Pacific Funds Floating Rate Income - Class I (PLFRX) NPORT-P Pacific Funds Small-Cap Value (Dec 2022 report)

PACIFIC FUNDS^SM

PACIFIC FUNDS^SM PORTFOLIO OPTIMIZATION CONSERVATIVE

Schedule of Investments

December 31, 2022 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%
Pacific Funds Core Income ‘P’		550,708		$5,198,687
Pacific Funds Floating Rate Income ‘P’		1,031,771		9,440,709
Pacific Funds High Income ‘P’		1,014,805		8,869,396
PF Inflation Managed Fund ‘P’		1,096,166		9,207,794
PF Managed Bond Fund ‘P’		7,633,295		67,096,665
PF Short Duration Bond Fund ‘P’		3,274,642		30,617,900
PF Emerging Markets Debt Fund ‘P’		667,911		4,254,591
PF Growth Fund ‘P’		84,924		947,748
PF Large-Cap Value Fund ‘P’		575,343		6,311,508
PF Small-Cap Value Fund ‘P’		93,612		565,415
PF Emerging Markets Fund ‘P’		199,693		1,645,472
PF International Small-Cap Fund ‘P’		106,883		754,594
PF International Value Fund ‘P’		109,626		879,204
PF Multi-Asset Fund ‘P’		3,182,119		24,725,068
PF Real Estate Fund ‘P’		168,374		2,148,455
Total Affiliated Mutual Funds (Cost $187,517,755)				172,663,206
TOTAL INVESTMENTS - 100.1% (Cost $187,517,755)				172,663,206
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(111,388	)
NET ASSETS - 100.0%				$172,551,818

Note to Schedule of Investments

(a) Fair Value Measurements

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

		Total Value at December 31, 2022			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$172,663,206			$172,663,206		$—			$—
	Total Assets		172,663,206			172,663,206		—			—
Liabilities	Due to Custodian		(1,130	)		—		(1,130	)		—
	Total Liabilities		(1,130	)		—		(1,130	)		—
	Total		$172,662,076			$172,663,206		($1,130	)		$—

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^SM PORTFOLIO OPTIMIZATION  MODERATE-CONSERVATIVE

Schedule of Investments

December 31, 2022 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%
Pacific Funds Core Income ‘P’		696,908		$6,578,814
Pacific Funds Floating Rate Income ‘P’		995,246		9,106,499
Pacific Funds High Income ‘P’		1,250,415		10,928,627
PF Inflation Managed Fund ‘P’		810,894		6,811,512
PF Managed Bond Fund ‘P’		9,091,385		79,913,276
PF Short Duration Bond Fund ‘P’		2,879,914		26,927,199
PF Emerging Markets Debt Fund ‘P’		945,883		6,025,273
PF Growth Fund ‘P’		280,756		3,133,239
PF Large-Cap Value Fund ‘P’		1,184,633		12,995,428
PF Small-Cap Value Fund ‘P’		330,267		1,994,814
PF Emerging Markets Fund ‘P’		408,172		3,363,339
PF International Growth Fund ‘P’		107,185		629,174
PF International Small-Cap Fund ‘P’		145,943		1,030,361
PF International Value Fund ‘P’		398,326		3,194,577
PF Multi-Asset Fund ‘P’		7,385,169		57,382,767
PF Real Estate Fund ‘P’		227,847		2,907,327
Total Affiliated Mutual Funds (Cost $257,196,291)				232,922,226
TOTAL INVESTMENTS - 100.1% (Cost $257,196,291)				232,922,226
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(164,509	)
NET ASSETS - 100.0%				$232,757,717

Note to Schedule of Investments

(a) Fair Value Measurements

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

		Total Value at December 31, 2022			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$232,922,226			$232,922,226		$—			$—
	Total Assets		232,922,226			232,922,226		—			—
Liabilities	Due to Custodian		(1,091	)		—		(1,091	)		—
	Total Liabilities		(1,091	)		—		(1,091	)		—
	Total		$232,921,135			$232,922,226		($1,091	)		$—

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^SM PORTFOLIO OPTIMIZATION MODERATE

Schedule of Investments

December 31, 2022 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%
Pacific Funds Core Income ‘P’		1,390,902		$13,130,118
Pacific Funds Floating Rate Income ‘P’		2,754,284		25,201,698
Pacific Funds High Income ‘P’		2,758,125		24,106,016
PF Inflation Managed Fund ‘P’		1,778,220		14,937,047
PF Managed Bond Fund ‘P’		18,524,547		162,830,765
PF Short Duration Bond Fund ‘P’		8,974,384		83,910,493
PF Emerging Markets Debt Fund ‘P’		1,865,982		11,886,306
PF Growth Fund ‘P’		2,866,791		31,993,393
PF Large-Cap Value Fund ‘P’		6,055,675		66,430,756
PF Small-Cap Growth Fund ‘P’ *		203,573		2,723,812
PF Small-Cap Value Fund ‘P’		1,596,669		9,643,881
PF Emerging Markets Fund ‘P’		1,360,438		11,210,011
PF International Growth Fund ‘P’		702,178		4,121,785
PF International Small-Cap Fund ‘P’		487,598		3,442,445
PF International Value Fund ‘P’		2,145,213		17,204,611
PF Multi-Asset Fund ‘P’		34,430,895		267,528,052
PF Real Estate Fund ‘P’		1,006,094		12,837,758
Total Affiliated Mutual Funds (Cost $831,969,241)				763,138,947
TOTAL INVESTMENTS - 100.1% (Cost $831,969,241)				763,138,947
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(577,158	)
NET ASSETS - 100.0%				$762,561,789

Note to Schedule of Investments

(a) Fair Value Measurements

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

		Total Value at December 31, 2022			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$763,138,947			$763,138,947		$—			$—
	Total Assets		763,138,947			763,138,947		—			—
Liabilities	Due to Custodian		(3,021	)		—		(3,021	)		—
	Total Liabilities		(3,021	)		—		(3,021	)		—
	Total		$763,135,926			$763,138,947		($3,021	)		$—

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^SM PORTFOLIO OPTIMIZATION GROWTH

Schedule of Investments

December 31, 2022 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%
Pacific Funds Core Income ‘P’		597,509		$5,640,485
Pacific Funds Floating Rate Income ‘P’		1,953,719		17,876,533
Pacific Funds High Income ‘P’		1,615,070		14,115,709
PF Inflation Managed Fund ‘P’		382,830		3,215,776
PF Managed Bond Fund ‘P’		8,529,111		74,970,889
PF Short Duration Bond Fund ‘P’		5,430,065		50,771,107
PF Emerging Markets Debt Fund ‘P’		1,070,211		6,817,243
PF Growth Fund ‘P’		1,477,226		16,485,840
PF Large-Cap Value Fund ‘P’		5,058,345		55,490,042
PF Small-Cap Growth Fund ‘P’ *		626,821		8,386,861
PF Small-Cap Value Fund ‘P’		1,926,030		11,633,223
PF Emerging Markets Fund ‘P’		1,956,159		16,118,753
PF International Growth Fund ‘P’		1,133,515		6,653,731
PF International Small-Cap Fund ‘P’		902,923		6,374,639
PF International Value Fund ‘P’		2,728,785		21,884,854
PF Multi-Asset Fund ‘P’		41,796,772		324,760,916
PF Real Estate Fund ‘P’		1,088,190		13,885,304
Total Affiliated Mutual Funds (Cost $722,661,191)				655,081,905
TOTAL INVESTMENTS - 100.1% (Cost $722,661,191)				655,081,905
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(566,402	)
NET ASSETS - 100.0%				$654,515,503

Note to Schedule of Investments

(a) Fair Value Measurements

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

		Total Value at December 31, 2022			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$655,081,905			$655,081,905		$—			$—
	Total Assets		655,081,905			655,081,905		—			—
Liabilities	Due to Custodian		(2,141	)		—		(2,141	)		—
	Total Liabilities		(2,141	)		—		(2,141	)		—
	Total		$655,079,764			$655,081,905		($2,141	)		$—

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^SM PORTFOLIO OPTIMIZATION AGGRESSIVE-GROWTH

Schedule of Investments

December 31, 2022 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.1%
Pacific Funds Floating Rate Income ‘P’		450,764		$4,124,493
Pacific Funds High Income ‘P’		167,993		1,468,259
PF Managed Bond Fund ‘P’		869,497		7,642,882
PF Short Duration Bond Fund ‘P’		1,169,931		10,938,852
PF Emerging Markets Debt Fund ‘P’		213,439		1,359,603
PF Growth Fund ‘P’		1,510,842		16,860,991
PF Large-Cap Value Fund ‘P’		2,231,071		24,474,846
PF Small-Cap Growth Fund ‘P’ *		614,076		8,216,342
PF Small-Cap Value Fund ‘P’		2,020,695		12,205,001
PF Emerging Markets Fund ‘P’		1,106,931		9,121,114
PF International Growth Fund ‘P’		1,253,152		7,356,004
PF International Small-Cap Fund ‘P’		731,425		5,163,858
PF International Value Fund ‘P’		909,079		7,290,811
PF Multi-Asset Fund ‘P’		17,265,530		134,153,167
PF Real Estate Fund ‘P’		534,908		6,825,427
Total Affiliated Mutual Funds (Cost $292,511,921)				257,201,650
TOTAL INVESTMENTS - 100.1% (Cost $292,511,921)				257,201,650
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(152,286	)
NET ASSETS - 100.0%				$257,049,364

Note to Schedule of Investments

(a) Fair Value Measurements

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

		Total Value at December 31, 2022			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$257,201,650			$257,201,650		$—			$—
	Total Assets		257,201,650			257,201,650		—			—
Liabilities	Due to Custodian		(494	)		—		(494	)		—
	Total Liabilities		(494	)		—		(494	)		—
	Total		$257,201,156			$257,201,650		($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^SM ULTRA SHORT INCOME

Schedule of Investments

December 31, 2022 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 45.9%
Basic Materials - 2.6%
Anglo American Capital PLC (South Africa) 3.625% due 09/11/24 ~		$200,000		$193,644
Celanese US Holdings LLC 5.900% due 07/05/24		500,000		500,135
Glencore Funding LLC (Australia) 4.125% due 05/30/23 ~		247,000		245,741
Nucor Corp 3.950% due 05/23/25		200,000		195,858
Nutrien Ltd (Canada) 5.900% due 11/07/24		250,000		253,325
				1,388,703
Communications - 3.0%
Charter Communications Operating LLC 6.090% (USD LIBOR + 1.650%) due 02/01/24 §		300,000		301,428
Comcast Corp 5.445% (USD LIBOR + 0.630%) due 04/15/24 §		200,000		200,624
Cox Communications Inc 2.950% due 06/30/23 ~		200,000		197,376
Sprint Spectrum Co LLC 4.738% due 09/20/29 ~		510,188		504,416
Verizon Communications Inc 5.706% (USD LIBOR + 1.100%) due 05/15/25 §		400,000		403,383
				1,607,227
Consumer, Cyclical - 2.0%
7-Eleven Inc 0.625% due 02/10/23 ~		350,000		348,221
British Airways Pass-Through Trust ‘A’ (United Kingdom)
3.350% due 12/15/30 ~		72,771		62,974
4.625% due 12/20/25 ~		46,429		45,103
Daimler Trucks Finance North America LLC (Germany) 5.333% (SOFR + 1.000%) due 04/05/24 ~ §		500,000		498,291
Delta Air Lines Pass-Through Trust ‘AA’ 3.204% due 10/25/25		100,000		97,528
				1,052,117
Consumer, Non-Cyclical - 3.2%
Bayer US Finance II LLC (Germany) 5.779% (USD LIBOR + 1.010%) due 12/15/23 ~ §		250,000		249,494
Cigna Corp 3.750% due 07/15/23		300,000		298,085
Coca-Cola Europacific Partners PLC (United Kingdom) 0.500% due 05/05/23 ~		500,000		491,921
Element Fleet Management Corp (Canada) 1.600% due 04/06/24 ~		200,000		189,569
GE HealthCare Technologies Inc 5.550% due 11/15/24 ~		150,000		150,650
Shire Acquisitions Investments Ireland DAC 2.875% due 09/23/23		300,000		294,907
				1,674,626

	Principal Amount		Value
Energy - 4.1%
Enbridge Inc (Canada) 4.789% (SOFR + 0.630%) due 02/16/24 §		$250,000		$248,735
Energy Transfer LP
3.450% due 01/15/23		200,000		199,836
4.250% due 03/15/23		200,000		199,527
4.500% due 11/01/23		500,000		496,509
Enterprise Products Operating LLC 3.900% due 02/15/24		200,000		197,015
Kinder Morgan Energy Partners LP 3.450% due 02/15/23		266,000		265,438
Kinder Morgan Inc 5.359% (USD LIBOR + 1.280%) due 01/15/23 §		100,000		99,998
MPLX LP 4.500% due 07/15/23		250,000		249,043
The Williams Cos Inc 4.500% due 11/15/23		200,000		198,594
				2,154,695
Financial - 20.5%
AerCap Ireland Capital DAC (Ireland) 1.150% due 10/29/23		350,000		336,877
Air Lease Corp 3.000% due 09/15/23		300,000		294,995
American Express Co 3.950% due 08/01/25		450,000		441,282
Bank of America Corp
4.642% (SOFR + 0.690%) due 04/22/25 §		500,000		493,826
5.555% (USD LIBOR + 0.790%) due 03/05/24 §		250,000		249,883
Citigroup Inc
5.610% due 09/29/26		50,000		50,266
5.750% (USD LIBOR + 1.100%) due 05/17/24 §		400,000		400,653
5.858% (SOFR + 1.528%) due 03/17/26 §		250,000		250,726
JPMorgan Chase & Co
5.124% (SOFR + 0.920%) due 02/24/26 §		850,000		836,431
5.215% (USD LIBOR + 0.890%) due 07/23/24 §		150,000		150,247
Mid-America Apartments LP REIT 4.300% due 10/15/23		472,000		469,378
Mitsubishi UFJ Financial Group Inc (Japan)
3.455% due 03/02/23		950,000		948,038
5.187% (USD LIBOR + 0.860%) due 07/26/23 §		365,000		365,654
5.660% (SOFR + 1.385%) due 09/12/25 §		500,000		500,095
Morgan Stanley 4.602% (SOFR + 0.466%) due 11/10/23 §		250,000		249,337
5.770% (USD LIBOR + 1.220%) due 05/08/24 §		500,000		500,931

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 Amount		Value
Reliance Standard Life Global Funding II 2.150% due 01/21/23 ~		$150,000		$149,758
Royal Bank of Canada (Canada)
3.970% due 07/26/24		300,000		295,821
5.660% due 10/25/24		500,000		506,084
Skandinaviska Enskilda Banken AB (Sweden) 5.081% (USD LIBOR + 0.320%) due 09/01/23 ~ §		500,000		499,309
Sumitomo Mitsui Financial Group Inc (Japan)
2.696% due 07/16/24		300,000		287,875
3.936% due 10/16/23		200,000		197,832
5.087% (USD LIBOR + 0.860%) due 07/19/23 §		132,000		132,090
Svenska Handelsbanken AB (Sweden) 5.196% (SOFR + 0.910%) due 06/10/25 ~ §		250,000		248,326
The Goldman Sachs Group Inc
4.600% (SOFR + 0.700%) due 01/24/25 §		500,000		492,728
6.334% (USD LIBOR + 1.600%) due 11/29/23 §		500,000		503,888
The Toronto-Dominion Bank (Canada)
3.766% due 06/06/25		300,000		291,413
4.285% due 09/13/24		250,000		247,236
UBS AG (Switzerland) 4.478% (SOFR + 0.360%) due 02/09/24 ~ §		500,000		497,731
				10,888,710
Industrial - 2.8%
Carlisle Cos Inc 0.550% due 09/01/23		300,000		290,360
DAE Funding LLC (United Arab Emirates) 1.550% due 08/01/24 ~		200,000		185,982
Graphic Packaging International LLC 0.821% due 04/15/24 ~		400,000		374,556
Parker-Hannifin Corp 3.650% due 06/15/24		200,000		195,803
Penske Truck Leasing Co LP
2.700% due 03/14/23 ~		200,000		198,951
4.125% due 08/01/23 ~		250,000		248,653
				1,494,305
Technology - 2.4%
Infor Inc 1.450% due 07/15/23 ~		325,000		317,464
International Business Machines Corp 4.000% due 07/27/25		350,000		344,666
Leidos Inc 2.950% due 05/15/23		143,000		141,871
Microchip Technology Inc
2.670% due 09/01/23		93,000		91,290
4.333% due 06/01/23		200,000		199,180
NXP BV (China) 4.875% due 03/01/24		200,000		198,561
				1,293,032

	Principal Amount		Value
Utilities - 5.3%
Alliant Energy Finance LLC 3.750% due 06/15/23 ~		$300,000		$297,979
American Electric Power Co Inc 4.920% (USD LIBOR + 0.480%) due 11/01/23 §		250,000		248,876
CenterPoint Energy Resources Corp 5.279% (USD LIBOR + 0.500%) due 03/02/23 §		172,000		171,919
DTE Energy Co 4.220% due 11/01/24		150,000		147,550
Duke Energy Progress LLC 3.375% due 09/01/23		135,000		133,574
Emera US Finance LP (Canada) 0.833% due 06/15/24		150,000		140,069
Eversource Energy 4.200% due 06/27/24		150,000		148,349
OGE Energy Corp 0.703% due 05/26/23		200,000		196,486
PPL Electric Utilities Corp 4.661% (SOFR + 0.330%) due 06/24/24 §		250,000		246,196
Southern California Edison Co
0.700% due 08/01/23		350,000		341,030
5.162% (SOFR + 0.830%) due 04/01/24 §		200,000		198,628
Tampa Electric Co 3.875% due 07/12/24		150,000		147,140
Vistra Operations Co LLC 4.875% due 05/13/24 ~		300,000		294,330
WEC Energy Group Inc 5.000% due 09/27/25		100,000		100,082
				2,812,208
Total Corporate Bonds & Notes (Cost $24,590,728)				24,365,623
SENIOR LOAN NOTES - 3.7%
Basic Materials - 0.5%
Asplundh Tree Expert LLC Term B 6.134% (USD LIBOR + 1.750%) due 09/04/27 §		244,375		243,586
Communications - 0.9%
Charter Communications Operating LLC Term B-2 6.140% (USD LIBOR + 1.750%) due 02/01/27 §		487,406		476,781
Consumer, Cyclical - 0.9%
Hilton Worldwide Finance LLC Term B-2 6.173% (USD LIBOR + 1.750%) due 06/21/26 §		250,000		249,485
SeaWorld Parks & Entertainment Inc Term B 7.438% (USD LIBOR + 3.000%) due 08/25/28 §		246,875		243,146
				492,631

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 Amount		Value
Consumer, Non-Cyclical - 0.9%
United Rentals North America Inc Term B 6.134% (USD LIBOR + 1.750%) due 10/31/25 §		$487,277		$488,090
Financial - 0.3%
Avolon (US) LLC Term B-3 (Ireland) 6.103% (USD LIBOR + 1.750%) due 01/15/25 §		138,642		138,280
Industrial - 0.2%
GFL Environmental Inc Term B (Canada) 7.415% (USD LIBOR + 3.000%) due 05/31/25 §		123,725		123,879
Total Senior Loan Notes (Cost $1,966,947)				1,963,247
ASSET-BACKED SECURITIES - 22.0%
Ally Auto Receivables Trust 5.290% due 06/16/25		550,000		550,878
AmeriCredit Automobile Receivables Trust
0.760% due 12/18/25		300,000		289,482
1.480% due 01/21/25		159,028		157,940
2.050% due 01/20/26		114,701		113,355
4.200% due 12/18/25		154,078		153,089
CIFC Funding 2012-II-R Ltd (Cayman) 5.043% (USD LIBOR + 0.800%) due 01/20/28 ~ §		284,787		282,468
Citibank Credit Card Issuance Trust 3.720% due 09/08/25		175,000		173,361
Ford Credit Auto Owner Trust
0.410% due 07/15/25		245,691		239,788
4.520% due 04/15/25		300,000		299,018
5.370% due 08/15/25		150,000		150,371
Greenwood Park CLO Ltd (Cayman)
5.089% (USD LIBOR + 1.010%) due 04/15/31 ~ §		250,000		245,599
5.109% (USD LIBOR + 1.030%) due 04/15/31 ~ §		250,000		244,511
Hilton Grand Vacations Trust 2.740% due 02/25/39 ~		44,800		42,141
Magnetite Ltd (Cayman)
4.879% (USD LIBOR + 0.800%) due 01/15/28 ~ §		228,104		225,029
4.994% (USD LIBOR + 0.800%) due 01/18/28 ~ §		706,991		703,349
5.059% (USD LIBOR + 0.980%) due 04/15/31 ~ §		495,032		486,811
5.486% (USD LIBOR + 0.880%) due 11/15/28 ~ §		482,379		477,611
5.558% (USD LIBOR + 1.200%) due 01/25/32 ~ §		250,000		247,266
Navient Private Education Refi Loan Trust
0.840% due 05/15/69 ~		92,378		79,951
1.060% due 10/15/69 ~		161,763		137,672
1.220% due 07/15/69 ~		152,046		135,081

	Principal Amount		Value
1.310% due 01/15/69 ~		$95,531		$85,807
1.690% due 05/15/69 ~		99,026		89,164
3.190% due 02/18/42 ~		45,334		45,003
Navient Student Loan Trust
1.320% due 08/26/69 ~		107,558		90,245
4.989% (USD LIBOR + 0.600%) due 12/26/69 ~ §		112,539		107,763
Nelnet Student Loan Trust 5.043% (USD LIBOR + 0.690%) due 04/20/62 ~ §		186,523		183,389
Neuberger Berman Loan Advisers CLO 26 Ltd (Cayman) 5.114% (USD LIBOR + 0.920%) due 10/18/30 ~ §		450,000		442,820
Neuberger Berman Loan Advisers CLO 37 Ltd (Cayman) 5.213% (USD LIBOR + 0.970%) due 07/20/31 ~ §		300,000		294,029
OCP CLO Ltd (Cayman) 5.039% (USD LIBOR + 0.960%) due 07/15/30 ~ §		250,000		246,959
Palmer Square CLO Ltd (Cayman) 5.179% (USD LIBOR + 1.100%) due 07/16/31 ~ §		250,000		246,506
Palmer Square Loan Funding Ltd (Cayman)
4.879% (USD LIBOR + 0.800%) due 10/15/29 ~ §		210,782		208,111
4.914% (SOFR + 1.050%) due 04/15/30 ~ §		459,622		452,871
5.143% (USD LIBOR + 0.900%) due 04/20/29 ~ §		426,326		421,326
5.475% (USD LIBOR + 0.800%) due 02/20/28 ~ §		342,222		339,947
5.475% (USD LIBOR + 0.800%) due 05/20/29 ~ §		202,246		199,783
Santander Drive Auto Receivables Trust
0.590% due 09/15/25		69,247		69,056
2.760% due 03/17/25		251,229		250,195
3.980% due 01/15/25		400,000		398,023
4.370% due 05/15/25		350,000		348,443
5.810% due 01/15/26		250,000		250,516
SMB Private Education Loan Trust
2.340% due 09/15/34 ~		136,741		130,278
2.430% due 02/17/32 ~		42,893		41,007
2.700% due 05/15/31 ~		90,481		86,677
Stratus CLO Ltd (Cayman) 5.043% (USD LIBOR + 0.800%) due 12/29/29 ~ §		223,991		221,260
Toyota Auto Receivables Owner Trust
3.830% due 08/15/25		400,000		396,294
5.270% due 01/15/26		150,000		150,289
Voya CLO Ltd (Cayman)
5.094% (USD LIBOR + 0.900%) due 01/18/29 ~ §		165,171		163,467
5.209% (USD LIBOR + 1.130%) due 10/15/30 ~ §		250,000		247,066
Total Asset-Backed Securities (Cost $11,820,508)				11,641,065

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 Amount		Value
U.S. TREASURY OBLIGATIONS - 19.8%
U.S. Treasury Notes - 19.8%
0.125% due 06/30/23		$1,000,000		$977,836
0.125% due 07/15/23		1,000,000		975,728
0.125% due 08/15/23		1,500,000		1,458,501
0.125% due 09/15/23		750,000		726,499
0.250% due 04/15/23		1,500,000		1,482,560
0.250% due 06/15/23		1,000,000		980,647
0.375% due 08/15/24		500,000		467,188
0.500% due 03/15/23		1,000,000		992,392
0.750% due 12/31/23		1,500,000		1,441,966
1.500% due 01/15/23		1,000,000		999,266
Total U.S. Treasury Obligations (Cost $10,512,578)				10,502,583
	Shares
SHORT-TERM INVESTMENT - 11.5%
Money Market Fund - 11.5%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 4.030%		6,103,212		6,103,212
Total Short-Term Investment (Cost $6,103,212)				6,103,212
TOTAL INVESTMENTS - 102.9% (Cost $54,993,973)				54,575,730
OTHER ASSETS & LIABILITIES, NET - (2.9%)				(1,528,021	)
NET ASSETS - 100.0%				$53,047,709

Note to Schedule of Investments

(a) Fair Value Measurements

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

		Total Value at December 31, 2022			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$24,365,623			$—		$24,365,623			$—
	Senior Loan Notes		1,963,247			—		1,963,247			—
	Asset-Backed Securities		11,641,065			—		11,641,065			—
	U.S. Treasury Obligations		10,502,583			—		10,502,583			—
	Short-Term Investment		6,103,212			6,103,212		—			—
	Total Assets		54,575,730			6,103,212		48,472,518			—
Liabilities	Due to Custodian		(81,784	)		—		(81,784	)		—
	Total Liabilities		(81,784	)		—		(81,784	)		—
	Total		$54,493,946			$6,103,212		$48,390,734			$—

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^SM SHORT DURATION INCOME

Schedule of Investments

December 31, 2022 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 53.6%
Basic Materials - 1.1%
Anglo American Capital PLC (South Africa) 3.625% due 09/11/24 ~		$2,000,000		$1,936,441
Glencore Funding LLC (Australia)
4.125% due 03/12/24 ~		2,500,000		2,461,086
4.625% due 04/29/24 ~		3,830,000		3,781,733
Nutrien Ltd (Canada) 5.900% due 11/07/24		2,850,000		2,887,902
				11,067,162
Communications - 1.5%
Charter Communications Operating LLC 4.500% due 02/01/24		5,000,000		4,943,092
Comcast Corp 5.250% due 11/07/25		1,500,000		1,521,317
Sprint Spectrum Co LLC 4.738% due 09/20/29 ~		7,026,750		6,947,256
T-Mobile USA Inc
2.250% due 02/15/26		1,675,000		1,526,781
2.625% due 04/15/26		100,000		91,828
				15,030,274
Consumer, Cyclical - 5.9%
American Airlines Pass-Through Trust ‘A’ 4.000% due 01/15/27		698,376		606,652
British Airways Pass-Through Trust ‘A’ (United Kingdom)
3.350% due 12/15/30 ~		2,474,226		2,141,099
4.625% due 12/20/25 ~		1,272,154		1,235,822
Brunswick Corp 0.850% due 08/18/24		1,950,000		1,802,770
Daimler Trucks Finance North America LLC (Germany) 1.125% due 12/14/23 ~		2,000,000		1,922,117
Delta Air Lines Inc 4.500% due 10/20/25 ~		6,000,000		5,856,750
Delta Air Lines Pass-Through Trust ‘AA’ 3.204% due 10/25/25		4,500,000		4,388,765
DR Horton Inc 2.500% due 10/15/24		4,500,000		4,288,044
Ford Motor Credit Co LLC
2.300% due 02/10/25		2,500,000		2,286,450
2.700% due 08/10/26		1,775,000		1,543,629
3.375% due 11/13/25		4,200,000		3,804,288
General Motors Financial Co Inc 1.700% due 08/18/23		900,000		879,576
Genting New York LLC 3.300% due 02/15/26 ~		1,800,000		1,574,859
Hyundai Capital America 1.000% due 09/17/24 ~		3,750,000		3,467,036
Hyundai Capital Services Inc (South Korea) 2.125% due 04/24/25 ~		3,000,000		2,745,749
Kia Corp (South Korea) 2.375% due 02/14/25 ~		2,000,000		1,857,320
Las Vegas Sands Corp 3.200% due 08/08/24		3,000,000		2,837,367
Lennar Corp 4.500% due 04/30/24		5,000,000		4,935,761

	Principal Amount		Value
Lowe’s Cos Inc 4.400% due 09/08/25		$2,450,000		$2,415,932
MGM Resorts International 6.000% due 03/15/23		2,800,000		2,795,744
Nordstrom Inc 2.300% due 04/08/24		2,300,000		2,159,274
United Airlines Pass-Through Trust ‘B’ 3.650% due 07/07/27		460,938		417,688
US Airways Pass-Through Trust ‘A’ 3.950% due 05/15/27		443,831		403,774
Warnermedia Holdings Inc 3.638% due 03/15/25 ~		3,550,000		3,378,833
				59,745,299
Consumer, Non-Cyclical - 4.3%
Block Inc 2.750% due 06/01/26		750,000		670,965
Cargill Inc 4.875% due 10/10/25 ~		1,650,000		1,645,145
Cintas Corp No 2 3.450% due 05/01/25		2,400,000		2,324,188
Element Fleet Management Corp (Canada) 1.600% due 04/06/24 ~		7,300,000		6,919,258
Elevance Health Inc 5.350% due 10/15/25		1,600,000		1,619,391
General Mills Inc 5.241% due 11/18/25		1,500,000		1,504,265
Global Payments Inc 1.500% due 11/15/24		4,500,000		4,180,423
GSK Consumer Healthcare Capital UK PLC 3.125% due 03/24/25		4,750,000		4,521,197
JDE Peet’s NV (Netherlands) 0.800% due 09/24/24 ~		3,000,000		2,741,940
McKesson Corp 1.300% due 08/15/26		1,500,000		1,321,050
Mondelez International Holdings Netherlands BV 4.250% due 09/15/25 ~		2,450,000		2,417,875
Philip Morris International Inc 5.125% due 11/15/24		4,000,000		4,008,233
Suntory Holdings Ltd (Japan) 2.250% due 10/16/24 ~		5,600,000		5,254,226
UnitedHealth Group Inc 5.150% due 10/15/25		3,900,000		3,948,712
Zoetis Inc 5.400% due 11/14/25		900,000		918,962
				43,995,830
Energy - 1.6%
Energy Transfer LP
4.750% due 01/15/26		1,500,000		1,462,722
5.550% due 02/15/28		3,500,000		3,476,305
Kinder Morgan Inc 5.625% due 11/15/23 ~		2,355,000		2,356,944
MPLX LP
4.500% due 07/15/23		1,000,000		996,171
4.875% due 12/01/24		8,020,000		7,960,398
				16,252,540

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 Amount		Value
Financial - 28.1%
AerCap Ireland Capital DAC (Ireland)
1.650% due 10/29/24		$4,900,000		$4,523,056
1.750% due 01/30/26		1,250,000		1,101,064
4.500% due 09/15/23		5,000,000		4,968,562
Air Lease Corp
3.000% due 09/15/23		2,432,000		2,391,427
3.375% due 07/01/25		1,200,000		1,136,095
5.850% due 12/15/27		3,350,000		3,352,125
American Express Co
2.250% due 03/04/25		1,000,000		944,690
3.950% due 08/01/25		4,650,000		4,559,913
ANZ New Zealand Int’l Ltd (New Zealand) 2.166% due 02/18/25 ~		1,650,000		1,549,353
Australia & New Zealand Banking Group Ltd (Australia) 5.088% due 12/08/25		3,900,000		3,920,059
Avolon Holdings Funding Ltd (Ireland)
2.125% due 02/21/26 ~		4,550,000		3,920,877
4.250% due 04/15/26 ~		2,650,000		2,405,347
Banco Santander SA (Spain) 2.746% due 05/28/25		3,000,000		2,810,338
Bank of America Corp
0.976% due 04/22/25		7,500,000		7,035,354
1.843% due 02/04/25		13,950,000		13,380,713
3.384% due 04/02/26		8,000,000		7,647,079
3.841% due 04/25/25		3,500,000		3,418,928
BOC Aviation Ltd (Singapore) 2.750% due 12/02/23		5,000,000		4,883,376
Citigroup Inc
0.776% due 10/30/24		1,400,000		1,341,871
2.014% due 01/25/26		5,650,000		5,240,543
4.140% due 05/24/25		3,750,000		3,679,430
5.610% due 09/29/26		1,000,000		1,005,329
5.784% (USD LIBOR + 1.023%) due 06/01/24 §		4,000,000		4,006,012
Corebridge Financial Inc 3.500% due 04/04/25 ~		1,700,000		1,631,194
Credit Suisse AG (Switzerland) 1.000% due 05/05/23		3,500,000		3,419,296
GLP Capital LP REIT 3.350% due 09/01/24		4,425,000		4,248,265
HSBC Holdings PLC (United Kingdom)
0.732% due 08/17/24		4,050,000		3,903,623
0.976% due 05/24/25		2,500,000		2,315,999
1.162% due 11/22/24		4,000,000		3,811,200
4.180% due 12/09/25		3,000,000		2,915,756
JPMorgan Chase & Co
0.824% due 06/01/25		1,500,000		1,399,021
0.969% due 06/23/25		3,200,000		2,984,714
2.301% due 10/15/25		4,250,000		4,007,856
2.595% due 02/24/26		1,500,000		1,411,440
3.300% due 04/01/26		1,500,000		1,423,696
4.080% due 04/26/26		4,000,000		3,887,212
5.055% (USD LIBOR + 0.730%) due 04/23/24 §		700,000		700,200
Lloyds Banking Group PLC (United Kingdom) 4.716% due 08/11/26		1,700,000		1,665,013
MassMutual Global Funding II 4.150% due 08/26/25 ~		3,350,000		3,280,374

	Principal Amount		Value
Metropolitan Life Global Funding I
2.800% due 03/21/25 ~		$3,000,000		$2,878,744
4.050% due 08/25/25 ~		7,000,000		6,850,936
Mitsubishi UFJ Financial Group Inc (Japan)
0.953% due 07/19/25		6,000,000		5,578,477
3.837% due 04/17/26		1,000,000		963,973
4.788% due 07/18/25		5,000,000		4,953,191
5.063% due 09/12/25		3,000,000		2,980,599
Mizuho Financial Group Inc (Japan) 1.241% due 07/10/24		5,000,000		4,879,824
Morgan Stanley
0.731% due 04/05/24		2,000,000		1,971,522
0.790% due 05/30/25		8,400,000		7,813,871
3.875% due 04/29/24		1,000,000		984,987
4.679% due 07/17/26		1,200,000		1,180,589
6.138% due 10/16/26		1,500,000		1,533,628
Nomura Holdings Inc (Japan) 5.099% due 07/03/25		3,500,000		3,464,819
Office Properties Income Trust REIT 2.650% due 06/15/26		4,000,000		3,104,048
OneMain Finance Corp 6.125% due 03/15/24		5,200,000		5,041,400
Pricoa Global Funding I 4.200% due 08/28/25 ~		2,000,000		1,961,943
Protective Life Global Funding 3.218% due 03/28/25 ~		2,500,000		2,384,346
Reliance Standard Life Global Funding II 2.500% due 10/30/24 ~		2,000,000		1,892,442
Royal Bank of Canada (Canada)
3.970% due 07/26/24		3,350,000		3,303,334
5.660% due 10/25/24		6,500,000		6,579,096
Santander Holdings USA Inc 4.260% due 06/09/25		500,000		485,627
Standard Chartered PLC (United Kingdom)
0.991% due 01/12/25 ~		3,000,000		2,835,502
3.885% due 03/15/24 ~		1,500,000		1,492,893
State Street Corp 5.751% due 11/04/26		2,350,000		2,408,118
Sumitomo Mitsui Financial Group Inc (Japan)
1.402% due 09/17/26		3,000,000		2,616,296
1.474% due 07/08/25		4,000,000		3,648,337
2.348% due 01/15/25		2,500,000		2,367,426
2.448% due 09/27/24		600,000		570,726
Sumitomo Mitsui Trust Bank Ltd (Japan) 0.800% due 09/16/24 ~		3,850,000		3,558,737
The Bank of New York Mellon Corp 4.414% due 07/24/26		1,900,000		1,872,899
The Goldman Sachs Group Inc
0.657% due 09/10/24		7,250,000		6,976,700
1.757% due 01/24/25		12,050,000		11,538,617
3.272% due 09/29/25		3,000,000		2,892,885
3.500% due 04/01/25		3,246,000		3,124,254
3.625% due 02/20/24		500,000		491,570
4.600% (SOFR + 0.700%) due 01/24/25 §		3,000,000		2,956,367
The Toronto-Dominion Bank (Canada)
3.766% due 06/06/25		850,000		825,670
4.285% due 09/13/24		3,500,000		3,461,297
Truist Financial Corp 4.260% due 07/28/26		7,000,000		6,884,784

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 Amount		Value
UBS AG (Switzerland) 0.700% due 08/09/24 ~		$5,000,000		$4,662,144
UBS Group AG (Switzerland) 4.488% due 05/12/26 ~		3,750,000		3,668,487
US Bancorp 5.727% due 10/21/26		5,350,000		5,454,857
VICI Properties LP REIT
3.500% due 02/15/25 ~		6,050,000		5,713,983
4.375% due 05/15/25		1,350,000		1,313,048
4.750% due 02/15/28		1,350,000		1,283,226
				285,632,619
Industrial - 3.5%
Amcor Flexibles North America Inc 4.000% due 05/17/25		4,800,000		4,676,857
Canadian Pacific Railway Co (Canada) 1.350% due 12/02/24		1,200,000		1,119,384
DAE Funding LLC (United Arab Emirates) 1.550% due 08/01/24 ~		2,300,000		2,138,789
Flex Ltd 6.000% due 01/15/28		2,000,000		1,999,236
Graphic Packaging International LLC 0.821% due 04/15/24 ~		5,457,000		5,109,881
Penske Truck Leasing Co LP
2.700% due 11/01/24 ~		4,750,000		4,480,724
3.450% due 07/01/24 ~		2,300,000		2,222,325
4.125% due 08/01/23 ~		2,000,000		1,989,219
4.400% due 07/01/27 ~		2,300,000		2,186,156
Ryder System Inc 3.350% due 09/01/25		1,600,000		1,520,562
Silgan Holdings Inc 1.400% due 04/01/26 ~		2,950,000		2,606,007
TD SYNNEX Corp 1.250% due 08/09/24		4,800,000		4,460,817
TK Elevator US Newco Inc (Germany) 5.250% due 07/15/27 ~		1,500,000		1,334,400
				35,844,357
Technology - 2.1%
DXC Technology Co 1.800% due 09/15/26		1,800,000		1,569,825
Infor Inc 1.450% due 07/15/23 ~		3,000,000		2,930,433
Microchip Technology Inc
0.972% due 02/15/24		8,250,000		7,837,963
0.983% due 09/01/24		3,750,000		3,474,676
NXP BV (China) 2.700% due 05/01/25		3,300,000		3,109,376
Oracle Corp 5.800% due 11/10/25		2,400,000		2,456,397
				21,378,670
Utilities - 5.5%
CenterPoint Energy Resources Corp 5.279% (USD LIBOR + 0.500%) due 03/02/23 §		862,000		861,594
Dominion Energy Inc 3.071% due 08/15/24		4,280,000		4,126,772
DPL Inc 4.125% due 07/01/25		600,000		564,732

	Principal Amount		Value
DTE Energy Co 4.220% due 11/01/24		$1,950,000		$1,918,152
Duke Energy Corp
2.650% due 09/01/26		1,000,000		924,934
5.000% due 12/08/25		600,000		599,373
Emera US Finance LP (Canada) 0.833% due 06/15/24		3,857,000		3,601,630
Eversource Energy 4.200% due 06/27/24		1,700,000		1,681,289
NextEra Energy Operating Partners LP 4.250% due 07/15/24 ~		7,875,000		7,651,594
Sempra Energy 3.300% due 04/01/25		3,600,000		3,455,295
Southern California Edison Co
0.975% due 08/01/24		4,650,000		4,351,078
1.100% due 04/01/24		2,100,000		1,995,507
4.200% due 06/01/25		2,100,000		2,063,134
5.850% due 11/01/27		2,800,000		2,886,958
The AES Corp
1.375% due 01/15/26		4,350,000		3,867,425
3.300% due 07/15/25 ~		3,650,000		3,447,865
Virginia Electric and Power Co 3.750% due 05/15/27		2,000,000		1,911,811
Vistra Operations Co LLC
3.550% due 07/15/24 ~		4,250,000		4,078,647
4.875% due 05/13/24 ~		6,000,000		5,886,600
				55,874,390
Total Corporate Bonds & Notes (Cost $569,819,891)				544,821,141
SENIOR LOAN NOTES - 9.3%
Consumer, Cyclical - 2.0%
Carnival Corp Term B 6.127% (USD LIBOR + 3.250%) due 10/18/28 §		618,750		580,594
ClubCorp Holdings Inc Term B 7.480% (USD LIBOR + 2.750%) due 09/18/24 §		3,789,577		3,431,936
Hilton Grand Vacations Borrower LLC Term B 7.384% (USD LIBOR + 3.000%) due 08/02/28 §		1,972,030		1,961,923
Marriott Ownership Resorts Inc Term B 6.134% (USD LIBOR + 1.750%) due 08/31/25 §		1,819,096		1,804,694
Mileage Plus Holdings LLC Term B 9.996% (USD LIBOR + 5.250%) due 06/20/27 §		1,800,000		1,855,499
SeaWorld Parks & Entertainment Inc Term B 7.438% (USD LIBOR + 3.000%) due 08/25/28 §		4,443,750		4,376,632
Stars Group Holdings BV Term B (Canada) 6.980% (USD LIBOR + 2.250%) due 07/21/26 §		3,229,054		3,192,504
United Airlines Inc Term B 8.108% (USD LIBOR + 3.750%) due 04/21/28 §		3,025,988		2,994,466
				20,198,248

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

12

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
Consumer, Non-Cyclical - 2.5%
Allied Universal Holdco LLC Term B 8.173% (SOFR + 3.750%) due 05/14/28 §		$2,468,750		$2,348,090
CoreLogic Inc Term B 7.938% (USD LIBOR + 3.500%) due 06/02/28 §		3,456,250		2,893,168
Heartland Dental LLC Term B 8.387% (USD LIBOR + 4.000%) due 04/30/25 §		3,447,500		3,213,718
Mavis Tire Express Services Topco Corp 8.500% (SOFR + 4.000%) due 05/04/28 §		2,082,161		1,991,810
Pathway Vet Alliance LLC Term B 8.134% (USD LIBOR + 3.750%) due 03/31/27 §		2,923,462		2,441,091
PetVet Care Centers LLC Term B-3 7.884% (USD LIBOR + 3.500%) due 02/15/25 §		5,559,307		5,253,545
Spin Holdco Inc Term B 8.765% (USD LIBOR + 4.000%) due 03/04/28 §		2,456,250		2,095,488
Sunshine Luxembourg VII SARL Term B (Luxembourg) 8.480% (USD LIBOR + 3.750%) due 10/02/26 §		3,654,863		3,509,176
Wand NewCo 3 Inc Term B-1 7.384% (USD LIBOR + 3.000%) due 02/05/26 §		1,737,251		1,652,198
				25,398,284
Financial - 2.4%
AssuredPartners Inc Term B 7.884% (USD LIBOR + 3.500%) due 02/13/27 §		7,037,362		6,852,631
Avolon (US) LLC Term B-3 (Ireland) 6.103% (USD LIBOR + 1.750%) due 01/15/25 §		6,029,412		6,013,651
HUB International Ltd Term B 7.327% (USD LIBOR + 3.000%) due 04/25/25 §		5,866,929		5,813,147
NFP Corp Term B 7.634% (USD LIBOR + 3.250%) due 02/13/27 §		3,084,964		2,959,252
USI Inc Term B 8.330% (SOFR + 3.750%) due 11/22/29 §		3,334,680		3,307,169
				24,945,850
Industrial - 0.8%
Brown Group Holding LLC Term B 6.884% (USD LIBOR + 2.500%) due 06/07/28 §		230,470		226,767
Filtration Group Corp Term B 7.384% (USD LIBOR + 3.000%) due 03/29/25 §		5,135,265		5,093,140
Proampac PG Borrower LLC Term B 7.829% - 8.425% (USD LIBOR + 3.750%) due 11/03/25 §		2,702,047		2,594,527
				7,914,434

	Principal Amount		Value
Technology - 1.6%
Applied Systems Inc Term B 9.080% (USD LIBOR + 4.500%) due 09/19/26 §		$1,940,082		$1,935,232
Epicor Software Corp Term C 7.634% (USD LIBOR + 3.250%) due 07/31/27 §		3,924,548		3,782,283
Sophia LP Term B 8.230% (USD LIBOR + 3.500%) due 10/07/27 §		1,200,380		1,161,742
Tempo Acquisition LLC Term B 7.323% (SOFR + 3.000%) due 08/31/28 §		2,717,696		2,712,036
UKG Inc 6.998% (USD LIBOR + 3.250%) due 05/03/26 §		6,625,626		6,310,909
				15,902,202
Total Senior Loan Notes (Cost $98,087,768)				94,359,018
ASSET-BACKED SECURITIES - 22.6%
AIMCO CLO 10 Ltd (Cayman) 5.385% (USD LIBOR + 1.060%) due 07/22/32 ~ §		2,700,000		2,637,805
Ally Auto Receivables Trust 5.290% due 06/16/25		1,500,000		1,502,394
AmeriCredit Automobile Receivables Trust
0.680% due 10/19/26		10,100,000		9,615,070
0.690% due 01/19/27		2,400,000		2,251,462
0.760% due 12/18/25		2,400,000		2,315,857
1.170% due 08/18/27		4,700,000		4,331,426
1.480% due 01/21/25		1,749,312		1,737,344
4.200% due 12/18/25		2,355,191		2,340,078
Atrium XIII (Cayman) 5.505% (USD LIBOR + 1.180%) due 11/21/30 ~ §		470,000		463,382
Buttermilk Park CLO Ltd (Cayman) 5.179% (USD LIBOR + 1.100%) due 10/15/31 ~ §		1,850,000		1,811,086
Carlyle Global Market Strategies CLO Ltd (Cayman) 5.408% (USD LIBOR + 1.050%) due 07/27/31 ~ §		495,916		488,824
CIFC Funding Ltd (Cayman)
5.097% (USD LIBOR + 0.870%) due 04/19/29 ~ §		1,447,982		1,423,161
5.194% (USD LIBOR + 1.000%) due 04/18/31 ~ §		500,000		491,214
Dryden 55 CLO Ltd (Cayman) 5.099% (USD LIBOR + 1.020%) due 04/15/31 ~ §		2,500,000		2,470,225
Dryden 58 CLO Ltd (Cayman) 5.079% (USD LIBOR + 1.000%) due 07/17/31 ~ §		3,148,000		3,092,381
Dryden 61 CLO Ltd (Cayman) 5.069% (USD LIBOR + 0.990%) due 01/17/32 ~ §		7,000,000		6,874,877

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 Amount		Value
Dryden 64 CLO Ltd (Cayman) 5.164% (USD LIBOR + 0.970%) due 04/18/31 ~ §		$2,000,000		$1,958,663
Ford Credit Auto Owner Trust
0.700% due 10/15/26		10,550,000		9,602,832
0.790% due 08/15/26		2,650,000		2,444,132
1.190% due 01/15/26		2,050,000		1,949,629
2.040% due 08/15/31 ~		2,000,000		1,877,411
2.130% due 05/15/25		5,000,000		4,887,125
4.520% due 04/15/25		4,000,000		3,986,900
5.370% due 08/15/25		750,000		751,852
GM Financial Consumer Automobile Receivables Trust 0.750% due 05/17/27		800,000		732,418
Hilton Grand Vacations Trust
2.740% due 02/25/39 ~		179,200		168,562
3.610% due 06/20/34 ~		581,091		550,972
4.300% due 01/25/37 ~		1,396,424		1,341,724
Hyundai Auto Receivables Trust 2.400% due 06/15/26		2,000,000		1,942,485
Magnetite Ltd (Cayman) 5.059% (USD LIBOR + 0.980%) due 04/15/31 ~ §		2,148,440		2,112,761
Magnetite XIV-R Ltd (Cayman) 5.314% (USD LIBOR + 1.120%) due 10/18/31 ~ §		3,000,000		2,944,788
Magnetite XV Ltd (Cayman) 5.368% (USD LIBOR + 1.010%) due 07/25/31 ~ §		1,500,000		1,475,221
Magnetite XVIII Ltd (Cayman) 5.486% (USD LIBOR + 0.880%) due 11/15/28 ~ §		2,894,273		2,865,665
Magnetite XXIX Ltd (Cayman) 5.069% (USD LIBOR + 0.990%) due 01/15/34 ~ §		3,300,000		3,238,139
MVW LLC
1.140% due 01/22/41 ~		1,135,924		1,038,325
1.740% due 10/20/37 ~		309,128		281,924
4.150% due 11/21/39 ~		845,476		810,494
Navient Private Education Loan Trust
2.460% due 11/15/68 ~		763,800		698,136
3.610% due 12/15/59 ~		566,623		549,993
Navient Private Education Refi Loan Trust
0.840% due 05/15/69 ~		785,211		679,584
1.060% due 10/15/69 ~		3,720,543		3,166,463
1.110% due 02/18/70 ~		1,974,692		1,664,859
1.170% due 09/16/69 ~		719,895		638,865
1.220% due 07/15/69 ~		760,230		675,406
1.310% due 01/15/69 ~		1,757,762		1,578,849
1.690% due 05/15/69 ~		3,672,597		3,306,367
2.120% due 01/15/69 ~		1,777,845		1,615,355
2.230% due 07/15/70 ~		5,507,113		4,786,005
2.640% due 05/15/68 ~		888,334		836,735
4.000% due 12/15/59 ~		492,807		471,853
4.160% due 10/15/70 ~		6,074,040		5,682,621
Navient Student Loan Trust
1.320% due 08/26/69 ~		3,190,875		2,677,274
3.390% due 12/15/59 ~		1,226,253		1,159,394
4.939% (USD LIBOR + 0.550%) due 02/25/70 ~ §		2,780,199		2,702,978

	Principal Amount		Value
4.989% (USD LIBOR + 0.600%) due 12/26/69 ~ §		$1,387,983		$1,329,082
5.439% (USD LIBOR + 1.050%) due 06/25/69 ~ §		1,880,731		1,849,631
Nelnet Student Loan Trust
1.360% due 04/20/62 ~		2,603,644		2,306,260
5.043% (USD LIBOR + 0.690%) due 04/20/62 ~ §		2,200,971		2,163,988
Neuberger Berman Loan Advisers CLO 25 Ltd (Cayman) 5.124% (USD LIBOR + 0.930%) due 10/18/29 ~ §		2,650,000		2,598,701
Neuberger Berman Loan Advisers CLO 26 Ltd 5.114% (USD LIBOR + 0.920%) due 10/18/30 ~ §		5,550,000		5,461,446
Neuberger Berman Loan Advisers CLO 37 Ltd (Cayman) 5.213% (USD LIBOR + 0.970%) due 07/20/31 ~ §		4,700,000		4,606,461
OCP CLO Ltd (Cayman) 5.039% (USD LIBOR + 0.960%) due 07/15/30 ~ §		2,500,000		2,469,594
Palmer Square CLO Ltd (Cayman) 5.179% (USD LIBOR + 1.100%) due 07/16/31 ~ §		2,250,000		2,218,552
Palmer Square Loan Funding Ltd (Cayman)
4.879% (USD LIBOR + 0.800%) due 10/15/29 ~ §		5,901,907		5,827,117
5.143% (USD LIBOR + 0.900%) due 04/20/29 ~ §		2,557,953		2,527,957
5.475% (USD LIBOR + 0.800%) due 05/20/29 ~ §		6,876,378		6,792,633
5.479% (USD LIBOR + 1.400%) due 10/15/29 ~ §		1,250,000		1,220,893
5.643% (USD LIBOR + 1.400%) due 07/20/29 ~ §		1,000,000		974,989
6.025% (USD LIBOR + 1.350%) due 02/20/28 ~ §		2,950,000		2,902,894
6.575% (USD LIBOR + 1.900%) due 02/20/28 ~ §		1,200,000		1,157,802
Regatta XIV Funding Ltd (Cayman) 5.548% (USD LIBOR + 1.190%) due 10/25/31 ~ §		1,100,000		1,074,196
Santander Drive Auto Receivables Trust
0.590% due 09/15/25		1,090,647		1,087,631
0.750% due 02/17/26		3,073,541		3,020,762
0.880% due 06/15/26		1,850,000		1,809,828
0.900% due 06/15/26		4,000,000		3,891,962
0.950% due 09/15/27		2,100,000		2,020,480
1.260% due 02/16/27		5,000,000		4,754,640
3.400% due 12/15/26		3,000,000		2,945,974
4.050% due 07/15/25		3,911,963		3,896,963
4.110% due 08/17/26		1,050,000		1,030,976
4.130% due 08/16/27		1,800,000		1,757,273
4.430% due 03/15/27		2,900,000		2,821,806
4.490% due 11/16/26		2,100,000		2,074,935
4.720% due 06/15/27		3,100,000		3,023,007
5.810% due 01/15/26		3,000,000		3,006,196
SMB Private Education Loan Trust
1.070% due 01/15/53 ~		2,540,234		2,180,705

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 Amount		Value
1.290% due 07/15/53 ~		$1,937,145		$1,710,487
2.340% due 09/15/34 ~		2,485,244		2,367,784
2.430% due 02/17/32 ~		2,079,863		1,988,416
2.700% due 05/15/31 ~		1,585,360		1,518,691
2.880% due 09/15/34 ~		1,529,680		1,466,999
3.440% due 07/15/36 ~		1,001,220		952,912
3.500% due 02/15/36 ~		509,085		485,356
3.600% due 01/15/37 ~		1,405,859		1,346,735
3.630% due 11/15/35 ~		1,459,857		1,373,337
Stratus CLO Ltd (Cayman)
5.043% (USD LIBOR + 0.800%) due 12/29/29 ~ §		671,974		663,778
5.643% (USD LIBOR + 1.400%) due 12/29/29 ~ §		6,000,000		5,820,626
Total Asset-Backed Securities (Cost $240,712,646)				230,199,800
U.S. TREASURY OBLIGATIONS - 12.5%
U.S. Treasury Notes - 12.5%
0.375% due 08/15/24		15,000,000		14,015,625
0.375% due 09/15/24		6,000,000		5,592,891
0.500% due 02/28/26		7,500,000		6,684,082
0.750% due 11/15/24		4,000,000		3,734,062
0.750% due 08/31/26		10,000,000		8,856,250
0.875% due 09/30/26		7,500,000		6,661,230
1.250% due 08/31/24		5,000,000		4,734,180
1.500% due 09/30/24		10,000,000		9,497,266
1.500% due 08/15/26		10,000,000		9,117,188
2.625% due 05/31/27		12,300,000		11,596,113
2.750% due 05/15/25		10,000,000		9,644,531
2.875% due 06/15/25		5,000,000		4,833,203
3.125% due 08/15/25		4,000,000		3,884,063
3.500% due 09/15/25		5,000,000		4,900,781
4.000% due 12/15/25		9,000,000		8,943,750
4.125% due 10/31/27		10,000,000		10,037,500
4.500% due 11/30/24		5,000,000		5,000,586
Total U.S. Treasury Obligations (Cost $130,888,130)				127,733,301
	Shares
SHORT-TERM INVESTMENT - 1.4%
Money Market Fund - 1.4%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 4.030%		14,388,155		14,388,155
Total Short-Term Investment (Cost $14,388,155)				14,388,155
TOTAL INVESTMENTS - 99.4% (Cost $1,053,896,590)				1,011,501,415
OTHER ASSETS & LIABILITIES, NET - 0.6%				5,664,456
NET ASSETS - 100.0%				$1,017,165,871

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)

Note to Schedule of Investments

(a) Fair Value Measurements

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

		Total Value at December 31, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$544,821,141		$—		$544,821,141		$—
	Senior Loan Notes		94,359,018		—		94,359,018		—
	Asset-Backed Securities		230,199,800		—		230,199,800		—
	U.S. Treasury Obligations		127,733,301		—		127,733,301		—
	Short-Term Investment		14,388,155		14,388,155		—		—
	Total		$1,011,501,415		$14,388,155		$997,113,260		$—

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^SM CORE INCOME

Schedule of Investments

December 31, 2022 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 51.0%
Basic Materials - 1.7%
Anglo American Capital PLC (South Africa)
2.625% due 09/10/30 ~		$7,550,000		$6,153,033
4.750% due 03/16/52 ~		2,750,000		2,296,995
Glencore Funding LLC (Australia) 2.625% due 09/23/31 ~		1,200,000		958,931
South32 Treasury Ltd (Australia) 4.350% due 04/14/32 ~		2,650,000		2,274,455
				11,683,414
Communications - 2.5%
AT&T Inc
3.500% due 09/15/53		4,865,000		3,305,452
3.850% due 06/01/60		2,800,000		1,955,797
Charter Communications Operating LLC
3.500% due 06/01/41		3,300,000		2,161,054
3.850% due 04/01/61		5,200,000		3,025,787
Rogers Communications Inc (Canada) 4.550% due 03/15/52 ~		2,500,000		1,949,795
T-Mobile USA Inc
3.375% due 04/15/29		1,600,000		1,412,311
5.200% due 01/15/33		2,150,000		2,137,502
Verizon Communications Inc 3.400% due 03/22/41		2,550,000		1,927,438
				17,875,136
Consumer, Cyclical - 6.7%
American Airlines Inc 5.750% due 04/20/29 ~		4,000,000		3,663,043
American Airlines Pass-Through Trust ‘A’ 2.875% due 01/11/36		2,200,000		1,776,963
American Airlines Pass-Through Trust ‘AA’ 3.600% due 03/22/29		2,145,493		1,928,659
American Airlines Pass-Through Trust ‘B’ 3.950% due 01/11/32		1,300,000		1,035,043
British Airways Pass-Through Trust ‘A’ (United Kingdom)
3.350% due 12/15/30 ~		2,095,087		1,813,007
4.625% due 12/20/25 ~		1,080,867		1,049,998
British Airways Pass-Through Trust ‘AA’ (United Kingdom) 3.300% due 06/15/34 ~		3,874,008		3,297,095
Continental Airlines Pass-Through Trust ‘A’ 4.000% due 04/29/26		1,932,060		1,845,235
Delta Air Lines Inc 4.500% due 10/20/25 ~		4,000,000		3,904,500
Delta Air Lines Pass-Through Trust ‘AA’ 3.625% due 01/30/29		1,200,072		1,097,771
Ferguson Finance PLC 4.250% due 04/20/27 ~		1,650,000		1,562,744
Ford Motor Credit Co LLC
2.700% due 08/10/26		2,225,000		1,934,971
3.375% due 11/13/25		2,475,000		2,241,813
4.542% due 08/01/26		1,725,000		1,592,391
Genting New York LLC 3.300% due 02/15/26 ~		2,000,000		1,749,843

	Principal Amount		Value
Hilton Grand Vacations Borrower Escrow LLC 4.875% due 07/01/31 ~		$2,850,000		$2,329,741
Kohl’s Corp 3.625% due 05/01/31		3,000,000		2,107,020
Marriott International Inc 2.750% due 10/15/33		3,150,000		2,412,106
New Red Finance Inc (Canada) 3.875% due 01/15/28 ~		4,000,000		3,587,002
Six Flags Entertainment Corp 4.875% due 07/31/24 ~		1,000,000		964,375
Spirit Airlines Pass-Through Trust ‘A’ 4.100% due 10/01/29		428,064		381,928
United Airlines Pass-Through Trust ‘A’ 2.900% due 11/01/29		1,230,437		990,105
United Airlines Pass-Through Trust ‘AA’ 4.150% due 02/25/33		966,509		857,609
US Airways Pass-Through Trust ‘A’ 4.625% due 12/03/26		1,610,109		1,468,941
Warnermedia Holdings Inc 5.050% due 03/15/42 ~		2,500,000		1,921,562
				47,513,465
Consumer, Non-Cyclical - 5.3%
Amgen Inc 4.200% due 03/01/33		1,800,000		1,670,861
Anheuser-Busch InBev Finance Inc (Belgium) 4.000% due 01/17/43		2,000,000		1,670,360
Anheuser-Busch InBev Worldwide Inc (Belgium) 5.450% due 01/23/39		5,000,000		5,011,191
BAT Capital Corp (United Kingdom) 5.650% due 03/16/52		1,650,000		1,367,402
Block Inc
2.750% due 06/01/26		4,000,000		3,578,480
3.500% due 06/01/31		500,000		399,600
Centene Corp 2.450% due 07/15/28		1,750,000		1,480,448
Global Payments Inc 5.300% due 08/15/29		1,850,000		1,792,626
Imperial Brands Finance PLC (United Kingdom) 6.125% due 07/27/27 ~		1,100,000		1,096,478
JBS USA LUX SA
3.000% due 05/15/32 ~		1,500,000		1,152,444
6.500% due 12/01/52 ~		3,500,000		3,338,393
Keurig Dr Pepper Inc 4.500% due 04/15/52		2,250,000		1,886,482
Kraft Heinz Foods Co 4.375% due 06/01/46		4,500,000		3,677,360
UnitedHealth Group Inc 4.750% due 05/15/52		2,750,000		2,554,375
Universal Health Services Inc
2.650% due 10/15/30 ~		4,450,000		3,551,944
2.650% due 01/15/32 ~		1,950,000		1,494,075
Viatris Inc 3.850% due 06/22/40		3,350,000		2,256,770
				37,979,289

