Pacific Funds^SM Portfolio Optimization Conservative

Class A		Class C		Advisor Class
Ticker	Fund Number	Ticker	Fund Number	Ticker	Fund Number
POAAX	141	POACX	341	PLCDX	041

Fund Literature

Fund Overview

Investment Goal: The Fund seeks current income and preservation of capital.

Investment Strategy: The Fund is a fund-of-funds that seeks to achieve its investment goal by investing in other funds of the Trust (underlying funds). Under normal market conditions, the Fund’s exposure to the two broad asset classes of debt and equity are expected to be within the following ranges: 70–85% debt and 15–30% equity. Within the broad asset classes of debt and equity are narrower asset-class categories. The Fund invests in underlying funds to gain exposure to these broad asset classes and narrower asset-class categories.

Growth of a Hypothetical $10,000 Investment—Class A at NAV (as of 3/31/20)

Fund Performance and Composition (as of 3/31/20)

	Total Returns (%)		Annualized Total Returns (%)
	YTD	1-Year	3-Year	5-Year	10-Year	Since Fund Inception 12/31/03
Class A—NAV	—7.79	—1.95	1.47	1.82	3.34	3.71
Class A—MOP	—12.86	—7.38	—0.42	0.68	2.75	3.35
Bloomberg Barclays U.S. Aggregate Bond Index¹	3.15	8.93	4.82	3.36	3.88	4.30
S&P 500^® Index²	—19.60	—6.98	5.10	6.73	10.53	7.52
ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index³	0.66	2.38	1.88	1.22	0.66	1.41
MSCI EAFE Index⁴	—22.83	—14.38	—1.82	—0.62	2.72	3.98

View Daily and Monthly Returns

View Morningstar Ratings

Calendar Year-End Returns (%)

Share Class	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
Class A—NAV	8.23	2.62	9.03	2.96	2.60	—0.98	5.25	7.79	—4.17	12.14
Class A—MOP	2.28	—3.03	3.03	—2.69	—3.02	—6.41	—0.51	1.82	—9.44	6.02
Bloomberg Barclays U.S. Aggregate Bond Index¹	6.54	7.84	4.21	—2.02	5.97	0.55	2.65	3.54	0.01	8.72
S&P 500^® Index²	15.06	2.11	16.00	32.39	13.69	1.38	11.96	21.83	—4.38	31.49
ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index³	0.13	0.10	0.11	0.07	0.03	0.05	0.33	0.86	1.87	2.31
MSCI EAFE Index⁴	7.75	—12.14	17.32	22.78	—4.90	—0.81	1.00	25.03	—13.79	22.01

Returns reflect reinvestment of dividends and distributions. Returns shown at net asset value (NAV) would have been lower if a sales charge had been deducted. Class A share returns shown at maximum offering price (MOP) reflect an up-front maximum 5.50% sales charge. Index inception dates existed prior to 12/31/03. Growth of $10,000 returns are shown at NAV and do not include sales charges. Performance for other share classes may differ.

¹Composed of investment-grade U.S. government and corporate bonds, mortgage pass-through securities, and asset-backed securities. ²A market capitalization-weighted index of 500 widely held stocks often used as a proxy for the U.S. stock market. ³Comprised of a single issue purchased at the beginning of the month and held for a full month. ⁴Measures the performance of developed stock markets in Europe, Australasia, and the Far East.

Indexes are unmanaged and cannot be invested in directly. Further, they hold no cash and incur no expenses.

