 2256164 |
|  Open Text Corp (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 12/01/29 ~ | 1350000 | 1087605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.900% due 12/01/27 ~ | 3000000 | 3003900 |
|  Open Text Holdings Inc (Canada)<br>4.125% due 12/01/31 ~ | 3200000 | 2491969 |
|  Oracle Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% due 03/25/28 | 4000000 | 3471636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 11/15/27 | 3000000 | 2760472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% due 11/09/29 | 100000 | 104033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 11/09/32 | 3000000 | 3149341 |
|  Rackspace Technology Global Inc<br>3.500% due 02/15/28 ~ | 2700000 | 1572399 |
|  |  | 31865141 |
|  **Utilities - 1.8%** | **Utilities - 1.8%** |  |
|  Arizona Public Service Co<br>6.350% due 12/15/32 | 3800000 | 4008380 |
|  IPALCO Enterprises Inc<br>4.250% due 05/01/30 | 4000000 | 3562881 |
|  Oncor Electric Delivery Co LLC<br>4.950% due 09/15/52 ~ | 3700000 | 3593760 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**30** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS STRATEGIC INCOME** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Southern California Edison Co<br>5.950% due 11/01/32 | $8000000 | $8478650 |
|  Vistra Operations Co LLC<br>4.300% due 07/15/29 ~ | 6000000 | 5410868 |
|  |  | 25054539 |
|  Total Corporate Bonds & Notes<br>(Cost $1,153,694,287) |  | 1014363914 |
|  **SENIOR LOAN NOTES - 18.2%** | **SENIOR LOAN NOTES - 18.2%** |  |
|  **Communications - 0.4%** |  |  |
|  Clear Channel Outdoor Holdings Inc Term B<br>7.915% (USD LIBOR + 3.500%)<br>due 08/21/26 § | 6546509 | 5961009 |
|  **Consumer, Cyclical - 2.5%** |  |  |
|  ClubCorp Holdings Inc Term B<br>7.480% (USD LIBOR + 2.750%)<br>due 09/18/24 § | 4283809 | 3879525 |
|  Fertitta Entertainment LLC Term B<br>8.323% (SOFR + 4.000%)<br>due 01/27/29 § | 2952227 | 2810151 |
|  Great Outdoors Group LLC Term B-2<br>8.134% (USD LIBOR + 3.750%)<br>due 03/05/28 § | 3185305 | 3071166 |
|  LBM Acquisition LLC Term B<br>7.121% (USD LIBOR + 3.750%)<br>due 12/18/27 § | 6396420 | 5569324 |
|  MIC Glen LLC (2nd Lien)<br>11.134% (USD LIBOR + 6.750%)<br>due 07/21/29 § | 1750000 | 1597969 |
|  SRS Distribution Inc Term B<br>7.884% (USD LIBOR + 3.500%)<br>due 06/04/28 § | 12343750 | 11797539 |
|  Tacala Investment Corp Term B<br>7.884% (USD LIBOR + 3.500%)<br>due 02/05/27 § | 3819621 | 3674793 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2nd Lien)<br>11.884% (USD LIBOR + 7.500%)<br>due 02/05/28 § | 1500000 | 1365000 |
|  |  | 33765467 |
|  **Consumer, Non-Cyclical - 5.4%** | **Consumer, Non-Cyclical - 5.4%** |  |
|  Allied Universal Holdco LLC Term B<br>8.173% (SOFR + 3.750%)<br>due 05/14/28 § | 9875000 | 9392359 |
|  CoreLogic Inc Term B<br>7.938% (USD LIBOR + 3.500%)<br>due 06/02/28 § | 10862500 | 9092814 |
|  Heartland Dental LLC Term B<br>8.387% (USD LIBOR + 4.000%)<br>due 04/30/25 § | 8618750 | 8034295 |
|  Mavis Tire Express Services Topco Corp<br>8.500% (SOFR + 4.000%)<br>due 05/04/28 § | 7880000 | 7538063 |
|  Medline Borrower LP Term B<br>7.634% (USD LIBOR + 3.250%)<br>due 10/21/28 § | 4218125 | 4015389 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Pathway Vet Alliance LLC Term B<br>8.134% (USD LIBOR + 3.750%)<br>due 03/31/27 § | $8829478 | $7372614 |
|  PetVet Care Centers LLC<br>7.134% (USD LIBOR + 2.750%)<br>due 02/14/25 § | 2908412 | 2732694 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term B<br>7.634% (USD LIBOR + 3.250%)<br>due 02/14/25 § | 2931122 | 2754033 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term B-3<br>7.884% (USD LIBOR + 3.500%)<br>due 02/15/25 § | 3948980 | 3731786 |
|  Spin Holdco Inc Term B<br>8.765% (USD LIBOR + 4.000%)<br>due 03/04/28 § | 5895000 | 5029172 |
|  Sunshine Luxembourg VII SARL Term B (Luxembourg)<br>8.480% (USD LIBOR + 3.750%)<br>due 10/02/26 § | 8569819 | 8228218 |
|  WCG Purchaser Corp Term B<br>8.384% (USD LIBOR + 4.000%)<br>due 01/08/27 ± § | 5909091 | 5421591 |
|  |  | 73343028 |
|  **Energy - 0.5%** | **Energy - 0.5%** |  |
|  Traverse Midstream Partners LLC Term B<br>8.800% (SOFR + 4.250%)<br>due 09/27/24 § | 6826750 | 6823337 |
|  **Financial - 1.5%** | **Financial - 1.5%** |  |
|  AssuredPartners Inc Term B<br>7.884% (USD LIBOR + 3.500%)<br>due 02/13/27 § | 5335000 | 5194956 |
|  Deerfield Dakota Holding LLC Term B<br>8.073% (SOFR + 3.750%)<br>due 04/09/27 § | 8846271 | 8279562 |
|  USI Inc Term B<br>8.330% (SOFR + 3.750%)<br>due 11/22/29 § | 6224113 | 6172764 |
|  |  | 19647282 |
|  **Industrial - 4.0%** | **Industrial - 4.0%** |  |
|  Chart Industries Inc Term B<br>due 12/08/29 ∞ | 1250000 | 1238281 |
|  Dynasty Acquisition Co Inc<br>7.923% (USD LIBOR + 3.500%)<br>due 04/08/26 § | 3698205 | 3534985 |
|  Engineered Machinery Holdings Inc<br>8.480% (USD LIBOR + 3.500%)<br>due 05/21/28 § | 3777532 | 3664206 |
|  LABL Inc Term B<br>9.384% (USD LIBOR + 5.000%)<br>due 10/29/28 § | 9652500 | 9197018 |
|  Madison IAQ LLC<br>7.988% (USD LIBOR + 3.250%)<br>due 06/21/28 § | 7880000 | 7341536 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**31** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS STRATEGIC INCOME** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Mauser Packaging Solutions Holding Co Term B<br>7.370% (USD LIBOR + 3.250%)<br>due 04/03/24 § | $7983894 | $7809246 |
|  Pregis TopCo LLC<br>8.134% (USD LIBOR + 3.750%)<br>due 08/01/26 § | 3456250 | 3358324 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term B<br>8.188% (USD LIBOR + 3.750%)<br>due 08/01/26 § | 5387686 | 5253667 |
|  Pro Mach Group Inc Term B<br>8.384% (USD LIBOR + 4.000%)<br>due 08/31/28 § | 4456257 | 4344851 |
|  Proampac PG Borrower LLC Term B<br>7.829% - 8.425% (USD LIBOR + 3.750%)<br>due 11/03/25 § | 7614859 | 7311849 |
|  Standard Aero Ltd<br>7.923% (USD LIBOR + 3.500%)<br>due 04/08/26 § | 1988282 | 1900529 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54954492 |
|  **Technology - 3.9%** | **Technology - 3.9%** |  |
|  Applied Systems Inc Term B<br>9.080% (SOFR + 4.500%)<br>due 09/19/26 § | 14190215 | 14154740 |
|  Epicor Software Corp Term C<br>7.634% (USD LIBOR + 3.250%)<br>due 07/31/27 § | 5909320 | 5695107 |
|  Peraton Corp Term B<br>8.134% (USD LIBOR + 3.750%)<br>due 02/01/28 § | 7716900 | 7554297 |
|  Polaris Newco LLC Term B<br>8.730% (USD LIBOR + 4.000%)<br>due 06/04/28 § | 7900000 | 7228500 |
|  Rackspace Technology Global Inc Term B<br>7.380% (USD LIBOR + 2.750%)<br>due 02/09/28 § | 4912500 | 3092826 |
|  RealPage Inc Term B<br>7.384% (USD LIBOR + 3.000%)<br>due 04/22/28 § | 6912500 | 6591069 |
|  UKG Inc<br>6.998% (USD LIBOR + 3.250%)<br>due 05/03/26 § | 8845662 | 8425493 |
|  |  | 52742032 |
|  Total Senior Loan Notes<br>(Cost $263,510,411) |  | 247236647 |
|  **ASSET-BACKED SECURITIES - 3.4%** | **ASSET-BACKED SECURITIES - 3.4%** |  |
|  Dryden 55 CLO Ltd (Cayman)<br>5.979% (USD LIBOR + 1.900%)<br>due 04/15/31 ~ § | 250000 | 234545 |
|  Dryden 58 CLO Ltd (Cayman) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.579% (USD LIBOR + 1.500%)<br>due 07/17/31 ~ § | 1500000 | 1448981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.879% (USD LIBOR + 1.800%)<br> due 07/17/31 ~ § | 1500000 | 1395337 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Dryden 61 CLO Ltd (Cayman)<br>5.479% (USD LIBOR + 1.400%)<br>due 01/17/32 ~ § | $1500000 | $1431611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.829% (USD LIBOR + 1.750%)<br> due 01/17/32 ~ § | 1500000 | 1400064 |
|  Dryden 64 CLO Ltd (Cayman)<br>5.594% (USD LIBOR + 1.400%)<br>due 04/18/31 ~ § | 2600000 | 2502930 |
|  Flatiron RR CLO 22 LLC<br>5.679% (USD LIBOR + 1.600%)<br>due 10/15/34 ~ § | 7000000 | 6645197 |
|  Madison Park Funding Ltd (Cayman) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.679% (USD LIBOR + 1.600%)<br> due 07/15/30 ~ § | 2000000 | 1931856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.929% (USD LIBOR + 1.850%)<br> due 07/15/30 ~ § | 1000000 | 942929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.944% (USD LIBOR + 1.750%)<br> due 10/18/30 ~ § | 2650000 | 2559813 |
|  Magnetite Xxx Ltd (Cayman)<br>5.958% (USD LIBOR + 1.600%)<br>due 10/25/34 ~ § | 6550000 | 6276309 |
|  Neuberger Berman Loan Advisers CLO 38 Ltd<br>5.893% (USD LIBOR + 1.650%)<br>due 10/20/35 ~ § | 5000000 | 4805688 |
|  Palmer Square Loan Funding Ltd (Cayman) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.025% (USD LIBOR + 1.350%)<br> due 02/20/28 ~ § | 2000000 | 1968064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.575% (USD LIBOR + 1.900%)<br> due 02/20/28 ~ § | 1000000 | 964835 |
|  Rad CLO 12 Ltd (Cayman)<br>6.065% (USD LIBOR + 1.650%)<br>due 10/30/34 ~ § | 4000000 | 3839238 |
|  Sandstone Peak Ltd (Cayman)<br>5.879% (USD LIBOR + 1.800%)<br>due 10/15/34 ~ § | 9000000 | 8624801 |
|  Total Asset-Backed Securities<br>(Cost $49,050,000) |  | 46972198 |
|  | **Shares** |  |
|  **SHORT-TERM INVESTMENT - 2.7%** | **SHORT-TERM INVESTMENT - 2.7%** |  |
|  **Money Market Fund - 2.7%** | **Money Market Fund - 2.7%** |  |
|  BlackRock Liquidity Funds T-Fund Portfolio<br>'Institutional' 4.030% | 36288710 | 36288710 |
|  Total Short-Term Investment<br>(Cost $36,288,710) |  | 36288710 |
|  **TOTAL INVESTMENTS - 98.8%<br>(Cost $1,504,060,185)** | **TOTAL INVESTMENTS - 98.8%<br>(Cost $1,504,060,185)** | 1344892551 |
|  **OTHER ASSETS & LIABILITIES, NET - 1.2%** | **OTHER ASSETS & LIABILITIES, NET - 1.2%** | 15939826 |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $1360832377 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**32** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS STRATEGIC INCOME** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

**<u>Note to Schedule of Investments</u>**

(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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Common Stocks | $31082 | $— | $31082 | $— |
|  | Corporate Bonds & Notes | 1014363914 |  | 1014363914 |  |
|  | Senior Loan Notes | 247236647 |  | 241815056 | 5421591 |
|  | Asset-Backed Securities | 46972198 |  | 46972198 |  |
|  | Short-Term Investment | 36288710 | 36288710 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $1344892551 | $36288710 | $1303182250 | $5421591 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**33** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS<sup>SM</sup> FLOATING RATE INCOME** 

**Schedule of Investments** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | <br> **Shares** | <br> **Value** |
|  **EXCHANGE-TRADED FUNDS - 2.0%** | **EXCHANGE-TRADED FUNDS - 2.0%** |  |
|  Invesco Senior Loan | 1472380 | $30227962 |
|  SPDR Blackstone Senior Loan | 183277 | 7496029 |
|  SPDR Bloomberg Short Term High Yield Bond | 1988150 | 48192756 |
|  Total Exchange-Traded Funds <br>(Cost $91,080,575) |  | 85916747 |
|  | **Principal<br>Amount** |  |
|  **CORPORATE BONDS & NOTES - 7.2%** | **CORPORATE BONDS & NOTES - 7.2%** |  |
|  **Communications - 1.5%** | **Communications - 1.5%** |  |
|  Uber Technologies Inc | Uber Technologies Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 05/15/25 ~ | $13000000 | 13009511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 09/15/27 ~ | 10000000 | 10027300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% due 11/01/26 ~ | 40470000 | 40691442 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63728253 |
|  **Consumer, Cyclical - 1.3%** | **Consumer, Cyclical - 1.3%** |  |
|  American Airlines Inc<br>11.750% due 07/15/25 ~ | 16000000 | 17197268 |
|  Caesars Entertainment Inc<br>8.125% due 07/01/27 ~ | 7125000 | 7015346 |
|  Carnival Corp<br>9.875% due 08/01/27 ~ | 14335000 | 13570299 |
|  eG Global Finance PLC (United Kingdom)<br>8.500% due 10/30/25 ~ | 2000000 | 1866407 |
|  Merlin Entertainments Ltd (United Kingdom)<br>5.750% due 06/15/26 ~ | 17903000 | 16789747 |
|  |  | 56439067 |
|  **Consumer, Non-Cyclical - 0.9%** | **Consumer, Non-Cyclical - 0.9%** |  |
|  Allied Universal Holdco LLC | Allied Universal Holdco LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 06/01/28 ~ | 9000000 | 7328084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 07/15/26 ~ | 24327000 | 22309318 |
|  CoreLogic Inc 4.500%<br>due 05/01/28 ~ | 9250000 | 7108579 |
|  |  | 36745981 |
|  **Energy - 0.1%** | **Energy - 0.1%** |  |
|  Antero Midstream Partners LP<br>5.750% due 03/01/27 ~ | 4827000 | 4571542 |
|  **Financial - 2.3%** | **Financial - 2.3%** |  |
|  Acrisure LLC<br>7.000% due 11/15/25 ~ | 22071000 | 20313988 |
|  AssuredPartners Inc<br>7.000% due 08/15/25 ~ | 44066000 | 42685100 |
|  HUB International Ltd<br>7.000% due 05/01/26 ~ | 19170000 | 18806153 |
|  Ryan Specialty Group LLC<br>4.375% due 02/01/30 ~ | 15694000 | 13608988 |
|  |  | 95414229 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Industrial - 1.1%** | **Industrial - 1.1%** |  |
|  TransDigm Inc<br>6.250% due 03/15/26 ~ | $32323000 | $31947730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% due 12/15/25 ~ | 12572000 | 12785598 |
|  |  | 44733328 |
|  Total Corporate Bonds & Notes <br>(Cost $320,107,229) |  | 301632400 |
|  **SENIOR LOAN NOTES - 85.9%** | **SENIOR LOAN NOTES - 85.9%** |  |
|  **Basic Materials - 2.7%** |  |  |
|  Axalta Coating Systems US Holdings Inc Term B-4<br>7.300% (SOFR + 3.000%) <br>due 12/20/29 § | 18250000 | 18287066 |
|  Herens US Holdco Corp Term B<br>8.730% (USD LIBOR + 4.000%) <br>due 07/03/28 § | 34520121 | 31862072 |
|  Vantage Specialty Chemicals Inc Term B<br>7.915% - 8.230% (USD LIBOR + 3.500%) <br>due 10/28/24 § | 29615020 | 28994941 |
|  Vibrantz Technologies Inc Term<br>B 8.494% (SOFR + 4.250%) <br>due 04/21/29 § | 39276562 | 33406562 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;112550641 |
|  **Communications - 4.7%** |  |  |
|  Arches Buyer Inc<br>7.634% (USD LIBOR + 3.250%) <br>due 12/06/27 § ∞ | 40710156 | 37779880 |
|  CNT Holdings I Corp Term B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.239% (SOFR + 3.500%) <br>due 11/08/27 § | 2547509 | 2471084 |
| &nbsp;&nbsp;&nbsp;&nbsp; (2nd Lien)<br>10.489% (SOFR + 6.750%) <br>due 11/06/28 § | 39180111 | 37155792 |
|  Hunter US Bidco Inc Term B<br>8.980% (USD LIBOR + 4.250%) <br>due 08/19/28 ± § | 6037344 | 5931690 |
|  MH Sub I LLC<br>8.134% (USD LIBOR + 3.750%) <br>due 09/15/24 § ∞ | 33938160 | 33020213 |
|  Pug LLC Term B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.884% (USD LIBOR + 3.500%) <br>due 02/13/27 § | 38916224 | 32251820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.634% (USD LIBOR + 4.250%) <br>due 02/13/27 ± § | 20384206 | 16969851 |
|  Uber Technologies Inc Term B<br>8.235% (USD LIBOR + 3.500%) <br>due 04/04/25 § ∞ | 3864883 | 3867298 |
|  Xplornet Communications Inc (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (2nd Lien)<br>11.384% (USD LIBOR + 7.000%) <br>due 10/01/29 ± § | 10500000 | 7350000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B<br>8.384% (USD LIBOR + 4.000%) <br>due 10/01/28 § | 25420147 | 19859490 |
|  |  | 196657118 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**34** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS FLOATING RATE INCOME** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Consumer, Cyclical - 10.2%** |  |  |
|  BCPE Empire Holdings Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.384% (USD LIBOR + 4.000%)<br> due 06/11/26 §<br>| $12840908 | $12467374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.048% (SOFR + 4.625%)<br> due 06/11/26 § | 14151209 | 13927153 |
|  BJ's Wholesale Club Inc<br>due 02/03/27 ± ∞ | 3000000 | 2992500 |
|  Bombardier Recreational Products Inc<br>Term B-3 (Canada)<br>due 12/13/29 ∞ | 3500000 | 3437291 |
|  Caesars Resort Collection LLC Term B<br>7.134% (USD LIBOR + 2.750%) <br>due 12/22/24 § ∞ | 26879927 | 26853315 |
|  Carnival Corp Term B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.127% (USD LIBOR + 3.250%)<br> due 10/18/28 § ∞ | 38083152 | 35734678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.384% (USD LIBOR + 3.000%)<br> due 06/30/25 § | 26827838 | 25754724 |
|  ClubCorp Holdings Inc Term B<br>7.480% (USD LIBOR + 2.750%) <br>due 09/18/24 § | 61163907 | 55391563 |
|  Fertitta Entertainment LLC Term B<br>8.323% (SOFR + 4.000%) <br>due 01/27/29 § | 52528013 | 50000102 |
|  Great Outdoors Group LLC Term B-2<br>8.134% (USD LIBOR + 3.750%) <br>due 03/05/28 § ∞ | 19225167 | 18536271 |
|  Hayward Industries Inc Term B<br>7.673% (SOFR + 3.350%) <br>due 05/28/28 § | 3990000 | 3825413 |
|  Hunter Douglas Inc Term B (Netherlands)<br>7.859% (SOFR + 3.500%) <br>due 02/25/29 § | 34470541 | 30519355 |
|  MIC Glen LLC (2nd Lien)<br>11.134% (USD LIBOR + 6.750%) <br>due 07/21/29 § | 4750000 | 4337344 |
|  Playa Resorts Holding BV Term B<br>8.576% (SOFR + 4.250%) <br>due 12/15/28 § | 17790000 | 17367488 |
|  Radwell International LLC<br>11.205% (SOFR + 5.750%) <br>due 04/04/29 ± § F | 44007290 | 42907108 |
|  SRS Distribution Inc Term B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.884% (USD LIBOR + 3.500%)<br> due 06/04/28 § ∞ | 46776169 | 44706324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.923% (SOFR + 3.600%)<br> due 06/04/28 § | 8752225 | 8380255 |
|  Sunset Debt Merger Sub Inc Term B<br>8.753% (USD LIBOR + 4.000%) <br>due 10/06/28 § | 24559400 | 20187827 |
|  Tecta America Corp<br>8.688% (SOFR + 4.250%) <br>due 04/09/28 § | 11467733 | 11023358 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;428349443 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Consumer, Non-Cyclical - 19.4%** |  |  |
|  Allied Universal Holdco LLC Term B<br>8.173% (SOFR + 3.750%) <br>due 05/14/28 § | $44238260 | $42076115 |
|  Bausch + Lomb Corp Term B<br>7.842% (SOFR + 3.250%) <br>due 05/10/27 § ∞ | 40177177 | 38218540 |
|  CoreLogic Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (2nd Lien)<br> 10.938% (USD LIBOR + 6.500%)<br> due 06/04/29 § | 23802823 | 17296726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B<br> 7.938% (USD LIBOR + 3.500%)<br> due 06/02/28 § | 31965790 | 26758020 |
|  Covetrus Inc<br>9.580% (SOFR + 5.000%) <br>due 10/13/29 § | 13462500 | 12637922 |
|  Curium Bidco SARL Term B (Luxembourg)<br>8.980% (USD LIBOR + 4.250%) <br>due 12/09/27 ± § | 17805103 | 17404488 |
|  Eyecare Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.480% (USD LIBOR + 3.750%)<br> due 11/15/28 § | 4700072 | 3998976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.180% (SOFR + 4.500%)<br> due 11/15/28 ± § | 250000 | 219375 |
|  Flynn America LP Term B<br>8.938% (USD LIBOR + 4.500%) <br>due 07/29/28 § ∞ | 11106927 | 9718561 |
|  Gainwell Acquisition Corp Term B<br>8.730% (USD LIBOR + 4.000%) <br>due 10/01/27 § | 53812459 | 51054570 |
|  Heartland Dental LLC<br>8.134% (USD LIBOR + 3.750%) <br>due 04/30/25 § | 42649135 | 39565944 |
|  Mavis Tire Express Services Topco Corp<br>8.500% (SOFR + 4.000%) <br>due 05/04/28 § | 58196695 | 55671365 |
|  Midwest Veterinary Partners LLC<br>7.371% - 8.384% (USD LIBOR + 4.000%) <br>due 04/30/28 ± § | 58189769 | 52661741 |
|  Packaging Coordinators Midco Inc<br>7.174% - 8.230% (USD LIBOR + 3.500%) <br>due 11/30/27 § | 33883412 | 32163829 |
|  Pathway Vet Alliance LLC Term B<br>8.134% (USD LIBOR + 3.750%) <br>due 03/31/27 § ∞ | 79872348 | 66693411 |
|  PECF USS Intermediate Holding III Corp<br>Term B<br>8.634% (USD LIBOR + 4.250%) <br>due 12/15/28 § | 7425000 | 6217665 |
|  PetVet Care Centers LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (2nd Lien)<br> 10.634% (USD LIBOR + 6.250%)<br> due 02/15/26 § | 38703221 | 35812555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B-3<br> 7.884% (USD LIBOR + 3.500%)<br> due 02/15/25 § ∞ | 81904446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77399701 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**35** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS FLOATING RATE INCOME** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Precision Medicine Group LLC Term B<br>6.674% - 7.730% (USD LIBOR + 3.000%) <br>due 11/20/27 ± § | $17887147 | $16679764 |
|  Southern Veterinary Partners LLC<br>8.384% (USD LIBOR + 4.000%) <br>due 10/05/27 § | 40167454 | 38627715 |
|  Spin Holdco Inc Term B<br>8.765% (USD LIBOR + 4.000%) <br>due 03/04/28 § | 42294371 | 36082385 |
|  Sunshine Luxembourg VII SARL Term B (Luxembourg)<br>8.480% (USD LIBOR + 3.750%) <br>due 10/02/26 § | 89890313 | 86307195 |
|  Team Health Holdings Inc Term B<br>9.573% (SOFR + 5.250%) <br>due 02/02/27 § | 38394809 | 29132061 |
|  VetCor Professional Practices LLC<br>9.009% - 10.109% (SOFR + 5.750%) <br>due 08/31/29 ± § | 20000000 | 19250000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;811648624 |
|  **Energy - 1.3%** |  |  |
|  Traverse Midstream Partners LLC Term B<br>8.800% (SOFR + 4.250%) <br>due 09/27/24 § ∞ | 54726227 | 54698863 |
|  **Financial - 11.9%** |  |  |
|  Acrisure LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B-1<br>7.884% (USD LIBOR + 3.500%) <br>due 02/15/27 § | 9099085 | 8562621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B-3<br>8.634% (USD LIBOR + 4.250%) <br>due 02/15/27 § | 62454310 | 60619715 |
|  Alliant Holdings Intermediate LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B<br>7.634% (USD LIBOR + 3.250%) <br>due 05/10/25 § ∞ | 30788977 | 30431055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B-2<br>7.634% (USD LIBOR + 3.250%) <br>due 05/10/25 § ∞ | 5472867 | 5409929 |
|  Apex Group Treasury LLC Term B<br>8.258% (USD LIBOR + 3.750%) <br>due 07/27/28 § ∞ | 39710326 | 37824086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.325% - 9.326% (SOFR + 5.000%) <br>due 07/27/28 ± § ∞ | 26046283 | 25395126 |
|  AssuredPartners Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.823% (SOFR + 3.500%) <br>due 02/13/27 § | 21530434 | 20871065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B<br>7.884% (USD LIBOR + 3.500%) <br>due 02/13/27 § ∞ | 22539129 | 21925354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B<br>8.573% (SOFR + 4.250%) <br>due 02/13/27 § ∞ | 24230937 | 24109783 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Deerfield Dakota Holding LLC Term B<br>8.073% (SOFR + 3.750%) <br>due 04/09/27 § ∞ | $57947389 | $54235163 |
| &nbsp;&nbsp;&nbsp;&nbsp; (2nd Lien)<br>11.134% (USD LIBOR + 6.750%) <br>due 04/14/28 § | 50070838 | 47974121 |
|  HUB International Ltd |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B<br>7.327% (USD LIBOR + 3.000%) <br>due 04/25/25 § ∞ | 13046649 | 12927050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.220% (SOFR + 4.000%) <br>due 11/10/29 § | 5000000 | 4952230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B-3<br>7.528% (USD LIBOR + 3.250%) <br>due 04/25/25 § ∞ | 87245295 | 86590956 |
|  OneDigital Borrower LLC Term B<br>8.494% (SOFR + 4.250%) <br>due 11/16/27 ± § | 34231372 | 32519803 |
|  USI Inc Term B<br>8.330% (SOFR + 3.750%) <br>due 11/22/29 § ∞ | 23067187 | 22876883 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;497224940 |
|  **Industrial - 16.2%** |  |  |
|  Artera Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.980% (USD LIBOR + 3.250%) <br>due 03/06/25 § | 4278937 | 3504715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.230% (USD LIBOR + 3.500%) <br>due 03/06/25 § | 14047954 | 11554442 |
|  ASP LS Acquisition Corp<br>9.230% (USD LIBOR + 4.500%) <br>due 05/07/28 § | 36416108 | 26092141 |
|  Brown Group Holding LLC Term B-2<br>7.844% - 8.134% (SOFR + 3.750%) <br>due 07/01/29 § | 18952500 | 18920357 |
|  Chart Industries Inc Term B<br>due 12/08/29 ∞ | 12000000 | 11887500 |
|  Charter Next Generation Inc<br>8.134% (USD LIBOR + 3.750%) <br>due 12/01/27 § | 32280141 | 31392437 |
|  Clydesdale Acquisition Holdings Inc<br>8.598% (SOFR + 4.275%) <br>due 04/13/29 § | 15581231 | 14885326 |
|  Crosby US Acquisition Corp<br>9.321% (SOFR + 5.000%) <br>due 06/27/26 ± § | 12625000 | 12104219 |
|  Dynasty Acquisition Co Inc<br>7.923% (USD LIBOR + 3.500%) <br>due 04/08/26 § ∞ | 32083788 | 30667770 |
|  Engineered Components & Systems LLC<br>Term B<br>10.292% (USD LIBOR + 6.000%) <br>due 08/02/28 ± § | 9405000 | 8346937 |
|  Engineered Machinery Holdings Inc (2nd Lien)<br>11.230% (USD LIBOR + 6.500%) <br>due 05/21/29 § | 1860812 | 1693339 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**36** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS FLOATING RATE INCOME** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  First Student Bidco Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B<br>7.726% (USD LIBOR + 3.000%) <br>due 07/21/28 § ∞ | $12914187 | $11703482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term C<br>7.726% (USD LIBOR + 3.000%) <br>due 07/21/28 § ∞ | 4799611 | 4349648 |
|  KKR Apple Bidco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (2nd Lien)<br>10.134% (USD LIBOR + 5.750%) <br>due 09/23/29 § | 7596094 | 7372010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B<br>8.323% (SOFR + 4.000%) <br>due 09/23/28 § | 8800000 | 8794500 |
|  Kloeckner Pentaplast of America Inc Term B<br>(Luxembourg)<br>8.259% (SOFR + 4.750%) <br>due 02/09/26 § | 16584612 | 14822497 |
|  LABL Inc Term B<br>9.384% (USD LIBOR + 5.000%) <br>due 10/29/28 § ∞ | 51647724 | 49210571 |
|  LTI Holdings Inc Term B<br>7.884% (USD LIBOR + 3.500%) <br>due 09/06/25 § ∞ | 43306624 | 41560847 |
|  Mauser Packaging Solutions Holding Co<br>Term B<br>7.370% (USD LIBOR + 3.250%) <br>due 04/03/24 § ∞ | 76514464 | 74840710 |
|  Pregis TopCo LLC<br>8.134% (USD LIBOR + 3.750%) <br>due 08/01/26 § ∞ | 10363642 | 10070009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B<br>8.188% (SOFR + 3.750%) <br>due 08/01/26 § | 7383206 | 7199549 |
|  Pretium PKG Holdings Inc<br>7.741% - 8.735% (USD LIBOR + 4.000%) <br>due 10/01/28 § | 18358230 | 14680030 |
| &nbsp;&nbsp;&nbsp;&nbsp; (2nd Lien)<br>10.493% - 11.485% (USD LIBOR + 6.750%) <br>due 10/01/29 § | 7245000 | 4519069 |
|  Pro Mach Group Inc Term B<br>due 08/31/28 ± ∞ | 1000000 | 960000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.384% (USD LIBOR + 4.000%) <br>due 08/31/28 § | 34735209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33866828 |
|  Proampac PG Borrower LLC Term B<br>7.829% - 8.425% (USD LIBOR + 3.750%) <br>due 11/03/25 § | 45701297 | 43882751 |
|  SPX FLOW Inc Term B<br>8.923% (SOFR + 4.600%) <br>due 04/05/29 § ∞ | 43546674 | 40634490 |
|  Standard Aero Ltd<br>7.923% (USD LIBOR + 3.500%) <br>due 04/08/26 § ∞ | 17224442 | 16464242 |
|  Star US Bidco LLC Term B<br>8.980% (USD LIBOR + 4.250%) <br>due 03/17/27 § | 28729258 | 27400530 |
|  The Kenan Advantage Group Inc Term B-1<br>8.134% (USD LIBOR + 3.750%) <br>due 03/24/26 § | 4864112 | 4751197 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  TransDigm Inc Term H<br>7.830% (SOFR + 3.250%) <br>due 02/14/27 § ∞ | $32838545 | $32774411 |
|  USIC Holdings Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (2nd Lien)<br>10.884% (USD LIBOR + 6.500%) <br>due 05/14/29 § | 10903964 | 10249726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B<br>7.884% (USD LIBOR + 3.500%) <br>due 05/14/28 § | 30827062 | 29510500 |
|  WP CPP Holdings LLC Term B<br>8.170% (USD LIBOR + 3.750%) <br>due 04/30/25 § | 20501937 | 17964823 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;678631603 |
|  **Technology - 18.9%** |  |  |
|  Applied Systems Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (2nd Lien)<br>10.230% (USD LIBOR + 5.500%) <br>due 09/19/25 § | 62631754 | 62396885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B<br>9.080% (SOFR + 4.500%) <br>due 09/19/26 § ∞ | 55985945 | 55845981 |
|  AthenaHealth Group Inc Term B<br>7.821% (SOFR + 3.500%) <br>due 02/15/29 § F | 6590664 | 5967299 |
|  Azalea Topco Inc Term B<br>8.173% (SOFR + 3.850%) <br>due 07/25/26 § | 10421250 | 9613603 |
|  Central Parent Inc<br>9.080% (SOFR + 4.500%) <br>due 07/06/29 § ∞ | 62499923 | 62075111 |
|  Epicor Software Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (2nd Lien)<br>12.134% (USD LIBOR + 7.750%) <br>due 07/31/28 § ∞ | 86039591 | 85179196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term C<br>7.634% (USD LIBOR + 3.250%) <br>due 07/31/27 § | 12915641 | 12447449 |
|  Finastra USA Inc Term B<br>6.871% (USD LIBOR + 3.500%) <br>due 06/13/24 § | 58871520 | 52236228 |
|  MRI Software LLC<br>10.230% (USD LIBOR + 5.500%) <br>due 02/10/26 § | 22404223 | 21592070 |
|  Peraton Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (2nd Lien)<br>12.089% (USD LIBOR + 7.750%) <br>due 02/01/29 § ∞ | 24935188 | 23831806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B<br>8.134% (USD LIBOR + 3.750%) <br>due 02/01/28 § | 34881665 | 34146673 |
|  Polaris Newco LLC Term B<br>8.730% (USD LIBOR + 4.000%) <br>due 06/04/28 § | 79074410 | 72353085 |
|  Project Ruby Ultimate Parent Corp Term B<br>7.634% (USD LIBOR + 3.250%) <br>due 03/10/28 § | 18138832 | 17191078 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**37** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS FLOATING RATE INCOME** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  RealPage Inc (2nd Lien)<br>10.884% (USD LIBOR + 6.500%) <br>due 04/22/29 § ∞ | $81973525 | $79206919 |
|  Sophia LP (2nd Lien)<br>12.730% (USD LIBOR + 8.000%) <br>due 10/07/28 § | 27912930 | 27843148 |
|  Sovos Compliance LLC Term B<br>8.884% (USD LIBOR + 4.500%) <br>due 08/12/28 § ∞ | 70039626 | 64629065 |
|  UKG Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.998% (USD LIBOR + 3.250%) <br>due 05/03/26 § | 29096105 | 27714040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.134% (USD LIBOR + 3.750%) <br>due 05/03/26 § | 49385746 | 47679271 |
| &nbsp;&nbsp;&nbsp;&nbsp; (2nd Lien)<br>8.998% (USD LIBOR + 5.250%) <br>due 05/03/27 § | 33360000 | 30816300 |
|  |  | 792765207 |
|  **Utilities - 0.6%** |  |  |
|  PG&E Corp Term B<br>7.438% (USD LIBOR + 3.000%) <br>due 06/23/25 § | 26036203 | 25870222 |
|  Total Senior Loan Notes <br>(Cost $3,787,546,741) |  | 3598396661 |
|  | **Shares** |  |
|  **SHORT-TERM INVESTMENT - 6.1%** | **SHORT-TERM INVESTMENT - 6.1%** |  |
|  **Money Market Fund - 6.1%** | **Money Market Fund - 6.1%** |  |
|  BlackRock Liquidity Funds T-Fund Portfolio<br>'Institutional' 4.030% | 253866026 | 253866026 |
|  Total Short-Term Investment <br>(Cost $253,866,026) |  | 253866026 |
|  **TOTAL INVESTMENTS - 101.2%<br>(Cost $4,452,600,571)** | **TOTAL INVESTMENTS - 101.2%<br>(Cost $4,452,600,571)** | 4239811834 |
|  **OTHER ASSETS & LIABILITIES, NET - (1.2%)** | **OTHER ASSETS & LIABILITIES, NET - (1.2%)** | (50213850) |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $4189597984 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**38** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS FLOATING RATE INCOME** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

**<u>Note to Schedule of Investments</u>**

(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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Exchange-Traded Funds | $85916747 | $85916747 | $— | $— |
|  | Corporate Bonds & Notes | 301632400 |  | 301632400 |  |
|  | Senior Loan Notes | 3598396661 |  | 3336704059 | 261692602 |
|  | Short-Term Investment | 253866026 | 253866026 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $4239811834 | $339782773 | $3638336459 | $261692602 |

---

The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the Fund's assets and liabilities for the nine month period ended December 31, 2022:

---

| | |
|:---|:---|
| | Senior<br> Loan Notes |
|  Value, Beginning of Period | $220993061 |
|  Purchases | 121771603 |
|  Sales (Includes Paydowns) | (34106329) |
|  Accrued Discounts (Premiums) | 127332 |
|  Net Realized Gains (Losses) | (536130) |
|  Change in Net Unrealized Appreciation (Depreciation) | (15388646) |
|  Transfers In | 98038366 |
|  Transfers Out | (129206655) |
|  Value, End of Period | $261692602 |
|  Change in Net Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of Period, if Applicable | ($11461941) |

---

The table below shows transfers to/from Level 3:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Amount<br> Transferred | Level Transfer | Level Transfer | Change in Fair Valuation Measurement Inputs | Change in Fair Valuation Measurement Inputs |
| Amount<br> Transferred | From | To | From | To |
| $98038366 | 2 | 3 | Vendor Price (Observable inputs) | Unobservable Single Broker Quote |
| 129206655 | 3 | 2 | Unobservable Single Broker Quote | Vendor Price (Observable inputs) |

---

Additional information about Level 3 fair value measurements as of December 31, 2022 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Value at<br> 12/31/22 | Valuation Technique(s) | Unobservable Input(s) | Single Input or<br> Range of Inputs | Weighted<br> Average |
|  Senior Loan Notes | $22242500 | Cost | Trade price | 96.3 - 99.8 | 96.7 |

---

All other significant unobservable inputs used to value Senior Loan Notes with an aggregate value of $239,450,102 were provided by a single broker quote.

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

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**39** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS<sup>SM</sup> HIGH INCOME** 

**Schedule of Investments** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | <br> **Shares** | <br> **Value** |
|  **COMMON STOCKS - 0.0%** |  |  |
|  **Industrial - 0.0%** |  |  |
|  TNT Crane & Rigging Inc \* | 709 | $5436 |
|  Total Common Stocks<br>(Cost $264,097) |  | 5436 |
|  | **Principal<br>Amount** |  |
|  **CORPORATE BONDS & NOTES - 87.9%** |  |  |
|  **Basic Materials - 4.5%** |  |  |
|  Hecla Mining Co<br>7.250% due 02/15/28 | $750000 | 739636 |
|  INEOS Quattro Finance 2 PLC (United Kingdom)<br>3.375% due 01/15/26 ~ | 600000 | 551997 |
|  JW Aluminum Continuous Cast Co<br>10.250% due 06/01/26 ~ | 80000 | 81572 |
|  Novelis Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 08/15/31 ~ | 315000 | 257589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 01/30/30 ~ | 550000 | 488851 |
|  Perenti Finance Pty Ltd (Australia)<br>6.500% due 10/07/25 ~ | 700000 | 657125 |
|  SPCM SA (France)<br>3.375% due 03/15/30 ~ | 550000 | 443465 |
|  TMS International Corp<br>6.250% due 04/15/29 ~ | 825000 | 592106 |
|  |  | 3812341 |
|  **Communications - 12.4%** | **Communications - 12.4%** |  |
|  CCO Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 02/01/31 ~ | 340000 | 273496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 03/01/30 ~ | 2075000 | 1794252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 06/01/29 ~ | 300000 | 271957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 09/01/29 ~ | 275000 | 258958 |
|  Ciena Corp<br>4.000% due 01/31/30 ~ | 535000 | 471541 |
|  Clear Channel Outdoor Holdings Inc<br>5.125% due 08/15/27 ~ | 875000 | 760069 |
|  CommScope Inc<br>8.250% due 03/01/27 ~ | 635000 | 493128 |
|  CommScope Technologies LLC<br>6.000% due 06/15/25 ~ | 404000 | 368472 |
|  CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 02/15/31 ~ | 200000 | 130754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 02/01/29 ~ | 1425000 | 1167951 |
|  DISH Network Corp<br>11.750% due 11/15/27 ~ | 725000 | 747584 |
|  Frontier Communications Holdings Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 05/01/28 ~ | 425000 | 371454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 10/15/27 ~ | 125000 | 116346 |
|  Level 3 Financing Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 01/15/29 ~ | 195000 | 143111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 09/15/27 ~ | 715000 | 596489 |
|  Lumen Technologies Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 02/15/27 ~ | 425000 | 361115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 01/15/29 ~ | 150000 | 103734 |
|  Outfront Media Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 01/15/29 ~ | 215000 | 178666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 08/15/27 ~ | 825000 | 743982 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Sprint Capital Corp<br>8.750% due 03/15/32 | $675000 | $804840 |
|  Uber Technologies Inc<br>4.500% due 08/15/29 ~ | 560000 | 488953 |
|  |  | 10646852 |
|  **Consumer, Cyclical - 19.5%** | **Consumer, Cyclical - 19.5%** |  |
|  American Airlines Inc<br>5.750% due 04/20/29 ~ | 705000 | 645611 |
|  American Airlines Pass-Through Trust 'B' |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 01/11/32 | 200000 | 159237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 07/15/25 | 85280 | 83139 |
|  Boyd Gaming Corp<br>4.750% due 06/15/31 ~ | 862000 | 750957 |
|  Caesars Entertainment Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 10/15/29 ~ | 550000 | 448577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% due 07/01/27 ~ | 1075000 | 1058456 |
|  Cedar Fair LP<br>5.250% due 07/15/29 | 1065000 | 958132 |
|  Clarios Global LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 05/15/26 ~ | 280000 | 274109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% due 05/15/27 ~ | 250000 | 244639 |
|  Dornoch Debt Merger Sub Inc<br>6.625% due 10/15/29 ~ | 355000 | 249496 |
|  Empire Resorts Inc<br>7.750% due 11/01/26 ~ | 200000 | 160693 |
|  Fertitta Entertainment LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 01/15/29 ~ | 485000 | 411055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 01/15/30 ~ | 290000 | 234458 |
|  Ford Motor Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 02/12/32 | 1975000 | 1484650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 01/15/43 | 635000 | 457230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% due 08/19/32 | 170000 | 157298 |
|  Foundation Building Materials Inc<br>6.000% due 03/01/29 ~ | 425000 | 320120 |
|  Hilton Grand Vacations Borrower Escrow LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 07/01/31 ~ | 420000 | 343330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 06/01/29 ~ | 300000 | 258383 |
|  Jacobs Entertainment Inc<br>6.750% due 02/15/29 ~ | 465000 | 420328 |
|  Las Vegas Sands Corp<br>3.900% due 08/08/29 | 850000 | 717772 |
|  LBM Acquisition LLC<br>6.250% due 01/15/29 ~ | 900000 | 573887 |
|  LGI Homes Inc<br>4.000% due 07/15/29 ~ | 650000 | 503051 |
|  MajorDrive Holdings IV LLC<br>6.375% due 06/01/29 ~ | 770000 | 575568 |
|  Marriott Ownership Resorts Inc<br>4.750% due 01/15/28 | 675000 | 588824 |
|  New Red Finance Inc (Canada)<br>3.500% due 02/15/29 ~ | 465000 | 399465 |
|  NMG Holding Co Inc<br>7.125% due 04/01/26 ~ | 625000 | 586930 |
|  PetSmart Inc<br>7.750% due 02/15/29 ~ | 700000 | 658747 |
|  Royal Caribbean Cruises Ltd |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% due 01/15/29 ~ | 325000 | 334362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.625% due 08/15/27 ~ | 100000 | 100596 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**40** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS HIGH INCOME** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  SeaWorld Parks & Entertainment Inc<br>5.250% due 08/15/29 ~ | $550000 | $479599 |
|  Six Flags Entertainment Corp<br>5.500% due 04/15/27 ~ | 690000 | 622518 |
|  SRS Distribution Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 07/01/28 ~ | 445000 | 395044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 12/01/29 ~ | 145000 | 115587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 07/01/29 ~ | 75000 | 60737 |
|  STL Holding Co LLC<br>7.500% due 02/15/26 ~ | 550000 | 487548 |
|  Viking Cruises Ltd<br>6.250% due 05/15/25 ~ | 440000 | 402052 |
|  Viking Ocean Cruises Ship VII Ltd<br>5.625% due 02/15/29 ~ | 50000 | 40315 |
|  |  | 16762500 |
|  **Consumer, Non-Cyclical - 15.1%** | **Consumer, Non-Cyclical - 15.1%** |  |
|  1375209 BC Ltd (Canada)<br>9.000% due 01/30/28 ~ | 188000 | 184005 |
|  Ahern Rentals Inc<br>7.375% due 05/15/23 ~ | 1591000 | 1591000 |
|  Albertsons Cos Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 03/15/29 ~ | 50000 | 42059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 02/15/28 ~ | 950000 | 904780 |
|  Allied Universal Holdco LLC<br>9.750% due 07/15/27 ~ | 1700000 | 1482655 |
|  APi Group DE Inc<br>4.750% due 10/15/29 ~ | 525000 | 457787 |
|  Avantor Funding Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 11/01/29 ~ | 50000 | 42051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 07/15/28 ~ | 525000 | 478128 |
|  Bausch Health Cos Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 02/01/27 ~ | 75000 | 51816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000% due 09/30/28 ~ | 336000 | 263708 |
|  Central Garden & Pet Co<br>4.125% due 04/30/31 ~ | 590000 | 489169 |
|  Charles River Laboratories International Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 03/15/29 ~ | 100000 | 88585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 03/15/31 ~ | 100000 | 86644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 05/01/28 ~ | 337000 | 310963 |
|  Community Health Systems Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 02/15/31 ~ | 180000 | 131021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 03/15/27 ~ | 625000 | 537050 |
|  CoreLogic Inc<br>4.500% due 05/01/28 ~ | 650000 | 499522 |
|  Garda World Security Corp (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 06/01/29 ~ | 100000 | 81385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% due 11/01/27 ~ | 497000 | 479407 |
|  MPH Acquisition Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 09/01/28 ~ | 125000 | 97767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 11/01/28 ~ | 625000 | 417008 |
|  Option Care Health Inc<br>4.375% due 10/31/29 ~ | 550000 | 481792 |
|  PECF USS Intermediate Holding III Corp<br>8.000% due 11/15/29 ~ | 390000 | 253886 |
|  Performance Food Group Inc<br>4.250% due 08/01/29 ~ | 550000 | 477290 |
|  Pilgrim's Pride Corp<br>4.250% due 04/15/31 ~ | 275000 | 234300 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Post Holdings Inc<br>4.625% due 04/15/30 ~ | $575000 | $497274 |
|  Select Medical Corp<br>6.250% due 08/15/26 ~ | 810000 | 771841 |
|  Tenet Healthcare Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 06/01/29 ~ | 300000 | 260444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 01/15/30 ~ | 190000 | 164791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 06/15/28 ~ | 75000 | 67226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 10/01/28 ~ | 195000 | 174999 |
|  The Hertz Corp<br>5.000% due 12/01/29 ~ | 560000 | 425544 |
|  US Foods Inc<br>4.625% due 06/01/30 ~ | 525000 | 462992 |
|  |  | 12988889 |
|  **Energy - 11.8%** | **Energy - 11.8%** |  |
|  Antero Midstream Partners LP<br>5.375% due 06/15/29 ~ | 835000 | 764518 |
|  Archrock Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 04/01/28 ~ | 100000 | 91664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 04/01/27 ~ | 395000 | 377716 |
|  Buckeye Partners LP<br>4.500% due 03/01/28 ~ | 440000 | 387440 |
|  Callon Petroleum Co<br>7.500% due 06/15/30 ~ | 200000 | 183260 |
|  Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 01/31/32 | 535000 | 425890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 03/01/31 | 375000 | 319766 |
|  Chesapeake Energy Corp<br>6.750% due 04/15/29 ~ | 485000 | 472851 |
|  CQP Holdco LP<br>5.500% due 06/15/31 ~ | 700000 | 612766 |
|  Endeavor Energy Resources LP<br>5.750% due 01/30/28 ~ | 825000 | 791299 |
|  EnLink Midstream LLC<br>6.500% due 09/01/30 ~ | 550000 | 545077 |
|  EQM Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 01/15/31 ~ | 415000 | 340074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 07/15/28 | 150000 | 134393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 07/01/25 ~ | 28000 | 27068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 07/01/27 ~ | 210000 | 201075 |
|  Genesis Energy LP<br>7.750% due 02/01/28 | 600000 | 553236 |
|  ITT Holdings LLC<br>6.500% due 08/01/29 ~ | 435000 | 367147 |
|  MPLX LP<br>6.875% due 02/15/23 | 550000 | 544500 |
|  New Fortress Energy Inc<br>6.500% due 09/30/26 ~ | 350000 | 325710 |
|  Range Resources Corp<br>8.250% due 01/15/29 | 300000 | 309537 |
|  Tallgrass Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 12/31/30 ~ | 550000 | 476317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 09/01/31 ~ | 250000 | 215271 |
|  Tap Rock Resources LLC<br>7.000% due 10/01/26 ~ | 100000 | 93135 |
|  Targa Resources Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 01/15/32 | 425000 | 358164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 07/15/27 | 50000 | 50399 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**41** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS HIGH INCOME** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  USA Compression Partners LP<br>6.875% due 09/01/27 | $650000 | $608793 |
|  Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 08/15/29 ~ | 125000 | 109594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 11/01/33 ~ | 400000 | 327498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 08/15/31 ~ | 125000 | 106719 |
|  |  | 10120877 |
|  **Financial - 4.1%** | **Financial - 4.1%** |  |
|  Avolon Holdings Funding Ltd (Ireland)<br>2.750% due 02/21/28 ~ | 800000 | 643423 |
|  Iron Mountain Inc REIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 02/15/31 ~ | 75000 | 61815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 09/15/29 ~ | 455000 | 397615 |
|  Iron Mountain Information Management Services Inc REIT<br>5.000% due 07/15/32 ~ | 125000 | 104018 |
|  OneMain Finance Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 09/15/28 | 365000 | 290730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 11/15/29 | 225000 | 184401 |
|  Park Intermediate Holdings LLC REIT<br>4.875% due 05/15/29 ~ | 540000 | 457812 |
|  The Howard Hughes Corp<br>5.375% due 08/01/28 ~ | 1015000 | 916038 |
|  VICI Properties LP REIT<br>4.625% due 12/01/29 ~ | 500000 | 455840 |
|  |  | 3511692 |
|  **Industrial - 16.5%** | **Industrial - 16.5%** |  |
|  ARD Finance SA (Luxembourg)<br>6.500% Cash or 7.250% PIK<br>due 06/30/27 ~ | 497686 | 346943 |
|  BWX Technologies Inc<br>4.125% due 04/15/29 ~ | 550000 | 482153 |
|  Chart Industries Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 01/01/30 ~ | 75000 | 75490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% due 01/01/31 ~ | 50000 | 51341 |
|  Clydesdale Acquisition Holdings Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 04/15/29 ~ | 225000 | 214206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% due 04/15/30 ~ | 225000 | 193015 |
|  First Student Bidco Inc<br>4.000% due 07/31/29 ~ | 950000 | 787144 |
|  GFL Environmental Inc (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 09/01/28 ~ | 190000 | 167287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 08/15/29 ~ | 170000 | 144283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 06/15/29 ~ | 350000 | 306784 |
|  Granite US Holdings Corp<br>11.000% due 10/01/27 ~ | 675000 | 712267 |
|  Hillenbrand Inc<br>3.750% due 03/01/31 | 560000 | 459928 |
|  Husky III Holding Ltd (Canada)<br>13.000% Cash or 13.750% PIK due 02/15/25 ~ | 150000 | 133125 |
|  LABL Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 11/01/28 ~ | 315000 | 275041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 07/15/26 ~ | 125000 | 118022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% due 11/01/29 ~ | 170000 | 135719 |
|  Madison IAQ LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 06/30/28 ~ | 190000 | 159125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 06/30/29 ~ | 625000 | 429549 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Mauser Packaging Solutions Holding Co<br>7.250% due 04/15/25 ~ | $1015000 | $940678 |
|  OT Merger Corp<br>7.875% due 10/15/29 ~ | 590000 | 314184 |
|  Owens-Brockway Glass Container Inc<br>5.375% due 01/15/25 ~ | 775000 | 744736 |
|  Pentair Finance Sarl<br>5.900% due 07/15/32 | 850000 | 835640 |
|  Sensata Technologies BV<br>4.000% due 04/15/29 ~ | 150000 | 129578 |
|  Sensata Technologies Inc<br>4.375% due 02/15/30 ~ | 625000 | 545175 |
|  Spirit AeroSystems Inc<br>9.375% due 11/30/29 ~ | 225000 | 237139 |
|  SPX FLOW Inc<br>8.750% due 04/01/30 ~ | 575000 | 454227 |
|  Standard Industries Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 01/15/31 ~ | 75000 | 56594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 07/15/30 ~ | 145000 | 118466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 01/15/28 ~ | 1650000 | 1487227 |
|  Titan Acquisition Ltd (Canada)<br>7.750% due 04/15/26 ~ | 1010000 | 911190 |
|  TK Elevator Holdco GmbH (Germany)<br>7.625% due 07/15/28 ~ | 625000 | 511337 |
|  TK Elevator US Newco Inc (Germany)<br>5.250% due 07/15/27 ~ | 325000 | 289120 |
|  TransDigm Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 05/01/29 | 490000 | 428027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 03/15/26 ~ | 340000 | 336053 |
|  TransDigm UK Holdings PLC<br>6.875% due 05/15/26 | 650000 | 635741 |
|  |  | 14166534 |
|  **Technology - 1.6%** | **Technology - 1.6%** |  |
|  Entegris Escrow Corp<br>5.950% due 06/15/30 ~ | 275000 | 253962 |
|  Entegris Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 05/01/29 ~ | 150000 | 122329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 04/15/28 ~ | 440000 | 389767 |
|  Open Text Corp (Canada)<br>3.875% due 12/01/29 ~ | 170000 | 136958 |
|  Open Text Holdings Inc (Canada)<br>4.125% due 12/01/31 ~ | 335000 | 260878 |
|  Rackspace Technology Global Inc<br>3.500% due 02/15/28 ~ | 315000 | 183447 |
|  |  | 1347341 |
|  **Utilities - 2.4%** | **Utilities - 2.4%** |  |
|  Calpine Corp<br>5.125% due 03/15/28 ~ | 590000 | 527654 |
|  Clearway Energy Operating LLC<br>3.750% due 02/15/31 ~ | 500000 | 415762 |
|  NRG Energy Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 02/15/31 ~ | 170000 | 129544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 06/15/29 ~ | 250000 | 221105 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**42** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS HIGH INCOME** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Vistra Operations Co LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 05/01/29 ~ | $350000 | $302271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 07/31/27 ~ | 325000 | 302345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 09/01/26 ~ | 170000 | 164058 |
|  |  | 2062739 |
|  Total Corporate Bonds & Notes<br>(Cost $85,624,607) |  | 75419765 |
|  **SENIOR LOAN NOTES - 1.6%** | **SENIOR LOAN NOTES - 1.6%** |  |
|  **Consumer, Cyclical - 0.5%** |  |  |
|  MIC Glen LLC (2nd Lien)<br>11.134% (USD LIBOR + 6.750%)<br>due 07/21/29 § | 250000 | 228281 |
|  Tacala Investment Corp Term B (2nd Lien)<br>11.884% (USD LIBOR + 7.500%)<br>due 02/05/28 § | 250000 | 227500 |
|  |  | 455781 |
|  **Industrial - 1.1%** |  |  |
|  Dynasty Acquisition Co Inc<br>7.923% (USD LIBOR + 3.500%)<br>due 04/08/26 § | 629213 | 601443 |
|  Standard Aero Ltd<br>7.923% (USD LIBOR + 3.500%)<br>due 04/08/26 § | 338287 | 323357 |
|  |  | 924800 |
|  Total Senior Loan Notes<br>(Cost $1,465,963) |  | 1380581 |
|  **ASSET-BACKED SECURITIES - 7.4%** | **ASSET-BACKED SECURITIES - 7.4%** |  |
|  Benefit Street Partners CLO Ltd (Cayman) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.193% (USD LIBOR + 5.950%)<br> due 04/20/31 ~ § | 250000 | 220090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.779% (USD LIBOR + 6.700%)<br> due 01/17/32 ~ § | 250000 | 223239 |
|  CarVal CLO III Ltd (Cayman)<br>10.683% (USD LIBOR + 6.440%)<br>due 07/20/32 ~ § | 525000 | 465664 |
|  CIFC Funding Ltd (Cayman)<br>11.479% (USD LIBOR + 7.400%)<br>due 01/16/33 ~ § | 550000 | 505055 |
|  Dryden CLO Fund (Cayman)<br>11.279% (USD LIBOR + 7.200%)<br>due 04/15/31 ~ § | 250000 | 181738 |
|  Fillmore Park CLO Ltd (Cayman)<br>9.479% (USD LIBOR + 5.400%)<br>due 07/15/30 ~ § | 250000 | 215415 |
|  Magnetite XXII Ltd (Cayman)<br>10.429% (USD LIBOR + 6.350%)<br>due 04/15/31 ~ § | 500000 | 450318 |
|  Magnetite XXIX Ltd (Cayman)<br>9.829% (USD LIBOR + 5.750%)<br>due 01/15/34 ~ § | 1050000 | 945037 |
|  Magnetite XXXI Ltd (Cayman)<br>10.079% (USD LIBOR + 6.000%)<br>due 07/15/34 ~ § | 500000 | 436274 |
|  Neuberger Berman Loan Advisers CLO Ltd (Cayman)<br>10.327% (USD LIBOR + 6.100%)<br>due 01/20/32 ~ § | 850000 | 772709 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.443% (USD LIBOR + 6.200%)<br> due 01/20/31 ~ § | $750000 | $686010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.743% (USD LIBOR + 6.500%)<br> due 04/20/31 ~ § | 500000 | 455859 |
|  OHA Credit Partners VII Ltd (Cayman)<br>10.925% (USD LIBOR + 6.250%)<br>due 02/20/34 ~ § | 250000 | 223832 |
|  Rad CLO 2 Ltd (Cayman) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.079% (USD LIBOR + 6.000%)<br> due 10/15/31 ~ § | 400000 | 340333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.529% (USD LIBOR + 7.450%)<br> due 10/15/31 ~ § | 250000 | 185327 |
|  Total Asset-Backed Securities<br>(Cost $7,042,860) |  | 6306900 |
|  | **Shares** |  |
|  **SHORT-TERM INVESTMENT - 2.1%** |  |  |
|  **Money Market Fund - 2.1%** |  |  |
|  BlackRock Liquidity Funds T-Fund Portfolio<br>'Institutional' 4.030% | 1812053 | 1812053 |
|  Total Short-Term Investment<br>(Cost $1,812,053) |  | 1812053 |
|  **TOTAL INVESTMENTS - 99.0%<br>(Cost $96,209,580)** |  | 84924735 |
|  **OTHER ASSETS & LIABILITIES, NET - 1.0%** |  | 868083 |
|  **NET ASSETS - 100.0%** |  | $85792818 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**43** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS HIGH INCOME** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