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

17

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
Energy - 4.8%
Cheniere Energy Partners LP 4.500% due 10/01/29		$3,500,000		$3,155,168
Enbridge Inc (Canada) 7.375% due 01/15/83		4,200,000		4,092,701
Energy Transfer LP
5.000% due 05/15/44		4,000,000		3,279,923
5.750% due 02/15/33		1,800,000		1,764,513
6.500% due 11/15/26		1,650,000		1,423,125
Enterprise Products Operating LLC
3.300% due 02/15/53		1,850,000		1,238,942
3.700% due 01/31/51		4,100,000		2,974,591
Kinder Morgan Energy Partners LP 5.000% due 08/15/42		2,000,000		1,720,276
MPLX LP
4.950% due 03/14/52		1,750,000		1,437,802
5.200% due 12/01/47		1,200,000		1,026,300
6.875% due 02/15/23		3,000,000		2,970,000
Petroleos Mexicanos (Mexico) 6.350% due 02/12/48		2,100,000		1,288,613
Sabine Pass Liquefaction LLC 5.900% due 09/15/37 ~		1,800,000		1,806,542
Targa Resources Partners LP 4.000% due 01/15/32		5,750,000		4,845,755
The Williams Cos Inc 5.300% due 08/15/52		1,300,000		1,169,231
				34,193,482
Financial - 16.5%
ABN AMRO Bank NV (Netherlands) 3.324% due 03/13/37 ~		1,700,000		1,232,824
AerCap Ireland Capital DAC (Ireland) 3.300% due 01/30/32		3,100,000		2,431,041
Air Lease Corp
3.000% due 02/01/30		4,000,000		3,344,496
4.650% due 06/15/26		4,300,000		3,604,346
Assured Guaranty US Holdings Inc 3.600% due 09/15/51		2,150,000		1,408,216
Avolon Holdings Funding Ltd (Ireland)
2.750% due 02/21/28 ~		4,950,000		3,981,182
4.250% due 04/15/26 ~		1,350,000		1,225,366
Bank of America Corp
2.482% due 09/21/36		4,700,000		3,464,168
2.687% due 04/22/32		3,700,000		2,970,304
3.846% due 03/08/37		1,000,000		830,630
4.375% due 01/27/27		3,000,000		2,548,292
6.125% due 04/27/27		6,000,000		5,902,500
BNP Paribas SA (France) 4.625% due 02/25/31 ~		3,000,000		2,325,301
Broadstone Net Lease LLC REIT 2.600% due 09/15/31		2,750,000		2,067,639
Citigroup Inc 2.520% due 11/03/32		4,500,000		3,510,648
GLP Capital LP REIT 3.250% due 01/15/32		1,200,000		960,996
Hill City Funding Trust 4.046% due 08/15/41 ~		2,400,000		1,660,617
Host Hotels & Resorts LP REIT
2.900% due 12/15/31		4,400,000		3,376,436
3.500% due 09/15/30		1,500,000		1,241,265
HSBC Holdings PLC (United Kingdom) 4.700% due 03/09/31		3,150,000		2,503,912

	Principal Amount		Value
JPMorgan Chase & Co
2.963% due 01/25/33		$9,950,000		$8,124,252
4.912% due 07/25/33		1,850,000		1,766,947
5.717% due 09/14/33		3,750,000		3,671,418
Liberty Mutual Group Inc 4.300% due 02/01/61 ~		5,650,000		3,454,184
LSEGA Financing PLC (United Kingdom) 3.200% due 04/06/41 ~		2,200,000		1,606,104
Massachusetts Mutual Life Insurance Co 5.672% due 12/01/52 ~		2,700,000		2,689,261
MetLife Inc 5.000% due 07/15/52		850,000		814,245
Morgan Stanley
2.484% due 09/16/36		5,700,000		4,146,123
2.943% due 01/21/33		4,700,000		3,814,361
OneMain Finance Corp
5.375% due 11/15/29		1,575,000		1,290,808
6.125% due 03/15/24		5,200,000		5,041,400
Teachers Insurance & Annuity Association of America 4.270% due 05/15/47 ~		3,000,000		2,467,341
The Goldman Sachs Group Inc
2.615% due 04/22/32		7,950,000		6,359,126
3.102% due 02/24/33		3,600,000		2,932,492
The Northwestern Mutual Life Insurance Co 3.625% due 09/30/59 ~		3,000,000		2,079,000
The PNC Financial Services Group Inc 4.626% due 06/06/33		2,550,000		2,363,078
VICI Properties LP REIT
3.500% due 02/15/25 ~		2,300,000		2,172,258
3.750% due 02/15/27 ~		2,250,000		2,046,094
4.625% due 12/01/29 ~		5,500,000		5,014,240
Wells Fargo & Co
4.400% due 06/14/46		3,750,000		3,028,986
4.897% due 07/25/33		2,500,000		2,381,263
				117,853,160
Industrial - 3.9%
Allegion US Holding Co Inc
3.550% due 10/01/27		3,336,000		3,016,342
5.411% due 07/01/32		2,100,000		2,039,712
Berry Global Inc 4.875% due 07/15/26 ~		5,000,000		4,825,253
Flowserve Corp 2.800% due 01/15/32		7,000,000		5,259,981
Lockheed Martin Corp 5.700% due 11/15/54		1,900,000		2,003,194
Masco Corp 7.750% due 08/01/29		2,000,000		2,191,475
nVent Finance Sarl (United Kingdom) 2.750% due 11/15/31		2,300,000		1,775,440
The Weir Group PLC (United Kingdom) 2.200% due 05/13/26 ~		5,950,000		5,283,687
Waste Connections Inc 4.200% due 01/15/33		1,650,000		1,537,560
				27,932,644

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

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
Technology - 2.6%
Broadcom Inc
3.137% due 11/15/35 ~		$5,000,000		$3,691,609
3.187% due 11/15/36 ~		1,474,000		1,063,375
CGI Inc (Canada) 2.300% due 09/14/31		3,350,000		2,553,142
Kyndryl Holdings Inc 3.150% due 10/15/31		6,500,000		4,345,007
Oracle Corp
2.875% due 03/25/31		2,650,000		2,203,698
3.950% due 03/25/51		5,000,000		3,584,104
Skyworks Solutions Inc 3.000% due 06/01/31		1,300,000		1,022,963
				18,463,898
Utilities - 7.0%
AEP Texas Inc 4.700% due 05/15/32		1,600,000		1,537,475
Appalachian Power Co 4.500% due 08/01/32		1,050,000		982,124
Arizona Public Service Co 6.350% due 12/15/32		3,100,000		3,269,994
Dominion Energy Inc 4.350% due 01/15/27		3,150,000		2,661,540
DPL Inc
4.125% due 07/01/25		600,000		564,732
4.350% due 04/15/29		1,350,000		1,213,109
Duke Energy Progress NC Storm Funding LLC 2.387% due 07/01/39		5,350,000		4,290,619
FirstEnergy Corp 4.400% due 07/15/27		2,500,000		2,331,121
IPALCO Enterprises Inc 4.250% due 05/01/30		2,400,000		2,137,729
KeySpan Gas East Corp 3.586% due 01/18/52 ~		2,850,000		1,900,367
Nevada Power Co 5.900% due 05/01/53		2,950,000		3,163,069
New England Power Co (United Kingdom) 5.936% due 11/25/52 ~		1,550,000		1,603,305
NextEra Energy Operating Partners LP 4.250% due 07/15/24 ~		3,425,000		3,327,836
NiSource Inc 5.000% due 06/15/52		700,000		640,446
NSTAR Electric Co
4.550% due 06/01/52		1,800,000		1,630,334
4.950% due 09/15/52		2,300,000		2,236,074
Ohio Edison Co 5.500% due 01/15/33 ~		1,400,000		1,391,640
PG&E Energy Recovery Funding LLC 2.280% due 01/15/38		2,400,000		1,818,177
Piedmont Natural Gas Co Inc 5.050% due 05/15/52		1,750,000		1,588,551
Sempra Energy 4.125% due 04/01/52		5,000,000		3,896,223
Sempra Global 3.250% due 01/15/32 ~		1,800,000		1,440,152
Southwestern Electric Power Co 3.250% due 11/01/51		1,600,000		1,058,862
Texas Electric Market Stabilization Funding N LLC 4.265% due 08/01/36 ~		1,950,000		1,854,957

	Principal Amount		Value
The Brooklyn Union Gas Co 4.632% due 08/05/27 ~		$3,725,000		$3,559,612
				50,098,048
Total Corporate Bonds & Notes (Cost $431,496,490)				363,592,536
SENIOR LOAN NOTES - 13.5%
Consumer, Cyclical - 3.4%
Carnival Corp Term B 6.127% (USD LIBOR + 3.250%) due 10/18/28 §		733,794		688,543
ClubCorp Holdings Inc Term B 7.480% (USD LIBOR + 2.750%) due 09/18/24 §		4,757,136		4,308,182
Hilton Grand Vacations Borrower LLC Term B 7.384% (USD LIBOR + 3.000%) due 08/02/28 §		1,975,000		1,964,878
Marriott Ownership Resorts Inc Term B 6.134% (USD LIBOR + 1.750%) due 08/31/25 §		3,849,779		3,819,301
Mileage Plus Holdings LLC Term B 9.996% (USD LIBOR + 5.250%) due 06/20/27 §		1,800,000		1,855,499
SeaWorld Parks & Entertainment Inc Term B 7.438% (USD LIBOR + 3.000%) due 08/25/28 §		3,950,000		3,890,339
Stars Group Holdings BV Term B (Canada) 6.980% (USD LIBOR + 2.250%) due 07/21/26 §		4,444,574		4,394,266
United Airlines Inc Term B 8.108% (USD LIBOR + 3.750%) due 04/21/28 §		3,258,756		3,224,810
				24,145,818
Consumer, Non-Cyclical - 3.6%
Allied Universal Holdco LLC Term B 8.173% (SOFR + 3.750%) due 05/14/28 §		2,468,750		2,348,090
CoreLogic Inc Term B 7.938% (USD LIBOR + 3.500%) due 06/02/28 §		4,196,875		3,513,133
Heartland Dental LLC Term B 8.387% (USD LIBOR + 4.000%) due 04/30/25 §		3,447,500		3,213,718
Mavis Tire Express Services Topco Corp 8.500% (SOFR + 4.000%) due 05/04/28 §		1,407,300		1,346,233
Medline Borrower LP Term B 7.634% (USD LIBOR + 3.250%) due 10/21/28 §		248,125		236,199
Pathway Vet Alliance LLC Term B 8.134% (USD LIBOR + 3.750%) due 03/31/27 §		4,385,081		3,661,543
PetVet Care Centers LLC Term B-3 7.884% (USD LIBOR + 3.500%) due 02/15/25 §		4,584,533		4,332,384

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

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
Spin Holdco Inc Term B 8.765% (USD LIBOR + 4.000%) due 03/04/28 §		$2,456,250		$2,095,488
Sunshine Luxembourg VII SARL Term B (Luxembourg) 8.480% (USD LIBOR + 3.750%) due 10/02/26 §		3,654,863		3,509,176
Wand NewCo 3 Inc Term B-1 7.384% (USD LIBOR + 3.000%) due 02/05/26 §		1,737,251		1,652,198
				25,908,162
Financial - 2.6%
AssuredPartners Inc Term B 7.884% (USD LIBOR + 3.500%) due 02/13/27 §		4,122,500		4,014,284
HUB International Ltd Term B 7.327% (USD LIBOR + 3.000%) due 04/25/25 §		7,274,632		7,207,946
NFP Corp Term B 7.634% (USD LIBOR + 3.250%) due 02/13/27 §		3,579,875		3,433,995
USI Inc Term B 8.330% (SOFR + 3.750%) due 11/22/29 §		3,783,175		3,751,964
				18,408,189
Industrial - 2.4%
Brown Group Holding LLC Term B 6.884% (USD LIBOR + 2.500%) due 06/07/28 §		230,470		226,767
Filtration Group Corp Term B 7.384% (USD LIBOR + 3.000%) due 03/29/25 §		7,074,443		7,016,411
Proampac PG Borrower LLC Term B 7.829% - 8.425% (USD LIBOR + 3.750%) due 11/03/25 §		2,702,047		2,594,527
TransDigm Inc Term E 6.980% (USD LIBOR + 2.250%) due 05/30/25 §		1,851,386		1,834,511
Term F 6.980% (USD LIBOR + 2.250%) due 12/09/25 §		5,623,565		5,562,195
				17,234,411
Technology - 1.5%
Applied Systems Inc Term B 9.080% (USD LIBOR + 4.500%) due 09/19/26 §		1,940,082		1,935,232
Epicor Software Corp Term C 7.634% (USD LIBOR + 3.250%) due 07/31/27 §		2,221,027		2,140,515
Sophia LP Term B 8.230% (USD LIBOR + 3.500%) due 10/07/27 §		207,918		201,225

	Principal Amount		Value
UKG Inc 6.998% (USD LIBOR + 3.250%) due 05/03/26 §		$6,625,626		$6,310,909
				10,587,881
Total Senior Loan Notes (Cost $100,350,783)				96,284,461
MORTGAGE-BACKED SECURITIES - 3.1%
Fannie Mae - 3.1%
due 01/01/38 #		6,000,000		6,029,017
due 01/01/38 #		9,000,000		9,170,089
due 01/01/53 #		7,000,000		7,170,011
				22,369,117
Total Mortgage-Backed Securities (Cost $22,455,625)				22,369,117
ASSET-BACKED SECURITIES - 19.0%
Aimco CLO 11 Ltd (Cayman) 5.209% (USD LIBOR + 1.130%) due 10/17/34 ~ §		4,000,000		3,890,701
AmeriCredit Automobile Receivables Trust
0.760% due 12/18/25		2,450,000		2,364,104
0.890% due 10/19/26		2,450,000		2,255,908
1.410% due 08/18/27		3,500,000		3,154,014
1.480% due 02/18/26		1,000,000		948,358
Buttermilk Park CLO Ltd (Cayman) 5.179% (USD LIBOR + 1.100%) due 10/15/31 ~ §		1,600,000		1,566,345
Carlyle Global Market Strategies CLO Ltd (Cayman) 5.908% (USD LIBOR + 1.550%) due 07/27/31 ~ §		2,000,000		1,931,841
Dryden 53 CLO Ltd (Cayman) 5.479% (USD LIBOR + 1.400%) due 01/15/31 ~ §		1,500,000		1,449,099
Dryden 55 CLO Ltd (Cayman) 5.979% (USD LIBOR + 1.900%) due 04/15/31 ~ §		1,000,000		938,181
Dryden 58 CLO Ltd (Cayman) 5.579% (USD LIBOR + 1.500%) due 07/17/31 ~ §		2,000,000		1,931,974
5.879% (USD LIBOR + 1.800%) due 07/17/31 ~ §		2,000,000		1,860,449
Dryden 64 CLO Ltd (Cayman) 5.594% (USD LIBOR + 1.400%) due 04/18/31 ~ §		1,600,000		1,540,265
Flatiron CLO 19 Ltd (Cayman) 6.194% (USD LIBOR + 1.550%) due 11/16/34 ~ §		1,000,000		951,498
Ford Credit Auto Owner Trust
1.190% due 01/15/26		1,350,000		1,283,902
1.530% due 05/15/34 ~		1,050,000		911,485
2.040% due 12/15/26		1,000,000		956,915
2.040% due 08/15/31 ~		2,000,000		1,877,411
3.190% due 07/15/31 ~		4,000,000		3,823,592
3.880% due 11/15/34 ~		3,250,000		3,120,136

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

20

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
Hilton Grand Vacations Trust 3.610% due 06/20/34 ~		$594,764		$563,936
Madison Park Funding Ltd (Cayman) 5.679% (USD LIBOR + 1.600%) due 07/15/30 ~ §		2,600,000		2,511,413
Magnetite XIV-R Ltd (Cayman) 5.314% (USD LIBOR + 1.120%) due 10/18/31 ~ §		2,500,000		2,453,990
Magnetite XXIX Ltd (Cayman) 5.069% (USD LIBOR + 0.990%) due 01/15/34 ~ §		3,250,000		3,189,076
Magnetite XXV Ltd (Cayman) 5.558% (USD LIBOR + 1.200%) due 01/25/32 ~ §		615,000		608,275
MVW LLC 1.740% due 10/20/37 ~		309,128		281,924
Navient Private Education Loan Trust 2.460% due 11/15/68 ~		763,800		698,136
Navient Private Education Refi Loan Trust
0.840% due 05/15/69 ~		692,833		599,633
1.170% due 09/16/69 ~		490,837		435,589
1.220% due 07/15/69 ~		760,230		675,406
1.310% due 01/15/69 ~		1,203,685		1,081,168
1.690% due 05/15/69 ~		3,961,022		3,566,576
2.640% due 05/15/68 ~		888,334		836,735
Navient Student Loan Trust
1.310% due 12/26/69 ~		1,650,575		1,375,455
1.320% due 08/26/69 ~		3,190,875		2,677,274
Neuberger Berman Loan Advisers CLO 25 Ltd (Cayman) 5.544% (USD LIBOR + 1.350%) due 10/18/29 ~ §		1,500,000		1,444,694
OneMain Financial Issuance Trust 4.130% due 05/14/35 ~		2,700,000		2,549,673
Palmer Square CLO Ltd (Cayman) 5.179% (USD LIBOR + 1.100%) due 07/16/31 ~ §		2,500,000		2,465,058
5.686% (USD LIBOR + 1.080%) due 11/15/31 ~ §		3,500,000		3,442,612
Palmer Square Loan Funding Ltd (Cayman)
5.479% (USD LIBOR + 1.400%) due 10/15/29 ~ §		9,700,000		9,474,134
5.643% (USD LIBOR + 1.400%) due 07/20/29 ~ §		4,500,000		4,387,450
5.925% (USD LIBOR + 1.250%) due 05/20/29 ~ §		6,000,000		5,851,939
6.043% (USD LIBOR + 1.800%) due 04/20/29 ~ §		750,000		717,683
6.575% (USD LIBOR + 1.900%) due 02/20/28 ~ §		1,200,000		1,157,802
Santander Drive Auto Receivables Trust
0.750% due 02/17/26		3,032,561		2,980,485
4.420% due 11/15/27		2,800,000		2,711,178
SLM Student Loan Trust 4.908% (USD LIBOR + 0.550%) due 10/25/64 ~ §		1,453,514		1,396,692
SMB Private Education Loan Trust
1.070% due 01/15/53 ~		3,628,905		3,115,293
1.290% due 07/15/53 ~		1,937,145		1,710,487

	Principal Amount		Value
1.680% due 02/15/51 ~		$2,542,688		$2,296,271
2.230% due 09/15/37 ~		4,498,425		4,107,867
2.340% due 09/15/34 ~		1,004,042		956,588
2.430% due 02/17/32 ~		1,286,779		1,230,201
2.700% due 05/15/31 ~		676,678		648,222
2.820% due 10/15/35 ~		1,930,868		1,839,312
2.880% due 09/15/34 ~		3,143,798		3,014,976
3.440% due 07/15/36 ~		1,387,095		1,320,170
3.500% due 02/15/36 ~		2,662,515		2,538,414
3.600% due 01/15/37 ~		726,361		695,813
3.630% due 11/15/35 ~		988,393		929,815
4.480% due 05/16/50 ~		2,926,710		2,802,628
5.048% (USD LIBOR + 0.730%) due 01/15/53 ~ §		778,846		746,041
Sofi Professional Loan Program LLC 2.370% due 11/16/48 ~		1,021,514		949,281
SoFi Professional Loan Program Trust 2.540% due 05/15/46 ~		1,484,113		1,344,302
Stratus CLO Ltd (Cayman) 5.643% (USD LIBOR + 1.400%) due 12/29/29 ~ §		6,000,000		5,820,626
TIAA CLO IV Ltd (Cayman) 5.943% (USD LIBOR + 1.700%) due 01/20/32 ~ §		2,750,000		2,656,947
Total Asset-Backed Securities (Cost $143,435,415)				135,613,418
U.S. TREASURY OBLIGATIONS - 11.8%
U.S. Treasury Bonds - 8.9%
1.125% due 05/15/40		14,500,000		9,082,891
1.250% due 05/15/50		9,000,000		4,846,816
1.375% due 08/15/50		6,500,000		3,614,229
1.750% due 08/15/41		10,000,000		6,848,242
1.875% due 11/15/51		7,000,000		4,435,977
2.000% due 08/15/51		5,000,000		3,275,586
2.250% due 08/15/46		2,550,000		1,807,014
2.250% due 02/15/52		14,500,000		10,088,828
2.500% due 02/15/46		3,500,000		2,621,992
2.500% due 05/15/46		3,000,000		2,240,859
2.750% due 11/15/47		2,000,000		1,561,797
2.875% due 05/15/52		2,500,000		2,003,906
3.000% due 11/15/44		2,000,000		1,652,500
4.000% due 11/15/42		10,000,000		9,793,750
				63,874,387
U.S. Treasury Notes - 2.9%
0.625% due 05/15/30		13,000,000		10,290,820
1.125% due 02/15/31		5,000,000		4,076,367
1.750% due 11/15/29		5,000,000		4,359,961
2.375% due 05/15/29		2,000,000		1,818,594
				20,545,742
Total U.S. Treasury Obligations (Cost $107,698,653)				84,420,129

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

21

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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 ‘Institutional’ 4.030%		24,083,559		$24,083,559
Total Short-Term Investment (Cost $24,083,559)				24,083,559
TOTAL INVESTMENTS - 101.8% (Cost $829,520,525)				726,363,220
OTHER ASSETS & LIABILITIES, NET - (1.8%)				(12,761,431	)
NET ASSETS - 100.0%				$713,601,789

Note to Schedule of Investments

(a) Fair Value Measurements

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

		Total Value at December 31, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$363,592,536		$—		$363,592,536		$—
	Senior Loan Notes		96,284,461		—		96,284,461		—
	Mortgage-Backed Securities		22,369,117		—		22,369,117		—
	Asset-Backed Securities		135,613,418		—		135,613,418		—
	U.S. Treasury Obligations		84,420,129		—		84,420,129		—
	Short-Term Investment		24,083,559		24,083,559		—		—
	Total		$726,363,220		$24,083,559		$702,279,661		$—

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

22

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Schedule of Investments

December 31, 2022 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 58.9%
Communications - 3.5%
Charter Communications Operating LLC 2.300% due 02/01/32		$250,000		$184,740
Comcast Corp 5.500% due 11/15/32		300,000		313,784
Sprint Spectrum Co LLC 4.738% due 09/20/29 ~		168,750		166,841
Verizon Communications Inc
2.850% due 09/03/41		50,000		34,601
3.400% due 03/22/41		250,000		188,964
				888,930
Consumer, Cyclical - 3.8%
Ferguson Finance PLC 3.250% due 06/02/30 ~		200,000		170,058
Lowe’s Cos Inc 4.450% due 04/01/62		250,000		195,649
Marriott International Inc
2.750% due 10/15/33		100,000		76,575
5.000% due 10/15/27		250,000		247,116
Meritage Homes Corp 3.875% due 04/15/29 ~		200,000		169,900
Warnermedia Holdings Inc 5.050% due 03/15/42 ~		150,000		115,294
				974,592
Consumer, Non-Cyclical - 9.9%
Alcon Finance Corp (Switzerland) 5.375% due 12/06/32 ~		200,000		201,644
Amgen Inc
3.150% due 02/21/40		100,000		74,021
4.200% due 03/01/33		150,000		139,239
Anheuser-Busch InBev Worldwide Inc (Belgium) 3.750% due 07/15/42		500,000		403,386
Cigna Corp 2.375% due 03/15/31		200,000		164,171
CVS Health Corp 1.750% due 08/21/30		300,000		237,112
HCA Inc 3.125% due 03/15/27 ~		100,000		91,064
Keurig Dr Pepper Inc 4.500% due 04/15/52		250,000		209,609
McKesson Corp 1.300% due 08/15/26		250,000		220,175
Moody’s Corp 4.250% due 08/08/32		200,000		187,498
Sysco Corp 3.150% due 12/14/51		150,000		99,272
Takeda Pharmaceutical Co Ltd (Japan) 2.050% due 03/31/30		200,000		163,696
UnitedHealth Group Inc 4.750% due 05/15/52		250,000		232,216
Zoetis Inc 2.000% due 05/15/30		100,000		81,379
				2,504,482

	Principal Amount		Value
Energy - 2.7%
Enbridge Inc (Canada) 7.375% due 01/15/83		$350,000		$341,058
Enterprise Products Operating LLC 3.700% due 01/31/51		250,000		181,378
Kinder Morgan Energy Partners LP 5.000% due 08/15/42		200,000		172,028
				694,464
Financial - 24.4%
AerCap Ireland Capital DAC (Ireland) 3.300% due 01/30/32		250,000		196,052
Air Lease Corp 1.875% due 08/15/26		450,000		391,397
American Tower Corp REIT 2.750% due 01/15/27		100,000		90,792
Bank of America Corp
2.482% due 09/21/36		350,000		257,970
3.846% due 03/08/37		300,000		249,189
Broadstone Net Lease LLC REIT 2.600% due 09/15/31		200,000		150,374
Citigroup Inc
2.520% due 11/03/32		250,000		195,036
3.057% due 01/25/33		250,000		202,396
Cooperatieve Rabobank UA (Netherlands) 1.980% due 12/15/27 ~		500,000		435,268
Equinix Inc REIT 3.900% due 04/15/32		250,000		222,814
GLP Capital LP REIT 3.250% due 01/15/32		100,000		80,083
Healthpeak Properties Inc REIT 1.350% due 02/01/27		150,000		130,054
HSBC Holdings PLC (United Kingdom) 2.099% due 06/04/26		250,000		227,717
JAB Holdings BV (Austria) 4.500% due 04/08/52 ~		250,000		170,529
Massachusetts Mutual Life Insurance Co 5.672% due 12/01/52 ~		250,000		249,006
MetLife Inc 5.000% due 07/15/52		100,000		95,794
Morgan Stanley 2.943% due 01/21/33		500,000		405,783
Nordea Bank Abp (Finland) 1.500% due 09/30/26 ~		350,000		302,672
PNC Bank NA 2.700% due 10/22/29		250,000		211,482
State Street Corp 5.751% due 11/04/26		150,000		153,710
Sumitomo Mitsui Financial Group Inc (Japan) 2.472% due 01/14/29		500,000		422,083
Sun Communities Operating LP REIT 2.700% due 07/15/31		150,000		118,761
The Bank of New York Mellon Corp 4.596% due 07/26/30		50,000		48,378
The Goldman Sachs Group Inc 3.814% due 04/23/29		500,000		457,609
Truist Bank 2.636% due 09/17/29		250,000		233,955

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

23

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PACIFIC FUNDS ESG CORE BOND

Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
Ventas Realty LP REIT 2.650% due 01/15/25		$250,000		$236,744
VICI Properties LP REIT
4.125% due 08/15/30 ~		200,000		175,369
4.625% due 12/01/29 ~		100,000		91,168
				6,202,185
Industrial - 7.9%
Allegion US Holding Co Inc 3.550% due 10/01/27		200,000		180,836
Canadian National Railway Co (Canada) 3.850% due 08/05/32		250,000		233,044
Eaton Corp 4.150% due 03/15/33		100,000		93,278
Flowserve Corp 2.800% due 01/15/32		250,000		187,857
Keysight Technologies Inc 3.000% due 10/30/29		250,000		217,205
nVent Finance Sarl (United Kingdom) 2.750% due 11/15/31		250,000		192,983
Parker-Hannifin Corp 4.500% due 09/15/29		250,000		240,132
Ryder System Inc 3.350% due 09/01/25		200,000		190,070
The Weir Group PLC (United Kingdom) 2.200% due 05/13/26 ~		250,000		222,004
Waste Connections Inc 4.200% due 01/15/33		100,000		93,185
Waste Management Inc 4.150% due 04/15/32		150,000		143,172
				1,993,766
Technology - 3.1%
Broadcom Inc 3.187% due 11/15/36 ~		12,000		8,657
Dell International LLC 4.900% due 10/01/26		300,000		295,706
Fiserv Inc 3.500% due 07/01/29		250,000		225,763
Oracle Corp 2.300% due 03/25/28		300,000		260,373
				790,499
Utilities - 3.6%
CenterPoint Energy Houston Electric LLC 4.450% due 10/01/32		150,000		145,076
Enel Finance International NV (Italy) 2.650% due 09/10/24 ~		200,000		191,488
ITC Holdings Corp 4.950% due 09/22/27 ~		150,000		148,183
New England Power Co (United Kingdom) 5.936% due 11/25/52 ~		100,000		103,439
NiSource Inc 5.000% due 06/15/52		150,000		137,239

	Principal Amount		Value
NSTAR Electric Co 4.950% due 09/15/52		$200,000		$194,441
				919,866
Total Corporate Bonds & Notes (Cost $17,404,744)				14,968,784
MORTGAGE-BACKED SECURITIES - 2.9%
Fannie Mae - 1.7%
2.000% due 09/01/35		140,430		125,427
2.000% due 12/01/35		334,791		299,015
				424,442
Freddie Mac - 1.2%
2.000% due 12/01/35		335,597		299,745
Total Mortgage-Backed Securities (Cost $846,247)				724,187
ASSET-BACKED SECURITIES - 17.9%
Ford Credit Auto Owner Trust
0.700% due 10/15/26		450,000		409,599
1.530% due 05/15/34 ~		350,000		303,828
5.370% due 08/15/25		400,000		400,988
GM Financial Revolving Receivables Trust 1.170% due 06/12/34 ~		150,000		130,528
Magnetite Ltd (Cayman) 5.059% (USD LIBOR + 0.980%) due 04/15/31 ~ §		247,516		243,406
Magnetite XXVIII Ltd (Cayman) 5.373% (USD LIBOR + 1.130%) due 01/20/35 ~ §		250,000		243,247
Navient Private Education Refi Loan Trust 0.840% due 05/15/69 ~		138,567		119,927
Navient Student Loan Trust
1.310% due 12/26/69 ~		187,565		156,302
1.320% due 08/26/69 ~		161,336		135,368
OCP CLO Ltd (Cayman) 5.039% (USD LIBOR + 0.960%) due 07/15/30 ~ §		250,000		246,959
Palmer Square CLO Ltd (Cayman) 5.179% (USD LIBOR + 1.100%) due 07/16/31 ~ §		250,000		246,506
Palmer Square Loan Funding Ltd (Cayman) 5.043% (USD LIBOR + 0.800%) due 07/20/29 ~ §		189,754		187,569
5.143% (USD LIBOR + 0.900%) due 04/20/29 ~ §		284,217		280,884
5.479% (USD LIBOR + 1.400%) due 10/15/29 ~ §		250,000		244,179
Santander Drive Auto Receivables Trust
0.590% due 09/15/25		69,247		69,056
0.750% due 02/17/26		614,708		604,152
4.370% due 05/15/25		400,000		398,220

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 Amount		Value
SMB Private Education Loan Trust 1.070% due 01/15/53 ~		$151,204		$129,804
Total Asset-Backed Securities (Cost $4,793,728)				4,550,522
U.S. TREASURY OBLIGATIONS - 15.2%
U.S. Treasury Bonds - 4.9%
1.250% due 05/15/50		250,000		134,634
1.375% due 08/15/50		250,000		139,009
1.625% due 11/15/50		500,000		297,685
1.750% due 08/15/41		125,000		85,603
1.875% due 11/15/51		150,000		95,057
2.000% due 08/15/51		250,000		163,779
2.250% due 02/15/52		200,000		139,156
2.875% due 05/15/52		250,000		200,391
				1,255,314
U.S. Treasury Notes - 10.3%
0.375% due 11/30/25		1,500,000		1,341,914
0.875% due 11/15/30		1,000,000		799,531
2.625% due 05/31/27		500,000		471,387
				2,612,832
Total U.S. Treasury Obligations (Cost $4,663,021)				3,868,146
	Shares
SHORT-TERM INVESTMENT - 4.5%
Money Market Fund - 4.5%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 4.030%		1,140,190		1,140,190
Total Short-Term Investment (Cost $1,140,190)				1,140,190
TOTAL INVESTMENTS - 99.4% (Cost $28,847,930)				25,251,829
OTHER ASSETS & LIABILITIES, NET - 0.6%				156,549
NET ASSETS - 100.0%				$25,408,378

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)

Note to Schedule of Investments

(a) Fair Value Measurements

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

		Total Value at December 31, 2022			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$14,968,784			$—		$14,968,784			$—
	Mortgage-Backed Securities		724,187			—		724,187			—
	Asset-Backed Securities		4,550,522			—		4,550,522			—
	U.S. Treasury Obligations		3,868,146			—		3,868,146			—
	Short-Term Investment		1,140,190			1,140,190		—			—
	Total Assets		25,251,829			1,140,190		24,111,639			—
Liabilities	Due to Custodian		(222	)		—		(222	)		—
	Total Liabilities		(222	)		—		(222	)		—
	Total		$25,251,607			$1,140,190		$24,111,417			$—

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^SM STRATEGIC INCOME

Schedule of Investments

December 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS - 0.0%
Industrial - 0.0%
TNT Crane & Rigging Inc		4,054		$31,082
Total Common Stocks (Cost $1,516,777)				31,082
	Principal Amount
CORPORATE BONDS & NOTES - 74.5%
Basic Materials - 4.2%
Anglo American Capital PLC (South Africa)
2.625% due 09/10/30 ~		$6,450,000		5,256,564
2.875% due 03/17/31 ~		8,500,000		6,960,811
3.875% due 03/16/29 ~		750,000		674,852
Celanese US Holdings LLC
6.050% due 03/15/25		3,000,000		2,990,864
6.165% due 07/15/27		5,000,000		4,939,654
6.379% due 07/15/32		4,300,000		4,101,000
Glencore Funding LLC (Australia) 2.625% due 09/23/31 ~		9,000,000		7,191,984
JW Aluminum Continuous Cast Co 10.250% due 06/01/26 ~		710,000		723,955
Novelis Corp
3.250% due 11/15/26 ~		500,000		448,878
3.875% due 08/15/31 ~		4,679,000		3,826,217
South32 Treasury Ltd (Australia) 4.350% due 04/14/32 ~		11,000,000		9,441,135
SPCM SA (France) 3.375% due 03/15/30 ~		5,000,000		4,031,500
TMS International Corp 6.250% due 04/15/29 ~		9,126,000		6,549,776
				57,137,190
Communications - 8.0%
AT&T Inc
2.250% due 02/01/32		2,475,000		1,946,382
2.300% due 06/01/27		4,000,000		3,563,649
4.350% due 03/01/29		5,500,000		5,241,924
CCO Holdings LLC
4.250% due 02/01/31 ~		750,000		603,300
4.250% due 01/15/34 ~		8,375,000		6,197,500
6.375% due 09/01/29 ~		2,500,000		2,354,163
Charter Communications Operating LLC
2.800% due 04/01/31		1,950,000		1,522,571
3.750% due 02/15/28		1,500,000		1,355,128
4.200% due 03/15/28		5,750,000		5,294,980
5.050% due 03/30/29		1,500,000		1,414,347
Comcast Corp
2.650% due 08/15/62		2,500,000		1,408,397
3.400% due 07/15/46		4,000,000		2,947,498
CSC Holdings LLC
3.375% due 02/15/31 ~		1,500,000		980,655
4.625% due 12/01/30 ~		4,400,000		2,441,292
5.750% due 01/15/30 ~		200,000		113,239
6.500% due 02/01/29 ~		2,725,000		2,233,451
DISH Network Corp 11.750% due 11/15/27 ~		3,325,000		3,428,574

	Principal Amount		Value
Frontier Communications Holdings LLC 5.000% due 05/01/28 ~		$4,250,000		$3,714,542
Rogers Communications Inc (Canada) 3.800% due 03/15/32 ~		8,000,000		6,925,310
Sirius XM Radio Inc 3.875% due 09/01/31 ~		7,775,000		6,080,783
Sprint Capital Corp 8.750% due 03/15/32		3,000,000		3,577,065
T-Mobile USA Inc
2.050% due 02/15/28		3,000,000		2,581,597
2.400% due 03/15/29		2,000,000		1,691,808
3.375% due 04/15/29		2,050,000		1,809,524
3.500% due 04/15/31		1,125,000		973,940
3.750% due 04/15/27		7,000,000		6,603,946
3.875% due 04/15/30		6,000,000		5,448,963
4.375% due 04/15/40		3,900,000		3,344,292
5.200% due 01/15/33		1,700,000		1,690,117
Uber Technologies Inc 4.500% due 08/15/29 ~		11,525,000		10,062,823
Verizon Communications Inc
1.750% due 01/20/31		3,000,000		2,334,584
2.550% due 03/21/31		11,500,000		9,485,513
				109,371,857
Consumer, Cyclical - 9.5%
American Airlines Inc 5.750% due 04/20/29 ~		5,125,000		4,693,274
American Airlines Pass-Through Trust ‘A’
3.500% due 08/15/33		1,685,637		1,282,064
4.100% due 07/15/29		1,071,541		875,890
American Airlines Pass-Through Trust ‘AA’ 3.150% due 08/15/33		2,550,066		2,117,303
American Airlines Pass-Through Trust ‘B’ 5.250% due 07/15/25		730,968		712,623
British Airways Pass-Through Trust ‘AA’ (United Kingdom) 3.300% due 06/15/34 ~		2,449,085		2,084,370
CDI Escrow Issuer Inc 5.750% due 04/01/30 ~		7,650,000		6,871,109
Dornoch Debt Merger Sub Inc 6.625% due 10/15/29 ~		3,070,000		2,157,615
Ferguson Finance PLC 4.650% due 04/20/32 ~		7,000,000		6,389,998
Fertitta Entertainment LLC
4.625% due 01/15/29 ~		4,975,000		4,216,487
6.750% due 01/15/30 ~		5,000,000		4,042,375
Ford Motor Co 6.100% due 08/19/32		2,175,000		2,012,489
Ford Motor Credit Co LLC
2.900% due 02/10/29		7,500,000		6,000,263
3.375% due 11/13/25		400,000		362,313
4.000% due 11/13/30		400,000		329,122
4.125% due 08/17/27		3,500,000		3,140,533
4.950% due 05/28/27		1,600,000		1,495,632
Foundation Building Materials Inc 6.000% due 03/01/29 ~		4,855,000		3,656,901
General Motors Co
4.200% due 10/01/27		6,500,000		6,122,902
6.125% due 10/01/25		1,950,000		1,986,550

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 Amount		Value
General Motors Financial Co Inc
4.350% due 01/17/27		$5,000,000		$4,758,158
5.100% due 01/17/24		1,000,000		996,451
Hilton Grand Vacations Borrower Escrow LLC
4.875% due 07/01/31 ~		5,775,000		4,720,791
5.000% due 06/01/29 ~		1,875,000		1,614,891
Hyatt Hotels Corp 6.000% due 04/23/30		5,450,000		5,343,938
Hyundai Capital America 1.650% due 09/17/26 ~		5,000,000		4,400,837
LBM Acquisition LLC 6.250% due 01/15/29 ~		4,000,000		2,550,606
Lowe’s Cos Inc 4.250% due 04/01/52		5,000,000		3,988,992
MajorDrive Holdings IV LLC 6.375% due 06/01/29 ~		8,050,000		6,017,302
Marriott International Inc
2.850% due 04/15/31		4,000,000		3,248,767
5.000% due 10/15/27		2,300,000		2,273,464
Midwest Gaming Borrower LLC 4.875% due 05/01/29 ~		4,625,000		3,941,259
New Red Finance Inc (Canada) 4.000% due 10/15/30 ~		6,000,000		4,871,370
PetSmart Inc 7.750% due 02/15/29 ~		6,150,000		5,787,565
SRS Distribution Inc 6.125% due 07/01/29 ~		1,875,000		1,518,412
STL Holding Co LLC 7.500% due 02/15/26 ~		3,400,000		3,013,930
United Airlines Pass-Through Trust ‘AA’ 4.150% due 02/25/33		2,319,622		2,058,261
Viking Ocean Cruises Ship VII Ltd 5.625% due 02/15/29 ~		175,000		141,103
Warnermedia Holdings Inc
4.054% due 03/15/29 ~		6,000,000		5,202,242
4.279% due 03/15/32 ~		2,000,000		1,652,535
				128,650,687
Consumer, Non-Cyclical - 9.1%
Ahern Rentals Inc 7.375% due 05/15/23 ~		6,600,000		6,600,000
Allied Universal Holdco LLC 9.750% due 07/15/27 ~		7,950,000		6,933,593
AmerisourceBergen Corp 2.700% due 03/15/31		8,000,000		6,660,111
Anheuser-Busch InBev Worldwide Inc (Belgium) 4.750% due 01/23/29		9,325,000		9,224,630
APi Group DE Inc 4.750% due 10/15/29 ~		5,925,000		5,166,455
CoreLogic Inc 4.500% due 05/01/28 ~		4,225,000		3,246,891
Global Payments Inc
2.150% due 01/15/27		8,000,000		6,989,780
5.400% due 08/15/32		5,000,000		4,776,382
5.950% due 08/15/52		5,000,000		4,545,616
GSK Consumer Healthcare Capital US LLC 3.375% due 03/24/29		8,000,000		7,210,379
HCA Inc 3.625% due 03/15/32 ~		7,000,000		5,941,770

	Principal Amount		Value
JBS USA LUX SA
5.125% due 02/01/28 ~		$700,000		$664,473
5.750% due 04/01/33 ~		8,000,000		7,650,240
Kraft Heinz Foods Co
4.375% due 06/01/46		5,500,000		4,494,551
5.200% due 07/15/45		3,975,000		3,686,998
MPH Acquisition Holdings LLC
5.500% due 09/01/28 ~		900,000		703,926
5.750% due 11/01/28 ~		5,200,000		3,469,504
Sysco Corp
2.400% due 02/15/30		4,000,000		3,333,603
2.450% due 12/14/31		3,000,000		2,418,299
Tenet Healthcare Corp
4.250% due 06/01/29 ~		3,125,000		2,712,953
4.375% due 01/15/30 ~		1,825,000		1,582,859
6.125% due 10/01/28 ~		4,175,000		3,746,770
6.125% due 06/15/30 ~		425,000		405,686
The Hertz Corp 5.000% due 12/01/29 ~		5,900,000		4,483,410
UnitedHealth Group Inc 5.300% due 02/15/30		7,000,000		7,230,526
US Foods Inc 4.625% due 06/01/30 ~		7,800,000		6,878,738
Viatris Inc 2.700% due 06/22/30		4,450,000		3,488,611
				124,246,754
Energy - 8.1%
Antero Midstream Partners LP 5.375% due 06/15/29 ~		7,400,000		6,775,366
Archrock Partners LP
6.250% due 04/01/28 ~		2,025,000		1,856,190
6.875% due 04/01/27 ~		1,325,000		1,267,024
Callon Petroleum Co 7.500% due 06/15/30 ~		4,125,000		3,779,738
Cheniere Corpus Christi Holdings LLC 5.125% due 06/30/27		7,625,000		7,545,406
Cheniere Energy Partners LP 3.250% due 01/31/32		10,925,000		8,696,920
CQP Holdco LP 5.500% due 06/15/31 ~		5,225,000		4,573,861
Energy Transfer Operating LP
2.900% due 05/15/25		1,000,000		942,625
3.750% due 05/15/30		3,000,000		2,651,976
4.000% due 10/01/27		1,200,000		1,121,920
4.050% due 03/15/25		1,200,000		1,163,317
4.750% due 01/15/26		7,200,000		7,021,067
5.500% due 06/01/27		1,500,000		1,491,753
5.550% due 02/15/28		450,000		446,954
5.800% due 06/15/38		3,000,000		2,757,831
EnLink Midstream LLC 6.500% due 09/01/30 ~		4,625,000		4,583,606
EQM Midstream Partners LP
4.750% due 01/15/31 ~		9,625,000		7,887,254
5.500% due 07/15/28		1,250,000		1,119,941
6.000% due 07/01/25 ~		184,000		177,876
6.500% due 07/01/27 ~		1,750,000		1,675,625
7.500% due 06/01/27 ~		50,000		49,029
7.500% due 06/01/30 ~		50,000		48,245

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

28

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
Genesis Energy LP 7.750% due 02/01/28		$2,750,000		$2,535,665
ITT Holdings LLC 6.500% due 08/01/29 ~		3,500,000		2,954,052
MPLX LP
2.650% due 08/15/30		2,225,000		1,808,156
4.800% due 02/15/29		1,350,000		1,294,687
4.950% due 09/01/32		300,000		282,189
4.950% due 03/14/52		3,650,000		2,998,845
New Fortress Energy Inc 6.500% due 09/30/26 ~		3,425,000		3,187,305
Tallgrass Energy Partners LP
6.000% due 12/31/30 ~		3,100,000		2,684,693
6.000% due 09/01/31 ~		2,275,000		1,958,965
Targa Resources Partners LP
4.000% due 01/15/32		5,850,000		4,930,029
5.000% due 01/15/28		650,000		621,133
5.500% due 03/01/30		4,000,000		3,769,620
6.500% due 07/15/27		500,000		503,985
Venture Global Calcasieu Pass LLC
3.875% due 08/15/29 ~		900,000		789,079
3.875% due 11/01/33 ~		6,560,000		5,370,967
4.125% due 08/15/31 ~		7,400,000		6,317,750
				109,640,644
Financial - 20.0%
AerCap Ireland Capital DAC (Ireland)
2.450% due 10/29/26		3,250,000		2,846,149
4.450% due 10/01/25		2,000,000		1,924,637
4.625% due 10/15/27		1,000,000		930,390
Air Lease Corp
1.875% due 08/15/26		750,000		652,329
3.125% due 12/01/30		3,500,000		2,909,118
3.750% due 06/01/26		1,500,000		1,406,829
4.650% due 06/15/26		2,750,000		2,305,105
Athene Holding Ltd
3.500% due 01/15/31		1,000,000		823,428
6.150% due 04/03/30		4,925,000		4,980,408
Avolon Holdings Funding Ltd (Ireland)
2.125% due 02/21/26 ~		6,450,000		5,558,166
2.750% due 02/21/28 ~		6,500,000		5,227,815
3.250% due 02/15/27 ~		3,200,000		2,742,774
3.950% due 07/01/24 ~		3,000,000		2,873,611
Bank of America Corp
1.922% due 10/24/31		1,000,000		766,121
2.087% due 06/14/29		7,300,000		6,155,769
2.482% due 09/21/36		4,250,000		3,132,492
2.551% due 02/04/28		3,000,000		2,668,777
2.592% due 04/29/31		7,500,000		6,124,743
2.651% due 03/11/32		5,000,000		4,014,010
2.687% due 04/22/32		1,450,000		1,164,038
2.972% due 02/04/33		6,000,000		4,849,196
6.125% due 04/27/27		5,000,000		4,918,750
Citigroup Inc
1.462% due 06/09/27		5,000,000		4,342,948
2.520% due 11/03/32		4,500,000		3,510,648
2.561% due 05/01/32		450,000		356,332
2.666% due 01/29/31		1,000,000		822,321
3.668% due 07/24/28		4,000,000		3,679,856
3.980% due 03/20/30		3,000,000		2,711,751

	Principal Amount		Value
4.075% due 04/23/29		$3,000,000		$2,765,878
4.450% due 09/29/27		10,500,000		10,028,338
Corebridge Financial Inc 3.850% due 04/05/29 ~		5,000,000		4,564,375
GLP Capital LP REIT
4.000% due 01/15/31		2,925,000		2,514,257
5.300% due 01/15/29		9,000,000		8,533,035
Host Hotels & Resorts LP REIT
2.900% due 12/15/31		5,750,000		4,412,387
3.375% due 12/15/29		6,800,000		5,698,855
3.500% due 09/15/30		1,500,000		1,241,265
HSBC Holdings PLC (United Kingdom)
2.206% due 08/17/29		4,500,000		3,640,075
4.700% due 03/09/31		3,000,000		2,384,678
Invitation Homes Operating Partnership LP REIT 2.700% due 01/15/34		9,000,000		6,588,745
Iron Mountain Inc REIT
4.875% due 09/15/29 ~		4,175,000		3,648,449
5.250% due 07/15/30 ~		1,000,000		871,255
JPMorgan Chase & Co
1.578% due 04/22/27		5,000,000		4,399,071
2.069% due 06/01/29		6,000,000		5,021,552
2.522% due 04/22/31		1,950,000		1,599,966
2.580% due 04/22/32		550,000		441,900
2.947% due 02/24/28		2,300,000		2,083,885
2.963% due 01/25/33		6,950,000		5,674,729
4.005% due 04/23/29		2,000,000		1,853,890
4.125% due 12/15/26		5,725,000		5,539,995
5.717% due 09/14/33		3,950,000		3,867,227
Liberty Mutual Group Inc 4.300% due 02/01/61 ~		3,950,000		2,414,872
Morgan Stanley
1.512% due 07/20/27		5,000,000		4,345,040
2.484% due 09/16/36		550,000		400,064
2.943% due 01/21/33		7,500,000		6,086,747
3.591% due 07/22/28		11,000,000		10,107,068
5.000% due 11/24/25		3,150,000		3,143,996
5.297% due 04/20/37		550,000		504,397
OneMain Finance Corp
3.875% due 09/15/28		3,175,000		2,528,951
5.375% due 11/15/29		4,775,000		3,913,402
State Street Corp 5.820% due 11/04/28		3,000,000		3,103,451
The Charles Schwab Corp 5.000% due 06/01/27		5,000,000		4,577,492
The Goldman Sachs Group Inc
1.542% due 09/10/27		7,000,000		6,047,197
1.948% due 10/21/27		5,000,000		4,378,448
2.600% due 02/07/30		4,000,000		3,346,847
2.615% due 04/22/32		5,050,000		4,039,445
3.102% due 02/24/33		4,000,000		3,258,324
3.800% due 03/15/30		3,000,000		2,703,848
The PNC Financial Services Group Inc 4.626% due 06/06/33		6,900,000		6,394,210
VICI Properties LP REIT
3.750% due 02/15/27 ~		3,000,000		2,728,125
4.625% due 12/01/29 ~		5,000,000		4,558,400
4.750% due 02/15/28		450,000		427,742
5.125% due 05/15/32		3,000,000		2,783,625

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

29

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PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
Wells Fargo & Co
2.393% due 06/02/28		$4,500,000		$3,978,436
3.000% due 10/23/26		3,000,000		2,776,731
3.196% due 06/17/27		5,000,000		4,644,067
3.526% due 03/24/28		5,985,000		5,552,926
3.908% due 04/25/26		1,900,000		1,848,302
				272,364,471
Industrial - 11.5%
ARD Finance SA (Luxembourg) 6.500% Cash or 7.250% PIK due 06/30/27 ~		3,768,194		2,626,855
Carrier Global Corp 2.722% due 02/15/30		4,450,000		3,756,261
Chart Industries Inc
7.500% due 01/01/30 ~		800,000		805,232
9.500% due 01/01/31 ~		525,000		539,078
Clydesdale Acquisition Holdings Inc
6.625% due 04/15/29 ~		3,150,000		2,998,880
8.750% due 04/15/30 ~		2,150,000		1,844,370
First Student Bidco Inc 4.000% due 07/31/29 ~		7,475,000		6,193,579
Flowserve Corp
2.800% due 01/15/32		5,050,000		3,794,700
3.500% due 10/01/30		7,050,000		5,894,382
GFL Environmental Inc (Canada)
3.500% due 09/01/28 ~		1,025,000		902,469
4.000% due 08/01/28 ~		875,000		749,276
4.375% due 08/15/29 ~		1,950,000		1,655,014
4.750% due 06/15/29 ~		2,375,000		2,081,747
Granite US Holdings Corp 11.000% due 10/01/27 ~		4,975,000		5,249,670
Hillenbrand Inc 3.750% due 03/01/31		6,375,000		5,235,787
Husky III Holding Ltd (Canada) 13.000% Cash or 13.750% PIK due 02/15/25 ~		2,050,000		1,819,375
LABL Inc
5.875% due 11/01/28 ~		4,475,000		3,907,324
6.750% due 07/15/26 ~		2,500,000		2,360,435
8.250% due 11/01/29 ~		1,975,000		1,576,736
Madison IAQ LLC
4.125% due 06/30/28 ~		1,875,000		1,570,312
5.875% due 06/30/29 ~		4,075,000		2,800,661
Masco Corp 7.750% due 08/01/29		4,110,000		4,503,481
Mauser Packaging Solutions Holding Co
5.500% due 04/15/24 ~		4,375,000		4,263,031
7.250% due 04/15/25 ~		6,700,000		6,209,404
nVent Finance Sarl (United Kingdom) 2.750% due 11/15/31		3,600,000		2,778,949
OT Merger Corp 7.875% due 10/15/29 ~		5,500,000		2,928,832
Owens-Brockway Glass Container Inc 5.375% due 01/15/25 ~		5,886,000		5,656,153
Penske Truck Leasing Co LP 3.350% due 11/01/29 ~		3,675,000		3,101,980
SPX FLOW Inc 8.750% due 04/01/30 ~		6,600,000		5,213,736

	Principal Amount		Value
Standard Industries Inc
3.375% due 01/15/31 ~		$6,673,000		$5,035,368
4.375% due 07/15/30 ~		7,500,000		6,127,572
4.750% due 01/15/28 ~		4,443,000		4,004,698
TD SYNNEX Corp 2.650% due 08/09/31		5,000,000		3,801,115
Teledyne Technologies Inc
2.250% due 04/01/28		3,500,000		3,019,726
2.750% due 04/01/31		3,500,000		2,870,483
The Boeing Co 5.040% due 05/01/27		12,200,000		12,084,872
The Weir Group PLC (United Kingdom) 2.200% due 05/13/26 ~		6,800,000		6,038,500
Titan Acquisition Ltd (Canada) 7.750% due 04/15/26 ~		3,395,000		3,062,861
TK Elevator US Newco Inc (Germany) 5.250% due 07/15/27 ~		5,000,000		4,448,000
TransDigm Inc
4.625% due 01/15/29		675,000		594,692
4.875% due 05/01/29		4,475,000		3,909,024
5.500% due 11/15/27		675,000		635,229
Vontier Corp 2.950% due 04/01/31		4,500,000		3,258,238
WRKCo Inc 3.000% due 06/15/33		5,175,000		4,124,544
				156,032,631
Technology - 2.3%
Broadcom Inc
3.137% due 11/15/35 ~		2,700,000		1,993,469
3.187% due 11/15/36 ~		203,000		146,449
3.469% due 04/15/34 ~		2,000,000		1,601,403
4.150% due 11/15/30		1,589,000		1,427,872
4.926% due 05/15/37 ~		2,153,000		1,885,935
Entegris Escrow Corp 4.750% due 04/15/29 ~		5,375,000		4,912,494
Kyndryl Holdings Inc 2.700% due 10/15/28		3,000,000		2,256,164
Open Text Corp (Canada)
3.875% due 12/01/29 ~		1,350,000		1,087,605
6.900% due 12/01/27 ~		3,000,000		3,003,900
Open Text Holdings Inc (Canada) 4.125% due 12/01/31 ~		3,200,000		2,491,969
Oracle Corp
2.300% due 03/25/28		4,000,000		3,471,636
3.250% due 11/15/27		3,000,000		2,760,472
6.150% due 11/09/29		100,000		104,033
6.250% due 11/09/32		3,000,000		3,149,341
Rackspace Technology Global Inc 3.500% due 02/15/28 ~		2,700,000		1,572,399
				31,865,141
Utilities - 1.8%
Arizona Public Service Co 6.350% due 12/15/32		3,800,000		4,008,380
IPALCO Enterprises Inc 4.250% due 05/01/30		4,000,000		3,562,881
Oncor Electric Delivery Co LLC 4.950% due 09/15/52 ~		3,700,000		3,593,760

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

30

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PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
Southern California Edison Co 5.950% due 11/01/32		$8,000,000		$8,478,650
Vistra Operations Co LLC 4.300% due 07/15/29 ~		6,000,000		5,410,868
				25,054,539
Total Corporate Bonds & Notes (Cost $1,153,694,287)				1,014,363,914
SENIOR LOAN NOTES - 18.2%
Communications - 0.4%
Clear Channel Outdoor Holdings Inc Term B 7.915% (USD LIBOR + 3.500%) due 08/21/26 §		6,546,509		5,961,009
Consumer, Cyclical - 2.5%
ClubCorp Holdings Inc Term B 7.480% (USD LIBOR + 2.750%) due 09/18/24 §		4,283,809		3,879,525
Fertitta Entertainment LLC Term B 8.323% (SOFR + 4.000%) due 01/27/29 §		2,952,227		2,810,151
Great Outdoors Group LLC Term B-2 8.134% (USD LIBOR + 3.750%) due 03/05/28 §		3,185,305		3,071,166
LBM Acquisition LLC Term B 7.121% (USD LIBOR + 3.750%) due 12/18/27 §		6,396,420		5,569,324
MIC Glen LLC (2nd Lien) 11.134% (USD LIBOR + 6.750%) due 07/21/29 §		1,750,000		1,597,969
SRS Distribution Inc Term B 7.884% (USD LIBOR + 3.500%) due 06/04/28 §		12,343,750		11,797,539
Tacala Investment Corp Term B 7.884% (USD LIBOR + 3.500%) due 02/05/27 §		3,819,621		3,674,793
(2nd Lien) 11.884% (USD LIBOR + 7.500%) due 02/05/28 §		1,500,000		1,365,000
				33,765,467
Consumer, Non-Cyclical - 5.4%
Allied Universal Holdco LLC Term B 8.173% (SOFR + 3.750%) due 05/14/28 §		9,875,000		9,392,359
CoreLogic Inc Term B 7.938% (USD LIBOR + 3.500%) due 06/02/28 §		10,862,500		9,092,814
Heartland Dental LLC Term B 8.387% (USD LIBOR + 4.000%) due 04/30/25 §		8,618,750		8,034,295
Mavis Tire Express Services Topco Corp 8.500% (SOFR + 4.000%) due 05/04/28 §		7,880,000		7,538,063
Medline Borrower LP Term B 7.634% (USD LIBOR + 3.250%) due 10/21/28 §		4,218,125		4,015,389

	Principal Amount		Value
Pathway Vet Alliance LLC Term B 8.134% (USD LIBOR + 3.750%) due 03/31/27 §		$8,829,478		$7,372,614
PetVet Care Centers LLC 7.134% (USD LIBOR + 2.750%) due 02/14/25 §		2,908,412		2,732,694
Term B 7.634% (USD LIBOR + 3.250%) due 02/14/25 §		2,931,122		2,754,033
Term B-3 7.884% (USD LIBOR + 3.500%) due 02/15/25 §		3,948,980		3,731,786
Spin Holdco Inc Term B 8.765% (USD LIBOR + 4.000%) due 03/04/28 §		5,895,000		5,029,172
Sunshine Luxembourg VII SARL Term B (Luxembourg) 8.480% (USD LIBOR + 3.750%) due 10/02/26 §		8,569,819		8,228,218
WCG Purchaser Corp Term B 8.384% (USD LIBOR + 4.000%) due 01/08/27 ± §		5,909,091		5,421,591
				73,343,028
Energy - 0.5%
Traverse Midstream Partners LLC Term B 8.800% (SOFR + 4.250%) due 09/27/24 §		6,826,750		6,823,337
Financial - 1.5%
AssuredPartners Inc Term B 7.884% (USD LIBOR + 3.500%) due 02/13/27 §		5,335,000		5,194,956
Deerfield Dakota Holding LLC Term B 8.073% (SOFR + 3.750%) due 04/09/27 §		8,846,271		8,279,562
USI Inc Term B 8.330% (SOFR + 3.750%) due 11/22/29 §		6,224,113		6,172,764
				19,647,282
Industrial - 4.0%
Chart Industries Inc Term B due 12/08/29 ∞		1,250,000		1,238,281
Dynasty Acquisition Co Inc 7.923% (USD LIBOR + 3.500%) due 04/08/26 §		3,698,205		3,534,985
Engineered Machinery Holdings Inc 8.480% (USD LIBOR + 3.500%) due 05/21/28 §		3,777,532		3,664,206
LABL Inc Term B 9.384% (USD LIBOR + 5.000%) due 10/29/28 §		9,652,500		9,197,018
Madison IAQ LLC 7.988% (USD LIBOR + 3.250%) due 06/21/28 §		7,880,000		7,341,536

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

31

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PACIFIC FUNDS STRATEGIC INCOME

Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
Mauser Packaging Solutions Holding Co Term B 7.370% (USD LIBOR + 3.250%) due 04/03/24 §		$7,983,894		$7,809,246
Pregis TopCo LLC 8.134% (USD LIBOR + 3.750%) due 08/01/26 §		3,456,250		3,358,324
Term B 8.188% (USD LIBOR + 3.750%) due 08/01/26 §		5,387,686		5,253,667
Pro Mach Group Inc Term B 8.384% (USD LIBOR + 4.000%) due 08/31/28 §		4,456,257		4,344,851
Proampac PG Borrower LLC Term B 7.829% - 8.425% (USD LIBOR + 3.750%) due 11/03/25 §		7,614,859		7,311,849
Standard Aero Ltd 7.923% (USD LIBOR + 3.500%) due 04/08/26 §		1,988,282		1,900,529
				54,954,492
Technology - 3.9%
Applied Systems Inc Term B 9.080% (SOFR + 4.500%) due 09/19/26 §		14,190,215		14,154,740
Epicor Software Corp Term C 7.634% (USD LIBOR + 3.250%) due 07/31/27 §		5,909,320		5,695,107
Peraton Corp Term B 8.134% (USD LIBOR + 3.750%) due 02/01/28 §		7,716,900		7,554,297
Polaris Newco LLC Term B 8.730% (USD LIBOR + 4.000%) due 06/04/28 §		7,900,000		7,228,500
Rackspace Technology Global Inc Term B 7.380% (USD LIBOR + 2.750%) due 02/09/28 §		4,912,500		3,092,826
RealPage Inc Term B 7.384% (USD LIBOR + 3.000%) due 04/22/28 §		6,912,500		6,591,069
UKG Inc 6.998% (USD LIBOR + 3.250%) due 05/03/26 §		8,845,662		8,425,493
				52,742,032
Total Senior Loan Notes (Cost $263,510,411)				247,236,647
ASSET-BACKED SECURITIES - 3.4%
Dryden 55 CLO Ltd (Cayman) 5.979% (USD LIBOR + 1.900%) due 04/15/31 ~ §		250,000		234,545
Dryden 58 CLO Ltd (Cayman)
5.579% (USD LIBOR + 1.500%) due 07/17/31 ~ §		1,500,000		1,448,981
5.879% (USD LIBOR + 1.800%) due 07/17/31 ~ §		1,500,000		1,395,337

	Principal Amount		Value
Dryden 61 CLO Ltd (Cayman) 5.479% (USD LIBOR + 1.400%) due 01/17/32 ~ §		$1,500,000		$1,431,611
5.829% (USD LIBOR + 1.750%) due 01/17/32 ~ §		1,500,000		1,400,064
Dryden 64 CLO Ltd (Cayman) 5.594% (USD LIBOR + 1.400%) due 04/18/31 ~ §		2,600,000		2,502,930
Flatiron RR CLO 22 LLC 5.679% (USD LIBOR + 1.600%) due 10/15/34 ~ §		7,000,000		6,645,197
Madison Park Funding Ltd (Cayman)
5.679% (USD LIBOR + 1.600%) due 07/15/30 ~ §		2,000,000		1,931,856
5.929% (USD LIBOR + 1.850%) due 07/15/30 ~ §		1,000,000		942,929
5.944% (USD LIBOR + 1.750%) due 10/18/30 ~ §		2,650,000		2,559,813
Magnetite Xxx Ltd (Cayman) 5.958% (USD LIBOR + 1.600%) due 10/25/34 ~ §		6,550,000		6,276,309
Neuberger Berman Loan Advisers CLO 38 Ltd 5.893% (USD LIBOR + 1.650%) due 10/20/35 ~ §		5,000,000		4,805,688
Palmer Square Loan Funding Ltd (Cayman)
6.025% (USD LIBOR + 1.350%) due 02/20/28 ~ §		2,000,000		1,968,064
6.575% (USD LIBOR + 1.900%) due 02/20/28 ~ §		1,000,000		964,835
Rad CLO 12 Ltd (Cayman) 6.065% (USD LIBOR + 1.650%) due 10/30/34 ~ §		4,000,000		3,839,238
Sandstone Peak Ltd (Cayman) 5.879% (USD LIBOR + 1.800%) due 10/15/34 ~ §		9,000,000		8,624,801
Total Asset-Backed Securities (Cost $49,050,000)				46,972,198
	Shares
SHORT-TERM INVESTMENT - 2.7%
Money Market Fund - 2.7%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 4.030%		36,288,710		36,288,710
Total Short-Term Investment (Cost $36,288,710)				36,288,710
TOTAL INVESTMENTS - 98.8% (Cost $1,504,060,185)				1,344,892,551
OTHER ASSETS & LIABILITIES, NET - 1.2%				15,939,826
NET ASSETS - 100.0%				$1,360,832,377