Fund Composition (as of 3/31/20)

Broad Asset-Class Allocations (%)

Domestic Equity

International Equity

Fixed Income

Asset Allocation (%)

DOMESTIC EQUITY	19.1
Large-Cap Growth	6.5
Large-Cap Value	7.8
Mid-Cap Growth	1.3
Mid-Cap Value	1.7
Small-Cap Growth	0.5
Small-Cap Value	0.5
Real Estate	0.6
INTERNATIONAL EQUITY	5.0
Large-Cap International	2.4
Small-Cap International	0.5
Emerging-Markets Equity	2.0
FIXED INCOME	76.0
Short-Term Bond	15.8
Inflation-Protected Bond	5.3
Core Bond	36.5
Floating-Rate Loan	1.0
High-Yield Bond	10.6
Emerging-Markets Debt	6.8
Total	100.0

Total allocation percentages may not equal 100% due to rounding or omissions of holdings of less than 1%. The allocations shown are approximations as they do not account for all the investments of the underlying funds. If all the investments of an underlying fund were considered, asset-class allocations would vary from the allocations stated. The prospectuses for the underlying funds are available at PacificFunds.com.

Top-10 Holdings

Fund Name	Fund Manager	Allocation (%)
PF Managed Bond Fund	PIMCO/Western Asset	33.7
PF Multi-Asset Fund	Pacific Life Fund Advisors	16.6
PF Short Duration Bond Fund	T. Rowe Price	15.8
Pacific Funds^SM High Income	Pacific Asset Management	10.6
PF Emerging Markets Debt Fund	Ashmore	6.8
PF Inflation Managed Fund	PIMCO	5.3
Pacific Funds^SM Core Income	Pacific Asset Management	2.7
PF Large–Cap Value Fund	ClearBridge	2.1
PF Emerging Markets Fund	Invesco	2.0
PF Growth Fund	MFS	1.1

Annual Fund Operating Expenses (%)

	Gross	Net
Class A	1.35	1.27
Class C	2.10	2.02
Advisor Class	1.10	1.02

The Fund's annual operating expenses shown above are effective 8/1/19 through 7/31/20. Gross Expense Ratio reflects the total annual operating expenses paid by the Fund. Net Expense Ratio reflects waivers, reductions, reimbursements, and the limitation of certain "Other Expenses." Expense caps and/or fee waivers are reevaluated annually. There is no guarantee that the investment adviser will continue to cap expenses after the expiration date. Please see the current prospectus for detailed information.

Fund Characteristics


Annual Turnover Ratio*	30%
Total Net Assets ($M)**	$214.2

*Calculated as of 3/31/19 fiscal year-end.
**Net assets of the entire Fund, including all share classes, as of 3/31/20.

Investment Management

Portfolio Managers

Howard T. Hirakawa, CFA: 25 years of investment experience

Carleton J. Muench, CFA: 21 years of investment experience

Max Gokhman, CFA: 13 years of investment experience

Samuel S. Park: 20 years of investment experience

Investment Adviser

Pacific Life Fund Advisors LLC

About Principal Risks

There is no guarantee the Fund will achieve its investment goal. Asset allocation and diversification do not guarantee future results, ensure a profit or protect against loss. Although diversification among asset classes can help reduce volatility over the long term, this assumes that asset classes do not move in tandem and that positive returns in one or more asset classes will help offset negative returns in other asset classes. There is a risk that you could achieve better returns by investing in an individual fund or multiple funds representing a single asset class rather than using asset allocation. A fund-of-funds does not guarantee gains, may incur losses and/or experience volatility, particularly during periods of broad market declines, and is subject to its own expenses along with the expenses of the underlying funds. It is typically exposed to the same risks as the underlying funds in which it invests in proportion to their allocations.

DOL - Pacific Funds

Pacific Life Insurance Company is the administrator for Pacific Funds. It is not a fiduciary and therefore does not give advice or make recommendations regarding insurance or investment products.

Investors should consider a fund's investment goal, risks, charges, and expenses carefully before investing. The prospectus and/or the applicable summary prospectus contain this and other information about the fund and are available from your financial advisor. The prospectus and/or summary prospectus should be read carefully before investing.

All share classes may not be available at all firms, and not all investors may be eligible for all share classes.

Third-party trademarks and service marks are the property of their respective owners.

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