**<u>Note to Schedule of Investments</u>** 

(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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Common Stocks | $5436 | $— | $5436 | $— |
|  | Corporate Bonds & Notes | 75419765 |  | 75419765 |  |
|  | Senior Loan Notes | 1380581 |  | 1380581 |  |
|  | Asset-Backed Securities | 6306900 |  | 6306900 |  |
|  | Short-Term Investment | 1812053 | 1812053 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $84924735 | $1812053 | $83112682 | $— |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**44** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS<sup>SM</sup> SMALL/MID-CAP** 

**Schedule of Investments** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | <br> **Shares** | **Value** |
|  **COMMON STOCKS - 97.4%** | **COMMON STOCKS - 97.4%** |  |
|  **Basic Materials - 3.6%** |  |  |
|  AdvanSix Inc | 23600 | $897272 |
|  Alcoa Corp | 9868 | 448698 |
|  Arconic Corp \* | 49681 | 1051250 |
|  Celanese Corp | 9982 | 1020560 |
|  |  | 3417780 |
|  **Communications - 2.6%** |  |  |
|  Calix Inc \* | 18034 | 1234067 |
|  Revolve Group Inc \* | 15232 | 339064 |
|  Ziff Davis Inc \* | 11345 | 897390 |
|  |  | 2470521 |
|  **Consumer, Cyclical - 11.2%** |  |  |
|  Academy Sports & Outdoors Inc | 18311 | 962060 |
|  American Eagle Outfitters Inc | 52444 | 732118 |
|  BJ's Wholesale Club Holdings Inc \* | 14180 | 938149 |
|  Bloomin' Brands Inc | 44148 | 888258 |
|  Darden Restaurants Inc | 7018 | 970800 |
|  Deckers Outdoor Corp \* | 3320 | 1325211 |
|  Hilton Grand Vacations Inc \* | 21258 | 819283 |
|  KB Home | 22022 | 701401 |
|  Lithia Motors Inc | 4474 | 916007 |
|  Petco Health & Wellness Co Inc \* | 79384 | 752560 |
|  SeaWorld Entertainment Inc \* | 19272 | 1031245 |
|  Steven Madden Ltd | 21771 | 695801 |
|  |  | 10732893 |
|  **Consumer, Non-Cyclical - 25.2%** |  |  |
|  AdaptHealth Corp \* | 51021 | 980624 |
|  Amicus Therapeutics Inc \* | 65979 | 805604 |
|  ANI Pharmaceuticals Inc \* | 4885 | 196524 |
|  Avantor Inc \* | 31238 | 658809 |
|  CareDx Inc \* | 25611 | 292222 |
|  Charles River Laboratories International Inc \* | 4409 | 960721 |
|  Edgewell Personal Care Co | 19674 | 758236 |
|  Exact Sciences Corp \* | 11056 | 547383 |
|  FTI Consulting Inc \* | 4848 | 769862 |
|  Horizon Therapeutics PLC \* | 22665 | 2579277 |
|  I3 Verticals Inc 'A' \* | 25189 | 613100 |
|  Iovance Biotherapeutics Inc \* | 44342 | 283345 |
|  Jazz Pharmaceuticals PLC \* | 9765 | 1555662 |
|  Lantheus Holdings Inc \* | 15830 | 806697 |
|  Merit Medical Systems Inc \* | 16393 | 1157674 |
|  Neurocrine Biosciences Inc \* | 10739 | 1282666 |
|  Performance Food Group Co \* | 18001 | 1051078 |
|  Prestige Consumer Healthcare Inc \* | 23395 | 1464527 |
|  Progyny Inc \* | 17469 | 544159 |
|  Quanta Services Inc | 17522 | 2496885 |
|  Revance Therapeutics Inc \* | 35712 | 659244 |
|  SeaSpine Holdings Corp \* | 67608 | 564527 |
|  Spectrum Brands Holdings Inc | 19694 | 1199758 |
|  Textainer Group Holdings Ltd (China) | 38148 | 1182969 |
|  Ultragenyx Pharmaceutical Inc \* | 15175 | 703058 |
|  |  | 24114611 |
|  **Energy - 5.3%** |  |  |
|  Civitas Resources Inc | 23915 | 1385396 |

---

---

| | | |
|:---|:---|:---|
|  | <br> **Shares** | **Value** |
|  Diamondback Energy Inc | 9189 | $1256871 |
|  HF Sinclair Corp | 16693 | 866200 |
|  Magnolia Oil & Gas Corp 'A' | 52562 | 1232579 |
|  Sunnova Energy International Inc \* | 21435 | 386044 |
|  |  | 5127090 |
|  **Financial - 21.5%** |  |  |
|  Agree Realty Corp REIT | 23862 | 1692532 |
|  Brixmor Property Group Inc REIT | 80161 | 1817250 |
|  Cadence Bank | 62241 | 1534863 |
|  Everest Re Group Ltd | 5427 | 1797802 |
|  First Industrial Realty Trust Inc REIT | 30855 | 1489062 |
|  Hancock Whitney Corp | 39308 | 1902114 |
|  Home BancShares Inc | 54442 | 1240733 |
|  Host Hotels & Resorts Inc REIT | 57312 | 919858 |
|  James River Group Holdings Ltd | 44173 | 923657 |
|  Lamar Advertising Co 'A' REIT | 12962 | 1223613 |
|  Mid-America Apartment Communities Inc REIT | 8775 | 1377587 |
|  Pinnacle Financial Partners Inc | 19692 | 1445393 |
|  Radian Group Inc | 40201 | 766633 |
|  Stifel Financial Corp | 21093 | 1231198 |
|  Western Alliance Bancorp | 20958 | 1248259 |
|  |  | 20610554 |
|  **Industrial - 12.9%** |  |  |
|  Atkore Inc \* | 11035 | 1251590 |
|  Coherent Corp \* | 21809 | 765496 |
|  EnPro Industries Inc | 10009 | 1087878 |
|  Evoqua Water Technologies Corp \* | 33245 | 1316502 |
|  Graphic Packaging Holding Co | 59912 | 1333042 |
|  Great Lakes Dredge & Dock Corp \* | 81186 | 483057 |
|  Heritage-Crystal Clean Inc \* | 20311 | 659701 |
|  Hillenbrand Inc | 34503 | 1472243 |
|  Jacobs Solutions Inc | 9223 | 1107406 |
|  Knight-Swift Transportation Holdings Inc | 15419 | 808110 |
|  Littelfuse Inc | 4053 | 892470 |
|  The Timken Co | 17150 | 1211990 |
|  |  | 12389485 |
|  **Technology - 10.6%** |  |  |
|  Amdocs Ltd | 12308 | 1118797 |
|  Box Inc 'A' \* | 48797 | 1519051 |
|  CommVault Systems Inc \* | 13432 | 844067 |
|  DigitalOcean Holdings Inc \* | 11089 | 282437 |
|  Elastic NV \* | 11198 | 576697 |
|  KnowBe4 Inc 'A' \* | 12041 | 298376 |
|  Marvell Technology Inc | 22454 | 831696 |
|  ON Semiconductor Corp \* | 16376 | 1021371 |
|  Onto Innovation Inc \* | 12180 | 829336 |
|  SentinelOne Inc 'A' \* | 29472 | 429996 |
|  Silicon Laboratories Inc \* | 8059 | 1093365 |
|  Sprout Social Inc 'A' \* | 13375 | 755152 |
|  ZoomInfo Technologies Inc 'A' \* | 19054 | 573716 |
|  |  | 10174057 |
|  **Utilities - 4.5%** |  |  |
|  NiSource Inc | 49265 | 1350846 |
|  Portland General Electric Co | 32836 | 1608964 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**45** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS SMALL/MID-CAP** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  The AES Corp | 46644 | $1341482 |
|  |  | 4301292 |
|  Total Common Stocks<br>(Cost $79,678,331) |  | 93338283 |
|  **SHORT-TERM INVESTMENT - 2.2%** | **SHORT-TERM INVESTMENT - 2.2%** |  |
|  **Money Market Fund - 2.2%** | **Money Market Fund - 2.2%** |  |
|  BlackRock Liquidity Funds T-Fund Portfolio<br>'Institutional' 4.030% | 2102621 | 2102621 |
|  Total Short-Term Investment<br>(Cost $2,102,621) |  | 2102621 |
|  **TOTAL INVESTMENTS - 99.6%<br>(Cost $81,780,952)** | **TOTAL INVESTMENTS - 99.6%<br>(Cost $81,780,952)** | 95440904 |
|  **OTHER ASSETS & LIABILITIES, NET - 0.4%** | **OTHER ASSETS & LIABILITIES, NET - 0.4%** | 412384 |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $95853288 |

---

**<u>Note to Schedule of Investment</u>**

(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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Common Stocks | $93338283 | $93338283 | $— | $— |
|  | Short-Term Investment | 2102621 | 2102621 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $95440904 | $95440904 | $— | $— |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**46** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS<sup>SM</sup> SMALL-CAP** 

**Schedule of Investments** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | <br> **Shares** | **Value** |
|  **COMMON STOCKS - 97.1%** | **COMMON STOCKS - 97.1%** |  |
|  **Basic Materials - 3.6%** |  |  |
|  AdvanSix Inc | 3595 | $136682 |
|  Arconic Corp \* | 4543 | 96130 |
|  Avient Corp | 2440 | 82375 |
|  Kaiser Aluminum Corp | 1292 | 98140 |
|  |  | 413327 |
|  **Communications - 3.7%** |  |  |
|  Calix Inc \* | 2252 | 154104 |
|  Revolve Group Inc \* | 2204 | 49061 |
|  Viavi Solutions Inc \* | 7440 | 78195 |
|  Ziff Davis Inc \* | 1807 | 142934 |
|  |  | 424294 |
|  **Consumer, Cyclical - 12.2%** |  |  |
|  Academy Sports & Outdoors Inc | 1573 | 82646 |
|  American Eagle Outfitters Inc | 6518 | 90991 |
|  Bally's Corp \* | 3295 | 63857 |
|  BJ's Restaurants Inc \* | 2826 | 74550 |
|  BJ's Wholesale Club Holdings Inc \* | 1392 | 92095 |
|  Bloomin' Brands Inc | 5511 | 110881 |
|  Dave & Buster's Entertainment Inc \* | 3371 | 119468 |
|  Deckers Outdoor Corp \* | 211 | 84223 |
|  Hilton Grand Vacations Inc \* | 3093 | 119204 |
|  KB Home | 3320 | 105742 |
|  Kohl's Corp | 885 | 22346 |
|  Lithia Motors Inc | 358 | 73297 |
|  Petco Health & Wellness Co Inc \* | 9792 | 92828 |
|  SeaWorld Entertainment Inc \* | 2594 | 138805 |
|  Steven Madden Ltd | 3670 | 117293 |
|  |  | 1388226 |
|  **Consumer, Non-Cyclical - 27.9%** |  |  |
|  Acadia Healthcare Co Inc \* | 1237 | 101830 |
|  AdaptHealth Corp \* | 7156 | 137538 |
|  Addus HomeCare Corp \* | 1396 | 138888 |
|  Alphatec Holdings Inc \* | 10065 | 124303 |
|  Amicus Therapeutics Inc \* | 8138 | 99365 |
|  AtriCure Inc \* | 2241 | 99456 |
|  Avid Bioservices Inc \* | 5310 | 73119 |
|  CareDx Inc \* | 3417 | 38988 |
|  Edgewell Personal Care Co | 1885 | 72648 |
|  elf Beauty Inc \* | 3301 | 182545 |
|  FTI Consulting Inc \* | 398 | 63202 |
|  Halozyme Therapeutics Inc \* | 3723 | 211839 |
|  Harmony Biosciences Holdings Inc \* | 3586 | 197589 |
|  Herc Holdings Inc | 1085 | 142753 |
|  I3 Verticals Inc 'A' \* | 4778 | 116297 |
|  Iovance Biotherapeutics Inc \* | 4751 | 30359 |
|  Lantheus Holdings Inc \* | 1987 | 101257 |
|  LivaNova PLC \* | 1275 | 70813 |
|  Medpace Holdings Inc \* | 718 | 152510 |
|  NuVasive Inc \* | 1736 | 71593 |
|  Performance Food Group Co \* | 1592 | 92957 |
|  Phathom Pharmaceuticals Inc \* | 5369 | 60240 |
|  Prestige Consumer Healthcare Inc \* | 2628 | 164513 |
|  Progyny Inc \* | 2778 | 86535 |
|  Protagonist Therapeutics Inc \* | 3369 | 36756 |

---

---

| | | |
|:---|:---|:---|
|  | <br> **Shares** | **Value** |
|  Revance Therapeutics Inc \* | 3724 | $68745 |
|  SP Plus Corp \* | 3239 | 112458 |
|  Spectrum Brands Holdings Inc | 2236 | 136217 |
|  Textainer Group Holdings Ltd (China) | 4017 | 124567 |
|  Ultragenyx Pharmaceutical Inc \* | 1586 | 73479 |
|  |  | 3183359 |
|  **Energy - 5.9%** |  |  |
|  Civitas Resources Inc | 2359 | 136657 |
|  Earthstone Energy Inc 'A' \* | 6646 | 94573 |
|  Magnolia Oil & Gas Corp 'A' | 6191 | 145179 |
|  Oceaneering International Inc \* | 6024 | 105360 |
|  Sitio Royalties Corp 'A' | 5129 | 147974 |
|  Sunnova Energy International Inc \* | 2541 | 45763 |
|  |  | 675506 |
|  **Financial - 21.7%** |  |  |
|  Agree Realty Corp REIT | 2094 | 148527 |
|  Blucora Inc \* | 5576 | 142355 |
|  Cadence Bank | 5755 | 141918 |
|  DiamondRock Hospitality Co REIT | 16072 | 131630 |
|  Enterprise Financial Services Corp | 3327 | 162890 |
|  First Industrial Realty Trust Inc REIT | 2128 | 102697 |
|  Hancock Whitney Corp | 3967 | 191963 |
|  Heritage Financial Corp | 3055 | 93605 |
|  Home BancShares Inc | 7524 | 171472 |
|  James River Group Holdings Ltd | 5203 | 108795 |
|  NexPoint Residential Trust Inc REIT | 2540 | 110541 |
|  Origin Bancorp Inc | 2260 | 82942 |
|  Plymouth Industrial Inc REIT | 5537 | 106200 |
|  Radian Group Inc | 5322 | 101490 |
|  Seacoast Banking Corp of Florida | 4668 | 145595 |
|  SITE Centers Corp REIT | 11699 | 159808 |
|  Stifel Financial Corp | 2108 | 123044 |
|  United Community Banks Inc | 4112 | 138986 |
|  Veritex Holdings Inc | 3933 | 110439 |
|  |  | 2474897 |
|  **Industrial - 10.7%** |  |  |
|  Atkore Inc \* | 1358 | 154024 |
|  Coherent Corp \* | 2805 | 98455 |
|  EnPro Industries Inc | 1481 | 160970 |
|  Evoqua Water Technologies Corp \* | 3403 | 134759 |
|  Great Lakes Dredge & Dock Corp \* | 11389 | 67765 |
|  Heritage-Crystal Clean Inc \* | 2323 | 75451 |
|  Hillenbrand Inc | 4592 | 195941 |
|  Masonite International Corp \* | 978 | 78837 |
|  MYR Group Inc \* | 1515 | 139486 |
|  Saia Inc \* | 568 | 119098 |
|  |  | 1224786 |
|  **Technology - 8.5%** |  |  |
|  Box Inc 'A' \* | 6982 | 217350 |
|  Cohu Inc \* | 2566 | 82240 |
|  CommVault Systems Inc \* | 2071 | 130142 |
|  DigitalOcean Holdings Inc \* | 1619 | 41236 |
|  KnowBe4 Inc 'A' \* | 4525 | 112129 |
|  Onto Innovation Inc \* | 1699 | 115685 |
|  Silicon Laboratories Inc \* | 891 | 120882 |
|  SiTime Corp \* | 682 | 69305 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**47** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS SMALL-CAP** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Sprout Social Inc 'A' \* | 1410 | $79608 |
|  |  | 968577 |
|  **Utilities - 2.9%** |  |  |
|  Portland General Electric Co | 3456 | 169344 |
|  Unitil Corp | 3230 | 165893 |
|  |  | 335237 |
|  Total Common Stocks<br>(Cost $9,696,540) |  | 11088209 |
|  **SHORT-TERM INVESTMENT - 4.0%** | **SHORT-TERM INVESTMENT - 4.0%** |  |
|  **Money Market Fund - 4.0%** | **Money Market Fund - 4.0%** |  |
|  BlackRock Liquidity Funds T-Fund Portfolio<br>'Institutional' 4.030% | 455160 | 455160 |
|  Total Short-Term Investment<br>(Cost $455,160) |  | 455160 |
|  **TOTAL INVESTMENTS - 101.1%<br>(Cost $10,151,700)** | **TOTAL INVESTMENTS - 101.1%<br>(Cost $10,151,700)** | 11543369 |
|  **OTHER ASSETS & LIABILITIES, NET - (1.1%)** | **OTHER ASSETS & LIABILITIES, NET - (1.1%)** | (128153) |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $11415216 |

---

**<u>Note to Schedule of Investments</u>**

(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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Common Stocks | $11088209 | $11088209 | $— | $— |
|  | Short-Term Investment | 455160 | 455160 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $11543369 | $11543369 | $— | $— |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**48** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS<sup>SM</sup> SMALL-CAP VALUE** 

**Schedule of Investments** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | <br> **Value** |
|  **COMMON STOCKS - 98.1%** |  |  |
|  **Basic Materials - 3.1%** |  |  |
|  AdvanSix Inc | 7836 | $297925 |
|  Arconic Corp \* | 9722 | 205717 |
|  Avient Corp | 2141 | 72280 |
|  |  | 575922 |
|  **Communications - 1.8%** |  |  |
|  Viavi Solutions Inc \* | 10598 | 111385 |
|  Ziff Davis Inc \* | 2786 | 220373 |
|  |  | 331758 |
|  **Consumer, Cyclical - 8.6%** |  |  |
|  Academy Sports & Outdoors Inc | 2861 | 150317 |
|  American Eagle Outfitters Inc | 12809 | 178814 |
|  BJ's Restaurants Inc \* | 3895 | 102750 |
|  Bloomin' Brands Inc | 8028 | 161523 |
|  Dana Inc | 8367 | 126593 |
|  Dave & Buster's Entertainment Inc \* | 3656 | 129569 |
|  Hilton Grand Vacations Inc \* | 4164 | 160480 |
|  KB Home | 5280 | 168168 |
|  Petco Health & Wellness Co Inc \* | 10830 | 102668 |
|  SeaWorld Entertainment Inc \* | 2617 | 140036 |
|  Steven Madden Ltd | 5381 | 171977 |
|  |  | 1592895 |
|  **Consumer, Non-Cyclical - 22.9%** |  |  |
|  Acadia Healthcare Co Inc \* | 1693 | 139368 |
|  AdaptHealth Corp \* | 12077 | 232120 |
|  ANI Pharmaceuticals Inc \* | 1425 | 57328 |
|  Edgewell Personal Care Co | 2357 | 90839 |
|  FTI Consulting Inc \* | 742 | 117829 |
|  Halozyme Therapeutics Inc \* | 5231 | 297644 |
|  Harmony Biosciences Holdings Inc \* | 4389 | 241834 |
|  Herc Holdings Inc | 1717 | 225906 |
|  Hostess Brands Inc \* | 12591 | 282542 |
|  Lantheus Holdings Inc \* | 2402 | 122406 |
|  LivaNova PLC \* | 1932 | 107303 |
|  Merit Medical Systems Inc \* | 3810 | 269062 |
|  Patterson Cos Inc | 8767 | 245739 |
|  Performance Food Group Co \* | 2417 | 141129 |
|  Phathom Pharmaceuticals Inc \* | 6184 | 69384 |
|  Prestige Consumer Healthcare Inc \* | 4988 | 312249 |
|  Protagonist Therapeutics Inc \* | 3722 | 40607 |
|  Revance Therapeutics Inc \* | 6102 | 112643 |
|  SeaSpine Holdings Corp \* | 12239 | 102196 |
|  SP Plus Corp \* | 10761 | 373622 |
|  Spectrum Brands Holdings Inc | 3256 | 198355 |
|  Textainer Group Holdings Ltd (China) | 9953 | 308642 |
|  UFP Technologies Inc \* | 1062 | 125199 |
|  |  | 4213946 |
|  **Energy - 5.9%** |  |  |
|  Civitas Resources Inc | 3610 | 209127 |
|  Earthstone Energy Inc 'A' \* | 12216 | 173834 |
|  Magnolia Oil & Gas Corp 'A' | 7120 | 166964 |
|  Oceaneering International Inc \* | 15464 | 270465 |
|  Sitio Royalties Corp 'A' | 6977 | 201287 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | <br> **Value** |
|  Sunnova Energy International Inc \* | 4064 | $73193 |
|  |  | 1094870 |
|  **Financial - 36.8%** |  |  |
|  Agree Realty Corp REIT | 4003 | 283933 |
|  Blucora Inc \* | 13047 | 333090 |
|  Brixmor Property Group Inc REIT | 12762 | 289314 |
|  Cadence Bank | 11115 | 274096 |
|  DiamondRock Hospitality Co REIT | 31113 | 254815 |
|  Enterprise Financial Services Corp | 6150 | 301104 |
|  First Bancorp | 5450 | 233478 |
|  First Industrial Realty Trust Inc REIT | 4880 | 235509 |
|  First Merchants Corp | 4859 | 199753 |
|  Hancock Whitney Corp | 7443 | 360167 |
|  Healthcare Realty Trust Inc REIT | 10884 | 209735 |
|  Heritage Financial Corp | 7448 | 228207 |
|  Home BancShares Inc | 11885 | 270859 |
|  James River Group Holdings Ltd | 11538 | 241259 |
|  NexPoint Residential Trust Inc REIT | 3725 | 162112 |
|  Old Second Bancorp Inc | 15226 | 244225 |
|  Origin Bancorp Inc | 5388 | 197740 |
|  Piedmont Office Realty Trust Inc 'A' REIT | 12470 | 114350 |
|  Plymouth Industrial Inc REIT | 9391 | 180119 |
|  QCR Holdings Inc | 3895 | 193348 |
|  Radian Group Inc | 7297 | 139154 |
|  Seacoast Banking Corp of Florida | 9637 | 300578 |
|  Selective Insurance Group Inc | 3895 | 345136 |
|  SITE Centers Corp REIT | 20760 | 283582 |
|  Stifel Financial Corp | 3564 | 208031 |
|  United Community Banks Inc | 8652 | 292438 |
|  Veritex Holdings Inc | 7305 | 205124 |
|  WSFS Financial Corp | 4618 | 209380 |
|  |  | 6790636 |
|  **Industrial - 11.3%** |  |  |
|  Atkore Inc \* | 1532 | 173759 |
|  Coherent Corp \* | 3509 | 123166 |
|  Crane Holdings Co | 2232 | 224204 |
|  EnPro Industries Inc | 2348 | 255204 |
|  Great Lakes Dredge & Dock Corp \* | 17542 | 104375 |
|  Heritage-Crystal Clean Inc \* | 5250 | 170520 |
|  Hillenbrand Inc | 7459 | 318276 |
|  Masonite International Corp \* | 1786 | 143969 |
|  MYR Group Inc \* | 2502 | 230359 |
|  The Timken Co | 3110 | 219784 |
|  UFP Industries Inc | 1439 | 114041 |
|  |  | 2077657 |
|  **Technology - 2.8%** |  |  |
|  Cohu Inc \* | 5265 | 168743 |
|  EverCommerce Inc \* | 21453 | 159610 |
|  Mitek Systems Inc \* | 10881 | 105437 |
|  Synaptics Inc \* | 931 | 88594 |
|  |  | 522384 |
|  **Utilities - 4.9%** |  |  |
|  Portland General Electric Co | 8583 | 420567 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**49** 

------

**PACIFIC FUNDS** 

**PACIFIC FUNDS SMALL-CAP VALUE** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | <br> **Value** |
|  Unitil Corp | 9483 | $487047 |
|  |  | 907614 |
|  Total Common Stocks<br>(Cost $16,567,120) |  | 18107682 |
|  **EXCHANGE-TRADED FUND - 0.2%** |  |  |
|  iShares Russell 2000 Value | 265 | 36748 |
|  Total Exchange-Traded Fund<br>(Cost $21,879) |  | 36748 |
|  **SHORT-TERM INVESTMENT - 1.6%** | **SHORT-TERM INVESTMENT - 1.6%** |  |
|  **Money Market Fund - 1.6%** | **Money Market Fund - 1.6%** |  |
|  BlackRock Liquidity Funds T-Fund Portfolio<br>'Institutional' 4.030% | 292475 | 292475 |
|  Total Short-Term Investment<br>(Cost $292,475) |  | 292475 |
|  **TOTAL INVESTMENTS - 99.9%<br>(Cost $16,881,474)** |  | 18436905 |
|  **OTHER ASSETS & LIABILITIES, NET - 0.1%** |  | 17872 |
|  **NET ASSETS - 100.0%** |  | $18454777 |

---

**<u>Note to Schedule of Investments</u>**

(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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br> December 31, 2022 | Level 1<br> Quoted Price | Level 2<br> Significant<br> Observable Inputs | Level 3<br> Significant<br> Unobservable Inputs |
|  Assets | Common Stocks | $18107682 | $18107682 | $— | $— |
|  | Exchange-Traded Fund | 36748 | 36748 |  |  |
|  | Short-Term Investment | 292475 | 292475 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $18436905 | $18436905 | $— | $— |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**50** 

------

**PACIFIC FUNDS** 

**PF INFLATION MANAGED FUND** 

**Schedule of Investments** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  **CORPORATE BONDS & NOTES - 0.3%** | **CORPORATE BONDS & NOTES - 0.3%** |  |
|  **Financial - 0.3%** | **Financial - 0.3%** |  |
|  Avolon Holdings Funding Ltd (Ireland)<br>3.950% due 07/01/24 ~ | $100000 | $95787 |
|  Bank of America Corp<br>5.875% due 03/15/28 | 10000 | 8819 |
|  |  | 104606 |
|  Total Corporate Bonds & Notes<br>(Cost $111,510) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104606 |
|  **MORTGAGE-BACKED SECURITIES - 5.6%** | **MORTGAGE-BACKED SECURITIES - 5.6%** |  |
|  **Collateralized Mortgage Obligations - Residential - 1.1%** | **Collateralized Mortgage Obligations - Residential - 1.1%** |  |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates<br>4.749% (USD LIBOR + 0.360%)<br>due 03/25/35 ~ § | 48319 | 45820 |
|  CHL Mortgage Pass-Through Trust<br>4.366% due 01/19/34 § | 8145 | 7428 |
|  Credit Suisse Mortgage Trust<br>4.539% (USD LIBOR + 0.150%)<br>due 09/29/36 ~ § | 91066 | 87724 |
|  Fannie Mae REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.739% (USD LIBOR + 0.350%)<br>due 07/25/37 § | 8988 | 8802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.769% (USD LIBOR + 0.380%)<br>due 07/25/37 § | 13817 | 13548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.829% (USD LIBOR + 0.440%)<br>due 05/25/36 § | 7269 | 7154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.834% (USD LIBOR + 0.445%)<br>due 02/25/37 § | 2119 | 2075 |
|  Government National Mortgage Association<br>3.858% (USD LIBOR + 0.150%)<br>due 08/20/68 § | 48968 | 47621 |
|  GSR Mortgage Loan Trust<br>3.767% due 09/25/35 § | 3907 | 3669 |
|  JP Morgan Mortgage Trust<br>2.861% due 06/25/35 § | 1893 | 1884 |
|  Merrill Lynch Mortgage Investors Trust<br>3.139% due 12/25/34 § | 16154 | 15009 |
|  Towd Point Mortgage Funding PLC (United Kingdom)<br>4.070% (SONIA + 1.144%)<br>due 10/20/51 ~ § | GBP 104,883 | 126503 |
|  WaMu Mortgage Pass-Through Certificates Trust<br>5.129% (USD LIBOR + 0.740%)<br>due 01/25/45 § | $15157 | 14578 |
|  |  | 381815 |
|  **Fannie Mae - 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/01/53 # | 200000 | 187641 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/01/53 # | 300000 | 263586 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/01/53 # | 400000 | 394151 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/01/53 # | 700000 | 673880 |
|  |  | 1519258 |
|  Total Mortgage-Backed Securities<br>(Cost $1,921,963) |  | 1901073 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  **ASSET-BACKED SECURITIES - 1.8%** | **ASSET-BACKED SECURITIES - 1.8%** |  |
|  Asset Backed Funding Corp Trust<br>4.989% (USD LIBOR + 0.600%)<br>due 10/25/34 § | $9680 | $9662 |
|  Freddie Mac Structured Pass-Through Certificates<br>4.669% (USD LIBOR + 0.280%)<br>due 09/25/31 § | 394 | 392 |
|  Home Equity Asset Trust<br>5.244% (USD LIBOR + 0.855%)<br>due 08/25/34 § | 11958 | 11646 |
|  OZLM Ltd (Cayman)<br>5.403% (USD LIBOR + 1.160%)<br>due 07/20/32 ~ § | 100000 | 97580 |
|  Saxon Asset Securities Trust<br>4.699% (USD LIBOR + 0.310%)<br>due 09/25/37 § | 11924 | 11216 |
|  Shackleton CLO Ltd (Cayman)<br>5.163% (USD LIBOR + 0.920%)<br>due 10/20/27 ~ § | 114087 | 113525 |
|  THL Credit Wind River CLO Ltd (Cayman)<br>5.159% (USD LIBOR + 1.080%)<br>due 04/15/31 ~ § | 100000 | 97317 |
|  TICP CLO Ltd (Cayman)<br>5.083% (USD LIBOR + 0.840%)<br>due 04/20/28 ~ § | 160653 | 160184 |
|  Vibrant CLO VI Ltd (Cayman)<br>5.696% (USD LIBOR + 0.950%)<br>due 06/20/29 ~ § | 115458 | 113916 |
|  Total Asset-Backed Securities<br>(Cost $619,896) |  | 615438 |
|  **U.S. TREASURY OBLIGATIONS - 92.3%** | **U.S. TREASURY OBLIGATIONS - 92.3%** |  |
|  **U.S. Treasury Inflation Protected Securities - 92.3%** | **U.S. Treasury Inflation Protected Securities - 92.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 07/15/24 ^ | 1506084 | 1457710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 10/15/24 ^ | 1045395 | 1006892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 04/15/25 ^ | 692244 | 659853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 10/15/25 ^ | 803978 | 764261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 04/15/26 ^ | 568180 | 534327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 07/15/26 ^ | 248652 | 234380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 10/15/26 ^ | 1199649 | 1124865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 01/15/30 ^ | 1401543 | 1259772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 07/15/30 ^ | 929864 | 833162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 01/15/31 ^ | 995985 | 885196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 07/15/31 ^ | 333570 | 294978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 01/15/32 ^ | 1290084 | 1130957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 02/15/51 ^ | 228930 | 147662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 02/15/52 ^ | 642324 | 416634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% due 01/15/25 ^ | 440374 | 422499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% due 07/15/29 ^ | 582525 | 533615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% due 07/15/25 ^ | 508951 | 488908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% due 01/15/27 ^ | 986960 | 931043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% due 07/15/27 ^ | 1839588 | 1734449 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**51** 

------

**PACIFIC FUNDS** 

**PF INFLATION MANAGED FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 04/15/24 ^ | $2245059 | $2183445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 01/15/28 ^ | 2573381 | 2421027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 04/15/23 ^ | 14637 | 14488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 01/15/24 ^ | 275877 | 270044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 01/15/26 ^ | 689810 | 662333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 07/15/32 ^ | 410276 | 376124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 02/15/43 ^ | 1062892 | 858484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 07/15/28 ^ | 4048420 | 3858362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 02/15/42 ^ | 131887 | 110505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 02/15/45 ^ | 721358 | 584047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% due 01/15/29 ^ | 1829357 | 1743761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% due 02/15/47 ^ | 524684 | 430647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 02/15/46 ^ | 1089194 | 926104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 02/15/49 ^ | 47372 | 39644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 02/15/44 ^ | 1380996 | 1283825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 01/15/26 ^ | 318316 | 318008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 02/15/41 ^ | 408252 | 432845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 04/15/32 ^ | 99057 | 113470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 04/15/29 ^ | 63448 | 71328 |
|  Total U.S. Treasury Obligations<br>(Cost $36,878,591) |  | 31559654 |
|  **FOREIGN GOVERNMENT BONDS & NOTES - 3.3%** | **FOREIGN GOVERNMENT BONDS & NOTES - 3.3%** |  |
|  French Republic Government Bond OAT (France) | French Republic Government Bond OAT (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100% due 03/01/26 ^ ~ | EUR 114,785 | 121810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100% due 07/25/38 ^ ~ | 112878 | 109385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% due 07/25/24 ^ ~ | 122349 | 132061 |
|  Italy Buoni Poliennali Del Tesoro (Italy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.400% due 05/15/30 ^ ~ | 116565 | 109425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400% due 05/26/25 ^ ~ | 618570 | 654822 |
|  Total Foreign Government Bonds & Notes<br>(Cost $1,256,825) |  | 1127503 |
|  | **Shares** |  |
|  **SHORT-TERM INVESTMENTS - 1.7%** |  |  |
|  **Money Market Fund - 0.5%** | **Money Market Fund - 0.5%** |  |
|  BlackRock Liquidity Funds T-Fund Portfolio<br>'Institutional' 4.030% | 186047 | 186047 |
|  | **Principal<br>Amount** |  |
| **U. S. Government Agency Issue - 1.2%** | **U. S. Government Agency Issue - 1.2%** |  |
|  Federal Home Loan Banks<br>4.249% due 02/03/23 | $400000 | 398452 |
|  Total Short-Term Investments<br>(Cost $584,542) |  | 584499 |
|  **TOTAL INVESTMENTS - 105.0%<br>(Cost $41,373,327)** |  | 35892773 |
|  **DERIVATIVES - (0.7%)** |  | (208127) |
|  **OTHER ASSETS & LIABILITIES, NET - (4.3%)** |  | (1495502) |
|  **NET ASSETS - 100.0%** |  | $34189144 |

---

**<u>Notes to Schedule of Investments</u>**

(a) The average amount of borrowings by the Fund on sale-buyback financing transactions during the nine-month period
ended December 31, 2022 was $1,377,092 at a weighted average interest rate of 0.820%.

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**52** 

------

**PACIFIC FUNDS** 

**PF INFLATION MANAGED FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

(b) Open futures contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long Futures Outstanding | Expiration<br>Month | Number of<br>Contracts | Notional<br>Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
|  Euribor | 03/23 | 12 | $3220167 | $3114688 | ($105479) |
|  Euro-Bund | 03/23 | 5 | 757360 | 711475 | (45885) |
|  U.S. Treasury 5-Year Notes | 03/23 | 28 | 3048887 | 3022031 | (26856) |
|  U.S. Treasury Ultra 10-Year Notes | 03/23 | 14 | 1666598 | 1655938 | (10660) |
|  |  |  |  |  | (188880) |
| Short Futures Outstanding |  |  |  |  |  |
|  Australia 3-Year Bonds | 03/23 | 2 | 147356 | 145425 | 1931 |
|  Euro-Bobl | 03/23 | 2 | 255493 | 247809 | 7684 |
|  Euro-BTP | 03/23 | 7 | 876691 | 816154 | 60537 |
|  Euro-Buxl | 03/23 | 1 | 172128 | 144768 | 27360 |
|  Euro-OAT | 03/23 | 2 | 291481 | 272536 | 18945 |
|  Euro-Schatz | 03/23 | 41 | 4675208 | 4626720 | 48488 |
|  Japan 10-Year Bonds | 03/23 | 1 | 1128845 | 1108351 | 20494 |
|  Short Euro-BTP | 03/23 | 5 | 571947 | 562575 | 9372 |
|  U.S. Treasury 2-Year Notes | 03/23 | 5 | 1027486 | 1025391 | 2095 |
|  U.S. Treasury 10-Year Notes | 03/23 | 27 | 3044608 | 3032016 | 12592 |
|  U.S. Treasury Long Bonds | 03/23 | 9 | 1142949 | 1128094 | 14855 |
|  U.S. Treasury Ultra 30-Year Bonds | 03/23 | 4 | 555557 | 537250 | 18307 |
|  |  |  |  |  | 242660 |
|  Total Futures Contracts |  |  |  |  | $53780 |

---

(c) Forward foreign currency contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency<br> Purchased | Currency<br> Purchased | Currency<br> Sold | Currency<br> Sold | Settlement<br> Month | Counterparty | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| EUR | 45000 | USD | 47880 | 01/23 | BRC | $328 | $— |
| EUR | 50000 | USD | 53270 | 01/23 | JPM | 294 |  |
| GBP | 443000 | USD | 539576 | 01/23 | SCB |  | (3847) |
| USD | 53527 | EUR | 50000 | 01/23 | BNP |  | (11) |
| USD | 1176160 | EUR | 1130000 | 01/23 | SCB |  | (34384) |
| USD | 690705 | GBP | 572000 | 01/23 | JPM |  | (1026) |
| USD | 27309 | JPY | 3700000 | 01/23 | JPM |  | (926) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $622 | ($40194) |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**53** 

------

**PACIFIC FUNDS** 

**PF INFLATION MANAGED FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

(d) Purchased options outstanding as of December 31, 2022 were as follows:

<u>Interest Rate Swaptions</u> 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Pay/Receive<br>Floating Rate | Floating Rate Index | Exercise<br>Rate | Expiration<br>Date | Counter-<br>party | Notional<br>Amount | Cost | Value |
|  Call - 2-Year Interest Rate Swap | Pay | USD-SOFR | 1.710% | 01/25/23 | JPM | $1300000 | $7930 | $— |
|  Call - 2-Year Interest Rate Swap | Pay | USD-SOFR | 1.428% | 01/31/23 | MSC | 500000 | 2554 |  |
|  Call - 2-Year Interest Rate Swap | Pay | USD-SOFR | 1.410% | 02/02/23 | BRC | 500000 | 2500 |  |
|  Call - 5-Year Interest Rate Swap | Pay | USD-SOFR | 2.200% | 04/26/23 | GSC | 600000 | 6405 | 408 |
|  Call - 5-Year Interest Rate Swap | Pay | USD-SOFR | 2.200% | 05/31/23 | MSC | 1200000 | 14400 | 1575 |
|  |  |  |  |  |  |  | 33789 | 1983 |
|  Put - 30-Year Interest Rate Swap | Receive | USD-LIBOR | 2.237% | 11/17/23 | DUB | 300000 | 18621 | 64941 |
|  Total Interest Rate Swaptions |  |  |  |  |  |  | $52410 | $66924 |
|  Total Purchased Options |  |  |  |  |  |  | $52410 | $66924 |
| <br> (e) Premiums received and value of written options outstanding as of December 31, 2022 were as follows: | <br> (e) Premiums received and value of written options outstanding as of December 31, 2022 were as follows: | <br> (e) Premiums received and value of written options outstanding as of December 31, 2022 were as follows: | <br> (e) Premiums received and value of written options outstanding as of December 31, 2022 were as follows: | <br> (e) Premiums received and value of written options outstanding as of December 31, 2022 were as follows: | <br> (e) Premiums received and value of written options outstanding as of December 31, 2022 were as follows: | <br> (e) Premiums received and value of written options outstanding as of December 31, 2022 were as follows: | <br> (e) Premiums received and value of written options outstanding as of December 31, 2022 were as follows: | <br> (e) Premiums received and value of written options outstanding as of December 31, 2022 were as follows: |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflation Floor/Cap Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflation Floor/Cap Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflation Floor/Cap Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflation Floor/Cap Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflation Floor/Cap Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflation Floor/Cap Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflation Floor/Cap Options |  |  |
| Description | Initial<br>Index | Floating Rate | Floating Rate | Expiration<br>Date | Counter-<br>party | Notional<br>Amount | Premium | Value |
|  Cap - U.S. CPI Urban Consumers | $233.92 | Maximum of [0, Final Index/<br>Initial Index - (1 + 4.000%)<sup>10</sup>] | Maximum of [0, Final Index/<br>Initial Index - (1 + 4.000%)<sup>10</sup>] | 04/22/24 | JPM | $700000 | $5092 | ($1) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Swaptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Swaptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Swaptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Swaptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Swaptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Swaptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Swaptions |  |  |
| Description | Pay/Receive<br>Floating Rate | Floating Rate Index | Exercise<br>Rate | Expiration<br>Date | Counter-<br>party | Notional<br>Amount | Premium | Value |
|  Call - 10-Year Interest Rate Swap | Receive | USD-SOFR | 1.785% | 01/25/23 | JPM | $300000 | $8299 | $— |
|  Call - 10-Year Interest Rate Swap | Receive | USD-SOFR | 1.579% | 01/31/23 | MSC | 100000 | 2337 |  |
|  Call - 10-Year Interest Rate Swap | Receive | USD-SOFR | 1.558% | 02/02/23 | BRC | 100000 | 2287 |  |
|  Call - 10-Year Interest Rate Swap | Receive | EUR-LIBOR | 2.547% | 03/07/23 | GSC | EUR 100,000 | 2198 | (224) |
|  Call - 10-Year Interest Rate Swap | Receive | USD-SOFR | 2.350% | 04/26/23 | GSC | $400000 | 7899 | (787) |
|  Call - 10-Year Interest Rate Swap | Receive | USD-SOFR | 2.350% | 05/31/23 | MSC | 600000 | 13073 | (2011) |
|  |  |  |  |  |  |  | 36093 | (3022) |
|  Put - 10-Year Interest Rate Swap | Pay | EUR-LIBOR | 2.547% | 03/07/23 | GSC | EUR 100,000 | 2198 | (6292) |
|  Put - 5-Year Interest Rate Swap | Pay | USD-LIBOR | 2.340% | 11/17/23 | DUB | $1300000 | 16380 | (82001) |
|  |  |  |  |  |  |  | 18578 | (88293) |
|  Total Interest Rate Swaptions | Total Interest Rate Swaptions | Total Interest Rate Swaptions |  |  |  |  | $54671 | ($91315) |
|  Total Written Options | Total Written Options | Total Written Options |  |  |  |  | $59763 | ($91316) |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**54** 

------

**PACIFIC FUNDS** 

**PF INFLATION MANAGED FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

(f) Swap agreements outstanding as of December 31, 2022 were as follows:

<u>Interest Rate Swaps - Long</u> 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Pay | Payment<br>Frequency<br>Receive Rate/<br>Pay Rate | Exchange | Expiration<br>Date | Notional<br>Amount | Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
| 5.000% | U.S. CPI Urban Consumers | Z / Z | LCH | 03/03/23 | $300000 | ($4336) | $— | ($4336) |
| 5.033% | U.S. CPI Urban Consumers | Z / Z | LCH | 03/08/23 | 200000 | (2702) |  | (2702) |
| 5.470% | U.S. CPI Urban Consumers | Z / Z | LCH | 03/21/23 | 400000 | (3031) |  | (3031) |
| 5.150% | U.S. CPI Urban Consumers | Z / Z | LCH | 05/23/23 | 100000 | 293 |  | 293 |
| 5.185% | U.S. CPI Urban Consumers | Z / Z | LCH | 05/24/23 | 200000 | 716 |  | 716 |
| (0.526%) | EUR-LIBOR | A / Q | LCH | 11/21/23 | EUR 800,000 | (29672) |  | (29672) |
| 0.650% | EUR-LIBOR | A / S | LCH | 04/12/27 | 100000 | (10790) |  | (10790) |
| 0.650% | EUR-LIBOR | A / S | LCH | 05/11/27 | 100000 | (10901) |  | (10901) |
| 1.000% | EUR-LIBOR | A / S | LCH | 05/13/27 | 100000 | (9211) |  | (9211) |
| 2.335% | U.S. CPI Urban Consumers | Z / Z | LCH | 02/05/28 | $190000 | (16865) | 338 | (17203) |
| 2.364% | U.S. CPI Urban Consumers | Z / Z | LCH | 05/10/28 | 50000 | (4227) |  | (4227) |
| 2.379% | U.S. CPI Urban Consumers | Z / Z | LCH | 07/09/28 | 500000 | (41626) | (287) | (41339) |
| 2.165% | U.S. CPI Urban Consumers | Z / Z | LCH | 04/16/29 | 100000 | (11138) |  | (11138) |
| 1.998% | U.S. CPI Urban Consumers | Z / Z | LCH | 07/25/29 | 100000 | (12374) |  | (12374) |
| 1.760% | U.S. CPI Urban Consumers | Z / Z | LCH | 11/04/29 | 400000 | (59327) | (708) | (58619) |
| 1.380% | Eurostat Eurozone HICP | Z / Z | LCH | 03/15/31 | EUR 200,000 | (42464) | (1361) | (41103) |
| 0.000% | EUR-LIBOR | A / S | LCH | 11/04/32 | 200000 | (58103) |  | (58103) |
| 0.000% | EUR-LIBOR | A / S | LCH | 11/08/32 | 600000 | (174518) |  | (174518) |
| 2.488% | Eurostat Eurozone HICP | Z / Z | LCH | 05/15/37 | 70000 | (4070) | 60 | (4130) |
| 1.387% | Eurostat Eurozone HICP | Z / Z | LCH | 08/15/49 | 20000 | (8305) |  | (8305) |
| 2.421% | Eurostat Eurozone HICP | Z / Z | LCH | 05/15/52 | 10000 | (1160) |  | (1160) |
| 1.888% | USD-LIBOR | S / Q | LCH | 11/21/53 | $100000 | (26715) |  | (26715) |
|  |  |  |  |  |  | ($530526) | ($1958) | ($528568) |
|  <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rate Swaps - Short</u> | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rate Swaps - Short</u> | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rate Swaps - Short</u> | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rate Swaps - Short</u> | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rate Swaps - Short</u> | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rate Swaps - Short</u> | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rate Swaps - Short</u> | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rate Swaps - Short</u> | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rate Swaps - Short</u> |
| Pay | Receive | Payment<br>Frequency<br>Pay Rate/<br>Receive Rate | Exchange | Expiration<br>Date | Notional<br>Amount | Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
| 2.210% | U.S. CPI Urban Consumers | Z / Z | LCH | 02/05/23 | $120000 | $10846 | $— | $10846 |
| 2.263% | U.S. CPI Urban Consumers | Z / Z | LCH | 04/27/23 | 60000 | 4988 |  | 4988 |
| 2.263% | U.S. CPI Urban Consumers | Z / Z | LCH | 05/09/23 | 120000 | 10014 |  | 10014 |
| 2.281% | U.S. CPI Urban Consumers | Z / Z | LCH | 05/10/23 | 180000 | 14532 |  | 14532 |
| 1.030% | France CPI Ex Tobacco | Z / Z | LCH | 03/15/24 | EUR 140,000 | 13677 | (53) | 13730 |
| 2.314% | U.S. CPI Urban Consumers | Z / Z | LCH | 02/26/26 | $200000 | 19367 |  | 19367 |
| 2.419% | U.S. CPI Urban Consumers | Z / Z | LCH | 03/05/26 | 100000 | 9179 |  | 9179 |
| 2.768% | U.S. CPI Urban Consumers | Z / Z | LCH | 05/13/26 | 100000 | 7156 |  | 7156 |
| 2.690% | U.S. CPI Urban Consumers | Z / Z | LCH | 06/01/26 | 100000 | 7354 |  | 7354 |
| 3.000% | Eurostat Eurozone HICP | Z / Z | LCH | 05/15/27 | EUR 100,000 | 3414 | 50 | 3364 |
| 1.798% | U.S. CPI Urban Consumers | Z / Z | LCH | 08/25/27 | $500000 | 71585 |  | 71585 |
| 1.890% | U.S. CPI Urban Consumers | Z / Z | LCH | 08/27/27 | 500000 | 68412 |  | 68412 |
| 3.250% | 3- Month NZD-Bank Bills | S / Q | CME | 03/21/28 | NZD 100,000 | 4165 | 290 | 3875 |
| 2.645% | U.S. CPI Urban Consumers | Z / Z | LCH | 09/10/28 | $100000 | 5273 |  | 5273 |
| 1.840% | USD-LIBOR | S / Q | LCH | 11/21/28 | 400000 | 32091 |  | 32091 |
| 2.359% | Eurostat Eurozone HICP | Z / Z | LCH | 08/15/30 | EUR 200,000 | 8248 | 1107 | 7141 |
| 2.311% | U.S. CPI Urban Consumers | Z / Z | LCH | 02/24/31 | $200000 | 20930 | 94 | 20836 |
| 2.720% | Eurostat Eurozone HICP | Z / Z | LCH | 06/15/32 | EUR 100,000 | 1348 | (965) | 2313 |
| 0.190% | EUR-LIBOR | A / S | LCH | 11/04/52 | 60000 | 30419 |  | 30419 |
| 0.197% | EUR-LIBOR | A / S | LCH | 11/08/52 | 200000 | 101122 |  | 101122 |
| 0.830% | EUR-LIBOR | A / S | LCH | 12/09/52 | 100000 | 3173 | (64) | 3237 |
|  |  |  |  |  |  | $447293 | $459 | $446834 |
|  Total Interest Rate Swaps | Total Interest Rate Swaps | Total Interest Rate Swaps |  |  |  | ($83233) | ($1499) | ($81734) |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**55** 

------

**PACIFIC FUNDS** 

**PF INFLATION MANAGED FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

<u>Total Return Swaps - Long</u> 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | &nbsp;&nbsp;&nbsp;&nbsp;Pay | Payment<br>Frequency | Counter-<br>party | Expiration<br>Date | Notional<br>Amount | Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  U.S. Treasury Inflation Protected Securities<br>0.125% due 04/15/25 | 4.190% | Z | MSC | 01/20/23 | $1000000 | ($3914) | $— | ($3914) |
|  U.S. Treasury Inflation Protected Securities<br>0.125% due 07/15/31 | SOFR + 7.000% | Z | MSC | 01/20/23 | 1000000 | (62202) |  | (62202) |
|  U.S. Treasury Inflation Protected Securities<br>0.125% due 10/15/24 | SOFR + 7.000% | Z | MSC | 01/20/23 | 1000000 | (39342) |  | (39342) |
|  U.S. Treasury Inflation Protected Securities<br>0.250% due 01/15/25 | 4.190% | Z | MSC | 01/20/23 | 500000 | (2778) |  | (2778) |
|  U.S. Treasury Inflation Protected Securities<br>0.625% due 01/15/24 | 4.190% | Z | MSC | 01/20/23 | 1000000 | (4489) |  | (4489) |
|  U.S. Treasury Inflation Protected Securities<br>0.375% due 07/15/23 | SOFR + 12.000% | Z | MSC | 02/06/23 | 1000000 | (3484) |  | (3484) |
|  |  |  |  |  |  | ($116209) | $— | ($116209) |
|  Total Swap Agreements |  |  |  |  |  | ($199442) | ($1499) | ($197943) |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**56** 

------

**PACIFIC FUNDS** 

**PF INFLATION MANAGED FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

(g) Fair Value Measurements

The following is a summary of the Funds' investments as categorized under the three-tier hierarchy of inputs used in valuing the Funds' assets and liabilities as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Corporate Bonds & Notes | $104606 | $— | $104606 | $— |
|  | Mortgage-Backed Securities | 1901073 |  | 1901073 |  |
|  | Asset-Backed Securities | 615438 |  | 615438 |  |
|  | U.S. Treasury Obligations | 31559654 |  | 31559654 |  |
|  | Foreign Government Bonds & Notes | 1127503 |  | 1127503 |  |
|  | Short-Term Investments | 584499 | 186047 | 398452 |  |
|  | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | 622 |  | 622 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 242660 | 242660 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 66924 |  | 66924 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 447843 |  | 447843 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Contracts | 757427 | 242660 | 514767 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets - Derivatives | 758049 | 242660 | 515389 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 36650822 | 428707 | 36222115 |  |
|  Liabilities | Due to Custodian | (2147) |  | (2147) |  |
|  | Sale-buyback Financing Transaction | (415595) |  | (415595) |  |
|  | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | (40194) |  | (40194) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (188880) | (188880) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options | (91316) |  | (91316) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | (645786) |  | (645786) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Contracts | (925982) | (188880) | (737102) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities - Derivatives | (966176) | (188880) | (777296) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (1383918) | (188880) | (1195038) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $35266904 | $239827 | $35027077 | $— |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**57** 

------

**PACIFIC FUNDS** 

**PF MANAGED BOND FUND** 

**Schedule of Investments** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | <br> **Value** |
|  **COMMON STOCKS - 0.0%** | **COMMON STOCKS - 0.0%** | **COMMON STOCKS - 0.0%** |
|  **Financial - 0.0%** |  |  |
|  CBL & Associates Properties Inc REIT | 2876 | $66378 |
|  Total Common Stocks<br>(Cost $40,014) |  | 66378 |
|  | **Principal<br>Amount** |  |
|  **CORPORATE BONDS & NOTES - 22.9%** | **CORPORATE BONDS & NOTES - 22.9%** | **CORPORATE BONDS & NOTES - 22.9%** |
|  **Basic Materials - 0.6%** |  |  |
|  Anglo American Capital PLC (South Africa) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 09/11/24 ~ | $215000 | 208167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 04/10/27 ~ | 200000 | 193617 |
|  ArcelorMittal SA (Luxembourg)<br>7.000% due 10/15/39 | 80000 | 81522 |
|  Barrick North America Finance LLC (Canada)<br>5.700% due 05/30/41 | 40000 | 40364 |
|  CF Industries Inc<br>4.950% due 06/01/43 | 85000 | 73087 |
|  DuPont de Nemours Inc<br>5.319% due 11/15/38 | 55000 | 53091 |
|  Freeport-McMoRan Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 08/01/30 | 20000 | 18661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% due 11/14/34 | 40000 | 37846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 03/15/43 | 70000 | 63301 |
|  Glencore Funding LLC (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 09/01/30 ~ | 135000 | 109887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 10/27/27 ~ | 10000 | 9382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 03/27/27 ~ | 150000 | 141784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 03/12/24 ~ | 150000 | 147665 |
|  International Flavors & Fragrances Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.832% due 10/15/27 ~ | 200000 | 168166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.468% due 12/01/50 ~ | 66000 | 44962 |
|  LYB International Finance III LLC<br>1.250% due 10/01/25 | 59000 | 52692 |
|  Nutrien Ltd (Canada)<br>5.000% due 04/01/49 | 30000 | 27088 |
|  OCP SA (Morocco)<br>5.125% due 06/23/51 ~ | 200000 | 152577 |
|  Orbia Advance Corp SAB de CV (Mexico)<br>2.875% due 05/11/31 ~ | 210000 | 164366 |
|  Southern Copper Corp (Mexico)<br>6.750% due 04/16/40 | 80000 | 89491 |
|  Suzano Austria GmbH (Brazil)<br>3.750% due 01/15/31 | 240000 | 201884 |
|  Vale Overseas Ltd (Brazil)<br>6.875% due 11/21/36 | 48000 | 50755 |
|  Yamana Gold Inc (Canada)<br>4.625% due 12/15/27 | 90000 | 84421 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2214776 |
|  **Communications - 2.0%** |  |  |
|  Alphabet Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100% due 08/15/30 | 30000 | 23547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% due 08/15/40 | 30000 | 20025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050% due 08/15/50 | 20000 | 11779 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Amazon.com Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 06/03/30 | $30000 | $24175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% due 05/12/31 | 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 06/03/50 | 80000 | 50783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 04/13/27 | 30000 | 28517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 04/13/29 | 50000 | 46812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 04/13/32 | 50000 | 45904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 08/22/37 | 50000 | 44496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 04/13/52 | 75000 | 62492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 08/22/57 | 10000 | 8649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 12/05/44 | 40000 | 39606 |
|  AT&T Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 02/01/32 | 110000 | 86506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% due 06/01/27 | 10000 | 8909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% due 12/01/33 | 10000 | 7714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 02/01/52 | 30000 | 20087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 06/01/41 | 110000 | 82460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 09/15/53 | 20000 | 13589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 09/15/55 | 220000 | 147783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 09/15/59 | 30000 | 20218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 02/15/27 | 30000 | 28675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 12/01/57 | 10000 | 6946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 03/01/29 | 130000 | 123900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 06/15/45 | 32000 | 25880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% due 09/01/40 | 40000 | 38300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% due 08/15/41 | 30000 | 28883 |
|  CCO Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 01/15/34 ~ | 130000 | 96200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 08/15/30 ~ | 10000 | 8284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 05/01/32 | 280000 | 223419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 02/01/32 ~ | 40000 | 32510 |
|  Charter Communications Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 01/15/29 | 300000 | 242014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 06/01/41 | 40000 | 26195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 03/01/42 | 20000 | 12881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 04/01/51 | 225000 | 137624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 04/01/33 | 340000 | 291888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.908% due 07/23/25 | 120000 | 117728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 07/01/49 | 40000 | 30406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 05/01/47 | 10000 | 7884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 04/01/48 | 10000 | 8228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.384% due 10/23/35 | 20000 | 19566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.834% due 10/23/55 | 30000 | 27828 |
|  Comcast Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 01/15/51 | 282000 | 179214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.937% due 11/01/56 | 27000 | 16821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 03/01/26 | 30000 | 28591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 11/01/39 | 185000 | 144857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 04/01/27 | 20000 | 18878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 08/15/25 | 20000 | 19311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 04/01/30 | 30000 | 27427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 02/01/50 | 40000 | 29199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.969% due 11/01/47 | 70000 | 56261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.999% due 11/01/49 | 41000 | 32555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 08/15/47 | 20000 | 16068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 03/01/48 | 10000 | 8067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 10/15/28 | 90000 | 86488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 10/15/30 | 130000 | 124704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 10/15/58 | 10000 | 9110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% due 06/15/35 | 20000 | 21033 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**58** 

