Pacific Funds^SM Large-Cap Value

Fund Literature

Pacific Funds Large-Cap Value offers shareholders:

Fund Overview

Investment Goal: The Fund seeks long-term capital appreciation.

Investment Strategy: The Fund invests in securities that the portfolio management team believes are attractively valued with the potential to exceed investor expectations. Under normal circumstances, this Fund invests at least 80% of its assets in common stocks and other equity securities of large capitalization U.S. companies. The Fund defines a large-capitalization company as one whose market capitalization falls within the range of the Russell 1000 Value Index at the time of purchase. The market capitalization of the companies in the Fund's portfolio and the Russell 1000 Value Index changes over time; the Fund will not automatically sell or cease to purchase stock of a company it already owns just because the company's market capitalization changes.

Fund Performance (as of 3/31/20)

View Daily and Monthly Returns

Returns reflect reinvestment of dividends and distributions. Returns shown at net asset value (NAV) have all distributions reinvested. If a sales charge had been deducted, the results would have been lower. Returns shown at maximum offering price (MOP) for Class A shares reflect payment of the 4.25% maximum sales charge. Class A, C, and Advisor Class shares incepted on 1/11/16. The Fund acquired the assets of the Rothschild U.S. Large-Cap Value Fund (the Predecessor Fund) in a reorganization transaction on 1/11/16. The Fund’s objectives (goals), policies, guidelines, and restrictions are substantially the same as those of the Predecessor Fund. The performance figures shown for Class A, Class C, and Advisor Class shares of the Fund reflect the historical performance of the then-existing Investor Class shares of the Predecessor Fund for periods prior to 1/11/16. The performance figures for periods prior to 1/11/16 have not been adjusted to reflect fees and expenses of Class A, Class C, and Advisor Class shares of the Fund, respectively. If these returns had been adjusted, then performance for the share classes could vary from the returns shown based on differences in their fee and expense structures. The Investor Class shares of the Predecessor Fund commenced operations on 12/31/14.

¹Class A shares reflect the deduction of an up-front 4.25% sales load. Class C shares reflect the deduction of a 1.00% contingent deferred sales charge (CDSC). When a sales charge is illustrated, it is applied at the beginning of the period. Advisor Class shares are sold at net asset value (NAV) without an initial sales charge and do not include a CDSC. Performance reflects any applicable fee waivers and expense reimbursements. ²Measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values.

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

For performance data current to the most recent month-end, call Pacific Funds at (800) 722-2333, or go to www.PacificFunds.com/Performance. Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance quoted. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than the original cost.

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

Holdings-Based Characteristics (as of 3/31/20)

³Excluding negative earnings.

Investment Management

Subadvised by Rothschild & Co Asset Management US Inc.

Portfolio Managers

Luis Ferreira, CFA: Managing Director; 26 years of investment experience

Chris R. Kaufman: Managing Director; 34 years of investment experience

Paul Roukis, CFA: Managing Director; 27 years of investment experience

Jeff Agne: Managing Director; 17 years of investment experience

Investment Adviser

Pacific Life Fund Advisors LLC

Fund Information

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.

⁴ Contact your financial advisor.

About Principal Risks

All investing involves risk, including the possible loss of the principal amount invested. There is no guarantee that the fund will achieve its investment goal. Equity securities tend to go up or down in value, sometimes rapidly and unpredictably. Large-capitalization companies tend to have more stable prices than small- or mid-capitalization companies, but are still subject to equity securities risk and their prices may not rise as much as the prices of companies with smaller market capitalizations. Value companies are those that a portfolio manager believes are undervalued and perceived as trading for less than their intrinsic values.

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.

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Rothschild & Co Asset Management US Inc. is unaffiliated with Pacific Life Insurance Company.