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)

Note to Schedule of Investments

(a) Fair Value Measurements

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

		Total Value at December 31, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$31,082		$—		$31,082		$—
	Corporate Bonds & Notes		1,014,363,914		—		1,014,363,914		—
	Senior Loan Notes		247,236,647		—		241,815,056		5,421,591
	Asset-Backed Securities		46,972,198		—		46,972,198		—
	Short-Term Investment		36,288,710		36,288,710		—		—
	Total		$1,344,892,551		$36,288,710		$1,303,182,250		$5,421,591

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^SM FLOATING RATE INCOME

Schedule of Investments

December 31, 2022 (Unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 2.0%
Invesco Senior Loan		1,472,380		$30,227,962
SPDR Blackstone Senior Loan		183,277		7,496,029
SPDR Bloomberg Short Term High Yield Bond		1,988,150		48,192,756
Total Exchange-Traded Funds (Cost $91,080,575)				85,916,747
	Principal Amount
CORPORATE BONDS & NOTES - 7.2%
Communications - 1.5%
Uber Technologies Inc
7.500% due 05/15/25 ~		$13,000,000		13,009,511
7.500% due 09/15/27 ~		10,000,000		10,027,300
8.000% due 11/01/26 ~		40,470,000		40,691,442
				63,728,253
Consumer, Cyclical - 1.3%
American Airlines Inc 11.750% due 07/15/25 ~		16,000,000		17,197,268
Caesars Entertainment Inc 8.125% due 07/01/27 ~		7,125,000		7,015,346
Carnival Corp 9.875% due 08/01/27 ~		14,335,000		13,570,299
eG Global Finance PLC (United Kingdom) 8.500% due 10/30/25 ~		2,000,000		1,866,407
Merlin Entertainments Ltd (United Kingdom) 5.750% due 06/15/26 ~		17,903,000		16,789,747
				56,439,067
Consumer, Non-Cyclical - 0.9%
Allied Universal Holdco LLC
4.625% due 06/01/28 ~		9,000,000		7,328,084
6.625% due 07/15/26 ~		24,327,000		22,309,318
CoreLogic Inc 4.500% due 05/01/28 ~		9,250,000		7,108,579
				36,745,981
Energy - 0.1%
Antero Midstream Partners LP 5.750% due 03/01/27 ~		4,827,000		4,571,542
Financial - 2.3%
Acrisure LLC 7.000% due 11/15/25 ~		22,071,000		20,313,988
AssuredPartners Inc 7.000% due 08/15/25 ~		44,066,000		42,685,100
HUB International Ltd 7.000% due 05/01/26 ~		19,170,000		18,806,153
Ryan Specialty Group LLC 4.375% due 02/01/30 ~		15,694,000		13,608,988
				95,414,229

	Principal Amount		Value
Industrial - 1.1%
TransDigm Inc 6.250% due 03/15/26 ~		$32,323,000		$31,947,730
8.000% due 12/15/25 ~		12,572,000		12,785,598
				44,733,328
Total Corporate Bonds & Notes (Cost $320,107,229)				301,632,400
SENIOR LOAN NOTES - 85.9%
Basic Materials - 2.7%
Axalta Coating Systems US Holdings Inc Term  B-4 7.300% (SOFR + 3.000%) due 12/20/29 §		18,250,000		18,287,066
Herens US Holdco Corp Term B 8.730% (USD LIBOR + 4.000%) due 07/03/28 §		34,520,121		31,862,072
Vantage Specialty Chemicals Inc Term B 7.915% - 8.230% (USD LIBOR + 3.500%) due 10/28/24 §		29,615,020		28,994,941
Vibrantz Technologies Inc Term B 8.494% (SOFR + 4.250%) due 04/21/29 §		39,276,562		33,406,562
				112,550,641
Communications - 4.7%
Arches Buyer Inc 7.634% (USD LIBOR + 3.250%) due 12/06/27 § ∞		40,710,156		37,779,880
CNT Holdings I Corp Term B
7.239% (SOFR + 3.500%) due 11/08/27 §		2,547,509		2,471,084
(2nd Lien) 10.489% (SOFR + 6.750%) due 11/06/28 §		39,180,111		37,155,792
Hunter US Bidco Inc Term B 8.980% (USD LIBOR + 4.250%) due 08/19/28 ± §		6,037,344		5,931,690
MH Sub I LLC 8.134% (USD LIBOR + 3.750%) due 09/15/24 § ∞		33,938,160		33,020,213
Pug LLC Term B
7.884% (USD LIBOR + 3.500%) due 02/13/27 §		38,916,224		32,251,820
8.634% (USD LIBOR + 4.250%) due 02/13/27 ± §		20,384,206		16,969,851
Uber Technologies Inc Term B 8.235% (USD LIBOR + 3.500%) due 04/04/25 § ∞		3,864,883		3,867,298
Xplornet Communications Inc (Canada)
(2nd Lien) 11.384% (USD LIBOR + 7.000%) due 10/01/29 ± §		10,500,000		7,350,000
Term B 8.384% (USD LIBOR + 4.000%) due 10/01/28 §		25,420,147		19,859,490
				196,657,118

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 Amount		Value
Consumer, Cyclical - 10.2%
BCPE Empire Holdings Inc
8.384% (USD LIBOR + 4.000%) due 06/11/26 §		$12,840,908		$12,467,374
9.048% (SOFR + 4.625%) due 06/11/26 §		14,151,209		13,927,153
BJ’s Wholesale Club Inc due 02/03/27 ± ∞		3,000,000		2,992,500
Bombardier Recreational Products Inc Term B-3 (Canada) due 12/13/29 ∞		3,500,000		3,437,291
Caesars Resort Collection LLC Term B 7.134% (USD LIBOR + 2.750%) due 12/22/24 § ∞		26,879,927		26,853,315
Carnival Corp Term B
6.127% (USD LIBOR + 3.250%) due 10/18/28 § ∞		38,083,152		35,734,678
7.384% (USD LIBOR + 3.000%) due 06/30/25 §		26,827,838		25,754,724
ClubCorp Holdings Inc Term B 7.480% (USD LIBOR + 2.750%) due 09/18/24 §		61,163,907		55,391,563
Fertitta Entertainment LLC Term B 8.323% (SOFR + 4.000%) due 01/27/29 §		52,528,013		50,000,102
Great Outdoors Group LLC Term B-2 8.134% (USD LIBOR + 3.750%) due 03/05/28 § ∞		19,225,167		18,536,271
Hayward Industries Inc Term B 7.673% (SOFR + 3.350%) due 05/28/28 §		3,990,000		3,825,413
Hunter Douglas Inc Term B (Netherlands) 7.859% (SOFR + 3.500%) due 02/25/29 §		34,470,541		30,519,355
MIC Glen LLC (2nd Lien) 11.134% (USD LIBOR + 6.750%) due 07/21/29 §		4,750,000		4,337,344
Playa Resorts Holding BV Term B 8.576% (SOFR + 4.250%) due 12/15/28 §		17,790,000		17,367,488
Radwell International LLC 11.205% (SOFR + 5.750%) due 04/04/29 ± § F		44,007,290		42,907,108
SRS Distribution Inc Term B
7.884% (USD LIBOR + 3.500%) due 06/04/28 § ∞		46,776,169		44,706,324
7.923% (SOFR + 3.600%) due 06/04/28 §		8,752,225		8,380,255
Sunset Debt Merger Sub Inc Term B 8.753% (USD LIBOR + 4.000%) due 10/06/28 §		24,559,400		20,187,827
Tecta America Corp 8.688% (SOFR + 4.250%) due 04/09/28 §		11,467,733		11,023,358
				428,349,443

	Principal Amount		Value
Consumer, Non-Cyclical - 19.4%
Allied Universal Holdco LLC Term B 8.173% (SOFR + 3.750%) due 05/14/28 §		$44,238,260		$42,076,115
Bausch + Lomb Corp Term B 7.842% (SOFR + 3.250%) due 05/10/27 § ∞		40,177,177		38,218,540
CoreLogic Inc
(2nd Lien) 10.938% (USD LIBOR + 6.500%) due 06/04/29 §		23,802,823		17,296,726
Term B 7.938% (USD LIBOR + 3.500%) due 06/02/28 §		31,965,790		26,758,020
Covetrus Inc 9.580% (SOFR + 5.000%) due 10/13/29 §		13,462,500		12,637,922
Curium Bidco SARL Term B (Luxembourg) 8.980% (USD LIBOR + 4.250%) due 12/09/27 ± §		17,805,103		17,404,488
Eyecare Partners LLC
8.480% (USD LIBOR + 3.750%) due 11/15/28 §		4,700,072		3,998,976
9.180% (SOFR + 4.500%) due 11/15/28 ± §		250,000		219,375
Flynn America LP Term B 8.938% (USD LIBOR + 4.500%) due 07/29/28 § ∞		11,106,927		9,718,561
Gainwell Acquisition Corp Term B 8.730% (USD LIBOR + 4.000%) due 10/01/27 §		53,812,459		51,054,570
Heartland Dental LLC 8.134% (USD LIBOR + 3.750%) due 04/30/25 §		42,649,135		39,565,944
Mavis Tire Express Services Topco Corp 8.500% (SOFR + 4.000%) due 05/04/28 §		58,196,695		55,671,365
Midwest Veterinary Partners LLC 7.371% - 8.384% (USD LIBOR + 4.000%) due 04/30/28 ± §		58,189,769		52,661,741
Packaging Coordinators Midco Inc 7.174% - 8.230% (USD LIBOR + 3.500%) due 11/30/27 §		33,883,412		32,163,829
Pathway Vet Alliance LLC Term B 8.134% (USD LIBOR + 3.750%) due 03/31/27 § ∞		79,872,348		66,693,411
PECF USS Intermediate Holding III Corp Term B 8.634% (USD LIBOR + 4.250%) due 12/15/28 §		7,425,000		6,217,665
PetVet Care Centers LLC
(2nd Lien) 10.634% (USD LIBOR + 6.250%) due 02/15/26 §		38,703,221		35,812,555
Term B-3 7.884% (USD LIBOR + 3.500%) due 02/15/25 § ∞		81,904,446		77,399,701

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 Amount		Value
Precision Medicine Group LLC Term B 6.674% - 7.730% (USD LIBOR + 3.000%) due 11/20/27 ± §		$17,887,147		$16,679,764
Southern Veterinary Partners LLC 8.384% (USD LIBOR + 4.000%) due 10/05/27 §		40,167,454		38,627,715
Spin Holdco Inc Term B 8.765% (USD LIBOR + 4.000%) due 03/04/28 §		42,294,371		36,082,385
Sunshine Luxembourg VII SARL Term B (Luxembourg) 8.480% (USD LIBOR + 3.750%) due 10/02/26 §		89,890,313		86,307,195
Team Health Holdings Inc Term B 9.573% (SOFR + 5.250%) due 02/02/27 §		38,394,809		29,132,061
VetCor Professional Practices LLC 9.009% - 10.109% (SOFR + 5.750%) due 08/31/29 ± §		20,000,000		19,250,000
				811,648,624
Energy - 1.3%
Traverse Midstream Partners LLC Term B 8.800% (SOFR + 4.250%) due 09/27/24 § ∞		54,726,227		54,698,863
Financial - 11.9%
Acrisure LLC
Term B-1 7.884% (USD LIBOR + 3.500%) due 02/15/27 §		9,099,085		8,562,621
Term B-3 8.634% (USD LIBOR + 4.250%) due 02/15/27 §		62,454,310		60,619,715
Alliant Holdings Intermediate LLC
Term B 7.634% (USD LIBOR + 3.250%) due 05/10/25 § ∞		30,788,977		30,431,055
Term B-2 7.634% (USD LIBOR + 3.250%) due 05/10/25 § ∞		5,472,867		5,409,929
Apex Group Treasury LLC Term B 8.258% (USD LIBOR + 3.750%) due 07/27/28 § ∞		39,710,326		37,824,086
9.325% - 9.326% (SOFR + 5.000%) due 07/27/28 ± § ∞		26,046,283		25,395,126
AssuredPartners Inc
7.823% (SOFR + 3.500%) due 02/13/27 §		21,530,434		20,871,065
Term B 7.884% (USD LIBOR + 3.500%) due 02/13/27 § ∞		22,539,129		21,925,354
Term B 8.573% (SOFR + 4.250%) due 02/13/27 § ∞		24,230,937		24,109,783

	Principal Amount		Value
Deerfield Dakota Holding LLC Term B 8.073% (SOFR + 3.750%) due 04/09/27 § ∞		$57,947,389		$54,235,163
(2nd Lien) 11.134% (USD LIBOR + 6.750%) due 04/14/28 §		50,070,838		47,974,121
HUB International Ltd
Term B 7.327% (USD LIBOR + 3.000%) due 04/25/25 § ∞		13,046,649		12,927,050
8.220% (SOFR + 4.000%) due 11/10/29 §		5,000,000		4,952,230
Term B-3 7.528% (USD LIBOR + 3.250%) due 04/25/25 § ∞		87,245,295		86,590,956
OneDigital Borrower LLC Term B 8.494% (SOFR + 4.250%) due 11/16/27 ± §		34,231,372		32,519,803
USI Inc Term B 8.330% (SOFR + 3.750%) due 11/22/29 § ∞		23,067,187		22,876,883
				497,224,940
Industrial - 16.2%
Artera Services LLC
7.980% (USD LIBOR + 3.250%) due 03/06/25 §		4,278,937		3,504,715
8.230% (USD LIBOR + 3.500%) due 03/06/25 §		14,047,954		11,554,442
ASP LS Acquisition Corp 9.230% (USD LIBOR + 4.500%) due 05/07/28 §		36,416,108		26,092,141
Brown Group Holding LLC Term B-2 7.844% - 8.134% (SOFR + 3.750%) due 07/01/29 §		18,952,500		18,920,357
Chart Industries Inc Term B due 12/08/29 ∞		12,000,000		11,887,500
Charter Next Generation Inc 8.134% (USD LIBOR + 3.750%) due 12/01/27 §		32,280,141		31,392,437
Clydesdale Acquisition Holdings Inc 8.598% (SOFR + 4.275%) due 04/13/29 §		15,581,231		14,885,326
Crosby US Acquisition Corp 9.321% (SOFR + 5.000%) due 06/27/26 ± §		12,625,000		12,104,219
Dynasty Acquisition Co Inc 7.923% (USD LIBOR + 3.500%) due 04/08/26 § ∞		32,083,788		30,667,770
Engineered Components & Systems LLC Term B 10.292% (USD LIBOR + 6.000%) due 08/02/28 ± §		9,405,000		8,346,937
Engineered Machinery Holdings Inc (2nd Lien) 11.230% (USD LIBOR + 6.500%) due 05/21/29 §		1,860,812		1,693,339

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 Amount		Value
First Student Bidco Inc
Term B 7.726% (USD LIBOR + 3.000%) due 07/21/28 § ∞		$12,914,187		$11,703,482
Term C 7.726% (USD LIBOR + 3.000%) due 07/21/28 § ∞		4,799,611		4,349,648
KKR Apple Bidco LLC
(2nd Lien) 10.134% (USD LIBOR + 5.750%) due 09/23/29 §		7,596,094		7,372,010
Term B 8.323% (SOFR + 4.000%) due 09/23/28 §		8,800,000		8,794,500
Kloeckner Pentaplast of America Inc Term B (Luxembourg) 8.259% (SOFR + 4.750%) due 02/09/26 §		16,584,612		14,822,497
LABL Inc Term B 9.384% (USD LIBOR + 5.000%) due 10/29/28 § ∞		51,647,724		49,210,571
LTI Holdings Inc Term B 7.884% (USD LIBOR + 3.500%) due 09/06/25 § ∞		43,306,624		41,560,847
Mauser Packaging Solutions Holding Co Term B 7.370% (USD LIBOR + 3.250%) due 04/03/24 § ∞		76,514,464		74,840,710
Pregis TopCo LLC 8.134% (USD LIBOR + 3.750%) due 08/01/26 § ∞		10,363,642		10,070,009
Term B 8.188% (SOFR + 3.750%) due 08/01/26 §		7,383,206		7,199,549
Pretium PKG Holdings Inc 7.741% - 8.735% (USD LIBOR + 4.000%) due 10/01/28 §		18,358,230		14,680,030
(2nd Lien) 10.493% - 11.485% (USD LIBOR + 6.750%) due 10/01/29 §		7,245,000		4,519,069
Pro Mach Group Inc Term B due 08/31/28 ± ∞		1,000,000		960,000
8.384% (USD LIBOR + 4.000%) due 08/31/28 §		34,735,209		33,866,828
Proampac PG Borrower LLC Term B 7.829% - 8.425% (USD LIBOR + 3.750%) due 11/03/25 §		45,701,297		43,882,751
SPX FLOW Inc Term B 8.923% (SOFR + 4.600%) due 04/05/29 § ∞		43,546,674		40,634,490
Standard Aero Ltd 7.923% (USD LIBOR + 3.500%) due 04/08/26 § ∞		17,224,442		16,464,242
Star US Bidco LLC Term B 8.980% (USD LIBOR + 4.250%) due 03/17/27 §		28,729,258		27,400,530
The Kenan Advantage Group Inc Term B-1 8.134% (USD LIBOR + 3.750%) due 03/24/26 §		4,864,112		4,751,197

	Principal Amount		Value
TransDigm Inc Term H 7.830% (SOFR + 3.250%) due 02/14/27 § ∞		$32,838,545		$32,774,411
USIC Holdings Inc
(2nd Lien) 10.884% (USD LIBOR + 6.500%) due 05/14/29 §		10,903,964		10,249,726
Term B 7.884% (USD LIBOR + 3.500%) due 05/14/28 §		30,827,062		29,510,500
WP CPP Holdings LLC Term B 8.170% (USD LIBOR + 3.750%) due 04/30/25 §		20,501,937		17,964,823
				678,631,603
Technology - 18.9%
Applied Systems Inc
(2nd Lien) 10.230% (USD LIBOR + 5.500%) due 09/19/25 §		62,631,754		62,396,885
Term B 9.080% (SOFR + 4.500%) due 09/19/26 § ∞		55,985,945		55,845,981
AthenaHealth Group Inc Term B 7.821% (SOFR + 3.500%) due 02/15/29 § F		6,590,664		5,967,299
Azalea Topco Inc Term B 8.173% (SOFR + 3.850%) due 07/25/26 §		10,421,250		9,613,603
Central Parent Inc 9.080% (SOFR + 4.500%) due 07/06/29 § ∞		62,499,923		62,075,111
Epicor Software Corp
(2nd Lien) 12.134% (USD LIBOR + 7.750%) due 07/31/28 § ∞		86,039,591		85,179,196
Term C 7.634% (USD LIBOR + 3.250%) due 07/31/27 §		12,915,641		12,447,449
Finastra USA Inc Term B 6.871% (USD LIBOR + 3.500%) due 06/13/24 §		58,871,520		52,236,228
MRI Software LLC 10.230% (USD LIBOR + 5.500%) due 02/10/26 §		22,404,223		21,592,070
Peraton Corp
(2nd Lien) 12.089% (USD LIBOR + 7.750%) due 02/01/29 § ∞		24,935,188		23,831,806
Term B 8.134% (USD LIBOR + 3.750%) due 02/01/28 §		34,881,665		34,146,673
Polaris Newco LLC Term B 8.730% (USD LIBOR + 4.000%) due 06/04/28 §		79,074,410		72,353,085
Project Ruby Ultimate Parent Corp Term B 7.634% (USD LIBOR + 3.250%) due 03/10/28 §		18,138,832		17,191,078

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 Amount		Value
RealPage Inc (2nd Lien) 10.884% (USD LIBOR + 6.500%) due 04/22/29 § ∞		$81,973,525		$79,206,919
Sophia LP (2nd Lien) 12.730% (USD LIBOR + 8.000%) due 10/07/28 §		27,912,930		27,843,148
Sovos Compliance LLC Term B 8.884% (USD LIBOR + 4.500%) due 08/12/28 § ∞		70,039,626		64,629,065
UKG Inc
6.998% (USD LIBOR + 3.250%) due 05/03/26 §		29,096,105		27,714,040
8.134% (USD LIBOR + 3.750%) due 05/03/26 §		49,385,746		47,679,271
(2nd Lien) 8.998% (USD LIBOR + 5.250%) due 05/03/27 §		33,360,000		30,816,300
				792,765,207
Utilities - 0.6%
PG&E Corp Term B 7.438% (USD LIBOR + 3.000%) due 06/23/25 §		26,036,203		25,870,222
Total Senior Loan Notes (Cost $3,787,546,741)				3,598,396,661
	Shares
SHORT-TERM INVESTMENT - 6.1%
Money Market Fund - 6.1%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 4.030%		253,866,026		253,866,026
Total Short-Term Investment (Cost $253,866,026)				253,866,026
TOTAL INVESTMENTS - 101.2% (Cost $4,452,600,571)				4,239,811,834
OTHER ASSETS & LIABILITIES, NET - (1.2%)				(50,213,850	)
NET ASSETS - 100.0%				$4,189,597,984

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)

Note to Schedule of Investments

(a) Fair Value Measurements

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

		Total Value at December 31, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Exchange-Traded Funds		$85,916,747		$85,916,747		$—		$—
	Corporate Bonds & Notes		301,632,400		—		301,632,400		—
	Senior Loan Notes		3,598,396,661		—		3,336,704,059		261,692,602
	Short-Term Investment		253,866,026		253,866,026		—		—
	Total		$4,239,811,834		$339,782,773		$3,638,336,459		$261,692,602

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 Loan Notes
Value, Beginning of Period		$220,993,061
Purchases		121,771,603
Sales (Includes Paydowns)		(34,106,329	)
Accrued Discounts (Premiums)		127,332
Net Realized Gains (Losses)		(536,130	)
Change in Net Unrealized Appreciation (Depreciation)		(15,388,646	)
Transfers In		98,038,366
Transfers Out		(129,206,655	)
Value, End of Period		$261,692,602
Change in Net Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of Period, if Applicable		($11,461,941	)

The table below shows transfers to/from Level 3:

Amount Transferred		Level Transfer				Change in Fair Valuation Measurement Inputs
		From		To		From	To
$	98,038,366		2		3	Vendor Price (Observable inputs)	Unobservable Single Broker Quote
	129,206,655		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 12/31/22	Valuation Technique(s)	Unobservable Input(s)	Single Input or Range of Inputs	Weighted Average
Senior Loan Notes	$22,242,500	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^SM HIGH INCOME

Schedule of Investments

December 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS - 0.0%
Industrial - 0.0%
TNT Crane & Rigging Inc *		709		$5,436
Total Common Stocks (Cost $264,097)				5,436
	Principal Amount
CORPORATE BONDS & NOTES - 87.9%
Basic Materials - 4.5%
Hecla Mining Co 7.250% due 02/15/28		$750,000		739,636
INEOS Quattro Finance 2 PLC (United Kingdom) 3.375% due 01/15/26 ~		600,000		551,997
JW Aluminum Continuous Cast Co 10.250% due 06/01/26 ~		80,000		81,572
Novelis Corp
3.875% due 08/15/31 ~		315,000		257,589
4.750% due 01/30/30 ~		550,000		488,851
Perenti Finance Pty Ltd (Australia) 6.500% due 10/07/25 ~		700,000		657,125
SPCM SA (France) 3.375% due 03/15/30 ~		550,000		443,465
TMS International Corp 6.250% due 04/15/29 ~		825,000		592,106
				3,812,341
Communications - 12.4%
CCO Holdings LLC
4.250% due 02/01/31 ~		340,000		273,496
4.750% due 03/01/30 ~		2,075,000		1,794,252
5.375% due 06/01/29 ~		300,000		271,957
6.375% due 09/01/29 ~		275,000		258,958
Ciena Corp 4.000% due 01/31/30 ~		535,000		471,541
Clear Channel Outdoor Holdings Inc 5.125% due 08/15/27 ~		875,000		760,069
CommScope Inc 8.250% due 03/01/27 ~		635,000		493,128
CommScope Technologies LLC 6.000% due 06/15/25 ~		404,000		368,472
CSC Holdings LLC
3.375% due 02/15/31 ~		200,000		130,754
6.500% due 02/01/29 ~		1,425,000		1,167,951
DISH Network Corp 11.750% due 11/15/27 ~		725,000		747,584
Frontier Communications Holdings Corp
5.000% due 05/01/28 ~		425,000		371,454
5.875% due 10/15/27 ~		125,000		116,346
Level 3 Financing Inc
3.625% due 01/15/29 ~		195,000		143,111
4.625% due 09/15/27 ~		715,000		596,489
Lumen Technologies Inc
4.000% due 02/15/27 ~		425,000		361,115
4.500% due 01/15/29 ~		150,000		103,734
Outfront Media Capital LLC
4.250% due 01/15/29 ~		215,000		178,666
5.000% due 08/15/27 ~		825,000		743,982

	Principal Amount		Value
Sprint Capital Corp 8.750% due 03/15/32		$675,000		$804,840
Uber Technologies Inc 4.500% due 08/15/29 ~		560,000		488,953
				10,646,852
Consumer, Cyclical - 19.5%
American Airlines Inc 5.750% due 04/20/29 ~		705,000		645,611
American Airlines Pass-Through Trust ‘B’
3.950% due 01/11/32		200,000		159,237
5.250% due 07/15/25		85,280		83,139
Boyd Gaming Corp 4.750% due 06/15/31 ~		862,000		750,957
Caesars Entertainment Inc
4.625% due 10/15/29 ~		550,000		448,577
8.125% due 07/01/27 ~		1,075,000		1,058,456
Cedar Fair LP 5.250% due 07/15/29		1,065,000		958,132
Clarios Global LP
6.250% due 05/15/26 ~		280,000		274,109
8.500% due 05/15/27 ~		250,000		244,639
Dornoch Debt Merger Sub Inc 6.625% due 10/15/29 ~		355,000		249,496
Empire Resorts Inc 7.750% due 11/01/26 ~		200,000		160,693
Fertitta Entertainment LLC
4.625% due 01/15/29 ~		485,000		411,055
6.750% due 01/15/30 ~		290,000		234,458
Ford Motor Co
3.250% due 02/12/32		1,975,000		1,484,650
4.750% due 01/15/43		635,000		457,230
6.100% due 08/19/32		170,000		157,298
Foundation Building Materials Inc 6.000% due 03/01/29 ~		425,000		320,120
Hilton Grand Vacations Borrower Escrow LLC
4.875% due 07/01/31 ~		420,000		343,330
5.000% due 06/01/29 ~		300,000		258,383
Jacobs Entertainment Inc 6.750% due 02/15/29 ~		465,000		420,328
Las Vegas Sands Corp 3.900% due 08/08/29		850,000		717,772
LBM Acquisition LLC 6.250% due 01/15/29 ~		900,000		573,887
LGI Homes Inc 4.000% due 07/15/29 ~		650,000		503,051
MajorDrive Holdings IV LLC 6.375% due 06/01/29 ~		770,000		575,568
Marriott Ownership Resorts Inc 4.750% due 01/15/28		675,000		588,824
New Red Finance Inc (Canada) 3.500% due 02/15/29 ~		465,000		399,465
NMG Holding Co Inc 7.125% due 04/01/26 ~		625,000		586,930
PetSmart Inc 7.750% due 02/15/29 ~		700,000		658,747
Royal Caribbean Cruises Ltd
9.250% due 01/15/29 ~		325,000		334,362
11.625% due 08/15/27 ~		100,000		100,596

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 Amount		Value
SeaWorld Parks & Entertainment Inc 5.250% due 08/15/29 ~		$550,000		$479,599
Six Flags Entertainment Corp 5.500% due 04/15/27 ~		690,000		622,518
SRS Distribution Inc
4.625% due 07/01/28 ~		445,000		395,044
6.000% due 12/01/29 ~		145,000		115,587
6.125% due 07/01/29 ~		75,000		60,737
STL Holding Co LLC 7.500% due 02/15/26 ~		550,000		487,548
Viking Cruises Ltd 6.250% due 05/15/25 ~		440,000		402,052
Viking Ocean Cruises Ship VII Ltd 5.625% due 02/15/29 ~		50,000		40,315
				16,762,500
Consumer, Non-Cyclical - 15.1%
1375209 BC Ltd (Canada) 9.000% due 01/30/28 ~		188,000		184,005
Ahern Rentals Inc 7.375% due 05/15/23 ~		1,591,000		1,591,000
Albertsons Cos Inc
3.500% due 03/15/29 ~		50,000		42,059
5.875% due 02/15/28 ~		950,000		904,780
Allied Universal Holdco LLC 9.750% due 07/15/27 ~		1,700,000		1,482,655
APi Group DE Inc 4.750% due 10/15/29 ~		525,000		457,787
Avantor Funding Inc
3.875% due 11/01/29 ~		50,000		42,051
4.625% due 07/15/28 ~		525,000		478,128
Bausch Health Cos Inc
6.125% due 02/01/27 ~		75,000		51,816
11.000% due 09/30/28 ~		336,000		263,708
Central Garden & Pet Co 4.125% due 04/30/31 ~		590,000		489,169
Charles River Laboratories International Inc
3.750% due 03/15/29 ~		100,000		88,585
4.000% due 03/15/31 ~		100,000		86,644
4.250% due 05/01/28 ~		337,000		310,963
Community Health Systems Inc
4.750% due 02/15/31 ~		180,000		131,021
5.625% due 03/15/27 ~		625,000		537,050
CoreLogic Inc 4.500% due 05/01/28 ~		650,000		499,522
Garda World Security Corp (Canada)
6.000% due 06/01/29 ~		100,000		81,385
9.500% due 11/01/27 ~		497,000		479,407
MPH Acquisition Holdings LLC
5.500% due 09/01/28 ~		125,000		97,767
5.750% due 11/01/28 ~		625,000		417,008
Option Care Health Inc 4.375% due 10/31/29 ~		550,000		481,792
PECF USS Intermediate Holding III Corp 8.000% due 11/15/29 ~		390,000		253,886
Performance Food Group Inc 4.250% due 08/01/29 ~		550,000		477,290
Pilgrim’s Pride Corp 4.250% due 04/15/31 ~		275,000		234,300

	Principal Amount		Value
Post Holdings Inc 4.625% due 04/15/30 ~		$575,000		$497,274
Select Medical Corp 6.250% due 08/15/26 ~		810,000		771,841
Tenet Healthcare Corp
4.250% due 06/01/29 ~		300,000		260,444
4.375% due 01/15/30 ~		190,000		164,791
4.625% due 06/15/28 ~		75,000		67,226
6.125% due 10/01/28 ~		195,000		174,999
The Hertz Corp 5.000% due 12/01/29 ~		560,000		425,544
US Foods Inc 4.625% due 06/01/30 ~		525,000		462,992
				12,988,889
Energy - 11.8%
Antero Midstream Partners LP 5.375% due 06/15/29 ~		835,000		764,518
Archrock Partners LP
6.250% due 04/01/28 ~		100,000		91,664
6.875% due 04/01/27 ~		395,000		377,716
Buckeye Partners LP 4.500% due 03/01/28 ~		440,000		387,440
Callon Petroleum Co 7.500% due 06/15/30 ~		200,000		183,260
Cheniere Energy Partners LP
3.250% due 01/31/32		535,000		425,890
4.000% due 03/01/31		375,000		319,766
Chesapeake Energy Corp 6.750% due 04/15/29 ~		485,000		472,851
CQP Holdco LP 5.500% due 06/15/31 ~		700,000		612,766
Endeavor Energy Resources LP 5.750% due 01/30/28 ~		825,000		791,299
EnLink Midstream LLC 6.500% due 09/01/30 ~		550,000		545,077
EQM Midstream Partners LP
4.750% due 01/15/31 ~		415,000		340,074
5.500% due 07/15/28		150,000		134,393
6.000% due 07/01/25 ~		28,000		27,068
6.500% due 07/01/27 ~		210,000		201,075
Genesis Energy LP 7.750% due 02/01/28		600,000		553,236
ITT Holdings LLC 6.500% due 08/01/29 ~		435,000		367,147
MPLX LP 6.875% due 02/15/23		550,000		544,500
New Fortress Energy Inc 6.500% due 09/30/26 ~		350,000		325,710
Range Resources Corp 8.250% due 01/15/29		300,000		309,537
Tallgrass Energy Partners LP
6.000% due 12/31/30 ~		550,000		476,317
6.000% due 09/01/31 ~		250,000		215,271
Tap Rock Resources LLC 7.000% due 10/01/26 ~		100,000		93,135
Targa Resources Partners LP
4.000% due 01/15/32		425,000		358,164
6.500% due 07/15/27		50,000		50,399

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 Amount		Value
USA Compression Partners LP 6.875% due 09/01/27		$650,000		$608,793
Venture Global Calcasieu Pass LLC
3.875% due 08/15/29 ~		125,000		109,594
3.875% due 11/01/33 ~		400,000		327,498
4.125% due 08/15/31 ~		125,000		106,719
				10,120,877
Financial - 4.1%
Avolon Holdings Funding Ltd (Ireland) 2.750% due 02/21/28 ~		800,000		643,423
Iron Mountain Inc REIT
4.500% due 02/15/31 ~		75,000		61,815
4.875% due 09/15/29 ~		455,000		397,615
Iron Mountain Information Management Services Inc REIT 5.000% due 07/15/32 ~		125,000		104,018
OneMain Finance Corp
3.875% due 09/15/28		365,000		290,730
5.375% due 11/15/29		225,000		184,401
Park Intermediate Holdings LLC REIT 4.875% due 05/15/29 ~		540,000		457,812
The Howard Hughes Corp 5.375% due 08/01/28 ~		1,015,000		916,038
VICI Properties LP REIT 4.625% due 12/01/29 ~		500,000		455,840
				3,511,692
Industrial - 16.5%
ARD Finance SA (Luxembourg) 6.500% Cash or 7.250% PIK due 06/30/27 ~		497,686		346,943
BWX Technologies Inc 4.125% due 04/15/29 ~		550,000		482,153
Chart Industries Inc
7.500% due 01/01/30 ~		75,000		75,490
9.500% due 01/01/31 ~		50,000		51,341
Clydesdale Acquisition Holdings Inc
6.625% due 04/15/29 ~		225,000		214,206
8.750% due 04/15/30 ~		225,000		193,015
First Student Bidco Inc 4.000% due 07/31/29 ~		950,000		787,144
GFL Environmental Inc (Canada)
3.500% due 09/01/28 ~		190,000		167,287
4.375% due 08/15/29 ~		170,000		144,283
4.750% due 06/15/29 ~		350,000		306,784
Granite US Holdings Corp 11.000% due 10/01/27 ~		675,000		712,267
Hillenbrand Inc 3.750% due 03/01/31		560,000		459,928
Husky III Holding Ltd (Canada) 13.000% Cash or 13.750% PIK due 02/15/25 ~		150,000		133,125
LABL Inc
5.875% due 11/01/28 ~		315,000		275,041
6.750% due 07/15/26 ~		125,000		118,022
8.250% due 11/01/29 ~		170,000		135,719
Madison IAQ LLC
4.125% due 06/30/28 ~		190,000		159,125
5.875% due 06/30/29 ~		625,000		429,549

	Principal Amount		Value
Mauser Packaging Solutions Holding Co 7.250% due 04/15/25 ~		$1,015,000		$940,678
OT Merger Corp 7.875% due 10/15/29 ~		590,000		314,184
Owens-Brockway Glass Container Inc 5.375% due 01/15/25 ~		775,000		744,736
Pentair Finance Sarl 5.900% due 07/15/32		850,000		835,640
Sensata Technologies BV 4.000% due 04/15/29 ~		150,000		129,578
Sensata Technologies Inc 4.375% due 02/15/30 ~		625,000		545,175
Spirit AeroSystems Inc 9.375% due 11/30/29 ~		225,000		237,139
SPX FLOW Inc 8.750% due 04/01/30 ~		575,000		454,227
Standard Industries Inc
3.375% due 01/15/31 ~		75,000		56,594
4.375% due 07/15/30 ~		145,000		118,466
4.750% due 01/15/28 ~		1,650,000		1,487,227
Titan Acquisition Ltd (Canada) 7.750% due 04/15/26 ~		1,010,000		911,190
TK Elevator Holdco GmbH (Germany) 7.625% due 07/15/28 ~		625,000		511,337
TK Elevator US Newco Inc (Germany) 5.250% due 07/15/27 ~		325,000		289,120
TransDigm Inc
4.875% due 05/01/29		490,000		428,027
6.250% due 03/15/26 ~		340,000		336,053
TransDigm UK Holdings PLC 6.875% due 05/15/26		650,000		635,741
				14,166,534
Technology - 1.6%
Entegris Escrow Corp 5.950% due 06/15/30 ~		275,000		253,962
Entegris Inc
3.625% due 05/01/29 ~		150,000		122,329
4.375% due 04/15/28 ~		440,000		389,767
Open Text Corp (Canada) 3.875% due 12/01/29 ~		170,000		136,958
Open Text Holdings Inc (Canada) 4.125% due 12/01/31 ~		335,000		260,878
Rackspace Technology Global Inc 3.500% due 02/15/28 ~		315,000		183,447
				1,347,341
Utilities - 2.4%
Calpine Corp 5.125% due 03/15/28 ~		590,000		527,654
Clearway Energy Operating LLC 3.750% due 02/15/31 ~		500,000		415,762
NRG Energy Inc
3.625% due 02/15/31 ~		170,000		129,544
5.250% due 06/15/29 ~		250,000		221,105

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 Amount		Value
Vistra Operations Co LLC
4.375% due 05/01/29 ~		$350,000		$302,271
5.000% due 07/31/27 ~		325,000		302,345
5.500% due 09/01/26 ~		170,000		164,058
				2,062,739
Total Corporate Bonds & Notes (Cost $85,624,607)				75,419,765
SENIOR LOAN NOTES - 1.6%
Consumer, Cyclical - 0.5%
MIC Glen LLC (2nd Lien) 11.134% (USD LIBOR + 6.750%) due 07/21/29 §		250,000		228,281
Tacala Investment Corp Term B (2nd Lien) 11.884% (USD LIBOR + 7.500%) due 02/05/28 §		250,000		227,500
				455,781
Industrial - 1.1%
Dynasty Acquisition Co Inc 7.923% (USD LIBOR + 3.500%) due 04/08/26 §		629,213		601,443
Standard Aero Ltd 7.923% (USD LIBOR + 3.500%) due 04/08/26 §		338,287		323,357
				924,800
Total Senior Loan Notes (Cost $1,465,963)				1,380,581
ASSET-BACKED SECURITIES - 7.4%
Benefit Street Partners CLO Ltd (Cayman)
10.193% (USD LIBOR + 5.950%) due 04/20/31 ~ §		250,000		220,090
10.779% (USD LIBOR + 6.700%) due 01/17/32 ~ §		250,000		223,239
CarVal CLO III Ltd (Cayman) 10.683% (USD LIBOR + 6.440%) due 07/20/32 ~ §		525,000		465,664
CIFC Funding Ltd (Cayman) 11.479% (USD LIBOR + 7.400%) due 01/16/33 ~ §		550,000		505,055
Dryden CLO Fund (Cayman) 11.279% (USD LIBOR + 7.200%) due 04/15/31 ~ §		250,000		181,738
Fillmore Park CLO Ltd (Cayman) 9.479% (USD LIBOR + 5.400%) due 07/15/30 ~ §		250,000		215,415
Magnetite XXII Ltd (Cayman) 10.429% (USD LIBOR + 6.350%) due 04/15/31 ~ §		500,000		450,318
Magnetite XXIX Ltd (Cayman) 9.829% (USD LIBOR + 5.750%) due 01/15/34 ~ §		1,050,000		945,037
Magnetite XXXI Ltd (Cayman) 10.079% (USD LIBOR + 6.000%) due 07/15/34 ~ §		500,000		436,274
Neuberger Berman Loan Advisers CLO Ltd (Cayman) 10.327% (USD LIBOR + 6.100%) due 01/20/32 ~ §		850,000		772,709

	Principal Amount		Value
10.443% (USD LIBOR + 6.200%) due 01/20/31 ~ §		$750,000		$686,010
10.743% (USD LIBOR + 6.500%) due 04/20/31 ~ §		500,000		455,859
OHA Credit Partners VII Ltd (Cayman) 10.925% (USD LIBOR + 6.250%) due 02/20/34 ~ §		250,000		223,832
Rad CLO 2 Ltd (Cayman)
10.079% (USD LIBOR + 6.000%) due 10/15/31 ~ §		400,000		340,333
11.529% (USD LIBOR + 7.450%) due 10/15/31 ~ §		250,000		185,327
Total Asset-Backed Securities (Cost $7,042,860)				6,306,900
	Shares
SHORT-TERM INVESTMENT - 2.1%
Money Market Fund - 2.1%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 4.030%		1,812,053		1,812,053
Total Short-Term Investment (Cost $1,812,053)				1,812,053
TOTAL INVESTMENTS - 99.0% (Cost $96,209,580)				84,924,735
OTHER ASSETS & LIABILITIES, NET - 1.0%				868,083
NET ASSETS - 100.0%				$85,792,818

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)

Note to Schedule of Investments

(a) Fair Value Measurements

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

		Total Value at December 31, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$5,436		$—		$5,436		$—
	Corporate Bonds & Notes		75,419,765		—		75,419,765		—
	Senior Loan Notes		1,380,581		—		1,380,581		—
	Asset-Backed Securities		6,306,900		—		6,306,900		—
	Short-Term Investment		1,812,053		1,812,053		—		—
	Total		$84,924,735		$1,812,053		$83,112,682		$—

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^SM SMALL/MID-CAP

Schedule of Investments

December 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.4%
Basic Materials - 3.6%
AdvanSix Inc		23,600		$897,272
Alcoa Corp		9,868		448,698
Arconic Corp *		49,681		1,051,250
Celanese Corp		9,982		1,020,560
				3,417,780
Communications - 2.6%
Calix Inc *		18,034		1,234,067
Revolve Group Inc *		15,232		339,064
Ziff Davis Inc *		11,345		897,390
				2,470,521
Consumer, Cyclical - 11.2%
Academy Sports & Outdoors Inc		18,311		962,060
American Eagle Outfitters Inc		52,444		732,118
BJ’s Wholesale Club Holdings Inc *		14,180		938,149
Bloomin’ Brands Inc		44,148		888,258
Darden Restaurants Inc		7,018		970,800
Deckers Outdoor Corp *		3,320		1,325,211
Hilton Grand Vacations Inc *		21,258		819,283
KB Home		22,022		701,401
Lithia Motors Inc		4,474		916,007
Petco Health & Wellness Co Inc *		79,384		752,560
SeaWorld Entertainment Inc *		19,272		1,031,245
Steven Madden Ltd		21,771		695,801
				10,732,893
Consumer, Non-Cyclical - 25.2%
AdaptHealth Corp *		51,021		980,624
Amicus Therapeutics Inc *		65,979		805,604
ANI Pharmaceuticals Inc *		4,885		196,524
Avantor Inc *		31,238		658,809
CareDx Inc *		25,611		292,222
Charles River Laboratories International Inc *		4,409		960,721
Edgewell Personal Care Co		19,674		758,236
Exact Sciences Corp *		11,056		547,383
FTI Consulting Inc *		4,848		769,862
Horizon Therapeutics PLC *		22,665		2,579,277
I3 Verticals Inc ‘A’ *		25,189		613,100
Iovance Biotherapeutics Inc *		44,342		283,345
Jazz Pharmaceuticals PLC *		9,765		1,555,662
Lantheus Holdings Inc *		15,830		806,697
Merit Medical Systems Inc *		16,393		1,157,674
Neurocrine Biosciences Inc *		10,739		1,282,666
Performance Food Group Co *		18,001		1,051,078
Prestige Consumer Healthcare Inc *		23,395		1,464,527
Progyny Inc *		17,469		544,159
Quanta Services Inc		17,522		2,496,885
Revance Therapeutics Inc *		35,712		659,244
SeaSpine Holdings Corp *		67,608		564,527
Spectrum Brands Holdings Inc		19,694		1,199,758
Textainer Group Holdings Ltd (China)		38,148		1,182,969
Ultragenyx Pharmaceutical Inc *		15,175		703,058
				24,114,611
Energy - 5.3%
Civitas Resources Inc		23,915		1,385,396

	Shares		Value
Diamondback Energy Inc		9,189		$1,256,871
HF Sinclair Corp		16,693		866,200
Magnolia Oil & Gas Corp ‘A’		52,562		1,232,579
Sunnova Energy International Inc *		21,435		386,044
				5,127,090
Financial - 21.5%
Agree Realty Corp REIT		23,862		1,692,532
Brixmor Property Group Inc REIT		80,161		1,817,250
Cadence Bank		62,241		1,534,863
Everest Re Group Ltd		5,427		1,797,802
First Industrial Realty Trust Inc REIT		30,855		1,489,062
Hancock Whitney Corp		39,308		1,902,114
Home BancShares Inc		54,442		1,240,733
Host Hotels & Resorts Inc REIT		57,312		919,858
James River Group Holdings Ltd		44,173		923,657
Lamar Advertising Co ‘A’ REIT		12,962		1,223,613
Mid-America Apartment Communities Inc REIT		8,775		1,377,587
Pinnacle Financial Partners Inc		19,692		1,445,393
Radian Group Inc		40,201		766,633
Stifel Financial Corp		21,093		1,231,198
Western Alliance Bancorp		20,958		1,248,259
				20,610,554
Industrial - 12.9%
Atkore Inc *		11,035		1,251,590
Coherent Corp *		21,809		765,496
EnPro Industries Inc		10,009		1,087,878
Evoqua Water Technologies Corp *		33,245		1,316,502
Graphic Packaging Holding Co		59,912		1,333,042
Great Lakes Dredge & Dock Corp *		81,186		483,057
Heritage-Crystal Clean Inc *		20,311		659,701
Hillenbrand Inc		34,503		1,472,243
Jacobs Solutions Inc		9,223		1,107,406
Knight-Swift Transportation Holdings Inc		15,419		808,110
Littelfuse Inc		4,053		892,470
The Timken Co		17,150		1,211,990
				12,389,485
Technology - 10.6%
Amdocs Ltd		12,308		1,118,797
Box Inc ‘A’ *		48,797		1,519,051
CommVault Systems Inc *		13,432		844,067
DigitalOcean Holdings Inc *		11,089		282,437
Elastic NV *		11,198		576,697
KnowBe4 Inc ‘A’ *		12,041		298,376
Marvell Technology Inc		22,454		831,696
ON Semiconductor Corp *		16,376		1,021,371
Onto Innovation Inc *		12,180		829,336
SentinelOne Inc ‘A’ *		29,472		429,996
Silicon Laboratories Inc *		8,059		1,093,365
Sprout Social Inc ‘A’ *		13,375		755,152
ZoomInfo Technologies Inc ‘A’ *		19,054		573,716
				10,174,057
Utilities - 4.5%
NiSource Inc		49,265		1,350,846
Portland General Electric Co		32,836		1,608,964

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		46,644		$1,341,482
				4,301,292
Total Common Stocks (Cost $79,678,331)				93,338,283
SHORT-TERM INVESTMENT - 2.2%
Money Market Fund - 2.2%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 4.030%		2,102,621		2,102,621
Total Short-Term Investment (Cost $2,102,621)				2,102,621
TOTAL INVESTMENTS - 99.6% (Cost $81,780,952)				95,440,904
OTHER ASSETS & LIABILITIES, NET - 0.4%				412,384
NET ASSETS - 100.0%				$95,853,288

Note to Schedule of Investment

(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 December 31, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$93,338,283		$93,338,283		$—		$—
	Short-Term Investment		2,102,621		2,102,621		—		—
	Total		$95,440,904		$95,440,904		$—		$—

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^SM SMALL-CAP

Schedule of Investments

December 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.1%
Basic Materials - 3.6%
AdvanSix Inc		3,595		$136,682
Arconic Corp *		4,543		96,130
Avient Corp		2,440		82,375
Kaiser Aluminum Corp		1,292		98,140
				413,327
Communications - 3.7%
Calix Inc *		2,252		154,104
Revolve Group Inc *		2,204		49,061
Viavi Solutions Inc *		7,440		78,195
Ziff Davis Inc *		1,807		142,934
				424,294
Consumer, Cyclical - 12.2%
Academy Sports & Outdoors Inc		1,573		82,646
American Eagle Outfitters Inc		6,518		90,991
Bally’s Corp *		3,295		63,857
BJ’s Restaurants Inc *		2,826		74,550
BJ’s Wholesale Club Holdings Inc *		1,392		92,095
Bloomin’ Brands Inc		5,511		110,881
Dave & Buster’s Entertainment Inc *		3,371		119,468
Deckers Outdoor Corp *		211		84,223
Hilton Grand Vacations Inc *		3,093		119,204
KB Home		3,320		105,742
Kohl’s Corp		885		22,346
Lithia Motors Inc		358		73,297
Petco Health & Wellness Co Inc *		9,792		92,828
SeaWorld Entertainment Inc *		2,594		138,805
Steven Madden Ltd		3,670		117,293
				1,388,226
Consumer, Non-Cyclical - 27.9%
Acadia Healthcare Co Inc *		1,237		101,830
AdaptHealth Corp *		7,156		137,538
Addus HomeCare Corp *		1,396		138,888
Alphatec Holdings Inc *		10,065		124,303
Amicus Therapeutics Inc *		8,138		99,365
AtriCure Inc *		2,241		99,456
Avid Bioservices Inc *		5,310		73,119
CareDx Inc *		3,417		38,988
Edgewell Personal Care Co		1,885		72,648
elf Beauty Inc *		3,301		182,545
FTI Consulting Inc *		398		63,202
Halozyme Therapeutics Inc *		3,723		211,839
Harmony Biosciences Holdings Inc *		3,586		197,589
Herc Holdings Inc		1,085		142,753
I3 Verticals Inc ‘A’ *		4,778		116,297
Iovance Biotherapeutics Inc *		4,751		30,359
Lantheus Holdings Inc *		1,987		101,257
LivaNova PLC *		1,275		70,813
Medpace Holdings Inc *		718		152,510
NuVasive Inc *		1,736		71,593
Performance Food Group Co *		1,592		92,957
Phathom Pharmaceuticals Inc *		5,369		60,240
Prestige Consumer Healthcare Inc *		2,628		164,513
Progyny Inc *		2,778		86,535
Protagonist Therapeutics Inc *		3,369		36,756

	Shares		Value
Revance Therapeutics Inc *		3,724		$68,745
SP Plus Corp *		3,239		112,458
Spectrum Brands Holdings Inc		2,236		136,217
Textainer Group Holdings Ltd (China)		4,017		124,567
Ultragenyx Pharmaceutical Inc *		1,586		73,479
				3,183,359
Energy - 5.9%
Civitas Resources Inc		2,359		136,657
Earthstone Energy Inc ‘A’ *		6,646		94,573
Magnolia Oil & Gas Corp ‘A’		6,191		145,179
Oceaneering International Inc *		6,024		105,360
Sitio Royalties Corp ‘A’		5,129		147,974
Sunnova Energy International Inc *		2,541		45,763
				675,506
Financial - 21.7%
Agree Realty Corp REIT		2,094		148,527
Blucora Inc *		5,576		142,355
Cadence Bank		5,755		141,918
DiamondRock Hospitality Co REIT		16,072		131,630
Enterprise Financial Services Corp		3,327		162,890
First Industrial Realty Trust Inc REIT		2,128		102,697
Hancock Whitney Corp		3,967		191,963
Heritage Financial Corp		3,055		93,605
Home BancShares Inc		7,524		171,472
James River Group Holdings Ltd		5,203		108,795
NexPoint Residential Trust Inc REIT		2,540		110,541
Origin Bancorp Inc		2,260		82,942
Plymouth Industrial Inc REIT		5,537		106,200
Radian Group Inc		5,322		101,490
Seacoast Banking Corp of Florida		4,668		145,595
SITE Centers Corp REIT		11,699		159,808
Stifel Financial Corp		2,108		123,044
United Community Banks Inc		4,112		138,986
Veritex Holdings Inc		3,933		110,439
				2,474,897
Industrial - 10.7%
Atkore Inc *		1,358		154,024
Coherent Corp *		2,805		98,455
EnPro Industries Inc		1,481		160,970
Evoqua Water Technologies Corp *		3,403		134,759
Great Lakes Dredge & Dock Corp *		11,389		67,765
Heritage-Crystal Clean Inc *		2,323		75,451
Hillenbrand Inc		4,592		195,941
Masonite International Corp *		978		78,837
MYR Group Inc *		1,515		139,486
Saia Inc *		568		119,098
				1,224,786
Technology - 8.5%
Box Inc ‘A’ *		6,982		217,350
Cohu Inc *		2,566		82,240
CommVault Systems Inc *		2,071		130,142
DigitalOcean Holdings Inc *		1,619		41,236
KnowBe4 Inc ‘A’ *		4,525		112,129
Onto Innovation Inc *		1,699		115,685
Silicon Laboratories Inc *		891		120,882
SiTime Corp *		682		69,305

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’ *		1,410		$79,608
				968,577
Utilities - 2.9%
Portland General Electric Co		3,456		169,344
Unitil Corp		3,230		165,893
				335,237
Total Common Stocks (Cost $9,696,540)				11,088,209
SHORT-TERM INVESTMENT - 4.0%
Money Market Fund - 4.0%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 4.030%		455,160		455,160
Total Short-Term Investment (Cost $455,160)				455,160
TOTAL INVESTMENTS - 101.1% (Cost $10,151,700)				11,543,369
OTHER ASSETS & LIABILITIES, NET - (1.1%)				(128,153	)
NET ASSETS - 100.0%				$11,415,216

Note to Schedule of Investments

(a) Fair Value Measurements

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

		Total Value at December 31, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$11,088,209		$11,088,209		$—		$—
	Short-Term Investment		455,160		455,160		—		—
	Total		$11,543,369		$11,543,369		$—		$—

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^SM SMALL-CAP VALUE

Schedule of Investments

December 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.1%
Basic Materials - 3.1%
AdvanSix Inc		7,836		$297,925
Arconic Corp *		9,722		205,717
Avient Corp		2,141		72,280
				575,922
Communications - 1.8%
Viavi Solutions Inc *		10,598		111,385
Ziff Davis Inc *		2,786		220,373
				331,758
Consumer, Cyclical - 8.6%
Academy Sports & Outdoors Inc		2,861		150,317
American Eagle Outfitters Inc		12,809		178,814
BJ’s Restaurants Inc *		3,895		102,750
Bloomin’ Brands Inc		8,028		161,523
Dana Inc		8,367		126,593
Dave & Buster’s Entertainment Inc *		3,656		129,569
Hilton Grand Vacations Inc *		4,164		160,480
KB Home		5,280		168,168
Petco Health & Wellness Co Inc *		10,830		102,668
SeaWorld Entertainment Inc *		2,617		140,036
Steven Madden Ltd		5,381		171,977
				1,592,895
Consumer, Non-Cyclical - 22.9%
Acadia Healthcare Co Inc *		1,693		139,368
AdaptHealth Corp *		12,077		232,120
ANI Pharmaceuticals Inc *		1,425		57,328
Edgewell Personal Care Co		2,357		90,839
FTI Consulting Inc *		742		117,829
Halozyme Therapeutics Inc *		5,231		297,644
Harmony Biosciences Holdings Inc *		4,389		241,834
Herc Holdings Inc		1,717		225,906
Hostess Brands Inc *		12,591		282,542
Lantheus Holdings Inc *		2,402		122,406
LivaNova PLC *		1,932		107,303
Merit Medical Systems Inc *		3,810		269,062
Patterson Cos Inc		8,767		245,739
Performance Food Group Co *		2,417		141,129
Phathom Pharmaceuticals Inc *		6,184		69,384
Prestige Consumer Healthcare Inc *		4,988		312,249
Protagonist Therapeutics Inc *		3,722		40,607
Revance Therapeutics Inc *		6,102		112,643
SeaSpine Holdings Corp *		12,239		102,196
SP Plus Corp *		10,761		373,622
Spectrum Brands Holdings Inc		3,256		198,355
Textainer Group Holdings Ltd (China)		9,953		308,642
UFP Technologies Inc *		1,062		125,199
				4,213,946
Energy - 5.9%
Civitas Resources Inc		3,610		209,127
Earthstone Energy Inc ‘A’ *		12,216		173,834
Magnolia Oil & Gas Corp ‘A’		7,120		166,964
Oceaneering International Inc *		15,464		270,465
Sitio Royalties Corp ‘A’		6,977		201,287

	Shares		Value
Sunnova Energy International Inc *		4,064		$73,193
				1,094,870
Financial - 36.8%
Agree Realty Corp REIT		4,003		283,933
Blucora Inc *		13,047		333,090
Brixmor Property Group Inc REIT		12,762		289,314
Cadence Bank		11,115		274,096
DiamondRock Hospitality Co REIT		31,113		254,815
Enterprise Financial Services Corp		6,150		301,104
First Bancorp		5,450		233,478
First Industrial Realty Trust Inc REIT		4,880		235,509
First Merchants Corp		4,859		199,753
Hancock Whitney Corp		7,443		360,167
Healthcare Realty Trust Inc REIT		10,884		209,735
Heritage Financial Corp		7,448		228,207
Home BancShares Inc		11,885		270,859
James River Group Holdings Ltd		11,538		241,259
NexPoint Residential Trust Inc REIT		3,725		162,112
Old Second Bancorp Inc		15,226		244,225
Origin Bancorp Inc		5,388		197,740
Piedmont Office Realty Trust Inc ‘A’ REIT		12,470		114,350
Plymouth Industrial Inc REIT		9,391		180,119
QCR Holdings Inc		3,895		193,348
Radian Group Inc		7,297		139,154
Seacoast Banking Corp of Florida		9,637		300,578
Selective Insurance Group Inc		3,895		345,136
SITE Centers Corp REIT		20,760		283,582
Stifel Financial Corp		3,564		208,031
United Community Banks Inc		8,652		292,438
Veritex Holdings Inc		7,305		205,124
WSFS Financial Corp		4,618		209,380
				6,790,636
Industrial - 11.3%
Atkore Inc *		1,532		173,759
Coherent Corp *		3,509		123,166
Crane Holdings Co		2,232		224,204
EnPro Industries Inc		2,348		255,204
Great Lakes Dredge & Dock Corp *		17,542		104,375
Heritage-Crystal Clean Inc *		5,250		170,520
Hillenbrand Inc		7,459		318,276
Masonite International Corp *		1,786		143,969
MYR Group Inc *		2,502		230,359
The Timken Co		3,110		219,784
UFP Industries Inc		1,439		114,041
				2,077,657
Technology - 2.8%
Cohu Inc *		5,265		168,743
EverCommerce Inc *		21,453		159,610
Mitek Systems Inc *		10,881		105,437
Synaptics Inc *		931		88,594
				522,384
Utilities - 4.9%
Portland General Electric Co		8,583		420,567

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		Value
Unitil Corp		9,483		$487,047
				907,614
Total Common Stocks (Cost $16,567,120)				18,107,682
EXCHANGE-TRADED FUND - 0.2%
iShares Russell 2000 Value		265		36,748
Total Exchange-Traded Fund (Cost $21,879)				36,748
SHORT-TERM INVESTMENT - 1.6%
Money Market Fund - 1.6%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 4.030%		292,475		292,475
Total Short-Term Investment (Cost $292,475)				292,475
TOTAL INVESTMENTS - 99.9% (Cost $16,881,474)				18,436,905
OTHER ASSETS & LIABILITIES, NET - 0.1%				17,872
NET ASSETS - 100.0%				$18,454,777

Note to Schedule of Investments

(a) Fair Value Measurements

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

		Total Value at December 31, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$18,107,682		$18,107,682		$—		$—
	Exchange-Traded Fund		36,748		36,748		—		—
	Short-Term Investment		292,475		292,475		—		—
	Total		$18,436,905		$18,436,905		$—		$—

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

50

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Schedule of Investments

December 31, 2022 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 0.3%
Financial - 0.3%
Avolon Holdings Funding Ltd (Ireland) 3.950% due 07/01/24 ~		$100,000		$95,787
Bank of America Corp 5.875% due 03/15/28		10,000		8,819
				104,606
Total Corporate Bonds & Notes (Cost $111,510)				104,606
MORTGAGE-BACKED SECURITIES - 5.6%
Collateralized Mortgage Obligations - Residential - 1.1%
Chevy Chase Funding LLC Mortgage-Backed  Certificates 4.749% (USD LIBOR + 0.360%) due 03/25/35 ~ §		48,319		45,820
CHL Mortgage Pass-Through Trust 4.366% due 01/19/34 §		8,145		7,428
Credit Suisse Mortgage Trust 4.539% (USD LIBOR + 0.150%) due 09/29/36 ~ §		91,066		87,724
Fannie Mae REMICS
4.739% (USD LIBOR + 0.350%) due 07/25/37 §		8,988		8,802
4.769% (USD LIBOR + 0.380%) due 07/25/37 §		13,817		13,548
4.829% (USD LIBOR + 0.440%) due 05/25/36 §		7,269		7,154
4.834% (USD LIBOR + 0.445%) due 02/25/37 §		2,119		2,075
Government National Mortgage Association 3.858% (USD LIBOR + 0.150%) due 08/20/68 §		48,968		47,621
GSR Mortgage Loan Trust 3.767% due 09/25/35 §		3,907		3,669
JP Morgan Mortgage Trust 2.861% due 06/25/35 §		1,893		1,884
Merrill Lynch Mortgage Investors Trust 3.139% due 12/25/34 §		16,154		15,009
Towd Point Mortgage Funding PLC (United Kingdom) 4.070% (SONIA + 1.144%) due 10/20/51 ~ §		GBP 104,883		126,503
WaMu Mortgage Pass-Through Certificates Trust 5.129% (USD LIBOR + 0.740%) due 01/25/45 §		$15,157		14,578
				381,815
Fannie Mae - 4.5%
due 02/01/53 #		200,000		187,641
due 02/01/53 #		300,000		263,586
due 02/01/53 #		400,000		394,151
due 02/01/53 #		700,000		673,880
				1,519,258
Total Mortgage-Backed Securities (Cost $1,921,963)				1,901,073