------

**PACIFIC FUNDS** 

**PF MANAGED BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  CommScope Inc<br>6.000% due 03/01/26 ~ | $20000 | $18499 |
|  Corning Inc<br>5.750% due 08/15/40 | 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19952 |
|  Cox Communications Inc<br>2.950% due 10/01/50 ~ | 60000 | 36230 |
|  CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 11/15/31 ~ | 200000 | 139138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 02/01/29 ~ | 300000 | 245884 |
|  Discovery Communications LLC<br>3.625% due 05/15/30 | 100000 | 82623 |
|  DISH DBS Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 12/01/26 ~ | 40000 | 33768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 11/15/24 | 40000 | 37252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 07/01/26 | 10000 | 8084 |
|  eBay Inc<br>5.900% due 11/22/25 | 200000 | 204443 |
|  Expedia Group Inc<br>3.800% due 02/15/28 | 800000 | 735794 |
|  Fox Corp<br>5.476% due 01/25/39 | 40000 | 36554 |
|  Paramount Global<br>4.000% due 01/15/26 | 50000 | 48000 |
|  Prosus NV (China)<br>3.832% due 02/08/51 ~ | 260000 | 157987 |
|  Telefonica Emisiones SA (Spain)<br>5.213% due 03/08/47 | 150000 | 121074 |
|  Tencent Holdings Ltd (China)<br>3.840% due 04/22/51 ~ | 330000 | 234426 |
|  Time Warner Cable Enterprises LLC<br>8.375% due 07/15/33 | 20000 | 22283 |
|  Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 11/15/40 | 30000 | 26251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550% due 05/01/37 | 90000 | 86010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 06/15/39 | 20000 | 19016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.300% due 07/01/38 | 100000 | 99578 |
|  T-Mobile USA Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 02/15/26 | 10000 | 9115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 02/15/29 | 50000 | 42394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 02/15/31 | 160000 | 132428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 04/15/29 | 30000 | 26481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/15/25 | 130000 | 125134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/15/31 | 50000 | 43286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 04/15/27 | 10000 | 9434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 04/15/30 | 290000 | 263367 |
|  United Group BV (Netherlands)<br>4.875% due 07/01/24 ~ | EUR 600,000 | 600166 |
|  Verizon Communications Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% due 03/22/28 | $10000 | 8696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.355% due 03/15/32 | 15000 | 11930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% due 03/21/31 | 60000 | 49490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 08/15/26 | 20000 | 18483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 11/20/40 | 106000 | 71939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 11/20/50 | 30000 | 18938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 03/22/30 | 50000 | 44208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 11/01/42 | 20000 | 15939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 03/22/50 | 30000 | 23618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 08/15/46 | 30000 | 23972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.329% due 09/21/28 | 5000 | 4817 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 11/01/34 | $90000 | $82953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 08/10/33 | 550000 | 516403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.862% due 08/21/46 | 20000 | 18028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 03/16/47 | 30000 | 29160 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7783867 |
|  **Consumer, Cyclical - 2.2%** |  |  |
|  7-Eleven Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.950% due 02/10/26 ~ | 60000 | 52613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 02/10/41 ~ | 49000 | 32514 |
|  Alimentation Couche-Tard Inc (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.439% due 05/13/41 ~ | 85000 | 60880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 05/13/51 ~ | 90000 | 60617 |
|  American Airlines Pass-Through Trust 'A' |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 01/11/36 | 200000 | 161542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 12/15/29 | 129510 | 101337 |
|  American Airlines Pass-Through Trust 'AA'<br>3.200% due 12/15/29 | 251106 | 218322 |
|  American Airlines Pass-Through Trust 'B'<br>3.950% due 01/11/32 | 221000 | 175957 |
|  AutoZone Inc<br>3.625% due 04/15/25 | 100000 | 96846 |
|  British Airways Pass-Through Trust 'AA' (United Kingdom)<br>3.800% due 03/20/33 ~ | 359697 | 324883 |
|  Costco Wholesale Corp<br>1.600% due 04/20/30 | 40000 | 32863 |
|  Delta Air Lines Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 10/20/25 ~ | 70000 | 68329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 10/20/28 ~ | 130000 | 122396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 05/01/25 ~ | 170000 | 173884 |
|  Delta Air Lines Pass-Through Trust 'A'<br>2.500% due 12/10/29 | 187333 | 159344 |
|  Delta Air Lines Pass-Through Trust 'B'<br>4.250% due 01/30/25 | 87740 | 86037 |
|  Ford Motor Co<br>6.100% due 08/19/32 | 40000 | 37011 |
|  Ford Motor Credit Co LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.355% due 02/07/25 | EUR 300,000 | 299392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 09/15/25 | 300000 | 305865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 11/13/25 | $300000 | 271735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 11/13/30 | 200000 | 164561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 08/17/27 | 200000 | 179459 |
|  General Motors Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 04/01/38 | 20000 | 17326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 04/01/49 | 20000 | 17520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 10/02/43 | 20000 | 18577 |
|  General Motors Financial Co Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% due 10/15/24 | 45000 | 41689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 06/10/31 | 65000 | 49952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 06/20/25 | 110000 | 103071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 04/07/25 | 35000 | 33815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 05/15/23 | 30000 | 29880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 01/17/27 | 60000 | 57098 |
|  Hasbro Inc<br>3.900% due 11/19/29 | 50000 | 44543 |
|  Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300% due 01/08/26 ~ | 40000 | 35025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 02/10/25 ~ | 150000 | 141187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 04/07/25 ~ | 300000 | 301427 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**59** 

------

**PACIFIC FUNDS** 

**PF MANAGED BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  JetBlue Pass-Through Trust 'A'<br>4.000% due 05/15/34 | $260738 | $232520 |
|  JetBlue Pass-Through Trust 'B'<br>7.750% due 05/15/30 | 102872 | 99723 |
|  Las Vegas Sands Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 06/25/25 | 240000 | 220768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 08/08/24 | 390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368858 |
|  Lear Corp<br>2.600% due 01/15/32 | 25000 | 18870 |
|  Lennar Corp<br>4.500% due 04/30/24 | 35000 | 34550 |
|  Lowe's Cos Inc<br>4.500% due 04/15/30 | 20000 | 19216 |
|  McDonald's Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 03/01/27 | 20000 | 19072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 07/01/27 | 10000 | 9502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 07/01/30 | 60000 | 55177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 09/01/49 | 10000 | 7571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 01/30/26 | 40000 | 38936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 04/01/28 | 30000 | 28762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 04/01/50 | 40000 | 33489 |
|  MDC Holdings Inc<br>2.500% due 01/15/31 | 40000 | 28931 |
|  Mileage Plus Holdings LLC<br>6.500% due 06/20/27 ~ | 45003 | 44841 |
|  New Red Finance Inc (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 02/15/29 ~ | 30000 | 25772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 01/15/28 ~ | 20000 | 17935 |
|  NIKE Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 03/27/27 | 60000 | 56131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 03/27/40 | 20000 | 16332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 03/27/50 | 50000 | 39383 |
|  Nissan Motor Acceptance Co LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 03/09/26 ~ | 300000 | 258315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 03/09/28 ~ | 300000 | 243461 |
|  Nissan Motor Co Ltd (Japan)<br>3.522% due 09/17/25 ~ | 320000 | 297561 |
|  Nordstrom Inc<br>4.250% due 08/01/31 | 94000 | 67358 |
|  O'Reilly Automotive Inc<br>3.900% due 06/01/29 | 100000 | 93315 |
|  Sands China Ltd (Macao) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 03/08/27 | 250000 | 214448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 03/08/29 | 200000 | 163662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 08/08/25 | 310000 | 296792 |
|  Spirit Loyalty Cayman Ltd<br>8.000% due 09/20/25 ~ | 270000 | 271342 |
|  Starbucks Corp<br>3.350% due 03/12/50 | 40000 | 28399 |
|  Target Corp<br>2.250% due 04/15/25 | 30000 | 28486 |
|  The Home Depot Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 04/15/40 | 40000 | 32014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 04/15/50 | 70000 | 51726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 06/15/47 | 10000 | 8272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 09/15/52 | 53000 | 51195 |
|  Toyota Motor Credit Corp<br>5.050% (SOFR + 0.750%)<br>due 12/11/23 § | 200000 | 200332 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Tractor Supply Co<br>1.750% due 11/01/30 | $100000 | $77044 |
|  United Airlines Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 04/15/26 ~ | 10000 | 9286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 04/15/29 ~ | 80000 | 69796 |
|  United Airlines Pass-Through Trust 'A' |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 04/07/30 | 77247 | 62567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 09/01/31 | 206324 | 172455 |
|  United Airlines Pass-Through Trust 'B' |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 04/07/27 | 208692 | 184260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 07/07/27 | 147500 | 133660 |
|  VOC Escrow Ltd<br>5.000% due 02/15/28 ~ | 90000 | 77551 |
|  Walmart Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 09/22/28 | 40000 | 34355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800% due 09/22/31 | 30000 | 24495 |
|  Warnermedia Holdings Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.755% due 03/15/27 ~ | 20000 | 18039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.054% due 03/15/29 ~ | 30000 | 26011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279% due 03/15/32 ~ | 140000 | 115677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% due 03/15/42 ~ | 20000 | 15373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.141% due 03/15/52 ~ | 80000 | 58466 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8879549 |
|  **Consumer, Non-Cyclical - 2.5%** |  |  |
|  Abbott Laboratories |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 11/30/36 | 30000 | 29820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 11/30/46 | 40000 | 39224 |
|  AbbVie Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 11/21/26 | 180000 | 167649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 11/21/29 | 270000 | 244013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 05/14/25 | 50000 | 48502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 11/14/23 | 10000 | 9903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 03/15/25 | 240000 | 234109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 11/21/39 | 100000 | 86013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 11/21/49 | 215000 | 179531 |
|  Aetna Inc<br>2.800% due 06/15/23 | 40000 | 39586 |
|  Altria Group Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 02/04/32 | 180000 | 136234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 02/04/41 | 80000 | 53327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 09/16/46 | 20000 | 13447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 02/14/26 | 121000 | 118595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 02/14/29 | 6000 | 5770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% due 02/14/39 | 40000 | 37039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 02/14/49 | 90000 | 80447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% due 02/14/59 | 12000 | 11286 |
|  Amgen Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.770% due 09/01/53 | 43000 | 26066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.663% due 06/15/51 | 11000 | 9522 |
|  Anheuser-Busch Cos LLC (Belgium) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 02/01/26 | 100000 | 96356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 02/01/46 | 70000 | 63988 |
|  Anheuser-Busch InBev Worldwide Inc (Belgium) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 06/01/40 | 40000 | 35322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 01/23/29 | 20000 | 19785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% due 01/23/49 | 30000 | 29827 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**60** 

------

**PACIFIC FUNDS** 

**PF MANAGED BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  AstraZeneca PLC (United Kingdom)<br>6.450% due 09/15/37 | $35000 | $39616 |
|  Baptist Healthcare System Obligated Group<br>3.540% due 08/15/50 | 395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285354 |
|  BAT Capital Corp (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.259% due 03/25/28 | 200000 | 166316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.557% due 08/15/27 | 120000 | 109818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390% due 08/15/37 | 40000 | 31230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540% due 08/15/47 | 40000 | 28413 |
|  Bausch Health Cos Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 02/15/29 ~ | 50000 | 24029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 01/30/30 ~ | 250000 | 120324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 02/15/29 ~ | 110000 | 53137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% due 05/30/29 ~ | 50000 | 24221 |
|  Becton Dickinson and Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.363% due 06/06/24 | 30000 | 29333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.734% due 12/15/24 | 14000 | 13663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.685% due 12/15/44 | 29000 | 26062 |
|  Biogen Inc<br>2.250% due 05/01/30 | 34000 | 27775 |
|  Bon Secours Mercy Health Inc<br>3.205% due 06/01/50 | 125000 | 83882 |
|  Boston Scientific Corp<br>4.550% due 03/01/39 | 30000 | 27050 |
|  Bristol-Myers Squibb Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350% due 11/13/40 | 25000 | 17286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 02/20/48 | 90000 | 81408 |
|  Bunge Ltd Finance Corp<br>2.750% due 05/14/31 | 95000 | 78204 |
|  Cargill Inc<br>1.375% due 07/23/23 ~ | 40000 | 39194 |
|  Cigna Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 07/15/23 | 46000 | 45706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 11/15/25 | 40000 | 39125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 10/15/28 | 180000 | 173963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 12/15/48 | 70000 | 63440 |
|  CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.782% due 10/01/30 | 185000 | 153022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.073% due 11/01/27 | 200000 | 204850 |
|  Constellation Brands Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 05/09/24 | 30000 | 29424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 05/09/27 | 30000 | 29262 |
|  CVS Health Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 02/28/31 | 30000 | 23604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 09/15/31 | 70000 | 55679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 04/01/27 | 10000 | 9505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 04/01/30 | 140000 | 127262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 04/01/40 | 70000 | 58527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 04/01/50 | 20000 | 16016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 03/25/28 | 36000 | 34888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 07/20/35 | 105000 | 100099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% due 03/25/48 | 70000 | 63184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 07/20/45 | 40000 | 36652 |
|  DH Europe Finance II Sarl<br>3.250% due 11/15/39 | 60000 | 48076 |
|  DP World PLC (United Arab Emirates)<br>5.625% due 09/25/48 ~ | 200000 | 188305 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Elevance Health Inc<br>2.250% due 05/15/30 | $105000 | $87100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 12/01/24 | 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 12/01/27 | 30000 | 28339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% due 05/15/32 | 10000 | 9331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 05/15/52 | 20000 | 17484 |
|  Gilead Sciences Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% due 10/01/40 | 90000 | 63138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 03/01/26 | 60000 | 57915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 03/01/46 | 30000 | 27150 |
|  Global Payments Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 08/15/29 | 122000 | 103957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% due 08/15/32 | 300000 | 286583 |
|  HCA Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 09/01/30 | 40000 | 34593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 02/15/27 | 40000 | 38611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 06/15/26 | 440000 | 435254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 02/01/25 | 20000 | 19992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 02/01/29 | 30000 | 29969 |
|  Humana Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 03/15/27 | 40000 | 38405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 12/01/42 | 20000 | 17551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 03/15/47 | 20000 | 17662 |
|  Illumina Inc<br>5.800% due 12/12/25 | 300000 | 302367 |
|  Johnson & Johnson |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.950% due 09/01/27 | 50000 | 43132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 03/03/37 | 30000 | 26772 |
|  Keurig Dr Pepper Inc<br>3.200% due 05/01/30 | 165000 | 144171 |
|  Kraft Heinz Foods Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 03/01/31 | 10000 | 9376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 06/01/46 | 55000 | 44946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 10/01/39 | 65000 | 57286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 06/04/42 | 10000 | 9090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 06/01/50 | 20000 | 19224 |
|  Mars Inc<br>3.200% due 04/01/30 ~ | 40000 | 35825 |
|  MedStar Health Inc<br>3.626% due 08/15/49 | 90000 | 65143 |
|  Merck & Co Inc<br>1.450% due 06/24/30 | 70000 | 56010 |
|  Mondelez International Inc<br>1.500% due 05/04/25 | 60000 | 55575 |
|  MyMichigan Health<br>3.409% due 06/01/50 | 55000 | 38056 |
|  PayPal Holdings Inc<br>1.650% due 06/01/25 | 40000 | 37170 |
|  PeaceHealth Obligated Group<br>3.218% due 11/15/50 | 115000 | 75140 |
|  PepsiCo Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 03/19/25 | 10000 | 9527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 03/19/27 | 40000 | 37213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 10/15/49 | 20000 | 14389 |
|  Pfizer Inc<br>2.625% due 04/01/30 | 90000 | 79271 |
|  Philip Morris International Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 03/20/42 | 30000 | 25432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 11/17/27 | 300000 | 302722 |
|  Piedmont Healthcare Inc<br>2.864% due 01/01/52 | 55000 | 34546 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**61** 

------

**PACIFIC FUNDS** 

**PF MANAGED BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Quanta Services Inc<br>2.350% due 01/15/32 | $90000 | $68563 |
|  Regeneron Pharmaceuticals Inc<br>1.750% due 09/15/30 | 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464770 |
|  Reynolds American Inc (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% due 08/15/45 | 30000 | 25678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% due 09/15/43 | 30000 | 26882 |
|  S&P Global Inc<br>2.700% due 03/01/29 ~ | 82000 | 72345 |
|  Smithfield Foods Inc<br>3.000% due 10/15/30 ~ | 100000 | 76350 |
|  Takeda Pharmaceutical Co Ltd (Japan)<br>2.050% due 03/31/30 | 225000 | 184158 |
|  Teva Pharmaceutical Finance Co LLC (Israel)<br>6.150% due 02/01/36 | 220000 | 193995 |
|  Teva Pharmaceutical Finance Netherlands III BV (Israel) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 10/01/26 | 300000 | 262959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% due 10/01/46 | 10000 | 6136 |
|  The Coca-Cola Co<br>2.500% due 03/15/51 | 20000 | 13036 |
|  The Procter & Gamble Co<br>2.800% due 03/25/27 | 10000 | 9380 |
|  Thermo Fisher Scientific Inc<br>2.000% due 10/15/31 | 85000 | 69064 |
|  Triton Container International Ltd (Bermuda)<br>2.050% due 04/15/26 ~ | 150000 | 130432 |
|  Tyson Foods Inc<br>3.550% due 06/02/27 | 75000 | 70415 |
|  UnitedHealth Group Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 05/15/30 | 30000 | 24821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% due 05/15/31 | 20000 | 16719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 05/15/51 | 230000 | 165703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 07/15/25 | 80000 | 78283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 08/15/59 | 50000 | 39398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 05/15/32 | 30000 | 28569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 12/15/48 | 10000 | 8932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 02/15/53 | 40000 | 43454 |
|  Universal Health Services Inc<br>2.650% due 10/15/30 ~ | 4000 | 3193 |
|  University of Miami<br>4.063% due 04/01/52 | 20000 | 16402 |
|  Utah Acquisition Sub Inc<br>3.950% due 06/15/26 | 105000 | 98290 |
|  Viatris Inc<br>3.850% due 06/22/40 | 60000 | 40420 |
|  West Virginia United Health System Obligated Group<br>3.129% due 06/01/50 | 55000 | 35490 |
|  |  | 9770319 |
|  **Energy - 2.2%** |  |  |
|  Adani Green Energy UP Ltd (India)<br>6.250% due 12/10/24 ~ | 300000 | 293100 |
|  Apache Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 04/15/43 | 40000 | 30251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% due 09/01/40 | 70000 | 58168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 02/01/42 | 10000 | 8234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% due 07/01/49 | 70000 | 56677 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Baker Hughes Holdings LLC<br>5.125% due 09/15/40 | $50000 | $46319 |
|  Boardwalk Pipelines LP<br>4.450% due 07/15/27 | 85000 | 80977 |
|  BP Capital Markets America Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.772% due 11/10/50 | 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.939% due 06/04/51 | 55000 | 36465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 02/24/50 | 70000 | 47005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.633% due 04/06/30 | 130000 | 119618 |
|  Cameron LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.902% due 07/15/31 ~ | 10000 | 8461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.302% due 01/15/35 ~ | 90000 | 72775 |
|  Chevron USA Inc<br>3.850% due 01/15/28 | 30000 | 29007 |
|  ConocoPhillips<br>6.500% due 02/01/39 | 10000 | 11254 |
|  Continental Resources Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.268% due 11/15/26 ~ | 30000 | 26033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 06/01/24 | 40000 | 38962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 01/15/28 | 60000 | 55073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 04/15/23 | 50000 | 49994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 06/01/44 | 20000 | 14862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 01/15/31 ~ | 320000 | 298504 |
|  Coterra Energy Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 05/15/27 | 165000 | 154317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 03/15/29 | 100000 | 94702 |
|  DCP Midstream Operating LP<br>6.450% due 11/03/36 ~ | 20000 | 19746 |
|  Devon Energy Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 01/15/30 | 8000 | 7466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 05/15/42 | 20000 | 17014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 06/15/45 | 150000 | 130199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 10/15/27 | 6000 | 5948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 06/15/28 | 136000 | 137677 |
|  Diamondback Energy Inc<br>3.500% due 12/01/29 | 80000 | 70361 |
|  DT Midstream Inc<br>4.300% due 04/15/32 ~ | 70000 | 61602 |
|  Ecopetrol SA (Colombia)<br>5.875% due 05/28/45 | 220000 | 153655 |
|  Energy Transfer Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 05/15/25 | 10000 | 9426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 05/15/24 | 230000 | 224137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 07/15/26 | 305000 | 288558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 06/15/28 | 30000 | 29067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 04/15/29 | 140000 | 135672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 02/15/23 | 20000 | 17025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 04/15/49 | 100000 | 93469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 05/15/25 | 20000 | 17375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% due 05/15/30 | 10000 | 8375 |
|  Eni SPA (Italy)<br>4.000% due 09/12/23 ~ | 200000 | 197258 |
|  Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 01/31/60 | 30000 | 21800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 10/16/28 | 70000 | 66423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 01/31/50 | 60000 | 47464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 02/01/49 | 10000 | 8570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% due 03/15/44 | 10000 | 8863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.550% due 04/15/38 | 80000 | 89696 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**62** 

------

**PACIFIC FUNDS** 

**PF MANAGED BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  EOG Resources Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 04/01/35 | $30000 | $26867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 04/15/30 | 30000 | 29074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 04/15/50 | 30000 | 28717 |
|  EQT Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 05/15/31 ~ | 50000 | 42444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 10/01/27 | 40000 | 37015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 01/15/29 | 40000 | 37687 |
|  Exxon Mobil Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.995% due 08/16/39 | 180000 | 138281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.043% due 03/01/26 | 90000 | 85945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.482% due 03/19/30 | 100000 | 93504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.114% due 03/01/46 | 30000 | 25672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.327% due 03/19/50 | 30000 | 26438 |
|  Flex Intermediate Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.363% due 06/30/31 ~ | 45000 | 35229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.317% due 12/30/39 ~ | 35000 | 25265 |
|  Gray Oak Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% due 10/15/25 ~ | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 10/15/27 ~ | 125000 | 110778 |
|  HF Sinclair Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 10/01/23 | 35000 | 34283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 04/01/26 | 63000 | 63130 |
|  KazMunayGas National Co JSC (Kazakhstan)<br>5.375% due 04/24/30 ~ | 200000 | 179764 |
|  Kinder Morgan Energy Partners LP<br>5.500% due 03/01/44 | 10000 | 9088 |
|  Kinder Morgan Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 06/01/25 | 30000 | 29448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 03/01/28 | 30000 | 28793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% due 02/15/46 | 30000 | 25578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 03/01/48 | 30000 | 26040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% due 06/01/45 | 30000 | 27495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 11/15/23 ~ | 200000 | 200165 |
|  Midwest Connector Capital Co LLC<br>3.900% due 04/01/24 ~ | 500000 | 484362 |
|  MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 04/15/38 | 195000 | 164982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 04/15/48 | 40000 | 31741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 02/15/29 | 80000 | 76722 |
|  NGPL PipeCo LLC<br>3.250% due 07/15/31 ~ | 50000 | 40801 |
|  Occidental Petroleum Corp<br>5.550% due 03/15/26 | 90000 | 89809 |
|  Petrobras Global Finance BV (Brazil) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.299% due 01/27/25 | 315000 | 313526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 06/10/51 | 70000 | 53765 |
|  Petroleos Mexicanos (Mexico)<br>6.875% due 08/04/26 | 80000 | 75736 |
|  Phillips 66 Co<br>3.550% due 10/01/26 ~ | 100000 | 93938 |
|  Pioneer Natural Resources Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% due 01/15/26 | 20000 | 17848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% due 08/15/30 | 135000 | 106024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150% due 01/15/31 | 30000 | 23783 |
|  Range Resources Corp<br>4.875% due 05/15/25 | 10000 | 9515 |
|  Reliance Industries Ltd (India)<br>3.625% due 01/12/52 ~ | 310000 | 204013 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Sabine Pass Liquefaction LLC<br>5.625% due 03/01/25 | $200000 | $200432 |
|  Schlumberger Holdings Corp<br>3.900% due 05/17/28 ~ | 40000 | 37342 |
|  Shell International Finance BV (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 05/10/26 | 20000 | 18859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 11/07/49 | 50000 | 35375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 05/11/45 | 130000 | 114237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 08/12/43 | 30000 | 27233 |
|  Southwestern Energy Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 02/01/32 | 30000 | 25695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 03/15/30 | 170000 | 155370 |
|  Targa Resources Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 02/01/33 | 20000 | 17264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 07/01/27 | 121000 | 118792 |
|  Targa Resources Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 01/15/32 | 10000 | 8427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 02/01/31 | 60000 | 54258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 01/15/28 | 30000 | 28668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 03/01/30 | 20000 | 18848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 07/15/27 | 10000 | 10080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 01/15/29 | 10000 | 10097 |
|  Tennessee Gas Pipeline Co LLC<br>2.900% due 03/01/30 ~ | 30000 | 25194 |
|  The Williams Cos Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 06/15/27 | 60000 | 56570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 01/15/31 | 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131739 |
|  TransCanada PipeLines Ltd (Canada)<br>6.200% due 10/15/37 | 55000 | 56303 |
|  Transcontinental Gas Pipe Line Co LLC<br>7.850% due 02/01/26 | 30000 | 32052 |
|  Venture Global Calcasieu Pass LLC<br>3.875% due 11/01/33 ~ | 40000 | 32750 |
|  Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 02/01/25 | 30000 | 28436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 02/01/30 | 60000 | 52511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 03/01/28 | 30000 | 27688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% due 07/01/26 | 50000 | 47539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.041% (USD LIBOR + 1.100%)<br> due 01/13/23 § | 20000 | 19970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 03/01/48 | 57000 | 46968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 08/15/48 | 60000 | 49979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 02/01/50 | 30000 | 24767 |
|  |  | 8581317 |
|  **Financial - 9.6%** |  |  |
|  AerCap Ireland Capital DAC (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 10/29/26 | 150000 | 131361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 02/15/24 | 150000 | 145070 |
|  AIB Group PLC (Ireland)<br>4.263% due 04/10/25 ~ | 200000 | 193060 |
|  Air Lease Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 09/15/23 | 555000 | 545741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 07/01/25 | 60000 | 56805 |
|  Alexandria Real Estate Equities Inc REIT<br>1.875% due 02/01/33 | 100000 | 74629 |
|  American Express Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 05/03/24 | 40000 | 39206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 05/03/29 | 80000 | 76355 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**63** 

------

**PACIFIC FUNDS** 

**PF MANAGED BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  American Homes 4 Rent LP REIT<br>4.250% due 02/15/28 | $200000 | $185280 |
|  American International Group Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 06/30/25 | 60000 | 56540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 06/30/50 | 140000 | 119155 |
|  American Tower Corp REIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 01/31/28 | 135000 | 111922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 01/15/51 | 41000 | 25555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 06/15/50 | 64000 | 40535 |
|  Athene Global Funding<br>2.500% due 01/14/25 ~ | 215000 | 201527 |
|  Australia & New Zealand Banking Group Ltd (Australia)<br>4.400% due 05/19/26 ~ | 205000 | 197072 |
|  Avolon Holdings Funding Ltd (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 02/21/26 ~ | 45000 | 38778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.528% due 11/18/27 ~ | 523000 | 418802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 04/15/26 ~ | 365000 | 331303 |
|  Banco Santander SA (Spain)<br>3.848% due 04/12/23 | 200000 | 198954 |
|  Bank of America Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572% due 10/20/32 | 275000 | 216063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.592% due 04/29/31 | 130000 | 106162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.676% due 06/19/41 | 420000 | 284046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.972% due 02/04/33 | 100000 | 80820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419% due 12/20/28 | 83000 | 75299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/19/26 | 50000 | 47778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.593% due 07/21/28 | 100000 | 92217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.705% due 04/24/28 | 370000 | 342953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.841% due 04/25/25 | 60000 | 58610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.974% due 02/07/30 | 160000 | 145638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 08/26/24 | 90000 | 88666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 10/22/26 | 380000 | 367591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.330% due 03/15/50 | 20000 | 16503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.376% due 04/27/28 | 335000 | 320886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 03/03/26 | 90000 | 88295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.571% due 04/27/33 | 190000 | 174331 |
|  Bank of Ireland Group PLC (Ireland)<br>6.253% due 09/16/26 ~ | 300000 | 297797 |
|  Bank of Montreal (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850% due 05/01/25 | 70000 | 65448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.803% due 12/15/32 | 40000 | 35285 |
|  Barclays PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.972% due 05/16/29 | 200000 | 188188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.304% due 08/09/26 | 200000 | 198704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% due 03/15/23 ~ | GBP 200,000 | 239609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.325% due 11/02/26 | $200000 | 207379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.385% due 11/02/28 | 200000 | 208817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 09/15/23 | 300000 | 293640 |
|  Berkshire Hathaway Finance Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 03/15/52 | 150000 | 120355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 01/15/49 | 80000 | 71664 |
|  BNP Paribas SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.904% due 09/30/28 ~ | 900000 | 750796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.159% due 09/15/29 ~ | 200000 | 163398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.219% due 06/09/26 ~ | 200000 | 183805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 03/01/33 ~ | 250000 | 221338 |
|  BPCE SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.652% due 10/06/26 ~ | 295000 | 262450 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Brixmor Operating Partnership LP REIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 04/01/28 | $70000 | $57893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 08/16/31 | 25000 | 19180 |
|  Brookfield Finance Inc (Canada)<br>3.500% due 03/30/51 | 115000 | 73451 |
|  Brown & Brown Inc<br>2.375% due 03/15/31 | 220000 | 167884 |
|  Capital One Financial Corp<br>3.800% due 01/31/28 | 170000 | 159195 |
|  Carlyle Finance LLC<br>5.650% due 09/15/48 ~ | 150000 | 134165 |
|  Citigroup Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.057% due 01/25/33 | 340000 | 275258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.785% due 03/17/33 | 80000 | 68638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.075% due 04/23/29 | 260000 | 239709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 06/10/25 | 80000 | 78595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.412% due 03/31/31 | 75000 | 69047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.658% due 05/24/28 | 40000 | 38774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.910% due 05/24/33 | 110000 | 103324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 09/13/25 | 280000 | 282005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 04/30/23 | 90000 | 89347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 05/15/25 | 50000 | 45097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.675% due 09/13/43 | 50000 | 53694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% due 07/15/39 | 90000 | 111062 |
|  Cooperatieve Rabobank UA (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 08/04/25 | 260000 | 254029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.655% due 08/22/28 ~ | 300000 | 288427 |
|  Corebridge Financial Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 04/05/27 ~ | 135000 | 126049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 04/05/29 ~ | 25000 | 22822 |
|  Credit Agricole SA (France)<br>1.247% due 01/26/27 ~ | 250000 | 218903 |
|  Credit Suisse AG (Switzerland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 02/21/25 | 250000 | 230715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 08/09/24 | 300000 | 286632 |
|  Credit Suisse Group AG (Switzerland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.193% due 06/05/26 ~ | 250000 | 213725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.869% due 01/12/29 ~ | 300000 | 240903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.194% due 04/01/31 ~ | 420000 | 326851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.282% due 01/09/28 ~ | 250000 | 207588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.537% due 08/12/33 ~ | 400000 | 351958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750% due 06/23/27 ~ | 230000 | 200920 |
|  Crown Castle Inc REIT<br>3.100% due 11/15/29 | 100000 | 87384 |
|  Danske Bank AS (Denmark) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.298% due 04/01/28 ~ | 300000 | 276293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 01/12/24 ~ | 400000 | 396849 |
|  Deutsche Bank AG (Germany)<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 12/16/24 ~ | GBP 200,000 | 224833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.961% due 11/26/25 | $300000 | 286883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.966% (USD LIBOR + 1.230%)<br> due 02/27/23 § | 300000 | 300085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.119% due 07/14/26 | 300000 | 298280 |
|  Empower Finance LP (Canada)<br>3.075% due 09/17/51 ~ | 115000 | 72101 |
|  Equinix Inc REIT<br>2.000% due 05/15/28 | 109000 | 92214 |
|  F&G Global Funding<br>1.750% due 06/30/26 ~ | 45000 | 40122 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**64** 

------

**PACIFIC FUNDS** 

**PF MANAGED BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  Federation des Caisses Desjardins du Quebec (Canada)<br>4.400% due 08/23/25 ~ |  | $400000 | $390638 |
|  Fifth Third Bancorp<br>6.361% due 10/27/28 |  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206133 |
|  G City Europe Ltd (Poland)<br>4.250% due 09/11/25 ~ | EUR | 800000 | 719258 |
|  Goodman US Finance Three LLC REIT (Australia)<br>3.700% due 03/15/28 ~ |  | $200000 | 180821 |
|  Healthcare Realty Holdings LP REIT<br>2.000% due 03/15/31 |  | 200000 | 151867 |
|  Healthpeak Properties Inc REIT<br>2.125% due 12/01/28 |  | 79000 | 66373 |
|  Host Hotels & Resorts LP REIT<br>4.000% due 06/15/25 |  | 200000 | 192365 |
|  HSBC Holdings PLC (United Kingdom) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.871% due 11/22/32 |  | 200000 | 153327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.041% due 03/13/28 |  | 230000 | 212287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.210% due 08/11/28 |  | 200000 | 193275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.336% due 11/03/26 |  | 200000 | 208235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.390% due 11/03/28 |  | 200000 | 210546 |
|  Hudson Pacific Properties LP REIT<br>4.650% due 04/01/29 |  | 800000 | 684972 |
|  ING Groep NV (Netherlands)<br>4.625% due 01/06/26 ~ |  | 700000 | 684374 |
|  Intercontinental Exchange Inc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 03/15/33 |  | 90000 | 86551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 06/15/52 |  | 30000 | 27901 |
|  Intesa Sanpaolo SPA (Italy) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 01/12/23 ~ |  | 220000 | 219894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.017% due 06/26/24 ~ |  | 370000 | 355891 |
|  JPMorgan Chase & Co |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.083% due 04/22/26 |  | 390000 | 362368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.522% due 04/22/31 |  | 100000 | 82050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.109% due 04/22/51 |  | 30000 | 19786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.509% due 01/23/29 |  | 20000 | 18185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.203% due 07/23/29 |  | 170000 | 158728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.452% due 12/05/29 |  | 70000 | 65895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.586% due 04/26/33 |  | 110000 | 102149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 06/01/45 |  | 30000 | 26948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.546% due 12/15/25 |  | 500000 | 500390 |
|  Jyske Realkredit AS (Denmark)<br>1.500% due 10/01/53 |  | DKK 878,138 | 97651 |
|  KKR Group Finance Co II LLC<br>5.500% due 02/01/43 ~ |  | $30000 | 27722 |
|  Life Storage LP REIT<br>2.400% due 10/15/31 |  | 75000 | 57881 |
|  Lloyds Banking Group PLC (United Kingdom) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 03/22/28 |  | 500000 | 475455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.518% (AUD Bank Bill + 1.400%)<br> due 03/07/25 § |  | AUD 800,000 | 538120 |
|  Macquarie Group Ltd (Australia)<br>1.340% due 01/12/27 ~ |  | $185000 | 161432 |
|  MassMutual Global Funding II<br>5.050% due 12/07/27 ~ |  | 300000 | 302000 |
|  Mastercard Inc<br>3.850% due 03/26/50 |  | 60000 | 50395 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  MetLife Inc<br>4.125% due 08/13/42 | $110000 | $93631 |
|  Mitsubishi UFJ Financial Group Inc (Japan)<br>1.538% due 07/20/27 | 230000 | 199676 |
|  Mizuho Financial Group Inc (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.261% due 05/22/30 | 300000 | 260148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.414% due 09/13/28 | 240000 | 240455 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.188% due 04/28/26 | 160000 | 148820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.475% due 01/21/28 | 810000 | 720859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.699% due 01/22/31 | 80000 | 66280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.622% due 04/01/31 | 120000 | 105031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.737% due 04/24/24 | 70000 | 69630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.772% due 01/24/29 | 10000 | 9175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.431% due 01/23/30 | 10000 | 9327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.457% due 04/22/39 | 150000 | 132269 |
|  MPT Operating Partnership LP REIT<br>2.550% due 12/05/23 | GBP 700,000 | 805644 |
|  National Retail Properties Inc REIT<br>3.500% due 10/15/27 | $200000 | 181719 |
|  NatWest Group PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.445% due 05/08/30 | 200000 | 181510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.892% due 05/18/29 | 200000 | 189599 |
|  New York Life Global Funding<br>0.950% due 06/24/25 ~ | 40000 | 36256 |
|  New York Life Insurance Co<br>3.750% due 05/15/50 ~ | 150000 | 115438 |
|  Northwestern Mutual Global Funding<br>1.700% due 06/01/28 ~ | 50000 | 42342 |
|  Nykredit Realkredit AS (Denmark)<br>1.500% due 10/01/53 ~ | DKK 1,194,510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125531 |
|  Office Properties Income Trust REIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% due 02/01/27 | $90000 | 65856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 02/01/25 | 50000 | 45344 |
|  Omega Healthcare Investors Inc REIT<br>3.375% due 02/01/31 | 800000 | 618400 |
|  Physicians Realty LP REIT<br>2.625% due 11/01/31 | 30000 | 23490 |
|  Principal Life Global Funding II<br>1.250% due 06/23/25 ~ | 20000 | 18208 |
|  Public Storage REIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950% due 11/09/28 | 38000 | 32488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 11/09/31 | 32000 | 25745 |
|  Royal Bank of Canada (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150% due 06/10/25 | 60000 | 54974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600% due 04/17/23 | 30000 | 29744 |
|  Sabra Health Care LP REIT<br>3.200% due 12/01/31 | 50000 | 37318 |
|  Santander Holdings USA Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 06/02/25 | 700000 | 667656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 07/17/25 | 100000 | 97858 |
|  Scentre Group Trust 1 REIT (Australia)<br>3.625% due 01/28/26 ~ | 220000 | 207185 |
|  Societe Generale SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.792% due 06/09/27 ~ | 300000 | 258472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 04/14/25 ~ | 200000 | 192017 |
|  Spirit Realty LP REIT<br>3.400% due 01/15/30 | 800000 | 668147 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**65** 

------

**PACIFIC FUNDS** 

**PF MANAGED BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Standard Chartered PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.456% due 01/14/27 ~ | $500000 | $434150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.124% (SOFR + 0.930%)<br> due 11/23/25 ~ § | 300000 | 291587 |
|  Sumitomo Mitsui Financial Group Inc (Japan)<br>2.472% due 01/14/29 | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253250 |
|  Teachers Insurance & Annuity Association of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 05/15/50 ~ | 50000 | 34796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 09/15/44 ~ | 40000 | 36763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850% due 12/16/39 ~ | 18000 | 19907 |
|  The Bank of New York Mellon Corp<br>1.600% due 04/24/25 | 30000 | 27902 |
|  The Bank of Nova Scotia (Canada)<br>4.588% due 05/04/37 | 70000 | 59917 |
|  The Goldman Sachs Group Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.948% due 10/21/27 | 360000 | 315248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.383% due 07/21/32 | 330000 | 256847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.640% due 02/24/28 | 320000 | 285379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.615% due 03/15/28 | 30000 | 27988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 07/08/24 | 50000 | 48956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.017% due 10/31/38 | 120000 | 99097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.223% due 05/01/29 | 140000 | 130681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 10/21/25 | 350000 | 341952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 05/22/45 | 160000 | 144476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% due 11/01/24 | 300000 | 303788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 02/01/41 | 70000 | 73392 |
|  The Norinchukin Bank (Japan)<br>2.080% due 09/22/31 ~ | 300000 | 232070 |
|  The Toronto-Dominion Bank (Canada)<br>1.150% due 06/12/25 | 180000 | 164369 |
|  Truist Financial Corp<br>5.900% due 10/28/26 | 300000 | 307020 |
|  UBS Group AG (Switzerland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.494% due 08/10/27 ~ | 200000 | 172317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 01/31/24 ~ | 250000 | 246581 |
|  UDR Inc REIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% due 03/15/33 | 30000 | 21439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% due 08/01/32 | 200000 | 147497 |
|  Visa Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 12/14/25 | 50000 | 48259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 12/14/45 | 90000 | 82641 |
|  Wells Fargo & Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.188% due 04/30/26 | 80000 | 74522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.393% due 06/02/28 | 600000 | 530458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.879% due 10/30/30 | 70000 | 59608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 10/23/26 | 200000 | 185115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 03/02/33 | 30000 | 25352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.584% due 05/22/28 | 70000 | 65103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 06/14/46 | 30000 | 24232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.478% due 04/04/31 | 250000 | 234946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.611% due 04/25/53 | 70000 | 59638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 12/07/46 | 70000 | 58946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 11/17/45 | 30000 | 25965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.013% due 04/04/51 | 430000 | 380990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 11/02/43 | 50000 | 46719 |
|  Westpac Banking Corp (Australia)<br>3.133% due 11/18/41 | 53000 | 35146 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  WP Carey Inc REIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 04/01/33 | $55000 | $40892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% due 02/01/31 | 75000 | 59935 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;37597006 |
|  **Industrial - 1.1%** | **Industrial - 1.1%** |  |
|  3M Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 08/26/29 | 60000 | 51016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% due 04/15/30 | 10000 | 8803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 04/15/50 | 70000 | 53930 |
|  Ball Corp<br>3.125% due 09/15/31 | 50000 | 40221 |
|  Carrier Global Corp<br>3.577% due 04/05/50 | 10000 | 7176 |
|  CSX Corp<br>3.800% due 11/01/46 | 70000 | 55282 |
|  Eaton Corp<br>4.150% due 11/02/42 | 20000 | 17183 |
|  General Dynamics Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 05/15/25 | 10000 | 9751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 04/01/40 | 10000 | 9169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 04/01/50 | 20000 | 17854 |
|  Graphic Packaging International LLC<br>1.512% due 04/15/26 ~ | 95000 | 82983 |
|  Kansas City Southern<br>4.700% due 05/01/48 | 47000 | 40723 |
|  L3Harris Technologies Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800% due 01/15/31 | 80000 | 61581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.054% due 04/27/45 | 40000 | 36047 |
|  Lockheed Martin Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 06/15/32 | 50000 | 47268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 06/15/53 | 80000 | 68306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 05/15/36 | 30000 | 28746 |
|  Martin Marietta Materials Inc<br>3.450% due 06/01/27 | 40000 | 37191 |
|  Masco Corp<br>2.000% due 10/01/30 | 125000 | 97193 |
|  Norfolk Southern Corp<br>3.050% due 05/15/50 | 80000 | 53945 |
|  Northrop Grumman Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 01/15/28 | 185000 | 170941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 05/01/50 | 40000 | 39624 |
|  Otis Worldwide Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.056% due 04/05/25 | 30000 | 28094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.112% due 02/15/40 | 85000 | 62309 |
|  Penske Truck Leasing Co LP<br>5.875% due 11/15/27 ~ | 250000 | 252188 |
|  Raytheon Technologies Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 11/01/46 | 170000 | 131997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 11/16/28 | 70000 | 67141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 06/01/42 | 30000 | 27120 |
|  Republic Services Inc<br>2.500% due 08/15/24 | 50000 | 47945 |
|  TD SYNNEX Corp<br>2.650% due 08/09/31 | 400000 | 304089 |
|  Textron Inc<br>2.450% due 03/15/31 | 700000 | 562032 |
|  The Boeing Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 06/15/23 | 200000 | 196998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.196% due 02/04/26 | 315000 | 286546 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**66** 

------

**PACIFIC FUNDS** 

**PF MANAGED BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 05/01/26 | $465000 | $438116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 03/01/29 | 90000 | 79100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 02/01/35 | 120000 | 91620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 03/01/38 | 20000 | 14815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 02/01/50 | 140000 | 96706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 05/01/30 | 280000 | 273866 |
|  Union Pacific Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150% due 02/05/27 | 10000 | 9044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% due 02/05/30 | 80000 | 68620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 07/15/25 | 50000 | 48628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 02/05/70 | 40000 | 29381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.839% due 03/20/60 | 60000 | 46686 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4197974 |
|  **Technology - 1.0%** | **Technology - 1.0%** |  |
|  Activision Blizzard Inc<br>1.350% due 09/15/30 | 58000 | 45458 |
|  Analog Devices Inc<br>2.800% due 10/01/41 | 20000 | 14721 |
|  Apple Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 08/04/26 | 90000 | 83582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 02/09/45 | 140000 | 113207 |
|  Broadcom Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 02/15/31 ~ | 500000 | 394977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.137% due 11/15/35 ~ | 200000 | 147664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187% due 11/15/36 ~ | 26000 | 18757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.469% due 04/15/34 ~ | 300000 | 240210 |
|  CGI Inc (Canada)<br>2.300% due 09/14/31 | 90000 | 68592 |
|  Dell International LLC<br>6.200% due 07/15/30 | 60000 | 61145 |
|  Intel Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600% due 08/12/28 | 90000 | 76622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 03/25/50 | 30000 | 26193 |
|  KLA Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 03/01/50 | 50000 | 36449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% due 07/15/32 | 97000 | 95313 |
|  Leidos Inc<br>2.300% due 02/15/31 | 35000 | 26892 |
|  Marvell Technology Inc<br>2.950% due 04/15/31 | 30000 | 24201 |
|  Microchip Technology Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.972% due 02/15/24 | 32000 | 30402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.983% due 09/01/24 | 18000 | 16678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.670% due 09/01/23 | 22000 | 21596 |
|  Microsoft Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.525% due 06/01/50 | 50000 | 33144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.921% due 03/17/52 | 10000 | 7127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.041% due 03/17/62 | 25000 | 17413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 02/06/27 | 60000 | 57912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 08/08/36 | 10000 | 8886 |
|  NVIDIA Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% due 04/01/30 | 30000 | 26239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/01/40 | 70000 | 56977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/01/50 | 60000 | 45585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 04/01/60 | 40000 | 29714 |
|  NXP BV (China) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 05/11/31 | 85000 | 67913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 05/11/41 | 90000 | 63127 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Open Text Corp (Canada)<br>6.900% due 12/01/27 ~ | $500000 | $500650 |
|  Oracle Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% due 03/25/26 | 110000 | 98601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% due 09/15/23 | 200000 | 196083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 03/25/31 | 80000 | 66527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 04/01/30 | 20000 | 17097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% due 11/09/29 | 100000 | 104033 |
|  Renesas Electronics Corp (Japan)<br>1.543% due 11/26/24 ~ | 300000 | 275251 |
|  Roper Technologies Inc<br>1.750% due 02/15/31 | 100000 | 77273 |
|  Take-Two Interactive Software Inc<br>3.700% due 04/14/27 | 79000 | 74461 |
|  Texas Instruments Inc<br>1.750% due 05/04/30 | 20000 | 16488 |
|  VMware Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400% due 08/15/26 | 100000 | 87302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 05/15/30 | 165000 | 153876 |
|  Workday Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/01/27 | 82000 | 76759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 04/01/29 | 30000 | 27586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 04/01/32 | 50000 | 44277 |
|  Xilinx Inc<br>2.375% due 06/01/30 | 153000 | 129006 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3901966 |
|  **Utilities - 1.7%** |  |  |
|  Alabama Power Co<br>1.450% due 09/15/30 | 400000 | 312434 |
|  Alexander Funding Trust<br>1.841% due 11/15/23 ~ | 200000 | 191657 |
|  APT Pipelines Ltd (Australia)<br>4.200% due 03/23/25 ~ | 40000 | 38657 |
|  Atmos Energy Corp<br>2.850% due 02/15/52 | 60000 | 39103 |
|  Berkshire Hathaway Energy Co<br>2.850% due 05/15/51 | 100000 | 65931 |
|  Consolidated Edison Co of New York Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 04/01/30 | 20000 | 18035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 04/01/50 | 10000 | 7893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% due 11/15/52 | 90000 | 96915 |
|  Consumers Energy Co<br>3.250% due 08/15/46 | 45000 | 32607 |
|  Duke Energy Carolinas LLC<br>2.850% due 03/15/32 | 300000 | 254688 |
|  Duke Energy Corp<br>4.500% due 08/15/32 | 100000 | 93969 |
|  Duke Energy Ohio Inc<br>3.650% due 02/01/29 | 20000 | 18561 |
|  Duquesne Light Holdings Inc<br>2.775% due 01/07/32 ~ | 60000 | 47092 |
|  Edison International<br>5.750% due 06/15/27 | 70000 | 70327 |
|  Emera US Finance LP (Canada)<br>4.750% due 06/15/46 | 100000 | 77564 |
|  Enel Finance America LLC (Italy)<br>7.100% due 10/14/27 ~ | 300000 | 310732 |
|  Enel Finance International NV (Italy)<br>2.650% due 09/10/24 ~ | 400000 | 382977 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**67** 

------

**PACIFIC FUNDS** 

**PF MANAGED BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Entergy Arkansas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 06/15/51 | $45000 | $27329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% due 06/01/23 | 300000 | 297779 |
|  Entergy Louisiana LLC<br>2.900% due 03/15/51 | 50000 | 32217 |
|  Evergy Inc<br>2.900% due 09/15/29 | 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112538 |
|  Eversource Energy<br>4.600% due 07/01/27 | 91000 | 89884 |
|  Fells Point Funding Trust<br>3.046% due 01/31/27 ~ | 135000 | 123055 |
|  Fortis Inc (Canada)<br>3.055% due 10/04/26 | 135000 | 125406 |
|  Indiana Michigan Power Co<br>3.250% due 05/01/51 | 45000 | 30829 |
|  ITC Holdings Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 05/14/30 ~ | 65000 | 54978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 09/22/27 ~ | 84000 | 82982 |
|  Jersey Central Power & Light Co<br>4.300% due 01/15/26 ~ | 125000 | 120873 |
|  JSW Hydro Energy Ltd (India)<br>4.125% due 05/18/31 ~ | 265500 | 221678 |
|  New York State Electric & Gas Corp<br>2.150% due 10/01/31 ~ | 300000 | 234551 |
|  NextEra Energy Capital Holdings Inc<br>5.000% due 07/15/32 | 185000 | 182005 |
|  NRG Energy Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 12/02/25 ~ | 80000 | 71438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 12/02/27 ~ | 90000 | 74710 |
|  OGE Energy Corp<br>0.703% due 05/26/23 | 35000 | 34385 |
|  Pacific Gas and Electric Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% due 11/15/23 | 345000 | 334015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% due 08/01/27 | 20000 | 17111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 02/01/31 | 30000 | 23345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 03/01/26 | 50000 | 45881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 01/01/26 | 200000 | 186058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 02/16/24 | 115000 | 112296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 08/01/40 | 10000 | 6805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 07/01/25 | 85000 | 80544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 08/01/50 | 20000 | 12498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 08/15/42 | 33000 | 22254 |
|  PacifiCorp<br>4.150% due 02/15/50 | 80000 | 66043 |
|  PG&E Energy Recovery Funding LLC<br>2.822% due 07/15/48 | 205000 | 143786 |
|  PG&E Wildfire Recovery Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.263% due 06/01/38 | 30000 | 27893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.099% due 06/01/54 | 65000 | 61480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.212% due 12/01/49 | 190000 | 184459 |
|  Public Service Co of Oklahoma<br>3.150% due 08/15/51 | 120000 | 80115 |
|  ReNew Wind Energy AP2 (India)<br>4.500% due 07/14/28 ~ | 400000 | 336736 |
|  San Diego Gas & Electric Co<br>2.950% due 08/15/51 | 100000 | 68029 |
|  Southern California Edison Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% due 02/01/26 | 95000 | 84349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 08/01/25 | 300000 | 290538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 03/01/48 | 60000 | 48165 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Southern Co Gas Capital Corp<br>3.950% due 10/01/46 | $75000 | $56559 |
|  Southern Power Co<br>5.150% due 09/15/41 | 70000 | 63564 |
|  Union Electric Co<br>3.900% due 04/01/52 | 51000 | 41361 |
|  Virginia Electric and Power Co<br>6.350% due 11/30/37 | 90000 | 95784 |
|  Vistra Operations Co LLC<br>4.875% due 05/13/24 ~ | 92000 | 90261 |
|  Xcel Energy Inc<br>4.600% due 06/01/32 | 200000 | 191606 |
|  |  | 6747314 |
|  Total Corporate Bonds & Notes<br>(Cost $102,875,525) |  | &nbsp;&nbsp;&nbsp;&nbsp;89674088 |
|  **SENIOR LOAN NOTES - 1.3%** |  |  |
|  **Communications - 0.1%** |  |  |
|  Charter Communications Operating LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B-1<br> 6.100% (USD LIBOR + 1.750%)<br>due 04/30/25 § | 153100 | 152515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B-2<br>6.140% (USD LIBOR + 1.750%)<br>due 02/01/27 § | 106431 | 104111 |
|  Nexstar Media Inc Term B-4<br>6.884% (USD LIBOR + 2.500%)<br>due 09/18/26 § | 83630 | 83094 |
|  |  | 339720 |
|  **Consumer, Cyclical - 0.3%** |  |  |
|  Air Canada Term B (Canada)<br>8.130% (USD LIBOR + 3.500%)<br>due 08/11/28 § | 109450 | 108447 |
|  Alterra Mountain Co Term B<br>7.884% (USD LIBOR + 3.500%)<br>due 08/17/28 § | 77005 | 76254 |
|  Clarios Global LP Term B<br>7.634% (USD LIBOR + 3.250%)<br>due 04/30/26 § | 163011 | 160295 |
|  Entain Holdings Gibraltar Ltd Term B-4<br>(United Kingdom)<br>7.230% (USD LIBOR + 2.500%)<br>due 03/16/27 § | 19376 | 19263 |
|  Great Outdoors Group LLC Term B-2<br>8.134% (USD LIBOR + 3.750%)<br>due 03/05/28 § | 49005 | 47249 |
|  Harbor Freight Tools USA Inc Term B<br>7.134% (USD LIBOR + 2.750%)<br>due 10/19/27 § | 117698 | 112567 |
|  Hunter Douglas Inc Term B (Netherlands)<br>7.859% (SOFR + 3.500%)<br>due 02/25/29 § | 348250 | 308332 |
|  Nascar Holdings LLC Term B<br>6.884% (USD LIBOR + 2.500%)<br>due 10/18/26 § | 97723 | 97600 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**68** 

------

**PACIFIC FUNDS** 

**PF MANAGED BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  PCI Gaming Authority Term B<br>6.884% (USD LIBOR + 2.500%)<br>due 05/31/26 § | $32362 | $32247 |
|  Scientific Games International Inc Term B<br>7.417% (SOFR + 3.000%)<br>due 04/14/29 § | 99251 | 98175 |
|  Station Casinos LLC Term B-1<br>6.640% (USD LIBOR + 2.250%)<br>due 02/08/27 § | 117828 | 115324 |
|  UFC Holdings LLC Term B-3<br>7.110% (USD LIBOR + 2.750%)<br>due 04/29/26 § | 102332 | 101205 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276958 |
|  **Consumer, Non-Cyclical - 0.2%** |  |  |
|  AlixPartners LLP Term B<br>7.134% (USD LIBOR + 2.750%)<br>due 02/04/28 § | 105980 | 105157 |
|  Eyecare Partners LLC<br>8.480% (SOFR + 3.750%)<br>due 02/20/27 § | 48702 | 41437 |
|  Gainwell Acquisition Corp Term B<br>8.730% (USD LIBOR + 4.000%)<br>due 10/01/27 § | 86676 | 82233 |
|  Garda World Security Corp Term B (Canada)<br>8.930% (USD LIBOR + 4.250%)<br>due 10/30/26 § | 34353 | 33516 |
|  Global Medical Response Inc Term B<br>8.422% (USD LIBOR + 4.250%)<br>due 10/02/25 § | 127997 | 90771 |
|  Horizon Therapeutics USA Inc Term B-2<br>6.188% (USD LIBOR + 1.750%)<br>due 03/15/28 § | 32403 | 32411 |
|  ICON Luxembourg SARL Term B (Luxembourg)<br>7.000% (USD LIBOR + 2.250%)<br>due 07/01/28 § | 101980 | 101789 |
|  Medline Borrower LP Term B<br>7.634% (USD LIBOR + 3.250%)<br>due 10/21/28 § | 108577 | 103358 |
|  Phoenix Guarantor Inc Term B<br>7.884% (USD LIBOR + 3.500%)<br>due 03/05/26 § | 28727 | 27021 |
|  Phoenix Newco Inc<br>7.634% (USD LIBOR + 3.250%)<br>due 11/15/28 § | 9626 | 9292 |
|  PRA Health Sciences Inc Term B<br>7.000% (USD LIBOR + 2.250%)<br>due 07/01/28 § | 25408 | 25361 |
|  Triton Water Holdings Inc Term B<br>8.230% (USD LIBOR + 3.500%)<br>due 03/31/28 § | 91892 | 85758 |
|  Verscend Holding Corp Term B<br>8.384% (USD LIBOR + 4.000%)<br>due 08/27/25 § | 107916 | 107511 |
|  |  | 845615 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Diversified - 0.0%** |  |  |
|  First Eagle Holdings Inc Term B<br>7.230% (USD LIBOR + 2.500%)<br>due 02/02/27 § | $27902 | $27169 |
|  **Financial - 0.4%** |  |  |
|  Allspring Buyer LLC Term B<br>7.750% (USD LIBOR + 3.000%)<br>due 11/01/28 § | 128033 | 126326 |
|  AmWINS Group Inc Term B<br>6.634% (USD LIBOR + 2.250%)<br>due 02/19/28 § | 105882 | 104055 |
|  Asurion LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B-7<br> 7.384% (USD LIBOR + 3.000%)<br> due 11/03/24 § | 144883 | 141080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B-9<br> 7.634% (USD LIBOR + 3.250%)<br> due 07/31/27 § | 58950 | 51670 |
|  Avolon (US) LLC Term B-5 (Ireland)<br>6.603% (USD LIBOR + 2.250%)<br>due 12/01/27 § | 49000 | 48958 |
|  Deerfield Dakota Holding LLC Term B<br>8.073% (SOFR + 3.750%)<br>due 04/09/27 § | 105047 | 98317 |
|  Focus Financial Partners LLC Term B-5<br>7.573% (SOFR + 3.250%)<br>due 06/30/28 § | 39900 | 39511 |
|  Jane Street Group LLC Term B<br>7.134% (USD LIBOR + 2.750%)<br>due 01/26/28 § | 145199 | 141115 |
|  Qatar National Bank QPSC (Qatar)<br>due 11/06/23 ∞ | 600000 | 598800 |
|  The Edelman Financial Engines Center LLC Term B<br>7.884% (USD LIBOR + 3.500%)<br>due 04/07/28 § | 47796 | 44851 |
|  VFH Parent LLC Term B<br>7.321% (SOFR + 3.000%)<br>due 01/13/29 § | 90000 | 88031 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482714 |
|  **Industrial - 0.2%** |  |  |
|  Ali Group North America Corp Term B<br>6.438% (SOFR + 2.000%)<br>due 07/22/29 § | 104699 | 104045 |
|  Brown Group Holding LLC Term B<br>6.884% (USD LIBOR + 2.500%)<br>due 06/07/28 § | 147993 | 145615 |
|  Coherent Corp Term B<br>7.134% (USD LIBOR + 2.750%)<br>due 07/01/29 § | 117557 | 116764 |
|  Energizer Holdings Inc<br>6.625% (USD LIBOR + 2.250%)<br>due 12/22/27 § | 38467 | 37842 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**69** 

------

**PACIFIC FUNDS** 

**PF MANAGED BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Quikrete Holdings Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B<br>7.009% (USD LIBOR + 2.625%)<br>due 01/31/27 § | $105309 | $104402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B-1<br>7.384% (USD LIBOR + 3.000%)<br>due 03/18/29 § | 119100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118331 |
|  TransDigm Inc Term F<br>6.980% (USD LIBOR + 2.250%)<br>due 12/09/25 § | 9798 | 9691 |
|  XPO Logistics Inc Term B<br>5.935% (USD LIBOR + 1.750%)<br>due 02/23/25 § | 105000 | 104701 |
|  |  | 741391 |
|  **Technology - 0.1%** |  |  |
|  Cloudera Inc Term B<br>8.134% (USD LIBOR + 3.750%)<br>due 10/08/28 § | 89325 | 84915 |
|  Magenta Buyer LLC<br>9.170% (USD LIBOR + 4.750%)<br>due 07/27/28 § | 137256 | 118212 |
|  Peraton Corp Term B<br>8.134% (USD LIBOR + 3.750%)<br>due 02/01/28 § | 148969 | 145830 |
|  |  | 348957 |
|  Total Senior Loan Notes<br>(Cost $5,229,106) |  | 5062524 |
|  **MORTGAGE-BACKED SECURITIES - 39.9%** |  |  |
|  **Collateralized Mortgage Obligations - Commercial - 5.1%** | **Collateralized Mortgage Obligations - Commercial - 5.1%** | **Collateralized Mortgage Obligations - Commercial - 5.1%** |
|  1211 Avenue of the Americas Trust<br>3.901% due 08/10/35 ~ | 900000 | 836876 |
|  ACRE Commercial Mortgage Ltd (Cayman) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.169% (USD LIBOR + 0.830%)<br>due 12/18/37 ~ § | 233869 | 230360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.739% (USD LIBOR + 1.400%)<br>due 12/18/37 ~ § | 180000 | 173768 |
|  Ashford Hospitality Trust<br>5.318% (USD LIBOR + 1.000%)<br>due 06/15/35 ~ § | 600000 | 578492 |
|  BAMLL Commercial Mortgage Securities Trust<br>4.091% due 08/10/38 ~ § | 300000 | 270492 |
|  BAMLL Re-REMIC Trust<br>2.019% due 11/26/47 ~ § | 190000 | 171052 |
|  BBCMS Trust (IO)<br>1.298% due 07/15/54 § | 1933945 | 140347 |
|  BDS LLC<br>6.461% (SOFR + 2.137%)<br>due 08/19/38 ~ § | 300000 | 296449 |
|  Beast Mortgage Trust<br>5.068% (USD LIBOR + 0.750%)<br>due 04/15/36 ~ § | 300000 | 287849 |
|  Benchmark Mortgage Trust<br>3.458% due 03/15/55 | 300000 | 266019 |
|  BIG Commercial Mortgage Trust<br>5.820% (SOFR + 1.342%)<br>due 02/15/39 ~ § | 400000 | 384721 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  BPR Trust<br>5.568% (USD LIBOR + 1.250%)<br>due 02/15/29 ~ § | $320000 | $311540 |
|  BX Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.148% (USD LIBOR + 0.689%)<br>due 10/15/38 ~ § | 278015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.326% (SOFR + 0.990%)<br>due 01/17/39 ~ § | 400000 | 383543 |
|  BX Trust<br>5.760% due 10/13/27 ~ | 250000 | 245262 |
|  Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.251% due 05/10/35 ~ | 300000 | 281278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.778% due 09/10/58 | 700000 | 666771 |
|  Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.321% due 01/10/38 ~ § | 300000 | 251478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.545% due 02/10/36 ~ | 1000000 | 915538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.297% due 02/10/48 § | 90000 | 77597 |
|  CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.257% due 08/15/37 ~ | 977319 | 874279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.373% due 09/15/37 ~ | 830000 | 437515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.342% (USD LIBOR + 3.024%)<br>due 12/15/22 ~ § | 426470 | 426287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.189% (SOFR + 3.853%)<br>due 09/16/25 ~ § | 560000 | 495892 |
|  DBGS Mortgage Trust<br>3.843% due 04/10/37 ~ | 900000 | 770101 |
|  Fannie Mae |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.707% due 11/25/31 § | 300000 | 236426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.082% due 04/25/32 § | 1050000 | 861368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 01/25/36 | 100000 | 90708 |
|  Fannie Mae (IO)<br>2.241% due 01/25/31 § | 4912775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471256 |
|  FHLMC Multifamily Structured Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.211% due 10/25/30 § | 2700000 | 203794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.981% due 12/25/31 § | 400000 | 324794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% due 03/25/32 | 400000 | 337446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.710% due 09/25/32 § | 290000 | 272143 |
|  FHLMC Multifamily Structured Pass-Through<br>Certificates (IO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.194% due 11/25/30 § | 3235000 | 241410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.364% due 12/25/29 § | 1490000 | 97487 |
|  Freddie Mac Multiclass Certificates (IO)<br>2.608% due 10/27/28 § | 2670000 | 309379 |
|  Freddie Mac Multifamily Structured Credit Risk<br>5.728% (SOFR + 1.800%)<br>due 07/25/41 ~ § | 361722 | 329923 |
|  Freddie Mac Multifamily WI Certificates<br>3.820% due 01/25/33 | 300000 | 282432 |
|  Freedom<br>8.700% (USD LIBOR + 4.400%)<br>due 03/25/23 ~ § | 210000 | 207354 |
|  FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.576% due 01/25/26 ~ § | 350000 | 319842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.880% due 01/25/50 ~ § | 415000 | 388243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.932% due 12/25/46 ~ § | 300000 | 295403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.292% (USD LIBOR + 2.150%)<br> due 01/25/26 ~ § | 121578 | 111808 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**70** 

------

**PACIFIC FUNDS** 

**PF MANAGED BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  FRR Re-REMIC Trust<br>0.422% due 10/27/46 ~ § | $100000 | $95723 |
|  Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450% due 01/16/63 | 297844 | 237872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.845% due 11/16/47 § | 38811 | 35217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 10/16/64 § | 100000 | 76001 |
|  Government National Mortgage Association (IO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.323% due 01/16/53 § | 3855003 | 33118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.422% due 04/16/47 § | 1937509 | 19189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.640% due 02/16/61 § | 688295 | 38262 |
|  GS Mortgage Securities Trust<br>7.736% (SOFR + 3.400%)<br>due 08/15/39 ~ § | 300000 | 302736 |
|  JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.326% (USD LIBOR + 4.000%)<br>due 01/16/37 ~ § | 68709 | 62215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.818% (USD LIBOR + 4.500%)<br>due 12/15/36 ~ § | 280000 | 100349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.318% (USD LIBOR + 7.000%)<br>due 12/15/36 ~ § | 280000 | 71805 |
|  JPMDB Commercial Mortgage Securities Trust<br>4.009% due 03/15/50 § | 180000 | 151407 |
|  LUXE Trust<br>5.368% (USD LIBOR + 1.050%)<br>due 10/15/38 ~ § | 103830 | 99467 |
|  Morgan Stanley Capital I Trust<br>2.428% due 04/05/42 ~ § | 400000 | 305745 |
|  New Orleans Hotel Trust<br>5.307% (USD LIBOR + 0.989%)<br>due 04/15/32 ~ § | 300000 | 285549 |
|  NYO Commercial Mortgage Trust<br>5.413% (USD LIBOR + 1.095%)<br>due 11/15/38 ~ § | 300000 | 272825 |
|  ONE Mortgage Trust<br>5.150% (SOFR + 0.814%)<br>due 03/15/36 ~ § | 400000 | 381478 |
|  PFP Ltd CLO (Cayman) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.726% (USD LIBOR + 1.400%)<br>due 04/14/38 ~ § | 261987 | 245795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600% (SOFR + 2.274%)<br>due 08/19/35 ~ § | 300000 | 293437 |
|  Ready Capital Mortgage Financing LLC<br>6.875% (SOFR + 2.552%)<br>due 10/25/39 ~ § | 299574 | 298354 |
|  SLG Office Trust<br>2.585% due 07/15/41 ~ | 235000 | 188053 |
|  TTAN<br>5.168% (USD LIBOR + 0.850%)<br>due 03/15/38 ~ § | 394732 | 382899 |
|  Waterfall Commercial Mortgage Trust<br>4.104% due 09/14/22 ~ § | 49081 | 48148 |
|  Wells Fargo Commercial Mortgage Trust<br>5.468% (USD LIBOR + 1.150%)<br>due 02/15/40 ~ § | 199985 | 187423 |
|  Wells Fargo Commercial Mortgage Trust (IO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.197% due 03/15/50 § | 3831625 | 153759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.547% due 08/15/54 § | 1289503 | 113990 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19903160 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Collateralized Mortgage Obligations - Residential - 5.3%** | **Collateralized Mortgage Obligations - Residential - 5.3%** | **Collateralized Mortgage Obligations - Residential - 5.3%** |
|  Ajax Mortgage Loan Trust<br>2.239% due 06/25/66 ~ | $221729 | $205602 |
|  Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.045% due 06/25/37 § | 50602 | 37507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.729% (USD LIBOR + 0.340%)<br>due 07/25/46 § | 1 | 3181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.809% (USD LIBOR + 0.420%)<br>due 05/25/35 § | 150451 | 134754 |
|  American Home Mortgage Investment Trust<br>6.700% due 06/25/36 | 1311679 | 226165 |
|  Anchor Mortgage Trust<br>2.600% due 10/25/26 ~ | 282830 | 262773 |
|  Banc of America Funding Trust<br>3.418% due 05/25/35 § | 8094 | 7628 |
|  BCAP LLC Trust<br>4.611% due 03/26/37 ~ | 14446 | 14045 |
|  Bear Stearns Adjustable Rate Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.399% due 08/25/33 § | 11364 | 10569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.130% due 10/25/36 § | 2474 | 2181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.282% due 01/25/35 § | 92443 | 91943 |
|  Bear Stearns ALT-A Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.115% due 05/25/35 § | 8544 | 7946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.586% due 11/25/36 § | 35662 | 19100 |
|  Cascade MH Asset Trust<br>2.708% due 02/25/46 ~ | 284000 | 213213 |
|  CFMT LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.946% due 12/26/30 ~ § | 146273 | 142221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.374% due 02/25/31 ~ § | 665000 | 625455 |
|  Chase Mortgage Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.492% due 02/25/37 § | 74240 | 71570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.707% due 09/25/36 § | 32990 | 27330 |
|  ChaseFlex Trust<br>4.689% (USD LIBOR + 0.300%)<br>due 08/25/37 § | 207914 | 182648 |
|  Chevy Chase Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.928% due 05/25/35 ~ § | 512257 | 398942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.639% (USD LIBOR + 0.250%)<br>due 08/25/35 ~ § | 7297 | 6576 |
|  Citigroup Mortgage Loan Trust Inc<br>3.790% (UST + 2.150%)<br>due 09/25/35 § | 2255 | 2165 |
|  Countrywide Home Loan Mortgage<br>Pass-Through Trust<br>4.131% (USD LIBOR + 0.640%)<br>due 03/25/35 § | 5294 | 4712 |
|  Credit Suisse First Boston Mortgage Securities Corp<br>6.000% due 11/25/35 | 23627 | 17626 |
|  CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.538% due 02/25/66 ~ § | 286386 | 229660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.668% due 09/27/60 ~ § | 466771 | 442491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 01/25/60 ~ § | 401647 | 345044 |
|  Downey Saving & Loan Association Mortgage<br>Loan Trust<br>4.519% (USD LIBOR + 0.180%)<br>due 04/19/47 § | 69995 | 72124 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**71** 

------

**PACIFIC FUNDS** 

**PF MANAGED BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Eurosail-UK PLC (United Kingdom)<br>4.461% (SONIA + 1.069%)<br>due 06/13/45 ~ § | GBP 349,531 | $418147 |
|  Fannie Mae |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 08/25/50 | $300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 02/25/44 | 124943 | 104818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 09/25/45 | 129213 | 109719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 11/25/57 | 691590 | 653911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.939% (USD LIBOR + 0.550%)<br>due 09/25/41 § | 61482 | 60506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 04/25/35 | 225856 | 233841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% (US PRIME - 1.625%)<br>due 11/25/23 § | 6070 | 6003 |
|  Fannie Mae (IO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.611% (6.000% - USD LIBOR)<br>due 11/25/45 § | 828885 | 80891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.711% (6.100% - USD LIBOR)<br>due 09/25/46 § | 222425 | 13585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 01/25/49 | 851232 | 121490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 03/25/43 | 114769 | 17346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 04/25/43 | 443391 | 74580 |
|  Freddie Mac REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 08/15/48 | 47352 | 41077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 04/25/52 | 100000 | 90120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.649% (USD LIBOR + 0.190%)<br>due 10/15/43 § | 175255 | 169323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% due 04/15/30 | 33577 | 35570 |
|  Freddie Mac REMICS (IO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 10/25/50 | 86887 | 11864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 05/25/49 | 275083 | 37264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 09/25/50 | 151923 | 23167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/15/43 | 133179 | 20928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 04/15/43 | 37682 | 1524 |
|  Freddie Mac Strips (IO)<br>1.641% (6.100% - USD LIBOR)<br>due 08/15/44 § | 110325 | 11598 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes<br>6.689% (USD LIBOR + 2.300%)<br>due 01/25/50 ~ § | 160000 | 151171 |
|  Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.968% (USD LIBOR + 0.750%)<br>due 04/20/67 § | 416267 | 412187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 10/20/51 | 99331 | 83523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.669% (USD LIBOR + 1.280%)<br>due 02/20/71 § | 568322 | 566437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.398% due 09/20/66 § | 524990 | 535926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.442% (USD LIBOR + 0.600%)<br>due 07/20/65 § | 539641 | 531543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.585% (USD LIBOR + 0.800%)<br>due 06/20/66 § | 408101 | 404208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.601% (USD LIBOR + 0.800%)<br>due 07/20/66 § | 712169 | 705795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.770% (SOFR + 1.020%)<br>due 12/20/72 § | 200000 | 200562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.966% (SOFR + 1.140%)<br>due 11/20/72 § | 250000 | 252508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.122% (USD LIBOR + 1.280%)<br>due 01/20/71 § | 790984 | 783156 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Government National Mortgage Association (IO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.241% due 03/20/71 § | $7371069 | $281390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.641% (6.100% - USD LIBOR)<br> due 10/16/46 § | 154568 | 21729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.797% (6.150% - USD LIBOR)<br> due 02/20/46 § | 720420 | 82733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 08/20/50 | 160778 | 22859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 09/20/50 | 82310 | 12197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 10/20/50 | 167265 | 22820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 11/20/44 | 339592 | 59756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 11/16/45 | 143918 | 29499 |
|  Great Hall Mortgages PLC (United Kingdom)<br>4.868% (USD LIBOR + 0.130%)<br>due 06/18/39 ~ § | 101036 | 99105 |
|  GS Mortgage-Backed Securities Corp Trust<br>2.000% due 12/25/60 ~ § | 620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496863 |
|  GSR Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 11/25/35 | 390817 | 185350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 07/25/37 | 199173 | 139665 |
|  HarborView Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.446% due 08/19/36 § | 77201 | 60984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.720% due 02/25/36 § | 36408 | 11894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.549% (USD LIBOR + 0.320%)<br> due 05/25/38 § | 152426 | 120067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.679% (USD LIBOR + 0.340%)<br> due 12/19/36 § | 71630 | 61723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.779% (USD LIBOR + 0.440%)<br> due 05/19/35 § | 135615 | 120770 |
|  JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 10/25/48 ~ § | 196326 | 172914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.708% due 07/25/35 § | 6032 | 6010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 01/25/36 | 10492 | 5223 |
|  Ludgate Funding PLC (United Kingdom)<br>4.054% (GBP LIBOR + 0.160%)<br>due 01/01/61 ~ § | GBP 331,941 | 373342 |
|  Merrill Lynch Mortgage Investors Trust<br>3.380% due 11/25/35 § | $151119 | 137574 |
|  Metlife Securitization Trust<br>3.750% due 03/25/57 ~ § | 449535 | 424172 |
|  New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.492% due 09/25/59 ~ § | 67374 | 60997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 12/25/57 ~ § | 382904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362600 |
|  OBX Trust<br>5.039% (USD LIBOR + 0.650%)<br>due 06/25/57 ~ § | 400957 | 378908 |
|  PRPM LLC<br>2.115% due 01/25/26 ~ § | 245228 | 230428 |
|  RALI Trust<br>6.000% due 03/25/37 | 565233 | 466776 |
|  Reperforming Loan REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.729% (USD LIBOR + 0.340%)<br> due 06/25/35 ~ § | 15807 | 14944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.729% (USD LIBOR + 0.340%)<br> due 01/25/36 ~ § | 87135 | 82871 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**72** 

------

**PACIFIC FUNDS** 

**PF MANAGED BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Seasoned Credit Risk Transfer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 11/25/61 | $183447 | $162081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 05/25/57 | 250217 | 235194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 06/25/57 | 269094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254248 |
|  Towd Point Mortgage Funding PLC<br>(United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.826% (SONIA + 1.350%)<br> due 07/20/45 ~ § | GBP 1,007,520 | 1201165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.070% (SONIA + 1.144%)<br> due 10/20/51 ~ § | 629300 | 759019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.170% (SONIA + 0.900%)<br> due 05/20/45 ~ § | 1021202 | 1213092 |
|  Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 04/25/60 ~ § | $240000 | 180263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 10/25/57 ~ § | 180000 | 157908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.638% due 10/25/53 ~ § | 300000 | 262885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 11/25/47 ~ | 140086 | 135919 |
|  Two<br>7.300% (USD LIBOR + 3.000%)<br>due 03/25/23 ~ § | 750000 | 755625 |
|  WaMu Mortgage Pass-Through Certificates Trust<br>3.211% due 02/25/37 § | 79673 | 71577 |
|  |  | 20940003 |
|  **Fannie Mae - 23.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; due 01/01/53 # | 200000 | 192514 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 01/01/53 # | 1200000 | 1090338 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 01/01/53 # | 2300000 | 1872037 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 01/01/53 # | 2600000 | 2202156 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 01/01/53 # | 18300000 | 18035270 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/01/53 # | 200000 | 169576 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/01/53 # | 100000 | 98538 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/01/53 # | 4600000 | 4182325 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/01/53 # | 4400000 | 4409994 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/01/53 # | 10200000 | 9819397 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/01/53 # | 11300000 | 9928398 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/01/53 # | 12100000 | 11352302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.970% due 07/01/27 | 1163068 | 999375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.090% due 04/01/28 | 506000 | 428553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.275% due 04/01/30 | 726513 | 587429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.370% due 03/01/30 | 652477 | 535023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.410% due 12/01/30 | 1210000 | 960635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.440% due 01/01/31 | 1142000 | 907122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.460% due 12/01/30 | 715000 | 570055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 01/01/51 - 03/01/51 | 185349 | 143392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.560% due 01/01/31 | 500000 | 401239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.754% due 03/01/32 § | 449896 | 362744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.870% due 05/01/31 | 350000 | 287114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 02/01/51 - 03/01/51 | 392679 | 325454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.010% due 01/01/32 | 350000 | 287273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.140% due 12/01/33 | 250000 | 204389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.160% due 12/01/33 | 300000 | 245731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 09/01/36 - 09/01/61 | 4622195 | 3905946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% due 10/01/30 | 160000 | 140788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 09/01/28 - 07/01/60 | 5742330 | 5112376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.249% (US FED + 1.200%)<br> due 10/01/44 § | 4294 | 4091 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 12/01/34 - 09/01/61 | $2426867 | $2231764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.610% due 01/01/37 | 447913 | 417595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.620% due 05/01/32 | 495483 | 464649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.860% (USD LIBOR + 1.611%)<br> due 11/01/32 § | 11931 | 11712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.890% due 07/01/32 | 100000 | 93864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 06/01/25 - 08/01/59 | 2033466 | 1941314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.018% (COFI + 1.929%)<br> due 12/01/36 § | 591 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.043% (UST + 2.043%)<br> due 09/01/35 § | 6502 | 6430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.140% due 07/01/32 | 660000 | 641973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.379% (UST + 2.360%)<br> due 11/01/34 § | 12322 | 12629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.410% due 10/01/32 | 474567 | 471664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 06/01/24 - 09/01/57 | 1813452 | 1769777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.510% due 10/01/32 | 500000 | 500624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 10/01/32 | 515000 | 516575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 10/01/32 | 343000 | 346101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 12/01/32 | 409000 | 421836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 02/01/35 - 01/01/59 | 679296 | 680035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 09/01/23 - 05/01/58 | 1382090 | 1417584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 02/01/33 - 07/01/41 | 111070 | 115282 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;91823572 |
|  **Freddie Mac - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 11/01/41 | 55435 | 45414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800% due 11/01/28 | 500000 | 431517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 09/01/41 - 11/01/51 | 714941 | 594522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 07/01/50 - 02/01/51 | 719933 | 619489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% due 03/01/33 | 1284402 | 1123562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.877% (USD LIBOR + 1.619%)<br> due 11/01/47 § | 121246 | 116860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 10/01/46 - 02/01/52 | 630665 | 563598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.008% (USD LIBOR + 1.628%)<br> due 11/01/48 § | 328990 | 311837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.097% (USD LIBOR + 1.621%)<br> due 02/01/50 § | 197997 | 190066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% (UST + 2.250%)<br> due 04/01/32 § | 4652 | 4595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/01/37 - 06/01/46 | 603824 | 570801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.510% (USD LIBOR + 1.734%)<br> due 06/01/35 § | 19205 | 19473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.586% (USD LIBOR + 1.345%)<br> due 09/01/35 § | 2384 | 2389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 08/01/32 | 300000 | 282616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 11/01/33 - 07/01/49 | 1858758 | 1780296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.120% (USD LIBOR + 1.870%)<br> due 09/01/35 § | 5564 | 5489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.339% (UST + 2.250%)<br> due 11/01/31 § | 694 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 11/01/44 | 44815 | 44083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 08/01/48 - 07/01/52 | 321175 | 319669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 10/01/52 | 4209248 | 4154983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 04/01/38 - 05/01/40 | 243028 | 251694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 03/01/23 | 57 | 58 |
|  |  | 11433690 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**73** 

------

**PACIFIC FUNDS** 

**PF MANAGED BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Government National Mortgage Association - 3.2%** | **Government National Mortgage Association - 3.2%** | **Government National Mortgage Association - 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; due 01/20/53 # | $100000 | $91893 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 01/20/53 # | 1100000 | 953509 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/20/53 # | 100000 | 86769 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/20/53 # | 100000 | 89131 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/20/53 # | 100000 | 101417 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/20/53 # | 200000 | 183926 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/20/53 # | 300000 | 301537 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/20/53 # | 500000 | 473439 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/20/53 # | 500000 | 485230 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/20/53 # | 500000 | 495443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 12/20/50 | 275568 | 229864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 01/20/51 - 03/20/51 | 1432820 | 1239950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.816% due 07/20/71 § | 258552 | 227971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.938% due 10/20/70 § | 346971 | 310338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 09/15/42 - 04/20/52 | 2290428 | 2039867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.091% due 12/20/71 § | 288997 | 257831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 01/20/46 - 01/20/51 | 2284782 | 2106917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 04/20/50 - 08/20/52 | 946430 | 897552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 06/20/52 | 352367 | 349177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 10/15/38 - 06/20/52 | 705597 | 707917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 09/20/52 | 342289 | 344700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.283% (UST + 1.735%)<br> due 10/20/71 § | 250254 | 260255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.393% (UST + 1.835%)<br> due 08/20/71 § | 248122 | 259225 |
|  |  | 12493858 |
|  Total Mortgage-Backed Securities<br>(Cost $169,029,833) |  | 156594283 |
|  **ASSET-BACKED SECURITIES - 8.9%** |  |  |
|  ACE Securities Corp Home Equity Loan Trust<br>5.364% (USD LIBOR + 0.975%)<br>due 07/25/35 § | 70587 | 70276 |
|  American Homes 4 Rent LP<br>5.885% due 04/17/52 ~ | 300000 | 289753 |
|  AmeriCredit Automobile Receivables Trust<br>1.210% due 12/18/26 | 540000 | 483550 |
|  Ameriquest Mortgage Securities Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.259% (USD LIBOR + 0.870%)<br> due 10/25/35 § | 250000 | 239414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.444% (USD LIBOR + 2.055%)<br> due 11/25/34 § | 362404 | 302269 |
|  AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.006% due 11/17/37 ~ | 365000 | 322465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.327% due 10/17/38 ~ | 128000 | 107369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.751% due 06/17/38 ~ § | 350000 | 272215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 10/17/39 ~ | 250000 | 202796 |
|  Aqua Finance Trust<br>3.970% due 07/17/46 ~ | 210000 | 182151 |
|  Ares XL CLO Ltd (Cayman)<br>5.662% (USD LIBOR + 0.870%)<br>due 01/15/29 ~ § | 242368 | 239688 |
|  Argent Securities Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.336% (USD LIBOR + 0.820%)<br> due 02/25/34 § | 371230 | 349707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.514% (USD LIBOR + 1.125%)<br> due 11/25/34 § | 381528 | 372699 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Asset-Backed Funding Certificates Trust<br>5.089% (USD LIBOR + 0.700%)<br>due 06/25/34 § | $36555 | $34315 |
|  Avoca CLO XVII DAC (Netherlands)<br>2.198% (EUR LIBOR + 0.820%)<br>due 10/15/32 ~ § | EUR 300,000 | 310905 |
|  Bear Stearns Asset-Backed Securities I Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.629% (USD LIBOR + 0.240%)<br> due 12/25/36 § | $1224819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.394% (USD LIBOR + 1.005%)<br> due 06/25/35 § | 155027 | 148017 |
|  Benefit Street Partners CLO XVI Ltd (Cayman)<br>5.822% (USD LIBOR + 1.030%)<br>due 01/17/32 ~ § | 400000 | 391668 |
|  Business Jet Securities LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.918% due 04/15/36 ~ | 230494 | 195786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.981% due 11/15/35 ~ | 277961 | 253502 |
|  Capital One Multi-Asset Execution Trust<br>4.898% (USD LIBOR + 0.580%)<br>due 07/15/27 § | 300000 | 299634 |
|  Carlyle Global Market Strategies CLO Ltd<br>5.600% (USD LIBOR + 0.950%)<br>due 08/14/30 ~ § | 296608 | 293396 |
|  Cars Net Lease Mortgage Notes<br>3.100% due 12/15/50 ~ | 99000 | 86528 |
|  CBAM Ltd CLO (Cayman)<br>5.812% (USD LIBOR + 1.020%)<br>due 04/17/31 ~ § | 800000 | 785763 |
|  Citibank Credit Card Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.981% (USD LIBOR + 0.620%)<br> due 04/22/26 § | 200000 | 200139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.005% (USD LIBOR + 0.610%)<br> due 08/07/27 § | 100000 | 99999 |
|  Citigroup Mortgage Loan Trust<br>5.064% (USD LIBOR + 0.675%)<br>due 11/25/45 ~ § | 13528 | 13506 |
|  CLNC Ltd CLO (Cayman)<br>5.689% (SOFR + 1.364%)<br>due 08/20/35 ~ § | 324810 | 316580 |
|  College Ave Student Loans LLC<br>3.060% due 07/26/55 ~ | 390000 | 311408 |
|  Continental Finance Credit Card ABS Master Trust<br>2.240% due 12/15/28 ~ | 370000 | 348145 |
|  Countrywide Asset-Backed Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.529% (USD LIBOR + 0.140%)<br> due 07/25/37 § | 214521 | 193692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.989% (USD LIBOR + 0.600%)<br> due 06/25/36 § | 123815 | 122562 |
|  Credit Acceptance Auto Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.640% due 06/17/30 ~ | 665000 | 600851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.450% due 02/15/33 ~ | 300000 | 303310 |
|  Crossroads Asset Trust<br>1.120% due 06/20/25 ~ | 116000 | 113148 |
|  DataBank Issuer<br>2.060% due 02/27/51 ~ | 250000 | 217001 |
|  Discover Card Execution Note Trust<br>4.918% (USD LIBOR + 0.600%)<br>due 12/15/26 § | 300000 | 300146 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**74** 

------

**PACIFIC FUNDS** 

**PF MANAGED BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Dividend Solar Loans LLC<br>3.670% due 08/22/39 ~ | $169620 | $153959 |
|  Dryden 36 Senior Loan Fund (Cayman)<br>5.099% (USD LIBOR + 1.020%)<br>due 04/15/29 ~ § | 273889 | 270957 |
|  Enterprise Fleet Financing LLC<br>4.380% due 07/20/29 ~ | 300000 | 293476 |
|  Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 09/15/27 | 160000 | 157011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.760% due 09/15/28 | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388207 |
|  First Franklin Mortgage Loan Trust<br>4.509% (USD LIBOR + 0.120%)<br>due 11/25/36 § | 469519 | 432507 |
|  FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.389% due 08/17/38 ~ | 300000 | 250866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.668% due 10/19/37 ~ | 500000 | 441520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 07/17/26 ~ | 289000 | 266655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 07/17/39 ~ | 350000 | 293966 |
|  FMC GMSR Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.620% due 07/25/26 ~ § | 300000 | 244463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 02/25/24 | 630000 | 604576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 10/25/26 ~ § | 210000 | 169005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 01/25/26 ~ § | 500000 | 438062 |
|  FORT CRE Issuer LLC CLO<br>5.761% (SOFR + 1.850%)<br>due 02/23/39 ~ § | 300000 | 294438 |
|  Foundation Finance Trust<br>1.270% due 05/15/41 ~ | 150519 | 134724 |
|  Freddie Mac Structured Pass-Through Certificates<br>3.089% due 11/25/27 | 189203 | 175892 |
|  Freed ABS Trust<br>5.790% due 08/20/29 ~ | 240000 | 236528 |
|  Gallatin CLO IX Ltd (Cayman)<br>5.328% (USD LIBOR + 1.050%)<br>due 01/21/28 ~ § | 250926 | 248894 |
|  Gallatin CLO VIII Ltd (Cayman)<br>5.882% (USD LIBOR + 1.090%)<br>due 07/15/31 ~ § | 300000 | 294358 |
|  GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.140% due 11/17/25 ~ | 126041 | 123926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.640% due 10/15/26 ~ | 75000 | 71491 |
|  Goldentree Loan Management US CLO 2 Ltd (Cayman)<br>5.153% (USD LIBOR + 0.910%)<br>due 11/20/30 ~ § | 400000 | 395852 |
|  GSAA Home Equity Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.589% (USD LIBOR + 0.200%)<br> due 03/25/37 § | 370053 | 113659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.439% (USD LIBOR + 1.050%)<br> due 06/25/35 § | 270000 | 214954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 10/25/37 | 133899 | 117178 |
|  Hildene Community Funding CDO Ltd CLO (Cayman)<br>2.600% due 11/01/35 ~ | 280000 | 236418 |
|  Home Equity Asset Trust<br>5.289% (USD LIBOR + 0.900%)<br>due 11/25/34 § | 11945 | 11936 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Jamestown CLO XV Ltd (Cayman)<br>6.132% (USD LIBOR + 1.340%)<br>due 04/15/33 ~ § | $1100000 | $1081911 |
|  JP Morgan Mortgage Acquisition Trust<br>4.689% (USD LIBOR + 0.300%)<br>due 01/25/37 § | 160000 | 153256 |
|  KKR CLO 18 Ltd (Cayman)<br>5.134% (USD LIBOR + 0.940%)<br>due 07/18/30 ~ § | 282940 | 280314 |
|  KREF Ltd CLO<br>5.771% (SOFR + 1.450%)<br>due 02/17/39 ~ § | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291218 |
|  Lendmark Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% due 11/20/31 ~ | 450000 | 382628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.470% due 11/20/31 ~ | 100000 | 81245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600% due 07/20/32 ~ | 400000 | 383009 |
|  LFT CRE Ltd CLO (Cayman)<br>6.409% (USD LIBOR + 1.950%)<br>due 06/15/39 ~ § | 250000 | 239447 |
|  LP LMS<br>3.230% due 10/15/28 ~ | 93225 | 92769 |
|  Madison Park Euro Funding XIV DAC CLO (Ireland)<br>2.178% (EUR LIBOR + 0.800%)<br>due 07/15/32 ~ § | EUR 300,000 | 311176 |
|  Madison Park Funding Ltd CLO (Cayman)<br>5.542% (USD LIBOR + 0.750%)<br>due 04/15/29 ~ § | $287091 | 284117 |
|  Magnetite XVIII Ltd CLO (Cayman)<br>5.486% (USD LIBOR + 0.880%)<br>due 11/15/28 ~ § | 289427 | 286566 |
|  Mariner Finance Issuance Trust<br>2.960% due 07/20/32 ~ | 233470 | 230364 |
|  Marlette Funding Trust<br>1.810% due 12/15/31 ~ | 400000 | 358604 |
|  Mastr Asset-Backed Securities Trust<br>4.609% (USD LIBOR + 0.220%)<br>due 10/25/36 § | 564652 | 185911 |
|  Merrill Lynch Mortgage Investors Trust<br>4.336% (USD LIBOR + 0.320%)<br>due 04/25/37 § | 313280 | 156903 |
|  MF1 Ltd CLO (Cayman) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.176% (SOFR + 1.350%)<br> due 02/19/37 ~ § | 300000 | 288106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.419% (USD LIBOR + 1.080%)<br> due 10/16/36 ~ § | 310000 | 296859 |
|  Mortgage Repurchase Agreement Financing Trust<br>6.228% (SOFR + 2.000%)<br>due 03/30/25 ~ § | 190000 | 188710 |
|  National Collegiate Student Loan Trust<br>4.749% (USD LIBOR + 0.360%)<br>due 01/26/32 § | 1000000 | 764563 |
|  Navient Student Loan Trust<br>5.539% (USD LIBOR + 1.150%)<br>due 07/26/66 ~ § | 125690 | 123699 |
|  Nelnet Student Loan Trust<br>5.133% (USD LIBOR + 0.780%)<br>due 04/20/62 ~ § | 133917 | 130334 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**75** 

------

**PACIFIC FUNDS** 

**PF MANAGED BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  New Century Home Equity Loan Trust<br>5.109% (USD LIBOR + 0.720%)<br>due 10/25/35 § | $510787 | $494677 |
|  NRZ Excess Spread-Collateralized Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.104% due 07/25/26 ~ | 320207 | 279965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.844% due 12/25/25 ~ | 202772 | 185045 |
|  Oak Street Investment Grade Net Lease Fund<br>1.850% due 11/20/50 ~ | 192734 | 171286 |
|  OneMain Financial Issuance Trust<br>3.450% due 09/14/35 ~ | 120000 | 99809 |
|  Oportun Funding XIV LLC<br>1.210% due 03/08/28 ~ | 105000 | 97821 |
|  Option One Mortgage Loan Trust<br>4.519% (USD LIBOR + 0.130%)<br>due 07/25/37 § | 721166 | 408687 |
|  OZLM VI Ltd CLO (Cayman)<br>5.872% (USD LIBOR + 1.080%)<br>due 04/17/31 ~ § | 295561 | 290330 |
|  OZLM VIII Ltd CLO (Cayman)<br>5.772% (USD LIBOR + 0.980%)<br>due 10/17/29 ~ § | 268969 | 263589 |
|  Pagaya AI Debt Selection Trust<br>1.180% due 11/15/27 ~ | 136271 | 134244 |
|  Pagaya AI Technology in Housing Trust<br>4.250% due 08/25/25 ~ | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374971 |
|  Palmer Square European Loan Funding DAC CLO (Ireland)<br>2.098% (EUR LIBOR + 0.720%)<br>due 10/15/31 ~ § | EUR 293,373 | 305454 |
|  PNMAC GMSR Issuer Trust<br>8.178% (SOFR + 4.250%)<br>due 05/25/27 ~ § | $150000 | 142156 |
|  PRET LLC<br>2.487% due 10/25/51 ~ § | 349796 | 307686 |
|  Progress Residential Trust<br>2.106% due 04/17/38 ~ | 565000 | 476907 |
|  Rad CLO 5 Ltd (Cayman)<br>5.445% (USD LIBOR + 1.120%)<br>due 07/24/32 ~ § | 600000 | 588300 |
|  RASC Trust<br>4.729% (USD LIBOR + 0.340%)<br>due 04/25/37 § | 169293 | 158625 |
|  Regional Management Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.680% due 03/17/31 ~ | 198000 | 178510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.040% due 03/17/31 ~ | 191000 | 160721 |
|  Santander Consumer Auto Receivables Trust<br>1.570% due 01/15/27 ~ | 100000 | 90411 |
|  Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.980% due 01/15/25 | 300000 | 298517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.140% due 02/16/27 | 210000 | 205744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.690% due 03/17/31 | 413000 | 421641 |
|  SCF Equipment Leasing LLC<br>1.540% due 10/21/30 ~ | 345000 | 303977 |
|  Securitized Asset-Backed Receivables LLC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.519% (USD LIBOR + 0.130%)<br> due 05/25/37 § | 49480 | 37422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.669% (USD LIBOR + 0.280%)<br> due 05/25/36 § | 137495 | 74857 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Sierra Timeshare Receivables Funding LLC<br>1.350% due 09/20/38 ~ | $169994 | $155760 |
|  SMB Private Education Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.310% due 01/15/53 ~ | 150000 | 131046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.340% due 09/15/34 ~ | 71717 | 68328 |
|  Structured Asset Investment Loan Trust<br>5.109% (USD LIBOR + 0.720%)<br>due 07/25/35 § | 172830 | 164103 |
|  STWD Ltd CLO (Cayman)<br>5.677% (SOFR + 1.194%)<br>due 07/15/38 ~ § | 592674 | 587481 |
|  Sunnova Helios II Issuer LLC<br>5.320% due 06/20/46 ~ | 156126 | 134841 |
|  TRTX Issuer Ltd CLO (Cayman)<br>5.590% (SOFR + 1.264%)<br>due 10/15/34 ~ § | 142430 | 142493 |
|  United Auto Credit Securitization Trust<br>1.140% due 06/10/26 ~ | 450000 | 434919 |
|  United States Small Business Administration |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.690% due 07/01/44 | 45115 | 39497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.980% due 04/01/39 | 42585 | 39247 |
|  Upstart Securitization Trust<br>0.870% due 03/20/31 ~ | 13609 | 13567 |
|  US Auto Funding Trust<br>5.130% due 12/15/25 ~ | 300000 | 285294 |
|  VCAT LLC<br>2.289% due 12/26/50 ~ | 280615 | 266168 |
|  Venture XXVIII CLO Ltd (Cayman)<br>5.233% (USD LIBOR + 0.990%)<br>due 07/20/30 ~ § | 300000 | 293739 |
|  VOLT XCII LLC<br>1.893% due 02/27/51 ~ | 115314 | 100116 |
|  VOLT XCIII LLC<br>1.893% due 02/27/51 ~ | 423634 | 383215 |
|  VOLT XCIV LLC<br>2.240% due 02/27/51 ~ | 284268 | 258385 |
|  Wachovia Mortgage Loan Trust<br>5.079% (USD LIBOR + 0.690%)<br>due 10/25/35 § | 751123 | 661691 |
|  Westlake Automobile Receivables Trust<br>5.480% due 09/15/27 ~ | 290000 | 277114 |
|  Total Asset-Backed Securities<br>(Cost $36,485,569) |  | &nbsp;&nbsp;&nbsp;&nbsp;35098670 |
|  **U.S. TREASURY OBLIGATIONS - 24.9%** |  |  |
|  **U.S. Treasury Bonds - 10.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% due 08/15/40 | 460000 | 285919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 05/15/50 | 1414000 | 761489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 08/15/50 | 45000 | 25022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% due 11/15/50 | 400000 | 238148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 08/15/41 | 2655000 | 1818208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 02/15/41 | 1400000 | 990281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 11/15/51 | 1030000 | 652722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 11/15/41 | 225000 | 160765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 02/15/50 | 450000 | 297483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 08/15/51 | 765000 | 501165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 05/15/41 | 1015000 | 763589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 08/15/46 | 50000 | 35432 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**76** 

------

**PACIFIC FUNDS** 

**PF MANAGED BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 02/15/52 | $1530000 | $1064545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 02/15/42 | 950000 | 725804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 05/15/51 | 1380000 | 990554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 05/15/43 | 1700000 | 1389152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 08/15/45 | 1300000 | 1047922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 05/15/52 | 3165000 | 2536945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 05/15/42 | 600000 | 505043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 08/15/48 | 300000 | 246516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 08/15/52 | 4495000 | 3704863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 02/15/43 | 102000 | 87114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 08/15/44 | 1800000 | 1522688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 05/15/42 | 11440000 | &nbsp;&nbsp;&nbsp;&nbsp;10035025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 08/15/42 | 9400000 | 8404188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 05/15/44 | 900000 | 794461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 02/15/39 | 150000 | 141012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 08/15/40 | 320000 | 312419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 11/15/42 | 1030000 | 1008756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 05/15/39 | 400000 | 412305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 02/15/40 | 400000 | 430195 |
|  |  | 41889730 |
|  **U.S. Treasury Inflation Protected Securities - 1.5%** | **U.S. Treasury Inflation Protected Securities - 1.5%** | **U.S. Treasury Inflation Protected Securities - 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 07/15/31 ^ | 1000710 | 884935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 01/15/32 ^ | 537535 | 471232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% due 02/15/50 ^ | 231830 | 156558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 01/15/24 ^ | 3320746 | 3250527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 07/15/32 ^ | 512845 | 470155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 02/15/43 ^ | 388863 | 314080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 02/15/49 ^ | 118430 | 99111 |
|  |  | 5646598 |
|  **U.S. Treasury Notes - 12.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% due 07/31/25 | 2000000 | 1805078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 02/28/26 | 940000 | 837738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 10/31/27 | 1675000 | 1416945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 10/15/24 | 100000 | 93402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% due 06/30/26 | 194000 | 173516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% due 09/30/26 | 166300 | 147702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 03/31/28 | 540000 | 469463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 11/15/31 | 88500 | 72057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 02/15/30 | 95000 | 80980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 02/28/29 | 700000 | 620020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 11/15/25 | 6250000 | 5916992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 05/31/27 | 6775000 | 6387290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 04/30/27 | 40000 | 37914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 07/31/27 | 1270000 | 1201737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 05/31/29 | 3755000 | 3489143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 08/15/32 | 4700000 | 4280672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 10/31/23 | 1000000 | 985079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 04/30/29 | 1340000 | 1255177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 05/15/32 | 5180000 | 4775312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 08/31/27 | 605000 | 581958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 08/31/29 | 1595000 | 1514409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 10/31/29 | 5900000 | 5903227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 10/31/27 | 7920000 | 7949700 |
|  |  | 49995511 |
|  Total U.S. Treasury Obligations<br>(Cost $106,592,921) |  | 97531839 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **FOREIGN GOVERNMENT BONDS & NOTES - 2.2%** | **FOREIGN GOVERNMENT BONDS & NOTES - 2.2%** |  |
|  Argentine Republic Government International (Argentina) | Argentine Republic Government International (Argentina) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 07/09/30 | $417100 | $113530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 07/09/29 | 18460 | 4947 |
|  Brazilian Government (Brazil)<br>4.750% due 01/14/50 | 510000 | 358946 |
|  Chile Government (Chile)<br>2.550% due 01/27/32 | 200000 | 164135 |
|  Chile Government International (Chile)<br>3.500% due 01/31/34 | 300000 | 256242 |
|  China Government (China) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.310% due 11/30/25 ~ | CNY 2,000,000 | 294066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.380% due 11/21/24 ~ | 500000 | 73238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.390% due 05/21/25 ~ | 1000000 | 146851 |
|  Colombia Government (Colombia)<br>4.125% due 02/22/42 | $200000 | 125765 |
|  Indonesia Government (Indonesia)<br>4.350% due 01/11/48 | 200000 | 173287 |
|  Indonesia Treasury (Indonesia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 02/15/31 | IDR 11,033,000,000 | 689585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 05/15/27 | 3676000000 | 242349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 06/15/35 | 1622000000 | 107501 |
|  Israel Government (Israel)<br>4.125% due 01/17/48 | $600000 | 527595 |
|  Kenya Government International (Kenya)<br>6.300% due 01/23/34 ~ | 380000 | 294496 |
|  Mexican Bonos (Mexico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 11/23/34 | MXN 4,240,000 | 196744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 11/13/42 | 35210000 | 1578410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% due 11/07/47 | 14560000 | 666892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% due 05/31/29 | 2780000 | 138855 |
|  Mexico Government (Mexico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.659% due 05/24/31 | $200000 | 161806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 01/21/26 | 200000 | 195567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 01/15/47 | 300000 | 226538 |
|  Panama Government (Panama) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.252% due 09/29/32 | 300000 | 223277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 04/16/50 | 200000 | 151617 |
|  Peruvian Government (Peru) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 11/18/50 | 30000 | 29773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% due 08/12/28 ~ | PEN 1,800,000 | 450799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550% due 03/14/37 | $60000 | 63436 |
|  Romanian Government International (Romania)<br>3.000% due 02/27/27 ~ | 300000 | 266772 |
|  Russian Federal (Russia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.050% due 01/19/28 | RUB 87,222,000 | 366628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% due 05/10/34 | 5970000 | 25094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.700% due 03/16/39 | 50360000 | 211683 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**77** 

------

**PACIFIC FUNDS** 

**PF MANAGED BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | <br> **Value** |
|  State of Israel (Israel)<br>3.375% due 01/15/50 | $200000 | $154514 |
|  Total Foreign Government Bonds & Notes<br>(Cost $11,465,599) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8680938 |
|  **MUNICIPAL BONDS - 0.2%** |  |  |
|  New York State Urban Development Corp<br>1.346% due 03/15/26 | 700000 | 628479 |
|  Regents of the University of California Medical Center Pooled Revenue 'N'<br>3.706% due 05/15/20 | 120000 | 75664 |
|  State of California<br>7.625% due 03/01/40 | 180000 | 227766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds<br>(Cost $1,121,841) |  | 931909 |
|  **SHORT-TERM INVESTMENTS - 17.4%** | **SHORT-TERM INVESTMENTS - 17.4%** |  |
|  **Commercial Paper - 3.2%** |  |  |
|  American Electric Power Co Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.702% due 01/05/23 | 250000 | 249810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.935% due 01/04/23 | 550000 | 549653 |
|  AT&T Inc<br>6.330% due 01/03/23 | 250000 | 249874 |
|  Baxter International Inc<br>5.071% due 01/23/23 | 400000 | 398755 |
|  Consolidated Edison Inc<br>5.082% due 01/20/23 | 500000 | 498644 |
|  Constellation Brands Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.444% due 01/17/23 | 300000 | 299260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.537% due 01/12/23 | 300000 | 299469 |
|  Crown Castle International Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.357% due 01/31/23 | 300000 | 298673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.089% due 01/05/23 | 250000 | 249798 |
|  Dominion Resources Inc<br>5.004% due 01/31/23 | 600000 | 597517 |
|  Duke Energy Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.104% due 01/17/23 | 250000 | 249421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.288% due 01/09/23 | 500000 | 499365 |
|  Enbridge Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.255% due 01/20/23 | 250000 | 249299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.510% due 01/09/23 | 250000 | 249670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.195% due 01/04/23 | 400000 | 399737 |
|  Energy Corp<br>5.210% due 01/11/23 | 250000 | 249618 |
|  Entergy Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230% due 01/12/23 | 300000 | 299498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.256% due 01/11/23 | 300000 | 299537 |
|  Fiserv Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.105% due 01/17/23 | 300000 | 299305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.320% due 01/09/23 | 300000 | 299617 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | <br> **Value** |
|  Humana Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.040% due 02/01/23 | $250000 | $248924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.146% due 01/17/23 | 300000 | 299300 |
|  McCormick & Co Inc<br>5.068% due 01/27/23 | 300000 | 298905 |
|  Mercedes-Benz Finance<br>5.069% due 01/30/23 | 300000 | 298783 |
|  Mondelez International Inc<br>5.175% due 01/11/23 | 400000 | 399392 |
|  National Grid Holdings Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.069% due 01/24/23 | 300000 | 299026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.071% due 01/23/23 | 400000 | 398755 |
|  Oracle Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.977% due 01/26/23 | 250000 | 249137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.978% due 01/27/23 | 300000 | 298924 |
|  Parker Hannifin Corp<br>4.905% due 01/19/23 | 300000 | 299253 |
|  Quanta Services Inc<br>5.604% due 01/11/23 | 300000 | 299507 |
|  Republic Services Inc<br>5.176% due 01/12/23 | 300000 | 299503 |
|  Tampa Electric Co<br>5.199% due 01/12/23 | 300000 | 299500 |
|  Targa Resources Corp<br>4.820% due 01/13/23 | 300000 | 299497 |
|  TransCanada PipeLines Ltd<br>5.088% due 01/19/23 | 300000 | 299226 |
|  Vodafone Group PLC<br>5.779% due 01/05/23 | 300000 | 299769 |
|  VW Credit Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.068% due 01/25/23 | 300000 | 298986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.068% due 01/27/23 | 300000 | 298905 |
|  Walgreens Boots Alliance Inc<br>5.283% due 01/11/23 | 300000 | 299535 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12571347 |
|  **Foreign Government Issues - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Israel Bill - Makam (Israel)<br>1.875% due 03/02/23 | ILS 1,300,000 | 368687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Treasury Discount Bill (Japan)<br>(0.179%) due 02/27/23 | JPY 140,000,000 | 1067051 |
|  |  | 1435738 |
|  | **Shares** |  |
|  **Money Market Fund - 1.9%** | **Money Market Fund - 1.9%** |  |
|  BlackRock Liquidity Funds T-Fund Portfolio<br>'Institutional' 4.030% | 7635124 | 7635124 |
|  | **Principal<br>Amount** |  |
|  **Repurchase Agreements - 4.5%** | **Repurchase Agreements - 4.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas<br> 4.130% due 01/03/23 (Dated 12/30/22,<br> Repurchase price of $4,201,927:<br> collateralized by U.S. Treasury Note:<br> 1.500% due 08/15/26 and value $4,283,144) | $4200000 | 4200000 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**78** 

------

**PACIFIC FUNDS** 

**PF MANAGED BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | <br> **Value** |
|  BNP Paribas<br>4.310% due 01/04/23 (Dated 01/03/23,<br>Repurchase price of $3,800,455:<br>collateralized by U.S. Treasury Note:<br>2.000% due 02/15/25 and value<br>$3,880,721) | $3800000 | $3800000 |
|  Deutsche Bank<br>4.310% due 01/04/23 (Dated 01/03/23,<br>Repurchase price of $5,100,611:<br>collateralized by a U.S. Treasury Inflation<br>Protected Bond: 0.500% due 04/15/24 and<br>value $5,193,943) | 5100000 | 5100000 |
|  Deutsche Bank<br>4.350% due 01/03/23 (Dated 12/30/22,<br>Repurchase price of $4,602,223:<br>collateralized by U.S. Treasury Note:<br>0.750% due 03/31/26 and value<br>$4,689,406) | 4600000 | 4600000 |
|  |  | 17700000 |
|  **U.S. Cash Management Bills - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% due 01/03/23 | 320000 | 320000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.675% due 01/31/23 | 330000 | 328990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.721% due 02/07/23 ‡ | 323000 | 321774 |
|  |  | 970764 |
| **U. S. Government Agency Issue - 0.3%** | **U. S. Government Agency Issue - 0.3%** |  |
|  Federal Home Loan Banks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.672% due 01/12/23 | 370000 | 369561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.249% due 02/03/23 | 350000 | 348646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.336% due 02/28/23 | 500000 | 496581 |
|  |  | 1214788 |
|  **U.S. Treasury Bills - 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.710% due 02/09/23 ‡ | 9100000 | 9063742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.159% due 02/23/23 | 15600000 | 15506227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.181% due 03/02/23 | 240000 | 238363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.221% due 03/28/23 | 770000 | 762450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.399% due 04/11/23 | 310000 | 306329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.615% due 06/01/23 | 240000 | 235532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.618% due 05/25/23 | 500000 | 491112 |
|  |  | 26603755 |
|  Total Short-Term Investments<br>(Cost $68,066,332) |  | 68131516 |
|  **TOTAL INVESTMENTS - 117.7%<br>(Cost $500,906,740)** | **TOTAL INVESTMENTS - 117.7%<br>(Cost $500,906,740)** | 461772145 |
|  **TOTAL SECURITIES SOLD SHORT - (0.4%)<br>(PROCEEDS $1,740,328)** | **TOTAL SECURITIES SOLD SHORT - (0.4%)<br>(PROCEEDS $1,740,328)** | (1758832) |
|  **DERIVATIVES - 0.3%** | **DERIVATIVES - 0.3%** | 1158503 |
|  **OTHER ASSETS & LIABILITIES, NET - (17.6%)** | **OTHER ASSETS & LIABILITIES, NET - (17.6%)** | (68693363) |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $392478453 |

---

**<u>Notes to Schedule of Investments</u>** 

(a) The average amount of borrowings by the Fund on sale-buyback financing transactions during the nine-month period
ended December 31, 2022 was $766,659 at a weighted average interest rate of 0.560%.