	Principal Amount		Value
ASSET-BACKED SECURITIES - 1.8%
Asset Backed Funding Corp Trust 4.989% (USD LIBOR + 0.600%) due 10/25/34 §		$9,680		$9,662
Freddie Mac Structured Pass-Through Certificates 4.669% (USD LIBOR + 0.280%) due 09/25/31 §		394		392
Home Equity Asset Trust 5.244% (USD LIBOR + 0.855%) due 08/25/34 §		11,958		11,646
OZLM Ltd (Cayman) 5.403% (USD LIBOR + 1.160%) due 07/20/32 ~ §		100,000		97,580
Saxon Asset Securities Trust 4.699% (USD LIBOR + 0.310%) due 09/25/37 §		11,924		11,216
Shackleton CLO Ltd (Cayman) 5.163% (USD LIBOR + 0.920%) due 10/20/27 ~ §		114,087		113,525
THL Credit Wind River CLO Ltd (Cayman) 5.159% (USD LIBOR + 1.080%) due 04/15/31 ~ §		100,000		97,317
TICP CLO Ltd (Cayman) 5.083% (USD LIBOR + 0.840%) due 04/20/28 ~ §		160,653		160,184
Vibrant CLO VI Ltd (Cayman) 5.696% (USD LIBOR + 0.950%) due 06/20/29 ~ §		115,458		113,916
Total Asset-Backed Securities (Cost $619,896)				615,438
U.S. TREASURY OBLIGATIONS - 92.3%
U.S. Treasury Inflation Protected Securities - 92.3%
0.125% due 07/15/24 ^		1,506,084		1,457,710
0.125% due 10/15/24 ^		1,045,395		1,006,892
0.125% due 04/15/25 ^		692,244		659,853
0.125% due 10/15/25 ^		803,978		764,261
0.125% due 04/15/26 ^		568,180		534,327
0.125% due 07/15/26 ^		248,652		234,380
0.125% due 10/15/26 ^		1,199,649		1,124,865
0.125% due 01/15/30 ^		1,401,543		1,259,772
0.125% due 07/15/30 ^		929,864		833,162
0.125% due 01/15/31 ^		995,985		885,196
0.125% due 07/15/31 ^		333,570		294,978
0.125% due 01/15/32 ^		1,290,084		1,130,957
0.125% due 02/15/51 ^		228,930		147,662
0.125% due 02/15/52 ^		642,324		416,634
0.250% due 01/15/25 ^		440,374		422,499
0.250% due 07/15/29 ^		582,525		533,615
0.375% due 07/15/25 ^		508,951		488,908
0.375% due 01/15/27 ^		986,960		931,043
0.375% due 07/15/27 ^		1,839,588		1,734,449

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 Amount		Value
0.500% due 04/15/24 ^		$2,245,059		$2,183,445
0.500% due 01/15/28 ^		2,573,381		2,421,027
0.625% due 04/15/23 ^		14,637		14,488
0.625% due 01/15/24 ^		275,877		270,044
0.625% due 01/15/26 ^		689,810		662,333
0.625% due 07/15/32 ^		410,276		376,124
0.625% due 02/15/43 ^		1,062,892		858,484
0.750% due 07/15/28 ^		4,048,420		3,858,362
0.750% due 02/15/42 ^		131,887		110,505
0.750% due 02/15/45 ^		721,358		584,047
0.875% due 01/15/29 ^		1,829,357		1,743,761
0.875% due 02/15/47 ^		524,684		430,647
1.000% due 02/15/46 ^		1,089,194		926,104
1.000% due 02/15/49 ^		47,372		39,644
1.375% due 02/15/44 ^		1,380,996		1,283,825
2.000% due 01/15/26 ^		318,316		318,008
2.125% due 02/15/41 ^		408,252		432,845
3.375% due 04/15/32 ^		99,057		113,470
3.875% due 04/15/29 ^		63,448		71,328
Total U.S. Treasury Obligations (Cost $36,878,591)				31,559,654
FOREIGN GOVERNMENT BONDS & NOTES - 3.3%
French Republic Government Bond OAT (France)
0.100% due 03/01/26 ^ ~		EUR 114,785		121,810
0.100% due 07/25/38 ^ ~		112,878		109,385
0.250% due 07/25/24 ^ ~		122,349		132,061
Italy Buoni Poliennali Del Tesoro (Italy)
0.400% due 05/15/30 ^ ~		116,565		109,425
1.400% due 05/26/25 ^ ~		618,570		654,822
Total Foreign Government Bonds & Notes (Cost $1,256,825)				1,127,503
	Shares
SHORT-TERM INVESTMENTS - 1.7%
Money Market Fund - 0.5%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 4.030%		186,047		186,047
	Principal Amount
U. S. Government Agency Issue - 1.2%
Federal Home Loan Banks 4.249% due 02/03/23		$400,000		398,452
Total Short-Term Investments (Cost $584,542)				584,499
TOTAL INVESTMENTS - 105.0% (Cost $41,373,327)				35,892,773
DERIVATIVES - (0.7%)				(208,127	)
OTHER ASSETS & LIABILITIES, NET - (4.3%)				(1,495,502	)
NET ASSETS - 100.0%				$34,189,144

Notes to Schedule of Investments

(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

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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 Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Euribor		03/23		12		$3,220,167		$3,114,688		($105,479	)
Euro-Bund		03/23		5		757,360		711,475		(45,885	)
U.S. Treasury 5-Year Notes		03/23		28		3,048,887		3,022,031		(26,856	)
U.S. Treasury Ultra 10-Year Notes		03/23		14		1,666,598		1,655,938		(10,660	)
										(188,880	)
Short Futures Outstanding
Australia 3-Year Bonds		03/23		2		147,356		145,425		1,931
Euro-Bobl		03/23		2		255,493		247,809		7,684
Euro-BTP		03/23		7		876,691		816,154		60,537
Euro-Buxl		03/23		1		172,128		144,768		27,360
Euro-OAT		03/23		2		291,481		272,536		18,945
Euro-Schatz		03/23		41		4,675,208		4,626,720		48,488
Japan 10-Year Bonds		03/23		1		1,128,845		1,108,351		20,494
Short Euro-BTP		03/23		5		571,947		562,575		9,372
U.S. Treasury 2-Year Notes		03/23		5		1,027,486		1,025,391		2,095
U.S. Treasury 10-Year Notes		03/23		27		3,044,608		3,032,016		12,592
U.S. Treasury Long Bonds		03/23		9		1,142,949		1,128,094		14,855
U.S. Treasury Ultra 30-Year Bonds		03/23		4		555,557		537,250		18,307
										242,660
Total Futures Contracts										$53,780

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

Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
EUR	45,000	USD	47,880	01/23	BRC		$328		$—
EUR	50,000	USD	53,270	01/23	JPM		294		—
GBP	443,000	USD	539,576	01/23	SCB		—		(3,847	)
USD	53,527	EUR	50,000	01/23	BNP		—		(11	)
USD	1,176,160	EUR	1,130,000	01/23	SCB		—		(34,384	)
USD	690,705	GBP	572,000	01/23	JPM		—		(1,026	)
USD	27,309	JPY	3,700,000	01/23	JPM		—		(926	)
Total Forward Foreign Currency Contracts							$622		($40,194	)

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:

Interest Rate Swaptions

Description	Pay/Receive Floating Rate		Floating Rate Index		Exercise Rate		Expiration Date		Counter- party		Notional Amount			Cost		Value
Call - 2-Year Interest Rate Swap		Pay		USD-SOFR		1.710%		01/25/23		JPM		$1,300,000			$7,930		$—
Call - 2-Year Interest Rate Swap		Pay		USD-SOFR		1.428%		01/31/23		MSC		500,000			2,554		—
Call - 2-Year Interest Rate Swap		Pay		USD-SOFR		1.410%		02/02/23		BRC		500,000			2,500		—
Call - 5-Year Interest Rate Swap		Pay		USD-SOFR		2.200%		04/26/23		GSC		600,000			6,405		408
Call - 5-Year Interest Rate Swap		Pay		USD-SOFR		2.200%		05/31/23		MSC		1,200,000			14,400		1,575
															33,789		1,983
Put - 30-Year Interest Rate Swap		Receive		USD-LIBOR		2.237%		11/17/23		DUB		300,000			18,621		64,941
Total Interest Rate Swaptions															$52,410		$66,924
Total Purchased Options															$52,410		$66,924
(e)  Premiums received and value of written options outstanding as of December 31, 2022 were as follows:
Inflation Floor/Cap Options
Description	Initial Index		Floating Rate				Expiration Date		Counter- party		Notional Amount			Premium		Value
Cap - U.S. CPI Urban Consumers		$233.92		Maximum of [0, Final Index/ Initial Index  - (1 + 4.000%)10]				04/22/24		JPM		$700,000			$5,092		($1	)
Interest Rate Swaptions
Description	Pay/Receive Floating Rate		Floating Rate Index		Exercise Rate		Expiration Date		Counter- party		Notional Amount			Premium		Value
Call - 10-Year Interest Rate Swap		Receive		USD-SOFR		1.785%		01/25/23		JPM		$300,000			$8,299		$—
Call - 10-Year Interest Rate Swap		Receive		USD-SOFR		1.579%		01/31/23		MSC		100,000			2,337		—
Call - 10-Year Interest Rate Swap		Receive		USD-SOFR		1.558%		02/02/23		BRC		100,000			2,287		—
Call - 10-Year Interest Rate Swap		Receive		EUR-LIBOR		2.547%		03/07/23		GSC		EUR 100,000			2,198		(224	)
Call - 10-Year Interest Rate Swap		Receive		USD-SOFR		2.350%		04/26/23		GSC		$400,000			7,899		(787	)
Call - 10-Year Interest Rate Swap		Receive		USD-SOFR		2.350%		05/31/23		MSC		600,000			13,073		(2,011	)
															36,093		(3,022	)
Put - 10-Year Interest Rate Swap		Pay		EUR-LIBOR		2.547%		03/07/23		GSC		EUR 100,000			2,198		(6,292	)
Put - 5-Year Interest Rate Swap		Pay		USD-LIBOR		2.340%		11/17/23		DUB		$1,300,000			16,380		(82,001	)
															18,578		(88,293	)
Total Interest Rate Swaptions															$54,671		($91,315	)
Total Written Options															$59,763		($91,316	)

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

54

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PF INFLATION MANAGED FUND

Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

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

Interest Rate Swaps - Long

Receive	Pay	Payment Frequency Receive Rate/ Pay Rate	Exchange	Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
5.000%	U.S. CPI Urban Consumers	Z / Z	LCH		03/03/23		$300,000		($4,336	)		$—			($4,336	)
5.033%	U.S. CPI Urban Consumers	Z / Z	LCH		03/08/23		200,000		(2,702	)		—			(2,702	)
5.470%	U.S. CPI Urban Consumers	Z / Z	LCH		03/21/23		400,000		(3,031	)		—			(3,031	)
5.150%	U.S. CPI Urban Consumers	Z / Z	LCH		05/23/23		100,000		293			—			293
5.185%	U.S. CPI Urban Consumers	Z / Z	LCH		05/24/23		200,000		716			—			716
(0.526%)	EUR-LIBOR	A / Q	LCH		11/21/23		EUR 800,000		(29,672	)		—			(29,672	)
0.650%	EUR-LIBOR	A / S	LCH		04/12/27		100,000		(10,790	)		—			(10,790	)
0.650%	EUR-LIBOR	A / S	LCH		05/11/27		100,000		(10,901	)		—			(10,901	)
1.000%	EUR-LIBOR	A / S	LCH		05/13/27		100,000		(9,211	)		—			(9,211	)
2.335%	U.S. CPI Urban Consumers	Z / Z	LCH		02/05/28		$190,000		(16,865	)		338			(17,203	)
2.364%	U.S. CPI Urban Consumers	Z / Z	LCH		05/10/28		50,000		(4,227	)		—			(4,227	)
2.379%	U.S. CPI Urban Consumers	Z / Z	LCH		07/09/28		500,000		(41,626	)		(287	)		(41,339	)
2.165%	U.S. CPI Urban Consumers	Z / Z	LCH		04/16/29		100,000		(11,138	)		—			(11,138	)
1.998%	U.S. CPI Urban Consumers	Z / Z	LCH		07/25/29		100,000		(12,374	)		—			(12,374	)
1.760%	U.S. CPI Urban Consumers	Z / Z	LCH		11/04/29		400,000		(59,327	)		(708	)		(58,619	)
1.380%	Eurostat Eurozone HICP	Z / Z	LCH		03/15/31		EUR 200,000		(42,464	)		(1,361	)		(41,103	)
0.000%	EUR-LIBOR	A / S	LCH		11/04/32		200,000		(58,103	)		—			(58,103	)
0.000%	EUR-LIBOR	A / S	LCH		11/08/32		600,000		(174,518	)		—			(174,518	)
2.488%	Eurostat Eurozone HICP	Z / Z	LCH		05/15/37		70,000		(4,070	)		60			(4,130	)
1.387%	Eurostat Eurozone HICP	Z / Z	LCH		08/15/49		20,000		(8,305	)		—			(8,305	)
2.421%	Eurostat Eurozone HICP	Z / Z	LCH		05/15/52		10,000		(1,160	)		—			(1,160	)
1.888%	USD-LIBOR	S / Q	LCH		11/21/53		$100,000		(26,715	)		—			(26,715	)
									($530,526	)		($1,958	)		($528,568	)
Interest Rate Swaps - Short
Pay	Receive	Payment Frequency Pay Rate/ Receive Rate	Exchange	Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
2.210%	U.S. CPI Urban Consumers	Z / Z	LCH		02/05/23		$120,000		$10,846			$—			$10,846
2.263%	U.S. CPI Urban Consumers	Z / Z	LCH		04/27/23		60,000		4,988			—			4,988
2.263%	U.S. CPI Urban Consumers	Z / Z	LCH		05/09/23		120,000		10,014			—			10,014
2.281%	U.S. CPI Urban Consumers	Z / Z	LCH		05/10/23		180,000		14,532			—			14,532
1.030%	France CPI Ex Tobacco	Z / Z	LCH		03/15/24		EUR 140,000		13,677			(53	)		13,730
2.314%	U.S. CPI Urban Consumers	Z / Z	LCH		02/26/26		$200,000		19,367			—			19,367
2.419%	U.S. CPI Urban Consumers	Z / Z	LCH		03/05/26		100,000		9,179			—			9,179
2.768%	U.S. CPI Urban Consumers	Z / Z	LCH		05/13/26		100,000		7,156			—			7,156
2.690%	U.S. CPI Urban Consumers	Z / Z	LCH		06/01/26		100,000		7,354			—			7,354
3.000%	Eurostat Eurozone HICP	Z / Z	LCH		05/15/27		EUR 100,000		3,414			50			3,364
1.798%	U.S. CPI Urban Consumers	Z / Z	LCH		08/25/27		$500,000		71,585			—			71,585
1.890%	U.S. CPI Urban Consumers	Z / Z	LCH		08/27/27		500,000		68,412			—			68,412
3.250%	3- Month NZD-Bank Bills	S / Q	CME		03/21/28		NZD 100,000		4,165			290			3,875
2.645%	U.S. CPI Urban Consumers	Z / Z	LCH		09/10/28		$100,000		5,273			—			5,273
1.840%	USD-LIBOR	S / Q	LCH		11/21/28		400,000		32,091			—			32,091
2.359%	Eurostat Eurozone HICP	Z / Z	LCH		08/15/30		EUR 200,000		8,248			1,107			7,141
2.311%	U.S. CPI Urban Consumers	Z / Z	LCH		02/24/31		$200,000		20,930			94			20,836
2.720%	Eurostat Eurozone HICP	Z / Z	LCH		06/15/32		EUR 100,000		1,348			(965	)		2,313
0.190%	EUR-LIBOR	A / S	LCH		11/04/52		60,000		30,419			—			30,419
0.197%	EUR-LIBOR	A / S	LCH		11/08/52		200,000		101,122			—			101,122
0.830%	EUR-LIBOR	A / S	LCH		12/09/52		100,000		3,173			(64	)		3,237
									$447,293			$459			$446,834
Total Interest Rate Swaps									($83,233	)		($1,499	)		($81,734	)

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)

Total Return Swaps - Long

Receive	Pay		Payment Frequency	Counter- party		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
U.S. Treasury Inflation Protected Securities 0.125% due 04/15/25		4.190%	Z		MSC		01/20/23		$1,000,000		($3,914	)		$—			($3,914	)
U.S. Treasury Inflation Protected Securities 0.125% due 07/15/31		SOFR + 7.000%	Z		MSC		01/20/23		1,000,000		(62,202	)		—			(62,202	)
U.S. Treasury Inflation Protected Securities 0.125% due 10/15/24		SOFR + 7.000%	Z		MSC		01/20/23		1,000,000		(39,342	)		—			(39,342	)
U.S. Treasury Inflation Protected Securities 0.250% due 01/15/25		4.190%	Z		MSC		01/20/23		500,000		(2,778	)		—			(2,778	)
U.S. Treasury Inflation Protected Securities 0.625% due 01/15/24		4.190%	Z		MSC		01/20/23		1,000,000		(4,489	)		—			(4,489	)
U.S. Treasury Inflation Protected Securities 0.375% due 07/15/23		SOFR + 12.000%	Z		MSC		02/06/23		1,000,000		(3,484	)		—			(3,484	)
											($116,209	)		$—			($116,209	)
Total Swap Agreements											($199,442	)		($1,499	)		($197,943	)

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 December 31, 2022			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$104,606			$—			$104,606			$—
	Mortgage-Backed Securities		1,901,073			—			1,901,073			—
	Asset-Backed Securities		615,438			—			615,438			—
	U.S. Treasury Obligations		31,559,654			—			31,559,654			—
	Foreign Government Bonds & Notes		1,127,503			—			1,127,503			—
	Short-Term Investments		584,499			186,047			398,452			—
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		622			—			622			—
	Interest Rate Contracts
	Futures		242,660			242,660			—			—
	Purchased Options		66,924			—			66,924			—
	Swaps		447,843			—			447,843			—
	Total Interest Rate Contracts		757,427			242,660			514,767			—
	Total Assets - Derivatives		758,049			242,660			515,389			—
	Total Assets		36,650,822			428,707			36,222,115			—
Liabilities	Due to Custodian		(2,147	)		—			(2,147	)		—
	Sale-buyback Financing Transaction		(415,595	)		—			(415,595	)		—
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(40,194	)		—			(40,194	)		—
	Interest Rate Contracts
	Futures		(188,880	)		(188,880	)		—			—
	Written Options		(91,316	)		—			(91,316	)		—
	Swaps		(645,786	)		—			(645,786	)		—
	Total Interest Rate Contracts		(925,982	)		(188,880	)		(737,102	)		—
	Total Liabilities - Derivatives		(966,176	)		(188,880	)		(777,296	)		—
	Total Liabilities		(1,383,918	)		(188,880	)		(1,195,038	)		—
	Total		$35,266,904			$239,827			$35,027,077			$—

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		Value
COMMON STOCKS - 0.0%
Financial - 0.0%
CBL & Associates Properties Inc REIT		2,876		$66,378
Total Common Stocks (Cost $40,014)				66,378
	Principal Amount
CORPORATE BONDS & NOTES - 22.9%
Basic Materials - 0.6%
Anglo American Capital PLC (South Africa)
3.625% due 09/11/24 ~		$215,000		208,167
4.750% due 04/10/27 ~		200,000		193,617
ArcelorMittal SA (Luxembourg) 7.000% due 10/15/39		80,000		81,522
Barrick North America Finance LLC (Canada) 5.700% due 05/30/41		40,000		40,364
CF Industries Inc 4.950% due 06/01/43		85,000		73,087
DuPont de Nemours Inc 5.319% due 11/15/38		55,000		53,091
Freeport-McMoRan Inc
4.625% due 08/01/30		20,000		18,661
5.400% due 11/14/34		40,000		37,846
5.450% due 03/15/43		70,000		63,301
Glencore Funding LLC (Australia)
2.500% due 09/01/30 ~		135,000		109,887
3.875% due 10/27/27 ~		10,000		9,382
4.000% due 03/27/27 ~		150,000		141,784
4.125% due 03/12/24 ~		150,000		147,665
International Flavors & Fragrances Inc
1.832% due 10/15/27 ~		200,000		168,166
3.468% due 12/01/50 ~		66,000		44,962
LYB International Finance III LLC 1.250% due 10/01/25		59,000		52,692
Nutrien Ltd (Canada) 5.000% due 04/01/49		30,000		27,088
OCP SA (Morocco) 5.125% due 06/23/51 ~		200,000		152,577
Orbia Advance Corp SAB de CV (Mexico) 2.875% due 05/11/31 ~		210,000		164,366
Southern Copper Corp (Mexico) 6.750% due 04/16/40		80,000		89,491
Suzano Austria GmbH (Brazil) 3.750% due 01/15/31		240,000		201,884
Vale Overseas Ltd (Brazil) 6.875% due 11/21/36		48,000		50,755
Yamana Gold Inc (Canada) 4.625% due 12/15/27		90,000		84,421
				2,214,776
Communications - 2.0%
Alphabet Inc
1.100% due 08/15/30		30,000		23,547
1.900% due 08/15/40		30,000		20,025
2.050% due 08/15/50		20,000		11,779

	Principal Amount		Value
Amazon.com Inc
1.500% due 06/03/30		$30,000		$24,175
2.100% due 05/12/31		40,000		32,768
2.500% due 06/03/50		80,000		50,783
3.300% due 04/13/27		30,000		28,517
3.450% due 04/13/29		50,000		46,812
3.600% due 04/13/32		50,000		45,904
3.875% due 08/22/37		50,000		44,496
3.950% due 04/13/52		75,000		62,492
4.250% due 08/22/57		10,000		8,649
4.950% due 12/05/44		40,000		39,606
AT&T Inc
2.250% due 02/01/32		110,000		86,506
2.300% due 06/01/27		10,000		8,909
2.550% due 12/01/33		10,000		7,714
3.300% due 02/01/52		30,000		20,087
3.500% due 06/01/41		110,000		82,460
3.500% due 09/15/53		20,000		13,589
3.550% due 09/15/55		220,000		147,783
3.650% due 09/15/59		30,000		20,218
3.800% due 02/15/27		30,000		28,675
3.800% due 12/01/57		10,000		6,946
4.350% due 03/01/29		130,000		123,900
4.350% due 06/15/45		32,000		25,880
5.350% due 09/01/40		40,000		38,300
5.550% due 08/15/41		30,000		28,883
CCO Holdings LLC
4.250% due 01/15/34 ~		130,000		96,200
4.500% due 08/15/30 ~		10,000		8,284
4.500% due 05/01/32		280,000		223,419
4.750% due 02/01/32 ~		40,000		32,510
Charter Communications Operating LLC
2.250% due 01/15/29		300,000		242,014
3.500% due 06/01/41		40,000		26,195
3.500% due 03/01/42		20,000		12,881
3.700% due 04/01/51		225,000		137,624
4.400% due 04/01/33		340,000		291,888
4.908% due 07/23/25		120,000		117,728
5.125% due 07/01/49		40,000		30,406
5.375% due 05/01/47		10,000		7,884
5.750% due 04/01/48		10,000		8,228
6.384% due 10/23/35		20,000		19,566
6.834% due 10/23/55		30,000		27,828
Comcast Corp
2.800% due 01/15/51		282,000		179,214
2.937% due 11/01/56		27,000		16,821
3.150% due 03/01/26		30,000		28,591
3.250% due 11/01/39		185,000		144,857
3.300% due 04/01/27		20,000		18,878
3.375% due 08/15/25		20,000		19,311
3.400% due 04/01/30		30,000		27,427
3.450% due 02/01/50		40,000		29,199
3.969% due 11/01/47		70,000		56,261
3.999% due 11/01/49		41,000		32,555
4.000% due 08/15/47		20,000		16,068
4.000% due 03/01/48		10,000		8,067
4.150% due 10/15/28		90,000		86,488
4.250% due 10/15/30		130,000		124,704
4.950% due 10/15/58		10,000		9,110
5.650% due 06/15/35		20,000		21,033

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 Amount		Value
CommScope Inc 6.000% due 03/01/26 ~		$20,000		$18,499
Corning Inc 5.750% due 08/15/40		20,000		19,952
Cox Communications Inc 2.950% due 10/01/50 ~		60,000		36,230
CSC Holdings LLC
4.500% due 11/15/31 ~		200,000		139,138
6.500% due 02/01/29 ~		300,000		245,884
Discovery Communications LLC 3.625% due 05/15/30		100,000		82,623
DISH DBS Corp
5.250% due 12/01/26 ~		40,000		33,768
5.875% due 11/15/24		40,000		37,252
7.750% due 07/01/26		10,000		8,084
eBay Inc 5.900% due 11/22/25		200,000		204,443
Expedia Group Inc 3.800% due 02/15/28		800,000		735,794
Fox Corp 5.476% due 01/25/39		40,000		36,554
Paramount Global 4.000% due 01/15/26		50,000		48,000
Prosus NV (China) 3.832% due 02/08/51 ~		260,000		157,987
Telefonica Emisiones SA (Spain) 5.213% due 03/08/47		150,000		121,074
Tencent Holdings Ltd (China) 3.840% due 04/22/51 ~		330,000		234,426
Time Warner Cable Enterprises LLC 8.375% due 07/15/33		20,000		22,283
Time Warner Cable LLC
5.875% due 11/15/40		30,000		26,251
6.550% due 05/01/37		90,000		86,010
6.750% due 06/15/39		20,000		19,016
7.300% due 07/01/38		100,000		99,578
T-Mobile USA Inc
2.250% due 02/15/26		10,000		9,115
2.625% due 02/15/29		50,000		42,394
2.875% due 02/15/31		160,000		132,428
3.375% due 04/15/29		30,000		26,481
3.500% due 04/15/25		130,000		125,134
3.500% due 04/15/31		50,000		43,286
3.750% due 04/15/27		10,000		9,434
3.875% due 04/15/30		290,000		263,367
United Group BV (Netherlands) 4.875% due 07/01/24 ~		EUR 600,000		600,166
Verizon Communications Inc
2.100% due 03/22/28		$10,000		8,696
2.355% due 03/15/32		15,000		11,930
2.550% due 03/21/31		60,000		49,490
2.625% due 08/15/26		20,000		18,483
2.650% due 11/20/40		106,000		71,939
2.875% due 11/20/50		30,000		18,938
3.150% due 03/22/30		50,000		44,208
3.850% due 11/01/42		20,000		15,939
4.000% due 03/22/50		30,000		23,618
4.125% due 08/15/46		30,000		23,972
4.329% due 09/21/28		5,000		4,817

	Principal Amount		Value
4.400% due 11/01/34		$90,000		$82,953
4.500% due 08/10/33		550,000		516,403
4.862% due 08/21/46		20,000		18,028
5.500% due 03/16/47		30,000		29,160
				7,783,867
Consumer, Cyclical - 2.2%
7-Eleven Inc
0.950% due 02/10/26 ~		60,000		52,613
2.500% due 02/10/41 ~		49,000		32,514
Alimentation Couche-Tard Inc (Canada)
3.439% due 05/13/41 ~		85,000		60,880
3.625% due 05/13/51 ~		90,000		60,617
American Airlines Pass-Through Trust ‘A’
2.875% due 01/11/36		200,000		161,542
3.650% due 12/15/29		129,510		101,337
American Airlines Pass-Through Trust ‘AA’ 3.200% due 12/15/29		251,106		218,322
American Airlines Pass-Through Trust ‘B’ 3.950% due 01/11/32		221,000		175,957
AutoZone Inc 3.625% due 04/15/25		100,000		96,846
British Airways Pass-Through Trust ‘AA’ (United Kingdom) 3.800% due 03/20/33 ~		359,697		324,883
Costco Wholesale Corp 1.600% due 04/20/30		40,000		32,863
Delta Air Lines Inc
4.500% due 10/20/25 ~		70,000		68,329
4.750% due 10/20/28 ~		130,000		122,396
7.000% due 05/01/25 ~		170,000		173,884
Delta Air Lines Pass-Through Trust ‘A’ 2.500% due 12/10/29		187,333		159,344
Delta Air Lines Pass-Through Trust ‘B’ 4.250% due 01/30/25		87,740		86,037
Ford Motor Co 6.100% due 08/19/32		40,000		37,011
Ford Motor Credit Co LLC
1.355% due 02/07/25		EUR 300,000		299,392
3.250% due 09/15/25		300,000		305,865
3.375% due 11/13/25		$300,000		271,735
4.000% due 11/13/30		200,000		164,561
4.125% due 08/17/27		200,000		179,459
General Motors Co
5.150% due 04/01/38		20,000		17,326
5.950% due 04/01/49		20,000		17,520
6.250% due 10/02/43		20,000		18,577
General Motors Financial Co Inc
1.200% due 10/15/24		45,000		41,689
2.700% due 06/10/31		65,000		49,952
2.750% due 06/20/25		110,000		103,071
3.800% due 04/07/25		35,000		33,815
4.250% due 05/15/23		30,000		29,880
4.350% due 01/17/27		60,000		57,098
Hasbro Inc 3.900% due 11/19/29		50,000		44,543
Hyundai Capital America
1.300% due 01/08/26 ~		40,000		35,025
2.650% due 02/10/25 ~		150,000		141,187
5.875% due 04/07/25 ~		300,000		301,427

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 Amount		Value
JetBlue Pass-Through Trust ‘A’ 4.000% due 05/15/34		$260,738		$232,520
JetBlue Pass-Through Trust ‘B’ 7.750% due 05/15/30		102,872		99,723
Las Vegas Sands Corp
2.900% due 06/25/25		240,000		220,768
3.200% due 08/08/24		390,000		368,858
Lear Corp 2.600% due 01/15/32		25,000		18,870
Lennar Corp 4.500% due 04/30/24		35,000		34,550
Lowe’s Cos Inc 4.500% due 04/15/30		20,000		19,216
McDonald’s Corp
3.500% due 03/01/27		20,000		19,072
3.500% due 07/01/27		10,000		9,502
3.600% due 07/01/30		60,000		55,177
3.625% due 09/01/49		10,000		7,571
3.700% due 01/30/26		40,000		38,936
3.800% due 04/01/28		30,000		28,762
4.200% due 04/01/50		40,000		33,489
MDC Holdings Inc 2.500% due 01/15/31		40,000		28,931
Mileage Plus Holdings LLC 6.500% due 06/20/27 ~		45,003		44,841
New Red Finance Inc (Canada)
3.500% due 02/15/29 ~		30,000		25,772
3.875% due 01/15/28 ~		20,000		17,935
NIKE Inc
2.750% due 03/27/27		60,000		56,131
3.250% due 03/27/40		20,000		16,332
3.375% due 03/27/50		50,000		39,383
Nissan Motor Acceptance Co LLC
2.000% due 03/09/26 ~		300,000		258,315
2.750% due 03/09/28 ~		300,000		243,461
Nissan Motor Co Ltd (Japan) 3.522% due 09/17/25 ~		320,000		297,561
Nordstrom Inc 4.250% due 08/01/31		94,000		67,358
O’Reilly Automotive Inc 3.900% due 06/01/29		100,000		93,315
Sands China Ltd (Macao)
2.800% due 03/08/27		250,000		214,448
3.350% due 03/08/29		200,000		163,662
5.625% due 08/08/25		310,000		296,792
Spirit Loyalty Cayman Ltd 8.000% due 09/20/25 ~		270,000		271,342
Starbucks Corp 3.350% due 03/12/50		40,000		28,399
Target Corp 2.250% due 04/15/25		30,000		28,486
The Home Depot Inc
3.300% due 04/15/40		40,000		32,014
3.350% due 04/15/50		70,000		51,726
3.900% due 06/15/47		10,000		8,272
4.950% due 09/15/52		53,000		51,195
Toyota Motor Credit Corp 5.050% (SOFR + 0.750%) due 12/11/23 §		200,000		200,332

	Principal Amount		Value
Tractor Supply Co 1.750% due 11/01/30		$100,000		$77,044
United Airlines Inc
4.375% due 04/15/26 ~		10,000		9,286
4.625% due 04/15/29 ~		80,000		69,796
United Airlines Pass-Through Trust ‘A’
3.100% due 04/07/30		77,247		62,567
3.700% due 09/01/31		206,324		172,455
United Airlines Pass-Through Trust ‘B’
3.650% due 04/07/27		208,692		184,260
3.650% due 07/07/27		147,500		133,660
VOC Escrow Ltd 5.000% due 02/15/28 ~		90,000		77,551
Walmart Inc
1.500% due 09/22/28		40,000		34,355
1.800% due 09/22/31		30,000		24,495
Warnermedia Holdings Inc
3.755% due 03/15/27 ~		20,000		18,039
4.054% due 03/15/29 ~		30,000		26,011
4.279% due 03/15/32 ~		140,000		115,677
5.050% due 03/15/42 ~		20,000		15,373
5.141% due 03/15/52 ~		80,000		58,466
				8,879,549
Consumer, Non-Cyclical - 2.5%
Abbott Laboratories
4.750% due 11/30/36		30,000		29,820
4.900% due 11/30/46		40,000		39,224
AbbVie Inc
2.950% due 11/21/26		180,000		167,649
3.200% due 11/21/29		270,000		244,013
3.600% due 05/14/25		50,000		48,502
3.750% due 11/14/23		10,000		9,903
3.800% due 03/15/25		240,000		234,109
4.050% due 11/21/39		100,000		86,013
4.250% due 11/21/49		215,000		179,531
Aetna Inc 2.800% due 06/15/23		40,000		39,586
Altria Group Inc
2.450% due 02/04/32		180,000		136,234
3.400% due 02/04/41		80,000		53,327
3.875% due 09/16/46		20,000		13,447
4.400% due 02/14/26		121,000		118,595
4.800% due 02/14/29		6,000		5,770
5.800% due 02/14/39		40,000		37,039
5.950% due 02/14/49		90,000		80,447
6.200% due 02/14/59		12,000		11,286
Amgen Inc
2.770% due 09/01/53		43,000		26,066
4.663% due 06/15/51		11,000		9,522
Anheuser-Busch Cos LLC (Belgium)
3.650% due 02/01/26		100,000		96,356
4.900% due 02/01/46		70,000		63,988
Anheuser-Busch InBev Worldwide Inc (Belgium)
4.350% due 06/01/40		40,000		35,322
4.750% due 01/23/29		20,000		19,785
5.550% due 01/23/49		30,000		29,827

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 Amount		Value
AstraZeneca PLC (United Kingdom) 6.450% due 09/15/37		$35,000		$39,616
Baptist Healthcare System Obligated Group 3.540% due 08/15/50		395,000		285,354
BAT Capital Corp (United Kingdom)
2.259% due 03/25/28		200,000		166,316
3.557% due 08/15/27		120,000		109,818
4.390% due 08/15/37		40,000		31,230
4.540% due 08/15/47		40,000		28,413
Bausch Health Cos Inc
5.000% due 02/15/29 ~		50,000		24,029
5.250% due 01/30/30 ~		250,000		120,324
6.250% due 02/15/29 ~		110,000		53,137
7.250% due 05/30/29 ~		50,000		24,221
Becton Dickinson and Co
3.363% due 06/06/24		30,000		29,333
3.734% due 12/15/24		14,000		13,663
4.685% due 12/15/44		29,000		26,062
Biogen Inc 2.250% due 05/01/30		34,000		27,775
Bon Secours Mercy Health Inc 3.205% due 06/01/50		125,000		83,882
Boston Scientific Corp 4.550% due 03/01/39		30,000		27,050
Bristol-Myers Squibb Co
2.350% due 11/13/40		25,000		17,286
4.550% due 02/20/48		90,000		81,408
Bunge Ltd Finance Corp 2.750% due 05/14/31		95,000		78,204
Cargill Inc 1.375% due 07/23/23 ~		40,000		39,194
Cigna Corp
3.750% due 07/15/23		46,000		45,706
4.125% due 11/15/25		40,000		39,125
4.375% due 10/15/28		180,000		173,963
4.900% due 12/15/48		70,000		63,440
CommonSpirit Health
2.782% due 10/01/30		185,000		153,022
6.073% due 11/01/27		200,000		204,850
Constellation Brands Inc
3.600% due 05/09/24		30,000		29,424
4.350% due 05/09/27		30,000		29,262
CVS Health Corp
1.875% due 02/28/31		30,000		23,604
2.125% due 09/15/31		70,000		55,679
3.625% due 04/01/27		10,000		9,505
3.750% due 04/01/30		140,000		127,262
4.125% due 04/01/40		70,000		58,527
4.250% due 04/01/50		20,000		16,016
4.300% due 03/25/28		36,000		34,888
4.875% due 07/20/35		105,000		100,099
5.050% due 03/25/48		70,000		63,184
5.125% due 07/20/45		40,000		36,652
DH Europe Finance II Sarl 3.250% due 11/15/39		60,000		48,076
DP World PLC (United Arab Emirates) 5.625% due 09/25/48 ~		200,000		188,305

	Principal Amount		Value
Elevance Health Inc 2.250% due 05/15/30		$105,000		$87,100
3.350% due 12/01/24		40,000		38,800
3.650% due 12/01/27		30,000		28,339
4.100% due 05/15/32		10,000		9,331
4.550% due 05/15/52		20,000		17,484
Gilead Sciences Inc
2.600% due 10/01/40		90,000		63,138
3.650% due 03/01/26		60,000		57,915
4.750% due 03/01/46		30,000		27,150
Global Payments Inc
3.200% due 08/15/29		122,000		103,957
5.400% due 08/15/32		300,000		286,583
HCA Inc
3.500% due 09/01/30		40,000		34,593
4.500% due 02/15/27		40,000		38,611
5.250% due 06/15/26		440,000		435,254
5.375% due 02/01/25		20,000		19,992
5.875% due 02/01/29		30,000		29,969
Humana Inc
3.950% due 03/15/27		40,000		38,405
4.625% due 12/01/42		20,000		17,551
4.800% due 03/15/47		20,000		17,662
Illumina Inc 5.800% due 12/12/25		300,000		302,367
Johnson & Johnson
0.950% due 09/01/27		50,000		43,132
3.625% due 03/03/37		30,000		26,772
Keurig Dr Pepper Inc 3.200% due 05/01/30		165,000		144,171
Kraft Heinz Foods Co
4.250% due 03/01/31		10,000		9,376
4.375% due 06/01/46		55,000		44,946
4.625% due 10/01/39		65,000		57,286
5.000% due 06/04/42		10,000		9,090
5.500% due 06/01/50		20,000		19,224
Mars Inc 3.200% due 04/01/30 ~		40,000		35,825
MedStar Health Inc 3.626% due 08/15/49		90,000		65,143
Merck & Co Inc 1.450% due 06/24/30		70,000		56,010
Mondelez International Inc 1.500% due 05/04/25		60,000		55,575
MyMichigan Health 3.409% due 06/01/50		55,000		38,056
PayPal Holdings Inc 1.650% due 06/01/25		40,000		37,170
PeaceHealth Obligated Group 3.218% due 11/15/50		115,000		75,140
PepsiCo Inc
2.250% due 03/19/25		10,000		9,527
2.625% due 03/19/27		40,000		37,213
2.875% due 10/15/49		20,000		14,389
Pfizer Inc 2.625% due 04/01/30		90,000		79,271
Philip Morris International Inc
4.500% due 03/20/42		30,000		25,432
5.125% due 11/17/27		300,000		302,722
Piedmont Healthcare Inc 2.864% due 01/01/52		55,000		34,546

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

61

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
Quanta Services Inc 2.350% due 01/15/32		$90,000		$68,563
Regeneron Pharmaceuticals Inc 1.750% due 09/15/30		600,000		464,770
Reynolds American Inc (United Kingdom)
5.850% due 08/15/45		30,000		25,678
6.150% due 09/15/43		30,000		26,882
S&P Global Inc 2.700% due 03/01/29 ~		82,000		72,345
Smithfield Foods Inc 3.000% due 10/15/30 ~		100,000		76,350
Takeda Pharmaceutical Co Ltd (Japan) 2.050% due 03/31/30		225,000		184,158
Teva Pharmaceutical Finance Co LLC (Israel) 6.150% due 02/01/36		220,000		193,995
Teva Pharmaceutical Finance Netherlands III BV (Israel)
3.150% due 10/01/26		300,000		262,959
4.100% due 10/01/46		10,000		6,136
The Coca-Cola Co 2.500% due 03/15/51		20,000		13,036
The Procter & Gamble Co 2.800% due 03/25/27		10,000		9,380
Thermo Fisher Scientific Inc 2.000% due 10/15/31		85,000		69,064
Triton Container International Ltd (Bermuda) 2.050% due 04/15/26 ~		150,000		130,432
Tyson Foods Inc 3.550% due 06/02/27		75,000		70,415
UnitedHealth Group Inc
2.000% due 05/15/30		30,000		24,821
2.300% due 05/15/31		20,000		16,719
3.250% due 05/15/51		230,000		165,703
3.750% due 07/15/25		80,000		78,283
3.875% due 08/15/59		50,000		39,398
4.200% due 05/15/32		30,000		28,569
4.450% due 12/15/48		10,000		8,932
5.875% due 02/15/53		40,000		43,454
Universal Health Services Inc 2.650% due 10/15/30 ~		4,000		3,193
University of Miami 4.063% due 04/01/52		20,000		16,402
Utah Acquisition Sub Inc 3.950% due 06/15/26		105,000		98,290
Viatris Inc 3.850% due 06/22/40		60,000		40,420
West Virginia United Health System Obligated Group 3.129% due 06/01/50		55,000		35,490
				9,770,319
Energy - 2.2%
Adani Green Energy UP Ltd (India) 6.250% due 12/10/24 ~		300,000		293,100
Apache Corp
4.750% due 04/15/43		40,000		30,251
5.100% due 09/01/40		70,000		58,168
5.250% due 02/01/42		10,000		8,234
5.350% due 07/01/49		70,000		56,677

	Principal Amount		Value
Baker Hughes Holdings LLC 5.125% due 09/15/40		$50,000		$46,319
Boardwalk Pipelines LP 4.450% due 07/15/27		85,000		80,977
BP Capital Markets America Inc
2.772% due 11/10/50		225,000		144,652
2.939% due 06/04/51		55,000		36,465
3.000% due 02/24/50		70,000		47,005
3.633% due 04/06/30		130,000		119,618
Cameron LNG LLC
2.902% due 07/15/31 ~		10,000		8,461
3.302% due 01/15/35 ~		90,000		72,775
Chevron USA Inc 3.850% due 01/15/28		30,000		29,007
ConocoPhillips 6.500% due 02/01/39		10,000		11,254
Continental Resources Inc
2.268% due 11/15/26 ~		30,000		26,033
3.800% due 06/01/24		40,000		38,962
4.375% due 01/15/28		60,000		55,073
4.500% due 04/15/23		50,000		49,994
4.900% due 06/01/44		20,000		14,862
5.750% due 01/15/31 ~		320,000		298,504
Coterra Energy Inc
3.900% due 05/15/27		165,000		154,317
4.375% due 03/15/29		100,000		94,702
DCP Midstream Operating LP 6.450% due 11/03/36 ~		20,000		19,746
Devon Energy Corp
4.500% due 01/15/30		8,000		7,466
4.750% due 05/15/42		20,000		17,014
5.000% due 06/15/45		150,000		130,199
5.250% due 10/15/27		6,000		5,948
5.875% due 06/15/28		136,000		137,677
Diamondback Energy Inc 3.500% due 12/01/29		80,000		70,361
DT Midstream Inc 4.300% due 04/15/32 ~		70,000		61,602
Ecopetrol SA (Colombia) 5.875% due 05/28/45		220,000		153,655
Energy Transfer Operating LP
2.900% due 05/15/25		10,000		9,426
3.900% due 05/15/24		230,000		224,137
3.900% due 07/15/26		305,000		288,558
4.950% due 06/15/28		30,000		29,067
5.250% due 04/15/29		140,000		135,672
6.250% due 02/15/23		20,000		17,025
6.250% due 04/15/49		100,000		93,469
6.750% due 05/15/25		20,000		17,375
7.125% due 05/15/30		10,000		8,375
Eni SPA (Italy) 4.000% due 09/12/23 ~		200,000		197,258
Enterprise Products Operating LLC
3.950% due 01/31/60		30,000		21,800
4.150% due 10/16/28		70,000		66,423
4.200% due 01/31/50		60,000		47,464
4.800% due 02/01/49		10,000		8,570
4.850% due 03/15/44		10,000		8,863
7.550% due 04/15/38		80,000		89,696

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

62

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
EOG Resources Inc
3.900% due 04/01/35		$30,000		$26,867
4.375% due 04/15/30		30,000		29,074
4.950% due 04/15/50		30,000		28,717
EQT Corp
3.625% due 05/15/31 ~		50,000		42,444
3.900% due 10/01/27		40,000		37,015
5.000% due 01/15/29		40,000		37,687
Exxon Mobil Corp
2.995% due 08/16/39		180,000		138,281
3.043% due 03/01/26		90,000		85,945
3.482% due 03/19/30		100,000		93,504
4.114% due 03/01/46		30,000		25,672
4.327% due 03/19/50		30,000		26,438
Flex Intermediate Holdco LLC
3.363% due 06/30/31 ~		45,000		35,229
4.317% due 12/30/39 ~		35,000		25,265
Gray Oak Pipeline LLC
2.600% due 10/15/25 ~		300,000		272,353
3.450% due 10/15/27 ~		125,000		110,778
HF Sinclair Corp
2.625% due 10/01/23		35,000		34,283
5.875% due 04/01/26		63,000		63,130
KazMunayGas National Co JSC (Kazakhstan) 5.375% due 04/24/30 ~		200,000		179,764
Kinder Morgan Energy Partners LP 5.500% due 03/01/44		10,000		9,088
Kinder Morgan Inc
4.300% due 06/01/25		30,000		29,448
4.300% due 03/01/28		30,000		28,793
5.050% due 02/15/46		30,000		25,578
5.200% due 03/01/48		30,000		26,040
5.550% due 06/01/45		30,000		27,495
5.625% due 11/15/23 ~		200,000		200,165
Midwest Connector Capital Co LLC 3.900% due 04/01/24 ~		500,000		484,362
MPLX LP
4.500% due 04/15/38		195,000		164,982
4.700% due 04/15/48		40,000		31,741
4.800% due 02/15/29		80,000		76,722
NGPL PipeCo LLC 3.250% due 07/15/31 ~		50,000		40,801
Occidental Petroleum Corp 5.550% due 03/15/26		90,000		89,809
Petrobras Global Finance BV (Brazil)
5.299% due 01/27/25		315,000		313,526
5.500% due 06/10/51		70,000		53,765
Petroleos Mexicanos (Mexico) 6.875% due 08/04/26		80,000		75,736
Phillips 66 Co 3.550% due 10/01/26 ~		100,000		93,938
Pioneer Natural Resources Co
1.125% due 01/15/26		20,000		17,848
1.900% due 08/15/30		135,000		106,024
2.150% due 01/15/31		30,000		23,783
Range Resources Corp 4.875% due 05/15/25		10,000		9,515
Reliance Industries Ltd (India) 3.625% due 01/12/52 ~		310,000		204,013

	Principal Amount		Value
Sabine Pass Liquefaction LLC 5.625% due 03/01/25		$200,000		$200,432
Schlumberger Holdings Corp 3.900% due 05/17/28 ~		40,000		37,342
Shell International Finance BV (Netherlands)
2.875% due 05/10/26		20,000		18,859
3.125% due 11/07/49		50,000		35,375
4.375% due 05/11/45		130,000		114,237
4.550% due 08/12/43		30,000		27,233
Southwestern Energy Co
4.750% due 02/01/32		30,000		25,695
5.375% due 03/15/30		170,000		155,370
Targa Resources Corp
4.200% due 02/01/33		20,000		17,264
5.200% due 07/01/27		121,000		118,792
Targa Resources Partners LP
4.000% due 01/15/32		10,000		8,427
4.875% due 02/01/31		60,000		54,258
5.000% due 01/15/28		30,000		28,668
5.500% due 03/01/30		20,000		18,848
6.500% due 07/15/27		10,000		10,080
6.875% due 01/15/29		10,000		10,097
Tennessee Gas Pipeline Co LLC 2.900% due 03/01/30 ~		30,000		25,194
The Williams Cos Inc
3.750% due 06/15/27		60,000		56,570
7.500% due 01/15/31		120,000		131,739
TransCanada PipeLines Ltd (Canada) 6.200% due 10/15/37		55,000		56,303
Transcontinental Gas Pipe Line Co LLC 7.850% due 02/01/26		30,000		32,052
Venture Global Calcasieu Pass LLC 3.875% due 11/01/33 ~		40,000		32,750
Western Midstream Operating LP
3.350% due 02/01/25		30,000		28,436
4.300% due 02/01/30		60,000		52,511
4.500% due 03/01/28		30,000		27,688
4.650% due 07/01/26		50,000		47,539
5.041% (USD LIBOR + 1.100%) due 01/13/23 §		20,000		19,970
5.300% due 03/01/48		57,000		46,968
5.500% due 08/15/48		60,000		49,979
5.500% due 02/01/50		30,000		24,767
				8,581,317
Financial - 9.6%
AerCap Ireland Capital DAC (Ireland)
2.450% due 10/29/26		150,000		131,361
3.150% due 02/15/24		150,000		145,070
AIB Group PLC (Ireland) 4.263% due 04/10/25 ~		200,000		193,060
Air Lease Corp
3.000% due 09/15/23		555,000		545,741
3.375% due 07/01/25		60,000		56,805
Alexandria Real Estate Equities Inc REIT 1.875% due 02/01/33		100,000		74,629
American Express Co
3.375% due 05/03/24		40,000		39,206
4.050% due 05/03/29		80,000		76,355

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

63

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
American Homes 4 Rent LP REIT 4.250% due 02/15/28		$200,000		$185,280
American International Group Inc
2.500% due 06/30/25		60,000		56,540
4.375% due 06/30/50		140,000		119,155
American Tower Corp REIT
1.500% due 01/31/28		135,000		111,922
2.950% due 01/15/51		41,000		25,555
3.100% due 06/15/50		64,000		40,535
Athene Global Funding 2.500% due 01/14/25 ~		215,000		201,527
Australia & New Zealand Banking Group Ltd (Australia) 4.400% due 05/19/26 ~		205,000		197,072
Avolon Holdings Funding Ltd (Ireland)
2.125% due 02/21/26 ~		45,000		38,778
2.528% due 11/18/27 ~		523,000		418,802
4.250% due 04/15/26 ~		365,000		331,303
Banco Santander SA (Spain) 3.848% due 04/12/23		200,000		198,954
Bank of America Corp
2.572% due 10/20/32		275,000		216,063
2.592% due 04/29/31		130,000		106,162
2.676% due 06/19/41		420,000		284,046
2.972% due 02/04/33		100,000		80,820
3.419% due 12/20/28		83,000		75,299
3.500% due 04/19/26		50,000		47,778
3.593% due 07/21/28		100,000		92,217
3.705% due 04/24/28		370,000		342,953
3.841% due 04/25/25		60,000		58,610
3.974% due 02/07/30		160,000		145,638
4.200% due 08/26/24		90,000		88,666
4.250% due 10/22/26		380,000		367,591
4.330% due 03/15/50		20,000		16,503
4.376% due 04/27/28		335,000		320,886
4.450% due 03/03/26		90,000		88,295
4.571% due 04/27/33		190,000		174,331
Bank of Ireland Group PLC (Ireland) 6.253% due 09/16/26 ~		300,000		297,797
Bank of Montreal (Canada)
1.850% due 05/01/25		70,000		65,448
3.803% due 12/15/32		40,000		35,285
Barclays PLC (United Kingdom)
4.972% due 05/16/29		200,000		188,188
5.304% due 08/09/26		200,000		198,704
7.250% due 03/15/23 ~		GBP 200,000		239,609
7.325% due 11/02/26		$200,000		207,379
7.385% due 11/02/28		200,000		208,817
7.750% due 09/15/23		300,000		293,640
Berkshire Hathaway Finance Corp
3.850% due 03/15/52		150,000		120,355
4.250% due 01/15/49		80,000		71,664
BNP Paribas SA (France)
1.904% due 09/30/28 ~		900,000		750,796
2.159% due 09/15/29 ~		200,000		163,398
2.219% due 06/09/26 ~		200,000		183,805
4.375% due 03/01/33 ~		250,000		221,338
BPCE SA (France)
1.652% due 10/06/26 ~		295,000		262,450

	Principal Amount		Value
Brixmor Operating Partnership LP REIT
2.250% due 04/01/28		$70,000		$57,893
2.500% due 08/16/31		25,000		19,180
Brookfield Finance Inc (Canada) 3.500% due 03/30/51		115,000		73,451
Brown & Brown Inc 2.375% due 03/15/31		220,000		167,884
Capital One Financial Corp 3.800% due 01/31/28		170,000		159,195
Carlyle Finance LLC 5.650% due 09/15/48 ~		150,000		134,165
Citigroup Inc
3.057% due 01/25/33		340,000		275,258
3.785% due 03/17/33		80,000		68,638
4.075% due 04/23/29		260,000		239,709
4.400% due 06/10/25		80,000		78,595
4.412% due 03/31/31		75,000		69,047
4.658% due 05/24/28		40,000		38,774
4.910% due 05/24/33		110,000		103,324
5.500% due 09/13/25		280,000		282,005
5.950% due 04/30/23		90,000		89,347
5.950% due 05/15/25		50,000		45,097
6.675% due 09/13/43		50,000		53,694
8.125% due 07/15/39		90,000		111,062
Cooperatieve Rabobank UA (Netherlands)
4.375% due 08/04/25		260,000		254,029
4.655% due 08/22/28 ~		300,000		288,427
Corebridge Financial Inc
3.650% due 04/05/27 ~		135,000		126,049
3.850% due 04/05/29 ~		25,000		22,822
Credit Agricole SA (France) 1.247% due 01/26/27 ~		250,000		218,903
Credit Suisse AG (Switzerland)
3.700% due 02/21/25		250,000		230,715
4.750% due 08/09/24		300,000		286,632
Credit Suisse Group AG (Switzerland)
2.193% due 06/05/26 ~		250,000		213,725
3.869% due 01/12/29 ~		300,000		240,903
4.194% due 04/01/31 ~		420,000		326,851
4.282% due 01/09/28 ~		250,000		207,588
6.537% due 08/12/33 ~		400,000		351,958
9.750% due 06/23/27 ~		230,000		200,920
Crown Castle Inc REIT 3.100% due 11/15/29		100,000		87,384
Danske Bank AS (Denmark)
4.298% due 04/01/28 ~		300,000		276,293
5.375% due 01/12/24 ~		400,000		396,849
Deutsche Bank AG (Germany)
2.625% due 12/16/24 ~		GBP 200,000		224,833
3.961% due 11/26/25		$300,000		286,883
5.966% (USD LIBOR + 1.230%) due 02/27/23 §		300,000		300,085
6.119% due 07/14/26		300,000		298,280
Empower Finance LP (Canada) 3.075% due 09/17/51 ~		115,000		72,101
Equinix Inc REIT 2.000% due 05/15/28		109,000		92,214
F&G Global Funding 1.750% due 06/30/26 ~		45,000		40,122

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

64

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
Federation des Caisses Desjardins du Quebec (Canada) 4.400% due 08/23/25 ~		$400,000		$390,638
Fifth Third Bancorp 6.361% due 10/27/28		200,000		206,133
G City Europe Ltd (Poland) 4.250% due 09/11/25 ~	EUR	800,000		719,258
Goodman US Finance Three LLC REIT (Australia) 3.700% due 03/15/28 ~		$200,000		180,821
Healthcare Realty Holdings LP REIT 2.000% due 03/15/31		200,000		151,867
Healthpeak Properties Inc REIT 2.125% due 12/01/28		79,000		66,373
Host Hotels & Resorts LP REIT 4.000% due 06/15/25		200,000		192,365
HSBC Holdings PLC (United Kingdom)
2.871% due 11/22/32		200,000		153,327
4.041% due 03/13/28		230,000		212,287
5.210% due 08/11/28		200,000		193,275
7.336% due 11/03/26		200,000		208,235
7.390% due 11/03/28		200,000		210,546
Hudson Pacific Properties LP REIT 4.650% due 04/01/29		800,000		684,972
ING Groep NV (Netherlands) 4.625% due 01/06/26 ~		700,000		684,374
Intercontinental Exchange Inc
4.600% due 03/15/33		90,000		86,551
4.950% due 06/15/52		30,000		27,901
Intesa Sanpaolo SPA (Italy)
3.375% due 01/12/23 ~		220,000		219,894
5.017% due 06/26/24 ~		370,000		355,891
JPMorgan Chase & Co
2.083% due 04/22/26		390,000		362,368
2.522% due 04/22/31		100,000		82,050
3.109% due 04/22/51		30,000		19,786
3.509% due 01/23/29		20,000		18,185
4.203% due 07/23/29		170,000		158,728
4.452% due 12/05/29		70,000		65,895
4.586% due 04/26/33		110,000		102,149
4.950% due 06/01/45		30,000		26,948
5.546% due 12/15/25		500,000		500,390
Jyske Realkredit AS (Denmark) 1.500% due 10/01/53		DKK 878,138		97,651
KKR Group Finance Co II LLC 5.500% due 02/01/43 ~		$30,000		27,722
Life Storage LP REIT 2.400% due 10/15/31		75,000		57,881
Lloyds Banking Group PLC (United Kingdom)
4.375% due 03/22/28		500,000		475,455
4.518% (AUD Bank Bill + 1.400%) due 03/07/25 §		AUD 800,000		538,120
Macquarie Group Ltd (Australia) 1.340% due 01/12/27 ~		$185,000		161,432
MassMutual Global Funding II 5.050% due 12/07/27 ~		300,000		302,000
Mastercard Inc 3.850% due 03/26/50		60,000		50,395

	Principal Amount		Value
MetLife Inc 4.125% due 08/13/42		$110,000		$93,631
Mitsubishi UFJ Financial Group Inc (Japan) 1.538% due 07/20/27		230,000		199,676
Mizuho Financial Group Inc (Japan)
3.261% due 05/22/30		300,000		260,148
5.414% due 09/13/28		240,000		240,455
Morgan Stanley
2.188% due 04/28/26		160,000		148,820
2.475% due 01/21/28		810,000		720,859
2.699% due 01/22/31		80,000		66,280
3.622% due 04/01/31		120,000		105,031
3.737% due 04/24/24		70,000		69,630
3.772% due 01/24/29		10,000		9,175
4.431% due 01/23/30		10,000		9,327
4.457% due 04/22/39		150,000		132,269
MPT Operating Partnership LP REIT 2.550% due 12/05/23		GBP 700,000		805,644
National Retail Properties Inc REIT 3.500% due 10/15/27		$200,000		181,719
NatWest Group PLC (United Kingdom)
4.445% due 05/08/30		200,000		181,510
4.892% due 05/18/29		200,000		189,599
New York Life Global Funding 0.950% due 06/24/25 ~		40,000		36,256
New York Life Insurance Co 3.750% due 05/15/50 ~		150,000		115,438
Northwestern Mutual Global Funding 1.700% due 06/01/28 ~		50,000		42,342
Nykredit Realkredit AS (Denmark) 1.500% due 10/01/53 ~		DKK 1,194,510		125,531
Office Properties Income Trust REIT
2.400% due 02/01/27		$90,000		65,856
4.500% due 02/01/25		50,000		45,344
Omega Healthcare Investors Inc REIT 3.375% due 02/01/31		800,000		618,400
Physicians Realty LP REIT 2.625% due 11/01/31		30,000		23,490
Principal Life Global Funding II 1.250% due 06/23/25 ~		20,000		18,208
Public Storage REIT
1.950% due 11/09/28		38,000		32,488
2.250% due 11/09/31		32,000		25,745
Royal Bank of Canada (Canada)
1.150% due 06/10/25		60,000		54,974
1.600% due 04/17/23		30,000		29,744
Sabra Health Care LP REIT 3.200% due 12/01/31		50,000		37,318
Santander Holdings USA Inc
3.450% due 06/02/25		700,000		667,656
4.500% due 07/17/25		100,000		97,858
Scentre Group Trust 1 REIT (Australia) 3.625% due 01/28/26 ~		220,000		207,185
Societe Generale SA (France)
1.792% due 06/09/27 ~		300,000		258,472
4.250% due 04/14/25 ~		200,000		192,017
Spirit Realty LP REIT 3.400% due 01/15/30		800,000		668,147

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

65

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
Standard Chartered PLC (United Kingdom)
1.456% due 01/14/27 ~		$500,000		$434,150
5.124% (SOFR + 0.930%) due 11/23/25 ~ §		300,000		291,587
Sumitomo Mitsui Financial Group Inc (Japan) 2.472% due 01/14/29		300,000		253,250
Teachers Insurance & Annuity Association of America
3.300% due 05/15/50 ~		50,000		34,796
4.900% due 09/15/44 ~		40,000		36,763
6.850% due 12/16/39 ~		18,000		19,907
The Bank of New York Mellon Corp 1.600% due 04/24/25		30,000		27,902
The Bank of Nova Scotia (Canada) 4.588% due 05/04/37		70,000		59,917
The Goldman Sachs Group Inc
1.948% due 10/21/27		360,000		315,248
2.383% due 07/21/32		330,000		256,847
2.640% due 02/24/28		320,000		285,379
3.615% due 03/15/28		30,000		27,988
3.850% due 07/08/24		50,000		48,956
4.017% due 10/31/38		120,000		99,097
4.223% due 05/01/29		140,000		130,681
4.250% due 10/21/25		350,000		341,952
5.150% due 05/22/45		160,000		144,476
5.700% due 11/01/24		300,000		303,788
6.250% due 02/01/41		70,000		73,392
The Norinchukin Bank (Japan) 2.080% due 09/22/31 ~		300,000		232,070
The Toronto-Dominion Bank (Canada) 1.150% due 06/12/25		180,000		164,369
Truist Financial Corp 5.900% due 10/28/26		300,000		307,020
UBS Group AG (Switzerland)
1.494% due 08/10/27 ~		200,000		172,317
7.000% due 01/31/24 ~		250,000		246,581
UDR Inc REIT
1.900% due 03/15/33		30,000		21,439
2.100% due 08/01/32		200,000		147,497
Visa Inc
3.150% due 12/14/25		50,000		48,259
4.300% due 12/14/45		90,000		82,641
Wells Fargo & Co
2.188% due 04/30/26		80,000		74,522
2.393% due 06/02/28		600,000		530,458
2.879% due 10/30/30		70,000		59,608
3.000% due 10/23/26		200,000		185,115
3.350% due 03/02/33		30,000		25,352
3.584% due 05/22/28		70,000		65,103
4.400% due 06/14/46		30,000		24,232
4.478% due 04/04/31		250,000		234,946
4.611% due 04/25/53		70,000		59,638
4.750% due 12/07/46		70,000		58,946
4.900% due 11/17/45		30,000		25,965
5.013% due 04/04/51		430,000		380,990
5.375% due 11/02/43		50,000		46,719
Westpac Banking Corp (Australia) 3.133% due 11/18/41		53,000		35,146