(b) Securities sold short outstanding as of December 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| Description<br>| Principal<br>Amount | Value |
|  Mortgage-Backed Securities - (0.4%) |  |  |
|  Fannie Mae |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; due 01/01/53 # | $600000 | ($488357) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; due 01/01/53 # | 1500000 | (1270475) |
|  Total Securities Sold Short<br>(Proceeds $1,740,328) | Total Securities Sold Short<br>(Proceeds $1,740,328) | ($1758832) |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**79** 

------

**PACIFIC FUNDS** 

**PF MANAGED BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

(c) Open futures contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long Futures Outstanding | Expiration<br>Month | Number of<br>Contracts | Notional<br>Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
|  AUD FX | 03/23 | 29 | $1990314 | $1980265 | ($10049) |
|  Australia 10-Year Bonds | 03/23 | 10 | 833004 | 787617 | (45387) |
|  EUR FX | 03/23 | 25 | 3350446 | 3360625 | 10179 |
|  Euro-Bobl | 03/23 | 6 | 770732 | 743428 | (27304) |
|  Euro-Bund | 03/23 | 13 | 1925228 | 1849834 | (75394) |
|  Eurodollar | 03/23 | 14 | 3327488 | 3322375 | (5113) |
|  Eurodollar | 09/23 | 8 | 1980992 | 1898500 | (82492) |
|  Eurodollar | 12/23 | 1 | 242165 | 238025 | (4140) |
|  Euro-OAT | 03/23 | 4 | 587168 | 545073 | (42095) |
|  GBP FX | 03/23 | 3 | 233314 | 226575 | (6739) |
|  JPY FX | 03/23 | 11 | 1021905 | 1059712 | 37807 |
|  Long Gilt | 03/23 | 5 | 637234 | 603871 | (33363) |
|  MXN FX | 03/23 | 56 | 1393420 | 1417360 | 23940 |
|  SOFR | 09/23 | 18 | 4344575 | 4276800 | (67775) |
|  SOFR | 03/25 | 35 | 8467911 | 8457750 | (10161) |
|  SOFR | 03/26 | 13 | 3132531 | 3146650 | 14119 |
|  U.S. Treasury 5-Year Notes | 03/23 | 585 | 63234244 | 63138869 | (95375) |
|  U.S. Treasury 10-Year Notes | 03/23 | 140 | 15805973 | 15721563 | (84410) |
|  U.S. Treasury Long Bonds | 03/23 | 68 | 8628778 | 8523375 | (105403) |
|  U.S. Treasury Ultra 10-Year Notes | 03/23 | 8 | 947639 | 946250 | (1389) |
|  U.S. Treasury Ultra Long Bonds | 03/23 | 71 | 9554628 | 9536187 | (18441) |
|  |  |  |  |  | (628985) |
| Short Futures Outstanding |  |  |  |  |  |
|  Euro-Bund | 03/23 | 27 | 4088997 | 3841963 | 247034 |
|  Euro-Buxl | 03/23 | 2 | 343183 | 289535 | 53648 |
|  Euro-OAT | 03/23 | 2 | 291536 | 272537 | 18999 |
|  Japan 10-Year Bonds | 03/23 | 5 | 5641417 | 5541755 | 99662 |
|  SOFR | 03/24 | 99 | 23714923 | 23628825 | 86098 |
|  U.S. Fed Funds | 01/23 | 10 | 3986342 | 3986569 | (227) |
|  U.S. Treasury 2-Year Notes | 03/23 | 40 | 8200298 | 8203125 | (2827) |
|  U.S. Treasury 10-Year Notes | 03/23 | 302 | 34193759 | 33913658 | 280101 |
|  |  |  |  |  | 782488 |
|  Total Futures Contracts |  |  |  |  | $153503 |

---

(d) Forward foreign currency contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency<br>Purchased | Currency<br>Purchased | Currency<br>Sold | Currency<br>Sold | Settlement<br>Month | Counterparty | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
| AUD | 3144811 | USD | 2031548 | 01/23 | MSC | $111329 | $— |
| BRL | 2860385 | USD | 539787 | 01/23 | JPM | 1438 |  |
| BRL | 2860385 | USD | 538719 | 04/23 | JPM |  | (6732) |
| CAD | 5044837 | USD | 3694309 | 01/23 | MSC | 31907 |  |
| CLP | 6023518 | USD | 6482 | 06/23 | SCB | 469 |  |
| CNH | 1703733 | USD | 244561 | 01/23 | MSC | 1992 |  |
| EUR | 155714 | NOK | 1622200 | 01/23 | JPM | 1191 |  |
| EUR | 84000 | USD | 89493 | 01/23 | BRC | 494 |  |
| GBP | 452600 | USD | 520863 | 01/23 | GSC | 26597 |  |
| GBP | 145000 | USD | 176081 | 02/23 | HSB |  | (564) |
| INR | 17463858 | USD | 211728 | 01/23 | MSC |  | (862) |
| JPY | 158520000 | USD | 1175119 | 01/23 | GSC | 35839 |  |
| JPY | 313697943 | USD | 2190896 | 01/23 | JPM | 205490 |  |
| MXN | 4800000 | USD | 245990 | 01/23 | JPM |  | (582) |
| MXN | 18524360 | USD | 934059 | 01/23 | JPM | 13028 |  |
| MXN | 2500000 | USD | 125380 | 01/23 | MSC | 2436 |  |
| MXN | 67000 | USD | 3256 | 02/23 | HSB | 156 |  |
| NOK | 5947656 | EUR | 567556 | 01/23 | JPM |  | (769) |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**80** 

------

**PACIFIC FUNDS** 

**PF MANAGED BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency<br>Purchased | Currency<br>Purchased | Currency<br>Sold | Currency<br>Sold | Settlement<br>Month | Counterparty | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
| PEN | 2746889 | USD | 713070 | 01/23 | BRC | $8334 | $— |
| PEN | 227622 | USD | 57831 | 03/23 | DUB | 1700 |  |
| USD | 166660 | AUD | 248627 | 01/23 | HSB |  | (2697) |
| USD | 1474813 | AUD | 2284439 | 01/23 | MSC |  | (81805) |
| USD | 417263 | AUD | 619373 | 01/23 | SCB |  | (4634) |
| USD | 548387 | BRL | 2860385 | 01/23 | JPM | 7162 |  |
| USD | 548551 | CAD | 753520 | 01/23 | MSC |  | (8013) |
| USD | 1158236 | CAD | 1559754 | 01/23 | MSC | 6171 |  |
| USD | 1061577 | CNH | 7543990 | 01/23 | JPM |  | (30143) |
| USD | 994014 | CNH | 7140000 | 01/23 | MSC |  | (39243) |
| USD | 255892 | DKK | 1830000 | 01/23 | HSB |  | (7770) |
| USD | 2916778 | EUR | 2783000 | 01/23 | HSB |  | (64588) |
| USD | 2113250 | EUR | 2100538 | 01/23 | MSC |  | (138275) |
| USD | 84470 | GBP | 74047 | 01/23 | GSC |  | (5097) |
| USD | 873667 | GBP | 725667 | 01/23 | MSC |  | (4093) |
| USD | 5361375 | GBP | 4558585 | 02/23 | HSB |  | (156604) |
| USD | 207779 | IDR | 3264212982 | 01/23 | JPM |  | (2612) |
| USD | 530720 | IDR | 8101850000 | 01/23 | JPM | 8523 |  |
| USD | 380156 | ILS | 1289375 | 03/23 | DUB | 12132 |  |
| USD | 61214 | INR | 5011010 | 01/23 | MSC | 709 |  |
| USD | 1965779 | JPY | 284340128 | 01/23 | GSC |  | (206338) |
| USD | 2089891 | JPY | 276979500 | 01/23 | MSC |  | (25997) |
| USD | 1012098 | JPY | 140000000 | 02/23 | HSB |  | (63125) |
| USD | 2957566 | MXN | 60465948 | 01/23 | GSC |  | (133849) |
| USD | 412635 | MXN | 8114000 | 01/23 | JPM |  | (2206) |
| USD | 91395 | PEN | 353082 | 01/23 | BRC |  | (1333) |
| USD | 1421204 | PEN | 5513206 | 03/23 | JPM |  | (20581) |
| USD | 157480 | ZAR | 2813003 | 01/23 | GSC |  | (7786) |
| ZAR | 4736125 | USD | 262928 | 01/23 | GSC | 15324 |  |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts |  | $492421 | ($1016298) |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**81** 

------

**PACIFIC FUNDS** 

**PF MANAGED BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

(e) Purchased options outstanding as of December 31, 2022 were as follows:

<u>Interest Rate Swaptions</u> 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Pay/Receive<br>Floating Rate | Floating Rate Index | Exercise<br>Rate | Expiration<br>Date | Counter-<br>party | Notional<br>Amount | Cost | Value |
|  Put - 1-Year Interest Rate Swap | Receive | USD-SOFR | 3.750% | 09/11/23 | MSC | $9300000 | $70680 | $74600 |

---

<u>Options on Futures</u> 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Exercise<br>Price | Expiration<br>Date | Exchange | Number of<br>Contracts | Notional<br>Amount | Cost | Value |
|  Call - U.S. Treasury 5-Year Notes (02/23) | $108.00 | 01/27/23 | CME | 3 | $324000 | $1810 | $1805 |
|  Call - U.S. Treasury 5-Year Notes (02/23) | 108.25 | 01/27/23 | CME | 3 | 324750 | 1732 | 1453 |
|  Call - U.S. Treasury 5-Year Notes (02/23) | 108.75 | 01/27/23 | CME | 2 | 217500 | 1136 | 594 |
|  Call - U.S. Treasury 5-Year Notes (02/23) | 109.50 | 01/27/23 | CME | 3 | 328500 | 2169 | 398 |
|  Call - U.S. Treasury 10-Year Notes (02/23) | 112.25 | 01/27/23 | CME | 2 | 224500 | 1878 | 1937 |
|  Call - U.S. Treasury 10-Year Notes (02/23) | 112.50 | 01/27/23 | CME | 6 | 675000 | 5323 | 5062 |
|  Call - U.S. Treasury 10-Year Notes (02/23) | 112.75 | 01/27/23 | CME | 2 | 225500 | 1878 | 1438 |
|  Call - U.S. Treasury 10-Year Notes (02/23) | 114.00 | 01/27/23 | CME | 4 | 456000 | 3507 | 1250 |
|  Call - U.S. Treasury 30-Year Bonds (02/23) | 125.00 | 01/27/23 | CME | 1 | 125000 | 1799 | 2094 |
|  Call - U.S. Treasury 30-Year Bonds (02/23) | 126.00 | 01/27/23 | CME | 1 | 126000 | 1455 | 1578 |
|  Call - U.S. Treasury 30-Year Bonds (02/23) | 131.00 | 01/27/23 | CME | 2 | 262000 | 4925 | 594 |
|  Call - Euro-Bund (02/23) | EUR 133.50 | 01/27/23 | EUX | 1 | EUR 133,500 | 1661 | 1317 |
|  Call - AUD-FX (02/23) | $68.00 | 02/03/23 | CME | 1 | $68000 | 1003 | 1260 |
|  |  |  |  |  |  | 30276 | 20780 |
|  Put - USD-SOFR (01/23) | 95.63 | 01/13/23 | CME | 33 | 7889475 | 11619 | 4331 |
|  Put - USD-SOFR (01/23) | 95.88 | 01/13/23 | CME | 34 | 8149800 | 14409 | 12325 |
|  Put - U.S. Treasury 10-Year Notes (02/23) | 112.00 | 01/27/23 | CME | 2 | 224000 | 1769 | 1594 |
|  Put - U.S. Treasury 10-Year Notes (02/23) | 112.25 | 01/27/23 | CME | 1 | 112250 | 924 | 922 |
|  Put - U.S. Treasury 10-Year Notes (02/23) | 113.00 | 01/27/23 | CME | 1 | 113000 | 923 | 1312 |
|  |  |  |  |  |  | 29644 | 20484 |
|  Total Options on Futures |  |  |  |  |  | $59920 | $41264 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options |  |  |  | $130600 | $115864 |

---

(f) Premiums received and value of written options outstanding as of December 31, 2022 were as follows:

<u>Interest Rate Swaptions</u> 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Pay/Receive<br>Floating Rate | Floating Rate Index | Exercise<br>Rate | Expiration<br>Date | Counter-<br>party | Notional<br>Amount | Premium | Value |
|  Call - 1-Year Interest Rate Swap | Receive | USD-SOFR | 2.993% | 10/11/23 | MSC | $2800000 | $18914 | ($4631) |
|  Put - 1-Year Interest Rate Swap | Pay | USD-SOFR | 4.233% | 09/11/23 | MSC | 9300000 | 44640 | (47128) |
|  Put - 1-Year Interest Rate Swap | Pay | USD-SOFR | 4.715% | 09/11/23 | MSC | 9300000 | 26040 | (27090) |
|  Put - 1-Year Interest Rate Swap | Pay | USD-SOFR | 2.993% | 10/11/23 | MSC | 2800000 | 18914 | (38334) |
|  |  |  |  |  |  |  | 89594 | (112552) |
|  Total Interest Rate Swaptions | Total Interest Rate Swaptions | Total Interest Rate Swaptions |  |  |  |  | $108508 | ($117183) |

---

<u>Options on Futures</u> 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Exercise<br>Price | Expiration<br>Date | Number of<br>Contracts | Notional<br>Amount | Premium | Value |
|  Call - U.S. Treasury 5-Year Notes (02/23) | $108.50 | 01/27/23 CME | 5 | $542500 | $1819 | ($1914) |
|  Call - U.S. Treasury 5-Year Notes (02/23) | 109.75 | 01/27/23 CME | 3 | 329250 | 1206 | (305) |
|  Call - U.S. Treasury 10-Year Notes (02/23) | 113.50 | 01/27/23 CME | 2 | 227000 | 965 | (875) |
|  Call - U.S. Treasury 10-Year Notes (02/23) | 113.75 | 01/27/23 CME | 1 | 113750 | 311 | (375) |
|  Call - U.S. Treasury 10-Year Notes (02/23) | 114.25 | 01/27/23 CME | 1 | 114250 | 358 | (250) |
|  Call - U.S. Treasury 10-Year Notes (02/23) | 114.50 | 01/27/23 CME | 3 | 343500 | 2229 | (609) |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**82** 

------

**PACIFIC FUNDS** 

**PF MANAGED BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Exercise<br>Price | Expiration<br>Date | Exchange | Number of<br>Contracts | Notional<br>Amount | Premium | Value |
|  Call - U.S. Treasury 10-Year Notes (02/23) | $115.00 | 01/27/23 | CME | 4 | $460000 | $3524 | ($562) |
|  Call - U.S. Treasury 10-Year Notes (02/23) | 115.50 | 01/27/23 | CME | 8 | 924000 | 5111 | (875) |
|  Call - U.S. Treasury 10-Year Notes (02/23) | 116.00 | 01/27/23 | CME | 5 | 580000 | 3663 | (391) |
|  Call - U.S. Treasury 30-Year Bonds (02/23) | 128.00 | 01/27/23 | CME | 5 | 640000 | 3929 | (4219) |
|  Call - U.S. Treasury 30-Year Bonds (02/23) | 132.00 | 01/27/23 | CME | 3 | 396000 | 4229 | (609) |
|  Call - U.S. Treasury 30-Year Bonds (02/23) | 133.00 | 01/27/23 | CME | 1 | 133000 | 1733 | (156) |
|  Call - Euro-Bund (02/23) | EUR 134.00 | 01/27/23 | EUX | 1 | EUR 134,000 | 1412 | (1092) |
|  |  |  |  |  |  | 30489 | (12232) |
|  Put - U.S. Treasury 5-Year Notes (02/23) | $109.00 | 01/27/23 | CME | 6 | $654000 | 3341 | (7781) |
|  Put - U.S. Treasury 10-Year Notes (02/23) | 114.00 | 01/27/23 | CME | 7 | 798000 | 5379 | (14110) |
|  Put - U.S. Treasury 30-Year Bonds (02/23) | 130.00 | 01/27/23 | CME | 4 | 520000 | 6024 | (20250) |
|  Put - Euro-Bund (02/23) | EUR 136.00 | 01/27/23 | EUX | 3 | EUR 408,000 | 4182 | (11272) |
|  Put - Euro-Bund (02/23) | 138.00 | 01/27/23 | EUX | 1 | 138000 | 1604 | (5609) |
|  |  |  |  |  |  | 20530 | (59022) |
|  Total Options on Futures |  |  |  |  |  | $51019 | ($71254) |
|  Total Written Options |  |  |  |  |  | $159527 | ($188437) |

---

(g) Swap agreements outstanding as of December 31, 2022 were as follows:

<u>Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection (1)</u> 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Referenced<br>Obligation | Payment<br>Frequency | Fixed Deal<br>Receive Rate | Expiration<br>Date | Counterparty | Implied Credit<br>Spread at<br>12/31/22 (2) | Notional<br>Amount (3) | Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  Colombia Government | Q | 1.000% | 06/20/27 | MSC | 2.538% | $200000 | ($11907) | ($11307) | ($600) |
|  Colombia Government | Q | 1.000% | 12/20/27 | MSC | 2.714% | 300000 | (21759) | (26745) | 4986 |
|  |  |  |  |  |  |  | (33666) | (38052) | 4386 |
|  |  |  |  | Exchange |  |  |  |  |  |
|  AT&T Inc | Q | 1.000% | 06/20/23 | ICE | 0.674% | 300000 | 558 | 430 | 128 |
|  Barclays Bank PLC | Q | 1.000% | 12/20/23 | ICE | 0.746% | EUR 100,000 | 297 | 120 | 177 |
|  Rolls-Royce PLC | Q | 1.000% | 12/20/24 | ICE | 2.040% | 800000 | (16478) | (4034) | (12444) |
|  Boeing Co | Q | 1.000% | 06/20/25 | ICE | 1.165% | $400000 | (1389) | (5621) | 4232 |
|  General Electric Co | Q | 1.000% | 06/20/26 | ICE | 0.801% | 400000 | 2679 | 2736 | (57) |
|  Apache Corp | Q | 1.000% | 12/20/26 | ICE | 1.696% | 524000 | (12720) | (15568) | 2848 |
|  Boeing Co | Q | 1.000% | 12/20/26 | ICE | 1.297% | 300000 | (3064) | (1695) | (1369) |
|  Stellantis N.V. | Q | 5.000% | 12/20/26 | ICE | 1.513% | EUR 300,000 | 41376 | 68879 | (27503) |
|  Verizon Communications Inc | Q | 1.000% | 06/20/27 | ICE | 1.073% | $300000 | (767) | (788) | 21 |
|  British Telecommunications PLC | Q | 1.000% | 06/20/28 | ICE | 1.667% | EUR 300,000 | (10258) | (1477) | (8781) |
|  |  |  |  |  |  |  | 234 | 42982 | (42748) |
|  Total Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection | Total Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection | Total Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection | Total Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection | Total Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection |  |  | ($33432) | $4930 | ($38362) |

---

<u>Credit Default Swaps on Credit Indices - Buy Protection (4)</u> 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Referenced Obligation | Payment<br>Frequency | Fixed Deal<br>Pay Rate | Expiration<br>Date | Exchange | Notional<br>Amount (3) | Value (5) | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  CDX HY 38 5Y | Q | 5.000% | 06/20/27 | ICE | $495000 | ($11055) | ($1386) | ($9669) |
|  CDX iTraxx Main 38 5Y | Q | 1.000% | 12/20/27 | ICE | EUR 400,000 | (1980) | 3649 | (5629) |
|  CDX HY 39 5Y | Q | 5.000% | 12/20/27 | ICE | $32000 | (240) | 1416 | (1656) |
|  |  |  |  |  |  | ($13275) | $3679 | ($16954) |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**83** 

------

**PACIFIC FUNDS** 

**PF MANAGED BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

<u>Credit Default Swaps on Credit Indices - Sell Protection (1)</u> 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Referenced Obligation | Payment<br>Frequency | Fixed Deal<br>Receive Rate | Expiration<br>Date | Notional<br>Amount (3) | Value (5) | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  CDX IG 39 5Y | Q | 1.000% | 12/20/27 ICE | $27882500 | $231520 | $29760 | $201760 |
|  Total Credit Default Swaps on Credit Indices | Total Credit Default Swaps on Credit Indices |  |  |  | $218245 | $33439 | $184806 |
|  Total Credit Default Swaps | Total Credit Default Swaps |  |  |  | $184813 | $38369 | $146444 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

<u>Interest Rate Swaps - Long</u> 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Pay | Payment<br>Frequency<br>Receive Rate/<br>Pay Rate | Exchange | Expiration<br>Date | Notional<br>Amount | Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
| 0.000% | 1-Day JPY-TONAR | A / A | LCH | 03/17/24 | JPY 1,300,000,000 | ($12332) | $19440 | ($31772) |
| 12.233% | Brazil CETIP Interbank | Z / Z | CME | 01/02/25 | BRL 9,400,000 | (19166) |  | (19166) |
| 12.275% | Brazil CETIP Interbank | Z / Z | CME | 01/02/25 | 11400000 | (20958) |  | (20958) |
| (0.068%) | 1-Day JPY-TONAR | S / S | LCH | 09/18/26 | JPY 120,000,000 | (20381) |  | (20381) |
| (0.097%) | 1-Day JPY-TONAR | S / S | LCH | 09/24/26 | 82000000 | (14725) | 106 | (14831) |
| 12.980% | Brazil CETIP Interbank | Z / Z | CME | 01/04/27 | BRL 4,600,000 | 9551 |  | 9551 |
| 12.990% | Brazil CETIP Interbank | Z / Z | CME | 01/04/27 | 2300000 | 4875 |  | 4875 |
| 13.024% | Brazil CETIP Interbank | Z / Z | CME | 01/04/27 | 2300000 | 5213 |  | 5213 |
| 0.300% | 1-Day JPY-TONAR | S / S | LCH | 03/20/28 | JPY 166,000,000 | (23096) | 24874 | (47970) |
| 7.450% | 28-Day MXN TIIE | L / L | CME | 07/18/29 | MXN 36,630,000 | (123186) | 25626 | (148812) |
| 1.750% | EUR-LIBOR | A / S | LCH | 03/15/33 | EUR 3,900,000 | (519747) | (34011) | (485736) |
|  |  |  |  |  |  | ($733952) | $36035 | ($769987) |
|  <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rate Swaps - Short</u> | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rate Swaps - Short</u> | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rate Swaps - Short</u> | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rate Swaps - Short</u> | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rate Swaps - Short</u> | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rate Swaps - Short</u> | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rate Swaps - Short</u> | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rate Swaps - Short</u> | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rate Swaps - Short</u> |
| Pay | Receive | Payment<br>Frequency<br>Pay Rate/<br>Receive Rate | Exchange | Expiration<br>Date | Notional<br>Amount | Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
| 4.270% | USD-SOFR | A / A | LCH | 09/13/24 | $2000000 | $2309 | $— | $2309 |
| 11.692% | Brazil CETIP Interbank | Z / Z | CME | 01/02/25 | BRL 16,600,000 | 49040 |  | 49040 |
| 11.473% | Brazil CETIP Interbank | Z / Z | CME | 01/04/27 | 2500000 | 12675 |  | 12675 |
| 1.130% | USD-SOFR | A / A | CME | 08/15/28 | $2312000 | 317100 | 9776 | 307324 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**84** 

------

**PACIFIC FUNDS** 

**PF MANAGED BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay | Receive | Payment<br>Frequency<br>Pay Rate/<br>Receive Rate | Exchange | Expiration<br>Date | Notional<br>Amount | Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
| 1.220% | USD-SOFR | A / A | CME | 08/15/28 | $1264000 | $167499 | ($82) | $167581 |
| 2.850% | USD-SOFR | A / A | CME | 02/15/29 | 976000 | 43688 | 3882 | 39806 |
| 3.270% | USD-SOFR | A / A | CME | 04/30/29 | 1879000 | 42713 | (21184) | 63897 |
| 3.850% | USD-SOFR | A / A | CME | 06/30/29 | 1228000 | (14086) | 1467 | (15553) |
| 2.000% | USD-SOFR | A / A | CME | 03/18/32 | 558000 | 68259 | 4523 | 63736 |
| 1.750% | USD-SOFR | A / A | CME | 06/15/32 | 2600000 | 380358 | 384506 | (4148) |
| 0.800% | 1-Day JPY-TONAR | S / S | LCH | 10/22/38 | JPY 10,000,000 | 4303 |  | 4303 |
| 0.785% | 1-Day JPY-TONAR | S / S | LCH | 11/12/38 | 13260000 | 6036 | 46 | 5990 |
| 0.500% | 1-Day JPY-TONAR | A / A | LCH | 03/15/42 | 103000000 | 98185 | 29385 | 68800 |
| 0.662% | 1-Day JPY-TONAR | A / A | LCH | 04/19/42 | 6000000 | 4439 |  | 4439 |
| 0.560% | USD-SOFR | A / A | CME | 07/20/45 | $527000 | 237812 | 12421 | 225391 |
| 0.641% | 1-Day JPY-TONAR | S / S | CME | 05/09/46 | JPY 187,300,000 | 211736 | 250 | 211486 |
| 1.520% | USD-SOFR | A / A | CME | 02/15/47 | $1005000 | 302374 | 4958 | 297416 |
| 1.729% | USD-SOFR | A / A | CME | 02/15/47 | 92000 | 24390 |  | 24390 |
| 1.650% | USD-SOFR | A / A | CME | 08/15/47 | 1493000 | 420885 | 166245 | 254640 |
| 2.510% | USD-SOFR | A / A | CME | 02/15/48 | 187000 | 26011 | 1869 | 24142 |
| 2.600% | USD-SOFR | A / A | CME | 02/15/48 | 559000 | 67784 | 38424 | 29360 |
| 3.050% | USD-SOFR | A / A | CME | 02/15/48 | 364000 | 16736 | 11221 | 5515 |
| 2.500% | USD-SOFR | A / A | CME | 04/21/52 | 359000 | 47616 | 335 | 47281 |
| 0.800% | 1-Day JPY-TONAR | A / A | LCH | 06/15/52 | JPY 194,000,000 | 191973 | 736 | 191237 |
| 1.750% | USD-SOFR | A / A | CME | 12/21/52 | $1900000 | 510253 | 368789 | 141464 |
| 2.000% | 1-Day GBP-SONIA | A / A | LCH | 03/15/53 | GBP 400,000 | 126662 | 124190 | 2472 |
|  |  |  |  |  |  | $3366750 | $1141757 | $2224993 |
|  Total Interest Rate Swaps | Total Interest Rate Swaps | Total Interest Rate Swaps |  |  |  | $2632798 | $1177792 | $1455006 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  |  | $2817611 | $1216161 | $1601450 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**85** 

------

**PACIFIC FUNDS** 

**PF MANAGED BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

(h) Fair Value Measurements

The following is a summary of the Fund's investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund's assets and liabilities as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Common Stocks | $66378 | $66378 | $— | $— |
|  | Corporate Bonds & Notes | 89674088 |  | 89674088 |  |
|  | Senior Loan Notes | 5062524 |  | 5062524 |  |
|  | Mortgage-Backed Securities | 156594283 |  | 156594283 |  |
|  | Asset-Backed Securities | 35098670 |  | 35098670 |  |
|  | U.S. Treasury Obligations | 97531839 |  | 97531839 |  |
|  | Foreign Government Bonds & Notes | 8680938 |  | 8680938 |  |
|  | Municipal Bonds | 931909 |  | 931909 |  |
|  | Short-Term Investments | 68131516 | 7635124 | 60496392 |  |
|  | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 214152 |  | 214152 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 71926 | 71926 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | 492421 |  | 492421 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 1260 |  | 1260 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Contracts | 565607 | 71926 | 493681 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 799661 | 799661 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 114604 |  | 114604 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 2264333 |  | 2264333 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Contracts | 3178598 | 799661 | 2378937 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets - Derivatives | 3958357 | 871587 | 3086770 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 465730502 | 8573089 | 457157413 |  |
|  Liabilities | Securities Sold Short |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgaged-Backed Securities | (1758832) |  | (1758832) |  |
|  | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | (67708) |  | (67708) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (16788) | (16788) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | (1016298) |  | (1016298) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Contracts | (1033086) | (16788) | (1016298) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (701296) | (701296) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options | (188437) |  | (188437) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | (809327) |  | (809327) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Contracts | (1699060) | (701296) | (997764) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities - Derivatives | (2799854) | (718084) | (2081770) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (4558686) | (718084) | (3840602) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $461171816 | $7855005 | $453316811 | $— |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**86** 

------

**PACIFIC FUNDS** 

**PF SHORT DURATION BOND FUND** 

**Schedule of Investments** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | <br> **Value** |
|  **CORPORATE BONDS & NOTES - 44.7%** | **CORPORATE BONDS & NOTES - 44.7%** |  |
|  **Basic Materials - 1.4%** | **Basic Materials - 1.4%** |  |
|  ArcelorMittal SA (Luxembourg)<br>3.600% due 07/16/24 | $110000 | $106669 |
|  Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% due 07/05/24 | 485000 | 485132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% due 03/15/25 | 410000 | 408751 |
|  Celulosa Arauco y Constitucion SA (Chile)<br>4.500% due 08/01/24 | 200000 | 197256 |
|  Ecolab Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% due 02/01/27 | 100000 | 88664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 01/15/28 | 290000 | 296003 |
|  LYB International Finance III LLC<br>1.250% due 10/01/25 | 276000 | 246492 |
|  Nucor Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 06/01/25 | 130000 | 121099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 05/23/25 | 100000 | 97929 |
|  POSCO (South Korea)<br>4.375% due 08/04/25 ~ | 550000 | 533016 |
|  The Sherwin-Williams Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 08/08/24 | 75000 | 73910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 08/08/25 | 110000 | 108192 |
|  Westlake Corp<br>0.875% due 08/15/24 | 50000 | 46456 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2809569 |
|  **Communications - 2.7%** | **Communications - 2.7%** |  |
|  Charter Communications Operating LLC<br>4.908% due 07/23/25 | 1140000 | 1118417 |
|  Comcast Corp<br>5.250% due 11/07/25 | 105000 | 106492 |
|  Cox Communications Inc<br>3.150% due 08/15/24 ~ | 495000 | 476678 |
|  KT Corp (South Korea)<br>4.000% due 08/08/25 ~ | 450000 | 438182 |
|  NBN Co Ltd (Australia)<br>1.450% due 05/05/26 ~ | 250000 | 220866 |
|  NTT Finance Corp (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.142% due 07/26/24 ~ | 200000 | 196950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.239% due 07/25/25 ~ | 200000 | 196582 |
|  Rogers Communications Inc (Canada)<br>3.200% due 03/15/27 ~ | 310000 | 287294 |
|  SES SA (Luxembourg)<br>3.600% due 04/04/23 ~ | 98000 | 97360 |
|  Sky Ltd (United Kingdom)<br>3.750% due 09/16/24 ~ | 930000 | 908409 |
|  T-Mobile USA Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 02/15/26 | 290000 | 264338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/15/25 | 190000 | 182889 |
|  Verizon Communications Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.850% due 11/20/25 | 300000 | 267865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450% due 03/20/26 | 330000 | 296629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 08/15/26 | 390000 | 360410 |
|  |  | 5419361 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | <br> **Value** |
|  **Consumer, Cyclical - 4.0%** | **Consumer, Cyclical - 4.0%** |  |
|  American Airlines Pass-Through Trust 'B'<br>3.700% due 04/15/27 | $103554 | $93191 |
|  Aptiv PLC<br>2.396% due 02/18/25 | 225000 | 212353 |
|  AutoZone Inc<br>3.625% due 04/15/25 | 275000 | 266325 |
|  Brunswick Corp<br>0.850% due 08/18/24 | 320000 | 295839 |
|  Daimler Trucks Finance North America LLC (Germany)<br>1.625% due 12/13/24 ~ | 300000 | 278629 |
|  General Motors Co<br>4.875% due 10/02/23 | 330000 | 329073 |
|  General Motors Financial Co Inc<br>2.900% due 02/26/25 | 420000 | 398144 |
|  Genuine Parts Co<br>1.750% due 02/01/25 | 100000 | 93445 |
|  Hasbro Inc<br>3.000% due 11/19/24 | 560000 | 538433 |
|  Hyatt Hotels Corp<br>1.300% due 10/01/23 | 150000 | 145852 |
|  Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800% due 01/08/24 ~ | 240000 | 228408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% due 06/14/24 ~ | 100000 | 93326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 09/17/24 ~ | 120000 | 110945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 02/10/23 ~ | 270000 | 269403 |
|  Hyundai Capital Services Inc (South Korea)<br>2.125% due 04/24/25 ~ | 200000 | 183050 |
|  Lowe's Cos Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 04/01/27 | 60000 | 56417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 09/08/25 | 310000 | 305689 |
|  Marriott International Inc<br>3.600% due 04/15/24 | 580000 | 568677 |
|  Nissan Motor Co Ltd (Japan)<br>3.043% due 09/15/23 ~ | 660000 | 646832 |
|  Nordstrom Inc<br>2.300% due 04/08/24 | 40000 | 37553 |
|  QVC Inc<br>4.850% due 04/01/24 | 365000 | 338264 |
|  Ross Stores Inc<br>4.600% due 04/15/25 | 920000 | 914756 |
|  Stellantis Finance US Inc<br>1.711% due 01/29/27 ~ | 400000 | 343775 |
|  Toyota Motor Credit Corp<br>3.650% due 08/18/25 | 410000 | 398776 |
|  United Airlines Pass-Through Trust 'B'<br>3.500% due 11/01/29 | 64367 | 55521 |
|  Volkswagen Group of America Finance LLC (Germany)<br>3.950% due 06/06/25 ~ | 400000 | 387453 |
|  Warnermedia Holdings Inc<br>3.755% due 03/15/27 ~ | 700000 | 631367 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8221496 |
|  **Consumer, Non-Cyclical - 6.4%** | **Consumer, Non-Cyclical - 6.4%** |  |
|  AbbVie Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% due 11/21/24 | 865000 | 828133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 11/21/26 | 520000 | 484319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 05/14/26 | 50000 | 47403 |
|  AmerisourceBergen Corp<br>3.400% due 05/15/24 | 470000 | 458710 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**87** 

------

**PACIFIC FUNDS** 

**PF SHORT DURATION BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | <br> **Value** |
|  Anheuser-Busch Cos LLC (Belgium)<br>3.650% due 02/01/26 | $120000 | $115627 |
|  Astrazeneca Finance LLC (United Kingdom)<br>1.200% due 05/28/26 | 380000 | 338779 |
|  BAT International Finance PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.668% due 03/25/26 | 420000 | 372619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.448% due 03/16/28 | 360000 | 334050 |
|  Bayer US Finance II LLC (Germany)<br>3.875% due 12/15/23 ~ | 200000 | 197181 |
|  Becton Dickinson and Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.363% due 06/06/24 | 190000 | 185773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.734% due 12/15/24 | 116000 | 113204 |
|  Cardinal Health Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 03/15/23 | 210000 | 209423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 11/15/24 | 540000 | 524566 |
|  Coca-Cola Europacific Partners PLC (United Kingdom)<br>0.800% due 05/03/24 ~ | 665000 | 624904 |
|  Constellation Brands Inc<br>3.600% due 05/09/24 | 245000 | 240292 |
|  CSL Finance PLC (Australia)<br>3.850% due 04/27/27 ~ | 70000 | 67073 |
|  CVS Health Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 06/01/26 | 130000 | 121514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 08/15/26 | 100000 | 93536 |
|  Diageo Capital PLC (United Kingdom)<br>5.200% due 10/24/25 | 200000 | 202764 |
|  Elevance Health Inc<br>5.350% due 10/15/25 | 85000 | 86030 |
|  HCA Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 03/15/27 ~ | 260000 | 236766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 04/15/25 | 300000 | 298517 |
|  Health Care Service Corp<br>1.500% due 06/01/25 ~ | 380000 | 349464 |
|  HPHT Finance 19 Ltd (Hong Kong)<br>2.875% due 11/05/24 ~ | 500000 | 477635 |
|  Humana Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350% due 02/03/27 | 40000 | 34640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 10/01/24 | 225000 | 220620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 04/01/25 | 450000 | 444937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 03/01/28 | 50000 | 51145 |
|  Imperial Brands Finance PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 07/26/24 ~ | 400000 | 382632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 07/21/25 ~ | 200000 | 191191 |
|  JDE Peet's NV (Netherlands)<br>0.800% due 09/24/24 ~ | 300000 | 274194 |
|  Mondelez International Holdings Netherlands BV<br>4.250% due 09/15/25 ~ | 200000 | 197378 |
|  Mondelez International Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 03/17/24 | 200000 | 192963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 03/17/27 | 190000 | 172527 |
|  PeaceHealth Obligated Group<br>1.375% due 11/15/25 | 80000 | 71782 |
|  PerkinElmer Inc<br>0.850% due 09/15/24 | 560000 | 519300 |
|  Perrigo Finance Unlimited Co<br>3.900% due 12/15/24 | 510000 | 482644 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | <br> **Value** |
|  Philip Morris International Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 11/17/25 | $165000 | $165925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 11/15/24 | 325000 | 325669 |
|  Royalty Pharma PLC<br>0.750% due 09/02/23 | 380000 | 368238 |
|  S&P Global Inc<br>2.450% due 03/01/27 ~ | 500000 | 457385 |
|  Shire Acquisitions Investments Ireland DAC<br>2.875% due 09/23/23 | 110000 | 108133 |
|  Triton Container International Ltd (Bermuda)<br>0.800% due 08/01/23 ~ | 400000 | 386117 |
|  UnitedHealth Group Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 05/15/27 | 220000 | 213162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 10/15/25 | 245000 | 248060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 02/15/28 | 180000 | 184339 |
|  Viatris Inc<br>1.650% due 06/22/25 | 105000 | 95191 |
|  Zoetis Inc<br>5.400% due 11/14/25 | 255000 | 260372 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13056826 |
|  **Diversified - 0.2%** | **Diversified - 0.2%** |  |
|  CK Hutchison International 19 Ltd (United Kingdom)<br>3.250% due 04/11/24 ~ | 500000 | 488695 |
|  **Energy - 3.2%** | **Energy - 3.2%** |  |
|  Aker BP ASA (Norway)<br>3.000% due 01/15/25 ~ | 610000 | 578874 |
|  Canadian Natural Resources Ltd (Canada)<br>2.050% due 07/15/25 | 520000 | 484263 |
|  Cheniere Corpus Christi Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 03/31/25 | 470000 | 473178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 06/30/24 | 580000 | 587435 |
|  Devon Energy Corp<br>8.250% due 08/01/23 | 140000 | 141934 |
|  Enbridge Inc (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150% due 02/16/24 | 275000 | 265479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 01/15/25 | 310000 | 293516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 02/14/25 | 150000 | 141636 |
|  Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 05/15/25 | 120000 | 113115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 03/15/23 | 300000 | 299291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 04/01/24 | 204000 | 200428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 01/15/24 | 745000 | 747108 |
|  Eni SPA (Italy)<br>4.000% due 09/12/23 ~ | 540000 | 532596 |
|  Gray Oak Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 09/15/23 ~ | 90000 | 87576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% due 10/15/25 ~ | 180000 | 163412 |
|  Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 03/01/25 | 275000 | 275594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 05/15/24 | 410000 | 410321 |
|  Saudi Arabian Oil Co (Saudi Arabia)<br>1.250% due 11/24/23 ~ | 500000 | 481731 |
|  Schlumberger Finance Canada Ltd<br>1.400% due 09/17/25 | 140000 | 128374 |
|  |  | 6405861 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**88** 

------

**PACIFIC FUNDS** 

**PF SHORT DURATION BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | <br> **Value** |
|  **Financial - 19.6%** | **Financial - 19.6%** |  |
|  AerCap Ireland Capital DAC (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% due 10/29/24 | $500000 | $461536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 07/03/23 | 300000 | 297936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 09/15/23 | 390000 | 387548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 01/16/24 | 300000 | 297261 |
|  Air Lease Corp<br>2.250% due 01/15/23 | 225000 | 224789 |
|  American Express Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 03/04/25 | 440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 05/03/24 | 220000 | 215636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 08/01/25 | 495000 | 485410 |
|  American International Group Inc<br>2.500% due 06/30/25 | 266000 | 250660 |
|  American Tower Corp REIT<br>2.400% due 03/15/25 | 170000 | 160072 |
|  Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.716% due 01/07/25 ~ | 430000 | 397042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.514% due 03/08/24 ~ | 630000 | 603928 |
|  Avolon Holdings Funding Ltd (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 02/21/26 ~ | 325000 | 280063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 02/15/25 ~ | 250000 | 231137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 07/01/24 ~ | 130000 | 124523 |
|  Banco Bilbao Vizcaya Argentaria SA (Spain)<br>0.875% due 09/18/23 | 800000 | 774950 |
|  Banco Santander SA (Spain)<br>3.892% due 05/24/24 | 400000 | 391793 |
|  Bank of America Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.976% due 04/22/25 | 300000 | 281414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.734% due 07/22/27 | 210000 | 184243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.843% due 02/04/25 | 225000 | 215818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.384% due 04/02/26 | 300000 | 286765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.841% due 04/25/25 | 150000 | 146525 |
|  Bank of Ireland Group PLC (Ireland)<br>4.500% due 11/25/23 ~ | 890000 | 881587 |
|  Bank of Montreal (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 06/07/25 | 280000 | 271959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 09/14/24 | 390000 | 385064 |
|  Banque Federative du Credit Mutuel SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.650% due 02/27/24 ~ | 590000 | 558811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.998% due 02/04/25 ~ | 300000 | 274339 |
|  Barclays PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.007% due 12/10/24 | 400000 | 380906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.304% due 08/09/26 | 205000 | 203671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.325% due 11/02/26 | 205000 | 212563 |
|  BDO Unibank Inc (Philippines)<br>2.950% due 03/06/23 ~ | 400000 | 396890 |
|  BPCE SA (France)<br>5.700% due 10/22/23 ~ | 800000 | 794226 |
|  Brighthouse Financial Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.600% due 06/28/23 ~ | 275000 | 268262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 04/12/24 ~ | 240000 | 226110 |
|  Brixmor Operating Partnership LP REIT<br>3.650% due 06/15/24 | 475000 | 460659 |
|  Canadian Imperial Bank of Commerce (Canada)<br>3.945% due 08/04/25 | 960000 | 938558 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | <br> **Value** |
|  Capital One Financial Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.636% due 03/03/26 | $270000 | $253112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 06/15/23 | 130000 | 129236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 01/29/24 | 175000 | 172881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.985% due 07/24/26 | 215000 | 210781 |
|  Citigroup Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.981% due 05/01/25 | 250000 | 234236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.106% due 04/08/26 | 275000 | 260543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.140% due 05/24/25 | 300000 | 294354 |
|  CNO Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% due 01/06/25 ~ | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 10/07/26 ~ | 600000 | 526854 |
|  Cooperatieve Rabobank UA (Netherlands)<br>3.875% due 08/22/24 | 550000 | 540543 |
|  Corebridge Financial Inc<br>3.500% due 04/04/25 ~ | 170000 | 163119 |
|  Credicorp Ltd (Peru)<br>2.750% due 06/17/25 ~ | 500000 | 467505 |
|  Credit Suisse Group AG (Switzerland)<br>6.373% due 07/15/26 ~ | 280000 | 263127 |
|  Crown Castle Inc REIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.050% due 07/15/26 | 300000 | 259567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 03/15/27 | 210000 | 191315 |
|  Danske Bank AS (Denmark) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.773% due 03/28/25 ~ | 400000 | 387771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 01/12/24 ~ | 560000 | 555588 |
|  EMG SUKUK Ltd (United Arab Emirates)<br>4.564% due 06/18/24 ~ | 500000 | 494038 |
|  Equitable Financial Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100% due 11/12/24 ~ | 250000 | 231789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400% due 07/07/25 ~ | 510000 | 462925 |
|  Essex Portfolio LP REIT<br>3.875% due 05/01/24 | 500000 | 489832 |
|  Fifth Third Bank NA<br>5.852% due 10/27/25 | 335000 | 338623 |
|  First American Financial Corp<br>4.600% due 11/15/24 | 465000 | 457670 |
|  HSBC Holdings PLC (United Kingdom)<br>2.099% due 06/04/26 | 430000 | 391674 |
|  Jackson Financial Inc<br>1.125% due 11/22/23 | 280000 | 269703 |
|  Jackson National Life Global Funding<br>1.750% due 01/12/25 ~ | 300000 | 278657 |
|  JPMorgan Chase & Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.824% due 06/01/25 | 280000 | 261151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.080% due 04/26/26 | 680000 | 660826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.780% (SOFR + 0.885%)<br> due 04/22/27 § | 175000 | 171369 |
|  KeyCorp<br>3.878% due 05/23/25 | 80000 | 78320 |
|  LeasePlan Corp NV (Netherlands)<br>2.875% due 10/24/24 ~ | 400000 | 375602 |
|  LSEGA Financing PLC (United Kingdom)<br>0.650% due 04/06/24 ~ | 400000 | 375696 |
|  Marsh & McLennan Cos Inc<br>3.875% due 03/15/24 | 175000 | 172655 |
|  MassMutual Global Funding II<br>4.150% due 08/26/25 ~ | 200000 | 195843 |
|  Metropolitan Life Global Funding I<br>4.050% due 08/25/25 ~ | 695000 | 680200 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**89** 

------

**PACIFIC FUNDS** 

**PF SHORT DURATION BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | <br> **Value** |
|  Mitsubishi UFJ Financial Group Inc (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.953% due 07/19/25 | $440000 | $409088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.063% due 09/12/25 | 200000 | 198707 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.731% due 04/05/24 | 375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.164% due 10/21/25 | 335000 | 308595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.630% due 02/18/26 | 260000 | 244343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.620% due 04/17/25 | 580000 | 566258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.138% due 10/16/26 | 245000 | 250493 |
|  NatWest Markets PLC (United Kingdom)<br>2.375% due 05/21/23 ~ | 485000 | 478897 |
|  Northwestern Mutual Global Funding<br>4.350% due 09/15/27 ~ | 220000 | 214566 |
|  Park Aerospace Holdings Ltd (Ireland)<br>4.500% due 03/15/23 ~ | 185000 | 184557 |
|  Protective Life Global Funding<br>3.218% due 03/28/25 ~ | 300000 | 286122 |
|  Public Storage REIT<br>4.365% (SOFR + 0.470%)<br>due 04/23/24 § | 140000 | 139037 |
|  QNB Finance Ltd (Qatar)<br>3.500% due 03/28/24 ~ | 480000 | 470277 |
|  Royal Bank of Canada (Canada)<br>3.970% due 07/26/24 | 935000 | 921975 |
|  Santander Holdings USA Inc<br>2.490% due 01/06/28 | 190000 | 163269 |
|  SBA Tower Trust REIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.631% due 05/15/51 ~ | 70000 | 59555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.884% due 07/15/50 ~ | 70000 | 61656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.836% due 01/15/50 ~ | 500000 | 471594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.599% due 01/15/28 ~ | 180000 | 180774 |
|  Simon Property Group LP REIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 09/13/24 | 130000 | 123557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 10/01/24 | 250000 | 242734 |
|  Standard Chartered PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.822% due 11/23/25 ~ | 400000 | 365613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 01/11/23 ~ | 390000 | 389832 |
|  Synchrony Financial<br>4.250% due 08/15/24 | 535000 | 523049 |
|  The Bank of New York Mellon Corp<br>4.414% due 07/24/26 | 245000 | 241505 |
|  The Charles Schwab Corp<br>2.450% due 03/03/27 | 490000 | 447425 |
|  The Goldman Sachs Group Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.925% due 10/21/24 | 410000 | 392907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.757% due 01/24/25 | 300000 | 287268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/01/25 | 270000 | 259873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.482% due 08/23/28 | 215000 | 206414 |
|  The PNC Financial Services Group Inc<br>5.671% due 10/28/25 | 335000 | 338805 |
|  The Toronto-Dominion Bank (Canada)<br>4.285% due 09/13/24 | 465000 | 459858 |
|  The Western Union Co<br>2.850% due 01/10/25 | 630000 | 600327 |
|  Truist Financial Corp<br>4.686% (SOFR + 0.400%)<br>due 06/09/25 § | 200000 | 195889 |
|  UBS AG (Switzerland)<br>0.700% due 08/09/24 ~ | 500000 | 466214 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | <br> **Value** |
|  UBS Group AG (Switzerland)<br>4.490% due 08/05/25 ~ | $515000 | $506474 |
|  US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.548% due 07/22/28 | 385000 | 376632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.727% due 10/21/26 | 145000 | 147842 |
|  Wells Fargo & Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.188% due 04/30/26 | 190000 | 176989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.908% due 04/25/26 | 230000 | 223742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540% due 08/15/26 | 275000 | 269762 |
|  Westpac Banking Corp (Australia)<br>5.350% due 10/18/24 | 940000 | 948889 |
|  Willis North America Inc<br>3.600% due 05/15/24 | 180000 | 175187 |
|  WP Carey Inc REIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 02/01/25 | 245000 | 238929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 04/01/24 | 315000 | 312159 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;39840885 |
|  **Industrial - 2.4%** |  |  |
|  Amcor Flexibles North America Inc<br>4.000% due 05/17/25 | 215000 | 209484 |
|  Amphenol Corp<br>2.050% due 03/01/25 | 225000 | 211683 |
|  Canadian Pacific Railway Co (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350% due 12/02/24 | 325000 | 303166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 12/02/26 | 150000 | 133877 |
|  Carrier Global Corp<br>2.242% due 02/15/25 | 120000 | 113128 |
|  DAE Funding LLC (United Arab Emirates)<br>1.550% due 08/01/24 ~ | 200000 | 185982 |
|  GATX Corp<br>4.350% due 02/15/24 | 375000 | 369626 |
|  Martin Marietta Materials Inc<br>4.250% due 07/02/24 | 760000 | 750245 |
|  Otis Worldwide Corp<br>2.056% due 04/05/25 | 290000 | 271575 |
|  Parker-Hannifin Corp<br>3.650% due 06/15/24 | 410000 | 401397 |
|  Penske Truck Leasing Co LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 03/14/23 ~ | 95000 | 94502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 07/01/24 ~ | 265000 | 256050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 02/01/24 ~ | 400000 | 391727 |
|  Republic Services Inc<br>2.500% due 08/15/24 | 255000 | 244522 |
|  SMBC Aviation Capital Finance DAC (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 04/15/24 ~ | 400000 | 386874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 07/15/23 ~ | 530000 | 524521 |
|  |  | 4848359 |
|  **Technology - 1.8%** |  |  |
|  CDW LLC<br>5.500% due 12/01/24 | 80000 | 80133 |
|  Fidelity National Information Services Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.600% due 03/01/24 | 200000 | 189333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 07/15/25 | 100000 | 98152 |
|  Fiserv Inc<br>2.750% due 07/01/24 | 475000 | 459137 |
|  Fortinet Inc<br>1.000% due 03/15/26 | 190000 | 166535 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**90** 

------

**PACIFIC FUNDS** 

**PF SHORT DURATION BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | <br> **Value** |
|  Marvell Technology Inc<br>4.200% due 06/22/23 | $140000 | $139217 |
|  Microchip Technology Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.972% due 02/15/24 | 320000 | 304018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.983% due 09/01/24 | 270000 | 250177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.670% due 09/01/23 | 410000 | 402463 |
|  NXP BV (China) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 05/01/25 | 310000 | 292093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 06/18/26 | 140000 | 133172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 06/01/27 | 30000 | 28800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 03/01/24 | 245000 | 243238 |
|  Oracle Corp<br>5.800% due 11/10/25 | 140000 | 143290 |
|  Qorvo Inc<br>1.750% due 12/15/24 ~ | 130000 | 119892 |
|  Roper Technologies Inc<br>2.350% due 09/15/24 | 200000 | 191086 |
|  Skyworks Solutions Inc<br>0.900% due 06/01/23 | 45000 | 44116 |
|  Take-Two Interactive Software Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 03/28/24 | 235000 | 229619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 04/14/25 | 60000 | 57795 |
|  Workday Inc<br>3.500% due 04/01/27 | 100000 | 93608 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3665874 |
|  **Utilities - 3.0%** | **Utilities - 3.0%** |  |
|  Alexander Funding Trust<br>1.841% due 11/15/23 ~ | 240000 | 229989 |
|  APT Pipelines Ltd (Australia)<br>4.200% due 03/23/25 ~ | 645000 | 623347 |
|  DTE Energy Co<br>4.220% due 11/01/24 § | 365000 | 359039 |
|  Enel Finance International NV (Italy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 07/12/26 ~ | 400000 | 345187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 09/10/24 ~ | 475000 | 454785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800% due 10/14/25 ~ | 200000 | 205581 |
|  Eversource Energy<br>4.200% due 06/27/24 | 265000 | 262083 |
|  Israel Electric Corp Ltd (Israel)<br>5.000% due 11/12/24 ~ | 500000 | 495808 |
|  NextEra Energy Capital Holdings Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 01/15/27 | 320000 | 283667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 06/20/25 | 180000 | 177943 |
|  NRG Energy Inc<br>3.750% due 06/15/24 ~ | 260000 | 250560 |
|  Pacific Gas and Electric Co<br>3.500% due 06/15/25 | 270000 | 254989 |
|  Sempra Energy<br>3.300% due 04/01/25 | 130000 | 124775 |
|  Southern California Gas Co<br>2.950% due 04/15/27 | 180000 | 166260 |
|  The AES Corp<br>3.300% due 07/15/25 ~ | 310000 | 292832 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | <br> **Value** |
|  Vistra Operations Co LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 07/15/24 ~ | $1425000 | $1367546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 05/13/25 ~ | 220000 | 215531 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6109922 |
|  Total Corporate Bonds & Notes<br>(Cost $93,292,026) |  | 90866848 |
|  **MORTGAGE-BACKED SECURITIES - 13.0%** | **MORTGAGE-BACKED SECURITIES - 13.0%** |  |
|  **Collateralized Mortgage Obligations - Commercial - 5.2%** | **Collateralized Mortgage Obligations - Commercial - 5.2%** |  |
|  BAMLL Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.490% due 04/14/33 ~ | 130000 | 119432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.168% (USD LIBOR + 0.850%)<br> due 09/15/34 ~ § | 455000 | 446778 |
|  Bank 2019-BNK 19<br>2.263% due 08/15/61 | 54092 | 50579 |
|  Bank 2019-BNK 24<br>2.056% due 11/15/62 | 40996 | 39884 |
|  BCP Trust<br>5.117% (USD LIBOR + 0.799%)<br>due 06/15/38 ~ § | 70000 | 65515 |
|  BFLD Trust<br>5.658% (USD LIBOR + 1.340%)<br>due 10/15/34 ~ § | 515000 | 501342 |
|  BIG Commercial Mortgage Trust<br>6.676% (SOFR + 2.340%)<br>due 02/15/39 ~ § | 485000 | 456561 |
|  BPR Trust<br>5.468% (USD LIBOR + 1.150%)<br>due 09/15/38 ~ § | 105000 | 98239 |
|  BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.239% (USD LIBOR + 0.921%)<br> due 12/15/38 ~ § | 460000 | 444597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.370% (SOFR + 1.034%)<br> due 10/15/36 ~ § | 75266 | 74389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.718% (USD LIBOR + 1.400%)<br> due 06/15/38 ~ § | 99248 | 93750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450% (SOFR + 2.115%)<br> due 06/15/27 ~ § | 400000 | 397859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.476% (SOFR + 3.141%)<br> due 06/15/27 ~ § | 100000 | 99502 |
|  BX Trust<br>5.964% (USD LIBOR + 1.646%)<br>due 10/15/36 ~ § | 75000 | 70083 |
|  BXSC Commercial Mortgage Trust<br>6.727% (SOFR + 2.391%)<br>due 03/15/35 ~ § | 470000 | 451953 |
|  CGDB Commercial Mortgage Trust<br>5.968% (USD LIBOR + 1.650%)<br>due 11/15/36 ~ § | 350000 | 334733 |
|  Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.251% due 05/10/35 ~ | 500000 | 468797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.149% due 01/10/36 ~ | 330000 | 321908 |
|  Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.221% due 10/10/48 | 35997 | 35675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.359% due 10/10/48 | 450989 | 423936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.926% due 03/10/48 § | 65000 | 60242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.048% due 12/10/47 | 225000 | 214618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.673% due 02/10/47 § | 650000 | 624151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.697% due 08/10/47 ~ § | 100000 | 89986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.701% due 03/10/47 | 195000 | 188260 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**91** 

------

**PACIFIC FUNDS** 

**PF SHORT DURATION BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Credit Suisse Mortgage Capital Certificates<br>5.298% (USD LIBOR + 0.980%)<br>due 05/15/36 ~ § | $257000 | $254314 |
|  CSAIL Commercial Mortgage Trust<br>2.360% due 06/15/52 | 59099 | 57157 |
|  Extended Stay America Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.398% (USD LIBOR + 1.080%)<br> due 07/15/38 ~ § | 112262 | 109195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.018% (USD LIBOR + 1.700%)<br> due 07/15/38 ~ § | 112262 | 108001 |
|  Great Wolf Trust<br>5.510% (SOFR + 1.748%)<br>due 12/15/36 ~ § | 145000 | 138690 |
|  GS Mortgage Securities Corp Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.918% (USD LIBOR + 1.600%)<br> due 05/15/26 ~ § | 100000 | 90619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.318% (USD LIBOR + 2.000%)<br> due 05/15/26 ~ § | 235000 | 207473 |
|  GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.430% due 08/10/50 | 545000 | 503069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.853% due 11/10/49 § | 510000 | 445527 |
|  JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.918% (USD LIBOR + 1.600%)<br> due 09/15/29 ~ § | 380000 | 362701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.088% (USD LIBOR + 1.770%)<br> due 10/15/33 ~ § | 205000 | 191957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.168% (USD LIBOR + 1.850%)<br> due 09/15/29 ~ § | 120000 | 113113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.488% (USD LIBOR + 2.170%)<br> due 10/15/33 ~ § | 165000 | 152375 |
|  KIND Trust<br>6.068% (USD LIBOR + 1.750%)<br>due 08/15/38 ~ § | 129067 | 116918 |
|  KKR Industrial Portfolio Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.318% (USD LIBOR + 1.000%)<br> due 12/15/37 ~ § | 75000 | 71299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.568% (USD LIBOR + 1.250%)<br> due 12/15/37 ~ § | 75000 | 70803 |
|  LUXE Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.368% (USD LIBOR + 1.050%)<br> due 10/15/38 ~ § | 164397 | 157490 |
|  MHC Commercial Mortgage Trust<br>5.119% (USD LIBOR + 0.801%)<br>due 04/15/38 ~ § | 465000 | 451646 |
|  MHC Trust<br>5.418% (USD LIBOR + 1.100%)<br>due 05/15/23 ~ § | 90000 | 86460 |
|  Morgan Stanley Capital I Trust<br>3.177% due 11/10/36 ~ § | 255000 | 216319 |
|  New Orleans Hotel Trust<br>5.607% (USD LIBOR + 1.289%)<br>due 04/15/32 ~ § | 284757 | 269110 |
|  Shelter Growth CRE Issuer Ltd (Cayman)<br>5.398% (USD LIBOR + 1.080%)<br>due 09/15/36 ~ § | 51272 | 49868 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  SLIDE Fund Trust<br>6.418% (USD LIBOR + 2.100%)<br>due 06/15/31 ~ § | $118179 | $116123 |
|  |  | 10512996 |
|  **Collateralized Mortgage Obligations - Residential - 4.3%** |  |  |
|  Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.068% due 05/25/66 ~ § | 54768 | 45238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.115% due 01/25/66 ~ § | 23793 | 19331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.579% due 05/25/65 ~ § | 33476 | 29988 |
|  Barclays Mortgage Loan Trust<br>1.747% due 09/25/51 ~ § | 137129 | 117155 |
|  Bayview MSR Opportunity Master Fund Trust<br>2.500% due 06/25/51 ~ § | 110795 | 95926 |
|  BINOM Securitization Trust<br>2.625% due 06/25/56 ~ § | 79421 | 69107 |
|  CIM Trust<br>4.500% due 03/25/62 ~ § | 432116 | 414464 |
|  COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.167% due 06/25/66 ~ § | 67120 | 53764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.419% due 09/27/66 ~ § | 79306 | 62090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.506% due 04/27/65 ~ § | 14998 | 14079 |
|  Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.928% (SOFR + 1.000%)<br> due 12/25/41 ~ § | 42255 | 41731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.928% (SOFR + 2.000%)<br> due 03/25/42 ~ § | 56081 | 55910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.028% (SOFR + 2.100%)<br> due 03/25/42 ~ § | 84158 | 83616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.478% (SOFR + 2.550%)<br> due 07/25/42 ~ § | 204222 | 205008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.678% (SOFR + 2.750%)<br> due 05/25/42 ~ § | 34476 | 34925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.894% (SOFR + 2.950%)<br> due 06/25/42 ~ § | 176781 | 178438 |
|  Deephaven Residential Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.899% due 04/25/66 ~ § | 57240 | 48375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.973% due 05/25/65 ~ § | 32180 | 28455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.260% due 04/25/66 ~ § | 57240 | 46040 |
|  Eagle RE Ltd<br>5.478% (SOFR + 1.550%)<br>due 04/25/34 ~ § | 142231 | 141435 |
|  Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.797% due 02/25/66 ~ § | 37231 | 30541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.931% due 06/25/66 ~ § | 64185 | 49686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.241% due 09/25/66 ~ § | 81799 | 65631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.291% due 06/25/66 ~ § | 64185 | 48639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.550% due 09/25/66 ~ § | 81799 | 62247 |
|  Fannie Mae Connecticut Avenue Securities<br>5.589% (USD LIBOR + 1.200%)<br>due 01/25/30 § | 5891 | 5889 |
|  Finance of America HECM Buyout<br>4.000% due 12/25/24 ~ § | 426821 | 418930 |
|  Flagstar Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 10/25/49 ~ § | 31357 | 28692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 09/25/48 ~ § | 26395 | 25599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.866% (USD LIBOR + 0.850%)<br> due 03/25/50 ~ § | 56784 | 52300 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**92** 

------

**PACIFIC FUNDS** 

**PF SHORT DURATION BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Freddie Mac STACR REMIC Trust<br>4.628% (SOFR + 0.700%)<br>due 08/25/33 ~ § | $94349 | $93845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.628% (SOFR + 0.700%)<br> due 12/25/33 ~ § | 103397 | 102596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.228% (SOFR + 1.300%)<br> due 02/25/42 ~ § | 345824 | 340235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.728% (SOFR + 1.800%)<br> due 11/25/41 ~ § | 45000 | 42338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.928% (SOFR + 2.000%)<br> due 04/25/42 ~ § | 434634 | 432664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.028% (SOFR + 2.100%)<br> due 03/25/42 ~ § | 191167 | 188812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.078% (SOFR + 2.150%)<br> due 09/25/42 ~ § | 97761 | 97858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.128% (SOFR + 2.200%)<br> due 05/25/42 ~ § | 435248 | 434108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.228% (SOFR + 2.300%)<br> due 08/25/42 ~ § | 177126 | 177036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.239% (USD LIBOR + 1.850%)<br> due 02/25/50 ~ § | 85849 | 85710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.878% (SOFR + 2.950%)<br> due 06/25/42 ~ § | 75372 | 76294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.489% (USD LIBOR + 3.100%)<br> due 03/25/50 ~ § | 87319 | 88592 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes<br>4.728% (SOFR + 0.800%)<br>due 08/25/33 ~ § | 9890 | 9860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.578% (SOFR + 2.650%)<br> due 07/25/42 ~ § | 107248 | 107840 |
|  Freddie Mac Whole Loan Securities Trust<br>3.857% due 05/25/47 ~ § | 13554 | 13209 |
|  Galton Funding Mortgage Trust<br>2.832% due 01/25/60 ~ § | 145000 | 105619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.339% due 10/25/59 ~ § | 140000 | 124772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 11/25/57 ~ § | 16947 | 15084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 02/25/59 ~ § | 13743 | 13326 |
|  GS Mortgage-Backed Securities Corp Trust<br>2.500% due 10/25/51 ~ § | 182881 | 157642 |
|  GS Mortgage-Backed Securities Trust<br>2.495% due 07/25/44 ~ § | 2375 | 2329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 01/25/52 ~ § | 90287 | 77602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 06/25/52 ~ § | 218502 | 187803 |
|  Hundred Acre Wood Trust<br>2.500% due 07/25/51 ~ § | 118567 | 103352 |
|  Imperial Fund Mortgage Trust<br>1.516% due 09/25/56 ~ § | 75396 | 57080 |
|  Mello Mortgage Capital Acceptance<br>2.500% due 10/25/51 ~ § | 95932 | 82454 |
|  Metlife Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 04/25/55 ~ § | 45094 | 42309 |
|  New Residential Mortgage Loan Trust<br>1.650% due 05/24/60 ~ § | 20643 | 18995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 06/25/51 ~ § | 81115 | 69719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 09/25/51 ~ § | 201848 | 173489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.710% due 11/25/59 ~ § | 74355 | 67139 |
|  NLT Trust<br>1.520% due 08/25/56 ~ § | 86386 | 67268 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  OBX Trust<br>1.054% due 07/25/61 ~ § | $74754 | $56562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.072% due 02/25/66 ~ § | 47283 | 37027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 05/25/51 ~ § | 128160 | 110473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 05/25/60 ~ § | 27596 | 23554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 12/25/49 ~ § | 22932 | 20465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 02/25/60 ~ § | 79736 | 70442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.687% (USD LIBOR + 1.200%)<br> due 06/25/59 ~ § | 33027 | 31616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.139% (USD LIBOR + 0.750%)<br> due 02/25/60 ~ § | 35810 | 33205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.339% (USD LIBOR + 0.950%)<br> due 02/25/60 ~ § | 18364 | 17136 |
|  Oceanview Mortgage Trust<br>2.500% due 12/25/51 ~ § | 102323 | 87947 |
|  PSMC Trust<br>2.500% due 03/25/51 ~ § | 187305 | 161922 |
|  Sequoia Mortgage Trust<br>4.000% due 06/25/48 ~ § | 31029 | 28738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 08/25/48 ~ § | 8480 | 8227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 08/25/48 ~ § | 1413 | 1379 |
|  SG Residential Mortgage Trust<br>1.381% due 05/25/65 ~ § | 28456 | 24788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.703% due 09/25/59 ~ § | 4783 | 4600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.166% due 03/27/62 ~ § | 98884 | 88859 |
|  Starwood Mortgage Residential Trust<br>0.943% due 05/25/65 ~ § | 41233 | 38249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.162% due 08/25/56 ~ § | 64499 | 52108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.408% due 02/25/50 ~ § | 107861 | 103476 |
|  Towd Point Mortgage Trust<br>2.750% due 10/25/56 ~ § | 6085 | 5992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 04/25/57 ~ § | 13148 | 12995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 05/25/58 ~ § | 48564 | 45997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 09/25/62 ~ | 438540 | 412146 |
|  UWM Mortgage Trust<br>2.500% due 09/25/51 ~ § | 39064 | 33803 |
|  Verus Securitization Trust<br>0.918% due 02/25/64 ~ § | 46873 | 42708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.052% due 01/25/66 ~ § | 41034 | 33755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.977% due 03/25/60 ~ § | 16348 | 15696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.692% due 11/25/59 ~ § | 75091 | 70830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.724% due 01/25/60 ~ | 96021 | 90525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 11/25/59 ~ § | 71859 | 67888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.117% due 07/25/59 ~ § | 66385 | 64246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.288% due 01/25/67 ~ § | 159135 | 130029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.910% due 06/25/67 ~ | 315392 | 301881 |
|  Vista Point Securitization Trust<br>2.496% due 04/25/65 ~ § | 28428 | 23842 |
|  Wells Fargo Mortgage Backed Securities Trust<br>2.500% due 12/25/50 ~ § | 152683 | 133361 |
|  |  | 8716675 |
|  **Fannie Mae - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 10/01/50 | 56758 | 46598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 07/01/51 - 02/01/52 | 533587 | 454262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 09/01/28 - 06/01/52 | 594545 | 537347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 09/01/47 - 01/01/52 | 610246 | 564983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 07/01/52 | 418895 | 393334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 05/01/41 - 08/01/52 | 1060329 | 1026038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 09/01/25 - 08/01/52 | 249341 | 250919 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**93** 

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**PACIFIC FUNDS** 

**PF SHORT DURATION BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 05/01/44 | $334705 | $346496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 11/01/35 - 02/01/49 | 206062 | 216918 |
|  |  | 3836895 |
|  **Freddie Mac - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 01/01/52 | 51556 | 44011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 05/01/31 | 147486 | 141601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 02/01/50 | 84656 | 80578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 09/01/37 | 50720 | 50486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 12/01/41 | 43145 | 43215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 03/01/39 | 19814 | 20580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 06/01/38 | 19906 | 20718 |
|  |  | 401189 |
|  **Government National Mortgage Association - 1.4%** | **Government National Mortgage Association - 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; due 01/20/53 # | 600000 | 613916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 09/20/47 - 11/20/47 | 358659 | 324247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 07/20/52 - 10/20/52 | 499791 | 459701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 10/20/50 - 10/20/52 | 374229 | 355042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 10/20/52 | 443071 | 430297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 01/20/48 - 12/20/48 | 287692 | 288888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 09/15/45 - 11/20/52 | 336648 | 343449 |
|  |  | 2815540 |
|  Total Mortgage-Backed Securities<br>(Cost $27,709,890) | Total Mortgage-Backed Securities<br>(Cost $27,709,890) | 26283295 |
|  **ASSET-BACKED SECURITIES - 11.0%** |  |  |
|  AmeriCredit Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.890% due 10/19/26 | 115000 | 105890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.970% due 02/18/26 | 85000 | 83227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.060% due 08/18/26 | 260000 | 244332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.210% due 12/18/26 | 65000 | 58205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.290% due 06/18/27 | 140000 | 124270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.590% due 10/20/25 | 165000 | 159702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800% due 12/18/25 | 160000 | 151034 |
|  Amur Equipment Finance Receivables LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 03/20/25 ~ | 330000 | 328227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 06/21/28 ~ | 245000 | 242508 |
|  Applebee's Funding LLC<br>4.194% due 06/05/49 ~ | 257400 | 253728 |
|  Arbor Realty Commercial Real Estate Notes Ltd (Cayman) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.388% (USD LIBOR + 1.070%)<br> due 08/15/34 ~ § | 150000 | 143182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.668% (USD LIBOR + 1.350%)<br> due 11/15/36 ~ § | 110000 | 106085 |
|  ARI Fleet Lease Trust<br>2.060% due 11/15/28 ~ | 190000 | 189133 |
|  Avis Budget Rental Car Funding AESOP LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.330% due 03/20/24 ~ | 130000 | 129609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 03/20/25 ~ | 100000 | 97479 |
|  Blackbird Capital Aircraft Lease Securitization Ltd (Cayman)<br>2.487% due 12/16/41 ~ | 59948 | 54673 |
|  BRE Grand Islander Timeshare Issuer LLC<br>3.280% due 09/26/33 ~ | 156810 | 147434 |
|  BSPRT Issuer Ltd<br>5.307% (SOFR + 1.500%)<br>due 02/15/37 ~ § | 185000 | 179440 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Capital One Prime Auto Receivables Trust<br>3.690% due 12/15/27 | $400000 | $386035 |
|  CarMax Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.850% due 06/15/26 | 277000 | 252907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.340% due 11/17/25 | 105000 | 101045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.980% due 02/15/28 | 195000 | 189890 |
|  Cedar Funding XIV CLO Ltd (Cayman)<br>5.179% (USD LIBOR + 1.100%)<br>due 07/15/33 ~ § | 255000 | 250538 |
|  CIFC Funding Ltd (Cayman)<br>5.129% (USD LIBOR + 1.050%)<br>due 07/15/33 ~ § | 290000 | 284962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% (USD LIBOR + 1.050%)<br> due 04/24/30 ~ § | 496098 | 490933 |
|  Dryden 86 CLO Ltd (Cayman)<br>5.179% (USD LIBOR + 1.100%)<br>due 07/17/34 ~ § | 250000 | 243027 |
|  Elara HGV Timeshare Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.690% due 03/25/30 ~ | 19143 | 18333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.730% due 04/25/28 ~ | 54616 | 54140 |
|  Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.690% due 01/15/26 | 207813 | 204538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.020% due 06/15/28 | 165000 | 149205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 07/17/28 | 130000 | 124039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.980% due 12/15/28 | 230000 | 218294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.510% due 12/15/27 | 445000 | 447499 |
|  FirstKey Homes Trust<br>2.241% due 08/17/37 ~ | 505000 | 449958 |
|  Ford Credit Auto Lease Trust<br>4.180% due 10/15/25 | 190000 | 184180 |
|  Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.740% due 04/15/33 ~ | 115000 | 99519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.040% due 12/15/26 | 185000 | 177029 |
| &nbsp;&nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.560% due 07/22/24 | 95000 | 94822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.330% due 05/20/26 | 1135000 | 1108507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.130% due 08/20/26 | 615000 | 601193 |
|  GM Financial Consumer Automobile Receivables Trust<br>1.050% due 05/18/26 | 85000 | 78198 |
|  GMF Floorplan Owner Revolving Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.030% due 08/15/25 ~ | 205000 | 198597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.480% due 08/15/25 ~ | 270000 | 261487 |
|  Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.660% due 12/26/28 ~ | 28965 | 28517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.960% due 12/26/28 ~ | 12069 | 11793 |
|  Hpefs Equipment Trust<br>6.130% due 08/20/29 ~ | 210000 | 210986 |
|  Hyundai Auto Lease Securitization Trust<br>4.480% due 08/17/26 ~ | 330000 | 325915 |
|  Hyundai Auto Receivables Trust<br>1.600% due 12/15/26 | 150000 | 142289 |
|  John Deere Owner Trust<br>3.800% due 05/15/29 | 200000 | 194236 |
|  JPMorgan Chase Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% due 09/25/28 ~ | 352141 | 340478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.889% due 12/26/28 ~ | 685331 | 655160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.969% due 12/26/28 ~ | 137928 | 131518 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**94** 

------

**PACIFIC FUNDS** 

**PF SHORT DURATION BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Madison Park Funding Ltd (Cayman) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.149% (USD LIBOR + 1.070%)<br> due 07/15/33 ~ § | $250000 | $244764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.233% (USD LIBOR + 0.990%)<br> due 04/20/32 ~ § | 470000 | 458065 |
|  MF1 Ltd<br>5.419% (USD LIBOR + 1.080%)<br>due 10/16/36 ~ § | 110000 | 105337 |
|  MVW LLC<br>2.730% due 10/20/37 ~ | 40573 | 37330 |
|  MVW Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.420% due 12/20/34 ~ | 109698 | 107234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.890% due 11/20/36 ~ | 114825 | 108299 |
|  Navient Private Education Loan Trust<br>2.460% due 11/15/68 ~ | 148941 | 136136 |
|  Navient Private Education Refi Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.940% due 07/15/69 ~ | 91413 | 77295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.170% due 09/16/69 ~ | 32722 | 29039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.220% due 07/15/69 ~ | 114035 | 101311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.230% due 07/15/70 ~ | 195414 | 169826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% due 10/15/68 ~ | 49467 | 45327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.640% due 05/15/68 ~ | 159900 | 150612 |
|  OCP CLO Ltd (Cayman) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.363% (USD LIBOR + 1.120%)<br> due 07/20/29 ~ § | 389313 | 385763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.629% (USD LIBOR + 1.550%)<br> due 07/15/30 ~ § | 250000 | 242461 |
|  Octane Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.210% due 09/20/28 ~ | 54247 | 51595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 05/22/28 ~ | 100000 | 96352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.110% due 02/22/28 ~ | 493914 | 488158 |
|  Palmer Square CLO Ltd (Cayman)<br>5.686% (USD LIBOR + 1.080%)<br>due 11/15/31 ~ § | 250000 | 245901 |
|  Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.078% due 06/17/37 ~ | 484402 | 445373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.077% due 06/17/37 ~ | 250000 | 229476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.451% due 07/20/39 ~ | 245000 | 231636 |
|  Santander Bank Auto Credit-Linked Notes Series |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.587% due 08/16/32 ~ | 329847 | 328844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.916% due 08/16/32 ~ | 213697 | 212511 |
|  Santander Bank NA<br>1.833% due 12/15/31 ~ | 131449 | 126469 |
|  Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.010% due 01/15/26 | 78390 | 77608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.640% due 11/16/26 | 475000 | 455532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.670% due 10/15/27 | 70000 | 64522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.560% due 04/17/28 | 200000 | 191184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.760% due 07/16/29 | 185000 | 176921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.740% due 10/16/28 | 340000 | 328958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.960% due 11/15/28 | 460000 | 445279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 11/15/29 | 655000 | 627510 |
|  Santander Retail Auto Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.140% due 03/20/26 ~ | 255000 | 240606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.520% due 11/20/24 ~ | 465000 | 459132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 03/22/27 ~ | 30000 | 28906 |
|  Sierra Timeshare Receivables Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.340% due 11/20/37 ~ | 38283 | 35045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.510% due 07/20/37 ~ | 38925 | 36741 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  SMB Private Education Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.290% due 07/15/53 ~ | $63754 | $56295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 01/15/37 ~ | 67950 | 65092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.818% (USD LIBOR + 1.500%)<br> due 04/15/32 ~ § | 95546 | 95191 |
|  Symphony CLO XXIII Ltd (Cayman)<br>5.099% (USD LIBOR + 1.020%)<br>due 01/15/34 ~ § | 250000 | 244957 |
|  Symphony Static CLO I Ltd (Cayman)<br>5.808% (USD LIBOR + 1.450%)<br>due 10/25/29 ~ § | 250000 | 242466 |
|  Synchrony Credit Card Master Note Trust<br>3.870% due 05/15/26 | 150000 | 148779 |
|  Toyota Auto Receivables Owner Trust<br>3.770% due 02/15/28 | 190000 | 183894 |
|  Tricon American Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.198% due 03/17/38 ~ | 200000 | 180039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.473% due 01/17/36 ~ | 765000 | 741286 |
|  World Omni Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.640% due 08/17/26 | 120000 | 114063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.680% due 09/15/28 | 350000 | 338038 |
|  World Omni Select Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.840% due 06/15/26 | 280000 | 271057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 10/15/26 | 140000 | 131814 |
|  Total Asset-Backed Securities<br>(Cost $23,005,330) |  | 22343954 |
|  **U.S. TREASURY OBLIGATIONS - 30.2%** | **U.S. TREASURY OBLIGATIONS - 30.2%** |  |
|  **U.S. Treasury Notes - 30.2%** | **U.S. Treasury Notes - 30.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% due 08/15/24 | 250000 | 233594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 03/15/25 | 1595000 | 1507400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 05/15/25 | 3130000 | 3018738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 06/30/24 | 13150000 | 12836660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 08/31/24 | 935000 | 915606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 12/15/25 | 1035000 | 1028531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 10/31/24 | 29500000 | 29418184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 11/30/24 | 7180000 | 7180841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 11/15/25 | 5145000 | 5176754 |
|  Total U.S. Treasury Obligations<br>(Cost $61,970,922) |  | 61316308 |
|  **FOREIGN GOVERNMENT BONDS & NOTES - 0.2%** | **FOREIGN GOVERNMENT BONDS & NOTES - 0.2%** |  |
|  Korea Hydro & Nuclear Power Co Ltd<br>(South Korea)<br>4.250% due 07/27/27 ~ | 490000 | 472140 |
|  Total Foreign Government Bonds & Notes<br>(Cost $486,849) |  | 472140 |
|  **MUNICIPAL BONDS - 0.1%** |  |  |
|  Golden State Tobacco Securitization Corp<br>1.711% due 06/01/24 | 100000 | 95200 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**95** 

------

**PACIFIC FUNDS** 

**PF SHORT DURATION BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Long Island Power Authority<br>0.764% due 03/01/23 | $75000 | $74518 |
|  Total Municipal Bonds<br>(Cost $175,000) | Total Municipal Bonds<br>(Cost $175,000) | 169718 |
|  **TOTAL INVESTMENTS - 99.2%<br>(Cost $206,640,017)** | **TOTAL INVESTMENTS - 99.2%<br>(Cost $206,640,017)** | 201452263 |
|  **DERIVATIVES - 0.0%** | **DERIVATIVES - 0.0%** | 24590 |
|  **OTHER ASSETS & LIABILITIES, NET - 0.8%** | **OTHER ASSETS & LIABILITIES, NET - 0.8%** | 1635863 |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $203112716 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**96** 

------

**PACIFIC FUNDS** 

**PF SHORT DURATION BOND FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

**<u>Notes to Schedule of Investments</u>**

(a) Open futures contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long Futures Outstanding | Expiration<br>Month | Number of<br>Contracts | Notional<br>Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
|  U.S. Treasury 2-Year Notes | 03/23 | 126 | $25823706 | $25839844 | $16138 |
| Short Futures Outstanding |  |  |  |  |  |
|  U.S. Treasury 5-Year Notes | 03/23 | 9 | 971214 | 971367 | (153) |
|  U.S. Treasury 10-Year Notes | 03/23 | 22 | 2477203 | 2470531 | 6672 |
|  U.S. Treasury Ultra 10-Year Notes | 03/23 | 13 | 1539872 | 1537656 | 2216 |
|  U.S. Treasury Ultra Long Bonds | 03/23 | 1 | 134030 | 134313 | (283) |
|  |  |  |  |  | 8452 |
|  Total Futures Contracts |  |  |  |  | $24590 |

---

(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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Corporate Bonds & Notes | $90866848 | $— | $90866848 | $— |
|  | Mortgage-Backed Securities | 26283295 |  | 26283295 |  |
|  | Asset-Backed Securities | 22343954 |  | 22343954 |  |
|  | U.S. Treasury Obligations | 61316308 |  | 61316308 |  |
|  | Foreign Government Bonds & Notes | 472140 |  | 472140 |  |
|  | Municipal Bonds | 169718 |  | 169718 |  |
|  | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 25026 | 25026 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 201477289 | 25026 | 201452263 |  |
|  Liabilities | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (436) | (436) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (436) | (436) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $201476853 | $24590 | $201452263 | $— |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**97** 

------

**PACIFIC FUNDS** 

**PF EMERGING MARKETS DEBT FUND** 

**Schedule of Investments** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **CORPORATE BONDS & NOTES - 30.8%** | **CORPORATE BONDS & NOTES - 30.8%** |  |
|  **Azerbaijan - 1.2%** | **Azerbaijan - 1.2%** |  |
|  SOCAR Turkey Enerji AS via Steas Funding 1 DAC<br>7.230% due 03/17/26 ~ | $130000 | $127237 |
|  Southern Gas Corridor CJSC<br>6.875% due 03/24/26 ~ | 237000 | 243706 |
|  |  | 370943 |
|  **Brazil - 1.9%** | **Brazil - 1.9%** |  |
|  CSN Inova Ventures<br>6.750% due 01/28/28 ~ | 200000 | 191215 |
|  MC Brazil Downstream Trading SARL<br>7.250% due 06/30/31 ~ | 300000 | 248037 |
|  Rede D'or Finance SARL<br>4.500% due 01/22/30 ~ | 164000 | 142434 |
|  |  | 581686 |
|  **China - 3.7%** | **China - 3.7%** |  |
|  Country Garden Holdings Co Ltd |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 07/12/26 ~ | 200000 | 114504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 02/06/26 ~ | 400000 | 245728 |
|  Powerlong Real Estate Holdings Ltd<br>6.950% due 07/23/23 ~ | 200000 | 69390 |
|  Prosus NV<br>3.257% due 01/19/27 ~ | 425000 | 380517 |
|  Tencent Holdings Ltd<br>3.925% due 01/19/38 ~ | 400000 | 319431 |
|  |  | 1129570 |
|  **Czech Republic - 0.9%** | **Czech Republic - 0.9%** |  |
|  Energo-Pro AS<br>8.500% due 02/04/27 ~ | 300000 | 275242 |
|  **Ghana - 1.4%** | **Ghana - 1.4%** |  |
|  Kosmos Energy Ltd |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% due 04/04/26 ~ | 300000 | 256224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 03/01/28 ~ | 225000 | 180941 |
|  |  | 437165 |
|  **Hong Kong - 1.5%** | **Hong Kong - 1.5%** |  |
|  Melco Resorts Finance Ltd |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 07/17/27 ~ | 325000 | 279253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 07/21/28 ~ | 200000 | 167544 |
|  |  | 446797 |
|  **India - 0.7%** | **India - 0.7%** |  |
|  Adani Electricity Mumbai Ltd<br>3.949% due 02/12/30 ~ | 275000 | 210685 |
|  **Israel - 4.6%** | **Israel - 4.6%** |  |
|  Bank Hapoalim BM<br>3.255% (UST + 2.155%) due 01/21/32 ~ | 425000 | 367515 |
|  Energean Israel Finance Ltd<br>5.375% due 03/30/28 ~ | 350000 | 315000 |
|  Leviathan Bond Ltd |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 06/30/23 ~ | 150000 | 149868 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 06/30/25 ~ | $250000 | $245156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 06/30/27 ~ | 325000 | 316387 |
|  |  | 1393926 |
|  **Malaysia - 1.6%** | **Malaysia - 1.6%** |  |
|  1MDB Global Investments Ltd<br>4.400% due 03/09/23 ~ | 500000 | 489539 |
|  **Mexico - 4.5%** | **Mexico - 4.5%** |  |
|  Banco Mercantil del Norte SA<br>5.875% (UST + 4.643%)<br>due 01/24/27 ~ | 250000 | 223386 |
|  Cemex SAB de CV<br>5.125% (UST + 4.534%)<br>due 06/08/26 ~ | 200000 | 185057 |
|  Comision Federal de Electricidad<br>5.000% due 09/29/36 ~ | 224400 | 193655 |
|  Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% due 02/12/28 | 275000 | 232041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 01/28/31 | 100000 | 75913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 01/23/29 | 50000 | 42914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 06/15/35 | 75000 | 54584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700% due 02/16/32 | 200000 | 157440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 09/21/47 | 275000 | 176078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.840% due 01/23/30 | 25000 | 20720 |
|  |  | 1361788 |
|  **Nigeria - 0.9%** | **Nigeria - 0.9%** |  |
|  IHS Holding Ltd<br>5.625% due 11/29/26 ~ | 325000 | 271050 |
|  **Oman - 0.7%** | **Oman - 0.7%** |  |
|  Lamar Funding Ltd<br>3.958% due 05/07/25 ~ | 225000 | 213852 |
|  **South Africa - 3.2%** | **South Africa - 3.2%** |  |
|  Sasol Financing USA LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 09/18/26 | 225000 | 199462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 03/18/31 | 350000 | 285434 |
|  Stillwater Mining Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 11/16/26 ~ | 325000 | 287412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 11/16/29 ~ | 250000 | 201624 |
|  |  | 973932 |
|  **Supranational - 0.9%** | **Supranational - 0.9%** |  |
|  Africa Finance Corp<br>2.875% due 04/28/28 ~ | 300000 | 259425 |
|  **Ukraine - 0.2%** |  |  |
|  NPC Ukrenergo<br>6.875% due 11/09/28 ~ | 275000 | 49851 |
|  **United Arab Emirates - 1.6%** |  |  |
|  Galaxy Pipeline Assets Bidco Ltd<br>2.160% due 03/31/34 ~ | 554796 | 473425 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**98** 

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**PACIFIC FUNDS** 

**PF EMERGING MARKETS DEBT FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **United Kingdom - 1.2%** | **United Kingdom - 1.2%** | **United Kingdom - 1.2%** |
|  Standard Chartered PLC<br>7.750% (UST + 4.976%)<br>due 08/15/27 ~ | $375000 | $371548 |
|  **Venezuela - 0.1%** |  |  |
|  Petroleos de Venezuela SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 04/12/27 \* ~ Y | 113000 | 5509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% \* ~ Y | 239354 | 11668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750% due 05/17/35 \* ~ Y | 306278 | 15697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.750% \* ~ Y | 117000 | 5705 |
|  |  | 38579 |
|  Total Corporate Bonds & Notes<br>(Cost $10,662,541) |  | 9349003 |
|  **CONVERTIBLE CORPORATE BONDS & NOTES - 1.3%** | **CONVERTIBLE CORPORATE BONDS & NOTES - 1.3%** |  |
|  **United Arab Emirates - 1.3%** | **United Arab Emirates - 1.3%** |  |
|  Abu Dhabi National Oil Co<br>0.700% due 06/04/24 ~ | 400000 | 378400 |
|  Total Convertible Corporate Bonds & Notes<br>(Cost $382,041) | Total Convertible Corporate Bonds & Notes<br>(Cost $382,041) | 378400 |
|  **FOREIGN GOVERNMENT BONDS & NOTES - 55.8%** | **FOREIGN GOVERNMENT BONDS & NOTES - 55.8%** |  |
|  **Angola - 1.8%** | **Angola - 1.8%** |  |
|  Angolan Government International<br>8.750% due 04/14/32 ~ | 625000 | 542750 |
|  **Argentina - 0.2%** |  |  |
|  Argentine Republic Government International<br>3.500% due 07/09/41 § | 250000 | 71147 |
|  **Bahamas - 0.8%** |  |  |
|  Bahamas Government International<br>6.000% due 11/21/28 ~ | 300000 | 231782 |
|  **Brazil - 5.0%** |  |  |
|  Brazil Notas do Tesouro Nacional 'F'<br>10.000% due 01/01/27 | BRL 8,700,000 | 1525525 |
|  **Colombia - 2.3%** |  |  |
|  Colombia Government International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 01/30/30 | $700000 | 537487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 03/15/29 | 200000 | 173510 |
|  |  | 710997 |
|  **Czech Republic - 2.6%** |  |  |
|  Czech Republic Government |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 06/26/26 ~ | CZK 7,700,000 | 295384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 02/14/25 | 6200000 | 251853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% due 09/17/25 ~ | 6200000 | 254830 |
|  |  | 802067 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Dominican Republic - 1.9%** |  |  |
|  Dominican Republic International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 01/30/30 ~ | $150000 | $128194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 09/23/32 ~ | 250000 | 208453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 02/22/33 ~ | 275000 | 249096 |
|  |  | 585743 |
|  **Ecuador - 1.5%** |  |  |
|  Ecuador Government International<br>2.500% due 07/31/35 ~ § | 950000 | 441900 |
|  **El Salvador - 1.4%** |  |  |
|  El Salvador Government International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 01/18/27 ~ | 350000 | 156625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% due 09/21/34 ~ | 108000 | 43200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% due 02/01/41 ~ | 300000 | 118897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.650% due 06/15/35 ~ | 125000 | 50936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% due 02/28/29 ~ | 150000 | 67050 |
|  |  | 436708 |
|  **Indonesia - 3.8%** |  |  |
|  Indonesia Treasury |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 05/15/28 | IDR 8,300,000,000 | 522448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 08/15/28 | 9700000000 | 617485 |
|  |  | 1139933 |
|  **Iraq - 2.4%** | **Iraq - 2.4%** |  |
|  Iraq International<br>5.800% due 01/15/28 ~ | $790625 | 730777 |
|  **Ivory Coast - 2.9%** | **Ivory Coast - 2.9%** |  |
|  Ivory Coast Government International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 01/30/32 ~ | EUR 900,000 | 764067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 10/17/31 ~ | 125000 | 112603 |
|  |  | 876670 |
|  **Mexico - 7.0%** |  |  |
|  Mexican Bonos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 11/23/34 | MXN 29,800,000 | 1382776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 11/13/42 | 4800000 | 215176 |
|  Mexico Government International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 01/15/47 | $200000 | 151026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 05/19/33 | 400000 | 367977 |
|  |  | 2116955 |
|  **Oman - 2.2%** |  |  |
|  Oman Government International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 03/08/47 ~ | 200000 | 182954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 01/17/48 ~ | 525000 | 493511 |
|  |  | 676465 |
|  **Poland - 2.3%** |  |  |
|  Republic of Poland Government |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 07/25/26 | PLN 1,500,000 | 295491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.263% due 07/25/24 | 2000000 | 413115 |
|  |  | 708606 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**99** 

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**PACIFIC FUNDS** 

**PF EMERGING MARKETS DEBT FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Romania - 2.7%** | **Romania - 2.7%** |  |
|  Romania Government |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% due 07/25/29 | RON 1,000,000 | $182467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 02/12/29 | 825000 | 154538 |
|  Romanian Government International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 12/02/29 ~ | EUR 100,000 | 78122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 04/14/33 ~ | 425000 | 292731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.624% due 05/26/30 ~ | 125000 | 109845 |
|  |  | 817703 |
|  **Saudi Arabia - 2.2%** | **Saudi Arabia - 2.2%** |  |
|  Saudi Government International<br>4.500% due 10/26/46 ~ | $750000 | 667500 |
|  **Senegal - 0.3%** | **Senegal - 0.3%** |  |
|  Senegal Government International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 03/13/28 ~ | EUR 100,000 | 92674 |
|  **South Africa - 6.9%** | **South Africa - 6.9%** |  |
|  Republic of South Africa Government |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875% due 02/28/35 | ZAR 27,324,000 | 1356129 |
|  Republic of South Africa Government International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 10/12/46 | $350000 | 246645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 07/24/44 | 200000 | 151505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 09/30/49 | 200000 | 147767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.300% due 04/20/52 | 225000 | 194861 |
|  |  | 2096907 |
|  **Sri Lanka - 1.4%** | **Sri Lanka - 1.4%** |  |
|  Sri Lanka Government International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% due 05/11/27 \* ~ Y | 200000 | 63816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% due 06/28/24 \* ~ Y | 200000 | 63750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.825% due 07/18/26 \* ~ Y | 200000 | 64051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850% due 11/03/25 \* ~ Y | 675000 | 217750 |
|  |  | 409367 |
|  **Tunisia - 2.3%** | **Tunisia - 2.3%** |  |
|  Tunisian Republic |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 02/17/24 ~ | EUR 100,000 | 84366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 01/30/25 ~ | $200000 | 139299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 07/15/26 ~ | EUR 675,000 | 458108 |
|  |  | 681773 |
|  **Ukraine - 1.1%** | **Ukraine - 1.1%** |  |
|  State Agency of Roads of Ukraine<br>6.250% due 06/24/30 ~ | $700000 | 125083 |
|  Ukraine Government International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.876% due 05/21/31 ~ | 300000 | 57760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.876% due 08/01/41 ~ § | 75000 | 21776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 09/01/26 ~ | 125000 | 26883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 09/01/27 ~ | 200000 | 43125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 09/01/28 ~ | 250000 | 54062 |
|  |  | 328689 |
|  **Venezuela - 0.5%** | **Venezuela - 0.5%** |  |
|  Venezuela Government International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% \* ~ Y | 85000 | 6800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% due 10/13/24 \* ~ Y | 166100 | 14534 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% due 05/07/23 \* ~ Y | $73000 | $6387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% due 09/15/27 \* Y | 252000 | 23940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% due 05/07/28 \* ~ Y | 121000 | 10890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750% due 10/21/26 \* ~ Y | 768700 | 71105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.750% \* ~ Y | 211000 | 17407 |
|  |  | 151063 |
|  **Zambia - 0.3%** | **Zambia - 0.3%** |  |
|  Zambia Government International<br>8.500% due 04/14/24 \* ~ Y | 200000 | 91848 |
|  Total Foreign Government Bonds & Notes<br>(Cost $19,127,968) | Total Foreign Government Bonds & Notes<br>(Cost $19,127,968) | 16935549 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
|  **SHORT-TERM INVESTMENT - 7.5%** | **SHORT-TERM INVESTMENT - 7.5%** |  |
|  **Money Market Fund - 7.5%** | **Money Market Fund - 7.5%** |  |
|  BlackRock Liquidity Funds T-Fund Portfolio<br>'Institutional' 4.030% | 2272558 | 2272558 |
|  Total Short-Term Investment<br>(Cost $2,272,558) | Total Short-Term Investment<br>(Cost $2,272,558) | 2272558 |
|  **TOTAL INVESTMENTS - 95.4%<br>(Cost $32,445,108)** |  | 28935510 |
|  **DERIVATIVES - (0.2%)** |  | (73700) |
|  **OTHER ASSETS & LIABILITIES, NET - 4.8%** |  | 1473875 |
|  **NET ASSETS - 100.0%** |  | $30335685 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**100** 

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**PACIFIC FUNDS** 

**PF EMERGING MARKETS DEBT FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

**<u>Notes to Schedule of Investments</u>**

(a) Investments with a total aggregate value of $690,857 or 2.3% of the Fund's net assets were in default as of
December 31, 2022.

(b) Open futures contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long Futures Outstanding | Expiration<br>Month | Number of<br>Contracts | Notional<br>Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
|  U.S. Treasury Long Bonds | 03/23 | 17 | $2186547 | $2130844 | ($55703) |
|  <u>Short Futures Outstanding</u> | <u>Short Futures Outstanding</u> | <u>Short Futures Outstanding</u> |  |  |  |
|  Euro-BTP | 03/23 | 4 | 502978 | 466374 | 36604 |
|  Total Futures Contracts |  |  |  |  | ($19099) |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**101** 

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**PACIFIC FUNDS** 

**PF EMERGING MARKETS DEBT FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

(c) Forward foreign currency contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency<br>Purchased | Currency<br>Purchased | Currency<br>Sold | Currency<br>Sold | Settlement<br>Month | Counterparty | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
| CNH | 200000 | USD | 28713 | 01/23 | HSB | $235 | $— |
| COP | 1500000000 | USD | 309484 | 01/23 | CIT |  | (1741) |
| CZK | 7025000 | USD | 307546 | 01/23 | JPM | 2762 |  |
| EUR | 50000 | USD | 53288 | 01/23 | HSB | 286 |  |
| KRW | 1005000000 | USD | 767246 | 01/23 | JPM | 30873 |  |
| MYR | 1400000 | USD | 316527 | 01/23 | GSC | 3756 |  |
| PEN | 600000 | USD | 155408 | 01/23 | CIT | 2133 |  |
| PLN | 1350000 | USD | 304960 | 01/23 | JPM | 2426 |  |
| THB | 33000000 | USD | 949869 | 01/23 | CIT | 5791 |  |
| USD | 450420 | BRL | 2400000 | 01/23 | CIT |  | (1618) |
| USD | 303391 | CLP | 270000000 | 01/23 | JPM |  | (14100) |
| USD | 1982881 | CNH | 13800000 | 01/23 | CIT |  | (14490) |
| USD | 2098977 | EUR | 1987310 | 01/23 | CIT |  | (30433) |
| USD | 19427 | KRW | 25000000 | 01/23 | CIT |  | (426) |
| USD | 63544 | KRW | 80000000 | 01/23 | CIT | 12 |  |
| USD | 155320 | PEN | 600000 | 01/23 | JPM |  | (2221) |
| USD | 43231 | THB | 1500000 | 01/23 | JPM |  | (209) |
| USD | 150078 | ZAR | 2600000 | 01/23 | CIT |  | (2549) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $48274 | ($67787) |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**102** 

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**PACIFIC FUNDS** 

**PF EMERGING MARKETS DEBT FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

(d) Swap agreements outstanding as of December 31, 2022 were as follows:

<u>Credit Default Swaps on Corporate and Sovereign Issues - Buy Protection (1)</u> 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Referenced Obligation | Payment<br>Frequency | Fixed Deal<br>Pay Rate | Expiration<br>Date | Exchange | Implied Credit<br>Spread at<br>12/31/22 (2) | Notional<br>Amount (3) | Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  Egypt Government | Q | 1.000% | 12/20/27 | ICE | 8.709% | $375000 | $100870 | $93872 | $6998 |
|  Turkey Government | Q | 1.000% | 12/20/27 | ICE | 5.068% | 2000000 | 318373 | 471499 | (153126) |
|  |  |  |  |  |  |  | $419243 | $565371 | ($146128) |
| <u>Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection (4)</u> | <u>Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection (4)</u> | <u>Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection (4)</u> | <u>Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection (4)</u> | <u>Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection (4)</u> | <u>Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection (4)</u> |  |  |  |  |
| Referenced Obligation | Payment<br>Frequency | Fixed Deal<br>Receive Rate | Expiration<br>Date | Exchange | Implied Credit<br>Spread at<br>12/31/22 (2) | Notional<br>Amount (3) | Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  Turkey Government | Q | 1.000% | 12/20/27 | ICE | 5.068% | $625000 | ($99492) | ($159448) | $59956 |
|  Total Credit Default Swaps | Total Credit Default Swaps | Total Credit Default Swaps |  |  |  |  | $319751 | $405923 | ($86172) |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) 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.

<u>Interest Rate Swaps - Long</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Pay | Payment<br>Frequency<br>Receive<br>Rate/<br>Pay Rate | Exchange | Expiration<br>Date | Notional<br>Amount | Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  11.770% | 1-Day BZD-OIS | Z / Z | LCH | 01/02/25 | BRL 27,320,410 | ($103718) | ($96318) | ($7400) |
|  4.421% | 6-Month CZK-PRIBOR | A / S | LCH | 03/15/28 | CZK 22,000,000 | (27330) | (19170) | (8160) |
|  8.763% | 28-Day MXN TIIE | L / L | LCH | 12/08/32 | MXN 6,700,000 | 139 |  | 139 |
|  |  |  |  |  |  | ($130909) | ($115488) | ($15421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> <u>Interest Rate Swaps - Short</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> <u>Interest Rate Swaps - Short</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> <u>Interest Rate Swaps - Short</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> <u>Interest Rate Swaps - Short</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> <u>Interest Rate Swaps - Short</u> |  |  |  |  |
| Pay | Receive | Payment<br>Frequency<br>Pay Rate/<br>Receive<br>Rate | Exchange | Expiration<br>Date | Notional<br>Amount | Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  7.372% | 1-Day CLP-OIS | S / S | LCH | 11/29/24 | CLP 3,050,000,000 | $28641 | $1889 | $26752 |
|  4.421% | 6-Month CZK-PRIBOR | A / S | LCH | 03/15/28 | CZK 32,000,000 | 39753 |  | 39753 |
|  |  |  |  |  |  | $68394 | $1889 | $66505 |
|  Total Interest Rate Swaps | Total Interest Rate Swaps | Total Interest Rate Swaps |  |  |  | ($62515) | ($113599) | $51084 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  |  | $257236 | $292324 | ($35088) |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**103** 

------

**PACIFIC FUNDS** 

**PF EMERGING MARKETS DEBT FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

(e) Fair Value Measurements

The following is a summary of the Fund's investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund's assets and liabilities as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Corporate Bonds & Notes | $9349003 | $— | $9349003 | $— |
|  | Convertible Corporate Bonds & Notes | 378400 |  | 378400 |  |
|  | Foreign Government Bonds & Notes | 16935549 |  | 16935549 |  |
|  | Short-Term Investment | 2272558 | 2272558 |  |  |
|  | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 66954 |  | 66954 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | 48274 |  | 48274 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 36604 | 36604 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 66644 |  | 66644 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Contracts | 103248 | 36604 | 66644 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets - Derivatives | 218476 | 36604 | 181872 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 29153986 | 2309162 | 26844824 |  |
|  Liabilities | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | (153126) |  | (153126) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | (67787) |  | (67787) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (55703) | (55703) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | (15560) |  | (15560) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Contracts | (71263) | (55703) | (15560) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities - Derivatives | (292176) | (55703) | (236473) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (292176) | (55703) | (236473) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $28861810 | $2253459 | $26608351 | $— |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**104** 

------

**PACIFIC FUNDS** 

**PF GROWTH FUND** 

**Schedule of Investments** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS - 97.7%** | **COMMON STOCKS - 97.7%** |  |
|  **Basic Materials - 3.5%** |  |  |
|  Air Products and Chemicals Inc | 3256 | $1003695 |
|  Linde PLC (United Kingdom) | 973 | 317373 |
|  The Sherwin-Williams Co | 4867 | 1155085 |
|  |  | 2476153 |
|  **Communications - 11.9%** |  |  |
|  Alphabet Inc 'A' \* | 38748 | 3418736 |
|  Alphabet Inc 'C' \* | 12526 | 1111432 |
|  Amazon.com Inc \* | 41766 | 3508344 |
|  Match Group Inc \* | 5486 | 227614 |
|  |  | 8266126 |
|  **Consumer, Cyclical - 4.7%** |  |  |
|  Chipotle Mexican Grill Inc \* | 270 | 374622 |
|  Dollar Tree Inc \* | 2474 | 349923 |
|  Hilton Worldwide Holdings Inc | 6036 | 762709 |
|  Lululemon Athletica Inc \* | 1346 | 431231 |
|  LVMH Moet Hennessy Louis Vuitton SE (France) | 1004 | 730604 |
|  O'Reilly Automotive Inc \* | 732 | 617830 |
|  |  | 3266919 |
|  **Consumer, Non-Cyclical - 24.1%** |  |  |
|  Abbott Laboratories | 12375 | 1358651 |
|  Becton Dickinson and Co | 2320 | 589976 |
|  Block Inc \* | 2956 | 185755 |
|  Boston Scientific Corp \* | 30182 | 1396521 |
|  Colgate-Palmolive Co | 10069 | 793337 |
|  CoStar Group Inc \* | 10865 | 839647 |
|  Danaher Corp | 5957 | 1581107 |
|  Equifax Inc | 2332 | 453248 |
|  Gartner Inc \* | 1689 | 567740 |
|  ICON PLC \* | 2872 | 557886 |
|  Regeneron Pharmaceuticals Inc \* | 824 | 594508 |
|  STERIS PLC | 1678 | 309910 |
|  The Estee Lauder Cos Inc 'A' | 4218 | 1046528 |
|  Thermo Fisher Scientific Inc | 2947 | 1622883 |
|  TransUnion | 5738 | 325632 |
|  UnitedHealth Group Inc | 2916 | 1546005 |
|  Verisk Analytics Inc | 6505 | 1147612 |
|  Vertex Pharmaceuticals Inc \* | 4012 | 1158585 |
|  Zoetis Inc | 4678 | 685561 |
|  |  | 16761092 |
|  **Energy - 1.7%** |  |  |
|  Enphase Energy Inc \* | 554 | 146788 |
|  EOG Resources Inc | 3638 | 471194 |
|  Hess Corp | 3920 | 555934 |
|  |  | 1173916 |
|  **Financial - 13.2%** |  |  |
|  American Express Co | 1188 | 175527 |
|  American Tower Corp REIT | 3996 | 846593 |
|  Aon PLC 'A' | 3928 | 1178950 |
|  Arthur J Gallagher & Co | 1845 | 347856 |
|  CME Group Inc | 3079 | 517765 |
|  Mastercard Inc 'A' | 7951 | 2764801 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  The Charles Schwab Corp | 12367 | $1029676 |
|  Visa Inc 'A' | 11037 | 2293047 |
|  |  | 9154215 |
|  **Industrial - 7.0%** |  |  |
|  Agilent Technologies Inc | 1765 | 264132 |
|  AMETEK Inc | 6479 | 905246 |
|  Amphenol Corp 'A' | 3195 | 243267 |
|  Canadian Pacific Railway Ltd (Canada) | 8649 | 645129 |
|  Eaton Corp PLC | 1821 | 285806 |
|  Johnson Controls International PLC | 12989 | 831296 |
|  Martin Marietta Materials Inc | 605 | 204472 |
|  Rockwell Automation Inc | 827 | 213010 |
|  Vulcan Materials Co | 7179 | 1257115 |
|  |  | 4849473 |
|  **Technology - 31.6%** |  |  |
|  Accenture PLC 'A' | 752 | 200664 |
|  Adobe Inc \* | 4606 | 1550057 |
|  Apple Inc | 26430 | 3434050 |
|  Applied Materials Inc | 2140 | 208393 |
|  ASML Holding NV (Netherlands) | 1300 | 710320 |
|  Autodesk Inc \* | 891 | 166501 |
|  Black Knight Inc \* | 2916 | 180063 |
|  Cadence Design Systems Inc \* | 3423 | 549871 |
|  Electronic Arts Inc | 5429 | 663315 |
|  Intuit Inc | 4015 | 1562718 |
|  Lam Research Corp | 1225 | 514867 |
|  Microsoft Corp | 34642 | 8307844 |
|  MSCI Inc | 3010 | 1400162 |
|  NVIDIA Corp | 8813 | 1287932 |
|  ServiceNow Inc \* | 1510 | 586288 |
|  Synopsys Inc \* | 851 | 271716 |
|  Take-Two Interactive Software Inc \* | 2545 | 265011 |
|  Veeva Systems Inc 'A' \* | 432 | 69716 |
|  |  | 21929488 |
|  Total Common Stocks<br>(Cost $29,898,298) |  | 67877382 |
|  **SHORT-TERM INVESTMENT - 2.4%** | **SHORT-TERM INVESTMENT - 2.4%** |  |
|  **Money Market Fund - 2.4%** | **Money Market Fund - 2.4%** |  |
|  BlackRock Liquidity Funds T-Fund Portfolio<br>'Institutional' 4.030% | 1651187 | 1651187 |
|  Total Short-Term Investment<br>(Cost $1,651,187) |  | 1651187 |
|  **TOTAL INVESTMENTS - 100.1%<br>(Cost $31,549,485)** | **TOTAL INVESTMENTS - 100.1%<br>(Cost $31,549,485)** | 69528569 |
|  **OTHER ASSETS & LIABILITIES, NET - (0.1%)** | **OTHER ASSETS & LIABILITIES, NET - (0.1%)** | (96142) |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $69432427 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**105** 

------

**PACIFIC FUNDS** 

**PF GROWTH FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

**<u>Note to Schedule of Investments</u>**

(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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br> December 31, 2022 | Level 1<br> Quoted Price | Level 2<br> Significant<br> Observable Inputs | Level 3<br> Significant<br> Unobservable Inputs |
|  Assets | Common Stocks |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials | $2476153 | $2476153 | $— | $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | 8266126 | 8266126 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Cyclical | 3266919 | 2536315 | 730604 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Non-Cyclical | 16761092 | 16761092 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 1173916 | 1173916 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial | 9154215 | 9154215 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial | 4849473 | 4849473 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology | 21929488 | 21929488 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 67877382 | 67146778 | 730604 |  |
|  | Short-Term Investment | 1651187 | 1651187 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $69528569 | $68797965 | $730604 | $— |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**106** 

------

**PACIFIC FUNDS** 

**PF LARGE-CAP VALUE FUND** 

**Schedule of Investments** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS - 99.1%** | **COMMON STOCKS - 99.1%** |  |
|  **Basic Materials - 3.9%** |  |  |
|  Air Products and Chemicals Inc | 12774 | $3937713 |
|  PPG Industries Inc | 19515 | 2453816 |
|  |  | 6391529 |
|  **Communications - 12.2%** |  |  |
|  Alphabet Inc 'A' \* | 28216 | 2489498 |
|  Charter Communications Inc 'A' \* | 8779 | 2976959 |
|  Cisco Systems Inc | 80963 | 3857077 |
|  Comcast Corp 'A' | 67872 | 2373484 |
|  DISH Network Corp 'A' \* | 113589 | 1594789 |
|  Meta Platforms Inc 'A' \* | 21868 | 2631595 |
|  Motorola Solutions Inc | 16979 | 4375658 |
|  |  | 20299060 |
|  **Consumer, Cyclical - 1.7%** |  |  |
|  The Home Depot Inc | 8970 | 2833264 |
|  **Consumer, Non-Cyclical - 15.4%** |  |  |
|  Amgen Inc | 8344 | 2191468 |
|  Becton Dickinson and Co | 11433 | 2907412 |
|  Elevance Health Inc | 8522 | 4371531 |
|  Haleon PLC ADR (United Kingdom) \* | 326700 | 2613600 |
|  Johnson & Johnson | 19849 | 3506326 |
|  Merck & Co Inc | 19658 | 2181055 |
|  PepsiCo Inc | 14526 | 2624267 |
|  UnitedHealth Group Inc | 9618 | 5099271 |
|  |  | 25494930 |
|  **Energy - 10.3%** |  |  |
|  Chevron Corp | 27587 | 4951590 |
|  ConocoPhillips | 70562 | 8326316 |
|  Enterprise Products Partners LP | 155372 | 3747573 |
|  |  | 17025479 |
|  **Financial - 24.3%** |  |  |
|  American Express Co | 31734 | 4688699 |
|  American Tower Corp REIT | 12686 | 2687656 |
|  Bank of America Corp | 177331 | 5873203 |
|  Berkshire Hathaway Inc 'B' \* | 9312 | 2876477 |
|  JPMorgan Chase & Co | 46432 | 6226531 |
|  Marsh & McLennan Cos Inc | 15415 | 2550874 |
|  The Bank of New York Mellon Corp | 43760 | 1991955 |
|  The Charles Schwab Corp | 38658 | 3218665 |
|  The Progressive Corp | 20512 | 2660612 |
|  The Travelers Cos Inc | 13531 | 2536927 |
|  US Bancorp | 33288 | 1451690 |
|  Visa Inc 'A' | 16473 | 3422430 |
|  |  | 40185719 |
|  **Industrial - 21.0%** |  |  |
|  Deere & Co | 16735 | 7175299 |
|  Honeywell International Inc | 10510 | 2252293 |
|  Illinois Tool Works Inc | 11484 | 2529925 |
|  Martin Marietta Materials Inc | 5991 | 2024778 |
|  Northrop Grumman Corp | 6894 | 3761435 |
|  Otis Worldwide Corp | 24910 | 1950702 |
|  Raytheon Technologies Corp | 53386 | 5387715 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  TE Connectivity Ltd (Switzerland) | 38258 | $4392018 |
|  United Parcel Service Inc 'B' | 17589 | 3057672 |
|  Vertiv Holdings Co | 165875 | 2265853 |
|  |  | 34797690 |
|  **Technology - 4.1%** |  |  |
|  Apple Inc | 5116 | 664722 |
|  Intel Corp | 59843 | 1581650 |
|  Microsoft Corp | 6322 | 1516142 |
|  Oracle Corp | 23931 | 1956120 |
|  QUALCOMM Inc | 9869 | 1084998 |
|  |  | 6803632 |
|  **Utilities - 6.2%** |  |  |
|  Edison International | 45624 | 2902599 |
|  Sempra Energy | 47783 | 7384385 |
|  |  | 10286984 |
|  Total Common Stocks<br>(Cost $90,202,990) |  | 164118287 |
|  **SHORT-TERM INVESTMENT - 0.9%** | **SHORT-TERM INVESTMENT - 0.9%** |  |
|  **Money Market Fund - 0.9%** | **Money Market Fund - 0.9%** |  |
|  BlackRock Liquidity Funds T-Fund Portfolio<br>'Institutional' 4.030% | 1494088 | 1494088 |
|  Total Short-Term Investment<br>(Cost $1,494,088) |  | 1494088 |
|  **TOTAL INVESTMENTS - 100.0%<br>(Cost $91,697,078)** | **TOTAL INVESTMENTS - 100.0%<br>(Cost $91,697,078)** | 165612375 |
|  **OTHER ASSETS & LIABILITIES, NET - 0.0%** | **OTHER ASSETS & LIABILITIES, NET - 0.0%** | 23386 |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $165635761 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**107** 

------

**PACIFIC FUNDS** 

**PF LARGE-CAP VALUE FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

**<u>Note to Schedule of Investments</u>**

(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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br> Significant<br>Observable Inputs | Level 3<br> Significant<br>Unobservable Inputs |
|  Assets | Common Stocks | $164118287 | $164118287 | $— | $— |
|  | Short-Term Investment | 1494088 | 1494088 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $165612375 | $165612375 | $— | $— |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**108** 

------

**PACIFIC FUNDS** 

**PF SMALL-CAP GROWTH FUND** 

**Schedule of Investments** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **WARRANTS - 0.0%** | **WARRANTS - 0.0%** |  |
|  **Consumer, Non-Cyclical - 0.0%** |  |  |
|  Optinose Inc Exercise @ $2.57<br>Exp 11/23/27 \* | 5653 | $— |
|  Total Warrants<br>(Cost $57) |  |  |
|  **COMMON STOCKS - 98.9%** |  |  |
|  **Basic Materials - 5.8%** |  |  |
|  Axalta Coating Systems Ltd \* | 14085 | 358745 |
|  Element Solutions Inc | 21489 | 390885 |
|  Ingevity Corp \* | 5154 | 363048 |
|  |  | 1112678 |
|  **Communications - 2.2%** |  |  |
|  Open Lending Corp 'A' \* | 9483 | 64010 |
|  Q2 Holdings Inc \* | 7357 | 197682 |
|  Vivid Seats Inc 'A' \* | 22272 | 162586 |
|  |  | 424278 |
|  **Consumer, Cyclical - 16.2%** |  |  |
|  Brunswick Corp | 4064 | 292933 |
|  Five Below Inc \* | 1419 | 250979 |
|  Funko Inc 'A' \* | 8064 | 87978 |
|  Genius Sports Ltd (United Kingdom) \* | 24317 | 86812 |
|  JetBlue Airways Corp \* | 14837 | 96144 |
|  Leslie's Inc \* | 8215 | 100305 |
|  Manchester United PLC 'A' (United Kingdom) | 19800 | 461934 |
|  Methode Electronics Inc | 5498 | 243946 |
|  Ollie's Bargain Outlet Holdings Inc \* | 6604 | 309331 |
|  On Holding AG 'A' (Switzerland) \* | 8347 | 143235 |
|  Penn Entertainment Inc \* | 10347 | 307306 |
|  Petco Health & Wellness Co Inc \* | 17828 | 169009 |
|  Skechers USA Inc 'A' \* | 8631 | 362071 |
|  Visteon Corp \* | 1716 | 224504 |
|  |  | 3136487 |
|  **Consumer, Non-Cyclical - 24.9%** |  |  |
|  Abcam PLC ADR (United Kingdom) \* | 13282 | 206668 |
|  Adaptive Biotechnologies Corp \* | 6328 | 48346 |
|  Allovir Inc \* | 5191 | 26630 |
|  Annexon Inc \* | 5054 | 26129 |
|  BioAtla Inc \* | 3303 | 27250 |
|  Bioxcel Therapeutics Inc \* | 2782 | 59757 |
|  Boyd Group Services Inc (Canada) | 1477 | 228161 |
|  Bright Horizons Family Solutions Inc \* | 2878 | 181602 |
|  Bruker Corp | 4241 | 289872 |
|  Certara Inc \* | 16067 | 258197 |
|  Collegium Pharmaceutical Inc \* | 5154 | 119573 |
|  Envista Holdings Corp \* | 9555 | 321717 |
|  European Wax Center Inc 'A' | 12541 | 156135 |
|  Harmony Biosciences Holdings Inc \* | 1981 | 109153 |
|  HealthEquity Inc \* | 2560 | 157798 |
|  Immunocore Holdings PLC ADR (United Kingdom) \* | 2236 | 127609 |
|  Lyell Immunopharma Inc \* | 6562 | 22770 |
|  Maravai LifeSciences Holdings Inc 'A' \* | 6344 | 90783 |
|  MaxCyte Inc \* | 11661 | 63669 |
|  Neurocrine Biosciences Inc \* | 1076 | 128517 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Nuvei Corp (Canada) \* ~ | 6096 | $154899 |
|  Oatly Group AB ADR \* | 19500 | 33930 |
|  Optinose Inc \* | 17769 | 32873 |
|  Oxford Nanopore Technologies PLC (United Kingdom) \* | 19852 | 58472 |
|  Paylocity Holding Corp \* | 461 | 89554 |
|  Payoneer Global Inc \* | 28601 | 156447 |
|  Prelude Therapeutics Inc \* | 3188 | 19256 |
|  PROCEPT BioRobotics Corp \* | 2169 | 90100 |
|  Remitly Global Inc \* | 24107 | 276025 |
|  Ritchie Bros Auctioneers Inc (Canada) | 5880 | 340040 |
|  Sabre Corp \* | 29762 | 183929 |
|  Sana Biotechnology Inc \* | 5080 | 20066 |
|  Silk Road Medical Inc \* | 2311 | 122136 |
|  SpringWorks Therapeutics Inc \* | 2767 | 71970 |
|  Syneos Health Inc \* | 7697 | 282326 |
|  The Duckhorn Portfolio Inc \* | 14122 | 234002 |
|  |  | 4816361 |
|  **Energy - 5.9%** |  |  |
|  ChampionX Corp | 18348 | 531909 |
|  Magnolia Oil & Gas Corp 'A' | 14073 | 330012 |
|  Matador Resources Co | 4977 | 284883 |
|  |  | 1146804 |
|  **Financial - 10.8%** |  |  |
|  First Interstate BancSystem Inc 'A' | 4886 | 188844 |
|  Focus Financial Partners Inc 'A' \* | 5908 | 220191 |
|  GCM Grosvenor Inc 'A' | 18411 | 140108 |
|  Hamilton Lane Inc 'A' | 4488 | 286693 |
|  Pacific Premier Bancorp Inc | 4559 | 143882 |
|  Prosperity Bancshares Inc | 2774 | 201614 |
|  STAG Industrial Inc REIT | 9163 | 296057 |
|  Umpqua Holdings Corp | 10335 | 184480 |
|  United Community Banks Inc | 4295 | 145171 |
|  WisdomTree Inc | 52690 | 287160 |
|  |  | 2094200 |
|  **Industrial - 14.2%** |  |  |
|  Advanced Energy Industries Inc | 1929 | 165470 |
|  AeroVironment Inc \* | 1238 | 106047 |
|  Cactus Inc 'A' | 5803 | 291659 |
|  CryoPort Inc \* | 7187 | 124694 |
|  Gerresheimer AG (Germany) | 3684 | 246443 |
|  GFL Environmental Inc (Canada) | 14954 | 437105 |
|  Knight-Swift Transportation Holdings Inc | 5130 | 268863 |
|  Kratos Defense & Security Solutions Inc \* | 5994 | 61858 |
|  Littelfuse Inc | 575 | 126615 |
|  Saia Inc \* | 638 | 133776 |
|  Sensata Technologies Holding PLC | 9384 | 378926 |
|  The AZEK Co Inc \* | 15446 | 313863 |
|  Trex Co Inc \* | 1936 | 81951 |
|  |  | 2737270 |
|  **Technology - 18.9%** |  |  |
|  ACV Auctions Inc 'A' \* | 24988 | 205152 |
|  Alkami Technology Inc \* | 15070 | 219871 |
|  CACI International Inc 'A' \* | 686 | 206205 |
|  Corsair Gaming Inc \* | 5035 | 68325 |
|  Definitive Healthcare Corp \* | 11524 | 126649 |
|  DoubleVerify Holdings Inc \* | 7017 | 154093 |
|  ExlService Holdings Inc \* | 2347 | 397652 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**109** 

------

**PACIFIC FUNDS** 

**PF SMALL-CAP GROWTH FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Five9 Inc \* | 3150 | $213759 |
|  Keywords Studios PLC (Ireland) | 7822 | 256690 |
|  Kinaxis Inc (Canada) \* | 868 | 97384 |
|  nCino Inc \* | 3496 | 92434 |
|  Outset Medical Inc \* | 4227 | 109141 |
|  Paycor HCM Inc \* | 6685 | 163582 |
|  Procore Technologies Inc \* | 4175 | 196977 |
|  Rapid7 Inc \* | 5388 | 183084 |
|  TaskUS Inc 'A' (Philippines) \* | 12319 | 208191 |
|  Thoughtworks Holding Inc \* | 30410 | 309878 |
|  WNS Holdings Ltd ADR (India) \* | 5427 | 434106 |
|  |  | 3643173 |
|  Total Common Stocks<br>(Cost $21,355,612) |  | 19111251 |
|  **SHORT-TERM INVESTMENT - 1.4%** | **SHORT-TERM INVESTMENT - 1.4%** |  |
|  **Money Market Fund - 1.4%** | **Money Market Fund - 1.4%** |  |
|  BlackRock Liquidity Funds T-Fund Portfolio<br>'Institutional' 4.030% | 271141 | 271141 |
|  Total Short-Term Investment<br>(Cost $271,141) |  | 271141 |
|  **TOTAL INVESTMENTS - 100.3%<br>(Cost $21,626,810)** | **TOTAL INVESTMENTS - 100.3%<br>(Cost $21,626,810)** | 19382392 |
|  **OTHER ASSETS & LIABILITIES, NET - (0.3%)** | **OTHER ASSETS & LIABILITIES, NET - (0.3%)** | (54348) |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $19328044 |

---

**<u>Note to Schedule of Investments</u>**

(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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br> Quoted Price | Level 2<br> Significant<br>Observable Inputs | Level 3<br> Significant<br> Unobservable Inputs |
|  Assets | Common Stocks |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials | $1112678 | $1112678 | $— | $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | 424278 | 424278 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Cyclical | 3136487 | 3136487 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Non-Cyclical | 4816361 | 4757889 | 58472 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 1146804 | 1146804 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial | 2094200 | 2094200 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial | 2737270 | 2490827 | 246443 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology | 3643173 | 3386483 | 256690 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 19111251 | 18549646 | 561605 |  |
|  | Short-Term Investment | 271141 | 271141 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $19382392 | $18820787 | $561605 | $— |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**110** 

------

**PACIFIC FUNDS** 

**PF SMALL-CAP VALUE FUND** 

**Schedule of Investments** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS - 99.3%** |  |  |
|  **Basic Materials - 4.5%** |  |  |
|  AdvanSix Inc | 9920 | $377158 |
|  ATI Inc \* | 16310 | 487017 |
|  Haynes International Inc | 4540 | 207433 |
|  HB Fuller Co | 4890 | 350222 |
|  Innospec Inc | 1970 | 202634 |
|  |  | 1624464 |
|  **Communications - 2.6%** |  |  |
|  A10 Networks Inc | 22246 | 369951 |
|  Casa Systems Inc \* | 54862 | 149773 |
|  Criteo SA ADR (France) \* | 16271 | 424022 |
|  |  | 943746 |
|  **Consumer, Cyclical - 19.1%** |  |  |
|  Alaska Air Group Inc \* | 8996 | 386288 |
|  Blue Bird Corp \* | 20763 | 222372 |
|  Citi Trends Inc \* | 10948 | 289903 |
|  Dana Inc | 22626 | 342331 |
|  Dine Brands Global Inc | 6342 | 409693 |
|  Genesco Inc \* | 7571 | 348417 |
|  H&E Equipment Services Inc | 8425 | 382495 |
|  Hilton Grand Vacations Inc \* | 9988 | 384938 |
|  IMAX Corp \* | 21500 | 315190 |
|  KB Home | 14650 | 466603 |
|  Papa John's International Inc | 4634 | 381425 |
|  REV Group Inc | 36160 | 456339 |
|  Sally Beauty Holdings Inc \* | 42132 | 527493 |
|  Six Flags Entertainment Corp \* | 15950 | 370837 |
|  Taylor Morrison Home Corp \* | 19875 | 603206 |
|  The Goodyear Tire & Rubber Co \* | 43680 | 443352 |
|  The Shyft Group Inc | 22437 | 557784 |
|  |  | 6888666 |
|  **Consumer, Non-Cyclical - 11.6%** |  |  |
|  Acadia Healthcare Co Inc \* | 6267 | 515900 |
|  Adtalem Global Education Inc \* | 11160 | 396180 |
|  Envista Holdings Corp \* | 10020 | 337373 |
|  Herc Holdings Inc | 4125 | 542726 |
|  Integra LifeSciences Holdings Corp \* | 10220 | 573035 |
|  Korn Ferry | 6964 | 352518 |
|  Nomad Foods Ltd (United Kingdom) \* | 30971 | 533940 |
|  Pediatrix Medical Group Inc \* | 22622 | 336163 |
|  Syneos Health Inc \* | 6060 | 222281 |
|  The Hain Celestial Group Inc \* | 21699 | 351090 |
|  |  | 4161206 |
|  **Energy - 4.2%** |  |  |
|  Helmerich & Payne Inc | 11502 | 570154 |
|  HF Sinclair Corp | 7549 | 391718 |
|  Magnolia Oil & Gas Corp 'A' | 24104 | 565239 |
|  |  | 1527111 |
|  **Financial - 34.3%** |  |  |
|  1st Source Corp | 8054 | 427587 |
|  Associated Banc-Corp | 26212 | 605235 |
|  Bank of Marin Bancorp | 6929 | 227826 |
|  BankUnited Inc | 15458 | 525108 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Berkshire Hills Bancorp Inc | 18290 | $546871 |
|  Broadstone Net Lease Inc REIT | 24440 | 396172 |
|  Carter Bankshares Inc \* | 17523 | 290707 |
|  Cousins Properties Inc REIT | 8686 | 219669 |
|  First BanCorp | 40444 | 514448 |
|  HarborOne Bancorp Inc | 31145 | 432915 |
|  Heritage Financial Corp | 18536 | 567943 |
|  Independence Realty Trust Inc REIT | 27816 | 468978 |
|  Independent Bank Group Inc | 5839 | 350807 |
|  Moelis & Co 'A' | 11180 | 428977 |
|  National Storage Affiliates Trust REIT | 7573 | 273537 |
|  NETSTREIT Corp REIT | 21166 | 387973 |
|  Pacific Premier Bancorp Inc | 15735 | 496597 |
|  Physicians Realty Trust REIT | 27991 | 405030 |
|  Premier Financial Corp | 16220 | 437453 |
|  Sandy Spring Bancorp Inc | 8593 | 302731 |
|  Selective Insurance Group Inc | 6825 | 604763 |
|  STAG Industrial Inc REIT | 12962 | 418802 |
|  Stifel Financial Corp | 3315 | 193497 |
|  Synovus Financial Corp | 10300 | 386765 |
|  Texas Capital Bancshares Inc \* | 9191 | 554309 |
|  The Hanover Insurance Group Inc | 3310 | 447280 |
|  TriCo Bancshares | 10293 | 524840 |
|  Umpqua Holdings Corp | 16240 | 289884 |
|  Webster Financial Corp | 3303 | 156364 |
|  WSFS Financial Corp | 10545 | 478110 |
|  |  | 12361178 |
|  **Industrial - 16.4%** |  |  |
|  ArcBest Corp | 6924 | 484957 |
|  Arcosa Inc | 8314 | 451783 |
|  Belden Inc | 4900 | 352310 |
|  Cactus Inc 'A' | 7257 | 364737 |
|  Dycom Industries Inc \* | 5390 | 504504 |
|  Fluor Corp \* | 10840 | 375714 |
|  Great Lakes Dredge & Dock Corp \* | 37324 | 222078 |
|  Heritage-Crystal Clean Inc \* | 5987 | 194458 |
|  Ichor Holdings Ltd \* | 16810 | 450844 |
|  Masonite International Corp \* | 6147 | 495510 |
|  O-I Glass Inc \* | 25480 | 422203 |
|  Spirit AeroSystems Holdings Inc 'A' | 13260 | 392496 |
|  Star Bulk Carriers Corp (Greece) | 18416 | 354140 |
|  Terex Corp | 7402 | 316213 |
|  TTM Technologies Inc \* | 33426 | 504064 |
|  |  | 5886011 |
|  **Technology - 4.3%** |  |  |
|  ACI Worldwide Inc \* | 15531 | 357213 |
|  CommVault Systems Inc \* | 6879 | 432276 |
|  Kulicke & Soffa Industries Inc (Singapore) | 7180 | 317787 |
|  MagnaChip Semiconductor Corp (South Korea) \* | 36841 | 345937 |
|  Unisys Corp \* | 17310 | 88454 |
|  |  | 1541667 |
|  **Utilities - 2.3%** |  |  |
|  IDACORP Inc | 5320 | 573762 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**111** 