	Principal Amount		Value
WP Carey Inc REIT
2.250% due 04/01/33		$55,000		$40,892
2.400% due 02/01/31		75,000		59,935
				37,597,006
Industrial - 1.1%
3M Co
2.375% due 08/26/29		60,000		51,016
3.050% due 04/15/30		10,000		8,803
3.700% due 04/15/50		70,000		53,930
Ball Corp 3.125% due 09/15/31		50,000		40,221
Carrier Global Corp 3.577% due 04/05/50		10,000		7,176
CSX Corp 3.800% due 11/01/46		70,000		55,282
Eaton Corp 4.150% due 11/02/42		20,000		17,183
General Dynamics Corp
3.500% due 05/15/25		10,000		9,751
4.250% due 04/01/40		10,000		9,169
4.250% due 04/01/50		20,000		17,854
Graphic Packaging International LLC 1.512% due 04/15/26 ~		95,000		82,983
Kansas City Southern 4.700% due 05/01/48		47,000		40,723
L3Harris Technologies Inc
1.800% due 01/15/31		80,000		61,581
5.054% due 04/27/45		40,000		36,047
Lockheed Martin Corp
3.900% due 06/15/32		50,000		47,268
4.150% due 06/15/53		80,000		68,306
4.500% due 05/15/36		30,000		28,746
Martin Marietta Materials Inc 3.450% due 06/01/27		40,000		37,191
Masco Corp 2.000% due 10/01/30		125,000		97,193
Norfolk Southern Corp 3.050% due 05/15/50		80,000		53,945
Northrop Grumman Corp
3.250% due 01/15/28		185,000		170,941
5.250% due 05/01/50		40,000		39,624
Otis Worldwide Corp
2.056% due 04/05/25		30,000		28,094
3.112% due 02/15/40		85,000		62,309
Penske Truck Leasing Co LP 5.875% due 11/15/27 ~		250,000		252,188
Raytheon Technologies Corp
3.750% due 11/01/46		170,000		131,997
4.125% due 11/16/28		70,000		67,141
4.500% due 06/01/42		30,000		27,120
Republic Services Inc 2.500% due 08/15/24		50,000		47,945
TD SYNNEX Corp 2.650% due 08/09/31		400,000		304,089
Textron Inc 2.450% due 03/15/31		700,000		562,032
The Boeing Co
1.875% due 06/15/23		200,000		196,998
2.196% due 02/04/26		315,000		286,546

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

66

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
3.100% due 05/01/26		$465,000		$438,116
3.200% due 03/01/29		90,000		79,100
3.250% due 02/01/35		120,000		91,620
3.550% due 03/01/38		20,000		14,815
3.750% due 02/01/50		140,000		96,706
5.150% due 05/01/30		280,000		273,866
Union Pacific Corp
2.150% due 02/05/27		10,000		9,044
2.400% due 02/05/30		80,000		68,620
3.750% due 07/15/25		50,000		48,628
3.750% due 02/05/70		40,000		29,381
3.839% due 03/20/60		60,000		46,686
				4,197,974
Technology - 1.0%
Activision Blizzard Inc 1.350% due 09/15/30		58,000		45,458
Analog Devices Inc 2.800% due 10/01/41		20,000		14,721
Apple Inc
2.450% due 08/04/26		90,000		83,582
3.450% due 02/09/45		140,000		113,207
Broadcom Inc
2.450% due 02/15/31 ~		500,000		394,977
3.137% due 11/15/35 ~		200,000		147,664
3.187% due 11/15/36 ~		26,000		18,757
3.469% due 04/15/34 ~		300,000		240,210
CGI Inc (Canada) 2.300% due 09/14/31		90,000		68,592
Dell International LLC 6.200% due 07/15/30		60,000		61,145
Intel Corp
1.600% due 08/12/28		90,000		76,622
4.750% due 03/25/50		30,000		26,193
KLA Corp
3.300% due 03/01/50		50,000		36,449
4.650% due 07/15/32		97,000		95,313
Leidos Inc 2.300% due 02/15/31		35,000		26,892
Marvell Technology Inc 2.950% due 04/15/31		30,000		24,201
Microchip Technology Inc
0.972% due 02/15/24		32,000		30,402
0.983% due 09/01/24		18,000		16,678
2.670% due 09/01/23		22,000		21,596
Microsoft Corp
2.525% due 06/01/50		50,000		33,144
2.921% due 03/17/52		10,000		7,127
3.041% due 03/17/62		25,000		17,413
3.300% due 02/06/27		60,000		57,912
3.450% due 08/08/36		10,000		8,886
NVIDIA Corp
2.850% due 04/01/30		30,000		26,239
3.500% due 04/01/40		70,000		56,977
3.500% due 04/01/50		60,000		45,585
3.700% due 04/01/60		40,000		29,714
NXP BV (China)
2.500% due 05/11/31		85,000		67,913
3.250% due 05/11/41		90,000		63,127

	Principal Amount		Value
Open Text Corp (Canada) 6.900% due 12/01/27 ~		$500,000		$500,650
Oracle Corp
1.650% due 03/25/26		110,000		98,601
2.400% due 09/15/23		200,000		196,083
2.875% due 03/25/31		80,000		66,527
2.950% due 04/01/30		20,000		17,097
6.150% due 11/09/29		100,000		104,033
Renesas Electronics Corp (Japan) 1.543% due 11/26/24 ~		300,000		275,251
Roper Technologies Inc 1.750% due 02/15/31		100,000		77,273
Take-Two Interactive Software Inc 3.700% due 04/14/27		79,000		74,461
Texas Instruments Inc 1.750% due 05/04/30		20,000		16,488
VMware Inc
1.400% due 08/15/26		100,000		87,302
4.700% due 05/15/30		165,000		153,876
Workday Inc
3.500% due 04/01/27		82,000		76,759
3.700% due 04/01/29		30,000		27,586
3.800% due 04/01/32		50,000		44,277
Xilinx Inc 2.375% due 06/01/30		153,000		129,006
				3,901,966
Utilities - 1.7%
Alabama Power Co 1.450% due 09/15/30		400,000		312,434
Alexander Funding Trust 1.841% due 11/15/23 ~		200,000		191,657
APT Pipelines Ltd (Australia) 4.200% due 03/23/25 ~		40,000		38,657
Atmos Energy Corp 2.850% due 02/15/52		60,000		39,103
Berkshire Hathaway Energy Co 2.850% due 05/15/51		100,000		65,931
Consolidated Edison Co of New York Inc
3.350% due 04/01/30		20,000		18,035
3.950% due 04/01/50		10,000		7,893
6.150% due 11/15/52		90,000		96,915
Consumers Energy Co 3.250% due 08/15/46		45,000		32,607
Duke Energy Carolinas LLC 2.850% due 03/15/32		300,000		254,688
Duke Energy Corp 4.500% due 08/15/32		100,000		93,969
Duke Energy Ohio Inc 3.650% due 02/01/29		20,000		18,561
Duquesne Light Holdings Inc 2.775% due 01/07/32 ~		60,000		47,092
Edison International 5.750% due 06/15/27		70,000		70,327
Emera US Finance LP (Canada) 4.750% due 06/15/46		100,000		77,564
Enel Finance America LLC (Italy) 7.100% due 10/14/27 ~		300,000		310,732
Enel Finance International NV (Italy) 2.650% due 09/10/24 ~		400,000		382,977

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

67

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
Entergy Arkansas LLC
2.650% due 06/15/51		$45,000		$27,329
3.050% due 06/01/23		300,000		297,779
Entergy Louisiana LLC 2.900% due 03/15/51		50,000		32,217
Evergy Inc 2.900% due 09/15/29		130,000		112,538
Eversource Energy 4.600% due 07/01/27		91,000		89,884
Fells Point Funding Trust 3.046% due 01/31/27 ~		135,000		123,055
Fortis Inc (Canada) 3.055% due 10/04/26		135,000		125,406
Indiana Michigan Power Co 3.250% due 05/01/51		45,000		30,829
ITC Holdings Corp
2.950% due 05/14/30 ~		65,000		54,978
4.950% due 09/22/27 ~		84,000		82,982
Jersey Central Power & Light Co 4.300% due 01/15/26 ~		125,000		120,873
JSW Hydro Energy Ltd (India) 4.125% due 05/18/31 ~		265,500		221,678
New York State Electric & Gas Corp 2.150% due 10/01/31 ~		300,000		234,551
NextEra Energy Capital Holdings Inc 5.000% due 07/15/32		185,000		182,005
NRG Energy Inc
2.000% due 12/02/25 ~		80,000		71,438
2.450% due 12/02/27 ~		90,000		74,710
OGE Energy Corp 0.703% due 05/26/23		35,000		34,385
Pacific Gas and Electric Co
1.700% due 11/15/23		345,000		334,015
2.100% due 08/01/27		20,000		17,111
2.500% due 02/01/31		30,000		23,345
2.950% due 03/01/26		50,000		45,881
3.150% due 01/01/26		200,000		186,058
3.250% due 02/16/24		115,000		112,296
3.300% due 08/01/40		10,000		6,805
3.450% due 07/01/25		85,000		80,544
3.500% due 08/01/50		20,000		12,498
3.750% due 08/15/42		33,000		22,254
PacifiCorp 4.150% due 02/15/50		80,000		66,043
PG&E Energy Recovery Funding LLC 2.822% due 07/15/48		205,000		143,786
PG&E Wildfire Recovery Funding LLC
4.263% due 06/01/38		30,000		27,893
5.099% due 06/01/54		65,000		61,480
5.212% due 12/01/49		190,000		184,459
Public Service Co of Oklahoma 3.150% due 08/15/51		120,000		80,115
ReNew Wind Energy AP2 (India) 4.500% due 07/14/28 ~		400,000		336,736
San Diego Gas & Electric Co 2.950% due 08/15/51		100,000		68,029
Southern California Edison Co
1.200% due 02/01/26		95,000		84,349
3.700% due 08/01/25		300,000		290,538
4.125% due 03/01/48		60,000		48,165

	Principal Amount		Value
Southern Co Gas Capital Corp 3.950% due 10/01/46		$75,000		$56,559
Southern Power Co 5.150% due 09/15/41		70,000		63,564
Union Electric Co 3.900% due 04/01/52		51,000		41,361
Virginia Electric and Power Co 6.350% due 11/30/37		90,000		95,784
Vistra Operations Co LLC 4.875% due 05/13/24 ~		92,000		90,261
Xcel Energy Inc 4.600% due 06/01/32		200,000		191,606
				6,747,314
Total Corporate Bonds & Notes (Cost $102,875,525)				89,674,088
SENIOR LOAN NOTES - 1.3%
Communications - 0.1%
Charter Communications Operating LLC
Term B-1 6.100% (USD LIBOR + 1.750%) due 04/30/25 §		153,100		152,515
Term B-2 6.140% (USD LIBOR + 1.750%) due 02/01/27 §		106,431		104,111
Nexstar Media Inc Term B-4 6.884% (USD LIBOR + 2.500%) due 09/18/26 §		83,630		83,094
				339,720
Consumer, Cyclical - 0.3%
Air Canada Term B (Canada) 8.130% (USD LIBOR + 3.500%) due 08/11/28 §		109,450		108,447
Alterra Mountain Co Term B 7.884% (USD LIBOR + 3.500%) due 08/17/28 §		77,005		76,254
Clarios Global LP Term B 7.634% (USD LIBOR + 3.250%) due 04/30/26 §		163,011		160,295
Entain Holdings Gibraltar Ltd Term B-4 (United Kingdom) 7.230% (USD LIBOR + 2.500%) due 03/16/27 §		19,376		19,263
Great Outdoors Group LLC Term B-2 8.134% (USD LIBOR + 3.750%) due 03/05/28 §		49,005		47,249
Harbor Freight Tools USA Inc Term B 7.134% (USD LIBOR + 2.750%) due 10/19/27 §		117,698		112,567
Hunter Douglas Inc Term B (Netherlands) 7.859% (SOFR + 3.500%) due 02/25/29 §		348,250		308,332
Nascar Holdings LLC Term B 6.884% (USD LIBOR + 2.500%) due 10/18/26 §		97,723		97,600

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

68

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
PCI Gaming Authority Term B 6.884% (USD LIBOR + 2.500%) due 05/31/26 §		$32,362		$32,247
Scientific Games International Inc Term B 7.417% (SOFR + 3.000%) due 04/14/29 §		99,251		98,175
Station Casinos LLC Term B-1 6.640% (USD LIBOR + 2.250%) due 02/08/27 §		117,828		115,324
UFC Holdings LLC Term B-3 7.110% (USD LIBOR + 2.750%) due 04/29/26 §		102,332		101,205
				1,276,958
Consumer, Non-Cyclical - 0.2%
AlixPartners LLP Term B 7.134% (USD LIBOR + 2.750%) due 02/04/28 §		105,980		105,157
Eyecare Partners LLC 8.480% (SOFR + 3.750%) due 02/20/27 §		48,702		41,437
Gainwell Acquisition Corp Term B 8.730% (USD LIBOR + 4.000%) due 10/01/27 §		86,676		82,233
Garda World Security Corp Term B (Canada) 8.930% (USD LIBOR + 4.250%) due 10/30/26 §		34,353		33,516
Global Medical Response Inc Term B 8.422% (USD LIBOR + 4.250%) due 10/02/25 §		127,997		90,771
Horizon Therapeutics USA Inc Term B-2 6.188% (USD LIBOR + 1.750%) due 03/15/28 §		32,403		32,411
ICON Luxembourg SARL Term B (Luxembourg) 7.000% (USD LIBOR + 2.250%) due 07/01/28 §		101,980		101,789
Medline Borrower LP Term B 7.634% (USD LIBOR + 3.250%) due 10/21/28 §		108,577		103,358
Phoenix Guarantor Inc Term B 7.884% (USD LIBOR + 3.500%) due 03/05/26 §		28,727		27,021
Phoenix Newco Inc 7.634% (USD LIBOR + 3.250%) due 11/15/28 §		9,626		9,292
PRA Health Sciences Inc Term B 7.000% (USD LIBOR + 2.250%) due 07/01/28 §		25,408		25,361
Triton Water Holdings Inc Term B 8.230% (USD LIBOR + 3.500%) due 03/31/28 §		91,892		85,758
Verscend Holding Corp Term B 8.384% (USD LIBOR + 4.000%) due 08/27/25 §		107,916		107,511
				845,615

	Principal Amount		Value
Diversified - 0.0%
First Eagle Holdings Inc Term B 7.230% (USD LIBOR + 2.500%) due 02/02/27 §		$27,902		$27,169
Financial - 0.4%
Allspring Buyer LLC Term B 7.750% (USD LIBOR + 3.000%) due 11/01/28 §		128,033		126,326
AmWINS Group Inc Term B 6.634% (USD LIBOR + 2.250%) due 02/19/28 §		105,882		104,055
Asurion LLC
Term B-7 7.384% (USD LIBOR + 3.000%) due 11/03/24 §		144,883		141,080
Term B-9 7.634% (USD LIBOR + 3.250%) due 07/31/27 §		58,950		51,670
Avolon (US) LLC Term B-5 (Ireland) 6.603% (USD LIBOR + 2.250%) due 12/01/27 §		49,000		48,958
Deerfield Dakota Holding LLC Term B 8.073% (SOFR + 3.750%) due 04/09/27 §		105,047		98,317
Focus Financial Partners LLC Term B-5 7.573% (SOFR + 3.250%) due 06/30/28 §		39,900		39,511
Jane Street Group LLC Term B 7.134% (USD LIBOR + 2.750%) due 01/26/28 §		145,199		141,115
Qatar National Bank QPSC (Qatar) due 11/06/23 ∞		600,000		598,800
The Edelman Financial Engines Center LLC Term B 7.884% (USD LIBOR + 3.500%) due 04/07/28 §		47,796		44,851
VFH Parent LLC Term B 7.321% (SOFR + 3.000%) due 01/13/29 §		90,000		88,031
				1,482,714
Industrial - 0.2%
Ali Group North America Corp Term B 6.438% (SOFR + 2.000%) due 07/22/29 §		104,699		104,045
Brown Group Holding LLC Term B 6.884% (USD LIBOR + 2.500%) due 06/07/28 §		147,993		145,615
Coherent Corp Term B 7.134% (USD LIBOR + 2.750%) due 07/01/29 §		117,557		116,764
Energizer Holdings Inc 6.625% (USD LIBOR + 2.250%) due 12/22/27 §		38,467		37,842

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

69

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
Quikrete Holdings Inc
Term B 7.009% (USD LIBOR + 2.625%) due 01/31/27 §		$105,309		$104,402
Term B-1 7.384% (USD LIBOR + 3.000%) due 03/18/29 §		119,100		118,331
TransDigm Inc Term F 6.980% (USD LIBOR + 2.250%) due 12/09/25 §		9,798		9,691
XPO Logistics Inc Term B 5.935% (USD LIBOR + 1.750%) due 02/23/25 §		105,000		104,701
				741,391
Technology - 0.1%
Cloudera Inc Term B 8.134% (USD LIBOR + 3.750%) due 10/08/28 §		89,325		84,915
Magenta Buyer LLC 9.170% (USD LIBOR + 4.750%) due 07/27/28 §		137,256		118,212
Peraton Corp Term B 8.134% (USD LIBOR + 3.750%) due 02/01/28 §		148,969		145,830
				348,957
Total Senior Loan Notes (Cost $5,229,106)				5,062,524
MORTGAGE-BACKED SECURITIES - 39.9%
Collateralized Mortgage Obligations - Commercial - 5.1%
1211 Avenue of the Americas Trust 3.901% due 08/10/35 ~		900,000		836,876
ACRE Commercial Mortgage Ltd (Cayman)
5.169% (USD LIBOR + 0.830%) due 12/18/37 ~ §		233,869		230,360
5.739% (USD LIBOR + 1.400%) due 12/18/37 ~ §		180,000		173,768
Ashford Hospitality Trust 5.318% (USD LIBOR + 1.000%) due 06/15/35 ~ §		600,000		578,492
BAMLL Commercial Mortgage Securities Trust 4.091% due 08/10/38 ~ §		300,000		270,492
BAMLL Re-REMIC Trust 2.019% due 11/26/47 ~ §		190,000		171,052
BBCMS Trust (IO) 1.298% due 07/15/54 §		1,933,945		140,347
BDS LLC 6.461% (SOFR + 2.137%) due 08/19/38 ~ §		300,000		296,449
Beast Mortgage Trust 5.068% (USD LIBOR + 0.750%) due 04/15/36 ~ §		300,000		287,849
Benchmark Mortgage Trust 3.458% due 03/15/55		300,000		266,019
BIG Commercial Mortgage Trust 5.820% (SOFR + 1.342%) due 02/15/39 ~ §		400,000		384,721

	Principal Amount		Value
BPR Trust 5.568% (USD LIBOR + 1.250%) due 02/15/29 ~ §		$320,000		$311,540
BX Commercial Mortgage Trust
5.148% (USD LIBOR + 0.689%) due 10/15/38 ~ §		278,015		267,622
5.326% (SOFR + 0.990%) due 01/17/39 ~ §		400,000		383,543
BX Trust 5.760% due 10/13/27 ~		250,000		245,262
Citigroup Commercial Mortgage Trust
3.251% due 05/10/35 ~		300,000		281,278
3.778% due 09/10/58		700,000		666,771
Commercial Mortgage Trust
2.321% due 01/10/38 ~ §		300,000		251,478
3.545% due 02/10/36 ~		1,000,000		915,538
4.297% due 02/10/48 §		90,000		77,597
CSMC Trust
2.257% due 08/15/37 ~		977,319		874,279
4.373% due 09/15/37 ~		830,000		437,515
7.342% (USD LIBOR + 3.024%) due 12/15/22 ~ §		426,470		426,287
8.189% (SOFR + 3.853%) due 09/16/25 ~ §		560,000		495,892
DBGS Mortgage Trust 3.843% due 04/10/37 ~		900,000		770,101
Fannie Mae
1.707% due 11/25/31 §		300,000		236,426
2.082% due 04/25/32 §		1,050,000		861,368
3.700% due 01/25/36		100,000		90,708
Fannie Mae (IO) 2.241% due 01/25/31 §		4,912,775		471,256
FHLMC Multifamily Structured Pass-Through Certificates
1.211% due 10/25/30 §		2,700,000		203,794
1.981% due 12/25/31 §		400,000		324,794
2.400% due 03/25/32		400,000		337,446
3.710% due 09/25/32 §		290,000		272,143
FHLMC Multifamily Structured Pass-Through Certificates (IO)
1.194% due 11/25/30 §		3,235,000		241,410
1.364% due 12/25/29 §		1,490,000		97,487
Freddie Mac Multiclass Certificates (IO) 2.608% due 10/27/28 §		2,670,000		309,379
Freddie Mac Multifamily Structured Credit Risk 5.728% (SOFR + 1.800%) due 07/25/41 ~ §		361,722		329,923
Freddie Mac Multifamily WI Certificates 3.820% due 01/25/33		300,000		282,432
Freedom 8.700% (USD LIBOR + 4.400%) due 03/25/23 ~ §		210,000		207,354
FREMF Mortgage Trust
3.576% due 01/25/26 ~ §		350,000		319,842
3.880% due 01/25/50 ~ §		415,000		388,243
3.932% due 12/25/46 ~ §		300,000		295,403
6.292% (USD LIBOR + 2.150%) due 01/25/26 ~ §		121,578		111,808

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

70

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
FRR Re-REMIC Trust 0.422% due 10/27/46 ~ §		$100,000		$95,723
Government National Mortgage Association
1.450% due 01/16/63		297,844		237,872
2.845% due 11/16/47 §		38,811		35,217
3.000% due 10/16/64 §		100,000		76,001
Government National Mortgage Association (IO)
0.323% due 01/16/53 §		3,855,003		33,118
0.422% due 04/16/47 §		1,937,509		19,189
0.640% due 02/16/61 §		688,295		38,262
GS Mortgage Securities Trust 7.736% (SOFR + 3.400%) due 08/15/39 ~ §		300,000		302,736
JP Morgan Chase Commercial Mortgage Securities Trust
8.326% (USD LIBOR + 4.000%) due 01/16/37 ~ §		68,709		62,215
8.818% (USD LIBOR + 4.500%) due 12/15/36 ~ §		280,000		100,349
11.318% (USD LIBOR + 7.000%) due 12/15/36 ~ §		280,000		71,805
JPMDB Commercial Mortgage Securities Trust 4.009% due 03/15/50 §		180,000		151,407
LUXE Trust 5.368% (USD LIBOR + 1.050%) due 10/15/38 ~ §		103,830		99,467
Morgan Stanley Capital I Trust 2.428% due 04/05/42 ~ §		400,000		305,745
New Orleans Hotel Trust 5.307% (USD LIBOR + 0.989%) due 04/15/32 ~ §		300,000		285,549
NYO Commercial Mortgage Trust 5.413% (USD LIBOR + 1.095%) due 11/15/38 ~ §		300,000		272,825
ONE Mortgage Trust 5.150% (SOFR + 0.814%) due 03/15/36 ~ §		400,000		381,478
PFP Ltd CLO (Cayman)
5.726% (USD LIBOR + 1.400%) due 04/14/38 ~ §		261,987		245,795
6.600% (SOFR + 2.274%) due 08/19/35 ~ §		300,000		293,437
Ready Capital Mortgage Financing LLC 6.875% (SOFR + 2.552%) due 10/25/39 ~ §		299,574		298,354
SLG Office Trust 2.585% due 07/15/41 ~		235,000		188,053
TTAN 5.168% (USD LIBOR + 0.850%) due 03/15/38 ~ §		394,732		382,899
Waterfall Commercial Mortgage Trust 4.104% due 09/14/22 ~ §		49,081		48,148
Wells Fargo Commercial Mortgage Trust 5.468% (USD LIBOR + 1.150%) due 02/15/40 ~ §		199,985		187,423
Wells Fargo Commercial Mortgage Trust (IO)
1.197% due 03/15/50 §		3,831,625		153,759
1.547% due 08/15/54 §		1,289,503		113,990
				19,903,160

	Principal Amount		Value
Collateralized Mortgage Obligations - Residential - 5.3%
Ajax Mortgage Loan Trust 2.239% due 06/25/66 ~		$221,729		$205,602
Alternative Loan Trust
3.045% due 06/25/37 §		50,602		37,507
4.729% (USD LIBOR + 0.340%) due 07/25/46 §		1		3,181
4.809% (USD LIBOR + 0.420%) due 05/25/35 §		150,451		134,754
American Home Mortgage Investment Trust 6.700% due 06/25/36		1,311,679		226,165
Anchor Mortgage Trust 2.600% due 10/25/26 ~		282,830		262,773
Banc of America Funding Trust 3.418% due 05/25/35 §		8,094		7,628
BCAP LLC Trust 4.611% due 03/26/37 ~		14,446		14,045
Bear Stearns Adjustable Rate Mortgage Trust
3.399% due 08/25/33 §		11,364		10,569
4.130% due 10/25/36 §		2,474		2,181
4.282% due 01/25/35 §		92,443		91,943
Bear Stearns ALT-A Trust
3.115% due 05/25/35 §		8,544		7,946
3.586% due 11/25/36 §		35,662		19,100
Cascade MH Asset Trust 2.708% due 02/25/46 ~		284,000		213,213
CFMT LLC
0.946% due 12/26/30 ~ §		146,273		142,221
1.374% due 02/25/31 ~ §		665,000		625,455
Chase Mortgage Finance Trust
3.492% due 02/25/37 §		74,240		71,570
3.707% due 09/25/36 §		32,990		27,330
ChaseFlex Trust 4.689% (USD LIBOR + 0.300%) due 08/25/37 §		207,914		182,648
Chevy Chase Funding LLC
3.928% due 05/25/35 ~ §		512,257		398,942
4.639% (USD LIBOR + 0.250%) due 08/25/35 ~ §		7,297		6,576
Citigroup Mortgage Loan Trust Inc 3.790% (UST + 2.150%) due 09/25/35 §		2,255		2,165
Countrywide Home Loan Mortgage Pass-Through Trust 4.131% (USD LIBOR + 0.640%) due 03/25/35 §		5,294		4,712
Credit Suisse First Boston Mortgage Securities Corp 6.000% due 11/25/35		23,627		17,626
CSMC Trust
1.538% due 02/25/66 ~ §		286,386		229,660
1.668% due 09/27/60 ~ §		466,771		442,491
2.000% due 01/25/60 ~ §		401,647		345,044
Downey Saving & Loan Association Mortgage Loan Trust 4.519% (USD LIBOR + 0.180%) due 04/19/47 §		69,995		72,124

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

71

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
Eurosail-UK PLC (United Kingdom) 4.461% (SONIA + 1.069%) due 06/13/45 ~ §		GBP  349,531		$418,147
Fannie Mae
2.000% due 08/25/50		$300,000		235,405
2.500% due 02/25/44		124,943		104,818
3.500% due 09/25/45		129,213		109,719
3.500% due 11/25/57		691,590		653,911
4.939% (USD LIBOR + 0.550%) due 09/25/41 §		61,482		60,506
5.500% due 04/25/35		225,856		233,841
5.875% (US PRIME - 1.625%) due 11/25/23 §		6,070		6,003
Fannie Mae (IO)
1.611% (6.000% - USD LIBOR) due 11/25/45 §		828,885		80,891
1.711% (6.100% - USD LIBOR) due 09/25/46 §		222,425		13,585
2.500% due 01/25/49		851,232		121,490
4.000% due 03/25/43		114,769		17,346
4.000% due 04/25/43		443,391		74,580
Freddie Mac REMICS
3.000% due 08/15/48		47,352		41,077
4.000% due 04/25/52		100,000		90,120
4.649% (USD LIBOR + 0.190%) due 10/15/43 §		175,255		169,323
8.000% due 04/15/30		33,577		35,570
Freddie Mac REMICS (IO)
2.000% due 10/25/50		86,887		11,864
2.500% due 05/25/49		275,083		37,264
2.500% due 09/25/50		151,923		23,167
3.500% due 04/15/43		133,179		20,928
4.000% due 04/15/43		37,682		1,524
Freddie Mac Strips (IO) 1.641% (6.100% - USD LIBOR) due 08/15/44 §		110,325		11,598
Freddie Mac Structured Agency Credit Risk Debt Notes 6.689% (USD LIBOR + 2.300%) due 01/25/50 ~ §		160,000		151,171
Government National Mortgage Association
1.968% (USD LIBOR + 0.750%) due 04/20/67 §		416,267		412,187
2.500% due 10/20/51		99,331		83,523
2.669% (USD LIBOR + 1.280%) due 02/20/71 §		568,322		566,437
4.398% due 09/20/66 §		524,990		535,926
4.442% (USD LIBOR + 0.600%) due 07/20/65 §		539,641		531,543
4.585% (USD LIBOR + 0.800%) due 06/20/66 §		408,101		404,208
4.601% (USD LIBOR + 0.800%) due 07/20/66 §		712,169		705,795
4.770% (SOFR + 1.020%) due 12/20/72 §		200,000		200,562
4.966% (SOFR + 1.140%) due 11/20/72 §		250,000		252,508
5.122% (USD LIBOR + 1.280%) due 01/20/71 §		790,984		783,156

	Principal Amount		Value
Government National Mortgage Association (IO)
1.241% due 03/20/71 §		$7,371,069		$281,390
1.641% (6.100% - USD LIBOR) due 10/16/46 §		154,568		21,729
1.797% (6.150% - USD LIBOR) due 02/20/46 §		720,420		82,733
2.500% due 08/20/50		160,778		22,859
2.500% due 09/20/50		82,310		12,197
2.500% due 10/20/50		167,265		22,820
4.000% due 11/20/44		339,592		59,756
4.500% due 11/16/45		143,918		29,499
Great Hall Mortgages PLC (United Kingdom) 4.868% (USD LIBOR + 0.130%) due 06/18/39 ~ §		101,036		99,105
GS Mortgage-Backed Securities Corp Trust 2.000% due 12/25/60 ~ §		620,000		496,863
GSR Mortgage Loan Trust
6.000% due 11/25/35		390,817		185,350
6.000% due 07/25/37		199,173		139,665
HarborView Mortgage Loan Trust
3.446% due 08/19/36 §		77,201		60,984
3.720% due 02/25/36 §		36,408		11,894
4.549% (USD LIBOR + 0.320%) due 05/25/38 §		152,426		120,067
4.679% (USD LIBOR + 0.340%) due 12/19/36 §		71,630		61,723
4.779% (USD LIBOR + 0.440%) due 05/19/35 §		135,615		120,770
JP Morgan Mortgage Trust
3.500% due 10/25/48 ~ §		196,326		172,914
3.708% due 07/25/35 §		6,032		6,010
5.750% due 01/25/36		10,492		5,223
Ludgate Funding PLC (United Kingdom) 4.054% (GBP LIBOR + 0.160%) due 01/01/61 ~ §		GBP  331,941		373,342
Merrill Lynch Mortgage Investors Trust 3.380% due 11/25/35 §		$151,119		137,574
Metlife Securitization Trust 3.750% due 03/25/57 ~ §		449,535		424,172
New Residential Mortgage Loan Trust
2.492% due 09/25/59 ~ §		67,374		60,997
3.500% due 12/25/57 ~ §		382,904		362,600
OBX Trust 5.039% (USD LIBOR + 0.650%) due 06/25/57 ~ §		400,957		378,908
PRPM LLC 2.115% due 01/25/26 ~ §		245,228		230,428
RALI Trust 6.000% due 03/25/37		565,233		466,776
Reperforming Loan REMIC Trust
4.729% (USD LIBOR + 0.340%) due 06/25/35 ~ §		15,807		14,944
4.729% (USD LIBOR + 0.340%) due 01/25/36 ~ §		87,135		82,871

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

72

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
Seasoned Credit Risk Transfer Trust
3.250% due 11/25/61		$183,447		$162,081
3.500% due 05/25/57		250,217		235,194
3.500% due 06/25/57		269,094		254,248
Towd Point Mortgage Funding PLC (United Kingdom)
3.826% (SONIA + 1.350%) due 07/20/45 ~ §		GBP 1,007,520		1,201,165
4.070% (SONIA + 1.144%) due 10/20/51 ~ §		629,300		759,019
4.170% (SONIA + 0.900%) due 05/20/45 ~ §		1,021,202		1,213,092
Towd Point Mortgage Trust
3.000% due 04/25/60 ~ §		$240,000		180,263
3.250% due 10/25/57 ~ §		180,000		157,908
3.638% due 10/25/53 ~ §		300,000		262,885
4.000% due 11/25/47 ~		140,086		135,919
Two 7.300% (USD LIBOR + 3.000%) due 03/25/23 ~ §		750,000		755,625
WaMu Mortgage Pass-Through Certificates Trust 3.211% due 02/25/37 §		79,673		71,577
				20,940,003
Fannie Mae - 23.4%
due 01/01/53 #		200,000		192,514
due 01/01/53 #		1,200,000		1,090,338
due 01/01/53 #		2,300,000		1,872,037
due 01/01/53 #		2,600,000		2,202,156
due 01/01/53 #		18,300,000		18,035,270
due 02/01/53 #		200,000		169,576
due 02/01/53 #		100,000		98,538
due 02/01/53 #		4,600,000		4,182,325
due 02/01/53 #		4,400,000		4,409,994
due 02/01/53 #		10,200,000		9,819,397
due 02/01/53 #		11,300,000		9,928,398
due 02/01/53 #		12,100,000		11,352,302
0.970% due 07/01/27		1,163,068		999,375
1.090% due 04/01/28		506,000		428,553
1.275% due 04/01/30		726,513		587,429
1.370% due 03/01/30		652,477		535,023
1.410% due 12/01/30		1,210,000		960,635
1.440% due 01/01/31		1,142,000		907,122
1.460% due 12/01/30		715,000		570,055
1.500% due 01/01/51 - 03/01/51		185,349		143,392
1.560% due 01/01/31		500,000		401,239
1.754% due 03/01/32 §		449,896		362,744
1.870% due 05/01/31		350,000		287,114
2.000% due 02/01/51 - 03/01/51		392,679		325,454
2.010% due 01/01/32		350,000		287,273
2.140% due 12/01/33		250,000		204,389
2.160% due 12/01/33		300,000		245,731
2.500% due 09/01/36 - 09/01/61		4,622,195		3,905,946
2.550% due 10/01/30		160,000		140,788
3.000% due 09/01/28 - 07/01/60		5,742,330		5,112,376
3.249% (US FED + 1.200%) due 10/01/44 §		4,294		4,091

	Principal Amount		Value
3.500% due 12/01/34 - 09/01/61		$2,426,867		$2,231,764
3.610% due 01/01/37		447,913		417,595
3.620% due 05/01/32		495,483		464,649
3.860% (USD LIBOR + 1.611%) due 11/01/32 §		11,931		11,712
3.890% due 07/01/32		100,000		93,864
4.000% due 06/01/25 - 08/01/59		2,033,466		1,941,314
4.018% (COFI + 1.929%) due 12/01/36 §		591		590
4.043% (UST + 2.043%) due 09/01/35 §		6,502		6,430
4.140% due 07/01/32		660,000		641,973
4.379% (UST + 2.360%) due 11/01/34 §		12,322		12,629
4.410% due 10/01/32		474,567		471,664
4.500% due 06/01/24 - 09/01/57		1,813,452		1,769,777
4.510% due 10/01/32		500,000		500,624
4.550% due 10/01/32		515,000		516,575
4.600% due 10/01/32		343,000		346,101
4.900% due 12/01/32		409,000		421,836
5.000% due 02/01/35 - 01/01/59		679,296		680,035
5.500% due 09/01/23 - 05/01/58		1,382,090		1,417,584
6.000% due 02/01/33 - 07/01/41		111,070		115,282
				91,823,572
Freddie Mac - 2.9%
1.500% due 11/01/41		55,435		45,414
1.800% due 11/01/28		500,000		431,517
2.000% due 09/01/41 - 11/01/51		714,941		594,522
2.500% due 07/01/50 - 02/01/51		719,933		619,489
2.850% due 03/01/33		1,284,402		1,123,562
2.877% (USD LIBOR + 1.619%) due 11/01/47 §		121,246		116,860
3.000% due 10/01/46 - 02/01/52		630,665		563,598
3.008% (USD LIBOR + 1.628%) due 11/01/48 §		328,990		311,837
3.097% (USD LIBOR + 1.621%) due 02/01/50 §		197,997		190,066
3.250% (UST + 2.250%) due 04/01/32 §		4,652		4,595
3.500% due 04/01/37 - 06/01/46		603,824		570,801
3.510% (USD LIBOR + 1.734%) due 06/01/35 §		19,205		19,473
3.586% (USD LIBOR + 1.345%) due 09/01/35 §		2,384		2,389
3.750% due 08/01/32		300,000		282,616
4.000% due 11/01/33 - 07/01/49		1,858,758		1,780,296
4.120% (USD LIBOR + 1.870%) due 09/01/35 §		5,564		5,489
4.339% (UST + 2.250%) due 11/01/31 §		694		679
4.500% due 11/01/44		44,815		44,083
5.000% due 08/01/48 - 07/01/52		321,175		319,669
5.000% due 10/01/52		4,209,248		4,154,983
5.500% due 04/01/38 - 05/01/40		243,028		251,694
6.000% due 03/01/23		57		58
				11,433,690

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

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
Government National Mortgage Association - 3.2%
due 01/20/53 #		$100,000		$91,893
due 01/20/53 #		1,100,000		953,509
due 02/20/53 #		100,000		86,769
due 02/20/53 #		100,000		89,131
due 02/20/53 #		100,000		101,417
due 02/20/53 #		200,000		183,926
due 02/20/53 #		300,000		301,537
due 02/20/53 #		500,000		473,439
due 02/20/53 #		500,000		485,230
due 02/20/53 #		500,000		495,443
2.000% due 12/20/50		275,568		229,864
2.500% due 01/20/51 - 03/20/51		1,432,820		1,239,950
2.816% due 07/20/71 §		258,552		227,971
2.938% due 10/20/70 §		346,971		310,338
3.000% due 09/15/42 - 04/20/52		2,290,428		2,039,867
3.091% due 12/20/71 §		288,997		257,831
3.500% due 01/20/46 - 01/20/51		2,284,782		2,106,917
4.000% due 04/20/50 - 08/20/52		946,430		897,552
4.500% due 06/20/52		352,367		349,177
5.000% due 10/15/38 - 06/20/52		705,597		707,917
5.500% due 09/20/52		342,289		344,700
6.283% (UST + 1.735%) due 10/20/71 §		250,254		260,255
6.393% (UST + 1.835%) due 08/20/71 §		248,122		259,225
				12,493,858
Total Mortgage-Backed Securities (Cost $169,029,833)				156,594,283
ASSET-BACKED SECURITIES - 8.9%
ACE Securities Corp Home Equity Loan Trust 5.364% (USD LIBOR + 0.975%) due 07/25/35 §		70,587		70,276
American Homes 4 Rent LP 5.885% due 04/17/52 ~		300,000		289,753
AmeriCredit Automobile Receivables Trust 1.210% due 12/18/26		540,000		483,550
Ameriquest Mortgage Securities Inc
5.259% (USD LIBOR + 0.870%) due 10/25/35 §		250,000		239,414
6.444% (USD LIBOR + 2.055%) due 11/25/34 §		362,404		302,269
AMSR Trust
2.006% due 11/17/37 ~		365,000		322,465
2.327% due 10/17/38 ~		128,000		107,369
2.751% due 06/17/38 ~ §		350,000		272,215
4.000% due 10/17/39 ~		250,000		202,796
Aqua Finance Trust 3.970% due 07/17/46 ~		210,000		182,151
Ares XL CLO Ltd (Cayman) 5.662% (USD LIBOR + 0.870%) due 01/15/29 ~ §		242,368		239,688
Argent Securities Inc
3.336% (USD LIBOR + 0.820%) due 02/25/34 §		371,230		349,707
5.514% (USD LIBOR + 1.125%) due 11/25/34 §		381,528		372,699

	Principal Amount		Value
Asset-Backed Funding Certificates Trust 5.089% (USD LIBOR + 0.700%) due 06/25/34 §		$36,555		$34,315
Avoca CLO XVII DAC (Netherlands) 2.198% (EUR LIBOR + 0.820%) due 10/15/32 ~ §		EUR 300,000		310,905
Bear Stearns Asset-Backed Securities I Trust
4.629% (USD LIBOR + 0.240%) due 12/25/36 §		$1,224,819		1,068,774
5.394% (USD LIBOR + 1.005%) due 06/25/35 §		155,027		148,017
Benefit Street Partners CLO XVI Ltd (Cayman) 5.822% (USD LIBOR + 1.030%) due 01/17/32 ~ §		400,000		391,668
Business Jet Securities LLC
2.918% due 04/15/36 ~		230,494		195,786
2.981% due 11/15/35 ~		277,961		253,502
Capital One Multi-Asset Execution Trust 4.898% (USD LIBOR + 0.580%) due 07/15/27 §		300,000		299,634
Carlyle Global Market Strategies CLO Ltd 5.600% (USD LIBOR + 0.950%) due 08/14/30 ~ §		296,608		293,396
Cars Net Lease Mortgage Notes 3.100% due 12/15/50 ~		99,000		86,528
CBAM Ltd CLO (Cayman) 5.812% (USD LIBOR + 1.020%) due 04/17/31 ~ §		800,000		785,763
Citibank Credit Card Issuance Trust
4.981% (USD LIBOR + 0.620%) due 04/22/26 §		200,000		200,139
5.005% (USD LIBOR + 0.610%) due 08/07/27 §		100,000		99,999
Citigroup Mortgage Loan Trust 5.064% (USD LIBOR + 0.675%) due 11/25/45 ~ §		13,528		13,506
CLNC Ltd CLO (Cayman) 5.689% (SOFR + 1.364%) due 08/20/35 ~ §		324,810		316,580
College Ave Student Loans LLC 3.060% due 07/26/55 ~		390,000		311,408
Continental Finance Credit Card ABS Master Trust 2.240% due 12/15/28 ~		370,000		348,145
Countrywide Asset-Backed Certificates
4.529% (USD LIBOR + 0.140%) due 07/25/37 §		214,521		193,692
4.989% (USD LIBOR + 0.600%) due 06/25/36 §		123,815		122,562
Credit Acceptance Auto Loan Trust
1.640% due 06/17/30 ~		665,000		600,851
8.450% due 02/15/33 ~		300,000		303,310
Crossroads Asset Trust 1.120% due 06/20/25 ~		116,000		113,148
DataBank Issuer 2.060% due 02/27/51 ~		250,000		217,001
Discover Card Execution Note Trust 4.918% (USD LIBOR + 0.600%) due 12/15/26 §		300,000		300,146

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

74

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
Dividend Solar Loans LLC 3.670% due 08/22/39 ~		$169,620		$153,959
Dryden 36 Senior Loan Fund (Cayman) 5.099% (USD LIBOR + 1.020%) due 04/15/29 ~ §		273,889		270,957
Enterprise Fleet Financing LLC 4.380% due 07/20/29 ~		300,000		293,476
Exeter Automobile Receivables Trust
5.300% due 09/15/27		160,000		157,011
6.760% due 09/15/28		400,000		388,207
First Franklin Mortgage Loan Trust 4.509% (USD LIBOR + 0.120%) due 11/25/36 §		469,519		432,507
FirstKey Homes Trust
2.389% due 08/17/38 ~		300,000		250,866
2.668% due 10/19/37 ~		500,000		441,520
4.500% due 07/17/26 ~		289,000		266,655
4.500% due 07/17/39 ~		350,000		293,966
FMC GMSR Issuer Trust
3.620% due 07/25/26 ~ §		300,000		244,463
3.650% due 02/25/24		630,000		604,576
3.850% due 10/25/26 ~ §		210,000		169,005
4.450% due 01/25/26 ~ §		500,000		438,062
FORT CRE Issuer LLC CLO 5.761% (SOFR + 1.850%) due 02/23/39 ~ §		300,000		294,438
Foundation Finance Trust 1.270% due 05/15/41 ~		150,519		134,724
Freddie Mac Structured Pass-Through Certificates 3.089% due 11/25/27		189,203		175,892
Freed ABS Trust 5.790% due 08/20/29 ~		240,000		236,528
Gallatin CLO IX Ltd (Cayman) 5.328% (USD LIBOR + 1.050%) due 01/21/28 ~ §		250,926		248,894
Gallatin CLO VIII Ltd (Cayman) 5.882% (USD LIBOR + 1.090%) due 07/15/31 ~ §		300,000		294,358
GLS Auto Receivables Issuer Trust
1.140% due 11/17/25 ~		126,041		123,926
1.640% due 10/15/26 ~		75,000		71,491
Goldentree Loan Management US CLO 2 Ltd (Cayman) 5.153% (USD LIBOR + 0.910%) due 11/20/30 ~ §		400,000		395,852
GSAA Home Equity Trust
4.589% (USD LIBOR + 0.200%) due 03/25/37 §		370,053		113,659
5.439% (USD LIBOR + 1.050%) due 06/25/35 §		270,000		214,954
6.000% due 10/25/37		133,899		117,178
Hildene Community Funding CDO Ltd CLO (Cayman) 2.600% due 11/01/35 ~		280,000		236,418
Home Equity Asset Trust 5.289% (USD LIBOR + 0.900%) due 11/25/34 §		11,945		11,936

	Principal Amount		Value
Jamestown CLO XV Ltd (Cayman) 6.132% (USD LIBOR + 1.340%) due 04/15/33 ~ §		$1,100,000		$1,081,911
JP Morgan Mortgage Acquisition Trust 4.689% (USD LIBOR + 0.300%) due 01/25/37 §		160,000		153,256
KKR CLO 18 Ltd (Cayman) 5.134% (USD LIBOR + 0.940%) due 07/18/30 ~ §		282,940		280,314
KREF Ltd CLO 5.771% (SOFR + 1.450%) due 02/17/39 ~ §		300,000		291,218
Lendmark Funding Trust
1.900% due 11/20/31 ~		450,000		382,628
2.470% due 11/20/31 ~		100,000		81,245
6.600% due 07/20/32 ~		400,000		383,009
LFT CRE Ltd CLO (Cayman) 6.409% (USD LIBOR + 1.950%) due 06/15/39 ~ §		250,000		239,447
LP LMS 3.230% due 10/15/28 ~		93,225		92,769
Madison Park Euro Funding XIV DAC CLO (Ireland) 2.178% (EUR LIBOR + 0.800%) due 07/15/32 ~ §		EUR 300,000		311,176
Madison Park Funding Ltd CLO (Cayman) 5.542% (USD LIBOR + 0.750%) due 04/15/29 ~ §		$287,091		284,117
Magnetite XVIII Ltd CLO (Cayman) 5.486% (USD LIBOR + 0.880%) due 11/15/28 ~ §		289,427		286,566
Mariner Finance Issuance Trust 2.960% due 07/20/32 ~		233,470		230,364
Marlette Funding Trust 1.810% due 12/15/31 ~		400,000		358,604
Mastr Asset-Backed Securities Trust 4.609% (USD LIBOR + 0.220%) due 10/25/36 §		564,652		185,911
Merrill Lynch Mortgage Investors Trust 4.336% (USD LIBOR + 0.320%) due 04/25/37 §		313,280		156,903
MF1 Ltd CLO (Cayman)
5.176% (SOFR + 1.350%) due 02/19/37 ~ §		300,000		288,106
5.419% (USD LIBOR + 1.080%) due 10/16/36 ~ §		310,000		296,859
Mortgage Repurchase Agreement Financing Trust 6.228% (SOFR + 2.000%) due 03/30/25 ~ §		190,000		188,710
National Collegiate Student Loan Trust 4.749% (USD LIBOR + 0.360%) due 01/26/32 §		1,000,000		764,563
Navient Student Loan Trust 5.539% (USD LIBOR + 1.150%) due 07/26/66 ~ §		125,690		123,699
Nelnet Student Loan Trust 5.133% (USD LIBOR + 0.780%) due 04/20/62 ~ §		133,917		130,334

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

75

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
New Century Home Equity Loan Trust 5.109% (USD LIBOR + 0.720%) due 10/25/35 §		$510,787		$494,677
NRZ Excess Spread-Collateralized Notes
3.104% due 07/25/26 ~		320,207		279,965
3.844% due 12/25/25 ~		202,772		185,045
Oak Street Investment Grade Net Lease Fund 1.850% due 11/20/50 ~		192,734		171,286
OneMain Financial Issuance Trust 3.450% due 09/14/35 ~		120,000		99,809
Oportun Funding XIV LLC 1.210% due 03/08/28 ~		105,000		97,821
Option One Mortgage Loan Trust 4.519% (USD LIBOR + 0.130%) due 07/25/37 §		721,166		408,687
OZLM VI Ltd CLO (Cayman) 5.872% (USD LIBOR + 1.080%) due 04/17/31 ~ §		295,561		290,330
OZLM VIII Ltd CLO (Cayman) 5.772% (USD LIBOR + 0.980%) due 10/17/29 ~ §		268,969		263,589
Pagaya AI Debt Selection Trust 1.180% due 11/15/27 ~		136,271		134,244
Pagaya AI Technology in Housing Trust 4.250% due 08/25/25 ~		400,000		374,971
Palmer Square European Loan Funding DAC CLO (Ireland) 2.098% (EUR LIBOR + 0.720%) due 10/15/31 ~ §		EUR 293,373		305,454
PNMAC GMSR Issuer Trust 8.178% (SOFR + 4.250%) due 05/25/27 ~ §		$150,000		142,156
PRET LLC 2.487% due 10/25/51 ~ §		349,796		307,686
Progress Residential Trust 2.106% due 04/17/38 ~		565,000		476,907
Rad CLO 5 Ltd (Cayman) 5.445% (USD LIBOR + 1.120%) due 07/24/32 ~ §		600,000		588,300
RASC Trust 4.729% (USD LIBOR + 0.340%) due 04/25/37 §		169,293		158,625
Regional Management Issuance Trust
1.680% due 03/17/31 ~		198,000		178,510
3.040% due 03/17/31 ~		191,000		160,721
Santander Consumer Auto Receivables Trust 1.570% due 01/15/27 ~		100,000		90,411
Santander Drive Auto Receivables Trust
3.980% due 01/15/25		300,000		298,517
4.140% due 02/16/27		210,000		205,744
6.690% due 03/17/31		413,000		421,641
SCF Equipment Leasing LLC 1.540% due 10/21/30 ~		345,000		303,977
Securitized Asset-Backed Receivables LLC Trust
4.519% (USD LIBOR + 0.130%) due 05/25/37 §		49,480		37,422
4.669% (USD LIBOR + 0.280%) due 05/25/36 §		137,495		74,857

	Principal Amount		Value
Sierra Timeshare Receivables Funding LLC 1.350% due 09/20/38 ~		$169,994		$155,760
SMB Private Education Loan Trust
2.310% due 01/15/53 ~		150,000		131,046
2.340% due 09/15/34 ~		71,717		68,328
Structured Asset Investment Loan Trust 5.109% (USD LIBOR + 0.720%) due 07/25/35 §		172,830		164,103
STWD Ltd CLO (Cayman) 5.677% (SOFR + 1.194%) due 07/15/38 ~ §		592,674		587,481
Sunnova Helios II Issuer LLC 5.320% due 06/20/46 ~		156,126		134,841
TRTX Issuer Ltd CLO (Cayman) 5.590% (SOFR + 1.264%) due 10/15/34 ~ §		142,430		142,493
United Auto Credit Securitization Trust 1.140% due 06/10/26 ~		450,000		434,919
United States Small Business Administration
2.690% due 07/01/44		45,115		39,497
2.980% due 04/01/39		42,585		39,247
Upstart Securitization Trust 0.870% due 03/20/31 ~		13,609		13,567
US Auto Funding Trust 5.130% due 12/15/25 ~		300,000		285,294
VCAT LLC 2.289% due 12/26/50 ~		280,615		266,168
Venture XXVIII CLO Ltd (Cayman) 5.233% (USD LIBOR + 0.990%) due 07/20/30 ~ §		300,000		293,739
VOLT XCII LLC 1.893% due 02/27/51 ~		115,314		100,116
VOLT XCIII LLC 1.893% due 02/27/51 ~		423,634		383,215
VOLT XCIV LLC 2.240% due 02/27/51 ~		284,268		258,385
Wachovia Mortgage Loan Trust 5.079% (USD LIBOR + 0.690%) due 10/25/35 §		751,123		661,691
Westlake Automobile Receivables Trust 5.480% due 09/15/27 ~		290,000		277,114
Total Asset-Backed Securities (Cost $36,485,569)				35,098,670
U.S. TREASURY OBLIGATIONS - 24.9%
U.S. Treasury Bonds - 10.7%
1.125% due 08/15/40		460,000		285,919
1.250% due 05/15/50		1,414,000		761,489
1.375% due 08/15/50		45,000		25,022
1.625% due 11/15/50		400,000		238,148
1.750% due 08/15/41		2,655,000		1,818,208
1.875% due 02/15/41		1,400,000		990,281
1.875% due 11/15/51		1,030,000		652,722
2.000% due 11/15/41		225,000		160,765
2.000% due 02/15/50		450,000		297,483
2.000% due 08/15/51		765,000		501,165
2.250% due 05/15/41		1,015,000		763,589
2.250% due 08/15/46		50,000		35,432

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

76

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
2.250% due 02/15/52		$1,530,000		$1,064,545
2.375% due 02/15/42		950,000		725,804
2.375% due 05/15/51		1,380,000		990,554
2.875% due 05/15/43		1,700,000		1,389,152
2.875% due 08/15/45		1,300,000		1,047,922
2.875% due 05/15/52		3,165,000		2,536,945
3.000% due 05/15/42		600,000		505,043
3.000% due 08/15/48		300,000		246,516
3.000% due 08/15/52		4,495,000		3,704,863
3.125% due 02/15/43		102,000		87,114
3.125% due 08/15/44		1,800,000		1,522,688
3.250% due 05/15/42		11,440,000		10,035,025
3.375% due 08/15/42		9,400,000		8,404,188
3.375% due 05/15/44		900,000		794,461
3.500% due 02/15/39		150,000		141,012
3.875% due 08/15/40		320,000		312,419
4.000% due 11/15/42		1,030,000		1,008,756
4.250% due 05/15/39		400,000		412,305
4.625% due 02/15/40		400,000		430,195
				41,889,730
U.S. Treasury Inflation Protected Securities - 1.5%
0.125% due 07/15/31 ^		1,000,710		884,935
0.125% due 01/15/32 ^		537,535		471,232
0.250% due 02/15/50 ^		231,830		156,558
0.625% due 01/15/24 ^		3,320,746		3,250,527
0.625% due 07/15/32 ^		512,845		470,155
0.625% due 02/15/43 ^		388,863		314,080
1.000% due 02/15/49 ^		118,430		99,111
				5,646,598
U.S. Treasury Notes - 12.7%
0.250% due 07/31/25		2,000,000		1,805,078
0.500% due 02/28/26		940,000		837,738
0.500% due 10/31/27		1,675,000		1,416,945
0.625% due 10/15/24		100,000		93,402
0.875% due 06/30/26		194,000		173,516
0.875% due 09/30/26		166,300		147,702
1.250% due 03/31/28		540,000		469,463
1.375% due 11/15/31		88,500		72,057
1.500% due 02/15/30		95,000		80,980
1.875% due 02/28/29		700,000		620,020
2.250% due 11/15/25		6,250,000		5,916,992
2.625% due 05/31/27		6,775,000		6,387,290
2.750% due 04/30/27		40,000		37,914
2.750% due 07/31/27		1,270,000		1,201,737
2.750% due 05/31/29		3,755,000		3,489,143
2.750% due 08/15/32		4,700,000		4,280,672
2.875% due 10/31/23		1,000,000		985,079
2.875% due 04/30/29		1,340,000		1,255,177
2.875% due 05/15/32		5,180,000		4,775,312
3.125% due 08/31/27		605,000		581,958
3.125% due 08/31/29		1,595,000		1,514,409
4.000% due 10/31/29		5,900,000		5,903,227
4.125% due 10/31/27		7,920,000		7,949,700
				49,995,511
Total U.S. Treasury Obligations (Cost $106,592,921)				97,531,839

	Principal Amount		Value
FOREIGN GOVERNMENT BONDS & NOTES - 2.2%
Argentine Republic Government International (Argentina)
0.500% due 07/09/30		$417,100		$113,530
1.000% due 07/09/29		18,460		4,947
Brazilian Government (Brazil) 4.750% due 01/14/50		510,000		358,946
Chile Government (Chile) 2.550% due 01/27/32		200,000		164,135
Chile Government International (Chile) 3.500% due 01/31/34		300,000		256,242
China Government (China)
3.310% due 11/30/25 ~		CNY 2,000,000		294,066
3.380% due 11/21/24 ~		500,000		73,238
3.390% due 05/21/25 ~		1,000,000		146,851
Colombia Government (Colombia) 4.125% due 02/22/42		$200,000		125,765
Indonesia Government (Indonesia) 4.350% due 01/11/48		200,000		173,287
Indonesia Treasury (Indonesia)
6.500% due 02/15/31		IDR 11,033,000,000		689,585
7.000% due 05/15/27		3,676,000,000		242,349
7.500% due 06/15/35		1,622,000,000		107,501
Israel Government (Israel) 4.125% due 01/17/48		$600,000		527,595
Kenya Government International (Kenya) 6.300% due 01/23/34 ~		380,000		294,496
Mexican Bonos (Mexico)
7.750% due 11/23/34		MXN 4,240,000		196,744
7.750% due 11/13/42		35,210,000		1,578,410
8.000% due 11/07/47		14,560,000		666,892
8.500% due 05/31/29		2,780,000		138,855
Mexico Government (Mexico)
2.659% due 05/24/31		$200,000		161,806
4.125% due 01/21/26		200,000		195,567
4.350% due 01/15/47		300,000		226,538
Panama Government (Panama)
2.252% due 09/29/32		300,000		223,277
4.500% due 04/16/50		200,000		151,617
Peruvian Government (Peru)
5.625% due 11/18/50		30,000		29,773
6.350% due 08/12/28 ~		PEN 1,800,000		450,799
6.550% due 03/14/37		$60,000		63,436
Romanian Government International (Romania) 3.000% due 02/27/27 ~		300,000		266,772
Russian Federal (Russia)
7.050% due 01/19/28		RUB 87,222,000		366,628
7.250% due 05/10/34		5,970,000		25,094
7.700% due 03/16/39		50,360,000		211,683

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

77

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PF MANAGED BOND FUND

Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
State of Israel (Israel) 3.375% due 01/15/50		$200,000		$154,514
Total Foreign Government Bonds & Notes (Cost $11,465,599)				8,680,938
MUNICIPAL BONDS - 0.2%
New York State Urban Development Corp 1.346% due 03/15/26		700,000		628,479
Regents of the University of California Medical Center Pooled Revenue ‘N’ 3.706% due 05/15/20		120,000		75,664
State of California 7.625% due 03/01/40		180,000		227,766
Total Municipal Bonds (Cost $1,121,841)				931,909
SHORT-TERM INVESTMENTS - 17.4%
Commercial Paper - 3.2%
American Electric Power Co Inc
5.702% due 01/05/23		250,000		249,810
5.935% due 01/04/23		550,000		549,653
AT&T Inc 6.330% due 01/03/23		250,000		249,874
Baxter International Inc 5.071% due 01/23/23		400,000		398,755
Consolidated Edison Inc 5.082% due 01/20/23		500,000		498,644
Constellation Brands Inc
5.444% due 01/17/23		300,000		299,260
5.537% due 01/12/23		300,000		299,469
Crown Castle International Corp
5.357% due 01/31/23		300,000		298,673
6.089% due 01/05/23		250,000		249,798
Dominion Resources Inc 5.004% due 01/31/23		600,000		597,517
Duke Energy Corp
5.104% due 01/17/23		250,000		249,421
5.288% due 01/09/23		500,000		499,365
Enbridge Inc
5.255% due 01/20/23		250,000		249,299
5.510% due 01/09/23		250,000		249,670
6.195% due 01/04/23		400,000		399,737
Energy Corp 5.210% due 01/11/23		250,000		249,618
Entergy Corp
5.230% due 01/12/23		300,000		299,498
5.256% due 01/11/23		300,000		299,537
Fiserv Inc
5.105% due 01/17/23		300,000		299,305
5.320% due 01/09/23		300,000		299,617

	Principal Amount		Value
Humana Inc
5.040% due 02/01/23		$250,000		$248,924
5.146% due 01/17/23		300,000		299,300
McCormick & Co Inc 5.068% due 01/27/23		300,000		298,905
Mercedes-Benz Finance 5.069% due 01/30/23		300,000		298,783
Mondelez International Inc 5.175% due 01/11/23		400,000		399,392
National Grid Holdings Inc
5.069% due 01/24/23		300,000		299,026
5.071% due 01/23/23		400,000		398,755
Oracle Corp
4.977% due 01/26/23		250,000		249,137
4.978% due 01/27/23		300,000		298,924
Parker Hannifin Corp 4.905% due 01/19/23		300,000		299,253
Quanta Services Inc 5.604% due 01/11/23		300,000		299,507
Republic Services Inc 5.176% due 01/12/23		300,000		299,503
Tampa Electric Co 5.199% due 01/12/23		300,000		299,500
Targa Resources Corp 4.820% due 01/13/23		300,000		299,497
TransCanada PipeLines Ltd 5.088% due 01/19/23		300,000		299,226
Vodafone Group PLC 5.779% due 01/05/23		300,000		299,769
VW Credit Inc
5.068% due 01/25/23		300,000		298,986
5.068% due 01/27/23		300,000		298,905
Walgreens Boots Alliance Inc 5.283% due 01/11/23		300,000		299,535
				12,571,347
Foreign Government Issues - 0.4%
Bank of Israel Bill - Makam (Israel) 1.875% due 03/02/23		ILS 1,300,000		368,687
Japan Treasury Discount Bill (Japan) (0.179%) due 02/27/23		JPY 140,000,000		1,067,051
				1,435,738
	Shares
Money Market Fund - 1.9%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 4.030%		7,635,124		7,635,124
	Principal Amount
Repurchase Agreements - 4.5%
BNP Paribas 4.130% due 01/03/23 (Dated 12/30/22, Repurchase price of $4,201,927: collateralized by U.S. Treasury Note: 1.500% due 08/15/26 and value $4,283,144)		$4,200,000		4,200,000