------

**PACIFIC FUNDS** 

**PF SMALL-CAP VALUE FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Southwest Gas Holdings Inc | 4280 | $264846 |
|  |  | 838608 |
|  Total Common Stocks<br>(Cost $29,224,565) |  | 35772657 |
|  **SHORT-TERM INVESTMENT - 0.2%** | **SHORT-TERM INVESTMENT - 0.2%** |  |
|  **Money Market Fund - 0.2%** | **Money Market Fund - 0.2%** |  |
|  BlackRock Liquidity Funds T-Fund Portfolio<br>'Institutional' 4.030% | 63328 | 63328 |
|  Total Short-Term Investment<br>(Cost $63,328) |  | 63328 |
|  **TOTAL INVESTMENTS - 99.5%<br>(Cost $29,287,893)** | **TOTAL INVESTMENTS - 99.5%<br>(Cost $29,287,893)** | 35835985 |
|  **OTHER ASSETS & LIABILITIES, NET - 0.5%** | **OTHER ASSETS & LIABILITIES, NET - 0.5%** | 187308 |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $36023293 |

---

**<u>Note to Schedule of Investments</u>**

(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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br> December 31, 2022 | Level 1<br> Quoted Price | Level 2<br> Significant<br> Observable Inputs | Level 3<br> Significant<br> Unobservable Inputs |
|  Assets | Common Stocks | $35772657 | $35772657 | $— | $— |
|  | Short-Term Investment | 63328 | 63328 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $35835985 | $35835985 | $— | $— |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**112** 

------

**PACIFIC FUNDS** 

**PF EMERGING MARKETS FUND** 

**Schedule of Investments** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | <br> **Shares** | <br> **Value** |
|  **WARRANTS - 0.0%** | **WARRANTS - 0.0%** |  |
|  **Switzerland - 0.0%** | **Switzerland - 0.0%** |  |
|  Cie Financiere Richemont SA Exercise @ CHF 67.00<br>Exp 11/22/23 \* | 30788 | $25638 |
|  Total Warrants<br>(Cost $0) |  | 25638 |
|  **PREFERRED STOCKS - 1.3%** | **PREFERRED STOCKS - 1.3%** |  |
|  **Brazil - 1.3%** | **Brazil - 1.3%** |  |
|  Banco Bradesco SA | 189959 | 541856 |
|  Total Preferred Stocks<br>(Cost $628,883) |  | 541856 |
|  **COMMON STOCKS - 96.5%** | **COMMON STOCKS - 96.5%** |  |
|  **Australia - 0.5%** | **Australia - 0.5%** |  |
|  Glencore PLC | 32308 | 215451 |
|  **Belgium - 0.6%** | **Belgium - 0.6%** |  |
|  Anheuser-Busch InBev SA | 4083 | 245923 |
|  **Brazil - 6.1%** | **Brazil - 6.1%** |  |
|  Ambev SA | 261200 | 713904 |
|  Lojas Renner SA | 65188 | 252658 |
|  NU Holdings Ltd 'A' \* | 84812 | 345185 |
|  Vale SA ADR | 64481 | 1094243 |
|  WEG SA | 17343 | 125985 |
|  |  | 2531975 |
|  **Chile - 0.4%** | **Chile - 0.4%** |  |
|  Antofagasta PLC | 6571 | 122665 |
|  Banco Santander Chile | 1128831 | 45180 |
|  |  | 167845 |
|  **China - 27.1%** | **China - 27.1%** |  |
|  BeiGene Ltd ADR \* | 3662 | 805420 |
|  Brii Biosciences Ltd \* | 64000 | 60138 |
|  H World Group Ltd | 3500 | 14922 |
|  H World Group Ltd ADR | 45811 | 1943303 |
|  Meituan 'B' \* ~ | 29300 | 649166 |
|  MicroTech Medical Hangzhou Co Ltd 'H' \* ~ | 13000 | 16191 |
|  NetEase Inc ADR | 14788 | 1074052 |
|  New Horizon Health Ltd \* ~ | 22500 | 50509 |
|  Silergy Corp | 15000 | 211874 |
|  Tencent Holdings Ltd | 18681 | 792081 |
|  Wuxi Biologics Cayman Inc \* ~ | 84500 | 639996 |
|  Yum China Holdings Inc | 50964 | 2785183 |
|  Zai Lab Ltd ADR \* | 11870 | 364409 |
|  ZTO Express Cayman Inc | 4313 | 116842 |
|  ZTO Express Cayman Inc ADR | 63934 | 1717907 |
|  |  | 11241993 |
|  **France - 5.4%** | **France - 5.4%** |  |
|  Kering SA | 151 | 76848 |

---

---

| | | |
|:---|:---|:---|
|  | <br> **Shares** | <br> **Value** |
|  L'Oreal SA | 86 | $30796 |
|  Pernod Ricard SA | 9309 | 1831292 |
|  TotalEnergies SE | 4600 | 288757 |
|  |  | 2227693 |
|  **Hong Kong - 2.3%** | **Hong Kong - 2.3%** |  |
|  AIA Group Ltd | 74200 | 819420 |
|  Hang Lung Properties Ltd | 10000 | 19480 |
|  Hong Kong Exchanges & Clearing Ltd | 1400 | 60158 |
|  Hongkong Land Holdings Ltd | 9600 | 44168 |
|  |  | 943226 |
|  **India - 21.0%** | **India - 21.0%** |  |
|  Housing Development Finance Corp Ltd | 107061 | 3403572 |
|  Infosys Ltd | 41913 | 764129 |
|  Kotak Mahindra Bank Ltd | 94605 | 2081433 |
|  Oberoi Realty Ltd | 26004 | 272031 |
|  Tata Consultancy Services Ltd | 50049 | 1968283 |
|  Zee Entertainment Enterprises Ltd | 78151 | 225793 |
|  |  | 8715241 |
|  **Indonesia - 0.7%** | **Indonesia - 0.7%** |  |
|  P.T. Bank Central Asia Tbk | 524400 | 287549 |
|  **Italy - 2.0%** | **Italy - 2.0%** |  |
|  Ermenegildo Zegna NV | 8149 | 85320 |
|  PRADA SPA | 129500 | 726988 |
|  |  | 812308 |
|  **Japan - 0.1%** | **Japan - 0.1%** |  |
|  Daiichi Sankyo Co Ltd | 1400 | 45061 |
|  **Mexico - 7.5%** | **Mexico - 7.5%** |  |
|  America Movil SAB de CV 'L' ADR | 29854 | 543343 |
|  Fomento Economico Mexicano SAB de CV | 3302 | 25816 |
|  Grupo Mexico SAB de CV 'B' | 494640 | 1743862 |
|  Wal-Mart de Mexico SAB de CV | 223252 | 789141 |
|  |  | 3102162 |
|  **Peru - 0.8%** | **Peru - 0.8%** |  |
|  Credicorp Ltd | 2579 | 349867 |
|  **Philippines - 1.8%** | **Philippines - 1.8%** |  |
|  SM Investments Corp | 45747 | 741918 |
|  **Russia - 0.0%** | **Russia - 0.0%** |  |
|  Novatek PJSC GDR \* ± W | 10301 |  |
|  Polyus PJSC \* ± W | 3943 |  |
|  Polyus PJSC GDR \* ~ ± W | 3202 |  |
|  Sberbank of Russia PJSC \* ± W | 14210 |  |
|  TCS Group Holding PLC GDR \* ± W | 4352 |  |
|  Yandex NV 'A' \* ± W | 36879 |  |
|  **South Africa - 1.1%** | **South Africa - 1.1%** |  |
|  FirstRand Ltd | 122879 | 446430 |
|  **South Korea - 7.4%** | **South Korea - 7.4%** |  |
|  Coupang Inc \* | 796 | 11709 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**113** 

------

**PACIFIC FUNDS** 

**PF EMERGING MARKETS FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | <br> **Shares** | <br> **Value** |
|  LG Chem Ltd | 2497 | $1192391 |
|  LG H&H Co Ltd | 249 | 143317 |
|  Samsung Biologics Co Ltd \* ~ | 1280 | 832276 |
|  Samsung Electronics Co Ltd | 19893 | 873168 |
|  |  | 3052861 |
|  **Switzerland - 2.8%** | **Switzerland - 2.8%** |  |
|  Cie Financiere Richemont SA 'A' | 9140 | 1185092 |
|  **Taiwan - 8.8%** | **Taiwan - 8.8%** |  |
|  MediaTek Inc | 32000 | 647006 |
|  Taiwan Semiconductor Manufacturing Co Ltd | 206995 | 3006284 |
|  |  | 3653290 |
|  **United Kingdom - 0.1%** | **United Kingdom - 0.1%** |  |
|  AstraZeneca PLC ADR | 724 | 49087 |
|  Total Common Stocks<br>(Cost $28,093,674) |  | 40014972 |
|  **SHORT-TERM INVESTMENT - 0.8%** | **SHORT-TERM INVESTMENT - 0.8%** |  |
|  **Money Market Fund - 0.8%** | **Money Market Fund - 0.8%** |  |
|  BlackRock Liquidity Funds T-Fund Portfolio<br>'Institutional' 4.030% | 318053 | 318053 |
|  Total Short-Term Investment<br>(Cost $318,053) |  | 318053 |
|  **TOTAL INVESTMENTS - 98.6%<br>(Cost $29,040,610)** | **TOTAL INVESTMENTS - 98.6%<br>(Cost $29,040,610)** | 40900519 |
|  **OTHER ASSETS & LIABILITIES, NET - 1.4%** | **OTHER ASSETS & LIABILITIES, NET - 1.4%** | 567453 |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $41467972 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**114** 

------

**PACIFIC FUNDS** 

**PF EMERGING MARKETS FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

**<u>Note to Schedule of Investments</u>**

(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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br> December 31, 2022 | Level 1<br> Quoted Price | Level 2<br> Significant<br> Observable Inputs | Level 3<br> Significant<br> Unobservable Inputs |
|  Assets | Warrants | $25638 | $25638 | $— | $— |
|  | Preferred Stocks | 541856 |  | 541856 |  |
|  | Common Stocks |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | 215451 |  | 215451 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 245923 |  | 245923 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 2531975 | 1439428 | 1092547 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | 167845 | 45180 | 122665 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 11241993 | 8690274 | 2551719 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 2227693 |  | 2227693 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 943226 |  | 943226 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 8715241 |  | 8715241 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia | 287549 |  | 287549 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 812308 | 85320 | 726988 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 45061 |  | 45061 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 3102162 | 3102162 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 349867 | 349867 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines | 741918 |  | 741918 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | 446430 |  | 446430 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 3052861 | 11709 | 3041152 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 1185092 |  | 1185092 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 3653290 |  | 3653290 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 49087 | 49087 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 40014972 | 13773027 | 26241945 |  |
|  | Short-Term Investment | 318053 | 318053 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $40900519 | $14116718 | $26783801 | $— |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**115** 

------

**PACIFIC FUNDS** 

**PF INTERNATIONAL GROWTH FUND** 

**Schedule of Investments** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | <br> **Shares** | <br> **Value** |
|  **COMMON STOCKS - 97.5%** |  |  |
|  **Australia - 0.8%** |  |  |
|  Brambles Ltd | 18600 | $152531 |
|  **Canada - 8.6%** |  |  |
|  Barrick Gold Corp | 7430 | 127647 |
|  CAE Inc \* | 7655 | 148068 |
|  Canadian Pacific Railway Ltd | 6913 | 515412 |
|  Loblaw Cos Ltd | 2168 | 191693 |
|  Suncor Energy Inc | 10250 | 325139 |
|  Thomson Reuters Corp | 2612 | 297969 |
|  |  | 1605928 |
|  **China - 0.3%** |  |  |
|  Zai Lab Ltd \* | 20900 | 64691 |
|  **Denmark - 4.1%** |  |  |
|  Novo Nordisk AS 'B' | 5620 | 763284 |
|  **France - 11.7%** |  |  |
|  Airbus SE | 2039 | 242442 |
|  BNP Paribas SA | 7192 | 409507 |
|  Dassault Systemes SE | 2470 | 88820 |
|  EssilorLuxottica SA | 1884 | 340878 |
|  L'Oreal SA | 844 | 302235 |
|  LVMH Moet Hennessy Louis Vuitton SE | 763 | 555230 |
|  Teleperformance | 1068 | 255322 |
|  |  | 2194434 |
|  **Germany - 4.4%** |  |  |
|  adidas AG | 758 | 102729 |
|  Deutsche Boerse AG | 1745 | 300472 |
|  Deutsche Telekom AG | 21590 | 429567 |
|  |  | 832768 |
|  **Hong Kong - 4.3%** |  |  |
|  AIA Group Ltd | 53048 | 585830 |
|  Hong Kong Exchanges & Clearing Ltd | 5170 | 222156 |
|  |  | 807986 |
|  **Ireland - 1.4%** |  |  |
|  CRH PLC | 6553 | 260614 |
|  **Israel - 1.0%** |  |  |
|  Nice Ltd ADR \* | 1010 | 194223 |
|  **Italy - 1.9%** |  |  |
|  Intesa Sanpaolo SPA | 161707 | 358248 |
|  **Japan - 11.8%** |  |  |
|  Daiichi Sankyo Co Ltd | 8900 | 286462 |
|  Hoya Corp | 1950 | 186768 |
|  Keyence Corp | 1160 | 450364 |
|  Olympus Corp | 22089 | 389597 |
|  Recruit Holdings Co Ltd | 9300 | 291108 |
|  Shiseido Co Ltd | 5740 | 281339 |

---

---

| | | |
|:---|:---|:---|
|  | <br> **Shares** | <br> **Value** |
|  Sony Group Corp | 4340 | $330802 |
|  |  | 2216440 |
|  **Netherlands - 4.0%** | **Netherlands - 4.0%** |  |
|  Adyen NV \* ~ | 166 | 230449 |
|  Argenx SE \* | 449 | 168557 |
|  ASML Holding NV | 653 | 356050 |
|  |  | 755056 |
|  **Portugal - 2.5%** | **Portugal - 2.5%** |  |
|  EDP - Energias de Portugal SA | 94473 | 470930 |
|  **Spain - 5.4%** | **Spain - 5.4%** |  |
|  Amadeus IT Group SA \* | 5257 | 272721 |
|  Cellnex Telecom SA ~ | 2537 | 84156 |
|  Iberdrola SA | 26900 | 314017 |
|  Industria de Diseno Textil SA | 12798 | 339928 |
|  |  | 1010822 |
|  **Sweden - 3.2%** | **Sweden - 3.2%** |  |
|  Atlas Copco AB 'A' | 25702 | 304527 |
|  Sandvik AB | 16760 | 302880 |
|  |  | 607407 |
|  **Switzerland - 4.3%** | **Switzerland - 4.3%** |  |
|  Alcon Inc | 2832 | 194329 |
|  Givaudan SA | 60 | 183774 |
|  Straumann Holding AG | 900 | 103204 |
|  TE Connectivity Ltd | 2820 | 323736 |
|  |  | 805043 |
|  **United Kingdom - 14.3%** | **United Kingdom - 14.3%** |  |
|  3i Group PLC | 10341 | 166773 |
|  Ashtead Group PLC | 1307 | 74244 |
|  Compass Group PLC | 13828 | 319317 |
|  Diageo PLC | 12522 | 548111 |
|  Dr. Martens PLC | 22459 | 50970 |
|  Linde PLC | 1390 | 453086 |
|  London Stock Exchange Group PLC | 5582 | 479612 |
|  RELX PLC | 10110 | 279522 |
|  Rentokil Initial PLC | 49758 | 305701 |
|  |  | 2677336 |
|  **United States - 13.5%** | **United States - 13.5%** |  |
|  Accenture PLC 'A' | 1048 | 279648 |
|  Aflac Inc | 1560 | 112226 |
|  Computershare Ltd | 7890 | 138991 |
|  Haleon PLC \* | 80215 | 317380 |
|  ICON PLC \* | 1394 | 270784 |
|  Nestle SA | 7668 | 885726 |
|  Roche Holding AG | 1123 | 352889 |
|  SolarEdge Technologies Inc \* | 613 | 173645 |
|  |  | 2531289 |
|  Total Common Stocks<br>(Cost $17,183,562) |  | 18309030 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**116** 

------

**PACIFIC FUNDS** 

**PF INTERNATIONAL GROWTH FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | <br> **Shares** | <br> **Value** |
|  **SHORT-TERM INVESTMENT - 1.3%** |  |  |
|  **Money Market Fund - 1.3%** |  |  |
|  BlackRock Liquidity Funds T-Fund Portfolio<br>'Institutional' 4.030% | 243919 | $243919 |
|  Total Short-Term Investment<br>(Cost $243,919) |  | 243919 |
|  **TOTAL INVESTMENTS - 98.8%<br>(Cost $17,427,481)** |  | 18552949 |
|  **OTHER ASSETS & LIABILITIES, NET - 1.2%** |  | 223270 |
|  **NET ASSETS - 100.0%** |  | $18776219 |

---

**<u>Note to Schedule of Investments</u>**

(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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Common Stocks |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $152531 | $— | $152531 | $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 1605928 | 1605928 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 64691 |  | 64691 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | 763284 |  | 763284 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 2194434 |  | 2194434 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 832768 |  | 832768 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 807986 |  | 807986 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 260614 |  | 260614 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 194223 | 194223 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 358248 |  | 358248 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 2216440 |  | 2216440 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 755056 |  | 755056 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal | 470930 |  | 470930 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 1010822 |  | 1010822 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 607407 |  | 607407 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 805043 | 323736 | 481307 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 2677336 |  | 2677336 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 2531289 | 836303 | 1694986 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 18309030 | 2960190 | 15348840 |  |
|  | Short-Term Investment | 243919 | 243919 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $18552949 | $3204109 | $15348840 | $— |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**117** 

------

**PACIFIC FUNDS** 

**PF INTERNATIONAL SMALL-CAP FUND** 

**Schedule of Investments** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS - 95.9%** | **COMMON STOCKS - 95.9%** |  |
|  **Australia - 4.2%** | **Australia - 4.2%** |  |
|  EBOS Group Ltd | 4208 | $116997 |
|  GUD Holdings Ltd | 19355 | 99229 |
|  Imdex Ltd | 63653 | 95817 |
|  Inghams Group Ltd | 111031 | 215264 |
|  Nanosonics Ltd \* | 25908 | 75295 |
|  Servcorp Ltd | 34476 | 75818 |
|  SomnoMed Ltd \* | 21500 | 18225 |
|  |  | 696645 |
|  **Austria - 2.0%** | **Austria - 2.0%** |  |
|  Mayr Melnhof Karton AG | 1070 | 172860 |
|  Strabag SE | 1000 | 41854 |
|  Wienerberger AG | 5030 | 121243 |
|  |  | 335957 |
|  **Belgium - 1.5%** | **Belgium - 1.5%** |  |
|  Econocom Group SA | 33070 | 100878 |
|  Fagron | 10450 | 148680 |
|  |  | 249558 |
|  **Brazil - 1.2%** | **Brazil - 1.2%** |  |
|  Hypera SA | 14674 | 125826 |
|  YDUQS Participacoes SA | 38659 | 74063 |
|  |  | 199889 |
|  **Canada - 2.3%** | **Canada - 2.3%** |  |
|  CCL Industries Inc 'B' | 2020 | 86290 |
|  ECN Capital Corp | 11500 | 23611 |
|  Open Text Corp | 4350 | 128894 |
|  Parkland Corp | 1920 | 42129 |
|  The North West Co Inc | 3650 | 95887 |
|  |  | 376811 |
|  **China - 4.5%** | **China - 4.5%** |  |
|  Best Pacific International Holdings Ltd | 201870 | 30259 |
|  Far East Horizon Ltd | 199933 | 155732 |
|  Precision Tsugami China Corp Ltd | 76178 | 70215 |
|  Qingdao Port International Co Ltd 'H' ~ | 223771 | 108156 |
|  Shenzhen YUTO Packaging Technology Co Ltd 'A' | 31420 | 149388 |
|  TravelSky Technology Ltd 'H' | 88910 | 186858 |
|  Xingda International Holdings Ltd | 227980 | 45764 |
|  |  | 746372 |
|  **Denmark - 0.7%** | **Denmark - 0.7%** |  |
|  Spar Nord Bank AS | 7440 | 113930 |
|  **Finland - 1.6%** | **Finland - 1.6%** |  |
|  Huhtamaki Oyj | 3770 | 129149 |
|  Nanoform Finland PLC \* | 8100 | 27746 |
|  Rovio Entertainment Oyj ~ | 18160 | 118297 |
|  |  | 275192 |
|  **France - 4.6%** | **France - 4.6%** |  |
|  Altarea SCA REIT | 1060 | 143004 |
|  Antin Infrastructure Partners SA | 3740 | 81271 |
|  ARGAN SA REIT | 970 | 78722 |
|  Elior Group SA \* ~ | 30790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109055 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Lectra | 2300 | $86715 |
|  Maisons du Monde SA ~ | 9700 | 121926 |
|  Thermador Groupe | 1550 | 143019 |
|  |  | 763712 |
|  **Germany - 5.8%** | **Germany - 5.8%** |  |
|  DWS Group GmbH & Co KGaA ~ | 2340 | 75513 |
|  JOST Werke AG ~ | 2420 | 136039 |
|  Norma Group SE | 4200 | 75888 |
|  Rheinmetall AG | 620 | 123427 |
|  Stabilus SE | 1540 | 103180 |
|  Synlab AG | 6520 | 78879 |
|  Takkt AG | 7230 | 104427 |
|  Talanx AG | 5910 | 278608 |
|  |  | 975961 |
|  **Greece - 0.9%** | **Greece - 0.9%** |  |
|  Mytilineos SA | 7060 | 153383 |
|  **Hong Kong - 1.5%** | **Hong Kong - 1.5%** |  |
|  ASMPT Ltd | 18838 | 133791 |
|  Sino Land Co Ltd | 64329 | 80237 |
|  WH Group Ltd ~ | 72140 | 42075 |
|  |  | 256103 |
|  **Hungary - 1.2%** | **Hungary - 1.2%** |  |
|  Richter Gedeon Nyrt | 9095 | 201959 |
|  **Indonesia - 0.8%** | **Indonesia - 0.8%** |  |
|  P.T. Avia Avian Tbk | 1411194 | 57109 |
|  P.T. Selamat Sempurna Tbk | 854090 | 84216 |
|  |  | 141325 |
|  **Ireland - 2.1%** | **Ireland - 2.1%** |  |
|  AerCap Holdings NV \* | 1437 | 83806 |
|  Dalata Hotel Group PLC \* | 27700 | 95970 |
|  Irish Residential Properties REIT PLC à | 99800 | 118089 |
|  Mincon Group PLC | 53200 | 58087 |
|  |  | 355952 |
|  **Italy - 1.5%** | **Italy - 1.5%** |  |
|  Banca Generali SPA | 4160 | 142799 |
|  Recordati Industria Chimica e Farmaceutica SPA | 2410 | 100179 |
|  |  | 242978 |
|  **Japan - 19.0%** | **Japan - 19.0%** |  |
|  Amano Corp | 5800 | 106544 |
|  ASKUL Corp | 8500 | 110339 |
|  Capcom Co Ltd | 2400 | 76609 |
|  Dexerials Corp | 4100 | 78774 |
|  Dip Corp | 3200 | 91515 |
|  GMO internet group Inc | 7900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147571 |
|  Inaba Denki Sangyo Co Ltd | 4800 | 98214 |
|  Isuzu Motors Ltd | 8400 | 97380 |
|  Kamigumi Co Ltd | 4800 | 97719 |
|  Lixil Corp | 6000 | 90457 |
|  Maruwa Co Ltd | 900 | 106434 |
|  Meitec Corp | 6000 | 108840 |
|  MINEBEA MITSUMI Inc | 6700 | 99268 |
|  Mitani Corp | 6100 | 60191 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**118** 

------

**PACIFIC FUNDS** 

**PF INTERNATIONAL SMALL-CAP FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  NOF Corp | 2300 | $91686 |
|  NSD Co Ltd | 5700 | 98508 |
|  PALTAC Corp | 5000 | 175120 |
|  Park24 Co Ltd \* | 2500 | 42763 |
|  Persol Holdings Co Ltd | 7300 | 155269 |
|  Renesas Electronics Corp \* | 21900 | 193558 |
|  Roland Corp | 4300 | 113662 |
|  S Foods Inc | 7200 | 162088 |
|  San-Ai Obbli Co Ltd | 17400 | 165003 |
|  Ship Healthcare Holdings Inc | 9200 | 187097 |
|  SUMCO Corp | 7800 | 103339 |
|  TIS Inc | 3900 | 102499 |
|  TKC Corp | 1400 | 38241 |
|  Tsuruha Holdings Inc | 2300 | 178400 |
|  |  | 3177088 |
|  **Mexico - 2.6%** | **Mexico - 2.6%** |  |
|  Bolsa Mexicana de Valores SAB de CV | 76698 | 148503 |
|  Gruma SAB de CV 'B' | 11668 | 155873 |
|  Grupo Comercial Chedraui SA de CV | 29010 | 123594 |
|  |  | 427970 |
|  **Netherlands - 1.3%** | **Netherlands - 1.3%** |  |
|  Acomo NV | 5890 | 119920 |
|  Arcadis NV | 2600 | 102364 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222284 |
|  **Norway - 1.1%** | **Norway - 1.1%** |  |
|  Europris ASA ~ | 25540 | 178912 |
|  **Peru - 0.5%** | **Peru - 0.5%** |  |
|  Intercorp Financial Services Inc | 3733 | 87726 |
|  **Philippines - 1.7%** | **Philippines - 1.7%** |  |
|  Century Pacific Food Inc | 363397 | 168241 |
|  Robinsons Land Corp | 463053 | 124499 |
|  |  | 292740 |
|  **Singapore - 2.2%** | **Singapore - 2.2%** |  |
|  HRnetgroup Ltd | 155335 | 90962 |
|  Mapletree Industrial Trust REIT | 64101 | 106221 |
|  The Hour Glass Ltd | 82569 | 125649 |
|  Wing Tai Holdings Ltd | 44460 | 49754 |
|  |  | 372586 |
|  **South Korea - 1.9%** | **South Korea - 1.9%** |  |
|  Hyundai Marine & Fire Insurance Co Ltd | 3104 | 72316 |
|  Soulbrain Co Ltd | 1000 | 173787 |
|  Vitzrocell Co Ltd \* | 7200 | 72743 |
|  |  | 318846 |
|  **Spain - 4.3%** | **Spain - 4.3%** |  |
|  Cia de Distribucion Integral Logista Holdings SA | 9000 | 226949 |
|  CIE Automotive SA | 4930 | 126835 |
|  Grupo Catalana Occidente SA | 5710 | 180420 |
|  Indra Sistemas SA | 5300 | 60415 |
|  Prosegur Cia de Seguridad SA | 32980 | 62557 |
|  Viscofan SA | 970 | 62476 |
|  |  | 719652 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Sweden - 1.4%** | **Sweden - 1.4%** |  |
|  Granges AB | 13020 | $106633 |
|  Hexpol AB | 9640 | 102858 |
|  Nordnet AB publ | 2100 | 30410 |
|  |  | 239901 |
|  **Taiwan - 3.4%** | **Taiwan - 3.4%** |  |
|  International Games System Co Ltd | 14810 | 208476 |
|  Sporton International Inc | 16939 | 115441 |
|  Test Research Inc | 40916 | 84516 |
|  Tripod Technology Corp | 24091 | 73506 |
|  Yageo Corp | 5985 | 87229 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569168 |
|  **Thailand - 0.7%** | **Thailand - 0.7%** |  |
|  Star Petroleum Refining PCL | 374963 | 115590 |
|  **United Kingdom - 14.2%** | **United Kingdom - 14.2%** |  |
|  Ashtead Technology Holdings PLC \* | 41900 | 159563 |
|  B&M European Value Retail SA | 24225 | 120248 |
|  Bodycote PLC | 10970 | 75396 |
|  Grainger PLC | 50675 | 154384 |
|  Harbour Energy PLC | 21180 | 78160 |
|  Hiscox Ltd | 13100 | 172716 |
|  Informa PLC | 16930 | 126294 |
|  J D Wetherspoon PLC \* | 18228 | 97381 |
|  JET2 PLC | 8530 | 98306 |
|  John Wood Group PLC \* | 68004 | 110208 |
|  Lancashire Holdings Ltd | 27497 | 216203 |
|  LSL Property Services PLC | 32835 | 99240 |
|  On the Beach Group PLC \* ~ | 53840 | 102013 |
|  Pets at Home Group PLC | 21800 | 74743 |
|  Premier Foods PLC | 67330 | 88399 |
|  Rathbones Group PLC | 2430 | 59783 |
|  Sabre Insurance Group PLC ~ | 65379 | 84098 |
|  Savills PLC | 8934 | 88982 |
|  Tate & Lyle PLC | 21366 | 183047 |
|  Vistry Group PLC | 9008 | 67848 |
|  WH Smith PLC \* | 7352 | 130759 |
|  |  | 2387771 |
|  **United States - 5.2%** | **United States - 5.2%** |  |
|  Adient PLC \* | 3180 | 110314 |
|  Adtalem Global Education Inc \* | 3480 | 123540 |
|  Antero Resources Corp \* | 3925 | 121636 |
|  GCC SAB de CV | 19543 | 130166 |
|  GrafTech International Ltd | 15182 | 72266 |
|  Impro Precision Industries Ltd ~ | 123179 | 34934 |
|  Ovintiv Inc | 2510 | 127282 |
|  RHI Magnesita NV | 5700 | 153518 |
|  |  | 873656 |
|  Total Common Stocks <br>(Cost $17,330,724) |  | 16069617 |
|  **EXCHANGE-TRADED FUND - 2.1%** | **EXCHANGE-TRADED FUND - 2.1%** |  |
|  iShares MSCI India \* | 8610 | 359382 |
|  Total Exchange-Traded Fund <br>(Cost $384,847) |  | 359382 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**119** 

------

**PACIFIC FUNDS** 

**PF INTERNATIONAL SMALL-CAP FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **SHORT-TERM INVESTMENT - 0.0%** | **SHORT-TERM INVESTMENT - 0.0%** |  |
|  **Money Market Fund - 0.0%** | **Money Market Fund - 0.0%** |  |
|  BlackRock Liquidity Funds T-Fund Portfolio<br>'Institutional' 4.030% | 665 | $665 |
|  Total Short-Term Investment <br>(Cost $665) |  | 665 |
|  **TOTAL INVESTMENTS - 98.0%<br>(Cost $17,716,236)** | **TOTAL INVESTMENTS - 98.0%<br>(Cost $17,716,236)** | 16429664 |
|  **OTHER ASSETS & LIABILITIES, NET - 2.0%** | **OTHER ASSETS & LIABILITIES, NET - 2.0%** | 328957 |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $16758621 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**120** 

------

**PACIFIC FUNDS** 

**PF INTERNATIONAL SMALL-CAP FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

**<u>Notes to Schedule of Investments</u>**

(a) Restricted securities as of December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Issuer and <br>Acquisition Date | Cost | Value | Value as a % of<br>Net Assets |
|  Irish Residential Properties REIT PLC (Acq 10/29/21) | $161066 | $118089 | 0.7% |

---

(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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Common Stocks |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $696645 | $94043 | $602602 | $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria | 335957 | 41854 | 294103 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 249558 |  | 249558 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 199889 |  | 199889 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 376811 | 376811 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 746372 | 30259 | 716113 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | 113930 |  | 113930 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland | 275192 | 27746 | 247446 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 763712 | 81271 | 682441 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 975961 |  | 975961 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greece | 153383 |  | 153383 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 256103 |  | 256103 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hungary | 201959 |  | 201959 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia | 141325 | 141325 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 355952 | 141893 | 214059 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 242978 |  | 242978 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 3177088 |  | 3177088 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 427970 | 427970 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 222284 | 119920 | 102364 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway | 178912 |  | 178912 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 87726 | 87726 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines | 292740 | 168241 | 124499 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 372586 |  | 372586 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 318846 |  | 318846 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 719652 |  | 719652 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 239901 |  | 239901 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 569168 |  | 569168 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand | 115590 |  | 115590 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 2387771 | 795606 | 1592165 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 873656 | 685204 | 188452 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 16069617 | 3219869 | 12849748 |  |
|  | Exchange-Traded Fund | 359382 | 359382 |  |  |
|  | Short-Term Investment | 665 | 665 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 16429664 | 3579916 | 12849748 |  |
|  Liabilities | Due to Custodian | (61288) |  | (61288) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (61288) |  | (61288) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $16368376 | $3579916 | $12788460 | $— |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**121** 

------

**PACIFIC FUNDS** 

**PF INTERNATIONAL VALUE FUND** 

**Schedule of Investments** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | <br> **Shares** | **Value** |
|  **PREFERRED STOCKS - 0.7%** | **PREFERRED STOCKS - 0.7%** |  |
|  **Germany - 0.7%** | **Germany - 0.7%** |  |
|  Henkel AG & Co KGaA | 5431 | $376438 |
|  Total Preferred Stocks<br>(Cost $378,962) |  | 376438 |
|  **COMMON STOCKS - 96.9%** | **COMMON STOCKS - 96.9%** |  |
|  **Argentina - 0.2%** | **Argentina - 0.2%** |  |
|  YPF SA ADR \* | 8514 | 78244 |
|  **Austria - 1.3%** |  |  |
|  ams-OSRAM AG \* | 20615 | 151038 |
|  Erste Group Bank AG | 15170 | 485368 |
|  |  | 636406 |
|  **Belgium - 0.9%** |  |  |
|  Ageas SA | 8595 | 381376 |
|  Proximus SADP | 7925 | 76515 |
|  |  | 457891 |
|  **Brazil - 2.4%** |  |  |
|  Atacadao SA | 31705 | 88851 |
|  Banco Bradesco SA ADR | 121887 | 351035 |
|  Cia de Saneamento Basico do Estado de Sao Paulo | 25212 | 271428 |
|  Telefonica Brasil SA | 41541 | 300072 |
|  Ultrapar Participacoes SA | 76308 | 181176 |
|  |  | 1192562 |
|  **Burkina Faso - 0.4%** |  |  |
|  Endeavour Mining PLC | 9775 | 209217 |
|  **Canada - 1.8%** |  |  |
|  ARC Resources Ltd | 16149 | 217666 |
|  Barrick Gold Corp | 25820 | 442601 |
|  Cameco Corp | 8447 | 191494 |
|  Kinross Gold Corp | 18168 | 74307 |
|  |  | 926068 |
|  **China - 1.1%** |  |  |
|  Baidu Inc 'A' \* | 21094 | 300816 |
|  Dongfeng Motor Group Co Ltd 'H' | 482850 | 275891 |
|  |  | 576707 |
|  **Finland - 1.6%** |  |  |
|  Nokia OYJ | 105560 | 490400 |
|  Wartsila OYJ Abp | 40190 | 338885 |
|  |  | 829285 |
|  **France - 12.7%** |  |  |
|  AXA SA | 29177 | 812741 |
|  BNP Paribas SA | 10910 | 621207 |
|  Carrefour SA | 26406 | 441666 |
|  Cie de Saint-Gobain | 13813 | 675744 |
|  Dassault Aviation SA | 1540 | 261173 |
|  Engie SA | 54678 | 782228 |

---

---

| | | |
|:---|:---|:---|
|  | <br> **Shares** | **Value** |
|  Orange SA | 41677 | $413524 |
|  Renault SA \* | 11258 | 375664 |
|  Rexel SA | 7178 | 141970 |
|  Societe Generale SA | 20190 | 506439 |
|  TotalEnergies SE | 21667 | 1360107 |
|  |  | 6392463 |
|  **Germany - 4.7%** |  |  |
|  CECONOMY AG | 26880 | 53241 |
|  Continental AG | 4369 | 260456 |
|  Daimler Truck Holding AG \* | 19259 | 592055 |
|  Fresenius SE & Co KGaA | 18198 | 508305 |
|  HeidelbergCement AG | 10422 | 590563 |
|  Mercedes-Benz Group AG | 5646 | 369220 |
|  |  | 2373840 |
|  **Hong Kong - 1.3%** |  |  |
|  CK Asset Holdings Ltd | 70973 | 435290 |
|  WH Group Ltd ~ | 387593 | 226059 |
|  |  | 661349 |
|  **India - 0.9%** |  |  |
|  Canara Bank | 74822 | 300656 |
|  Oil & Natural Gas Corp Ltd | 83822 | 149210 |
|  |  | 449866 |
|  **Indonesia - 0.6%** |  |  |
|  P.T. Bank Mandiri Persero Tbk | 486155 | 310018 |
|  **Ireland - 1.4%** |  |  |
|  AIB Group PLC | 82069 | 315014 |
|  Bank of Ireland Group PLC | 40738 | 388206 |
|  |  | 703220 |
|  **Italy - 4.7%** |  |  |
|  Assicurazioni Generali SPA | 25396 | 451605 |
|  BPER Banca | 118900 | 243766 |
|  Eni SPA | 61288 | 871483 |
|  UniCredit SPA | 58093 | 824314 |
|  |  | 2391168 |
|  **Japan - 25.3%** |  |  |
|  Alfresa Holdings Corp | 14044 | 178517 |
|  Alps Alpine Co Ltd | 17700 | 159987 |
|  Amada Co Ltd | 9470 | 73746 |
|  Benesse Holdings Inc | 1149 | 17469 |
|  Dai-ichi Life Holdings Inc | 25811 | 582899 |
|  DeNA Co Ltd | 13397 | 179150 |
|  Eisai Co Ltd | 2848 | 187832 |
|  Fuji Media Holdings Inc | 8595 | 69911 |
|  Hakuhodo DY Holdings Inc | 11290 | 113307 |
|  Hino Motors Ltd \* | 50113 | 190414 |
|  Honda Motor Co Ltd | 29938 | 682856 |
|  Inpex Corp | 32508 | 349312 |
|  Isuzu Motors Ltd | 34108 | 395410 |
|  Japan Airlines Co Ltd \* | 14438 | 294068 |
|  JGC Holdings Corp | 18992 | 240742 |
|  Kirin Holdings Co Ltd | 21552 | 328484 |
|  Makita Corp | 16901 | 393712 |
|  Mitsubishi Estate Co Ltd | 31892 | 413116 |
|  Mitsubishi UFJ Financial Group Inc | 113273 | 760449 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**122** 

------

**PACIFIC FUNDS** 

**PF INTERNATIONAL VALUE FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  MS&AD Insurance Group Holdings Inc | 16344 | $522515 |
|  Nikon Corp | 21394 | 189181 |
|  Nippon Television Holdings Inc | 16529 | 130383 |
|  Nissan Motor Co Ltd | 98918 | 309556 |
|  Nomura Holdings Inc | 38695 | 143383 |
|  Ono Pharmaceutical Co Ltd | 18729 | 437764 |
|  Resona Holdings Inc | 113598 | 623928 |
|  Stanley Electric Co Ltd | 14583 | 275819 |
|  Subaru Corp | 23042 | 348858 |
|  Sumitomo Electric Industries Ltd | 36343 | 410620 |
|  Sumitomo Heavy Industries Ltd | 10909 | 217791 |
|  Sumitomo Mitsui Financial Group Inc | 12183 | 490152 |
|  Sumitomo Mitsui Trust Holdings Inc | 14187 | 495063 |
|  Sumitomo Rubber Industries Ltd | 20927 | 181868 |
|  T&D Holdings Inc | 53118 | 760371 |
|  Taiheiyo Cement Corp | 10791 | 167822 |
|  Takeda Pharmaceutical Co Ltd | 14644 | 457577 |
|  THK Co Ltd | 14464 | 273488 |
|  Tsuruha Holdings Inc | 3802 | 294903 |
|  Yamato Holdings Co Ltd | 27094 | 429338 |
|  |  | 12771761 |
|  **Luxembourg - 0.4%** | **Luxembourg - 0.4%** |  |
|  RTL Group SA | 5180 | 218159 |
|  **Malaysia - 0.5%** | **Malaysia - 0.5%** |  |
|  CIMB Group Holdings Bhd | 206730 | 272050 |
|  **Netherlands - 6.7%** | **Netherlands - 6.7%** |  |
|  ABN AMRO Bank NV ~ | 48089 | 665935 |
|  ING Groep NV | 46691 | 568751 |
|  Koninklijke Philips NV | 31355 | 471806 |
|  PostNL NV | 18914 | 34488 |
|  Shell PLC | 57213 | 1612881 |
|  |  | 3353861 |
|  **Norway - 0.2%** | **Norway - 0.2%** |  |
|  Norsk Hydro ASA | 10272 | 76756 |
|  **Russia - 0.1%** | **Russia - 0.1%** |  |
|  Gazprom PJSC ADR \* ± W | 11628 |  |
|  LUKOIL PJSC ADR \* ± W | 1019 |  |
|  Mobile TeleSystems PJSC ADR \* ± W | 13793 |  |
|  Sberbank of Russia PJSC ADR \* ± W | 9967 |  |
|  VEON Ltd ADR \* | 63844 | 31284 |
|  |  | 31284 |
|  **South Africa - 1.4%** | **South Africa - 1.4%** |  |
|  Anglo American PLC | 12491 | 489146 |
|  MTN Group Ltd | 9216 | 68832 |
|  Old Mutual Ltd | 278413 | 170802 |
|  |  | 728780 |
|  **South Korea - 4.8%** | **South Korea - 4.8%** |  |
|  Coway Co Ltd | 5710 | 253523 |
|  Hankook Tire & Technology Co Ltd | 6604 | 163078 |
|  Hyundai Mobis Co Ltd | 2243 | 355781 |
|  KB Financial Group Inc | 15815 | 605915 |
|  KT Corp ADR \* | 36435 | 491872 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Shinhan Financial Group Co Ltd | 19919 | $554535 |
|  |  | 2424704 |
|  **Spain - 0.7%** | **Spain - 0.7%** |  |
|  CaixaBank SA | 87544 | 343242 |
|  **Sweden - 1.6%** | **Sweden - 1.6%** |  |
|  SKF AB 'B' | 31247 | 477252 |
|  Telefonaktiebolaget LM Ericsson 'B' | 57874 | 339107 |
|  |  | 816359 |
|  **Switzerland - 5.9%** | **Switzerland - 5.9%** |  |
|  Adecco Group AG | 14268 | 469344 |
|  Novartis AG | 12164 | 1100811 |
|  The Swatch Group AG | 1815 | 515860 |
|  UBS Group AG | 48810 | 907194 |
|  |  | 2993209 |
|  **Taiwan - 1.1%** | **Taiwan - 1.1%** |  |
|  Catcher Technology Co Ltd | 46507 | 255411 |
|  Hon Hai Precision Industry Co Ltd | 88507 | 286872 |
|  |  | 542283 |
|  **Thailand - 1.0%** | **Thailand - 1.0%** |  |
|  Kasikornbank PCL | 86788 | 367683 |
|  Kasikornbank PCL NVDR | 26420 | 112318 |
|  |  | 480001 |
|  **Turkey - 0.5%** | **Turkey - 0.5%** |  |
|  Turk Telekomunikasyon AS | 91341 | 119848 |
|  Turkcell Iletisim Hizmetleri AS | 54347 | 109580 |
|  |  | 229428 |
|  **United Kingdom - 8.4%** | **United Kingdom - 8.4%** |  |
|  Babcock International Group PLC \* | 49746 | 170131 |
|  BP PLC | 222607 | 1284429 |
|  BT Group PLC | 202769 | 273794 |
|  easyJet PLC \* | 71080 | 278821 |
|  J Sainsbury PLC | 110480 | 289769 |
|  Kingfisher PLC | 64128 | 182202 |
|  Land Securities Group PLC REIT | 29088 | 217321 |
|  Marks & Spencer Group PLC \* | 37531 | 55368 |
|  Standard Chartered PLC | 95585 | 712923 |
|  The British Land Co PLC REIT | 42344 | 201039 |
|  WPP PLC | 56791 | 561094 |
|  |  | 4226891 |
|  **United States - 2.3%** | **United States - 2.3%** |  |
|  GSK PLC | 38260 | 661257 |
|  Holcim Ltd | 10087 | 522136 |
|  |  | 1183393 |
|  Total Common Stocks<br>(Cost $44,464,298) |  | 48880465 |
|  **EXCHANGE-TRADED FUND - 0.2%** | **EXCHANGE-TRADED FUND - 0.2%** |  |
|  iShares Core MSCI EAFE | 1637 | 100905 |
|  Total Exchange-Traded Fund<br>(Cost $100,900) |  | 100905 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**123** 

------

**PACIFIC FUNDS** 

**PF INTERNATIONAL VALUE FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **SHORT-TERM INVESTMENT - 1.3%** | **SHORT-TERM INVESTMENT - 1.3%** |  |
|  **Money Market Fund - 1.3%** | **Money Market Fund - 1.3%** |  |
|  BlackRock Liquidity Funds T-Fund Portfolio<br>'Institutional' 4.030% | 657588 | $657588 |
|  Total Short-Term Investment<br>(Cost $657,588) |  | 657588 |
|  **TOTAL INVESTMENTS - 99.1%<br>(Cost $45,601,748)** | **TOTAL INVESTMENTS - 99.1%<br>(Cost $45,601,748)** | 50015396 |
|  **OTHER ASSETS & LIABILITIES, NET - 0.9%** | **OTHER ASSETS & LIABILITIES, NET - 0.9%** | 429518 |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $50444914 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**124** 

------

**PACIFIC FUNDS** 

**PF INTERNATIONAL VALUE FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

**<u>Note to Schedule of Investments</u>**

(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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br> December 31, 2022 | Level 1<br> Quoted Price | Level 2<br> Significant<br> Observable Inputs | Level 3<br> Significant<br> Unobservable Inputs |
|  Assets | Preferred Stocks | $376438 | $— | $376438 | $— |
|  | Common Stocks |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | 78244 | 78244 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria | 636406 |  | 636406 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 457891 |  | 457891 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 1192562 | 351035 | 841527 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burkina Faso | 209217 | 209217 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 926068 | 926068 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 576707 |  | 576707 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland | 829285 |  | 829285 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 6392463 |  | 6392463 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 2373840 |  | 2373840 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 661349 |  | 661349 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 449866 |  | 449866 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia | 310018 |  | 310018 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 703220 |  | 703220 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 2391168 |  | 2391168 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 12771761 |  | 12771761 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | 218159 |  | 218159 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malaysia | 272050 |  | 272050 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 3353861 |  | 3353861 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway | 76756 |  | 76756 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russia | 31284 | 31284 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | 728780 |  | 728780 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 2424704 | 491872 | 1932832 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 343242 |  | 343242 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 816359 |  | 816359 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 2993209 |  | 2993209 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 542283 |  | 542283 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand | 480001 |  | 480001 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey | 229428 |  | 229428 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 4226891 |  | 4226891 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 1183393 |  | 1183393 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 48880465 | 2087720 | 46792745 |  |
|  | Exchange-Traded Fund | 100905 | 100905 |  |  |
|  | Short-Term Investment | 657588 | 657588 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $50015396 | $2846213 | $47169183 | $— |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**125** 

------

**PACIFIC FUNDS** 

**PF MULTI-ASSET FUND** 

**Schedule of Investments** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **CORPORATE BONDS & NOTES - 57.2%** |  |  |
|  **Basic Materials - 0.5%** |  |  |
|  Glencore Funding LLC (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 03/12/24 ~ | $1600000 | $1575095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 04/29/24 ~ | 2000000 | 1974795 |
|  Nucor Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 05/23/25 | 500000 | 489645 |
|  |  | 4039535 |
|  **Communications - 2.2%** |  |  |
|  AT&T Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.915% (USD LIBOR + 1.180%)<br> due 06/12/24 § | 5000000 | 5036851 |
|  Charter Communications Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.090% (USD LIBOR + 1.650%)<br> due 02/01/24 § | 500000 | 502381 |
|  Comcast Corp<br>5.250% due 11/07/25 | 1500000 | 1521317 |
|  NTT Finance Corp (Japan)<br>0.583% due 03/01/24 ~ | 4000000 | 3793625 |
|  Sprint Spectrum Co LLC<br>4.738% due 09/20/29 ~ | 4412813 | 4362890 |
|  Verizon Communications Inc<br>0.750% due 03/22/24 | 2500000 | 2372878 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17589942 |
|  **Consumer, Cyclical - 2.2%** |  |  |
|  Brunswick Corp<br>0.850% due 08/18/24 | 2500000 | 2311244 |
|  Delta Air Lines Inc<br>4.500% due 10/20/25 ~ | 3000000 | 2928375 |
|  Dollar General Corp<br>4.250% due 09/20/24 | 1750000 | 1727116 |
|  DR Horton Inc<br>2.500% due 10/15/24 | 2000000 | 1905797 |
|  General Motors Financial Co Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.050% due 03/08/24 | 2000000 | 1900112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% due 10/15/24 | 2350000 | 2177113 |
|  Hyatt Hotels Corp<br>1.300% due 10/01/23 | 2500000 | 2430870 |
|  Lowe's Cos Inc<br>4.400% due 09/08/25 | 1250000 | 1232619 |
|  Marriott International Inc<br>3.600% due 04/15/24 | 1000000 | 980477 |
|  |  | 17593723 |
|  **Consumer, Non-Cyclical - 6.1%** |  |  |
|  Baxter International Inc<br>1.322% due 11/29/24 | 4650000 | 4332302 |
|  Bayer US Finance II LLC (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.779% (USD LIBOR + 1.010%)<br> due 12/15/23 ~ § | 3200000 | 3193523 |
|  Cintas Corp No 2<br>3.450% due 05/01/25 | 1000000 | 968412 |
|  Coca-Cola Europacific Partners PLC (United Kingdom)<br>0.800% due 05/03/24 ~ | 5000000 | 4698526 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Element Fleet Management Corp (Canada)<br>1.600% due 04/06/24 ~ | $4000000 | $3791374 |
|  Elevance Health Inc<br>2.375% due 01/15/25 | 1200000 | 1140040 |
|  General Mills Inc<br>5.089% (USD LIBOR + 1.010%)<br>due 10/17/23 § | 4000000 | 4009248 |
|  Global Payments Inc<br>1.500% due 11/15/24 | 750000 | 696737 |
|  Hormel Foods Corp<br>0.650% due 06/03/24 | 2350000 | 2214237 |
|  Humana Inc<br>4.500% due 04/01/25 | 500000 | 494374 |
|  JDE Peet's NV (Netherlands)<br>0.800% due 09/24/24 ~ | 1500000 | 1370970 |
|  Keurig Dr Pepper Inc<br>0.750% due 03/15/24 | 3000000 | 2849158 |
|  McKesson Corp<br>1.300% due 08/15/26 | 1000000 | 880700 |
|  Mondelez International Holdings Netherlands BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 09/24/24 ~ | 2000000 | 1851702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 09/15/25 ~ | 1250000 | 1233610 |
|  PerkinElmer Inc<br>0.550% due 09/15/23 | 2700000 | 2616097 |
|  Philip Morris International Inc<br>5.125% due 11/15/24 | 2000000 | 2004117 |
|  Royalty Pharma PLC<br>0.750% due 09/02/23 | 1500000 | 1453569 |
|  Suntory Holdings Ltd (Japan)<br>2.250% due 10/16/24 ~ | 5100000 | 4785099 |
|  Thermo Fisher Scientific Inc<br>1.215% due 10/18/24 | 3200000 | 3005406 |
|  Zimmer Biomet Holdings Inc<br>1.450% due 11/22/24 | 1750000 | 1628172 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;49217373 |
|  **Energy - 1.0%** |  |  |
|  Enbridge Inc (Canada)<br>2.500% due 02/14/25 | 1250000 | 1180302 |
|  Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 02/01/23 | 3400000 | 3393576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 03/15/23 | 1519000 | 1515408 |
|  EQT Corp<br>5.678% due 10/01/25 | 600000 | 597903 |
|  Kinder Morgan Inc<br>5.625% due 11/15/23 ~ | 915000 | 915756 |
|  Sabine Pass Liquefaction LLC<br>5.750% due 05/15/24 | 200000 | 200157 |
|  |  | 7803102 |
|  **Financial - 31.2%** |  |  |
|  AerCap Ireland Capital DAC (Ireland)<br>1.150% due 10/29/23 | 3300000 | 3176264 |
|  American Express Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 03/04/25 | 1500000 | 1417035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 05/03/24 | 2400000 | 2352392 |
|  ANZ New Zealand Int'l Ltd (New Zealand)<br>2.166% due 02/18/25 ~ | 1650000 | 1549353 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**126** 

------

**PACIFIC FUNDS** 

**PF MULTI-ASSET FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Athene Global Funding<br>0.950% due 01/08/24 ~ | $4550000 | $4330994 |
|  Australia & New Zealand Banking Group Ltd (Australia)<br>5.088% due 12/08/25 | 2800000 | 2814402 |
|  Avolon Holdings Funding Ltd (Ireland)<br>3.950% due 07/01/24 ~ | 600000 | 574722 |
|  Banco Santander SA (Spain)<br>2.746% due 05/28/25 | 1250000 | 1170974 |
|  Bank of America Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.843% due 02/04/25 | 7500000 | 7193932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.384% due 04/02/26 | 3000000 | 2867655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.841% due 04/25/25 | 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3418928 |
|  Canadian Imperial Bank of Commerce (Canada)<br>0.450% due 06/22/23 | 3000000 | 2937808 |
|  Citigroup Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.776% due 10/30/24 | 1200000 | 1150175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.981% due 05/01/25 | 2100000 | 1967580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.678% due 05/15/24 | 600000 | 591588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.014% due 01/25/26 | 3600000 | 3339107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% (USD LIBOR + 1.100%)<br> due 05/17/24 § | 2800000 | 2804572 |
|  Cooperatieve Rabobank UA (Netherlands)<br>0.375% due 01/12/24 | 2000000 | 1907768 |
|  Corebridge Financial Inc<br>3.500% due 04/04/25 ~ | 1650000 | 1583217 |
|  Corebridge Global Funding<br>0.650% due 06/17/24 ~ | 1000000 | 933839 |
|  Credit Suisse AG (Switzerland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.495% due 02/02/24 | 3000000 | 2775466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 05/05/23 | 1750000 | 1709648 |
|  Danske Bank AS (Denmark)<br>0.976% due 09/10/25 ~ | 3150000 | 2877875 |
|  F&G Global Funding<br>0.900% due 09/20/24 ~ | 2000000 | 1828820 |
|  GLP Capital LP REIT<br>3.350% due 09/01/24 | 1000000 | 960060 |
|  HSBC Holdings PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.732% due 08/17/24 | 2650000 | 2554222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.976% due 05/24/25 | 3500000 | 3242399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.162% due 11/22/24 | 3600000 | 3430080 |
|  JPMorgan Chase & Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.824% due 06/01/25 | 2500000 | 2331701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.969% due 06/23/25 | 2350000 | 2191900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.595% due 02/24/26 | 5500000 | 5175279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.215% (USD LIBOR + 0.890%)<br> due 07/23/24 § | 700000 | 701153 |
|  MassMutual Global Funding II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.600% due 04/12/24 ~ | 10000000 | 9444969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 08/26/25 ~ | 1650000 | 1615707 |
|  Metropolitan Life Global Funding I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.400% due 01/07/24 ~ | 2000000 | 1907261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 08/25/25 ~ | 5000000 | 4893525 |
|  Mid-America Apartments LP REIT<br>4.300% due 10/15/23 | 642000 | 638434 |
|  Mitsubishi UFJ Financial Group Inc (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.848% due 09/15/24 | 4350000 | 4199471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.953% due 07/19/25 | 7000000 | 6508223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.837% due 04/17/26 | 2000000 | 1927946 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Mizuho Financial Group Inc (Japan)<br>1.241% due 07/10/24 | $3000000 | $2927895 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.529% due 01/25/24 | 4000000 | 3973271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.731% due 04/05/24 | 3000000 | 2957283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.790% due 05/30/25 | 2900000 | 2697646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.770% (USD LIBOR + 1.220%)<br> due 05/08/24 § | 700000 | 701303 |
|  New York Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.400% due 10/21/23 ~ | 1650000 | 1591287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 08/05/25 ~ | 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;6753730 |
|  Nomura Holdings Inc (Japan)<br>5.099% due 07/03/25 | 2000000 | 1979897 |
|  Principal Life Global Funding II<br>0.750% due 08/23/24 ~ | 2000000 | 1854361 |
|  Protective Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.781% due 07/05/24 ~ | 2500000 | 2333325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.218% due 03/28/25 ~ | 1250000 | 1192173 |
|  Reliance Standard Life Global Funding II<br>2.150% due 01/21/23 ~ | 2100000 | 2096605 |
|  Royal Bank of Canada (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.650% due 07/29/24 | 7500000 | 7005177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 10/07/24 | 12000000 | 11165578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600% due 01/21/25 | 4000000 | 3738578 |
|  Skandinaviska Enskilda Banken AB (Sweden) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.550% due 09/01/23 ~ | 5000000 | 4848100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.081% (USD LIBOR + 0.320%)<br> due 09/01/23 ~ § | 6500000 | 6491015 |
|  Societe Generale SA (France)<br>2.226% due 01/21/26 ~ | 1900000 | 1748840 |
|  Standard Chartered PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.214% due 03/23/25 ~ | 2900000 | 2738039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.885% due 03/15/24 ~ | 1000000 | 995262 |
|  Sumitomo Mitsui Financial Group Inc (Japan)<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.402% due 09/17/26 | 8000000 | 6976790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.879% (USD LIBOR + 0.800%)<br> due 10/16/23 § | 7500000 | 7509343 |
|  The Bank of Nova Scotia (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.650% due 07/31/24 | 7500000 | 6996455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450% due 01/10/25 | 5000000 | 4653898 |
|  The Goldman Sachs Group Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.657% due 09/10/24 | 4400000 | 4234135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.757% due 01/24/25 | 5750000 | 5505979 |
|  The Toronto-Dominion Bank (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450% due 01/10/25 | 7000000 | 6523586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.867% (USD LIBOR + 0.640%)<br> due 07/19/23 § | 4500000 | 4505791 |
|  UBS AG (Switzerland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.450% due 02/09/24 ~ | 5000000 | 4739724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 01/13/25 ~ | 9000000 | 8358466 |
|  UBS Group AG (Switzerland)<br>1.008% due 07/30/24 ~ | 1500000 | 1458859 |
|  Ventas Realty LP REIT<br>2.650% due 01/15/25 | 1650000 | 1562511 |
|  VICI Properties LP REIT<br>4.375% due 05/15/25 | 1850000 | 1799362 |
|  Wells Fargo & Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.654% due 06/02/24 | 1750000 | 1722018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.908% due 04/25/26 | 3250000 | 3161569 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**127** 

------

**PACIFIC FUNDS** 

**PF MULTI-ASSET FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Westpac Banking Corp (Australia)<br>1.019% due 11/18/24 | $4200000 | $3910824 |
|  |  | 252405119 |
|  **Industrial - 4.5%** |  |  |
|  Amcor Flexibles North America Inc<br>4.000% due 05/17/25 | 3200000 | 3117905 |
|  Berry Global Inc<br>0.950% due 02/15/24 | 2850000 | 2701335 |
|  Canadian Pacific Railway Co (Canada)<br>1.350% due 12/02/24 | 1200000 | 1119383 |
|  Carlisle Cos Inc<br>0.550% due 09/01/23 | 2400000 | 2322880 |
|  Graphic Packaging International LLC<br>0.821% due 04/15/24 ~ | 1950000 | 1825961 |
|  Lockheed Martin Corp<br>4.950% due 10/15/25 | 3000000 | 3024835 |
|  Parker-Hannifin Corp<br>3.650% due 06/15/24 | 1250000 | 1223771 |
|  Penske Truck Leasing Co LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% due 11/15/25 ~ | 2000000 | 1761786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 11/01/24 ~ | 1000000 | 943310 |
|  Ryder System Inc<br>2.500% due 09/01/24 | 3000000 | 2855490 |
|  Siemens Financieringsmaatschappij NV (Germany)<br>0.650% due 03/11/24 ~ | 4000000 | 3806393 |
|  TD SYNNEX Corp<br>1.250% due 08/09/24 | 3800000 | 3531480 |
|  Teledyne Technologies Inc<br>0.950% due 04/01/24 | 7000000 | 6616184 |
|  The Boeing Co<br>4.508% due 05/01/23 | 1500000 | 1497425 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;36348138 |
|  **Technology - 2.9%** |  |  |
|  CGI Inc (Canada)<br>1.450% due 09/14/26 | 2000000 | 1771339 |
|  DXC Technology Co<br>1.800% due 09/15/26 | 1000000 | 872125 |
|  Fidelity National Information Services Inc<br>0.600% due 03/01/24 | 4000000 | 3786661 |
|  Hewlett Packard Enterprise Co<br>1.450% due 04/01/24 | 1000000 | 954811 |
|  Infor Inc<br>1.450% due 07/15/23 ~ | 2700000 | 2637390 |
|  Microchip Technology Inc<br>0.972% due 02/15/24 | 4950000 | 4702778 |
|  Oracle Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% due 03/25/26 | 1800000 | 1613465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 04/01/25 | 5450000 | 5143265 |
|  VMware Inc<br>4.500% due 05/15/25 | 2350000 | 2306563 |
|  |  | 23788397 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Utilities - 6.6%** |  |  |
|  American Electric Power Co Inc<br>1.000% due 11/01/25 | $500000 | $447087 |
|  Black Hills Corp<br>1.037% due 08/23/24 | 2500000 | 2333030 |
|  CenterPoint Energy Resources Corp<br>5.279% (USD LIBOR + 0.500%)<br>due 03/02/23 § | 490000 | 489769 |
|  Consumers Energy Co<br>0.350% due 06/01/23 | 4000000 | 3926669 |
|  Dominion Energy Inc<br>3.071% due 08/15/24 | 1000000 | 964199 |
|  DTE Energy Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.050% due 06/01/25 | 1000000 | 906642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.220% due 11/01/24 | 1400000 | 1377135 |
|  Duke Energy Corp<br>5.000% due 12/08/25 | 800000 | 799164 |
|  Emera US Finance LP (Canada)<br>0.833% due 06/15/24 | 2550000 | 2381166 |
|  Evergy Inc<br>2.450% due 09/15/24 | 4176000 | 3967242 |
|  Eversource Energy<br>4.200% due 06/27/24 | 1650000 | 1631839 |
|  NextEra Energy Capital Holdings Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.255% due 09/01/24 | 1000000 | 987079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 06/20/25 | 1250000 | 1235717 |
|  Oncor Electric Delivery Co LLC<br>2.750% due 06/01/24 | 1800000 | 1742450 |
|  Pacific Gas and Electric Co<br>3.250% due 02/16/24 | 3000000 | 2929474 |
|  Public Service Enterprise Group Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800% due 08/15/25 | 2800000 | 2512185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.841% due 11/08/23 | 5200000 | 5008329 |
|  Sempra Energy<br>3.300% due 04/01/25 | 2100000 | 2015588 |
|  Southern California Edison Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700% due 08/01/23 | 4550000 | 4433392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100% due 04/01/24 | 1300000 | 1235314 |
|  Tampa Electric Co<br>3.875% due 07/12/24 | 1200000 | 1177123 |
|  The AES Corp<br>3.300% due 07/15/25 ~ | 3000000 | 2833862 |
|  Virginia Electric and Power Co<br>3.750% due 05/15/27 | 1350000 | 1290472 |
|  Vistra Operations Co LLC<br>4.875% due 05/13/24 ~ | 3600000 | 3531960 |
|  WEC Energy Group Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800% due 03/15/24 | 2500000 | 2369623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 09/27/25 | 550000 | 550450 |
|  Xcel Energy Inc<br>0.500% due 10/15/23 | 650000 | 626624 |
|  |  | 53703584 |
|  Total Corporate Bonds & Notes<br>(Cost $484,943,459) |  | 462488913 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**128** 

------

**PACIFIC FUNDS** 

**PF MULTI-ASSET FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **SENIOR LOAN NOTES - 0.7%** |  |  |
|  **Communications - 0.2%** |  |  |
|  Charter Communications Operating LLC Term B-2<br>6.140% (USD LIBOR + 1.750%)<br>due 02/01/27 § | $1979540 | $1936391 |
|  **Consumer, Cyclical - 0.3%** |  |  |
|  Hilton Worldwide Finance LLC Term B-2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.173% (USD LIBOR + 1.750%)<br> due 06/21/26 § | 2000000 | 1995876 |
|  **Consumer, Non-Cyclical - 0.2%** |  |  |
|  United Rentals North America Inc Term B<br>6.134% (USD LIBOR + 1.750%)<br>due 10/31/25 § | 1979328 | 1982628 |
|  Total Senior Loan Notes<br>(Cost $5,918,485) |  | 5914895 |
|  **ASSET-BACKED SECURITIES - 9.0%** | **ASSET-BACKED SECURITIES - 9.0%** |  |
|  Ally Auto Receivables Trust<br>4.620% due 10/15/25 | 6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6477713 |
|  Capital One Prime Auto Receivables Trust<br>3.740% due 09/15/25 | 4850000 | 4804732 |
|  Chase Auto Owner Trust<br>3.860% due 10/27/25 ~ | 1500000 | 1488432 |
|  Ford Credit Auto Owner Trust<br>3.440% due 02/15/25 | 1676032 | 1663471 |
|  GM Financial Consumer Automobile<br>Receivables Trust<br>3.500% due 09/16/25 | 2175000 | 2154011 |
|  Honda Auto Receivables Owner Trust<br>3.810% due 03/18/25 | 1700000 | 1683799 |
|  John Deere Owner Trust<br>3.730% due 06/16/25 | 1700000 | 1684543 |
|  Magnetite Ltd (Cayman) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.994% (USD LIBOR + 0.800%)<br> due 01/18/28 ~ § | 8604877 | 8560549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.059% (USD LIBOR + 0.980%)<br> due 04/15/31 ~ § | 1648457 | 1621082 |
|  OCP CLO Ltd (Cayman)<br>5.039% (USD LIBOR + 0.960%)<br>due 07/15/30 ~ § | 4000000 | 3951350 |
|  Palmer Square Loan Funding Ltd (Cayman) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.879% (USD LIBOR + 0.800%)<br> due 10/15/29 ~ § | 421565 | 416223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.914% (SOFR + 1.050%)<br> due 04/15/30 ~ § | 8732813 | 8604551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.944% (SOFR + 1.560%)<br> due 01/15/31 ~ § | 3000000 | 2968008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.043% (USD LIBOR + 0.800%)<br> due 07/20/29 ~ § | 6641402 | 6564916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.475% (USD LIBOR + 0.800%)<br> due 02/20/28 ~ § | 1916442 | 1903703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.757% (USD LIBOR + 1.000%)<br> due 11/25/28 ~ § | 624055 | 619880 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.760% due 03/17/25 | $223315 | $222395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.980% due 01/15/25 | 3000000 | 2985174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 07/15/25 | 3296598 | 3283958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.370% due 05/15/25 | 3100000 | 3086205 |
|  SMB Private Education Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.430% due 02/17/32 ~ | 386034 | 369060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 05/15/31 ~ | 580010 | 555619 |
|  Stratus CLO Ltd (Cayman)<br>5.043% (USD LIBOR + 0.800%)<br>due 12/29/29 ~ § | 895966 | 885038 |
|  Stratus Static CLO Ltd (Jersey)<br>6.561% (SOFR + 2.150%)<br>due 10/20/31 ~ § | 4000000 | 4000108 |
|  Toyota Auto Receivables Owner Trust<br>3.830% due 08/15/25 | 2100000 | 2080543 |
|  Total Asset-Backed Securities<br>(Cost $73,143,946) |  | 72635063 |
|  **U.S. TREASURY OBLIGATIONS - 35.4%** | **U.S. TREASURY OBLIGATIONS - 35.4%** |  |
|  **U.S. Treasury Notes - 35.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 02/28/23 | 10000000 | 9933369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% due 09/30/23 | 3000000 | 2900378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% due 08/15/24 | 54500000 | 50923438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 03/15/23‡ | 5000000 | 4961958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 08/31/23 | 30000000 | 29329701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 01/15/23‡ | 20000000 | 19985330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 06/30/24‡ | 9700000 | 9296844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 07/31/24 | 9500000 | 9088457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 08/15/23 | 2000000 | 1972403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 02/28/23 | 2100000 | 2093949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 02/15/24‡ | 20500000 | 20061172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 06/15/25‡ | 15000000 | 14499609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 09/30/24 | 112000000 | 111444375 |
|  Total U.S. Treasury Obligations<br>(Cost $288,296,234) |  | 286490983 |
|  | **Shares** |  |
|  **SHORT-TERM INVESTMENTS - 2.2%** | **SHORT-TERM INVESTMENTS - 2.2%** |  |
|  **Money Market Fund - 0.3%** |  |  |
|  BlackRock Liquidity Funds T-Fund Portfolio 'Institutional' 4.030% | 2215679 | 2215679 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**129** 

------

**PACIFIC FUNDS** 

**PF MULTI-ASSET FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  **U.S. Treasury Bills - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.131% due 03/16/23‡ | $6000000 | $5950302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.624% due 07/13/23‡ | 10000000 | 9762603 |
|  |  | 15712905 |
|  Total Short-Term Investments<br>(Cost $18,016,297) | Total Short-Term Investments<br>(Cost $18,016,297) | 17928584 |
|  **TOTAL INVESTMENTS - 104.5%<br>(Cost $870,318,421)** | **TOTAL INVESTMENTS - 104.5%<br>(Cost $870,318,421)** | 845458438 |
|  **DERIVATIVES - (5.1%)** | **DERIVATIVES - (5.1%)** | (40865936) |
|  **OTHER ASSETS & LIABILITIES, NET - 0.6%** | **OTHER ASSETS & LIABILITIES, NET - 0.6%** | 4356588 |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $808949090 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**130** 

------

**PACIFIC FUNDS** 

**PF MULTI-ASSET FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

**<u>Notes to Schedule of Investments</u>**

(a) Open futures contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Short Futures Outstanding | Expiration<br>Month | Number of<br>Contracts | Notional<br>Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
|  MSCI EAFE Index | 03/23 | 89 | $8661648 | $8674830 | ($13182) |

---

(b) Swap agreements outstanding as of December 31, 2022 were as follows:

<u>Total Return Swaps - Long</u> 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Pay | Payment<br>Frequency | Counter-<br>party | &nbsp;&nbsp;&nbsp;&nbsp;Expiration <br>Date | Notional<br>Amount | Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  Russell 1000 Growth Index | 1-Day U.S. Fed Funds + 0.380% | Z | BOA | 03/28/23 | $76833921 | ($17189659) | $— | ($17189659) |
|  Russell Mid-Cap Value Index | 1-Day U.S. Fed Funds + 0.400% | Z | CIT | 03/28/23 | 46475970 | (4147140) |  | (4147140) |
|  MSCI EAFE Index | 1-Day U.S. Fed Funds - 0.070% | Z | JPM | 03/28/23 | 48829835 | (4593411) |  | (4593411) |
|  MSCI EAFE Index | 1-Day U.S. Fed Funds + 0.060% | Z | SGN | 03/28/23 | 8354435 | (1366933) |  | (1366933) |
|  Russell 1000 Growth Index | 1-Day U.S. Fed Funds + 0.470% | Z | SGN | 03/28/23 | 42416146 | (8245130) |  | (8245130) |
|  Russell 1000 Value Index | 1-Day U.S. Fed Funds + 0.490% | Z | SGN | 03/28/23 | 49515270 | (2265291) |  | (2265291) |
|  Russell Mid-Cap Growth Index | 1-Day U.S. Fed Funds + 0.470% | Z | SGN | 03/28/23 | 5139668 | (1210777) |  | (1210777) |
|  Russell 1000 Value Index | 1-Day U.S. Fed Funds + 0.320% | Z | BOA | 06/23/23 | 35777733 | 1672243 |  | 1672243 |
|  MSCI EAFE Index | 1-Day U.S. Fed Funds - 0.040% | Z | BRC | 06/23/23 | 8800107 | 425292 |  | 425292 |
|  Russell 1000 Growth Index | 1-Day U.S. Fed Funds + 0.300% | Z | BRC | 06/23/23 | 61123408 | (450645) |  | (450645) |
|  Russell Mid-Cap Growth Index | 1-Day U.S. Fed Funds + 0.160% | Z | SGN | 06/23/23 | 29309215 | 2053255 |  | 2053255 |
|  Russell Mid-Cap Value Index | 1-Day U.S. Fed Funds + 0.190% | Z | SGN | 06/23/23 | 15179515 | 322156 |  | 322156 |
|  MSCI EAFE Index | 1-Day U.S. Fed Funds - 0.050% | Z | BOA | 09/21/23 | 19343139 | 1020879 |  | 1020879 |
|  Russell 1000 Growth Index | 1-Day U.S. Fed Funds + 0.320% | Z | BOA | 09/21/23 | 65967984 | (5303942) |  | (5303942) |
|  Russell 1000 Value Index | 1-Day U.S. Fed Funds + 0.330% | Z | BOA | 09/21/23 | 88664860 | 1065981 |  | 1065981 |
|  Russell Mid-Cap Value Index | 1-Day U.S. Fed Funds + 0.225% | Z | SGN | 09/21/23 | 80834095 | (1641869) |  | (1641869) |
|  MSCI EAFE Index | 1-Day U.S. Fed Funds + 0.040% | Z | BRC | 01/25/24 | 38791385 | 311562 |  | 311562 |
|  Russell 1000 Growth Index | 1-Day U.S. Fed Funds + 0.390% | Z | CIT | 01/25/24 | 32143016 | (1765957) |  | (1765957) |
|  Russell 1000 Value Index | 1-Day U.S. Fed Funds + 0.400% | Z | CIT | 01/25/24 | 103189004 | (1585215) |  | (1585215) |
|  Russell Mid-Cap Growth Index | 1-Day U.S. Fed Funds + 0.150% | Z | GSC | 01/25/24 | 39564994 | (1702714) |  | (1702714) |
|  |  |  |  |  |  | ($44597315) | $— | ($44597315) |

---

<u>Total Return Swaps - Short</u> 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay | Receive | Payment<br>Frequency | Counter-<br>party | &nbsp;&nbsp;&nbsp;&nbsp;Expiration <br>Date | Notional<br>Amount | Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  Russell Mid-Cap Growth Index | 1-Day U.S. Fed Funds + 0.250% | Z | CIT | 03/28/23 | $3633841 | $636307 | $— | $636307 |
|  Russell Mid-Cap Value Index | 1-Day U.S. Fed Funds + 0.280% | Z | CIT | 03/28/23 | 8453749 | 968546 |  | 968546 |
|  Russell 1000 Value Index | 1-Day U.S. Fed Funds + 0.390% | Z | SGN | 03/28/23 | 18401777 | 1515210 |  | 1515210 |
|  Russell Mid-Cap Growth Index | 1-Day U.S. Fed Funds + 0.200% | Z | GSC | 09/21/23 | 4412280 | 174610 |  | 174610 |
|  Russell Mid-Cap Value Index | 1-Day U.S. Fed Funds + 0.240% | Z | JPM | 01/25/24 | 17054519 | 449888 |  | 449888 |
|  |  |  |  |  |  | $3744561 | $— | $3744561 |
|  Total Swap Agreements |  |  |  |  |  | ($40852754) | $— | ($40852754) |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**131** 

------

**PACIFIC FUNDS** 

**PF MULTI-ASSET FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

(c) Fair Value Measurements

The following is a summary of the Fund's investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund's assets and liabilities as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Corporate Bonds & Notes | $462488913 | $— | $462488913 | $— |
|  | Senior Loan Notes | 5914895 |  | 5914895 |  |
|  | Asset-Backed Securities | 72635063 |  | 72635063 |  |
|  | U.S. Treasury Obligations | 286490983 |  | 286490983 |  |
|  | Short-Term Investments | 17928584 | 2215679 | 15712905 |  |
|  | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 10615929 |  | 10615929 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets - Derivatives | 10615929 |  | 10615929 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 856074367 | 2215679 | 853858688 |  |
|  Liabilities | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (13182) | (13182) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | (51468683) |  | (51468683) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity Contracts | (51481865) | (13182) | (51468683) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities - Derivatives | (51481865) | (13182) | (51468683) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (51481865) | (13182) | (51468683) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $804592502 | $2202497 | $802390005 | $— |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**132** 

------

**PACIFIC FUNDS** 

**PF REAL ESTATE FUND** 

**Schedule of Investments** 

**December 31, 2022 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value**  |
|  **COMMON STOCKS - 99.5%** |  |  |
|  **Consumer, Cyclical - 1.1%** |  |  |
|  Marriott Vacations Worldwide Corp | 3262 | $439032 |
|  **Financial - 98.4%** |  |  |
|  Agree Realty Corp REIT | 7625 | 540841 |
|  Alexandria Real Estate Equities Inc REIT | 10449 | 1522106 |
|  American Homes 4 Rent 'A' REIT | 42715 | 1287430 |
|  American Tower Corp REIT | 7643 | 1619246 |
|  Apartment Income REIT Corp | 20201 | 693096 |
|  Apple Hospitality REIT Inc | 21908 | 345708 |
|  AvalonBay Communities Inc REIT | 11593 | 1872501 |
|  Broadstone Net Lease Inc REIT | 33056 | 535838 |
|  Cousins Properties Inc REIT | 20989 | 530812 |
|  CubeSmart REIT | 27722 | 1115810 |
|  DiamondRock Hospitality Co REIT | 28714 | 235168 |
|  Digital Realty Trust Inc REIT | 13666 | 1370290 |
|  Equinix Inc REIT | 2462 | 1612684 |
|  Equity LifeStyle Properties Inc REIT | 18796 | 1214222 |
|  Equity Residential REIT | 5602 | 330518 |
|  Essex Property Trust Inc REIT | 7053 | 1494672 |
|  Extra Space Storage Inc REIT | 10340 | 1521841 |
|  First Industrial Realty Trust Inc REIT | 20489 | 988799 |
|  Gaming and Leisure Properties Inc REIT | 12307 | 641072 |
|  Healthcare Realty Trust Inc REIT | 21513 | 414555 |
|  InvenTrust Properties Corp REIT | 7973 | 188721 |
|  Invitation Homes Inc REIT | 46403 | 1375385 |
|  Kilroy Realty Corp REIT | 16558 | 640298 |
|  Medical Properties Trust Inc REIT | 41675 | 464259 |
|  NETSTREIT Corp REIT | 13841 | 253706 |
|  Prologis Inc REIT | 24483 | 2759969 |
|  Public Storage REIT | 3051 | 854860 |
|  Regency Centers Corp REIT | 20393 | 1274562 |
|  Rexford Industrial Realty Inc REIT | 25487 | 1392610 |
|  Sabra Health Care REIT Inc | 38034 | 472763 |
|  Simon Property Group Inc REIT | 4402 | 517147 |
|  Sun Communities Inc REIT | 11524 | 1647932 |
|  Terreno Realty Corp REIT | 13607 | 773830 |
|  Ventas Inc REIT | 41397 | 1864935 |
|  VICI Properties Inc REIT | 60726 | 1967522 |
|  Welltower Inc REIT | 24917 | 1633309 |
|  |  | 37969017 |
|  Total Common Stocks<br>(Cost $37,534,648) |  | 38408049 |
|  **TOTAL INVESTMENTS - 99.5%<br>(Cost $37,534,648)** | **TOTAL INVESTMENTS - 99.5%<br>(Cost $37,534,648)** | 38408049 |
|  **OTHER ASSETS & LIABILITIES, NET - 0.5%** | **OTHER ASSETS & LIABILITIES, NET - 0.5%** | 198951 |
|  **NET ASSETS - 100.0%** |  | $38607000 |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**133** 

------

**PACIFIC FUNDS** 

**PF REAL ESTATE FUND** 

**Schedule of Investments (Continued)** 

**December 31, 2022 (Unaudited)** 

------

**<u>Note to Schedule of Investments</u>**

(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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br> December 31, 2022 | Level 1<br> Quoted Price | Level 2<br> Significant<br> Observable Inputs | Level 3<br> Significant<br> Unobservable Inputs |
|  Assets | Common Stocks | $38408049 | $38408049 | $— | $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $38408049 | $38408049 | $— | $— |

---

*See Supplemental Notes to Schedules of Investments* *See explanation of symbols and terms, if any, on pages 135 and 136*

**134** 

------

**PACIFIC FUNDS** 

**Schedule of Investments (Continued)** 

**Explanation of Symbols and Terms** 

**December 31, 2022 (Unaudited)** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Explanation of Symbols:** | &nbsp;&nbsp;&nbsp; **Explanation of Symbols:** |
| &nbsp;&nbsp;&nbsp;# | *Securities purchased on a when-issued basis. Rates do not take effect until settlement date.* |
| &nbsp;&nbsp;&nbsp;\* | *Non-income producing investments.* |
| &nbsp;&nbsp;&nbsp;^ | *Investments with their principal amount adjusted for inflation.* |
| &nbsp;&nbsp;&nbsp;~ | *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.* |
| &nbsp;&nbsp;&nbsp;± | *Investments categorized as a significant unobservable input (Level 3).* |
| &nbsp;&nbsp;&nbsp;§ | *Variable rate investments. The rate shown is based on the latest available information as of December 31, 2022. Interest rates for certain securities are subject to interest rate caps and floors, which would result in a period end rate being more, less or equal to the referenced rate plus spread. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.* |
| &nbsp;&nbsp;&nbsp;‡ | *Investments were fully or partially segregated with the broker(s)/ custodian as collateral for futures contracts, forward foreign currency contracts, option contracts and/or swap agreements as of December 31, 2022.* |
| &nbsp;&nbsp;&nbsp;∞ | *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.* |
| &nbsp;&nbsp;&nbsp;j | *All or a portion of this senior loan position is unfunded as of December 31, 2022. The interest rate for fully unfunded terms loans is to be determined.* |
| &nbsp;&nbsp;&nbsp;Y | *Issuer filed bankruptcy and/or is in default as of December 31, 2022. If the maturity date has expired, no date will be shown.* |
| &nbsp;&nbsp;&nbsp;W | *The values of these investments were determined by a valuation committee established under the Valuation Policy. The Board of Trustees ("Board") has designated Pacific Life Fund Advisors LLC ("PLFA") as its "valuation designee" for fair valuation determinations, and PLFA's Valuation Oversight Committee values the Funds' investments in accordance with the Valuation Policy. Each determination was made in good faith in accordance with the procedures established by the Board and the provisions of the Investment Company Act of 1940.* |
| &nbsp;&nbsp;&nbsp;◇ | *Restricted Securities. These securities are not registered and may not be sold to the public. There are legal and/or contractual restrictions on resale. The Trust does not have the right to demand that such securities be registered. The values of these securities are determined by valuations provided by pricing services, brokers, dealers, market makers, or in good faith under the procedures established by the Board.* |
| &nbsp;&nbsp;&nbsp; **Counterparty & Exchange Abbreviations:** | &nbsp;&nbsp;&nbsp; **Counterparty & Exchange Abbreviations:** |
| &nbsp;&nbsp;&nbsp;BNP | *BNP Paribas* |
| &nbsp;&nbsp;&nbsp;BOA | *Bank of America* |
| &nbsp;&nbsp;&nbsp;BRC | *Barclays* |
| &nbsp;&nbsp;&nbsp;CIT | *Citigroup* |
| &nbsp;&nbsp;&nbsp;CME | *Chicago Mercantile Exchange* |
| &nbsp;&nbsp;&nbsp;DUB | *Deutsche Bank* |
| &nbsp;&nbsp;&nbsp;EUX | *Eurex Exchange* |
| &nbsp;&nbsp;&nbsp;GSC | *Goldman Sachs* |
| &nbsp;&nbsp;&nbsp;HSB | *HSBC* |
| &nbsp;&nbsp;&nbsp;ICE | *Intercontinental Exchange Inc* |
| &nbsp;&nbsp;&nbsp;JPM | *JPMorgan Chase* |
| &nbsp;&nbsp;&nbsp;LCH | *London Clearing House* |
| &nbsp;&nbsp;&nbsp;MSC | *Morgan Stanley* |
| &nbsp;&nbsp;&nbsp;SCB | *Standard Chartered Bank* |
| &nbsp;&nbsp;&nbsp;SGN | *Societe Generale* |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Currency Abbreviations:** | &nbsp;&nbsp;&nbsp; **Currency Abbreviations:** |
| &nbsp;&nbsp;&nbsp;AUD | *Australian Dollar* |
| &nbsp;&nbsp;&nbsp;BRL | *Brazilian Real* |
| &nbsp;&nbsp;&nbsp;CAD | *Canadian Dollar* |
| &nbsp;&nbsp;&nbsp;CHF | *Swiss Franc* |
| &nbsp;&nbsp;&nbsp;CLP | *Chilean Peso* |
| &nbsp;&nbsp;&nbsp;CNH | *Renminbi Offshore (Hong Kong)* |
| &nbsp;&nbsp;&nbsp;CNY | *Chinese Renminbi* |
| &nbsp;&nbsp;&nbsp;COP | *Colombian Peso* |
| &nbsp;&nbsp;&nbsp;CZK | *Czech Koruna* |
| &nbsp;&nbsp;&nbsp;DKK | *Danish Krone* |
| &nbsp;&nbsp;&nbsp;EUR | *Euro* |
| &nbsp;&nbsp;&nbsp;GBP | *British Pound* |
| &nbsp;&nbsp;&nbsp;IDR | *Indonesian Rupiah* |
| &nbsp;&nbsp;&nbsp;ILS | *Israeli Shekel* |
| &nbsp;&nbsp;&nbsp;INR | *Indian Rupee* |
| &nbsp;&nbsp;&nbsp;JPY | *Japanese Yen* |
| &nbsp;&nbsp;&nbsp;KRW | *Korean Won* |
| &nbsp;&nbsp;&nbsp;MXN | *Mexican Peso* |
| &nbsp;&nbsp;&nbsp;MYR | *Malaysian Ringgit* |
| &nbsp;&nbsp;&nbsp;NOK | *Norwegian Krone* |
| &nbsp;&nbsp;&nbsp;NZD | *New Zealand Dollar* |
| &nbsp;&nbsp;&nbsp;PEN | *Peruvian Nuevo Sol* |
| &nbsp;&nbsp;&nbsp;PLN | *Polish Zloty* |
| &nbsp;&nbsp;&nbsp;RON | *Romanian leu* |
| &nbsp;&nbsp;&nbsp;RUB | *Russian Ruble* |
| &nbsp;&nbsp;&nbsp;THB | *Thai Baht* |
| &nbsp;&nbsp;&nbsp;USD | *United States Dollar* |
| &nbsp;&nbsp;&nbsp;ZAR | *South African Rand* |
| &nbsp;&nbsp;&nbsp; **Payment Frequency Abbreviations:** | &nbsp;&nbsp;&nbsp; **Payment Frequency Abbreviations:** |
| &nbsp;&nbsp;&nbsp;A | *Annual* |
| &nbsp;&nbsp;&nbsp;L | *Lunar* |
| &nbsp;&nbsp;&nbsp;Q | *Quarterly* |
| &nbsp;&nbsp;&nbsp;S | *Semiannual* |
| &nbsp;&nbsp;&nbsp;Z | *At Maturity* |
| &nbsp;&nbsp;&nbsp; **Reference Rate Abbreviations:** | &nbsp;&nbsp;&nbsp; **Reference Rate Abbreviations:** |
| &nbsp;&nbsp;&nbsp;AUD Bank Bill | *Australian Dollar Bank Bill Rate* |
| &nbsp;&nbsp;&nbsp;COFI | *Cost of Funds Index* |
| &nbsp;&nbsp;&nbsp;LIBOR | *London Interbank Offered Rate* |
| &nbsp;&nbsp;&nbsp;SOFR | *Secured Overnight Financing Rate* |
| &nbsp;&nbsp;&nbsp;SONIA | *Sterling Overnight Interbank Average Rate* |
| &nbsp;&nbsp;&nbsp;US FED | *United States Federal Reserve Bank Rate* |
| &nbsp;&nbsp;&nbsp;US PRIME | *United States Prime Rate* |
| &nbsp;&nbsp;&nbsp;UST | *United States Treasury Rate* |
| &nbsp;&nbsp;&nbsp; **Other Abbreviations:** | &nbsp;&nbsp;&nbsp; **Other Abbreviations:** |
| &nbsp;&nbsp;&nbsp;ADR | *American Depositary Receipt* |
| &nbsp;&nbsp;&nbsp;GDR | *Global Depositary Receipt* |
| &nbsp;&nbsp;&nbsp;IO | *Interest Only* |
| &nbsp;&nbsp;&nbsp;NVDR | *Non-Voting Depositary Receipt* |
| &nbsp;&nbsp;&nbsp;PIK | *Payment In Kind* |
| &nbsp;&nbsp;&nbsp;REIT | *Real Estate Investment Trust* |

---

*See Supplemental Notes to Schedules of Investments*

**135** 

------

**PACIFIC FUNDS** 

**Schedule of Investments (Continued)** 

**Explanation of Symbols and Terms** 

**December 31, 2022 (Unaudited)** 

------

Notes:

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

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

*See Supplemental Notes to Schedules of Investments* 

**136** 

------

**PACIFIC FUNDS** 

**SUPPLEMENTAL NOTES TO SCHEDULES OF INVESTMENTS** 

**December 31, 2022 (Unaudited)** 

**1. ORGANIZATION** 

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

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

**2. FAIR VALUE MEASUREMENTS AND DISCLOSURES** 

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

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

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

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

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

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

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

*<u>Equity Securities (Common and Preferred Stock) and Mutual Funds</u>*

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>U.S. Treasury Obligations</u>*

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.

*<u>Mortgage-Backed and Asset-Backed Securities</u>*

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.

*<u>Municipal Bonds</u>*

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

**137** 

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**December 31, 2022 (Unaudited)** 

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.

*<u>Foreign Government Bonds and Notes</u>*

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.

*<u>Corporate Bonds and Notes and U.S. Government Agency Issues</u>*

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.

*<u>Futures Contracts</u>*

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.

*<u>Option Contracts</u>*

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.

*<u>Forward Foreign Currency Contracts</u>*

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.

*<u>Swap Agreements</u>*

*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.

*<u>Senior Loan Notes</u>*

Floating rate senior loan notes ("Senior Loans") are fair valued based on a quoted price received from a single broker-dealer or an average of quoted prices received from multiple broker-dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. To the extent that these inputs are observable, the fair values of Senior Loans would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

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

**138** 

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**SUPPLEMENTAL NOTES TO SCHEDULES OF INVESTMENTS (Continued)** 

**December 31, 2022 (Unaudited)** 

The total unfunded loan commitments that could be extended at the option of the borrowers for the period ended December 31, 2022 are summarized in the following table:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Unfunded<br>Loan<br>Commitments** | **Value** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  Pacific Funds Floating Rate Income | $6092229 | $5938852 | ($153377) |

---

**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, 2022 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund** | **Beginning**<br> **Value as of**<br> **April 1, 2022** | **Purchase**<br> **Cost (1)** | **Distributions**<br> **Received and**<br> **Reinvested (2)** | **Sales**<br> **Proceeds** | **Net**<br> **Realized**<br> **Gain (Loss) (3)** | **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **As of December 31, 2022** | **As of December 31, 2022** |
| **Fund/Underlying Fund** | **Beginning**<br> **Value as of**<br> **April 1, 2022** | **Purchase**<br> **Cost (1)** | **Distributions**<br> **Received and**<br> **Reinvested (2)** | **Sales**<br> **Proceeds** | **Net**<br> **Realized**<br> **Gain (Loss) (3)** | **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **Ending**<br> **Value** | **Shares**<br> **Balance** |
| **Pacific Funds Portfolio Optimization Conservative** | **Pacific Funds Portfolio Optimization Conservative** | **Pacific Funds Portfolio Optimization Conservative** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Funds Core Income | $6299606 | $401982 | $140886 | $1058490 | ($169264) | ($416033) | $5198687 | 550708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Funds Floating Rate Income | 10260383 | 2938533 | 500416 | 3698920 | (121643) | (438060) | 9440709 | 1031771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Funds High Income | 24931159 | 68516 | 681056 | 14354572 | (1378594) | (1078169) | 8869396 | 1014805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Inflation Managed | 12218803 | 46735 | 644781 | 2026220 | 104927 | (1781232) | 9207794 | 1096166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Managed Bond | 77794250 | 9891887 | 2574824 | 13324265 | (2160379) | (7679652) | 67096665 | 7633295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Short Duration Bond | 25854179 | 10698661 | 514927 | 5342450 | (220191) | (887226) | 30617900 | 3274642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Emerging Markets Debt | 10359165 | 26184 | 492032 | 5073768 | (888589) | (660433) | 4254591 | 667911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Growth | 456194 | 758077 |  | 127574 | 490525 | (629474) | 947748 | 84924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Large-Cap Value | 5452948 | 2100430 | 74818 | 1032381 | 388957 | (673264) | 6311508 | 575343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Small-Cap Value | 4421095 | 10344 | 6820 | 3366064 | 545292 | (1052072) | 565415 | 93612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Emerging Markets | 3389425 | 9473 | 87184 | 1437344 | (129585) | (273681) | 1645472 | 199693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF International Growth | 1006640 | 878 |  | 914509 | (102197) | 9188 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF International Small-Cap | 3390322 | 6200 | 29774 | 2305465 | (282328) | (83909) | 754594 | 106883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF International Value | 2270960 | 6810 | 32656 | 1244818 | (135629) | (50775) | 879204 | 109626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Multi-Asset | 34241440 | 120488 | 27380 | 4448306 | (534893) | (4681041) | 24725068 | 3182119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Real Estate | 3454301 | 1026219 | 16616 | 1514261 | (290413) | (544007) | 2148455 | 168374 |
|  | $225800870 | $28111417 | $5824170 | $61269407 | ($4884004) | ($20919840) | $172663206 |  |
| **Pacific Funds Portfolio Optimization Moderate-Conservative** | **Pacific Funds Portfolio Optimization Moderate-Conservative** | **Pacific Funds Portfolio Optimization Moderate-Conservative** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Funds Core Income | $7778592 | $548394 | $179532 | $1195081 | ($198122) | ($534501) | $6578814 | 696908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Funds Floating Rate Income | 9095148 | 4127025 | 501390 | 4092967 | (152179) | (371918) | 9106499 | 995246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Funds High Income | 22604630 | 84388 | 737706 | 10200136 | (1323750) | (974211) | 10928627 | 1250415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Inflation Managed | 8862145 | 39101 | 480325 | 1330028 | (102635) | (1137396) | 6811512 | 810894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Managed Bond | 95098759 | 8694850 | 3088135 | 14760658 | (2799297) | (9408513) | 79913276 | 9091385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Short Duration Bond | 13452807 | 17442818 | 455912 | 3704525 | (107224) | (612589) | 26927199 | 2879914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Emerging Markets Debt | 7653649 | 32585 | 701453 | 1108361 | (209166) | (1044887) | 6025273 | 945883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Growth | 6521886 | 1305129 |  | 3320057 | 1159126 | (2532845) | 3133239 | 280756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Large-Cap Value | 16165233 | 69731 | 155064 | 2371879 | 802502 | (1825223) | 12995428 | 1184633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Small-Cap Growth | 2961637 | 3892 |  | 2404022 | (874197) | 312690 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Small-Cap Value | 5878503 | 16477 | 24264 | 3228509 | 1366137 | (2062058) | 1994814 | 330267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Emerging Markets | 7512489 | 22317 | 179463 | 3453489 | (197284) | (700157) | 3363339 | 408172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF International Growth | 2379798 | 5291 | 12951 | 1533832 | (793295) | 558261 | 629174 | 107185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF International Small-Cap | 6011349 | 10664 | 40971 | 4384632 | (1034930) | 386939 | 1030361 | 145943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF International Value | 8456372 | 27584 | 119431 | 4708900 | (515068) | (184842) | 3194577 | 398326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Multi-Asset | 76050439 | 314271 | 63782 | 7321249 | (655758) | (11068718) | 57382767 | 7385169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Real Estate | 4593986 | 1379770 | 22671 | 1956783 | (398862) | (733455) | 2907327 | 227847 |
|  | $301077422 | $34124287 | $6763050 | $71075108 | ($6034002) | ($31933423) | $232922226 |  |
| **Pacific Funds Portfolio Optimization Moderate** | **Pacific Funds Portfolio Optimization Moderate** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Funds Core Income | $15115777 | $1253932 | $352828 | $2163373 | ($348878) | ($1080168) | $13130118 | 1390902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Funds Floating Rate Income | 19768265 | 17448077 | 1382603 | 12138147 | (666646) | (592454) | 25201698 | 2754284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Funds High Income | 49121354 | 10150 | 1646922 | 21516206 | (3234919) | (1921285) | 24106016 | 2758125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Inflation Managed | 19258639 | 4264 | 1050789 | 2675578 | (219505) | (2481562) | 14937047 | 1778220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Managed Bond | 184148179 | 23160954 | 6277325 | 26849034 | (4976181) | (18930478) | 162830765 | 18524547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Short Duration Bond | 29234332 | 65243554 | 1417463 | 9974595 | (343278) | (1666983) | 83910493 | 8974384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Emerging Markets Debt | 14968265 | 3199 | 1380664 | 2006702 | (277717) | (2181403) | 11886306 | 1865982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Growth | 64762868 | 4596991 |  | 23976197 | 14100666 | (27490935) | 31993393 | 2866791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Large-Cap Value | 67955865 | 11687237 | 790866 | 10068760 | 3669076 | (7603528) | 66430756 | 6055675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Small-Cap Growth | 14480701 | 2037 |  | 9524257 | (4781990) | 2547321 | 2723812 | 203573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Small-Cap Value | 33533761 | 5138 | 116988 | 19862433 | 3860896 | (8010469) | 9643881 | 1596669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Emerging Markets | 24487133 | 4026 | 596683 | 10956510 | (101230) | (2820091) | 11210011 | 1360438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF International Growth | 8726755 | 1251895 | 84597 | 5112200 | (3305234) | 2475972 | 4121785 | 702178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF International Small-Cap | 19594384 | 2308 | 136513 | 13911363 | (1489125) | (890272) | 3442445 | 487598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF International Value | 23625704 | 1255744 | 641702 | 6953244 | (640006) | (725289) | 17204611 | 2145213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Multi-Asset | 375111682 | 76230 | 297037 | 50444797 | (7019722) | (50492378) | 267528052 | 34430895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Real Estate | 19965253 | 4360250 | 99820 | 6865249 | (1281494) | (3440822) | 12837758 | 1006094 |
|  | $983858917 | $130365986 | $16272800 | $234998645 | ($7055287) | ($125304824) | $763138947 |  |
| **Pacific Funds Portfolio Optimization Growth** | **Pacific Funds Portfolio Optimization Growth** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Funds Core Income | $5688418 | $1065807 | $142595 | $699273 | ($126068) | ($430994) | $5640485 | 597509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Funds Floating Rate Income | 12346693 | 14506056 | 991597 | 9120425 | (378346) | (469042) | 17876533 | 1953719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Funds High Income | 32745799 | 36054 | 1018807 | 16251163 | (2265762) | (1168026) | 14115709 | 1615070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Inflation Managed | 4011991 | 5718 | 225746 | 452649 | (38777) | (536253) | 3215776 | 382830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Managed Bond | 67209713 | 22892141 | 2884125 | 8696015 | (1686651) | (7632424) | 74970889 | 8529111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Short Duration Bond | 4060094 | 51553991 | 855917 | 4683987 | (127583) | (887325) | 50771107 | 5430065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Emerging Markets Debt | 8315190 | 11437 | 790288 | 905415 | 8954 | (1403211) | 6817243 | 1070211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Growth | 56026177 | 59837 |  | 28889030 | 15910466 | (26621610) | 16485840 | 1477226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Large-Cap Value | 55395982 | 9784929 | 659315 | 7018281 | 3474743 | (6806646) | 55490042 | 5058345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Small-Cap Growth | 20111409 | 23357 |  | 8645662 | (5295742) | 2193499 | 8386861 | 626821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Small-Cap Value | 31936057 | 34500 | 140764 | 16437763 | 5552320 | (9592655) | 11633223 | 1926030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Emerging Markets | 36728940 | 40219 | 856161 | 17076189 | (3729558) | (700820) | 16118753 | 1956159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF International Growth | 13736057 | 15768 | 136280 | 5770527 | (2062298) | 598451 | 6653731 | 1133515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF International Small-Cap | 20409833 | 19573 | 252190 | 11774319 | (2618811) | 86173 | 6374639 | 902923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF International Value | 30350907 | 39423 | 814739 | 7465287 | (734263) | (1120665) | 21884854 | 2728785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Multi-Asset | 397857293 | 14291978 | 360273 | 25681949 | (140145) | (61926534) | 324760916 | 41796772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Real Estate | 24955600 | 32084 | 107699 | 5839897 | (1048602) | (4321580) | 13885304 | 1088190 |
|  | $821886153 | $114412872 | $10236496 | $175407831 | $4693877 | ($120739662) | $655081905 |  |

---

**139** 

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**SUPPLEMENTAL NOTES TO SCHEDULES OF INVESTMENTS (Continued)** 

**December 31, 2022 (Unaudited)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund** | **Beginning**<br> **Value as of**<br> **April 1, 2022** | **Purchase**<br> **Cost (1)** | **Distributions**<br> **Received and**<br> **Reinvested (2)** | **Sales**<br> **Proceeds** | **Net**<br> **Realized**<br> **Gain (Loss) (3)** | **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **As of December 31, 2022** | **As of December 31, 2022** |
| **Fund/Underlying Fund** | **Beginning**<br> **Value as of**<br> **April 1, 2022** | **Purchase**<br> **Cost (1)** | **Distributions**<br> **Received and**<br> **Reinvested (2)** | **Sales**<br> **Proceeds** | **Net**<br> **Realized**<br> **Gain (Loss) (3)** | **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **Ending**<br> **Value** | **Shares**<br> **Balance** |
| **Pacific Funds Portfolio Optimization Aggressive-Growth** | **Pacific Funds Portfolio Optimization Aggressive-Growth** | **Pacific Funds Portfolio Optimization Aggressive-Growth** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Funds Floating Rate Income | $1588599 | $4198245 | $212598 | $1731407 | ($65749) | ($77793) | $4124493 | 450764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Funds High Income | 4739958 | 32795 | 144659 | 2953692 | (389979) | (105482) | 1468259 | 167993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Managed Bond |  | 7957548 | 295293 | 361705 | (7451) | (240803) | 7642882 | 869497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Short Duration Bond |  | 11958195 | 185255 | 957748 | (7479) | (239371) | 10938852 | 1169931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Emerging Markets Debt | 1604775 | 15341 | 158251 | 144994 | (25315) | (248455) | 1359603 | 213439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Growth | 30847662 | 254714 |  | 7831850 | 6359770 | (12769305) | 16860991 | 1510842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Large-Cap Value | 19164757 | 8189017 | 291984 | 2192819 | 1439992 | (2418085) | 24474846 | 2231071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Small-Cap Growth | 12420775 | 112793 |  | 2351084 | (1441550) | (524592) | 8216342 | 614076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Small-Cap Value | 21573238 | 176532 | 148346 | 7066001 | 4235826 | (6862940) | 12205001 | 2020695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Emerging Markets | 15752215 | 121373 | 486504 | 5270474 | (1562672) | (405832) | 9121114 | 1106931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF International Growth | 10292256 | 227530 | 151303 | 2226942 | (1324760) | 236617 | 7356004 | 1253152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF International Small-Cap | 9453656 | 72167 | 205162 | 3252231 | (1247455) | (67441) | 5163858 | 731425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF International Value | 12031617 | 99061 | 272474 | 4268510 | (466361) | (377470) | 7290811 | 909079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Multi-Asset | 171234306 | 1594336 | 149016 | 12178875 | (467180) | (26178436) | 134153167 | 17265530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Real Estate | 6421493 | 2850896 | 53197 | 821221 | 1438 | (1680376) | 6825427 | 534908 |
|  | $317125307 | $37860543 | $2754042 | $53609553 | $5031075 | ($51959764) | $257201650 |  |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Net realized gain (loss) includes capital gains distributions, if any.

As of December 31, 2022, Pacific Life owned the following percentages of the total shares outstanding (aggregate of all share classes) of each of the following Funds:

---

| | |
|:---|:---|
| **Fund** | **Ownership**<br> **Percentage** |
|  Pacific Funds Ultra Short Income | 49.37% |
|  Pacific Funds Small-Cap Value | 43.23% |
|  Pacific Funds ESG Core Bond | 84.96% |

---

**140**

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Pacific Funds Series Trust

- **b. Investment Company Act file number:** 811-10385

- **c. CIK number of Registrant:** 0001137761

- **d. LEI of Registrant:** 549300LB41OPP7XTUV13

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 700 Newport Center Drive

  - **City:** Newport Beach

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 92660

  - **Telephone number:** 949-219-3233

**Item A.2. Information about the Series.**

- **a. Name of Series:** PF International Growth Fund

- **b. EDGAR series identifier (if any):** S000001889

- **c. LEI of Series:** 549300ZI8WCPVIFIXG50

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $18860451.22

**Total Liabilities:** $76396.72

**Net Assets:** $18784054.50

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000004967 | 6.92%                | 11.15%               | -3.02%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-32840.08               | $1233167.31                                |
| Month 2  | $-53128.77               | $2041564.54                                |
| Month 3  | $91673.37                | $-679191.72                                |

### Schedule of Portfolio Investments

| Name                             | Title                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Straumann Holding AG             | Straumann Holding AG                | CUSIP: 000000000<br>LEI: 50670046ML5FVIM60Z37 | Long             | EC               | CORP              | CH        |       900 | NS      | $103204.07    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds T-Fund | BlackRock Liquidity Funds T-Fund    | CUSIP: 09248U718<br>LEI: 5493002L9DNZ83RX7V61 | Long             | STIV             | RF                | US        |    260975 | NS      | $260975.24    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity Ltd              | TE Connectivity Ltd                 | CUSIP: 000000000<br>LEI: 894500ZRIX9K13RHXR17 | Long             | EC               | CORP              | US        |      2820 | NS      | $323736.00    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| London Stock Exchange Group PL   | London Stock Exchange Group PLC     | CUSIP: 000000000<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |      5582 | NS      | $479612.13    | 2.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Boerse AG               | Deutsche Boerse AG                  | CUSIP: 000000000<br>LEI: 529900G3SW56SHYNPR95 | Long             | EC               | CORP              | DE        |      1745 | NS      | $300471.88    | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| adidas AG                        | adidas AG                           | CUSIP: 000000000<br>LEI: 549300JSX0Z4CW0V5023 | Long             | EC               | CORP              | DE        |       758 | NS      | $102729.04    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                     | Keyence Corp                        | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |      1160 | NS      | $450363.95    | 2.40%             |  |  |  | No            |                  2 | On Loan: No      |
| 3i Group PLC                     | 3i Group PLC                        | CUSIP: 000000000<br>LEI: 35GDVHRBMFE7NWATNM84 | Long             | EC               | CORP              | GB        |     10341 | NS      | $166772.86    | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| ICON PLC                         | ICON PLC                            | CUSIP: 000000000<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |      1394 | NS      | $270784.50    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                  | ASML Holding NV                     | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |       653 | NS      | $356049.63    | 1.90%             |  |  |  | No            |                  2 | On Loan: No      |
| L'Oreal SA                       | L'Oreal SA                          | CUSIP: 000000000<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |       844 | NS      | $302234.51    | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp                  | Sony Group Corp                     | CUSIP: 000000000<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |      4340 | NS      | $330801.83    | 1.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Compass Group PLC                | Compass Group PLC                   | CUSIP: 000000000<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |     13828 | NS      | $319316.63    | 1.70%             |  |  |  | No            |                  2 | On Loan: No      |
| CAE Inc                          | CAE Inc                             | CUSIP: 124765108<br>LEI: 549300FFM2BEH2GF1E44 | Long             | EC               | CORP              | CA        |      7655 | NS      | $148068.28    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                        | Nestle SA                           | CUSIP: 000000000<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |      7668 | NS      | $885726.34    | 4.72%             |  |  |  | No            |                  2 | On Loan: No      |
| EDP - Energias de Portugal SA    | EDP - Energias de Portugal SA       | CUSIP: 000000000<br>LEI: 529900CLC3WDMGI9VH80 | Long             | EC               | CORP              | PT        |     94473 | NS      | $470929.70    | 2.51%             |  |  |  | No            |                  2 | On Loan: No      |
| EssilorLuxottica SA              | EssilorLuxottica SA                 | CUSIP: 000000000<br>LEI: 549300M3VH1A3ER1TB49 | Long             | EC               | CORP              | FR        |      1884 | NS      | $340878.16    | 1.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon PLC                       | Haleon PLC                          | CUSIP: 000000000<br>LEI: 549300PSB3WWEODCUP19 | Long             | EC               | CORP              | GB        |     80215 | NS      | $317379.99    | 1.69%             |  |  |  | No            |                  2 | On Loan: No      |
| HKEX                             | Hong Kong Exchanges & Clearing Ltd  | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |      5170 | NS      | $222156.22    | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Cellnex Telecom SA               | Cellnex Telecom SA                  | CUSIP: 000000000<br>LEI: 5493008T4YG3AQUI7P67 | Long             | EC               | CORP              | ES        |      2537 | NS      | $84155.47     | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Telekom AG              | Deutsche Telekom AG                 | CUSIP: 000000000<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |     21590 | NS      | $429567.31    | 2.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                        | Argenx SE                           | CUSIP: 000000000<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |       449 | NS      | $168557.32    | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Brambles Ltd                     | Brambles Ltd                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     18600 | NS      | $152531.26    | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Zai Lab Ltd                      | Zai Lab Ltd                         | CUSIP: 000000000<br>LEI: 549300P2UYQ9U5LY1T58 | Long             | EC               | CORP              | CN        |     20900 | NS      | $64690.85     | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                    | AIA Group Ltd                       | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |     53048 | NS      | $585829.84    | 3.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                 | Novo Nordisk A/S                    | CUSIP: 000000000<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |      5620 | NS      | $763283.46    | 4.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Givaudan SA                      | Givaudan SA                         | CUSIP: 000000000<br>LEI: 213800SVRMQA1TD91D41 | Long             | EC               | CORP              | CH        |        60 | NS      | $183774.44    | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Barrick Gold Corp                | Barrick Gold Corp                   | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |      7430 | NS      | $127647.40    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Copco AB                   | Atlas Copco AB                      | CUSIP: 000000000<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |     25702 | NS      | $304527.54    | 1.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Nice Ltd                         | Nice Ltd                            | CUSIP: 653656108<br>LEI: 254900YTY4EF5Z4W0A51 | Long             | EC               | CORP              | IL        |      1010 | NS      | $194223.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                        | Airbus SE                           | CUSIP: 000000000<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | FR        |      2039 | NS      | $242442.20    | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Linde PLC                        | Linde PLC                           | CUSIP: 000000000<br>LEI: 8945002PAZHZLBGKGF02 | Long             | EC               | CORP              | GB        |      1390 | NS      | $453086.16    | 2.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Alcon Inc                        | Alcon Inc                           | CUSIP: 000000000<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |      2832 | NS      | $194328.92    | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH PLC                          | CRH PLC                             | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |      6553 | NS      | $260613.95    | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Amadeus IT Group SA              | Amadeus IT Group SA                 | CUSIP: 000000000<br>LEI: 9598004A3FTY3TEHHN09 | Long             | EC               | CORP              | ES        |      5257 | NS      | $272721.45    | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| SolarEdge Technologies Inc       | SolarEdge Technologies Inc          | CUSIP: 83417M104<br>LEI: 5493000K6Y58XXPDF853 | Long             | EC               | CORP              | IL        |       613 | NS      | $173644.51    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitt   | LVMH Moet Hennessy Louis Vuitton SE | CUSIP: 000000000<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |       763 | NS      | $555229.97    | 2.96%             |  |  |  | No            |                  2 | On Loan: No      |
| RELX PLC                         | RELX PLC                            | CUSIP: 000000000<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |     10110 | NS      | $279521.61    | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Systemes SE             | Dassault Systemes SE                | CUSIP: 000000000<br>LEI: 96950065LBWY0APQIM86 | Long             | EC               | CORP              | FR        |      2470 | NS      | $88820.38     | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Ashtead Group PLC                | Ashtead Group PLC                   | CUSIP: 000000000<br>LEI: 2138007UTBN8X9K1A235 | Long             | EC               | CORP              | GB        |      1307 | NS      | $74243.86     | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Diageo PLC                       | Diageo PLC                          | CUSIP: 000000000<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |     12522 | NS      | $548111.42    | 2.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Loblaw Cos Ltd                   | Loblaw Cos Ltd                      | CUSIP: 539481101<br>LEI: 5493008LN3O1DIDTSH67 | Long             | EC               | CORP              | CA        |      2168 | NS      | $191693.47    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Pacific Railway Ltd     | Canadian Pacific Railway Ltd        | CUSIP: 13645T100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      6913 | NS      | $515411.63    | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Adyen NV                         | Adyen NV                            | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |       166 | NS      | $230449.48    | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Sandvik AB                       | Sandvik AB                          | CUSIP: 000000000<br>LEI: 5299008ZUAXN43LVZF54 | Long             | EC               | CORP              | SE        |     16760 | NS      | $302879.78    | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA              | Intesa Sanpaolo SpA                 | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | EC               | CORP              | IT        |    161707 | NS      | $358247.61    | 1.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Suncor Energy Inc                | Suncor Energy Inc                   | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     10250 | NS      | $325138.48    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleperformance                  | Teleperformance                     | CUSIP: 000000000<br>LEI: 9695004GI61FHFFNRG61 | Long             | EC               | CORP              | FR        |      1068 | NS      | $255321.90    | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Hoya Corp                        | Hoya Corp                           | CUSIP: 000000000<br>LEI: 353800X4VR3BHEUCJB42 | Long             | EC               | CORP              | JP        |      1950 | NS      | $186768.24    | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Recruit Holdings Co Ltd          | Recruit Holdings Co Ltd             | CUSIP: 000000000<br>LEI: 353800R2LRSMVVC4I806 | Long             | EC               | CORP              | JP        |      9300 | NS      | $291108.39    | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Shiseido Co Ltd                  | Shiseido Co Ltd                     | CUSIP: 000000000<br>LEI: 5299008QCD0YDT5OF506 | Long             | EC               | CORP              | JP        |      5740 | NS      | $281338.80    | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Industria de Diseno Textil SA    | Industria de Diseno Textil SA       | CUSIP: 000000000<br>LEI: 549300TTCXZOGZM2EY83 | Long             | EC               | CORP              | ES        |     12798 | NS      | $339928.32    | 1.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Rentokil Initial PLC             | Rentokil Initial PLC                | CUSIP: 000000000<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |     49758 | NS      | $305701.60    | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiichi Sankyo Co Ltd            | Daiichi Sankyo Co Ltd               | CUSIP: 000000000<br>LEI: 353800XGIU2IHQGC9504 | Long             | EC               | CORP              | JP        |      8900 | NS      | $286461.54    | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Aflac Inc                        | Aflac Inc                           | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |      1560 | NS      | $112226.40    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola SA                     | Iberdrola SA                        | CUSIP: 000000000<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |     26900 | NS      | $314017.21    | 1.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Thomson Reuters Corp             | Thomson Reuters Corp                | CUSIP: 884903709<br>LEI: 549300561UZND4C7B569 | Long             | EC               | CORP              | CA        |      2612 | NS      | $297968.63    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Olympus Corp                     | Olympus Corp                        | CUSIP: 000000000<br>LEI: 5299000Y52IFDI1I2A21 | Long             | EC               | CORP              | JP        |     22089 | NS      | $389596.72    | 2.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                 | Roche Holding AG                    | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |      1123 | NS      | $352888.78    | 1.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Dr Martens PLC                   | Dr Martens PLC                      | CUSIP: 000000000<br>LEI: 213800QPT8YM6NQZPH28 | Long             | EC               | CORP              | GB        |     22459 | NS      | $50969.65     | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                   | BNP Paribas SA                      | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |      7192 | NS      | $409506.69    | 2.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Accenture PLC                    | Accenture PLC                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      1048 | NS      | $279648.32    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Computershare Ltd                | Computershare Ltd                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |      7890 | NS      | $138990.55    | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-27

**Name of Applicant:** Pacific Funds Series Trust

**Signature:** Trevor Smith

**Name of Signer:** Trevor Smith

**Title:** VP and Treasurer