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

78

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
BNP Paribas 4.310% due 01/04/23 (Dated 01/03/23, Repurchase price of $3,800,455: collateralized by U.S. Treasury Note: 2.000% due 02/15/25 and value $3,880,721)		$3,800,000		$3,800,000
Deutsche Bank 4.310% due 01/04/23 (Dated 01/03/23, Repurchase price of $5,100,611: collateralized by a U.S. Treasury Inflation Protected Bond: 0.500% due 04/15/24 and value $5,193,943)		5,100,000		5,100,000
Deutsche Bank 4.350% due 01/03/23 (Dated 12/30/22, Repurchase price of $4,602,223: collateralized by U.S. Treasury Note: 0.750% due 03/31/26 and value $4,689,406)		4,600,000		4,600,000
				17,700,000
U.S. Cash Management Bills - 0.2%
0.000% due 01/03/23		320,000		320,000
3.675% due 01/31/23		330,000		328,990
3.721% due 02/07/23 ‡		323,000		321,774
				970,764
U. S. Government Agency Issue - 0.3%
Federal Home Loan Banks
3.672% due 01/12/23		370,000		369,561
4.249% due 02/03/23		350,000		348,646
4.336% due 02/28/23		500,000		496,581
				1,214,788
U.S. Treasury Bills - 6.9%
3.710% due 02/09/23 ‡		9,100,000		9,063,742
4.159% due 02/23/23		15,600,000		15,506,227
4.181% due 03/02/23		240,000		238,363
4.221% due 03/28/23		770,000		762,450
4.399% due 04/11/23		310,000		306,329
4.615% due 06/01/23		240,000		235,532
4.618% due 05/25/23		500,000		491,112
				26,603,755
Total Short-Term Investments (Cost $68,066,332)				68,131,516
TOTAL INVESTMENTS - 117.7% (Cost $500,906,740)				461,772,145
TOTAL SECURITIES SOLD SHORT - (0.4%) (PROCEEDS $1,740,328)				(1,758,832	)
DERIVATIVES - 0.3%				1,158,503
OTHER ASSETS & LIABILITIES, NET - (17.6%)				(68,693,363	)
NET ASSETS - 100.0%				$392,478,453

Notes to Schedule of Investments

(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	Principal Amount		Value
Mortgage-Backed Securities - (0.4%)
Fannie Mae
due 01/01/53 #		$600,000		($488,357	)
due 01/01/53 #		1,500,000		(1,270,475	)
Total Securities Sold Short (Proceeds $1,740,328)				($1,758,832	)

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

79

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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 Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
AUD FX		03/23		29		$1,990,314		$1,980,265		($10,049	)
Australia 10-Year Bonds		03/23		10		833,004		787,617		(45,387	)
EUR FX		03/23		25		3,350,446		3,360,625		10,179
Euro-Bobl		03/23		6		770,732		743,428		(27,304	)
Euro-Bund		03/23		13		1,925,228		1,849,834		(75,394	)
Eurodollar		03/23		14		3,327,488		3,322,375		(5,113	)
Eurodollar		09/23		8		1,980,992		1,898,500		(82,492	)
Eurodollar		12/23		1		242,165		238,025		(4,140	)
Euro-OAT		03/23		4		587,168		545,073		(42,095	)
GBP FX		03/23		3		233,314		226,575		(6,739	)
JPY FX		03/23		11		1,021,905		1,059,712		37,807
Long Gilt		03/23		5		637,234		603,871		(33,363	)
MXN FX		03/23		56		1,393,420		1,417,360		23,940
SOFR		09/23		18		4,344,575		4,276,800		(67,775	)
SOFR		03/25		35		8,467,911		8,457,750		(10,161	)
SOFR		03/26		13		3,132,531		3,146,650		14,119
U.S. Treasury 5-Year Notes		03/23		585		63,234,244		63,138,869		(95,375	)
U.S. Treasury 10-Year Notes		03/23		140		15,805,973		15,721,563		(84,410	)
U.S. Treasury Long Bonds		03/23		68		8,628,778		8,523,375		(105,403	)
U.S. Treasury Ultra 10-Year Notes		03/23		8		947,639		946,250		(1,389	)
U.S. Treasury Ultra Long Bonds		03/23		71		9,554,628		9,536,187		(18,441	)
										(628,985	)
Short Futures Outstanding
Euro-Bund		03/23		27		4,088,997		3,841,963		247,034
Euro-Buxl		03/23		2		343,183		289,535		53,648
Euro-OAT		03/23		2		291,536		272,537		18,999
Japan 10-Year Bonds		03/23		5		5,641,417		5,541,755		99,662
SOFR		03/24		99		23,714,923		23,628,825		86,098
U.S. Fed Funds		01/23		10		3,986,342		3,986,569		(227	)
U.S. Treasury 2-Year Notes		03/23		40		8,200,298		8,203,125		(2,827	)
U.S. Treasury 10-Year Notes		03/23		302		34,193,759		33,913,658		280,101
										782,488
Total Futures Contracts										$153,503

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

Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
AUD	3,144,811	USD	2,031,548	01/23	MSC		$111,329		$—
BRL	2,860,385	USD	539,787	01/23	JPM		1,438		—
BRL	2,860,385	USD	538,719	04/23	JPM		—		(6,732	)
CAD	5,044,837	USD	3,694,309	01/23	MSC		31,907		—
CLP	6,023,518	USD	6,482	06/23	SCB		469		—
CNH	1,703,733	USD	244,561	01/23	MSC		1,992		—
EUR	155,714	NOK	1,622,200	01/23	JPM		1,191		—
EUR	84,000	USD	89,493	01/23	BRC		494		—
GBP	452,600	USD	520,863	01/23	GSC		26,597		—
GBP	145,000	USD	176,081	02/23	HSB		—		(564	)
INR	17,463,858	USD	211,728	01/23	MSC		—		(862	)
JPY	158,520,000	USD	1,175,119	01/23	GSC		35,839		—
JPY	313,697,943	USD	2,190,896	01/23	JPM		205,490		—
MXN	4,800,000	USD	245,990	01/23	JPM		—		(582	)
MXN	18,524,360	USD	934,059	01/23	JPM		13,028		—
MXN	2,500,000	USD	125,380	01/23	MSC		2,436		—
MXN	67,000	USD	3,256	02/23	HSB		156		—
NOK	5,947,656	EUR	567,556	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

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PF MANAGED BOND FUND

Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

Currency Purchased		Currency Sold		Settlement Month	Counterparty		Unrealized Appreciation		Unrealized Depreciation
PEN	2,746,889	USD	713,070	01/23		BRC		$8,334		$—
PEN	227,622	USD	57,831	03/23		DUB		1,700		—
USD	166,660	AUD	248,627	01/23		HSB		—		(2,697	)
USD	1,474,813	AUD	2,284,439	01/23		MSC		—		(81,805	)
USD	417,263	AUD	619,373	01/23		SCB		—		(4,634	)
USD	548,387	BRL	2,860,385	01/23		JPM		7,162		—
USD	548,551	CAD	753,520	01/23		MSC		—		(8,013	)
USD	1,158,236	CAD	1,559,754	01/23		MSC		6,171		—
USD	1,061,577	CNH	7,543,990	01/23		JPM		—		(30,143	)
USD	994,014	CNH	7,140,000	01/23		MSC		—		(39,243	)
USD	255,892	DKK	1,830,000	01/23		HSB		—		(7,770	)
USD	2,916,778	EUR	2,783,000	01/23		HSB		—		(64,588	)
USD	2,113,250	EUR	2,100,538	01/23		MSC		—		(138,275	)
USD	84,470	GBP	74,047	01/23		GSC		—		(5,097	)
USD	873,667	GBP	725,667	01/23		MSC		—		(4,093	)
USD	5,361,375	GBP	4,558,585	02/23		HSB		—		(156,604	)
USD	207,779	IDR	3,264,212,982	01/23		JPM		—		(2,612	)
USD	530,720	IDR	8,101,850,000	01/23		JPM		8,523		—
USD	380,156	ILS	1,289,375	03/23		DUB		12,132		—
USD	61,214	INR	5,011,010	01/23		MSC		709		—
USD	1,965,779	JPY	284,340,128	01/23		GSC		—		(206,338	)
USD	2,089,891	JPY	276,979,500	01/23		MSC		—		(25,997	)
USD	1,012,098	JPY	140,000,000	02/23		HSB		—		(63,125	)
USD	2,957,566	MXN	60,465,948	01/23		GSC		—		(133,849	)
USD	412,635	MXN	8,114,000	01/23		JPM		—		(2,206	)
USD	91,395	PEN	353,082	01/23		BRC		—		(1,333	)
USD	1,421,204	PEN	5,513,206	03/23		JPM		—		(20,581	)
USD	157,480	ZAR	2,813,003	01/23		GSC		—		(7,786	)
ZAR	4,736,125	USD	262,928	01/23		GSC		15,324		—
Total Forward Foreign Currency Contracts								$492,421		($1,016,298	)

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

81

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PF MANAGED BOND FUND

Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

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

Interest Rate Swaptions

Description

Pay/Receive Floating Rate

Floating Rate Index

Exercise Rate

Expiration Date

Counter- party

Notional Amount

Cost

Value

Put - 1-Year Interest Rate Swap

Receive

USD-SOFR

3.750%

09/11/23

MSC

$9,300,000

$70,680

$74,600

Options on Futures

Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Cost		Value
Call - U.S. Treasury 5-Year Notes (02/23)		$108.00		01/27/23		CME		3		$324,000		$1,810		$1,805
Call - U.S. Treasury 5-Year Notes (02/23)		108.25		01/27/23		CME		3		324,750		1,732		1,453
Call - U.S. Treasury 5-Year Notes (02/23)		108.75		01/27/23		CME		2		217,500		1,136		594
Call - U.S. Treasury 5-Year Notes (02/23)		109.50		01/27/23		CME		3		328,500		2,169		398
Call - U.S. Treasury 10-Year Notes (02/23)		112.25		01/27/23		CME		2		224,500		1,878		1,937
Call - U.S. Treasury 10-Year Notes (02/23)		112.50		01/27/23		CME		6		675,000		5,323		5,062
Call - U.S. Treasury 10-Year Notes (02/23)		112.75		01/27/23		CME		2		225,500		1,878		1,438
Call - U.S. Treasury 10-Year Notes (02/23)		114.00		01/27/23		CME		4		456,000		3,507		1,250
Call - U.S. Treasury 30-Year Bonds (02/23)		125.00		01/27/23		CME		1		125,000		1,799		2,094
Call - U.S. Treasury 30-Year Bonds (02/23)		126.00		01/27/23		CME		1		126,000		1,455		1,578
Call - U.S. Treasury 30-Year Bonds (02/23)		131.00		01/27/23		CME		2		262,000		4,925		594
Call - Euro-Bund (02/23)		EUR 133.50		01/27/23		EUX		1		EUR 133,500		1,661		1,317
Call - AUD-FX (02/23)		$68.00		02/03/23		CME		1		$68,000		1,003		1,260
												30,276		20,780
Put - USD-SOFR (01/23)		95.63		01/13/23		CME		33		7,889,475		11,619		4,331
Put - USD-SOFR (01/23)		95.88		01/13/23		CME		34		8,149,800		14,409		12,325
Put - U.S. Treasury 10-Year Notes (02/23)		112.00		01/27/23		CME		2		224,000		1,769		1,594
Put - U.S. Treasury 10-Year Notes (02/23)		112.25		01/27/23		CME		1		112,250		924		922
Put - U.S. Treasury 10-Year Notes (02/23)		113.00		01/27/23		CME		1		113,000		923		1,312
												29,644		20,484
Total Options on Futures												$59,920		$41,264
Total Purchased Options												$130,600		$115,864

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

Interest Rate Swaptions

Description	Pay/Receive Floating Rate		Floating Rate Index		Exercise Rate		Expiration Date		Counter- party		Notional Amount		Premium		Value
Call - 1-Year Interest Rate Swap		Receive		USD-SOFR		2.993%		10/11/23		MSC		$2,800,000		$18,914		($4,631	)
Put - 1-Year Interest Rate Swap		Pay		USD-SOFR		4.233%		09/11/23		MSC		9,300,000		44,640		(47,128	)
Put - 1-Year Interest Rate Swap		Pay		USD-SOFR		4.715%		09/11/23		MSC		9,300,000		26,040		(27,090	)
Put - 1-Year Interest Rate Swap		Pay		USD-SOFR		2.993%		10/11/23		MSC		2,800,000		18,914		(38,334	)
														89,594		(112,552	)
Total Interest Rate Swaptions														$108,508		($117,183	)

Options on Futures

Description	Exercise Price		Expiration Date		Exchange	Number of Contracts		Notional Amount		Premium		Value
Call - U.S. Treasury 5-Year Notes (02/23)		$108.50		01/27/23	CME		5		$542,500		$1,819		($1,914	)
Call - U.S. Treasury 5-Year Notes (02/23)		109.75		01/27/23	CME		3		329,250		1,206		(305	)
Call - U.S. Treasury 10-Year Notes (02/23)		113.50		01/27/23	CME		2		227,000		965		(875	)
Call - U.S. Treasury 10-Year Notes (02/23)		113.75		01/27/23	CME		1		113,750		311		(375	)
Call - U.S. Treasury 10-Year Notes (02/23)		114.25		01/27/23	CME		1		114,250		358		(250	)
Call - U.S. Treasury 10-Year Notes (02/23)		114.50		01/27/23	CME		3		343,500		2,229		(609	)

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

82

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Premium		Value
Call - U.S. Treasury 10-Year Notes (02/23)		$115.00		01/27/23		CME		4		$460,000		$3,524		($562	)
Call - U.S. Treasury 10-Year Notes (02/23)		115.50		01/27/23		CME		8		924,000		5,111		(875	)
Call - U.S. Treasury 10-Year Notes (02/23)		116.00		01/27/23		CME		5		580,000		3,663		(391	)
Call - U.S. Treasury 30-Year Bonds (02/23)		128.00		01/27/23		CME		5		640,000		3,929		(4,219	)
Call - U.S. Treasury 30-Year Bonds (02/23)		132.00		01/27/23		CME		3		396,000		4,229		(609	)
Call - U.S. Treasury 30-Year Bonds (02/23)		133.00		01/27/23		CME		1		133,000		1,733		(156	)
Call - Euro-Bund (02/23)		EUR 134.00		01/27/23		EUX		1		EUR 134,000		1,412		(1,092	)
												30,489		(12,232	)
Put - U.S. Treasury 5-Year Notes (02/23)		$109.00		01/27/23		CME		6		$654,000		3,341		(7,781	)
Put - U.S. Treasury 10-Year Notes (02/23)		114.00		01/27/23		CME		7		798,000		5,379		(14,110	)
Put - U.S. Treasury 30-Year Bonds (02/23)		130.00		01/27/23		CME		4		520,000		6,024		(20,250	)
Put - Euro-Bund (02/23)		EUR 136.00		01/27/23		EUX		3		EUR 408,000		4,182		(11,272	)
Put - Euro-Bund (02/23)		138.00		01/27/23		EUX		1		138,000		1,604		(5,609	)
												20,530		(59,022	)
Total Options on Futures												$51,019		($71,254	)
Total Written Options												$159,527		($188,437	)

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

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

Referenced Obligation	Payment Frequency		Fixed Deal Receive Rate		Expiration Date		Counterparty	Implied Credit Spread at 12/31/22 (2)		Notional Amount (3)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Colombia Government		Q		1.000%		06/20/27	MSC		2.538%		$200,000		($11,907	)		($11,307	)		($600	)
Colombia Government		Q		1.000%		12/20/27	MSC		2.714%		300,000		(21,759	)		(26,745	)		4,986
													(33,666	)		(38,052	)		4,386
							Exchange
AT&T Inc		Q		1.000%		06/20/23	ICE		0.674%		300,000		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%		800,000		(16,478	)		(4,034	)		(12,444	)
Boeing Co		Q		1.000%		06/20/25	ICE		1.165%		$400,000		(1,389	)		(5,621	)		4,232
General Electric Co		Q		1.000%		06/20/26	ICE		0.801%		400,000		2,679			2,736			(57	)
Apache Corp		Q		1.000%		12/20/26	ICE		1.696%		524,000		(12,720	)		(15,568	)		2,848
Boeing Co		Q		1.000%		12/20/26	ICE		1.297%		300,000		(3,064	)		(1,695	)		(1,369	)
Stellantis N.V.		Q		5.000%		12/20/26	ICE		1.513%		EUR 300,000		41,376			68,879			(27,503	)
Verizon Communications Inc		Q		1.000%		06/20/27	ICE		1.073%		$300,000		(767	)		(788	)		21
British Telecommunications PLC		Q		1.000%		06/20/28	ICE		1.667%		EUR 300,000		(10,258	)		(1,477	)		(8,781	)
													234			42,982			(42,748	)
Total Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection													($33,432	)		$4,930			($38,362	)

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

Referenced Obligation	Payment Frequency		Fixed Deal Pay Rate		Expiration Date		Exchange		Notional Amount (3)		Value (5)			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CDX HY 38 5Y		Q		5.000%		06/20/27		ICE		$495,000		($11,055	)		($1,386	)		($9,669	)
CDX iTraxx Main 38 5Y		Q		1.000%		12/20/27		ICE		EUR 400,000		(1,980	)		3,649			(5,629	)
CDX HY 39 5Y		Q		5.000%		12/20/27		ICE		$32,000		(240	)		1,416			(1,656	)
												($13,275	)		$3,679			($16,954	)

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

83

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PF MANAGED BOND FUND

Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

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

Referenced Obligation	Payment Frequency	Fixed Deal Receive Rate		Expiration Date		Exchange	Notional Amount (3)		Value (5)		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
CDX IG 39 5Y	Q		1.000%		12/20/27	ICE		$27,882,500		$231,520		$29,760		$201,760
Total Credit Default Swaps on Credit Indices										$218,245		$33,439		$184,806
Total Credit Default Swaps										$184,813		$38,369		$146,444

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

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

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

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

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

Interest Rate Swaps - Long

Receive	Pay	Payment Frequency Receive Rate/ Pay Rate	Exchange	Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
0.000%	1-Day JPY-TONAR	A / A	LCH		03/17/24		JPY 1,300,000,000		($12,332	)		$19,440			($31,772	)
12.233%	Brazil CETIP Interbank	Z / Z	CME		01/02/25		BRL 9,400,000		(19,166	)		—			(19,166	)
12.275%	Brazil CETIP Interbank	Z / Z	CME		01/02/25		11,400,000		(20,958	)		—			(20,958	)
(0.068%)	1-Day JPY-TONAR	S / S	LCH		09/18/26		JPY 120,000,000		(20,381	)		—			(20,381	)
(0.097%)	1-Day JPY-TONAR	S / S	LCH		09/24/26		82,000,000		(14,725	)		106			(14,831	)
12.980%	Brazil CETIP Interbank	Z / Z	CME		01/04/27		BRL 4,600,000		9,551			—			9,551
12.990%	Brazil CETIP Interbank	Z / Z	CME		01/04/27		2,300,000		4,875			—			4,875
13.024%	Brazil CETIP Interbank	Z / Z	CME		01/04/27		2,300,000		5,213			—			5,213
0.300%	1-Day JPY-TONAR	S / S	LCH		03/20/28		JPY 166,000,000		(23,096	)		24,874			(47,970	)
7.450%	28-Day MXN TIIE	L / L	CME		07/18/29		MXN 36,630,000		(123,186	)		25,626			(148,812	)
1.750%	EUR-LIBOR	A / S	LCH		03/15/33		EUR 3,900,000		(519,747	)		(34,011	)		(485,736	)
									($733,952	)		$36,035			($769,987	)
Interest Rate Swaps - Short
Pay	Receive	Payment Frequency Pay Rate/ Receive Rate	Exchange	Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
4.270%	USD-SOFR	A / A	LCH		09/13/24		$2,000,000		$2,309			$—			$2,309
11.692%	Brazil CETIP Interbank	Z / Z	CME		01/02/25		BRL 16,600,000		49,040			—			49,040
11.473%	Brazil CETIP Interbank	Z / Z	CME		01/04/27		2,500,000		12,675			—			12,675
1.130%	USD-SOFR	A / A	CME		08/15/28		$2,312,000		317,100			9,776			307,324

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

84

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PF MANAGED BOND FUND

Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

Pay	Receive	Payment Frequency Pay Rate/ Receive Rate	Exchange		Expiration Date		Notional Amount		Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
1.220%	USD-SOFR	A / A		CME		08/15/28		$1,264,000		$167,499		($82)		$167,581
2.850%	USD-SOFR	A / A		CME		02/15/29		976,000		43,688		3,882		39,806
3.270%	USD-SOFR	A / A		CME		04/30/29		1,879,000		42,713		(21,184)		63,897
3.850%	USD-SOFR	A / A		CME		06/30/29		1,228,000		(14,086)		1,467		(15,553)
2.000%	USD-SOFR	A / A		CME		03/18/32		558,000		68,259		4,523		63,736
1.750%	USD-SOFR	A / A		CME		06/15/32		2,600,000		380,358		384,506		(4,148)
0.800%	1-Day JPY-TONAR	S / S		LCH		10/22/38		JPY 10,000,000		4,303		—		4,303
0.785%	1-Day JPY-TONAR	S / S		LCH		11/12/38		13,260,000		6,036		46		5,990
0.500%	1-Day JPY-TONAR	A / A		LCH		03/15/42		103,000,000		98,185		29,385		68,800
0.662%	1-Day JPY-TONAR	A / A		LCH		04/19/42		6,000,000		4,439		—		4,439
0.560%	USD-SOFR	A / A		CME		07/20/45		$527,000		237,812		12,421		225,391
0.641%	1-Day JPY-TONAR	S / S		CME		05/09/46		JPY 187,300,000		211,736		250		211,486
1.520%	USD-SOFR	A / A		CME		02/15/47		$1,005,000		302,374		4,958		297,416
1.729%	USD-SOFR	A / A		CME		02/15/47		92,000		24,390		—		24,390
1.650%	USD-SOFR	A / A		CME		08/15/47		1,493,000		420,885		166,245		254,640
2.510%	USD-SOFR	A / A		CME		02/15/48		187,000		26,011		1,869		24,142
2.600%	USD-SOFR	A / A		CME		02/15/48		559,000		67,784		38,424		29,360
3.050%	USD-SOFR	A / A		CME		02/15/48		364,000		16,736		11,221		5,515
2.500%	USD-SOFR	A / A		CME		04/21/52		359,000		47,616		335		47,281
0.800%	1-Day JPY-TONAR	A / A		LCH		06/15/52		JPY 194,000,000		191,973		736		191,237
1.750%	USD-SOFR	A / A		CME		12/21/52		$1,900,000		510,253		368,789		141,464
2.000%	1-Day GBP-SONIA	A / A		LCH		03/15/53		GBP 400,000		126,662		124,190		2,472
										$3,366,750		$1,141,757		$2,224,993
Total Interest Rate Swaps										$2,632,798		$1,177,792		$1,455,006
Total Swap Agreements										$2,817,611		$1,216,161		$1,601,450

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

85

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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 December 31, 2022			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$66,378			$66,378			$—			$—
	Corporate Bonds & Notes		89,674,088			—			89,674,088			—
	Senior Loan Notes		5,062,524			—			5,062,524			—
	Mortgage-Backed Securities		156,594,283			—			156,594,283			—
	Asset-Backed Securities		35,098,670			—			35,098,670			—
	U.S. Treasury Obligations		97,531,839			—			97,531,839			—
	Foreign Government Bonds & Notes		8,680,938			—			8,680,938			—
	Municipal Bonds		931,909			—			931,909			—
	Short-Term Investments		68,131,516			7,635,124			60,496,392			—
	Derivatives:
	Credit Contracts
	Swaps		214,152			—			214,152			—
	Foreign Currency Contracts
	Futures		71,926			71,926			—			—
	Forward Foreign Currency Contracts		492,421			—			492,421			—
	Purchased Options		1,260			—			1,260			—
	Total Foreign Currency Contracts		565,607			71,926			493,681			—
	Interest Rate Contracts
	Futures		799,661			799,661			—			—
	Purchased Options		114,604			—			114,604			—
	Swaps		2,264,333			—			2,264,333			—
	Total Interest Rate Contracts		3,178,598			799,661			2,378,937			—
	Total Assets - Derivatives		3,958,357			871,587			3,086,770			—
	Total Assets		465,730,502			8,573,089			457,157,413			—
Liabilities	Securities Sold Short
	Mortgaged-Backed Securities		(1,758,832	)		—			(1,758,832	)		—
	Derivatives:
	Credit Contracts
	Swaps		(67,708	)		—			(67,708	)		—
	Foreign Currency Contracts
	Futures		(16,788	)		(16,788	)		—			—
	Forward Foreign Currency Contracts		(1,016,298	)		—			(1,016,298	)		—
	Total Foreign Currency Contracts		(1,033,086	)		(16,788	)		(1,016,298	)		—
	Interest Rate Contracts
	Futures		(701,296	)		(701,296	)		—			—
	Written Options		(188,437	)		—			(188,437	)		—
	Swaps		(809,327	)		—			(809,327	)		—
	Total Interest Rate Contracts		(1,699,060	)		(701,296	)		(997,764	)		—
	Total Liabilities - Derivatives		(2,799,854	)		(718,084	)		(2,081,770	)		—
	Total Liabilities		(4,558,686	)		(718,084	)		(3,840,602	)		—
	Total		$461,171,816			$7,855,005			$453,316,811			$—

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 Amount		Value
CORPORATE BONDS & NOTES - 44.7%
Basic Materials - 1.4%
ArcelorMittal SA (Luxembourg) 3.600% due 07/16/24		$110,000		$106,669
Celanese US Holdings LLC
5.900% due 07/05/24		485,000		485,132
6.050% due 03/15/25		410,000		408,751
Celulosa Arauco y Constitucion SA (Chile) 4.500% due 08/01/24		200,000		197,256
Ecolab Inc
1.650% due 02/01/27		100,000		88,664
5.250% due 01/15/28		290,000		296,003
LYB International Finance III LLC 1.250% due 10/01/25		276,000		246,492
Nucor Corp
2.000% due 06/01/25		130,000		121,099
3.950% due 05/23/25		100,000		97,929
POSCO (South Korea) 4.375% due 08/04/25 ~		550,000		533,016
The Sherwin-Williams Co
4.050% due 08/08/24		75,000		73,910
4.250% due 08/08/25		110,000		108,192
Westlake Corp 0.875% due 08/15/24		50,000		46,456
				2,809,569
Communications - 2.7%
Charter Communications Operating LLC 4.908% due 07/23/25		1,140,000		1,118,417
Comcast Corp 5.250% due 11/07/25		105,000		106,492
Cox Communications Inc 3.150% due 08/15/24 ~		495,000		476,678
KT Corp (South Korea) 4.000% due 08/08/25 ~		450,000		438,182
NBN Co Ltd (Australia) 1.450% due 05/05/26 ~		250,000		220,866
NTT Finance Corp (Japan)
4.142% due 07/26/24 ~		200,000		196,950
4.239% due 07/25/25 ~		200,000		196,582
Rogers Communications Inc (Canada) 3.200% due 03/15/27 ~		310,000		287,294
SES SA (Luxembourg) 3.600% due 04/04/23 ~		98,000		97,360
Sky Ltd (United Kingdom) 3.750% due 09/16/24 ~		930,000		908,409
T-Mobile USA Inc
2.250% due 02/15/26		290,000		264,338
3.500% due 04/15/25		190,000		182,889
Verizon Communications Inc
0.850% due 11/20/25		300,000		267,865
1.450% due 03/20/26		330,000		296,629
2.625% due 08/15/26		390,000		360,410
				5,419,361

	Principal Amount		Value
Consumer, Cyclical - 4.0%
American Airlines Pass-Through Trust ‘B’ 3.700% due 04/15/27		$103,554		$93,191
Aptiv PLC 2.396% due 02/18/25		225,000		212,353
AutoZone Inc 3.625% due 04/15/25		275,000		266,325
Brunswick Corp 0.850% due 08/18/24		320,000		295,839
Daimler Trucks Finance North America LLC (Germany) 1.625% due 12/13/24 ~		300,000		278,629
General Motors Co 4.875% due 10/02/23		330,000		329,073
General Motors Financial Co Inc 2.900% due 02/26/25		420,000		398,144
Genuine Parts Co 1.750% due 02/01/25		100,000		93,445
Hasbro Inc 3.000% due 11/19/24		560,000		538,433
Hyatt Hotels Corp 1.300% due 10/01/23		150,000		145,852
Hyundai Capital America
0.800% due 01/08/24 ~		240,000		228,408
0.875% due 06/14/24 ~		100,000		93,326
1.000% due 09/17/24 ~		120,000		110,945
2.375% due 02/10/23 ~		270,000		269,403
Hyundai Capital Services Inc (South Korea) 2.125% due 04/24/25 ~		200,000		183,050
Lowe’s Cos Inc
3.350% due 04/01/27		60,000		56,417
4.400% due 09/08/25		310,000		305,689
Marriott International Inc 3.600% due 04/15/24		580,000		568,677
Nissan Motor Co Ltd (Japan) 3.043% due 09/15/23 ~		660,000		646,832
Nordstrom Inc 2.300% due 04/08/24		40,000		37,553
QVC Inc 4.850% due 04/01/24		365,000		338,264
Ross Stores Inc 4.600% due 04/15/25		920,000		914,756
Stellantis Finance US Inc 1.711% due 01/29/27 ~		400,000		343,775
Toyota Motor Credit Corp 3.650% due 08/18/25		410,000		398,776
United Airlines Pass-Through Trust ‘B’ 3.500% due 11/01/29		64,367		55,521
Volkswagen Group of America Finance LLC (Germany) 3.950% due 06/06/25 ~		400,000		387,453
Warnermedia Holdings Inc 3.755% due 03/15/27 ~		700,000		631,367
				8,221,496
Consumer, Non-Cyclical - 6.4%
AbbVie Inc
2.600% due 11/21/24		865,000		828,133
2.950% due 11/21/26		520,000		484,319
3.200% due 05/14/26		50,000		47,403
AmerisourceBergen Corp 3.400% due 05/15/24		470,000		458,710

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

87

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
Anheuser-Busch Cos LLC (Belgium) 3.650% due 02/01/26		$120,000		$115,627
Astrazeneca Finance LLC (United Kingdom) 1.200% due 05/28/26		380,000		338,779
BAT International Finance PLC (United Kingdom)
1.668% due 03/25/26		420,000		372,619
4.448% due 03/16/28		360,000		334,050
Bayer US Finance II LLC (Germany) 3.875% due 12/15/23 ~		200,000		197,181
Becton Dickinson and Co
3.363% due 06/06/24		190,000		185,773
3.734% due 12/15/24		116,000		113,204
Cardinal Health Inc
3.200% due 03/15/23		210,000		209,423
3.500% due 11/15/24		540,000		524,566
Coca-Cola Europacific Partners PLC (United Kingdom) 0.800% due 05/03/24 ~		665,000		624,904
Constellation Brands Inc 3.600% due 05/09/24		245,000		240,292
CSL Finance PLC (Australia) 3.850% due 04/27/27 ~		70,000		67,073
CVS Health Corp
2.875% due 06/01/26		130,000		121,514
3.000% due 08/15/26		100,000		93,536
Diageo Capital PLC (United Kingdom) 5.200% due 10/24/25		200,000		202,764
Elevance Health Inc 5.350% due 10/15/25		85,000		86,030
HCA Inc
3.125% due 03/15/27 ~		260,000		236,766
5.250% due 04/15/25		300,000		298,517
Health Care Service Corp 1.500% due 06/01/25 ~		380,000		349,464
HPHT Finance 19 Ltd (Hong Kong) 2.875% due 11/05/24 ~		500,000		477,635
Humana Inc
1.350% due 02/03/27		40,000		34,640
3.850% due 10/01/24		225,000		220,620
4.500% due 04/01/25		450,000		444,937
5.750% due 03/01/28		50,000		51,145
Imperial Brands Finance PLC (United Kingdom)
3.125% due 07/26/24 ~		400,000		382,632
4.250% due 07/21/25 ~		200,000		191,191
JDE Peet’s NV (Netherlands) 0.800% due 09/24/24 ~		300,000		274,194
Mondelez International Holdings Netherlands BV 4.250% due 09/15/25 ~		200,000		197,378
Mondelez International Inc
2.125% due 03/17/24		200,000		192,963
2.625% due 03/17/27		190,000		172,527
PeaceHealth Obligated Group 1.375% due 11/15/25		80,000		71,782
PerkinElmer Inc 0.850% due 09/15/24		560,000		519,300
Perrigo Finance Unlimited Co 3.900% due 12/15/24		510,000		482,644

	Principal Amount		Value
Philip Morris International Inc
5.000% due 11/17/25		$165,000		$165,925
5.125% due 11/15/24		325,000		325,669
Royalty Pharma PLC 0.750% due 09/02/23		380,000		368,238
S&P Global Inc 2.450% due 03/01/27 ~		500,000		457,385
Shire Acquisitions Investments Ireland DAC 2.875% due 09/23/23		110,000		108,133
Triton Container International Ltd (Bermuda) 0.800% due 08/01/23 ~		400,000		386,117
UnitedHealth Group Inc
3.700% due 05/15/27		220,000		213,162
5.150% due 10/15/25		245,000		248,060
5.250% due 02/15/28		180,000		184,339
Viatris Inc 1.650% due 06/22/25		105,000		95,191
Zoetis Inc 5.400% due 11/14/25		255,000		260,372
				13,056,826
Diversified - 0.2%
CK Hutchison International 19 Ltd (United Kingdom) 3.250% due 04/11/24 ~		500,000		488,695
Energy - 3.2%
Aker BP ASA (Norway) 3.000% due 01/15/25 ~		610,000		578,874
Canadian Natural Resources Ltd (Canada) 2.050% due 07/15/25		520,000		484,263
Cheniere Corpus Christi Holdings LLC
5.875% due 03/31/25		470,000		473,178
7.000% due 06/30/24		580,000		587,435
Devon Energy Corp 8.250% due 08/01/23		140,000		141,934
Enbridge Inc (Canada)
2.150% due 02/16/24		275,000		265,479
2.500% due 01/15/25		310,000		293,516
2.500% due 02/14/25		150,000		141,636
Energy Transfer LP
2.900% due 05/15/25		120,000		113,115
4.250% due 03/15/23		300,000		299,291
4.250% due 04/01/24		204,000		200,428
5.875% due 01/15/24		745,000		747,108
Eni SPA (Italy) 4.000% due 09/12/23 ~		540,000		532,596
Gray Oak Pipeline LLC
2.000% due 09/15/23 ~		90,000		87,576
2.600% due 10/15/25 ~		180,000		163,412
Sabine Pass Liquefaction LLC
5.625% due 03/01/25		275,000		275,594
5.750% due 05/15/24		410,000		410,321
Saudi Arabian Oil Co (Saudi Arabia) 1.250% due 11/24/23 ~		500,000		481,731
Schlumberger Finance Canada Ltd 1.400% due 09/17/25		140,000		128,374
				6,405,861

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

88

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
Financial - 19.6%
AerCap Ireland Capital DAC (Ireland)
1.650% due 10/29/24		$500,000		$461,536
4.125% due 07/03/23		300,000		297,936
4.500% due 09/15/23		390,000		387,548
4.875% due 01/16/24		300,000		297,261
Air Lease Corp 2.250% due 01/15/23		225,000		224,789
American Express Co
2.250% due 03/04/25		440,000		415,664
3.375% due 05/03/24		220,000		215,636
3.950% due 08/01/25		495,000		485,410
American International Group Inc 2.500% due 06/30/25		266,000		250,660
American Tower Corp REIT 2.400% due 03/15/25		170,000		160,072
Athene Global Funding
1.716% due 01/07/25 ~		430,000		397,042
2.514% due 03/08/24 ~		630,000		603,928
Avolon Holdings Funding Ltd (Ireland)
2.125% due 02/21/26 ~		325,000		280,063
2.875% due 02/15/25 ~		250,000		231,137
3.950% due 07/01/24 ~		130,000		124,523
Banco Bilbao Vizcaya Argentaria SA (Spain) 0.875% due 09/18/23		800,000		774,950
Banco Santander SA (Spain) 3.892% due 05/24/24		400,000		391,793
Bank of America Corp
0.976% due 04/22/25		300,000		281,414
1.734% due 07/22/27		210,000		184,243
1.843% due 02/04/25		225,000		215,818
3.384% due 04/02/26		300,000		286,765
3.841% due 04/25/25		150,000		146,525
Bank of Ireland Group PLC (Ireland) 4.500% due 11/25/23 ~		890,000		881,587
Bank of Montreal (Canada)
3.700% due 06/07/25		280,000		271,959
4.250% due 09/14/24		390,000		385,064
Banque Federative du Credit Mutuel SA (France)
0.650% due 02/27/24 ~		590,000		558,811
0.998% due 02/04/25 ~		300,000		274,339
Barclays PLC (United Kingdom)
1.007% due 12/10/24		400,000		380,906
5.304% due 08/09/26		205,000		203,671
7.325% due 11/02/26		205,000		212,563
BDO Unibank Inc (Philippines) 2.950% due 03/06/23 ~		400,000		396,890
BPCE SA (France) 5.700% due 10/22/23 ~		800,000		794,226
Brighthouse Financial Global Funding
0.600% due 06/28/23 ~		275,000		268,262
1.000% due 04/12/24 ~		240,000		226,110
Brixmor Operating Partnership LP REIT 3.650% due 06/15/24		475,000		460,659
Canadian Imperial Bank of Commerce (Canada) 3.945% due 08/04/25		960,000		938,558

	Principal Amount		Value
Capital One Financial Corp
2.636% due 03/03/26		$270,000		$253,112
3.500% due 06/15/23		130,000		129,236
3.900% due 01/29/24		175,000		172,881
4.985% due 07/24/26		215,000		210,781
Citigroup Inc
0.981% due 05/01/25		250,000		234,236
3.106% due 04/08/26		275,000		260,543
4.140% due 05/24/25		300,000		294,354
CNO Global Funding
1.650% due 01/06/25 ~		300,000		278,164
1.750% due 10/07/26 ~		600,000		526,854
Cooperatieve Rabobank UA (Netherlands) 3.875% due 08/22/24		550,000		540,543
Corebridge Financial Inc 3.500% due 04/04/25 ~		170,000		163,119
Credicorp Ltd (Peru) 2.750% due 06/17/25 ~		500,000		467,505
Credit Suisse Group AG (Switzerland) 6.373% due 07/15/26 ~		280,000		263,127
Crown Castle Inc REIT
1.050% due 07/15/26		300,000		259,567
2.900% due 03/15/27		210,000		191,315
Danske Bank AS (Denmark)
3.773% due 03/28/25 ~		400,000		387,771
5.375% due 01/12/24 ~		560,000		555,588
EMG SUKUK Ltd (United Arab Emirates) 4.564% due 06/18/24 ~		500,000		494,038
Equitable Financial Life Global Funding
1.100% due 11/12/24 ~		250,000		231,789
1.400% due 07/07/25 ~		510,000		462,925
Essex Portfolio LP REIT 3.875% due 05/01/24		500,000		489,832
Fifth Third Bank NA 5.852% due 10/27/25		335,000		338,623
First American Financial Corp 4.600% due 11/15/24		465,000		457,670
HSBC Holdings PLC (United Kingdom) 2.099% due 06/04/26		430,000		391,674
Jackson Financial Inc 1.125% due 11/22/23		280,000		269,703
Jackson National Life Global Funding 1.750% due 01/12/25 ~		300,000		278,657
JPMorgan Chase & Co
0.824% due 06/01/25		280,000		261,151
4.080% due 04/26/26		680,000		660,826
4.780% (SOFR + 0.885%) due 04/22/27 §		175,000		171,369
KeyCorp 3.878% due 05/23/25		80,000		78,320
LeasePlan Corp NV (Netherlands) 2.875% due 10/24/24 ~		400,000		375,602
LSEGA Financing PLC (United Kingdom) 0.650% due 04/06/24 ~		400,000		375,696
Marsh & McLennan Cos Inc 3.875% due 03/15/24		175,000		172,655
MassMutual Global Funding II 4.150% due 08/26/25 ~		200,000		195,843
Metropolitan Life Global Funding I 4.050% due 08/25/25 ~		695,000		680,200

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

89

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PF SHORT DURATION BOND FUND

Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
Mitsubishi UFJ Financial Group Inc (Japan)
0.953% due 07/19/25		$440,000		$409,088
5.063% due 09/12/25		200,000		198,707
Morgan Stanley
0.731% due 04/05/24		375,000		369,660
1.164% due 10/21/25		335,000		308,595
2.630% due 02/18/26		260,000		244,343
3.620% due 04/17/25		580,000		566,258
6.138% due 10/16/26		245,000		250,493
NatWest Markets PLC (United Kingdom) 2.375% due 05/21/23 ~		485,000		478,897
Northwestern Mutual Global Funding 4.350% due 09/15/27 ~		220,000		214,566
Park Aerospace Holdings Ltd (Ireland) 4.500% due 03/15/23 ~		185,000		184,557
Protective Life Global Funding 3.218% due 03/28/25 ~		300,000		286,122
Public Storage REIT 4.365% (SOFR + 0.470%) due 04/23/24 §		140,000		139,037
QNB Finance Ltd (Qatar) 3.500% due 03/28/24 ~		480,000		470,277
Royal Bank of Canada (Canada) 3.970% due 07/26/24		935,000		921,975
Santander Holdings USA Inc 2.490% due 01/06/28		190,000		163,269
SBA Tower Trust REIT
1.631% due 05/15/51 ~		70,000		59,555
1.884% due 07/15/50 ~		70,000		61,656
2.836% due 01/15/50 ~		500,000		471,594
6.599% due 01/15/28 ~		180,000		180,774
Simon Property Group LP REIT
2.000% due 09/13/24		130,000		123,557
3.375% due 10/01/24		250,000		242,734
Standard Chartered PLC (United Kingdom)
1.822% due 11/23/25 ~		400,000		365,613
3.950% due 01/11/23 ~		390,000		389,832
Synchrony Financial 4.250% due 08/15/24		535,000		523,049
The Bank of New York Mellon Corp 4.414% due 07/24/26		245,000		241,505
The Charles Schwab Corp 2.450% due 03/03/27		490,000		447,425
The Goldman Sachs Group Inc
0.925% due 10/21/24		410,000		392,907
1.757% due 01/24/25		300,000		287,268
3.500% due 04/01/25		270,000		259,873
4.482% due 08/23/28		215,000		206,414
The PNC Financial Services Group Inc 5.671% due 10/28/25		335,000		338,805
The Toronto-Dominion Bank (Canada) 4.285% due 09/13/24		465,000		459,858
The Western Union Co 2.850% due 01/10/25		630,000		600,327
Truist Financial Corp 4.686% (SOFR + 0.400%) due 06/09/25 §		200,000		195,889
UBS AG (Switzerland) 0.700% due 08/09/24 ~		500,000		466,214

	Principal Amount		Value
UBS Group AG (Switzerland) 4.490% due 08/05/25 ~		$515,000		$506,474
US Bancorp
4.548% due 07/22/28		385,000		376,632
5.727% due 10/21/26		145,000		147,842
Wells Fargo & Co
2.188% due 04/30/26		190,000		176,989
3.908% due 04/25/26		230,000		223,742
4.540% due 08/15/26		275,000		269,762
Westpac Banking Corp (Australia) 5.350% due 10/18/24		940,000		948,889
Willis North America Inc 3.600% due 05/15/24		180,000		175,187
WP Carey Inc REIT
4.000% due 02/01/25		245,000		238,929
4.600% due 04/01/24		315,000		312,159
				39,840,885
Industrial - 2.4%
Amcor Flexibles North America Inc 4.000% due 05/17/25		215,000		209,484
Amphenol Corp 2.050% due 03/01/25		225,000		211,683
Canadian Pacific Railway Co (Canada)
1.350% due 12/02/24		325,000		303,166
1.750% due 12/02/26		150,000		133,877
Carrier Global Corp 2.242% due 02/15/25		120,000		113,128
DAE Funding LLC (United Arab Emirates) 1.550% due 08/01/24 ~		200,000		185,982
GATX Corp 4.350% due 02/15/24		375,000		369,626
Martin Marietta Materials Inc 4.250% due 07/02/24		760,000		750,245
Otis Worldwide Corp 2.056% due 04/05/25		290,000		271,575
Parker-Hannifin Corp 3.650% due 06/15/24		410,000		401,397
Penske Truck Leasing Co LP
2.700% due 03/14/23 ~		95,000		94,502
3.450% due 07/01/24 ~		265,000		256,050
3.900% due 02/01/24 ~		400,000		391,727
Republic Services Inc 2.500% due 08/15/24		255,000		244,522
SMBC Aviation Capital Finance DAC (Ireland)
3.550% due 04/15/24 ~		400,000		386,874
4.125% due 07/15/23 ~		530,000		524,521
				4,848,359
Technology - 1.8%
CDW LLC 5.500% due 12/01/24		80,000		80,133
Fidelity National Information Services Inc
0.600% due 03/01/24		200,000		189,333
4.500% due 07/15/25		100,000		98,152
Fiserv Inc 2.750% due 07/01/24		475,000		459,137
Fortinet Inc 1.000% due 03/15/26		190,000		166,535

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

90

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
Marvell Technology Inc 4.200% due 06/22/23		$140,000		$139,217
Microchip Technology Inc
0.972% due 02/15/24		320,000		304,018
0.983% due 09/01/24		270,000		250,177
2.670% due 09/01/23		410,000		402,463
NXP BV (China)
2.700% due 05/01/25		310,000		292,093
3.875% due 06/18/26		140,000		133,172
4.400% due 06/01/27		30,000		28,800
4.875% due 03/01/24		245,000		243,238
Oracle Corp 5.800% due 11/10/25		140,000		143,290
Qorvo Inc 1.750% due 12/15/24 ~		130,000		119,892
Roper Technologies Inc 2.350% due 09/15/24		200,000		191,086
Skyworks Solutions Inc 0.900% due 06/01/23		45,000		44,116
Take-Two Interactive Software Inc
3.300% due 03/28/24		235,000		229,619
3.550% due 04/14/25		60,000		57,795
Workday Inc 3.500% due 04/01/27		100,000		93,608
				3,665,874
Utilities - 3.0%
Alexander Funding Trust 1.841% due 11/15/23 ~		240,000		229,989
APT Pipelines Ltd (Australia) 4.200% due 03/23/25 ~		645,000		623,347
DTE Energy Co 4.220% due 11/01/24 §		365,000		359,039
Enel Finance International NV (Italy)
1.375% due 07/12/26 ~		400,000		345,187
2.650% due 09/10/24 ~		475,000		454,785
6.800% due 10/14/25 ~		200,000		205,581
Eversource Energy 4.200% due 06/27/24		265,000		262,083
Israel Electric Corp Ltd (Israel) 5.000% due 11/12/24 ~		500,000		495,808
NextEra Energy Capital Holdings Inc
1.875% due 01/15/27		320,000		283,667
4.450% due 06/20/25		180,000		177,943
NRG Energy Inc 3.750% due 06/15/24 ~		260,000		250,560
Pacific Gas and Electric Co 3.500% due 06/15/25		270,000		254,989
Sempra Energy 3.300% due 04/01/25		130,000		124,775
Southern California Gas Co 2.950% due 04/15/27		180,000		166,260
The AES Corp 3.300% due 07/15/25 ~		310,000		292,832

	Principal Amount		Value
Vistra Operations Co LLC
3.550% due 07/15/24 ~		$1,425,000		$1,367,546
5.125% due 05/13/25 ~		220,000		215,531
				6,109,922
Total Corporate Bonds & Notes (Cost $93,292,026)				90,866,848
MORTGAGE-BACKED SECURITIES - 13.0%
Collateralized Mortgage Obligations - Commercial - 5.2%
BAMLL Commercial Mortgage Securities Trust
3.490% due 04/14/33 ~		130,000		119,432
5.168% (USD LIBOR + 0.850%) due 09/15/34 ~ §		455,000		446,778
Bank 2019-BNK 19 2.263% due 08/15/61		54,092		50,579
Bank 2019-BNK 24 2.056% due 11/15/62		40,996		39,884
BCP Trust 5.117% (USD LIBOR + 0.799%) due 06/15/38 ~ §		70,000		65,515
BFLD Trust 5.658% (USD LIBOR + 1.340%) due 10/15/34 ~ §		515,000		501,342
BIG Commercial Mortgage Trust 6.676% (SOFR + 2.340%) due 02/15/39 ~ §		485,000		456,561
BPR Trust 5.468% (USD LIBOR + 1.150%) due 09/15/38 ~ §		105,000		98,239
BX Commercial Mortgage Trust
5.239% (USD LIBOR + 0.921%) due 12/15/38 ~ §		460,000		444,597
5.370% (SOFR + 1.034%) due 10/15/36 ~ §		75,266		74,389
5.718% (USD LIBOR + 1.400%) due 06/15/38 ~ §		99,248		93,750
6.450% (SOFR + 2.115%) due 06/15/27 ~ §		400,000		397,859
7.476% (SOFR + 3.141%) due 06/15/27 ~ §		100,000		99,502
BX Trust 5.964% (USD LIBOR + 1.646%) due 10/15/36 ~ §		75,000		70,083
BXSC Commercial Mortgage Trust 6.727% (SOFR + 2.391%) due 03/15/35 ~ §		470,000		451,953
CGDB Commercial Mortgage Trust 5.968% (USD LIBOR + 1.650%) due 11/15/36 ~ §		350,000		334,733
Citigroup Commercial Mortgage Trust
3.251% due 05/10/35 ~		500,000		468,797
4.149% due 01/10/36 ~		330,000		321,908
Commercial Mortgage Trust
3.221% due 10/10/48		35,997		35,675
3.359% due 10/10/48		450,989		423,936
3.926% due 03/10/48 §		65,000		60,242
4.048% due 12/10/47		225,000		214,618
4.673% due 02/10/47 §		650,000		624,151
4.697% due 08/10/47 ~ §		100,000		89,986
4.701% due 03/10/47		195,000		188,260

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

91

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
Credit Suisse Mortgage Capital Certificates 5.298% (USD LIBOR + 0.980%) due 05/15/36 ~ §		$257,000		$254,314
CSAIL Commercial Mortgage Trust 2.360% due 06/15/52		59,099		57,157
Extended Stay America Trust
5.398% (USD LIBOR + 1.080%) due 07/15/38 ~ §		112,262		109,195
6.018% (USD LIBOR + 1.700%) due 07/15/38 ~ §		112,262		108,001
Great Wolf Trust 5.510% (SOFR + 1.748%) due 12/15/36 ~ §		145,000		138,690
GS Mortgage Securities Corp Trust
5.918% (USD LIBOR + 1.600%) due 05/15/26 ~ §		100,000		90,619
6.318% (USD LIBOR + 2.000%) due 05/15/26 ~ §		235,000		207,473
GS Mortgage Securities Trust
3.430% due 08/10/50		545,000		503,069
3.853% due 11/10/49 §		510,000		445,527
JP Morgan Chase Commercial Mortgage Securities Trust
5.918% (USD LIBOR + 1.600%) due 09/15/29 ~ §		380,000		362,701
6.088% (USD LIBOR + 1.770%) due 10/15/33 ~ §		205,000		191,957
6.168% (USD LIBOR + 1.850%) due 09/15/29 ~ §		120,000		113,113
6.488% (USD LIBOR + 2.170%) due 10/15/33 ~ §		165,000		152,375
KIND Trust 6.068% (USD LIBOR + 1.750%) due 08/15/38 ~ §		129,067		116,918
KKR Industrial Portfolio Trust
5.318% (USD LIBOR + 1.000%) due 12/15/37 ~ §		75,000		71,299
5.568% (USD LIBOR + 1.250%) due 12/15/37 ~ §		75,000		70,803
LUXE Trust
5.368% (USD LIBOR + 1.050%) due 10/15/38 ~ §		164,397		157,490
MHC Commercial Mortgage Trust 5.119% (USD LIBOR + 0.801%) due 04/15/38 ~ §		465,000		451,646
MHC Trust 5.418% (USD LIBOR + 1.100%) due 05/15/23 ~ §		90,000		86,460
Morgan Stanley Capital I Trust 3.177% due 11/10/36 ~ §		255,000		216,319
New Orleans Hotel Trust 5.607% (USD LIBOR + 1.289%) due 04/15/32 ~ §		284,757		269,110
Shelter Growth CRE Issuer Ltd (Cayman) 5.398% (USD LIBOR + 1.080%) due 09/15/36 ~ §		51,272		49,868

	Principal Amount		Value
SLIDE Fund Trust 6.418% (USD LIBOR + 2.100%) due 06/15/31 ~ §		$118,179		$116,123
				10,512,996
Collateralized Mortgage Obligations - Residential - 4.3%
Angel Oak Mortgage Trust
1.068% due 05/25/66 ~ §		54,768		45,238
1.115% due 01/25/66 ~ §		23,793		19,331
1.579% due 05/25/65 ~ §		33,476		29,988
Barclays Mortgage Loan Trust 1.747% due 09/25/51 ~ §		137,129		117,155
Bayview MSR Opportunity Master Fund Trust 2.500% due 06/25/51 ~ §		110,795		95,926
BINOM Securitization Trust 2.625% due 06/25/56 ~ §		79,421		69,107
CIM Trust 4.500% due 03/25/62 ~ §		432,116		414,464
COLT Mortgage Loan Trust
1.167% due 06/25/66 ~ §		67,120		53,764
1.419% due 09/27/66 ~ §		79,306		62,090
1.506% due 04/27/65 ~ §		14,998		14,079
Connecticut Avenue Securities Trust
4.928% (SOFR + 1.000%) due 12/25/41 ~ §		42,255		41,731
5.928% (SOFR + 2.000%) due 03/25/42 ~ §		56,081		55,910
6.028% (SOFR + 2.100%) due 03/25/42 ~ §		84,158		83,616
6.478% (SOFR + 2.550%) due 07/25/42 ~ §		204,222		205,008
6.678% (SOFR + 2.750%) due 05/25/42 ~ §		34,476		34,925
6.894% (SOFR + 2.950%) due 06/25/42 ~ §		176,781		178,438
Deephaven Residential Mortgage Trust
0.899% due 04/25/66 ~ §		57,240		48,375
0.973% due 05/25/65 ~ §		32,180		28,455
1.260% due 04/25/66 ~ §		57,240		46,040
Eagle RE Ltd 5.478% (SOFR + 1.550%) due 04/25/34 ~ §		142,231		141,435
Ellington Financial Mortgage Trust
0.797% due 02/25/66 ~ §		37,231		30,541
0.931% due 06/25/66 ~ §		64,185		49,686
1.241% due 09/25/66 ~ §		81,799		65,631
1.291% due 06/25/66 ~ §		64,185		48,639
1.550% due 09/25/66 ~ §		81,799		62,247
Fannie Mae Connecticut Avenue Securities 5.589% (USD LIBOR + 1.200%) due 01/25/30 §		5,891		5,889
Finance of America HECM Buyout 4.000% due 12/25/24 ~ §		426,821		418,930
Flagstar Mortgage Trust
3.500% due 10/25/49 ~ §		31,357		28,692
4.000% due 09/25/48 ~ §		26,395		25,599
4.866% (USD LIBOR + 0.850%) due 03/25/50 ~ §		56,784		52,300

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

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
Freddie Mac STACR REMIC Trust 4.628% (SOFR + 0.700%) due 08/25/33 ~ §		$94,349		$93,845
4.628% (SOFR + 0.700%) due 12/25/33 ~ §		103,397		102,596
5.228% (SOFR + 1.300%) due 02/25/42 ~ §		345,824		340,235
5.728% (SOFR + 1.800%) due 11/25/41 ~ §		45,000		42,338
5.928% (SOFR + 2.000%) due 04/25/42 ~ §		434,634		432,664
6.028% (SOFR + 2.100%) due 03/25/42 ~ §		191,167		188,812
6.078% (SOFR + 2.150%) due 09/25/42 ~ §		97,761		97,858
6.128% (SOFR + 2.200%) due 05/25/42 ~ §		435,248		434,108
6.228% (SOFR + 2.300%) due 08/25/42 ~ §		177,126		177,036
6.239% (USD LIBOR + 1.850%) due 02/25/50 ~ §		85,849		85,710
6.878% (SOFR + 2.950%) due 06/25/42 ~ §		75,372		76,294
7.489% (USD LIBOR + 3.100%) due 03/25/50 ~ §		87,319		88,592
Freddie Mac Structured Agency Credit Risk Debt Notes 4.728% (SOFR + 0.800%) due 08/25/33 ~ §		9,890		9,860
6.578% (SOFR + 2.650%) due 07/25/42 ~ §		107,248		107,840
Freddie Mac Whole Loan Securities Trust 3.857% due 05/25/47 ~ §		13,554		13,209
Galton Funding Mortgage Trust 2.832% due 01/25/60 ~ §		145,000		105,619
3.339% due 10/25/59 ~ §		140,000		124,772
3.500% due 11/25/57 ~ §		16,947		15,084
4.000% due 02/25/59 ~ §		13,743		13,326
GS Mortgage-Backed Securities Corp Trust 2.500% due 10/25/51 ~ §		182,881		157,642
GS Mortgage-Backed Securities Trust 2.495% due 07/25/44 ~ §		2,375		2,329
2.500% due 01/25/52 ~ §		90,287		77,602
2.500% due 06/25/52 ~ §		218,502		187,803
Hundred Acre Wood Trust 2.500% due 07/25/51 ~ §		118,567		103,352
Imperial Fund Mortgage Trust 1.516% due 09/25/56 ~ §		75,396		57,080
Mello Mortgage Capital Acceptance 2.500% due 10/25/51 ~ §		95,932		82,454
Metlife Securitization Trust
3.000% due 04/25/55 ~ §		45,094		42,309
New Residential Mortgage Loan Trust 1.650% due 05/24/60 ~ §		20,643		18,995
2.500% due 06/25/51 ~ §		81,115		69,719
2.500% due 09/25/51 ~ §		201,848		173,489
2.710% due 11/25/59 ~ §		74,355		67,139
NLT Trust 1.520% due 08/25/56 ~ §		86,386		67,268

	Principal Amount		Value
OBX Trust 1.054% due 07/25/61 ~ §		$74,754		$56,562
1.072% due 02/25/66 ~ §		47,283		37,027
2.500% due 05/25/51 ~ §		128,160		110,473
3.000% due 05/25/60 ~ §		27,596		23,554
3.500% due 12/25/49 ~ §		22,932		20,465
3.500% due 02/25/60 ~ §		79,736		70,442
4.687% (USD LIBOR + 1.200%) due 06/25/59 ~ §		33,027		31,616
5.139% (USD LIBOR + 0.750%) due 02/25/60 ~ §		35,810		33,205
5.339% (USD LIBOR + 0.950%) due 02/25/60 ~ §		18,364		17,136
Oceanview Mortgage Trust 2.500% due 12/25/51 ~ §		102,323		87,947
PSMC Trust 2.500% due 03/25/51 ~ §		187,305		161,922
Sequoia Mortgage Trust 4.000% due 06/25/48 ~ §		31,029		28,738
4.000% due 08/25/48 ~ §		8,480		8,227
4.500% due 08/25/48 ~ §		1,413		1,379
SG Residential Mortgage Trust 1.381% due 05/25/65 ~ §		28,456		24,788
2.703% due 09/25/59 ~ §		4,783		4,600
3.166% due 03/27/62 ~ §		98,884		88,859
Starwood Mortgage Residential Trust 0.943% due 05/25/65 ~ §		41,233		38,249
1.162% due 08/25/56 ~ §		64,499		52,108
2.408% due 02/25/50 ~ §		107,861		103,476
Towd Point Mortgage Trust 2.750% due 10/25/56 ~ §		6,085		5,992
2.750% due 04/25/57 ~ §		13,148		12,995
3.750% due 05/25/58 ~ §		48,564		45,997
3.750% due 09/25/62 ~		438,540		412,146
UWM Mortgage Trust 2.500% due 09/25/51 ~ §		39,064		33,803
Verus Securitization Trust 0.918% due 02/25/64 ~ §		46,873		42,708
1.052% due 01/25/66 ~ §		41,034		33,755
1.977% due 03/25/60 ~ §		16,348		15,696
2.692% due 11/25/59 ~ §		75,091		70,830
2.724% due 01/25/60 ~		96,021		90,525
3.100% due 11/25/59 ~ §		71,859		67,888
3.117% due 07/25/59 ~ §		66,385		64,246
3.288% due 01/25/67 ~ §		159,135		130,029
4.910% due 06/25/67 ~		315,392		301,881
Vista Point Securitization Trust 2.496% due 04/25/65 ~ §		28,428		23,842
Wells Fargo Mortgage Backed Securities Trust 2.500% due 12/25/50 ~ §		152,683		133,361
				8,716,675
Fannie Mae - 1.9%
2.000% due 10/01/50		56,758		46,598
2.500% due 07/01/51 - 02/01/52		533,587		454,262
3.000% due 09/01/28 - 06/01/52		594,545		537,347
3.500% due 09/01/47 - 01/01/52		610,246		564,983
4.000% due 07/01/52		418,895		393,334
4.500% due 05/01/41 - 08/01/52		1,060,329		1,026,038
5.000% due 09/01/25 - 08/01/52		249,341		250,919

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

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
5.500% due 05/01/44		$334,705		$346,496
6.000% due 11/01/35 - 02/01/49		206,062		216,918
				3,836,895
Freddie Mac - 0.2%
2.500% due 01/01/52		51,556		44,011
3.000% due 05/01/31		147,486		141,601
4.000% due 02/01/50		84,656		80,578
4.500% due 09/01/37		50,720		50,486
5.000% due 12/01/41		43,145		43,215
7.000% due 03/01/39		19,814		20,580
7.500% due 06/01/38		19,906		20,718
				401,189
Government National Mortgage Association - 1.4%
due 01/20/53 #		600,000		613,916
3.000% due 09/20/47 - 11/20/47		358,659		324,247
3.500% due 07/20/52 - 10/20/52		499,791		459,701
4.000% due 10/20/50 - 10/20/52		374,229		355,042
4.500% due 10/20/52		443,071		430,297
5.000% due 01/20/48 - 12/20/48		287,692		288,888
5.500% due 09/15/45 - 11/20/52		336,648		343,449
				2,815,540
Total Mortgage-Backed Securities (Cost $27,709,890)				26,283,295
ASSET-BACKED SECURITIES - 11.0%
AmeriCredit Automobile Receivables Trust
0.890% due 10/19/26		115,000		105,890
0.970% due 02/18/26		85,000		83,227
1.060% due 08/18/26		260,000		244,332
1.210% due 12/18/26		65,000		58,205
1.290% due 06/18/27		140,000		124,270
1.590% due 10/20/25		165,000		159,702
1.800% due 12/18/25		160,000		151,034
Amur Equipment Finance Receivables LLC
2.800% due 03/20/25 ~		330,000		328,227
5.300% due 06/21/28 ~		245,000		242,508
Applebee’s Funding LLC 4.194% due 06/05/49 ~		257,400		253,728
Arbor Realty Commercial Real Estate Notes Ltd (Cayman)
5.388% (USD LIBOR + 1.070%) due 08/15/34 ~ §		150,000		143,182
5.668% (USD LIBOR + 1.350%) due 11/15/36 ~ §		110,000		106,085
ARI Fleet Lease Trust 2.060% due 11/15/28 ~		190,000		189,133
Avis Budget Rental Car Funding AESOP LLC
3.330% due 03/20/24 ~		130,000		129,609
4.950% due 03/20/25 ~		100,000		97,479
Blackbird Capital Aircraft Lease Securitization Ltd (Cayman) 2.487% due 12/16/41 ~		59,948		54,673
BRE Grand Islander Timeshare Issuer LLC 3.280% due 09/26/33 ~		156,810		147,434
BSPRT Issuer Ltd 5.307% (SOFR + 1.500%) due 02/15/37 ~ §		185,000		179,440

	Principal Amount		Value
Capital One Prime Auto Receivables Trust 3.690% due 12/15/27		$400,000		$386,035
CarMax Auto Owner Trust
0.850% due 06/15/26		277,000		252,907
2.340% due 11/17/25		105,000		101,045
4.980% due 02/15/28		195,000		189,890
Cedar Funding XIV CLO Ltd (Cayman) 5.179% (USD LIBOR + 1.100%) due 07/15/33 ~ §		255,000		250,538
CIFC Funding Ltd (Cayman) 5.129% (USD LIBOR + 1.050%) due 07/15/33 ~ §		290,000		284,962
5.375% (USD LIBOR + 1.050%) due 04/24/30 ~ §		496,098		490,933
Dryden 86 CLO Ltd (Cayman) 5.179% (USD LIBOR + 1.100%) due 07/17/34 ~ §		250,000		243,027
Elara HGV Timeshare Issuer LLC
2.690% due 03/25/30 ~		19,143		18,333
2.730% due 04/25/28 ~		54,616		54,140
Exeter Automobile Receivables Trust
0.690% due 01/15/26		207,813		204,538
3.020% due 06/15/28		165,000		149,205
3.850% due 07/17/28		130,000		124,039
5.980% due 12/15/28		230,000		218,294
6.510% due 12/15/27		445,000		447,499
FirstKey Homes Trust 2.241% due 08/17/37 ~		505,000		449,958
Ford Credit Auto Lease Trust 4.180% due 10/15/25		190,000		184,180
Ford Credit Auto Owner Trust
1.740% due 04/15/33 ~		115,000		99,519
2.040% due 12/15/26		185,000		177,029
GM Financial Automobile Leasing Trust
2.560% due 07/22/24		95,000		94,822
4.330% due 05/20/26		1,135,000		1,108,507
5.130% due 08/20/26		615,000		601,193
GM Financial Consumer Automobile Receivables Trust 1.050% due 05/18/26		85,000		78,198
GMF Floorplan Owner Revolving Trust
1.030% due 08/15/25 ~		205,000		198,597
1.480% due 08/15/25 ~		270,000		261,487
Hilton Grand Vacations Trust
2.660% due 12/26/28 ~		28,965		28,517
2.960% due 12/26/28 ~		12,069		11,793
Hpefs Equipment Trust 6.130% due 08/20/29 ~		210,000		210,986
Hyundai Auto Lease Securitization Trust 4.480% due 08/17/26 ~		330,000		325,915
Hyundai Auto Receivables Trust 1.600% due 12/15/26		150,000		142,289
John Deere Owner Trust 3.800% due 05/15/29		200,000		194,236
JPMorgan Chase Bank NA
0.875% due 09/25/28 ~		352,141		340,478
0.889% due 12/26/28 ~		685,331		655,160
0.969% due 12/26/28 ~		137,928		131,518

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

94

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
Madison Park Funding Ltd (Cayman)
5.149% (USD LIBOR + 1.070%) due 07/15/33 ~ §		$250,000		$244,764
5.233% (USD LIBOR + 0.990%) due 04/20/32 ~ §		470,000		458,065
MF1 Ltd 5.419% (USD LIBOR + 1.080%) due 10/16/36 ~ §		110,000		105,337
MVW LLC 2.730% due 10/20/37 ~		40,573		37,330
MVW Owner Trust
2.420% due 12/20/34 ~		109,698		107,234
2.890% due 11/20/36 ~		114,825		108,299
Navient Private Education Loan Trust 2.460% due 11/15/68 ~		148,941		136,136
Navient Private Education Refi Loan Trust
0.940% due 07/15/69 ~		91,413		77,295
1.170% due 09/16/69 ~		32,722		29,039
1.220% due 07/15/69 ~		114,035		101,311
2.230% due 07/15/70 ~		195,414		169,826
2.400% due 10/15/68 ~		49,467		45,327
2.640% due 05/15/68 ~		159,900		150,612
OCP CLO Ltd (Cayman)
5.363% (USD LIBOR + 1.120%) due 07/20/29 ~ §		389,313		385,763
5.629% (USD LIBOR + 1.550%) due 07/15/30 ~ §		250,000		242,461
Octane Receivables Trust
1.210% due 09/20/28 ~		54,247		51,595
4.900% due 05/22/28 ~		100,000		96,352
5.110% due 02/22/28 ~		493,914		488,158
Palmer Square CLO Ltd (Cayman) 5.686% (USD LIBOR + 1.080%) due 11/15/31 ~ §		250,000		245,901
Progress Residential Trust
2.078% due 06/17/37 ~		484,402		445,373
3.077% due 06/17/37 ~		250,000		229,476
4.451% due 07/20/39 ~		245,000		231,636
Santander Bank Auto Credit-Linked Notes Series
5.587% due 08/16/32 ~		329,847		328,844
5.916% due 08/16/32 ~		213,697		212,511
Santander Bank NA 1.833% due 12/15/31 ~		131,449		126,469
Santander Drive Auto Receivables Trust
1.010% due 01/15/26		78,390		77,608
1.640% due 11/16/26		475,000		455,532
1.670% due 10/15/27		70,000		64,522
2.560% due 04/17/28		200,000		191,184
3.760% due 07/16/29		185,000		176,921
4.740% due 10/16/28		340,000		328,958
4.960% due 11/15/28		460,000		445,279
5.000% due 11/15/29		655,000		627,510
Santander Retail Auto Lease Trust
1.140% due 03/20/26 ~		255,000		240,606
2.520% due 11/20/24 ~		465,000		459,132
3.850% due 03/22/27 ~		30,000		28,906
Sierra Timeshare Receivables Funding LLC
1.340% due 11/20/37 ~		38,283		35,045
3.510% due 07/20/37 ~		38,925		36,741

	Principal Amount		Value
SMB Private Education Loan Trust
1.290% due 07/15/53 ~		$63,754		$56,295
3.600% due 01/15/37 ~		67,950		65,092
5.818% (USD LIBOR + 1.500%) due 04/15/32 ~ §		95,546		95,191
Symphony CLO XXIII Ltd (Cayman) 5.099% (USD LIBOR + 1.020%) due 01/15/34 ~ §		250,000		244,957
Symphony Static CLO I Ltd (Cayman) 5.808% (USD LIBOR + 1.450%) due 10/25/29 ~ §		250,000		242,466
Synchrony Credit Card Master Note Trust 3.870% due 05/15/26		150,000		148,779
Toyota Auto Receivables Owner Trust 3.770% due 02/15/28		190,000		183,894
Tricon American Homes Trust
3.198% due 03/17/38 ~		200,000		180,039
3.473% due 01/17/36 ~		765,000		741,286
World Omni Auto Receivables Trust
1.640% due 08/17/26		120,000		114,063
3.680% due 09/15/28		350,000		338,038
World Omni Select Auto Trust
0.840% due 06/15/26		280,000		271,057
1.250% due 10/15/26		140,000		131,814
Total Asset-Backed Securities (Cost $23,005,330)				22,343,954
U.S. TREASURY OBLIGATIONS - 30.2%
U.S. Treasury Notes - 30.2%
0.375% due 08/15/24		250,000		233,594
1.750% due 03/15/25		1,595,000		1,507,400
2.750% due 05/15/25		3,130,000		3,018,738
3.000% due 06/30/24		13,150,000		12,836,660
3.250% due 08/31/24		935,000		915,606
4.000% due 12/15/25		1,035,000		1,028,531
4.375% due 10/31/24		29,500,000		29,418,184
4.500% due 11/30/24		7,180,000		7,180,841
4.500% due 11/15/25		5,145,000		5,176,754
Total U.S. Treasury Obligations (Cost $61,970,922)				61,316,308
FOREIGN GOVERNMENT BONDS & NOTES - 0.2%
Korea Hydro & Nuclear Power Co Ltd (South Korea) 4.250% due 07/27/27 ~		490,000		472,140
Total Foreign Government Bonds & Notes (Cost $486,849)				472,140
MUNICIPAL BONDS - 0.1%
Golden State Tobacco Securitization Corp 1.711% due 06/01/24		100,000		95,200

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

95

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
Long Island Power Authority 0.764% due 03/01/23		$75,000		$74,518
Total Municipal Bonds (Cost $175,000)				169,718
TOTAL INVESTMENTS - 99.2% (Cost $206,640,017)				201,452,263
DERIVATIVES - 0.0%				24,590
OTHER ASSETS & LIABILITIES, NET - 0.8%				1,635,863
NET ASSETS - 100.0%				$203,112,716

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)

Notes to Schedule of Investments

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

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 2-Year Notes		03/23		126		$25,823,706		$25,839,844		$16,138
Short Futures Outstanding
U.S. Treasury 5-Year Notes		03/23		9		971,214		971,367		(153	)
U.S. Treasury 10-Year Notes		03/23		22		2,477,203		2,470,531		6,672
U.S. Treasury Ultra 10-Year Notes		03/23		13		1,539,872		1,537,656		2,216
U.S. Treasury Ultra Long Bonds		03/23		1		134,030		134,313		(283	)
										8,452
Total Futures Contracts										$24,590

(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 December 31, 2022			Level 1 Quoted Price			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$90,866,848			$—			$90,866,848		$—
	Mortgage-Backed Securities		26,283,295			—			26,283,295		—
	Asset-Backed Securities		22,343,954			—			22,343,954		—
	U.S. Treasury Obligations		61,316,308			—			61,316,308		—
	Foreign Government Bonds & Notes		472,140			—			472,140		—
	Municipal Bonds		169,718			—			169,718		—
	Derivatives:
	Interest Rate Contracts
	Futures		25,026			25,026			—		—
	Total Assets		201,477,289			25,026			201,452,263		—
Liabilities	Derivatives:
	Interest Rate Contracts
	Futures		(436	)		(436	)		—		—
	Total Liabilities		(436	)		(436	)		—		—
	Total		$201,476,853			$24,590			$201,452,263		$—

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

97

PACIFIC FUNDS

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Schedule of Investments

December 31, 2022 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 30.8%
Azerbaijan - 1.2%
SOCAR Turkey Enerji AS via Steas Funding 1 DAC 7.230% due 03/17/26 ~		$130,000		$127,237
Southern Gas Corridor CJSC 6.875% due 03/24/26 ~		237,000		243,706
				370,943
Brazil - 1.9%
CSN Inova Ventures 6.750% due 01/28/28 ~		200,000		191,215
MC Brazil Downstream Trading SARL 7.250% due 06/30/31 ~		300,000		248,037
Rede D’or Finance SARL 4.500% due 01/22/30 ~		164,000		142,434
				581,686
China - 3.7%
Country Garden Holdings Co Ltd
2.700% due 07/12/26 ~		200,000		114,504
4.200% due 02/06/26 ~		400,000		245,728
Powerlong Real Estate Holdings Ltd 6.950% due 07/23/23 ~		200,000		69,390
Prosus NV 3.257% due 01/19/27 ~		425,000		380,517
Tencent Holdings Ltd 3.925% due 01/19/38 ~		400,000		319,431
				1,129,570
Czech Republic - 0.9%
Energo-Pro AS 8.500% due 02/04/27 ~		300,000		275,242
Ghana - 1.4%
Kosmos Energy Ltd
7.125% due 04/04/26 ~		300,000		256,224
7.500% due 03/01/28 ~		225,000		180,941
				437,165
Hong Kong - 1.5%
Melco Resorts Finance Ltd
5.625% due 07/17/27 ~		325,000		279,253
5.750% due 07/21/28 ~		200,000		167,544
				446,797
India - 0.7%
Adani Electricity Mumbai Ltd 3.949% due 02/12/30 ~		275,000		210,685
Israel - 4.6%
Bank Hapoalim BM 3.255% (UST + 2.155%) due 01/21/32 ~		425,000		367,515
Energean Israel Finance Ltd 5.375% due 03/30/28 ~		350,000		315,000
Leviathan Bond Ltd
5.750% due 06/30/23 ~		150,000		149,868

	Principal Amount		Value
6.125% due 06/30/25 ~		$250,000		$245,156
6.500% due 06/30/27 ~		325,000		316,387
				1,393,926
Malaysia - 1.6%
1MDB Global Investments Ltd 4.400% due 03/09/23 ~		500,000		489,539
Mexico - 4.5%
Banco Mercantil del Norte SA 5.875% (UST + 4.643%) due 01/24/27 ~		250,000		223,386
Cemex SAB de CV 5.125% (UST + 4.534%) due 06/08/26 ~		200,000		185,057
Comision Federal de Electricidad 5.000% due 09/29/36 ~		224,400		193,655
Petroleos Mexicanos
5.350% due 02/12/28		275,000		232,041
5.950% due 01/28/31		100,000		75,913
6.500% due 01/23/29		50,000		42,914
6.625% due 06/15/35		75,000		54,584
6.700% due 02/16/32		200,000		157,440
6.750% due 09/21/47		275,000		176,078
6.840% due 01/23/30		25,000		20,720
				1,361,788
Nigeria - 0.9%
IHS Holding Ltd 5.625% due 11/29/26 ~		325,000		271,050
Oman - 0.7%
Lamar Funding Ltd 3.958% due 05/07/25 ~		225,000		213,852
South Africa - 3.2%
Sasol Financing USA LLC
4.375% due 09/18/26		225,000		199,462
5.500% due 03/18/31		350,000		285,434
Stillwater Mining Co
4.000% due 11/16/26 ~		325,000		287,412
4.500% due 11/16/29 ~		250,000		201,624
				973,932
Supranational - 0.9%
Africa Finance Corp 2.875% due 04/28/28 ~		300,000		259,425
Ukraine - 0.2%
NPC Ukrenergo 6.875% due 11/09/28 ~		275,000		49,851
United Arab Emirates - 1.6%
Galaxy Pipeline Assets Bidco Ltd 2.160% due 03/31/34 ~		554,796		473,425

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

98

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
United Kingdom - 1.2%
Standard Chartered PLC 7.750% (UST + 4.976%) due 08/15/27 ~		$375,000		$371,548
Venezuela - 0.1%
Petroleos de Venezuela SA
5.375% due 04/12/27 * ~ Y		113,000		5,509
9.000% * ~ Y		239,354		11,668
9.750% due 05/17/35 * ~ Y		306,278		15,697
12.750% * ~ Y		117,000		5,705
				38,579
Total Corporate Bonds & Notes (Cost $10,662,541)				9,349,003
CONVERTIBLE CORPORATE BONDS & NOTES - 1.3%
United Arab Emirates - 1.3%
Abu Dhabi National Oil Co 0.700% due 06/04/24 ~		400,000		378,400
Total Convertible Corporate Bonds & Notes (Cost $382,041)				378,400
FOREIGN GOVERNMENT BONDS & NOTES - 55.8%
Angola - 1.8%
Angolan Government International 8.750% due 04/14/32 ~		625,000		542,750
Argentina - 0.2%
Argentine Republic Government International 3.500% due 07/09/41 §		250,000		71,147
Bahamas - 0.8%
Bahamas Government International 6.000% due 11/21/28 ~		300,000		231,782
Brazil - 5.0%
Brazil Notas do Tesouro Nacional ‘F’ 10.000% due 01/01/27		BRL 8,700,000		1,525,525
Colombia - 2.3%
Colombia Government International
3.000% due 01/30/30		$700,000		537,487
4.500% due 03/15/29		200,000		173,510
				710,997
Czech Republic - 2.6%
Czech Republic Government
1.000% due 06/26/26 ~		CZK 7,700,000		295,384
1.250% due 02/14/25		6,200,000		251,853
2.400% due 09/17/25 ~		6,200,000		254,830
				802,067

	Principal Amount		Value
Dominican Republic - 1.9%
Dominican Republic International
4.500% due 01/30/30 ~		$150,000		$128,194
4.875% due 09/23/32 ~		250,000		208,453
6.000% due 02/22/33 ~		275,000		249,096
				585,743
Ecuador - 1.5%
Ecuador Government International 2.500% due 07/31/35 ~ §		950,000		441,900
El Salvador - 1.4%
El Salvador Government International
6.375% due 01/18/27 ~		350,000		156,625
7.625% due 09/21/34 ~		108,000		43,200
7.625% due 02/01/41 ~		300,000		118,897
7.650% due 06/15/35 ~		125,000		50,936
8.625% due 02/28/29 ~		150,000		67,050
				436,708
Indonesia - 3.8%
Indonesia Treasury
6.125% due 05/15/28		IDR 8,300,000,000		522,448
6.375% due 08/15/28		9,700,000,000		617,485
				1,139,933
Iraq - 2.4%
Iraq International 5.800% due 01/15/28 ~		$790,625		730,777
Ivory Coast - 2.9%
Ivory Coast Government International
4.875% due 01/30/32 ~		EUR 900,000		764,067
5.875% due 10/17/31 ~		125,000		112,603
				876,670
Mexico - 7.0%
Mexican Bonos
7.750% due 11/23/34		MXN 29,800,000		1,382,776
7.750% due 11/13/42		4,800,000		215,176
Mexico Government International
4.350% due 01/15/47		$200,000		151,026
4.875% due 05/19/33		400,000		367,977
				2,116,955
Oman - 2.2%
Oman Government International
6.500% due 03/08/47 ~		200,000		182,954
6.750% due 01/17/48 ~		525,000		493,511
				676,465
Poland - 2.3%
Republic of Poland Government
2.500% due 07/25/26		PLN 1,500,000		295,491
7.263% due 07/25/24		2,000,000		413,115
				708,606

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

99

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
Romania - 2.7%
Romania Government
4.850% due 07/25/29		RON 1,000,000		$182,467
5.000% due 02/12/29		825,000		154,538
Romanian Government International
1.375% due 12/02/29 ~		EUR 100,000		78,122
2.000% due 04/14/33 ~		425,000		292,731
3.624% due 05/26/30 ~		125,000		109,845
				817,703
Saudi Arabia - 2.2%
Saudi Government International 4.500% due 10/26/46 ~		$750,000		667,500
Senegal - 0.3%
Senegal Government International
4.750% due 03/13/28 ~		EUR 100,000		92,674
South Africa - 6.9%
Republic of South Africa Government
8.875% due 02/28/35		ZAR 27,324,000		1,356,129
Republic of South Africa Government International
5.000% due 10/12/46		$350,000		246,645
5.375% due 07/24/44		200,000		151,505
5.750% due 09/30/49		200,000		147,767
7.300% due 04/20/52		225,000		194,861
				2,096,907
Sri Lanka - 1.4%
Sri Lanka Government International
6.200% due 05/11/27 * ~ Y		200,000		63,816
6.350% due 06/28/24 * ~ Y		200,000		63,750
6.825% due 07/18/26 * ~ Y		200,000		64,051
6.850% due 11/03/25 * ~ Y		675,000		217,750
				409,367
Tunisia - 2.3%
Tunisian Republic
5.625% due 02/17/24 ~		EUR 100,000		84,366
5.750% due 01/30/25 ~		$200,000		139,299
6.375% due 07/15/26 ~		EUR 675,000		458,108
				681,773
Ukraine - 1.1%
State Agency of Roads of Ukraine 6.250% due 06/24/30 ~		$700,000		125,083
Ukraine Government International
6.876% due 05/21/31 ~		300,000		57,760
6.876% due 08/01/41 ~ §		75,000		21,776
7.750% due 09/01/26 ~		125,000		26,883
7.750% due 09/01/27 ~		200,000		43,125
7.750% due 09/01/28 ~		250,000		54,062
				328,689
Venezuela - 0.5%
Venezuela Government International
7.750% * ~ Y		85,000		6,800
8.250% due 10/13/24 * ~ Y		166,100		14,534

	Principal Amount		Value
9.000% due 05/07/23 * ~ Y		$73,000		$6,387
9.250% due 09/15/27 * Y		252,000		23,940
9.250% due 05/07/28 * ~ Y		121,000		10,890
11.750% due 10/21/26 * ~ Y		768,700		71,105
12.750% * ~ Y		211,000		17,407
				151,063
Zambia - 0.3%
Zambia Government International 8.500% due 04/14/24 * ~ Y		200,000		91,848
Total Foreign Government Bonds & Notes (Cost $19,127,968)				16,935,549

	Shares
SHORT-TERM INVESTMENT - 7.5%
Money Market Fund - 7.5%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 4.030%		2,272,558	2,272,558
Total Short-Term Investment (Cost $2,272,558)			2,272,558
TOTAL INVESTMENTS - 95.4% (Cost $32,445,108)			28,935,510
DERIVATIVES - (0.2%)			(73,700	)
OTHER ASSETS & LIABILITIES, NET - 4.8%			1,473,875
NET ASSETS - 100.0%			$30,335,685

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

100

PACIFIC FUNDS

PF EMERGING MARKETS DEBT FUND

Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

Notes to Schedule of Investments

(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 Month	Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
U.S. Treasury Long Bonds	03/23		17		$2,186,547		$2,130,844		($55,703)
Short Futures Outstanding
Euro-BTP	03/23		4		502,978		466,374		36,604
Total Futures Contracts									($19,099)

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

101

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 Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
CNH	200,000	USD	28,713	01/23	HSB		$235		$—
COP	1,500,000,000	USD	309,484	01/23	CIT		—		(1,741	)
CZK	7,025,000	USD	307,546	01/23	JPM		2,762		—
EUR	50,000	USD	53,288	01/23	HSB		286		—
KRW	1,005,000,000	USD	767,246	01/23	JPM		30,873		—
MYR	1,400,000	USD	316,527	01/23	GSC		3,756		—
PEN	600,000	USD	155,408	01/23	CIT		2,133		—
PLN	1,350,000	USD	304,960	01/23	JPM		2,426		—
THB	33,000,000	USD	949,869	01/23	CIT		5,791		—
USD	450,420	BRL	2,400,000	01/23	CIT		—		(1,618	)
USD	303,391	CLP	270,000,000	01/23	JPM		—		(14,100	)
USD	1,982,881	CNH	13,800,000	01/23	CIT		—		(14,490	)
USD	2,098,977	EUR	1,987,310	01/23	CIT		—		(30,433	)
USD	19,427	KRW	25,000,000	01/23	CIT		—		(426	)
USD	63,544	KRW	80,000,000	01/23	CIT		12		—
USD	155,320	PEN	600,000	01/23	JPM		—		(2,221	)
USD	43,231	THB	1,500,000	01/23	JPM		—		(209	)
USD	150,078	ZAR	2,600,000	01/23	CIT		—		(2,549	)
Total Forward Foreign Currency Contracts							$48,274		($67,787	)

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

102

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:

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

Referenced Obligation	Payment Frequency	Fixed Deal Pay Rate		Expiration Date		Exchange		Implied Credit Spread at 12/31/22 (2)	Notional Amount (3)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Egypt Government	Q		1.000%		12/20/27		ICE	8.709%		$375,000		$100,870			$93,872			$6,998
Turkey Government	Q		1.000%		12/20/27		ICE	5.068%		2,000,000		318,373			471,499			(153,126	)
												$419,243			$565,371			($146,128	)
Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection (4)
Referenced Obligation	Payment Frequency	Fixed Deal Receive Rate		Expiration Date		Exchange		Implied Credit Spread at 12/31/22 (2)	Notional Amount (3)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Turkey Government	Q		1.000%		12/20/27		ICE	5.068%		$625,000		($99,492	)		($159,448	)		$59,956
Total Credit Default Swaps												$319,751			$405,923			($86,172	)

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

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

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

(4) If the Fund is a 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.

Interest Rate Swaps - Long

Receive	Pay		Payment Frequency Receive Rate/ Pay Rate	Exchange		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
11.770%		1-Day BZD-OIS	Z / Z		LCH		01/02/25		BRL 27,320,410		($103,718	)		($96,318	)		($7,400	)
4.421%		6-Month CZK-PRIBOR	A / S		LCH		03/15/28		CZK 22,000,000		(27,330	)		(19,170	)		(8,160	)
8.763%		28-Day MXN TIIE	L / L		LCH		12/08/32		MXN 6,700,000		139			—			139
											($130,909	)		($115,488	)		($15,421	)
Interest Rate Swaps - Short
Pay	Receive		Payment Frequency Pay Rate/ Receive Rate	Exchange		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
7.372%		1-Day CLP-OIS	S / S		LCH		11/29/24		CLP 3,050,000,000		$28,641			$1,889			$26,752
4.421%		6-Month CZK-PRIBOR	A / S		LCH		03/15/28		CZK 32,000,000		39,753			—			39,753
											$68,394			$1,889			$66,505
Total Interest Rate Swaps											($62,515	)		($113,599	)		$51,084
Total Swap Agreements											$257,236			$292,324			($35,088	)

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

103

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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 December 31, 2022			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$9,349,003			$—			$9,349,003			$—
	Convertible Corporate Bonds & Notes		378,400			—			378,400			—
	Foreign Government Bonds & Notes		16,935,549			—			16,935,549			—
	Short-Term Investment		2,272,558			2,272,558			—			—
	Derivatives:
	Credit Contracts
	Swaps		66,954			—			66,954			—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		48,274			—			48,274			—
	Interest Rate Contracts
	Futures		36,604			36,604			—			—
	Swaps		66,644			—			66,644			—
	Total Interest Rate Contracts		103,248			36,604			66,644			—
	Total Assets - Derivatives		218,476			36,604			181,872			—
	Total Assets		29,153,986			2,309,162			26,844,824			—
Liabilities	Derivatives:
	Credit Contracts
	Swaps		(153,126	)		—			(153,126	)		—
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(67,787	)		—			(67,787	)		—
	Interest Rate Contracts
	Futures		(55,703	)		(55,703	)		—			—
	Swaps		(15,560	)		—			(15,560	)		—
	Total Interest Rate Contracts		(71,263	)		(55,703	)		(15,560	)
	Total Liabilities - Derivatives		(292,176	)		(55,703	)		(236,473	)
	Total Liabilities		(292,176	)		(55,703	)		(236,473	)
	Total		$28,861,810			$2,253,459			$26,608,351			$—

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

104

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PF GROWTH FUND

Schedule of Investments

December 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.7%
Basic Materials - 3.5%
Air Products and Chemicals Inc		3,256		$1,003,695
Linde PLC (United Kingdom)		973		317,373
The Sherwin-Williams Co		4,867		1,155,085
				2,476,153
Communications - 11.9%
Alphabet Inc ‘A’ *		38,748		3,418,736
Alphabet Inc ‘C’ *		12,526		1,111,432
Amazon.com Inc *		41,766		3,508,344
Match Group Inc *		5,486		227,614
				8,266,126
Consumer, Cyclical - 4.7%
Chipotle Mexican Grill Inc *		270		374,622
Dollar Tree Inc *		2,474		349,923
Hilton Worldwide Holdings Inc		6,036		762,709
Lululemon Athletica Inc *		1,346		431,231
LVMH Moet Hennessy Louis Vuitton SE (France)		1,004		730,604
O’Reilly Automotive Inc *		732		617,830
				3,266,919
Consumer, Non-Cyclical - 24.1%
Abbott Laboratories		12,375		1,358,651
Becton Dickinson and Co		2,320		589,976
Block Inc *		2,956		185,755
Boston Scientific Corp *		30,182		1,396,521
Colgate-Palmolive Co		10,069		793,337
CoStar Group Inc *		10,865		839,647
Danaher Corp		5,957		1,581,107
Equifax Inc		2,332		453,248
Gartner Inc *		1,689		567,740
ICON PLC *		2,872		557,886
Regeneron Pharmaceuticals Inc *		824		594,508
STERIS PLC		1,678		309,910
The Estee Lauder Cos Inc ‘A’		4,218		1,046,528
Thermo Fisher Scientific Inc		2,947		1,622,883
TransUnion		5,738		325,632
UnitedHealth Group Inc		2,916		1,546,005
Verisk Analytics Inc		6,505		1,147,612
Vertex Pharmaceuticals Inc *		4,012		1,158,585
Zoetis Inc		4,678		685,561
				16,761,092
Energy - 1.7%
Enphase Energy Inc *		554		146,788
EOG Resources Inc		3,638		471,194
Hess Corp		3,920		555,934
				1,173,916
Financial - 13.2%
American Express Co		1,188		175,527
American Tower Corp REIT		3,996		846,593
Aon PLC ‘A’		3,928		1,178,950
Arthur J Gallagher & Co		1,845		347,856
CME Group Inc		3,079		517,765
Mastercard Inc ‘A’		7,951		2,764,801

	Shares		Value
The Charles Schwab Corp		12,367		$1,029,676
Visa Inc ‘A’		11,037		2,293,047
				9,154,215
Industrial - 7.0%
Agilent Technologies Inc		1,765		264,132
AMETEK Inc		6,479		905,246
Amphenol Corp ‘A’		3,195		243,267
Canadian Pacific Railway Ltd (Canada)		8,649		645,129
Eaton Corp PLC		1,821		285,806
Johnson Controls International PLC		12,989		831,296
Martin Marietta Materials Inc		605		204,472
Rockwell Automation Inc		827		213,010
Vulcan Materials Co		7,179		1,257,115
				4,849,473
Technology - 31.6%
Accenture PLC ‘A’		752		200,664
Adobe Inc *		4,606		1,550,057
Apple Inc		26,430		3,434,050
Applied Materials Inc		2,140		208,393
ASML Holding NV (Netherlands)		1,300		710,320
Autodesk Inc *		891		166,501
Black Knight Inc *		2,916		180,063
Cadence Design Systems Inc *		3,423		549,871
Electronic Arts Inc		5,429		663,315
Intuit Inc		4,015		1,562,718
Lam Research Corp		1,225		514,867
Microsoft Corp		34,642		8,307,844
MSCI Inc		3,010		1,400,162
NVIDIA Corp		8,813		1,287,932
ServiceNow Inc *		1,510		586,288
Synopsys Inc *		851		271,716
Take-Two Interactive Software Inc *		2,545		265,011
Veeva Systems Inc ‘A’ *		432		69,716
				21,929,488
Total Common Stocks (Cost $29,898,298)				67,877,382
SHORT-TERM INVESTMENT - 2.4%
Money Market Fund - 2.4%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 4.030%		1,651,187		1,651,187
Total Short-Term Investment (Cost $1,651,187)				1,651,187
TOTAL INVESTMENTS - 100.1% (Cost $31,549,485)				69,528,569
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(96,142	)
NET ASSETS - 100.0%				$69,432,427

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)

Note to Schedule of Investments

(a) Fair Value Measurements

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

		Total Value at December 31, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Basic Materials		$2,476,153		$2,476,153		$—		$—
	Communications		8,266,126		8,266,126		—		—
	Consumer, Cyclical		3,266,919		2,536,315		730,604		—
	Consumer, Non-Cyclical		16,761,092		16,761,092		—		—
	Energy		1,173,916		1,173,916		—		—
	Financial		9,154,215		9,154,215		—		—
	Industrial		4,849,473		4,849,473		—		—
	Technology		21,929,488		21,929,488		—		—
	Total Common Stocks		67,877,382		67,146,778		730,604		—
	Short-Term Investment		1,651,187		1,651,187		—		—
	Total		$69,528,569		$68,797,965		$730,604		$—

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%
Basic Materials - 3.9%
Air Products and Chemicals Inc		12,774		$3,937,713
PPG Industries Inc		19,515		2,453,816
				6,391,529
Communications - 12.2%
Alphabet Inc ‘A’ *		28,216		2,489,498
Charter Communications Inc ‘A’ *		8,779		2,976,959
Cisco Systems Inc		80,963		3,857,077
Comcast Corp ‘A’		67,872		2,373,484
DISH Network Corp ‘A’ *		113,589		1,594,789
Meta Platforms Inc ‘A’ *		21,868		2,631,595
Motorola Solutions Inc		16,979		4,375,658
				20,299,060
Consumer, Cyclical - 1.7%
The Home Depot Inc		8,970		2,833,264
Consumer, Non-Cyclical - 15.4%
Amgen Inc		8,344		2,191,468
Becton Dickinson and Co		11,433		2,907,412
Elevance Health Inc		8,522		4,371,531
Haleon PLC ADR (United Kingdom) *		326,700		2,613,600
Johnson & Johnson		19,849		3,506,326
Merck & Co Inc		19,658		2,181,055
PepsiCo Inc		14,526		2,624,267
UnitedHealth Group Inc		9,618		5,099,271
				25,494,930
Energy - 10.3%
Chevron Corp		27,587		4,951,590
ConocoPhillips		70,562		8,326,316
Enterprise Products Partners LP		155,372		3,747,573
				17,025,479
Financial - 24.3%
American Express Co		31,734		4,688,699
American Tower Corp REIT		12,686		2,687,656
Bank of America Corp		177,331		5,873,203
Berkshire Hathaway Inc ‘B’ *		9,312		2,876,477
JPMorgan Chase & Co		46,432		6,226,531
Marsh & McLennan Cos Inc		15,415		2,550,874
The Bank of New York Mellon Corp		43,760		1,991,955
The Charles Schwab Corp		38,658		3,218,665
The Progressive Corp		20,512		2,660,612
The Travelers Cos Inc		13,531		2,536,927
US Bancorp		33,288		1,451,690
Visa Inc ‘A’		16,473		3,422,430
				40,185,719
Industrial - 21.0%
Deere & Co		16,735		7,175,299
Honeywell International Inc		10,510		2,252,293
Illinois Tool Works Inc		11,484		2,529,925
Martin Marietta Materials Inc		5,991		2,024,778
Northrop Grumman Corp		6,894		3,761,435
Otis Worldwide Corp		24,910		1,950,702
Raytheon Technologies Corp		53,386		5,387,715

	Shares		Value
TE Connectivity Ltd (Switzerland)		38,258		$4,392,018
United Parcel Service Inc ‘B’		17,589		3,057,672
Vertiv Holdings Co		165,875		2,265,853
				34,797,690
Technology - 4.1%
Apple Inc		5,116		664,722
Intel Corp		59,843		1,581,650
Microsoft Corp		6,322		1,516,142
Oracle Corp		23,931		1,956,120
QUALCOMM Inc		9,869		1,084,998
				6,803,632
Utilities - 6.2%
Edison International		45,624		2,902,599
Sempra Energy		47,783		7,384,385
				10,286,984
Total Common Stocks (Cost $90,202,990)				164,118,287
SHORT-TERM INVESTMENT - 0.9%
Money Market Fund - 0.9%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 4.030%		1,494,088		1,494,088
Total Short-Term Investment (Cost $1,494,088)				1,494,088
TOTAL INVESTMENTS - 100.0% (Cost $91,697,078)				165,612,375
OTHER ASSETS & LIABILITIES, NET - 0.0%				23,386
NET ASSETS - 100.0%				$165,635,761

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)

Note to Schedule of Investments

(a) Fair Value Measurements

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

		Total Value at December 31, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$164,118,287		$164,118,287		$—		$—
	Short-Term Investment		1,494,088		1,494,088		—		—
	Total		$165,612,375		$165,612,375		$—		$—

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%
Consumer, Non-Cyclical - 0.0%
Optinose Inc Exercise @ $2.57 Exp 11/23/27 *		5,653		$—
Total Warrants (Cost $57)				—
COMMON STOCKS - 98.9%
Basic Materials - 5.8%
Axalta Coating Systems Ltd *		14,085		358,745
Element Solutions Inc		21,489		390,885
Ingevity Corp *		5,154		363,048
				1,112,678
Communications - 2.2%
Open Lending Corp ‘A’ *		9,483		64,010
Q2 Holdings Inc *		7,357		197,682
Vivid Seats Inc ‘A’ *		22,272		162,586
				424,278
Consumer, Cyclical - 16.2%
Brunswick Corp		4,064		292,933
Five Below Inc *		1,419		250,979
Funko Inc ‘A’ *		8,064		87,978
Genius Sports Ltd (United Kingdom) *		24,317		86,812
JetBlue Airways Corp *		14,837		96,144
Leslie’s Inc *		8,215		100,305
Manchester United PLC ‘A’ (United Kingdom)		19,800		461,934
Methode Electronics Inc		5,498		243,946
Ollie’s Bargain Outlet Holdings Inc *		6,604		309,331
On Holding AG ‘A’ (Switzerland) *		8,347		143,235
Penn Entertainment Inc *		10,347		307,306
Petco Health & Wellness Co Inc *		17,828		169,009
Skechers USA Inc ‘A’ *		8,631		362,071
Visteon Corp *		1,716		224,504
				3,136,487
Consumer, Non-Cyclical - 24.9%
Abcam PLC ADR (United Kingdom) *		13,282		206,668
Adaptive Biotechnologies Corp *		6,328		48,346
Allovir Inc *		5,191		26,630
Annexon Inc *		5,054		26,129
BioAtla Inc *		3,303		27,250
Bioxcel Therapeutics Inc *		2,782		59,757
Boyd Group Services Inc (Canada)		1,477		228,161
Bright Horizons Family Solutions Inc *		2,878		181,602
Bruker Corp		4,241		289,872
Certara Inc *		16,067		258,197
Collegium Pharmaceutical Inc *		5,154		119,573
Envista Holdings Corp *		9,555		321,717
European Wax Center Inc ‘A’		12,541		156,135
Harmony Biosciences Holdings Inc *		1,981		109,153
HealthEquity Inc *		2,560		157,798
Immunocore Holdings PLC ADR (United Kingdom) *		2,236		127,609
Lyell Immunopharma Inc *		6,562		22,770
Maravai LifeSciences Holdings Inc ‘A’ *		6,344		90,783
MaxCyte Inc *		11,661		63,669
Neurocrine Biosciences Inc *		1,076		128,517

	Shares		Value
Nuvei Corp (Canada) * ~		6,096		$154,899
Oatly Group AB ADR *		19,500		33,930
Optinose Inc *		17,769		32,873
Oxford Nanopore Technologies PLC (United Kingdom) *		19,852		58,472
Paylocity Holding Corp *		461		89,554
Payoneer Global Inc *		28,601		156,447
Prelude Therapeutics Inc *		3,188		19,256
PROCEPT BioRobotics Corp *		2,169		90,100
Remitly Global Inc *		24,107		276,025
Ritchie Bros Auctioneers Inc (Canada)		5,880		340,040
Sabre Corp *		29,762		183,929
Sana Biotechnology Inc *		5,080		20,066
Silk Road Medical Inc *		2,311		122,136
SpringWorks Therapeutics Inc *		2,767		71,970
Syneos Health Inc *		7,697		282,326
The Duckhorn Portfolio Inc *		14,122		234,002
				4,816,361
Energy - 5.9%
ChampionX Corp		18,348		531,909
Magnolia Oil & Gas Corp ‘A’		14,073		330,012
Matador Resources Co		4,977		284,883
				1,146,804
Financial - 10.8%
First Interstate BancSystem Inc ‘A’		4,886		188,844
Focus Financial Partners Inc ‘A’ *		5,908		220,191
GCM Grosvenor Inc ‘A’		18,411		140,108
Hamilton Lane Inc ‘A’		4,488		286,693
Pacific Premier Bancorp Inc		4,559		143,882
Prosperity Bancshares Inc		2,774		201,614
STAG Industrial Inc REIT		9,163		296,057
Umpqua Holdings Corp		10,335		184,480
United Community Banks Inc		4,295		145,171
WisdomTree Inc		52,690		287,160
				2,094,200
Industrial - 14.2%
Advanced Energy Industries Inc		1,929		165,470
AeroVironment Inc *		1,238		106,047
Cactus Inc ‘A’		5,803		291,659
CryoPort Inc *		7,187		124,694
Gerresheimer AG (Germany)		3,684		246,443
GFL Environmental Inc (Canada)		14,954		437,105
Knight-Swift Transportation Holdings Inc		5,130		268,863
Kratos Defense & Security Solutions Inc *		5,994		61,858
Littelfuse Inc		575		126,615
Saia Inc *		638		133,776
Sensata Technologies Holding PLC		9,384		378,926
The AZEK Co Inc *		15,446		313,863
Trex Co Inc *		1,936		81,951
				2,737,270
Technology - 18.9%
ACV Auctions Inc ‘A’ *		24,988		205,152
Alkami Technology Inc *		15,070		219,871
CACI International Inc ‘A’ *		686		206,205
Corsair Gaming Inc *		5,035		68,325
Definitive Healthcare Corp *		11,524		126,649
DoubleVerify Holdings Inc *		7,017		154,093
ExlService Holdings Inc *		2,347		397,652

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 *		3,150		$213,759
Keywords Studios PLC (Ireland)		7,822		256,690
Kinaxis Inc (Canada) *		868		97,384
nCino Inc *		3,496		92,434
Outset Medical Inc *		4,227		109,141
Paycor HCM Inc *		6,685		163,582
Procore Technologies Inc *		4,175		196,977
Rapid7 Inc *		5,388		183,084
TaskUS Inc ‘A’ (Philippines) *		12,319		208,191
Thoughtworks Holding Inc *		30,410		309,878
WNS Holdings Ltd ADR (India) *		5,427		434,106
				3,643,173
Total Common Stocks (Cost $21,355,612)				19,111,251
SHORT-TERM INVESTMENT - 1.4%
Money Market Fund - 1.4%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 4.030%		271,141		271,141
Total Short-Term Investment (Cost $271,141)				271,141
TOTAL INVESTMENTS - 100.3% (Cost $21,626,810)				19,382,392
OTHER ASSETS & LIABILITIES, NET - (0.3%)				(54,348	)
NET ASSETS - 100.0%				$19,328,044

Note to Schedule of Investments

(a) Fair Value Measurements

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

		Total Value at December 31, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Basic Materials		$1,112,678		$1,112,678		$—		$—
	Communications		424,278		424,278		—		—
	Consumer, Cyclical		3,136,487		3,136,487		—		—
	Consumer, Non-Cyclical		4,816,361		4,757,889		58,472		—
	Energy		1,146,804		1,146,804		—		—
	Financial		2,094,200		2,094,200		—		—
	Industrial		2,737,270		2,490,827		246,443		—
	Technology		3,643,173		3,386,483		256,690		—
	Total Common Stocks		19,111,251		18,549,646		561,605		—
	Short-Term Investment		271,141		271,141		—		—
	Total		$19,382,392		$18,820,787		$561,605		$—

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		9,920		$377,158
ATI Inc *		16,310		487,017
Haynes International Inc		4,540		207,433
HB Fuller Co		4,890		350,222
Innospec Inc		1,970		202,634
				1,624,464
Communications - 2.6%
A10 Networks Inc		22,246		369,951
Casa Systems Inc *		54,862		149,773
Criteo SA ADR (France) *		16,271		424,022
				943,746
Consumer, Cyclical - 19.1%
Alaska Air Group Inc *		8,996		386,288
Blue Bird Corp *		20,763		222,372
Citi Trends Inc *		10,948		289,903
Dana Inc		22,626		342,331
Dine Brands Global Inc		6,342		409,693
Genesco Inc *		7,571		348,417
H&E Equipment Services Inc		8,425		382,495
Hilton Grand Vacations Inc *		9,988		384,938
IMAX Corp *		21,500		315,190
KB Home		14,650		466,603
Papa John’s International Inc		4,634		381,425
REV Group Inc		36,160		456,339
Sally Beauty Holdings Inc *		42,132		527,493
Six Flags Entertainment Corp *		15,950		370,837
Taylor Morrison Home Corp *		19,875		603,206
The Goodyear Tire & Rubber Co *		43,680		443,352
The Shyft Group Inc		22,437		557,784
				6,888,666
Consumer, Non-Cyclical - 11.6%
Acadia Healthcare Co Inc *		6,267		515,900
Adtalem Global Education Inc *		11,160		396,180
Envista Holdings Corp *		10,020		337,373
Herc Holdings Inc		4,125		542,726
Integra LifeSciences Holdings Corp *		10,220		573,035
Korn Ferry		6,964		352,518
Nomad Foods Ltd (United Kingdom) *		30,971		533,940
Pediatrix Medical Group Inc *		22,622		336,163
Syneos Health Inc *		6,060		222,281
The Hain Celestial Group Inc *		21,699		351,090
				4,161,206
Energy - 4.2%
Helmerich & Payne Inc		11,502		570,154
HF Sinclair Corp		7,549		391,718
Magnolia Oil & Gas Corp ‘A’		24,104		565,239
				1,527,111
Financial - 34.3%
1st Source Corp		8,054		427,587
Associated Banc-Corp		26,212		605,235
Bank of Marin Bancorp		6,929		227,826
BankUnited Inc		15,458		525,108

	Shares		Value
Berkshire Hills Bancorp Inc		18,290		$546,871
Broadstone Net Lease Inc REIT		24,440		396,172
Carter Bankshares Inc *		17,523		290,707
Cousins Properties Inc REIT		8,686		219,669
First BanCorp		40,444		514,448
HarborOne Bancorp Inc		31,145		432,915
Heritage Financial Corp		18,536		567,943
Independence Realty Trust Inc REIT		27,816		468,978
Independent Bank Group Inc		5,839		350,807
Moelis & Co ‘A’		11,180		428,977
National Storage Affiliates Trust REIT		7,573		273,537
NETSTREIT Corp REIT		21,166		387,973
Pacific Premier Bancorp Inc		15,735		496,597
Physicians Realty Trust REIT		27,991		405,030
Premier Financial Corp		16,220		437,453
Sandy Spring Bancorp Inc		8,593		302,731
Selective Insurance Group Inc		6,825		604,763
STAG Industrial Inc REIT		12,962		418,802
Stifel Financial Corp		3,315		193,497
Synovus Financial Corp		10,300		386,765
Texas Capital Bancshares Inc *		9,191		554,309
The Hanover Insurance Group Inc		3,310		447,280
TriCo Bancshares		10,293		524,840
Umpqua Holdings Corp		16,240		289,884
Webster Financial Corp		3,303		156,364
WSFS Financial Corp		10,545		478,110
				12,361,178
Industrial - 16.4%
ArcBest Corp		6,924		484,957
Arcosa Inc		8,314		451,783
Belden Inc		4,900		352,310
Cactus Inc ‘A’		7,257		364,737
Dycom Industries Inc *		5,390		504,504
Fluor Corp *		10,840		375,714
Great Lakes Dredge & Dock Corp *		37,324		222,078
Heritage-Crystal Clean Inc *		5,987		194,458
Ichor Holdings Ltd *		16,810		450,844
Masonite International Corp *		6,147		495,510
O-I Glass Inc *		25,480		422,203
Spirit AeroSystems Holdings Inc ‘A’		13,260		392,496
Star Bulk Carriers Corp (Greece)		18,416		354,140
Terex Corp		7,402		316,213
TTM Technologies Inc *		33,426		504,064
				5,886,011
Technology - 4.3%
ACI Worldwide Inc *		15,531		357,213
CommVault Systems Inc *		6,879		432,276
Kulicke & Soffa Industries Inc (Singapore)		7,180		317,787
MagnaChip Semiconductor Corp (South Korea) *		36,841		345,937
Unisys Corp *		17,310		88,454
				1,541,667
Utilities - 2.3%
IDACORP Inc		5,320		573,762

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		4,280		$264,846
				838,608
Total Common Stocks (Cost $29,224,565)				35,772,657
SHORT-TERM INVESTMENT - 0.2%
Money Market Fund - 0.2%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 4.030%		63,328		63,328
Total Short-Term Investment (Cost $63,328)				63,328
TOTAL INVESTMENTS - 99.5% (Cost $29,287,893)				35,835,985
OTHER ASSETS & LIABILITIES, NET - 0.5%				187,308
NET ASSETS - 100.0%				$36,023,293

Note to Schedule of Investments

(a) Fair Value Measurements

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

		Total Value at December 31, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$35,772,657		$35,772,657		$—		$—
	Short-Term Investment		63,328		63,328		—		—
	Total		$35,835,985		$35,835,985		$—		$—

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)

	Shares		Value
WARRANTS - 0.0%
Switzerland - 0.0%
Cie Financiere Richemont SA Exercise @ CHF 67.00 Exp 11/22/23 *		30,788		$25,638
Total Warrants (Cost $0)				25,638
PREFERRED STOCKS - 1.3%
Brazil - 1.3%
Banco Bradesco SA		189,959		541,856
Total Preferred Stocks (Cost $628,883)				541,856
COMMON STOCKS - 96.5%
Australia - 0.5%
Glencore PLC		32,308		215,451
Belgium - 0.6%
Anheuser-Busch InBev SA		4,083		245,923
Brazil - 6.1%
Ambev SA		261,200		713,904
Lojas Renner SA		65,188		252,658
NU Holdings Ltd ‘A’ *		84,812		345,185
Vale SA ADR		64,481		1,094,243
WEG SA		17,343		125,985
				2,531,975
Chile - 0.4%
Antofagasta PLC		6,571		122,665
Banco Santander Chile		1,128,831		45,180
				167,845
China - 27.1%
BeiGene Ltd ADR *		3,662		805,420
Brii Biosciences Ltd *		64,000		60,138
H World Group Ltd		3,500		14,922
H World Group Ltd ADR		45,811		1,943,303
Meituan ‘B’ * ~		29,300		649,166
MicroTech Medical Hangzhou Co Ltd ‘H’ * ~		13,000		16,191
NetEase Inc ADR		14,788		1,074,052
New Horizon Health Ltd * ~		22,500		50,509
Silergy Corp		15,000		211,874
Tencent Holdings Ltd		18,681		792,081
Wuxi Biologics Cayman Inc * ~		84,500		639,996
Yum China Holdings Inc		50,964		2,785,183
Zai Lab Ltd ADR *		11,870		364,409
ZTO Express Cayman Inc		4,313		116,842
ZTO Express Cayman Inc ADR		63,934		1,717,907
				11,241,993
France - 5.4%
Kering SA		151		76,848

	Shares		Value
L’Oreal SA		86		$30,796
Pernod Ricard SA		9,309		1,831,292
TotalEnergies SE		4,600		288,757
				2,227,693
Hong Kong - 2.3%
AIA Group Ltd		74,200		819,420
Hang Lung Properties Ltd		10,000		19,480
Hong Kong Exchanges & Clearing Ltd		1,400		60,158
Hongkong Land Holdings Ltd		9,600		44,168
				943,226
India - 21.0%
Housing Development Finance Corp Ltd		107,061		3,403,572
Infosys Ltd		41,913		764,129
Kotak Mahindra Bank Ltd		94,605		2,081,433
Oberoi Realty Ltd		26,004		272,031
Tata Consultancy Services Ltd		50,049		1,968,283
Zee Entertainment Enterprises Ltd		78,151		225,793
				8,715,241
Indonesia - 0.7%
P.T. Bank Central Asia Tbk		524,400		287,549
Italy - 2.0%
Ermenegildo Zegna NV		8,149		85,320
PRADA SPA		129,500		726,988
				812,308
Japan - 0.1%
Daiichi Sankyo Co Ltd		1,400		45,061
Mexico - 7.5%
America Movil SAB de CV ‘L’ ADR		29,854		543,343
Fomento Economico Mexicano SAB de CV		3,302		25,816
Grupo Mexico SAB de CV ‘B’		494,640		1,743,862
Wal-Mart de Mexico SAB de CV		223,252		789,141
				3,102,162
Peru - 0.8%
Credicorp Ltd		2,579		349,867
Philippines - 1.8%
SM Investments Corp		45,747		741,918
Russia - 0.0%
Novatek PJSC GDR * ± W		10,301		—
Polyus PJSC * ± W		3,943		—
Polyus PJSC GDR * ~ ± W		3,202		—
Sberbank of Russia PJSC * ± W		14,210		—
TCS Group Holding PLC GDR * ± W		4,352		—
Yandex NV ‘A’ * ± W		36,879		—
				—
South Africa - 1.1%
FirstRand Ltd		122,879		446,430
South Korea - 7.4%
Coupang Inc *		796		11,709

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)

	Shares		Value
LG Chem Ltd		2,497		$1,192,391
LG H&H Co Ltd		249		143,317
Samsung Biologics Co Ltd * ~		1,280		832,276
Samsung Electronics Co Ltd		19,893		873,168
				3,052,861
Switzerland - 2.8%
Cie Financiere Richemont SA ‘A’		9,140		1,185,092
Taiwan - 8.8%
MediaTek Inc		32,000		647,006
Taiwan Semiconductor Manufacturing Co Ltd		206,995		3,006,284
				3,653,290
United Kingdom - 0.1%
AstraZeneca PLC ADR		724		49,087
Total Common Stocks (Cost $28,093,674)				40,014,972
SHORT-TERM INVESTMENT - 0.8%
Money Market Fund - 0.8%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 4.030%		318,053		318,053
Total Short-Term Investment (Cost $318,053)				318,053
TOTAL INVESTMENTS - 98.6% (Cost $29,040,610)				40,900,519
OTHER ASSETS & LIABILITIES, NET - 1.4%				567,453
NET ASSETS - 100.0%				$41,467,972

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)

Note to Schedule of Investments

(a) Fair Value Measurements

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

		Total Value at December 31, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Warrants		$25,638		$25,638		$—		$—
	Preferred Stocks		541,856		—		541,856		—
	Common Stocks
	Australia		215,451		—		215,451		—
	Belgium		245,923		—		245,923		—
	Brazil		2,531,975		1,439,428		1,092,547		—
	Chile		167,845		45,180		122,665		—
	China		11,241,993		8,690,274		2,551,719		—
	France		2,227,693		—		2,227,693		—
	Hong Kong		943,226		—		943,226		—
	India		8,715,241		—		8,715,241		—
	Indonesia		287,549		—		287,549		—
	Italy		812,308		85,320		726,988		—
	Japan		45,061		—		45,061		—
	Mexico		3,102,162		3,102,162		—		—
	Peru		349,867		349,867		—		—
	Philippines		741,918		—		741,918		—
	South Africa		446,430		—		446,430		—
	South Korea		3,052,861		11,709		3,041,152		—
	Switzerland		1,185,092		—		1,185,092		—
	Taiwan		3,653,290		—		3,653,290		—
	United Kingdom		49,087		49,087		—		—
	Total Common Stocks		40,014,972		13,773,027		26,241,945		—
	Short-Term Investment		318,053		318,053		—		—
	Total		$40,900,519		$14,116,718		$26,783,801		$—

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)

	Shares		Value
COMMON STOCKS - 97.5%
Australia - 0.8%
Brambles Ltd		18,600		$152,531
Canada - 8.6%
Barrick Gold Corp		7,430		127,647
CAE Inc *		7,655		148,068
Canadian Pacific Railway Ltd		6,913		515,412
Loblaw Cos Ltd		2,168		191,693
Suncor Energy Inc		10,250		325,139
Thomson Reuters Corp		2,612		297,969
				1,605,928
China - 0.3%
Zai Lab Ltd *		20,900		64,691
Denmark - 4.1%
Novo Nordisk AS ‘B’		5,620		763,284
France - 11.7%
Airbus SE		2,039		242,442
BNP Paribas SA		7,192		409,507
Dassault Systemes SE		2,470		88,820
EssilorLuxottica SA		1,884		340,878
L’Oreal SA		844		302,235
LVMH Moet Hennessy Louis Vuitton SE		763		555,230
Teleperformance		1,068		255,322
				2,194,434
Germany - 4.4%
adidas AG		758		102,729
Deutsche Boerse AG		1,745		300,472
Deutsche Telekom AG		21,590		429,567
				832,768
Hong Kong - 4.3%
AIA Group Ltd		53,048		585,830
Hong Kong Exchanges & Clearing Ltd		5,170		222,156
				807,986
Ireland - 1.4%
CRH PLC		6,553		260,614
Israel - 1.0%
Nice Ltd ADR *		1,010		194,223
Italy - 1.9%
Intesa Sanpaolo SPA		161,707		358,248
Japan - 11.8%
Daiichi Sankyo Co Ltd		8,900		286,462
Hoya Corp		1,950		186,768
Keyence Corp		1,160		450,364
Olympus Corp		22,089		389,597
Recruit Holdings Co Ltd		9,300		291,108
Shiseido Co Ltd		5,740		281,339

	Shares		Value
Sony Group Corp		4,340		$330,802
				2,216,440
Netherlands - 4.0%
Adyen NV * ~		166		230,449
Argenx SE *		449		168,557
ASML Holding NV		653		356,050
				755,056
Portugal - 2.5%
EDP - Energias de Portugal SA		94,473		470,930
Spain - 5.4%
Amadeus IT Group SA *		5,257		272,721
Cellnex Telecom SA ~		2,537		84,156
Iberdrola SA		26,900		314,017
Industria de Diseno Textil SA		12,798		339,928
				1,010,822
Sweden - 3.2%
Atlas Copco AB ‘A’		25,702		304,527
Sandvik AB		16,760		302,880
				607,407
Switzerland - 4.3%
Alcon Inc		2,832		194,329
Givaudan SA		60		183,774
Straumann Holding AG		900		103,204
TE Connectivity Ltd		2,820		323,736
				805,043
United Kingdom - 14.3%
3i Group PLC		10,341		166,773
Ashtead Group PLC		1,307		74,244
Compass Group PLC		13,828		319,317
Diageo PLC		12,522		548,111
Dr. Martens PLC		22,459		50,970
Linde PLC		1,390		453,086
London Stock Exchange Group PLC		5,582		479,612
RELX PLC		10,110		279,522
Rentokil Initial PLC		49,758		305,701
				2,677,336
United States - 13.5%
Accenture PLC ‘A’		1,048		279,648
Aflac Inc		1,560		112,226
Computershare Ltd		7,890		138,991
Haleon PLC *		80,215		317,380
ICON PLC *		1,394		270,784
Nestle SA		7,668		885,726
Roche Holding AG		1,123		352,889
SolarEdge Technologies Inc *		613		173,645
				2,531,289
Total Common Stocks (Cost $17,183,562)				18,309,030

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)

	Shares		Value
SHORT-TERM INVESTMENT - 1.3%
Money Market Fund - 1.3%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 4.030%		243,919		$243,919
Total Short-Term Investment (Cost $243,919)				243,919
TOTAL INVESTMENTS - 98.8% (Cost $17,427,481)				18,552,949
OTHER ASSETS & LIABILITIES, NET - 1.2%				223,270
NET ASSETS - 100.0%				$18,776,219

Note to Schedule of Investments

(a) Fair Value Measurements

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

		Total Value at December 31, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Australia		$152,531		$—		$152,531		$—
	Canada		1,605,928		1,605,928		—		—
	China		64,691		—		64,691		—
	Denmark		763,284		—		763,284		—
	France		2,194,434		—		2,194,434		—
	Germany		832,768		—		832,768		—
	Hong Kong		807,986		—		807,986		—
	Ireland		260,614		—		260,614		—
	Israel		194,223		194,223		—		—
	Italy		358,248		—		358,248		—
	Japan		2,216,440		—		2,216,440		—
	Netherlands		755,056		—		755,056		—
	Portugal		470,930		—		470,930		—
	Spain		1,010,822		—		1,010,822		—
	Sweden		607,407		—		607,407		—
	Switzerland		805,043		323,736		481,307		—
	United Kingdom		2,677,336		—		2,677,336		—
	United States		2,531,289		836,303		1,694,986		—
	Total Common Stocks		18,309,030		2,960,190		15,348,840		—
	Short-Term Investment		243,919		243,919		—		—
	Total		$18,552,949		$3,204,109		$15,348,840		$—

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%
Australia - 4.2%
EBOS Group Ltd		4,208		$116,997
GUD Holdings Ltd		19,355		99,229
Imdex Ltd		63,653		95,817
Inghams Group Ltd		111,031		215,264
Nanosonics Ltd *		25,908		75,295
Servcorp Ltd		34,476		75,818
SomnoMed Ltd *		21,500		18,225
				696,645
Austria - 2.0%
Mayr Melnhof Karton AG		1,070		172,860
Strabag SE		1,000		41,854
Wienerberger AG		5,030		121,243
				335,957
Belgium - 1.5%
Econocom Group SA		33,070		100,878
Fagron		10,450		148,680
				249,558
Brazil - 1.2%
Hypera SA		14,674		125,826
YDUQS Participacoes SA		38,659		74,063
				199,889
Canada - 2.3%
CCL Industries Inc ‘B’		2,020		86,290
ECN Capital Corp		11,500		23,611
Open Text Corp		4,350		128,894
Parkland Corp		1,920		42,129
The North West Co Inc		3,650		95,887
				376,811
China - 4.5%
Best Pacific International Holdings Ltd		201,870		30,259
Far East Horizon Ltd		199,933		155,732
Precision Tsugami China Corp Ltd		76,178		70,215
Qingdao Port International Co Ltd ‘H’ ~		223,771		108,156
Shenzhen YUTO Packaging Technology Co Ltd ‘A’		31,420		149,388
TravelSky Technology Ltd ‘H’		88,910		186,858
Xingda International Holdings Ltd		227,980		45,764
				746,372
Denmark - 0.7%
Spar Nord Bank AS		7,440		113,930
Finland - 1.6%
Huhtamaki Oyj		3,770		129,149
Nanoform Finland PLC *		8,100		27,746
Rovio Entertainment Oyj ~		18,160		118,297
				275,192
France - 4.6%
Altarea SCA REIT		1,060		143,004
Antin Infrastructure Partners SA		3,740		81,271
ARGAN SA REIT		970		78,722
Elior Group SA * ~		30,790		109,055

	Shares		Value
Lectra		2,300		$86,715
Maisons du Monde SA ~		9,700		121,926
Thermador Groupe		1,550		143,019
				763,712
Germany - 5.8%
DWS Group GmbH & Co KGaA ~		2,340		75,513
JOST Werke AG ~		2,420		136,039
Norma Group SE		4,200		75,888
Rheinmetall AG		620		123,427
Stabilus SE		1,540		103,180
Synlab AG		6,520		78,879
Takkt AG		7,230		104,427
Talanx AG		5,910		278,608
				975,961
Greece - 0.9%
Mytilineos SA		7,060		153,383
Hong Kong - 1.5%
ASMPT Ltd		18,838		133,791
Sino Land Co Ltd		64,329		80,237
WH Group Ltd ~		72,140		42,075
				256,103
Hungary - 1.2%
Richter Gedeon Nyrt		9,095		201,959
Indonesia - 0.8%
P.T. Avia Avian Tbk		1,411,194		57,109
P.T. Selamat Sempurna Tbk		854,090		84,216
				141,325
Ireland - 2.1%
AerCap Holdings NV *		1,437		83,806
Dalata Hotel Group PLC *		27,700		95,970
Irish Residential Properties REIT PLC à		99,800		118,089
Mincon Group PLC		53,200		58,087
				355,952
Italy - 1.5%
Banca Generali SPA		4,160		142,799
Recordati Industria Chimica e Farmaceutica SPA		2,410		100,179
				242,978
Japan - 19.0%
Amano Corp		5,800		106,544
ASKUL Corp		8,500		110,339
Capcom Co Ltd		2,400		76,609
Dexerials Corp		4,100		78,774
Dip Corp		3,200		91,515
GMO internet group Inc		7,900		147,571
Inaba Denki Sangyo Co Ltd		4,800		98,214
Isuzu Motors Ltd		8,400		97,380
Kamigumi Co Ltd		4,800		97,719
Lixil Corp		6,000		90,457
Maruwa Co Ltd		900		106,434
Meitec Corp		6,000		108,840
MINEBEA MITSUMI Inc		6,700		99,268
Mitani Corp		6,100		60,191

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		2,300		$91,686
NSD Co Ltd		5,700		98,508
PALTAC Corp		5,000		175,120
Park24 Co Ltd *		2,500		42,763
Persol Holdings Co Ltd		7,300		155,269
Renesas Electronics Corp *		21,900		193,558
Roland Corp		4,300		113,662
S Foods Inc		7,200		162,088
San-Ai Obbli Co Ltd		17,400		165,003
Ship Healthcare Holdings Inc		9,200		187,097
SUMCO Corp		7,800		103,339
TIS Inc		3,900		102,499
TKC Corp		1,400		38,241
Tsuruha Holdings Inc		2,300		178,400
				3,177,088
Mexico - 2.6%
Bolsa Mexicana de Valores SAB de CV		76,698		148,503
Gruma SAB de CV ‘B’		11,668		155,873
Grupo Comercial Chedraui SA de CV		29,010		123,594
				427,970
Netherlands - 1.3%
Acomo NV		5,890		119,920
Arcadis NV		2,600		102,364
				222,284
Norway - 1.1%
Europris ASA ~		25,540		178,912
Peru - 0.5%
Intercorp Financial Services Inc		3,733		87,726
Philippines - 1.7%
Century Pacific Food Inc		363,397		168,241
Robinsons Land Corp		463,053		124,499
				292,740
Singapore - 2.2%
HRnetgroup Ltd		155,335		90,962
Mapletree Industrial Trust REIT		64,101		106,221
The Hour Glass Ltd		82,569		125,649
Wing Tai Holdings Ltd		44,460		49,754
				372,586
South Korea - 1.9%
Hyundai Marine & Fire Insurance Co Ltd		3,104		72,316
Soulbrain Co Ltd		1,000		173,787
Vitzrocell Co Ltd *		7,200		72,743
				318,846
Spain - 4.3%
Cia de Distribucion Integral Logista Holdings SA		9,000		226,949
CIE Automotive SA		4,930		126,835
Grupo Catalana Occidente SA		5,710		180,420
Indra Sistemas SA		5,300		60,415
Prosegur Cia de Seguridad SA		32,980		62,557
Viscofan SA		970		62,476
				719,652

	Shares		Value
Sweden - 1.4%
Granges AB		13,020		$106,633
Hexpol AB		9,640		102,858
Nordnet AB publ		2,100		30,410
				239,901
Taiwan - 3.4%
International Games System Co Ltd		14,810		208,476
Sporton International Inc		16,939		115,441
Test Research Inc		40,916		84,516
Tripod Technology Corp		24,091		73,506
Yageo Corp		5,985		87,229
				569,168
Thailand - 0.7%
Star Petroleum Refining PCL		374,963		115,590
United Kingdom - 14.2%
Ashtead Technology Holdings PLC *		41,900		159,563
B&M European Value Retail SA		24,225		120,248
Bodycote PLC		10,970		75,396
Grainger PLC		50,675		154,384
Harbour Energy PLC		21,180		78,160
Hiscox Ltd		13,100		172,716
Informa PLC		16,930		126,294
J D Wetherspoon PLC *		18,228		97,381
JET2 PLC		8,530		98,306
John Wood Group PLC *		68,004		110,208
Lancashire Holdings Ltd		27,497		216,203
LSL Property Services PLC		32,835		99,240
On the Beach Group PLC * ~		53,840		102,013
Pets at Home Group PLC		21,800		74,743
Premier Foods PLC		67,330		88,399
Rathbones Group PLC		2,430		59,783
Sabre Insurance Group PLC ~		65,379		84,098
Savills PLC		8,934		88,982
Tate & Lyle PLC		21,366		183,047
Vistry Group PLC		9,008		67,848
WH Smith PLC *		7,352		130,759
				2,387,771
United States - 5.2%
Adient PLC *		3,180		110,314
Adtalem Global Education Inc *		3,480		123,540
Antero Resources Corp *		3,925		121,636
GCC SAB de CV		19,543		130,166
GrafTech International Ltd		15,182		72,266
Impro Precision Industries Ltd ~		123,179		34,934
Ovintiv Inc		2,510		127,282
RHI Magnesita NV		5,700		153,518
				873,656
Total Common Stocks (Cost $17,330,724)				16,069,617
EXCHANGE-TRADED FUND - 2.1%
iShares MSCI India *		8,610		359,382
Total Exchange-Traded Fund (Cost $384,847)				359,382

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

119

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PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENT - 0.0%
Money Market Fund - 0.0%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 4.030%		665		$665
Total Short-Term Investment (Cost $665)				665
TOTAL INVESTMENTS - 98.0% (Cost $17,716,236)				16,429,664
OTHER ASSETS & LIABILITIES, NET - 2.0%				328,957
NET ASSETS - 100.0%				$16,758,621

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

120

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PF INTERNATIONAL SMALL-CAP FUND

Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

Notes to Schedule of Investments

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

Issuer and Acquisition Date	Cost		Value		Value as a % of Net Assets
Irish Residential Properties REIT PLC (Acq 10/29/21)		$161,066		$118,089		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 December 31, 2022			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Australia		$696,645			$94,043		$602,602			$—
	Austria		335,957			41,854		294,103			—
	Belgium		249,558			—		249,558			—
	Brazil		199,889			—		199,889			—
	Canada		376,811			376,811		—			—
	China		746,372			30,259		716,113			—
	Denmark		113,930			—		113,930			—
	Finland		275,192			27,746		247,446			—
	France		763,712			81,271		682,441			—
	Germany		975,961			—		975,961			—
	Greece		153,383			—		153,383			—
	Hong Kong		256,103			—		256,103			—
	Hungary		201,959			—		201,959			—
	Indonesia		141,325			141,325		—			—
	Ireland		355,952			141,893		214,059			—
	Italy		242,978			—		242,978			—
	Japan		3,177,088			—		3,177,088			—
	Mexico		427,970			427,970		—			—
	Netherlands		222,284			119,920		102,364			—
	Norway		178,912			—		178,912			—
	Peru		87,726			87,726		—			—
	Philippines		292,740			168,241		124,499			—
	Singapore		372,586			—		372,586			—
	South Korea		318,846			—		318,846			—
	Spain		719,652			—		719,652			—
	Sweden		239,901			—		239,901			—
	Taiwan		569,168			—		569,168			—
	Thailand		115,590			—		115,590			—
	United Kingdom		2,387,771			795,606		1,592,165			—
	United States		873,656			685,204		188,452			—
	Total Common Stocks		16,069,617			3,219,869		12,849,748			—
	Exchange-Traded Fund		359,382			359,382		—			—
	Short-Term Investment		665			665		—			—
	Total Assets		16,429,664			3,579,916		12,849,748			—
Liabilities	Due to Custodian		(61,288	)		—		(61,288	)		—
	Total Liabilities		(61,288	)		—		(61,288	)		—
	Total		$16,368,376			$3,579,916		$12,788,460			$—

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

121

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PF INTERNATIONAL VALUE FUND

Schedule of Investments

December 31, 2022 (Unaudited)

	Shares		Value
PREFERRED STOCKS - 0.7%
Germany - 0.7%
Henkel AG & Co KGaA		5,431		$376,438
Total Preferred Stocks (Cost $378,962)				376,438
COMMON STOCKS - 96.9%
Argentina - 0.2%
YPF SA ADR *		8,514		78,244
Austria - 1.3%
ams-OSRAM AG *		20,615		151,038
Erste Group Bank AG		15,170		485,368
				636,406
Belgium - 0.9%
Ageas SA		8,595		381,376
Proximus SADP		7,925		76,515
				457,891
Brazil - 2.4%
Atacadao SA		31,705		88,851
Banco Bradesco SA ADR		121,887		351,035
Cia de Saneamento Basico do Estado de Sao Paulo		25,212		271,428
Telefonica Brasil SA		41,541		300,072
Ultrapar Participacoes SA		76,308		181,176
				1,192,562
Burkina Faso - 0.4%
Endeavour Mining PLC		9,775		209,217
Canada - 1.8%
ARC Resources Ltd		16,149		217,666
Barrick Gold Corp		25,820		442,601
Cameco Corp		8,447		191,494
Kinross Gold Corp		18,168		74,307
				926,068
China - 1.1%
Baidu Inc ‘A’ *		21,094		300,816
Dongfeng Motor Group Co Ltd ‘H’		482,850		275,891
				576,707
Finland - 1.6%
Nokia OYJ		105,560		490,400
Wartsila OYJ Abp		40,190		338,885
				829,285
France - 12.7%
AXA SA		29,177		812,741
BNP Paribas SA		10,910		621,207
Carrefour SA		26,406		441,666
Cie de Saint-Gobain		13,813		675,744
Dassault Aviation SA		1,540		261,173
Engie SA		54,678		782,228

	Shares		Value
Orange SA		41,677		$413,524
Renault SA *		11,258		375,664
Rexel SA		7,178		141,970
Societe Generale SA		20,190		506,439
TotalEnergies SE		21,667		1,360,107
				6,392,463
Germany - 4.7%
CECONOMY AG		26,880		53,241
Continental AG		4,369		260,456
Daimler Truck Holding AG *		19,259		592,055
Fresenius SE & Co KGaA		18,198		508,305
HeidelbergCement AG		10,422		590,563
Mercedes-Benz Group AG		5,646		369,220
				2,373,840
Hong Kong - 1.3%
CK Asset Holdings Ltd		70,973		435,290
WH Group Ltd ~		387,593		226,059
				661,349
India - 0.9%
Canara Bank		74,822		300,656
Oil & Natural Gas Corp Ltd		83,822		149,210
				449,866
Indonesia - 0.6%
P.T. Bank Mandiri Persero Tbk		486,155		310,018
Ireland - 1.4%
AIB Group PLC		82,069		315,014
Bank of Ireland Group PLC		40,738		388,206
				703,220
Italy - 4.7%
Assicurazioni Generali SPA		25,396		451,605
BPER Banca		118,900		243,766
Eni SPA		61,288		871,483
UniCredit SPA		58,093		824,314
				2,391,168
Japan - 25.3%
Alfresa Holdings Corp		14,044		178,517
Alps Alpine Co Ltd		17,700		159,987
Amada Co Ltd		9,470		73,746
Benesse Holdings Inc		1,149		17,469
Dai-ichi Life Holdings Inc		25,811		582,899
DeNA Co Ltd		13,397		179,150
Eisai Co Ltd		2,848		187,832
Fuji Media Holdings Inc		8,595		69,911
Hakuhodo DY Holdings Inc		11,290		113,307
Hino Motors Ltd *		50,113		190,414
Honda Motor Co Ltd		29,938		682,856
Inpex Corp		32,508		349,312
Isuzu Motors Ltd		34,108		395,410
Japan Airlines Co Ltd *		14,438		294,068
JGC Holdings Corp		18,992		240,742
Kirin Holdings Co Ltd		21,552		328,484
Makita Corp		16,901		393,712
Mitsubishi Estate Co Ltd		31,892		413,116
Mitsubishi UFJ Financial Group Inc		113,273		760,449

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

122

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PF INTERNATIONAL VALUE FUND

Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Shares		Value
MS&AD Insurance Group Holdings Inc		16,344		$522,515
Nikon Corp		21,394		189,181
Nippon Television Holdings Inc		16,529		130,383
Nissan Motor Co Ltd		98,918		309,556
Nomura Holdings Inc		38,695		143,383
Ono Pharmaceutical Co Ltd		18,729		437,764
Resona Holdings Inc		113,598		623,928
Stanley Electric Co Ltd		14,583		275,819
Subaru Corp		23,042		348,858
Sumitomo Electric Industries Ltd		36,343		410,620
Sumitomo Heavy Industries Ltd		10,909		217,791
Sumitomo Mitsui Financial Group Inc		12,183		490,152
Sumitomo Mitsui Trust Holdings Inc		14,187		495,063
Sumitomo Rubber Industries Ltd		20,927		181,868
T&D Holdings Inc		53,118		760,371
Taiheiyo Cement Corp		10,791		167,822
Takeda Pharmaceutical Co Ltd		14,644		457,577
THK Co Ltd		14,464		273,488
Tsuruha Holdings Inc		3,802		294,903
Yamato Holdings Co Ltd		27,094		429,338
				12,771,761
Luxembourg - 0.4%
RTL Group SA		5,180		218,159
Malaysia - 0.5%
CIMB Group Holdings Bhd		206,730		272,050
Netherlands - 6.7%
ABN AMRO Bank NV ~		48,089		665,935
ING Groep NV		46,691		568,751
Koninklijke Philips NV		31,355		471,806
PostNL NV		18,914		34,488
Shell PLC		57,213		1,612,881
				3,353,861
Norway - 0.2%
Norsk Hydro ASA		10,272		76,756
Russia - 0.1%
Gazprom PJSC ADR * ± W		11,628		—
LUKOIL PJSC ADR * ± W		1,019		—
Mobile TeleSystems PJSC ADR * ± W		13,793		—
Sberbank of Russia PJSC ADR * ± W		9,967		—
VEON Ltd ADR *		63,844		31,284
				31,284
South Africa - 1.4%
Anglo American PLC		12,491		489,146
MTN Group Ltd		9,216		68,832
Old Mutual Ltd		278,413		170,802
				728,780
South Korea - 4.8%
Coway Co Ltd		5,710		253,523
Hankook Tire & Technology Co Ltd		6,604		163,078
Hyundai Mobis Co Ltd		2,243		355,781
KB Financial Group Inc		15,815		605,915
KT Corp ADR *		36,435		491,872

	Shares		Value
Shinhan Financial Group Co Ltd		19,919		$554,535
				2,424,704
Spain - 0.7%
CaixaBank SA		87,544		343,242
Sweden - 1.6%
SKF AB ‘B’		31,247		477,252
Telefonaktiebolaget LM Ericsson ‘B’		57,874		339,107
				816,359
Switzerland - 5.9%
Adecco Group AG		14,268		469,344
Novartis AG		12,164		1,100,811
The Swatch Group AG		1,815		515,860
UBS Group AG		48,810		907,194
				2,993,209
Taiwan - 1.1%
Catcher Technology Co Ltd		46,507		255,411
Hon Hai Precision Industry Co Ltd		88,507		286,872
				542,283
Thailand - 1.0%
Kasikornbank PCL		86,788		367,683
Kasikornbank PCL NVDR		26,420		112,318
				480,001
Turkey - 0.5%
Turk Telekomunikasyon AS		91,341		119,848
Turkcell Iletisim Hizmetleri AS		54,347		109,580
				229,428
United Kingdom - 8.4%
Babcock International Group PLC *		49,746		170,131
BP PLC		222,607		1,284,429
BT Group PLC		202,769		273,794
easyJet PLC *		71,080		278,821
J Sainsbury PLC		110,480		289,769
Kingfisher PLC		64,128		182,202
Land Securities Group PLC REIT		29,088		217,321
Marks & Spencer Group PLC *		37,531		55,368
Standard Chartered PLC		95,585		712,923
The British Land Co PLC REIT		42,344		201,039
WPP PLC		56,791		561,094
				4,226,891
United States - 2.3%
GSK PLC		38,260		661,257
Holcim Ltd		10,087		522,136
				1,183,393
Total Common Stocks (Cost $44,464,298)				48,880,465
EXCHANGE-TRADED FUND - 0.2%
iShares Core MSCI EAFE		1,637		100,905
Total Exchange-Traded Fund (Cost $100,900)				100,905

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%
Money Market Fund - 1.3%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 4.030%		657,588		$657,588
Total Short-Term Investment (Cost $657,588)				657,588
TOTAL INVESTMENTS - 99.1% (Cost $45,601,748)				50,015,396
OTHER ASSETS & LIABILITIES, NET - 0.9%				429,518
NET ASSETS - 100.0%				$50,444,914

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)

Note to Schedule of Investments

(a) Fair Value Measurements

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

		Total Value at December 31, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Preferred Stocks		$376,438		$—		$376,438		$—
	Common Stocks
	Argentina		78,244		78,244		—		—
	Austria		636,406		—		636,406		—
	Belgium		457,891		—		457,891		—
	Brazil		1,192,562		351,035		841,527		—
	Burkina Faso		209,217		209,217		—		—
	Canada		926,068		926,068		—		—
	China		576,707		—		576,707		—
	Finland		829,285		—		829,285		—
	France		6,392,463		—		6,392,463		—
	Germany		2,373,840		—		2,373,840		—
	Hong Kong		661,349		—		661,349		—
	India		449,866		—		449,866		—
	Indonesia		310,018		—		310,018		—
	Ireland		703,220		—		703,220		—
	Italy		2,391,168		—		2,391,168		—
	Japan		12,771,761		—		12,771,761		—
	Luxembourg		218,159		—		218,159		—
	Malaysia		272,050		—		272,050		—
	Netherlands		3,353,861		—		3,353,861		—
	Norway		76,756		—		76,756		—
	Russia		31,284		31,284		—		—
	South Africa		728,780		—		728,780		—
	South Korea		2,424,704		491,872		1,932,832		—
	Spain		343,242		—		343,242		—
	Sweden		816,359		—		816,359		—
	Switzerland		2,993,209		—		2,993,209		—
	Taiwan		542,283		—		542,283		—
	Thailand		480,001		—		480,001		—
	Turkey		229,428		—		229,428		—
	United Kingdom		4,226,891		—		4,226,891		—
	United States		1,183,393		—		1,183,393		—
	Total Common Stocks		48,880,465		2,087,720		46,792,745		—
	Exchange-Traded Fund		100,905		100,905		—		—
	Short-Term Investment		657,588		657,588		—		—
	Total		$50,015,396		$2,846,213		$47,169,183		$—

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

125

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PF MULTI-ASSET FUND

Schedule of Investments

December 31, 2022 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 57.2%
Basic Materials - 0.5%
Glencore Funding LLC (Australia)
4.125% due 03/12/24 ~		$1,600,000		$1,575,095
4.625% due 04/29/24 ~		2,000,000		1,974,795
Nucor Corp
3.950% due 05/23/25		500,000		489,645
				4,039,535
Communications - 2.2%
AT&T Inc
5.915% (USD LIBOR + 1.180%) due 06/12/24 §		5,000,000		5,036,851
Charter Communications Operating LLC
6.090% (USD LIBOR + 1.650%) due 02/01/24 §		500,000		502,381
Comcast Corp 5.250% due 11/07/25		1,500,000		1,521,317
NTT Finance Corp (Japan) 0.583% due 03/01/24 ~		4,000,000		3,793,625
Sprint Spectrum Co LLC 4.738% due 09/20/29 ~		4,412,813		4,362,890
Verizon Communications Inc 0.750% due 03/22/24		2,500,000		2,372,878
				17,589,942
Consumer, Cyclical - 2.2%
Brunswick Corp 0.850% due 08/18/24		2,500,000		2,311,244
Delta Air Lines Inc 4.500% due 10/20/25 ~		3,000,000		2,928,375
Dollar General Corp 4.250% due 09/20/24		1,750,000		1,727,116
DR Horton Inc 2.500% due 10/15/24		2,000,000		1,905,797
General Motors Financial Co Inc
1.050% due 03/08/24		2,000,000		1,900,112
1.200% due 10/15/24		2,350,000		2,177,113
Hyatt Hotels Corp 1.300% due 10/01/23		2,500,000		2,430,870
Lowe’s Cos Inc 4.400% due 09/08/25		1,250,000		1,232,619
Marriott International Inc 3.600% due 04/15/24		1,000,000		980,477
				17,593,723
Consumer, Non-Cyclical - 6.1%
Baxter International Inc 1.322% due 11/29/24		4,650,000		4,332,302
Bayer US Finance II LLC (Germany)
5.779% (USD LIBOR + 1.010%) due 12/15/23 ~ §		3,200,000		3,193,523
Cintas Corp No 2 3.450% due 05/01/25		1,000,000		968,412
Coca-Cola Europacific Partners PLC (United Kingdom) 0.800% due 05/03/24 ~		5,000,000		4,698,526

	Principal Amount		Value
Element Fleet Management Corp (Canada) 1.600% due 04/06/24 ~		$4,000,000		$3,791,374
Elevance Health Inc 2.375% due 01/15/25		1,200,000		1,140,040
General Mills Inc 5.089% (USD LIBOR + 1.010%) due 10/17/23 §		4,000,000		4,009,248
Global Payments Inc 1.500% due 11/15/24		750,000		696,737
Hormel Foods Corp 0.650% due 06/03/24		2,350,000		2,214,237
Humana Inc 4.500% due 04/01/25		500,000		494,374
JDE Peet’s NV (Netherlands) 0.800% due 09/24/24 ~		1,500,000		1,370,970
Keurig Dr Pepper Inc 0.750% due 03/15/24		3,000,000		2,849,158
McKesson Corp 1.300% due 08/15/26		1,000,000		880,700
Mondelez International Holdings Netherlands BV
0.750% due 09/24/24 ~		2,000,000		1,851,702
4.250% due 09/15/25 ~		1,250,000		1,233,610
PerkinElmer Inc 0.550% due 09/15/23		2,700,000		2,616,097
Philip Morris International Inc 5.125% due 11/15/24		2,000,000		2,004,117
Royalty Pharma PLC 0.750% due 09/02/23		1,500,000		1,453,569
Suntory Holdings Ltd (Japan) 2.250% due 10/16/24 ~		5,100,000		4,785,099
Thermo Fisher Scientific Inc 1.215% due 10/18/24		3,200,000		3,005,406
Zimmer Biomet Holdings Inc 1.450% due 11/22/24		1,750,000		1,628,172
				49,217,373
Energy - 1.0%
Enbridge Inc (Canada) 2.500% due 02/14/25		1,250,000		1,180,302
Energy Transfer LP
3.600% due 02/01/23		3,400,000		3,393,576
4.250% due 03/15/23		1,519,000		1,515,408
EQT Corp 5.678% due 10/01/25		600,000		597,903
Kinder Morgan Inc 5.625% due 11/15/23 ~		915,000		915,756
Sabine Pass Liquefaction LLC 5.750% due 05/15/24		200,000		200,157
				7,803,102
Financial - 31.2%
AerCap Ireland Capital DAC (Ireland) 1.150% due 10/29/23		3,300,000		3,176,264
American Express Co
2.250% due 03/04/25		1,500,000		1,417,035
3.375% due 05/03/24		2,400,000		2,352,392
ANZ New Zealand Int’l Ltd (New Zealand) 2.166% due 02/18/25 ~		1,650,000		1,549,353

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

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December 31, 2022 (Unaudited)

	Principal Amount		Value
Athene Global Funding 0.950% due 01/08/24 ~		$4,550,000		$4,330,994
Australia & New Zealand Banking Group Ltd (Australia) 5.088% due 12/08/25		2,800,000		2,814,402
Avolon Holdings Funding Ltd (Ireland) 3.950% due 07/01/24 ~		600,000		574,722
Banco Santander SA (Spain) 2.746% due 05/28/25		1,250,000		1,170,974
Bank of America Corp
1.843% due 02/04/25		7,500,000		7,193,932
3.384% due 04/02/26		3,000,000		2,867,655
3.841% due 04/25/25		3,500,000		3,418,928
Canadian Imperial Bank of Commerce (Canada) 0.450% due 06/22/23		3,000,000		2,937,808
Citigroup Inc
0.776% due 10/30/24		1,200,000		1,150,175
0.981% due 05/01/25		2,100,000		1,967,580
1.678% due 05/15/24		600,000		591,588
2.014% due 01/25/26		3,600,000		3,339,107
5.750% (USD LIBOR + 1.100%) due 05/17/24 §		2,800,000		2,804,572
Cooperatieve Rabobank UA (Netherlands) 0.375% due 01/12/24		2,000,000		1,907,768
Corebridge Financial Inc 3.500% due 04/04/25 ~		1,650,000		1,583,217
Corebridge Global Funding 0.650% due 06/17/24 ~		1,000,000		933,839
Credit Suisse AG (Switzerland)
0.495% due 02/02/24		3,000,000		2,775,466
1.000% due 05/05/23		1,750,000		1,709,648
Danske Bank AS (Denmark) 0.976% due 09/10/25 ~		3,150,000		2,877,875
F&G Global Funding 0.900% due 09/20/24 ~		2,000,000		1,828,820
GLP Capital LP REIT 3.350% due 09/01/24		1,000,000		960,060
HSBC Holdings PLC (United Kingdom)
0.732% due 08/17/24		2,650,000		2,554,222
0.976% due 05/24/25		3,500,000		3,242,399
1.162% due 11/22/24		3,600,000		3,430,080
JPMorgan Chase & Co
0.824% due 06/01/25		2,500,000		2,331,701
0.969% due 06/23/25		2,350,000		2,191,900
2.595% due 02/24/26		5,500,000		5,175,279
5.215% (USD LIBOR + 0.890%) due 07/23/24 §		700,000		701,153
MassMutual Global Funding II
0.600% due 04/12/24 ~		10,000,000		9,444,969
4.150% due 08/26/25 ~		1,650,000		1,615,707
Metropolitan Life Global Funding I
0.400% due 01/07/24 ~		2,000,000		1,907,261
4.050% due 08/25/25 ~		5,000,000		4,893,525
Mid-America Apartments LP REIT 4.300% due 10/15/23		642,000		638,434
Mitsubishi UFJ Financial Group Inc (Japan)
0.848% due 09/15/24		4,350,000		4,199,471
0.953% due 07/19/25		7,000,000		6,508,223
3.837% due 04/17/26		2,000,000		1,927,946

	Principal Amount		Value
Mizuho Financial Group Inc (Japan) 1.241% due 07/10/24		$3,000,000		$2,927,895
Morgan Stanley
0.529% due 01/25/24		4,000,000		3,973,271
0.731% due 04/05/24		3,000,000		2,957,283
0.790% due 05/30/25		2,900,000		2,697,646
5.770% (USD LIBOR + 1.220%) due 05/08/24 §		700,000		701,303
New York Life Global Funding
0.400% due 10/21/23 ~		1,650,000		1,591,287
3.600% due 08/05/25 ~		7,000,000		6,753,730
Nomura Holdings Inc (Japan) 5.099% due 07/03/25		2,000,000		1,979,897
Principal Life Global Funding II 0.750% due 08/23/24 ~		2,000,000		1,854,361
Protective Life Global Funding
0.781% due 07/05/24 ~		2,500,000		2,333,325
3.218% due 03/28/25 ~		1,250,000		1,192,173
Reliance Standard Life Global Funding II 2.150% due 01/21/23 ~		2,100,000		2,096,605
Royal Bank of Canada (Canada)
0.650% due 07/29/24		7,500,000		7,005,177
0.750% due 10/07/24		12,000,000		11,165,578
1.600% due 01/21/25		4,000,000		3,738,578
Skandinaviska Enskilda Banken AB (Sweden)
0.550% due 09/01/23 ~		5,000,000		4,848,100
5.081% (USD LIBOR + 0.320%) due 09/01/23 ~ §		6,500,000		6,491,015
Societe Generale SA (France) 2.226% due 01/21/26 ~		1,900,000		1,748,840
Standard Chartered PLC (United Kingdom)
1.214% due 03/23/25 ~		2,900,000		2,738,039
3.885% due 03/15/24 ~		1,000,000		995,262
Sumitomo Mitsui Financial Group Inc (Japan)
1.402% due 09/17/26		8,000,000		6,976,790
4.879% (USD LIBOR + 0.800%) due 10/16/23 §		7,500,000		7,509,343
The Bank of Nova Scotia (Canada)
0.650% due 07/31/24		7,500,000		6,996,455
1.450% due 01/10/25		5,000,000		4,653,898
The Goldman Sachs Group Inc
0.657% due 09/10/24		4,400,000		4,234,135
1.757% due 01/24/25		5,750,000		5,505,979
The Toronto-Dominion Bank (Canada)
1.450% due 01/10/25		7,000,000		6,523,586
4.867% (USD LIBOR + 0.640%) due 07/19/23 §		4,500,000		4,505,791
UBS AG (Switzerland)
0.450% due 02/09/24 ~		5,000,000		4,739,724
1.375% due 01/13/25 ~		9,000,000		8,358,466
UBS Group AG (Switzerland) 1.008% due 07/30/24 ~		1,500,000		1,458,859
Ventas Realty LP REIT 2.650% due 01/15/25		1,650,000		1,562,511
VICI Properties LP REIT 4.375% due 05/15/25		1,850,000		1,799,362
Wells Fargo & Co
1.654% due 06/02/24		1,750,000		1,722,018
3.908% due 04/25/26		3,250,000		3,161,569

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

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
Westpac Banking Corp (Australia) 1.019% due 11/18/24		$4,200,000		$3,910,824
				252,405,119
Industrial - 4.5%
Amcor Flexibles North America Inc 4.000% due 05/17/25		3,200,000		3,117,905
Berry Global Inc 0.950% due 02/15/24		2,850,000		2,701,335
Canadian Pacific Railway Co (Canada) 1.350% due 12/02/24		1,200,000		1,119,383
Carlisle Cos Inc 0.550% due 09/01/23		2,400,000		2,322,880
Graphic Packaging International LLC 0.821% due 04/15/24 ~		1,950,000		1,825,961
Lockheed Martin Corp 4.950% due 10/15/25		3,000,000		3,024,835
Parker-Hannifin Corp 3.650% due 06/15/24		1,250,000		1,223,771
Penske Truck Leasing Co LP
1.200% due 11/15/25 ~		2,000,000		1,761,786
2.700% due 11/01/24 ~		1,000,000		943,310
Ryder System Inc 2.500% due 09/01/24		3,000,000		2,855,490
Siemens Financieringsmaatschappij NV (Germany) 0.650% due 03/11/24 ~		4,000,000		3,806,393
TD SYNNEX Corp 1.250% due 08/09/24		3,800,000		3,531,480
Teledyne Technologies Inc 0.950% due 04/01/24		7,000,000		6,616,184
The Boeing Co 4.508% due 05/01/23		1,500,000		1,497,425
				36,348,138
Technology - 2.9%
CGI Inc (Canada) 1.450% due 09/14/26		2,000,000		1,771,339
DXC Technology Co 1.800% due 09/15/26		1,000,000		872,125
Fidelity National Information Services Inc 0.600% due 03/01/24		4,000,000		3,786,661
Hewlett Packard Enterprise Co 1.450% due 04/01/24		1,000,000		954,811
Infor Inc 1.450% due 07/15/23 ~		2,700,000		2,637,390
Microchip Technology Inc 0.972% due 02/15/24		4,950,000		4,702,778
Oracle Corp
1.650% due 03/25/26		1,800,000		1,613,465
2.500% due 04/01/25		5,450,000		5,143,265
VMware Inc 4.500% due 05/15/25		2,350,000		2,306,563
				23,788,397

	Principal Amount		Value
Utilities - 6.6%
American Electric Power Co Inc 1.000% due 11/01/25		$500,000		$447,087
Black Hills Corp 1.037% due 08/23/24		2,500,000		2,333,030
CenterPoint Energy Resources Corp 5.279% (USD LIBOR + 0.500%) due 03/02/23 §		490,000		489,769
Consumers Energy Co 0.350% due 06/01/23		4,000,000		3,926,669
Dominion Energy Inc 3.071% due 08/15/24		1,000,000		964,199
DTE Energy Co
1.050% due 06/01/25		1,000,000		906,642
4.220% due 11/01/24		1,400,000		1,377,135
Duke Energy Corp 5.000% due 12/08/25		800,000		799,164
Emera US Finance LP (Canada) 0.833% due 06/15/24		2,550,000		2,381,166
Evergy Inc 2.450% due 09/15/24		4,176,000		3,967,242
Eversource Energy 4.200% due 06/27/24		1,650,000		1,631,839
NextEra Energy Capital Holdings Inc
4.255% due 09/01/24		1,000,000		987,079
4.450% due 06/20/25		1,250,000		1,235,717
Oncor Electric Delivery Co LLC 2.750% due 06/01/24		1,800,000		1,742,450
Pacific Gas and Electric Co 3.250% due 02/16/24		3,000,000		2,929,474
Public Service Enterprise Group Inc
0.800% due 08/15/25		2,800,000		2,512,185
0.841% due 11/08/23		5,200,000		5,008,329
Sempra Energy 3.300% due 04/01/25		2,100,000		2,015,588
Southern California Edison Co
0.700% due 08/01/23		4,550,000		4,433,392
1.100% due 04/01/24		1,300,000		1,235,314
Tampa Electric Co 3.875% due 07/12/24		1,200,000		1,177,123
The AES Corp 3.300% due 07/15/25 ~		3,000,000		2,833,862
Virginia Electric and Power Co 3.750% due 05/15/27		1,350,000		1,290,472
Vistra Operations Co LLC 4.875% due 05/13/24 ~		3,600,000		3,531,960
WEC Energy Group Inc
0.800% due 03/15/24		2,500,000		2,369,623
5.000% due 09/27/25		550,000		550,450
Xcel Energy Inc 0.500% due 10/15/23		650,000		626,624
				53,703,584
Total Corporate Bonds & Notes (Cost $484,943,459)				462,488,913

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

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
SENIOR LOAN NOTES - 0.7%
Communications - 0.2%
Charter Communications Operating LLC Term B-2 6.140% (USD LIBOR + 1.750%) due 02/01/27 §		$1,979,540		$1,936,391
Consumer, Cyclical - 0.3%
Hilton Worldwide Finance LLC Term B-2
6.173% (USD LIBOR + 1.750%) due 06/21/26 §		2,000,000		1,995,876
Consumer, Non-Cyclical - 0.2%
United Rentals North America Inc Term B 6.134% (USD LIBOR + 1.750%) due 10/31/25 §		1,979,328		1,982,628
Total Senior Loan Notes (Cost $5,918,485)				5,914,895
ASSET-BACKED SECURITIES - 9.0%
Ally Auto Receivables Trust 4.620% due 10/15/25		6,500,000		6,477,713
Capital One Prime Auto Receivables Trust 3.740% due 09/15/25		4,850,000		4,804,732
Chase Auto Owner Trust 3.860% due 10/27/25 ~		1,500,000		1,488,432
Ford Credit Auto Owner Trust 3.440% due 02/15/25		1,676,032		1,663,471
GM Financial Consumer Automobile Receivables Trust 3.500% due 09/16/25		2,175,000		2,154,011
Honda Auto Receivables Owner Trust 3.810% due 03/18/25		1,700,000		1,683,799
John Deere Owner Trust 3.730% due 06/16/25		1,700,000		1,684,543
Magnetite Ltd (Cayman)
4.994% (USD LIBOR + 0.800%) due 01/18/28 ~ §		8,604,877		8,560,549
5.059% (USD LIBOR + 0.980%) due 04/15/31 ~ §		1,648,457		1,621,082
OCP CLO Ltd (Cayman) 5.039% (USD LIBOR + 0.960%) due 07/15/30 ~ §		4,000,000		3,951,350
Palmer Square Loan Funding Ltd (Cayman)
4.879% (USD LIBOR + 0.800%) due 10/15/29 ~ §		421,565		416,223
4.914% (SOFR + 1.050%) due 04/15/30 ~ §		8,732,813		8,604,551
4.944% (SOFR + 1.560%) due 01/15/31 ~ §		3,000,000		2,968,008
5.043% (USD LIBOR + 0.800%) due 07/20/29 ~ §		6,641,402		6,564,916
5.475% (USD LIBOR + 0.800%) due 02/20/28 ~ §		1,916,442		1,903,703
5.757% (USD LIBOR + 1.000%) due 11/25/28 ~ §		624,055		619,880

	Principal Amount		Value
Santander Drive Auto Receivables Trust
2.760% due 03/17/25		$223,315		$222,395
3.980% due 01/15/25		3,000,000		2,985,174
4.050% due 07/15/25		3,296,598		3,283,958
4.370% due 05/15/25		3,100,000		3,086,205
SMB Private Education Loan Trust
2.430% due 02/17/32 ~		386,034		369,060
2.700% due 05/15/31 ~		580,010		555,619
Stratus CLO Ltd (Cayman) 5.043% (USD LIBOR + 0.800%) due 12/29/29 ~ §		895,966		885,038
Stratus Static CLO Ltd (Jersey) 6.561% (SOFR + 2.150%) due 10/20/31 ~ §		4,000,000		4,000,108
Toyota Auto Receivables Owner Trust 3.830% due 08/15/25		2,100,000		2,080,543
Total Asset-Backed Securities (Cost $73,143,946)				72,635,063
U.S. TREASURY OBLIGATIONS - 35.4%
U.S. Treasury Notes - 35.4%
0.125% due 02/28/23		10,000,000		9,933,369
0.250% due 09/30/23		3,000,000		2,900,378
0.375% due 08/15/24		54,500,000		50,923,438
0.500% due 03/15/23‡		5,000,000		4,961,958
1.375% due 08/31/23		30,000,000		29,329,701
1.500% due 01/15/23‡		20,000,000		19,985,330
1.750% due 06/30/24‡		9,700,000		9,296,844
1.750% due 07/31/24		9,500,000		9,088,457
2.500% due 08/15/23		2,000,000		1,972,403
2.625% due 02/28/23		2,100,000		2,093,949
2.750% due 02/15/24‡		20,500,000		20,061,172
2.875% due 06/15/25‡		15,000,000		14,499,609
4.250% due 09/30/24		112,000,000		111,444,375
Total U.S. Treasury Obligations (Cost $288,296,234)				286,490,983
	Shares
SHORT-TERM INVESTMENTS - 2.2%
Money Market Fund - 0.3%
BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 4.030%		2,215,679		2,215,679

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

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

	Principal Amount		Value
U.S. Treasury Bills - 1.9%
4.131% due 03/16/23‡		$6,000,000		$5,950,302
4.624% due 07/13/23‡		10,000,000		9,762,603
				15,712,905
Total Short-Term Investments (Cost $18,016,297)				17,928,584
TOTAL INVESTMENTS - 104.5% (Cost $870,318,421)				845,458,438
DERIVATIVES - (5.1%)				(40,865,936	)
OTHER ASSETS & LIABILITIES, NET - 0.6%				4,356,588
NET ASSETS - 100.0%				$808,949,090

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

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Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

Notes to Schedule of Investments

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

Short Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
MSCI EAFE Index		03/23		89		$8,661,648		$8,674,830		($13,182	)

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

Total Return Swaps - Long

Receive	Pay		Payment Frequency		Counter- party		Expiration   Date		Notional Amount		Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Russell 1000 Growth Index		1-Day U.S. Fed Funds + 0.380%		Z		BOA		03/28/23		$76,833,921		($17,189,659	)		$—		($17,189,659	)
Russell Mid-Cap Value Index		1-Day U.S. Fed Funds + 0.400%		Z		CIT		03/28/23		46,475,970		(4,147,140	)		—		(4,147,140	)
MSCI EAFE Index		1-Day U.S. Fed Funds - 0.070%		Z		JPM		03/28/23		48,829,835		(4,593,411	)		—		(4,593,411	)
MSCI EAFE Index		1-Day U.S. Fed Funds + 0.060%		Z		SGN		03/28/23		8,354,435		(1,366,933	)		—		(1,366,933	)
Russell 1000 Growth Index		1-Day U.S. Fed Funds + 0.470%		Z		SGN		03/28/23		42,416,146		(8,245,130	)		—		(8,245,130	)
Russell 1000 Value Index		1-Day U.S. Fed Funds + 0.490%		Z		SGN		03/28/23		49,515,270		(2,265,291	)		—		(2,265,291	)
Russell Mid-Cap Growth Index		1-Day U.S. Fed Funds + 0.470%		Z		SGN		03/28/23		5,139,668		(1,210,777	)		—		(1,210,777	)
Russell 1000 Value Index		1-Day U.S. Fed Funds + 0.320%		Z		BOA		06/23/23		35,777,733		1,672,243			—		1,672,243
MSCI EAFE Index		1-Day U.S. Fed Funds - 0.040%		Z		BRC		06/23/23		8,800,107		425,292			—		425,292
Russell 1000 Growth Index		1-Day U.S. Fed Funds + 0.300%		Z		BRC		06/23/23		61,123,408		(450,645	)		—		(450,645	)
Russell Mid-Cap Growth Index		1-Day U.S. Fed Funds + 0.160%		Z		SGN		06/23/23		29,309,215		2,053,255			—		2,053,255
Russell Mid-Cap Value Index		1-Day U.S. Fed Funds + 0.190%		Z		SGN		06/23/23		15,179,515		322,156			—		322,156
MSCI EAFE Index		1-Day U.S. Fed Funds - 0.050%		Z		BOA		09/21/23		19,343,139		1,020,879			—		1,020,879
Russell 1000 Growth Index		1-Day U.S. Fed Funds + 0.320%		Z		BOA		09/21/23		65,967,984		(5,303,942	)		—		(5,303,942	)
Russell 1000 Value Index		1-Day U.S. Fed Funds + 0.330%		Z		BOA		09/21/23		88,664,860		1,065,981			—		1,065,981
Russell Mid-Cap Value Index		1-Day U.S. Fed Funds + 0.225%		Z		SGN		09/21/23		80,834,095		(1,641,869	)		—		(1,641,869	)
MSCI EAFE Index		1-Day U.S. Fed Funds + 0.040%		Z		BRC		01/25/24		38,791,385		311,562			—		311,562
Russell 1000 Growth Index		1-Day U.S. Fed Funds + 0.390%		Z		CIT		01/25/24		32,143,016		(1,765,957	)		—		(1,765,957	)
Russell 1000 Value Index		1-Day U.S. Fed Funds + 0.400%		Z		CIT		01/25/24		103,189,004		(1,585,215	)		—		(1,585,215	)
Russell Mid-Cap Growth Index		1-Day U.S. Fed Funds + 0.150%		Z		GSC		01/25/24		39,564,994		(1,702,714	)		—		(1,702,714	)
												($44,597,315	)		$—		($44,597,315	)

Total Return Swaps - Short

Pay	Receive		Payment Frequency		Counter- party		Expiration   Date		Notional Amount		Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Russell Mid-Cap Growth Index		1-Day U.S. Fed Funds + 0.250%		Z		CIT		03/28/23		$3,633,841		$636,307			$—		$636,307
Russell Mid-Cap Value Index		1-Day U.S. Fed Funds + 0.280%		Z		CIT		03/28/23		8,453,749		968,546			—		968,546
Russell 1000 Value Index		1-Day U.S. Fed Funds + 0.390%		Z		SGN		03/28/23		18,401,777		1,515,210			—		1,515,210
Russell Mid-Cap Growth Index		1-Day U.S. Fed Funds + 0.200%		Z		GSC		09/21/23		4,412,280		174,610			—		174,610
Russell Mid-Cap Value Index		1-Day U.S. Fed Funds + 0.240%		Z		JPM		01/25/24		17,054,519		449,888			—		449,888
												$3,744,561			$—		$3,744,561
Total Swap Agreements												($40,852,754	)		$—		($40,852,754	)

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

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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 December 31, 2022			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$462,488,913			$—			$462,488,913			$—
	Senior Loan Notes		5,914,895			—			5,914,895			—
	Asset-Backed Securities		72,635,063			—			72,635,063			—
	U.S. Treasury Obligations		286,490,983			—			286,490,983			—
	Short-Term Investments		17,928,584			2,215,679			15,712,905			—
	Derivatives:
	Equity Contracts
	Swaps		10,615,929			—			10,615,929			—
	Total Assets - Derivatives		10,615,929			—			10,615,929			—
	Total Assets		856,074,367			2,215,679			853,858,688			—
Liabilities	Derivatives:
	Equity Contracts
	Futures		(13,182	)		(13,182	)		—			—
	Swaps		(51,468,683	)		—			(51,468,683	)		—
	Total Equity Contracts		(51,481,865	)		(13,182	)		(51,468,683	)		—
	Total Liabilities - Derivatives		(51,481,865	)		(13,182	)		(51,468,683	)		—
	Total Liabilities		(51,481,865	)		(13,182	)		(51,468,683	)		—
	Total		$804,592,502			$2,202,497			$802,390,005			$—

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)

	Shares		Value
COMMON STOCKS - 99.5%
Consumer, Cyclical - 1.1%
Marriott Vacations Worldwide Corp		3,262		$439,032
Financial - 98.4%
Agree Realty Corp REIT		7,625		540,841
Alexandria Real Estate Equities Inc REIT		10,449		1,522,106
American Homes 4 Rent ‘A’ REIT		42,715		1,287,430
American Tower Corp REIT		7,643		1,619,246
Apartment Income REIT Corp		20,201		693,096
Apple Hospitality REIT Inc		21,908		345,708
AvalonBay Communities Inc REIT		11,593		1,872,501
Broadstone Net Lease Inc REIT		33,056		535,838
Cousins Properties Inc REIT		20,989		530,812
CubeSmart REIT		27,722		1,115,810
DiamondRock Hospitality Co REIT		28,714		235,168
Digital Realty Trust Inc REIT		13,666		1,370,290
Equinix Inc REIT		2,462		1,612,684
Equity LifeStyle Properties Inc REIT		18,796		1,214,222
Equity Residential REIT		5,602		330,518
Essex Property Trust Inc REIT		7,053		1,494,672
Extra Space Storage Inc REIT		10,340		1,521,841
First Industrial Realty Trust Inc REIT		20,489		988,799
Gaming and Leisure Properties Inc REIT		12,307		641,072
Healthcare Realty Trust Inc REIT		21,513		414,555
InvenTrust Properties Corp REIT		7,973		188,721
Invitation Homes Inc REIT		46,403		1,375,385
Kilroy Realty Corp REIT		16,558		640,298
Medical Properties Trust Inc REIT		41,675		464,259
NETSTREIT Corp REIT		13,841		253,706
Prologis Inc REIT		24,483		2,759,969
Public Storage REIT		3,051		854,860
Regency Centers Corp REIT		20,393		1,274,562
Rexford Industrial Realty Inc REIT		25,487		1,392,610
Sabra Health Care REIT Inc		38,034		472,763
Simon Property Group Inc REIT		4,402		517,147
Sun Communities Inc REIT		11,524		1,647,932
Terreno Realty Corp REIT		13,607		773,830
Ventas Inc REIT		41,397		1,864,935
VICI Properties Inc REIT		60,726		1,967,522
Welltower Inc REIT		24,917		1,633,309
				37,969,017
Total Common Stocks (Cost $37,534,648)				38,408,049
TOTAL INVESTMENTS - 99.5% (Cost $37,534,648)				38,408,049
OTHER ASSETS & LIABILITIES, NET - 0.5%				198,951
NET ASSETS - 100.0%				$38,607,000

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

133

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PF REAL ESTATE FUND

Schedule of Investments (Continued)

December 31, 2022 (Unaudited)

Note to Schedule of Investments

(a) Fair Value Measurements

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

		Total Value at December 31, 2022		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$38,408,049		$38,408,049		$—		$—
	Total		$38,408,049		$38,408,049		$—		$—

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

134

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Schedule of Investments (Continued)

Explanation of Symbols and Terms

December 31, 2022 (Unaudited)

Explanation of Symbols:
#	Securities purchased on a when-issued basis. Rates do not take effect until settlement date.
*	Non-income producing investments.
^	Investments with their principal amount adjusted for inflation.
~	Securities are not registered under the Securities Act of 1933 (1933 Act) and these securities are either (1) exempt from registration pursuant to Rule 144A of the 1933 Act and may only be sold to “qualified institutional buyers”, or (2) the securities comply with Regulation S rules governing offers and sales made outside the United States without registration under the 1933 Act and contain certain restrictions as to public resale.
±	Investments categorized as a significant unobservable input (Level 3).
§	Variable rate investments. The rate shown is based on the latest available information as of 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.
‡	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.
∞	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.
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.
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.
W	The values of these investments were determined by a valuation committee established under the Valuation Policy. The Board of Trustees (“Board”) has designated Pacific Life Fund Advisors LLC (“PLFA”) as its “valuation designee” for fair valuation determinations, and PLFA’s Valuation Oversight Committee values the Funds’ investments in accordance with the Valuation Policy. Each determination was made in good faith in accordance with the procedures established by the Board and the provisions of the Investment Company Act of 1940.
◇	Restricted Securities. These securities are not registered and may not be sold to the public. There are legal and/or contractual restrictions on resale. The Trust does not have the right to demand that such securities be registered. The values of these securities are determined by valuations provided by pricing services, brokers, dealers, market makers, or in good faith under the procedures established by the Board.
Counterparty & Exchange Abbreviations:
BNP	BNP Paribas
BOA	Bank of America
BRC	Barclays
CIT	Citigroup
CME	Chicago Mercantile Exchange
DUB	Deutsche Bank
EUX	Eurex Exchange
GSC	Goldman Sachs
HSB	HSBC
ICE	Intercontinental Exchange Inc
JPM	JPMorgan Chase
LCH	London Clearing House
MSC	Morgan Stanley
SCB	Standard Chartered Bank
SGN	Societe Generale

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

See Supplemental Notes to Schedules of Investments

135

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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

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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:

Equity Securities (Common and Preferred Stock) and Mutual Funds

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

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

U.S. Treasury Obligations

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

Mortgage-Backed and Asset-Backed Securities

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

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

Municipal Bonds

Municipal bonds are fair valued based on pricing models that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield

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.

Foreign Government Bonds and Notes

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

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

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

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

Futures Contracts

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

Option Contracts

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

Forward Foreign Currency Contracts

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

Swap Agreements

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

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

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

Senior Loan Notes

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

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

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 Loan Commitments		Value		Net Unrealized Appreciation (Depreciation)
Pacific Funds Floating Rate Income		$6,092,229		$5,938,852		($153,377	)

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 Value as of April 1, 2022		Purchase Cost (1)		Distributions Received and Reinvested (2)		Sales Proceeds		Net Realized Gain (Loss) (3)			Change in Unrealized Appreciation (Depreciation)			As of December 31, 2022
															Ending Value		Shares Balance
Pacific Funds Portfolio Optimization Conservative
Pacific Funds Core Income		$6,299,606		$401,982		$140,886		$1,058,490		($169,264	)		($416,033	)		$5,198,687		550,708
Pacific Funds Floating Rate Income		10,260,383		2,938,533		500,416		3,698,920		(121,643	)		(438,060	)		9,440,709		1,031,771
Pacific Funds High Income		24,931,159		68,516		681,056		14,354,572		(1,378,594	)		(1,078,169	)		8,869,396		1,014,805
PF Inflation Managed		12,218,803		46,735		644,781		2,026,220		104,927			(1,781,232	)		9,207,794		1,096,166
PF Managed Bond		77,794,250		9,891,887		2,574,824		13,324,265		(2,160,379	)		(7,679,652	)		67,096,665		7,633,295
PF Short Duration Bond		25,854,179		10,698,661		514,927		5,342,450		(220,191	)		(887,226	)		30,617,900		3,274,642
PF Emerging Markets Debt		10,359,165		26,184		492,032		5,073,768		(888,589	)		(660,433	)		4,254,591		667,911
PF Growth		456,194		758,077		—		127,574		490,525			(629,474	)		947,748		84,924
PF Large-Cap Value		5,452,948		2,100,430		74,818		1,032,381		388,957			(673,264	)		6,311,508		575,343
PF Small-Cap Value		4,421,095		10,344		6,820		3,366,064		545,292			(1,052,072	)		565,415		93,612
PF Emerging Markets		3,389,425		9,473		87,184		1,437,344		(129,585	)		(273,681	)		1,645,472		199,693
PF International Growth		1,006,640		878		—		914,509		(102,197	)		9,188			—		—
PF International Small-Cap		3,390,322		6,200		29,774		2,305,465		(282,328	)		(83,909	)		754,594		106,883
PF International Value		2,270,960		6,810		32,656		1,244,818		(135,629	)		(50,775	)		879,204		109,626
PF Multi-Asset		34,241,440		120,488		27,380		4,448,306		(534,893	)		(4,681,041	)		24,725,068		3,182,119
PF Real Estate		3,454,301		1,026,219		16,616		1,514,261		(290,413	)		(544,007	)		2,148,455		168,374
		$225,800,870		$28,111,417		$5,824,170		$61,269,407		($4,884,004	)		($20,919,840	)		$172,663,206
Pacific Funds Portfolio Optimization Moderate-Conservative
Pacific Funds Core Income		$7,778,592		$548,394		$179,532		$1,195,081		($198,122	)		($534,501	)		$6,578,814		696,908
Pacific Funds Floating Rate Income		9,095,148		4,127,025		501,390		4,092,967		(152,179	)		(371,918	)		9,106,499		995,246
Pacific Funds High Income		22,604,630		84,388		737,706		10,200,136		(1,323,750	)		(974,211	)		10,928,627		1,250,415
PF Inflation Managed		8,862,145		39,101		480,325		1,330,028		(102,635	)		(1,137,396	)		6,811,512		810,894
PF Managed Bond		95,098,759		8,694,850		3,088,135		14,760,658		(2,799,297	)		(9,408,513	)		79,913,276		9,091,385
PF Short Duration Bond		13,452,807		17,442,818		455,912		3,704,525		(107,224	)		(612,589	)		26,927,199		2,879,914
PF Emerging Markets Debt		7,653,649		32,585		701,453		1,108,361		(209,166	)		(1,044,887	)		6,025,273		945,883
PF Growth		6,521,886		1,305,129		—		3,320,057		1,159,126			(2,532,845	)		3,133,239		280,756
PF Large-Cap Value		16,165,233		69,731		155,064		2,371,879		802,502			(1,825,223	)		12,995,428		1,184,633
PF Small-Cap Growth		2,961,637		3,892		—		2,404,022		(874,197	)		312,690			—		—
PF Small-Cap Value		5,878,503		16,477		24,264		3,228,509		1,366,137			(2,062,058	)		1,994,814		330,267
PF Emerging Markets		7,512,489		22,317		179,463		3,453,489		(197,284	)		(700,157	)		3,363,339		408,172
PF International Growth		2,379,798		5,291		12,951		1,533,832		(793,295	)		558,261			629,174		107,185
PF International Small-Cap		6,011,349		10,664		40,971		4,384,632		(1,034,930	)		386,939			1,030,361		145,943
PF International Value		8,456,372		27,584		119,431		4,708,900		(515,068	)		(184,842	)		3,194,577		398,326
PF Multi-Asset		76,050,439		314,271		63,782		7,321,249		(655,758	)		(11,068,718	)		57,382,767		7,385,169
PF Real Estate		4,593,986		1379770		22,671		1,956,783		(398,862	)		(733,455	)		2,907,327		227,847
		$301,077,422		$34,124,287		$6,763,050		$71,075,108		($6,034,002	)		($31,933,423	)		$232,922,226
Pacific Funds Portfolio Optimization Moderate
Pacific Funds Core Income		$15,115,777		$1,253,932		$352,828		$2,163,373		($348,878	)		($1,080,168	)		$13,130,118		1,390,902
Pacific Funds Floating Rate Income		19,768,265		17,448,077		1,382,603		12,138,147		(666,646	)		(592,454	)		25,201,698		2,754,284
Pacific Funds High Income		49,121,354		10,150		1,646,922		21,516,206		(3,234,919	)		(1,921,285	)		24,106,016		2,758,125
PF Inflation Managed		19,258,639		4,264		1,050,789		2,675,578		(219,505	)		(2,481,562	)		14,937,047		1,778,220
PF Managed Bond		184,148,179		23,160,954		6,277,325		26,849,034		(4,976,181	)		(18,930,478	)		162,830,765		18,524,547
PF Short Duration Bond		29,234,332		65,243,554		1,417,463		9,974,595		(343,278	)		(1,666,983	)		83,910,493		8,974,384
PF Emerging Markets Debt		14,968,265		3,199		1,380,664		2,006,702		(277,717	)		(2,181,403	)		11,886,306		1,865,982
PF Growth		64,762,868		4,596,991		—		23,976,197		14,100,666			(27,490,935	)		31,993,393		2,866,791
PF Large-Cap Value		67,955,865		11,687,237		790,866		10,068,760		3,669,076			(7,603,528	)		66,430,756		6,055,675
PF Small-Cap Growth		14,480,701		2,037		—		9,524,257		(4,781,990	)		2,547,321			2,723,812		203,573
PF Small-Cap Value		33,533,761		5,138		116,988		19,862,433		3,860,896			(8,010,469	)		9,643,881		1,596,669
PF Emerging Markets		24,487,133		4,026		596,683		10,956,510		(101,230	)		(2,820,091	)		11,210,011		1,360,438
PF International Growth		8,726,755		1,251,895		84,597		5,112,200		(3,305,234	)		2,475,972			4,121,785		702,178
PF International Small-Cap		19,594,384		2,308		136,513		13,911,363		(1,489,125	)		(890,272	)		3,442,445		487,598
PF International Value		23,625,704		1,255,744		641,702		6,953,244		(640,006	)		(725,289	)		17,204,611		2,145,213
PF Multi-Asset		375,111,682		76,230		297,037		50,444,797		(7,019,722	)		(50,492,378	)		267,528,052		34,430,895
PF Real Estate		19,965,253		4,360,250		99,820		6,865,249		(1,281,494	)		(3,440,822	)		12,837,758		1,006,094
		$983,858,917		$130,365,986		$16,272,800		$234,998,645		($7,055,287	)		($125,304,824	)		$763,138,947
Pacific Funds Portfolio Optimization Growth
Pacific Funds Core Income		$5,688,418		$1,065,807		$142,595		$699,273		($126,068	)		($430,994	)		$5,640,485		597,509
Pacific Funds Floating Rate Income		12,346,693		14,506,056		991,597		9,120,425		(378,346	)		(469,042	)		17,876,533		1,953,719
Pacific Funds High Income		32,745,799		36,054		1,018,807		16,251,163		(2,265,762	)		(1,168,026	)		14,115,709		1,615,070
PF Inflation Managed		4,011,991		5,718		225,746		452,649		(38,777	)		(536,253	)		3,215,776		382,830
PF Managed Bond		67,209,713		22,892,141		2,884,125		8,696,015		(1,686,651	)		(7,632,424	)		74,970,889		8,529,111
PF Short Duration Bond		4,060,094		51,553,991		855,917		4,683,987		(127,583	)		(887,325	)		50,771,107		5,430,065
PF Emerging Markets Debt		8,315,190		11,437		790,288		905,415		8,954			(1,403,211	)		6,817,243		1,070,211
PF Growth		56,026,177		59,837		—		28,889,030		15,910,466			(26,621,610	)		16,485,840		1,477,226
PF Large-Cap Value		55,395,982		9,784,929		659,315		7,018,281		3,474,743			(6,806,646	)		55,490,042		5,058,345
PF Small-Cap Growth		20,111,409		23,357		—		8,645,662		(5,295,742	)		2,193,499			8,386,861		626,821
PF Small-Cap Value		31,936,057		34,500		140,764		16,437,763		5,552,320			(9,592,655	)		11,633,223		1,926,030
PF Emerging Markets		36,728,940		40,219		856,161		17,076,189		(3,729,558	)		(700,820	)		16,118,753		1,956,159
PF International Growth		13,736,057		15,768		136,280		5,770,527		(2,062,298	)		598,451			6,653,731		1,133,515
PF International Small-Cap		20,409,833		19,573		252,190		11,774,319		(2,618,811	)		86,173			6,374,639		902,923
PF International Value		30,350,907		39,423		814,739		7,465,287		(734,263	)		(1,120,665	)		21,884,854		2,728,785
PF Multi-Asset		397,857,293		14,291,978		360,273		25,681,949		(140,145	)		(61,926,534	)		324,760,916		41,796,772
PF Real Estate		24,955,600		32,084		107,699		5,839,897		(1,048,602	)		(4,321,580	)		13,885,304		1,088,190
		$821,886,153		$114,412,872		$10,236,496		$175,407,831		$4,693,877			($120,739,662	)		$655,081,905

139

PACIFIC FUNDS

SUPPLEMENTAL NOTES TO SCHEDULES OF INVESTMENTS (Continued)

December 31, 2022 (Unaudited)

Fund/Underlying Fund	Beginning Value as of April 1, 2022		Purchase Cost (1)		Distributions Received and Reinvested (2)		Sales Proceeds		Net Realized Gain (Loss) (3)			Change in Unrealized Appreciation (Depreciation)			As of December 31, 2022
															Ending Value		Shares Balance
Pacific Funds Portfolio Optimization Aggressive-Growth
Pacific Funds Floating Rate Income		$1,588,599		$4,198,245		$212,598		$1,731,407		($65,749	)		($77,793	)		$4,124,493		450,764
Pacific Funds High Income		4,739,958		32,795		144,659		2,953,692		(389,979	)		(105,482	)		1,468,259		167,993
PF Managed Bond		—		7,957,548		295,293		361,705		(7,451	)		(240,803	)		7,642,882		869,497
PF Short Duration Bond		—		11,958,195		185,255		957,748		(7,479	)		(239,371	)		10,938,852		1,169,931
PF Emerging Markets Debt		1,604,775		15,341		158,251		144,994		(25,315	)		(248,455	)		1,359,603		213,439
PF Growth		30,847,662		254,714		—		7,831,850		6,359,770			(12,769,305	)		16,860,991		1,510,842
PF Large-Cap Value		19,164,757		8,189,017		291,984		2,192,819		1,439,992			(2,418,085	)		24,474,846		2,231,071
PF Small-Cap Growth		12,420,775		112,793		—		2,351,084		(1,441,550	)		(524,592	)		8,216,342		614,076
PF Small-Cap Value		21,573,238		176,532		148,346		7,066,001		4,235,826			(6,862,940	)		12,205,001		2,020,695
PF Emerging Markets		15,752,215		121,373		486,504		5,270,474		(1,562,672	)		(405,832	)		9,121,114		1,106,931
PF International Growth		10,292,256		227,530		151,303		2,226,942		(1,324,760	)		236,617			7,356,004		1,253,152
PF International Small-Cap		9,453,656		72,167		205,162		3,252,231		(1,247,455	)		(67,441	)		5,163,858		731,425
PF International Value		12,031,617		99,061		272,474		4,268,510		(466,361	)		(377,470	)		7,290,811		909,079
PF Multi-Asset		171,234,306		1,594,336		149,016		12,178,875		(467,180	)		(26,178,436	)		134,153,167		17,265,530
PF Real Estate		6,421,493		2,850,896		53,197		821,221		1,438			(1,680,376	)		6,825,427		534,908
		$317,125,307		$37,860,543		$2,754,042		$53,609,553		$5,031,075			($51,959,764	)		$257,201,650

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

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

(3) Net realized gain (loss) includes capital gains distributions, 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 Percentage
Pacific Funds Ultra Short Income		49.37%
Pacific Funds Small-Cap Value		43.23%
Pacific Funds ESG Core Bond		84.96%

140