Pacific Funds^SM Core Income

Pacific Funds Core Income is a mutual fund:

• Designed for Income: Constructed to seek steady streams of higher income.
• With Greater Flexibility: Ability for the Fund to respond to market and interest-rate movements.
  
• Based on Experience: A portfolio management team that specializes in fixed-income asset management based on a foundation of corporate credit research.
  

Fund Snapshot

The Fund will generally invest its assets in:

• Investment-Grade Corporate Bonds: Typically provide higher income than government bonds.
• Investment-Grade Non-U.S. Bonds:¹ Often capture higher income than investment-grade U.S. bonds of similar credit quality and maturity.

The Fund may enhance income by investing in other types of instruments, such as:

• High-Yield/High-Risk Corporate Bonds: Typically offer higher income than investment-grade bonds, although with greater risk.
• Senior Floating-Rate Loans: Can serve as both an income driver and a hedge against rising interest rates.

Performance (as of 9/30/19)

View Daily and Monthly Returns

View Morningstar Ratings

Calendar Year-End Returns (%)

Returns reflect reinvestment of dividends and distributions.

¹U.S. dollar-denominated. ²Class A shares at maximum offering price (MOP) reflect the deduction of an up-front 4.25% sales load. ³Class C shares incepted on 6/30/11. Class C shares at MOP reflect the deduction of a 1.00% contingent deferred sales charge (CDSC). ⁴Advisor Class shares incepted on 6/29/12. Performance shown prior to these dates is hypothetical and is that of Class I shares (12/31/10 inception date), restated to reflect applicable service and/or 12b-1 fees. 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. If a sales charge had been deducted, the results would have been lower. Performance reflects any applicable fee waivers and expense reimbursements. ⁵Composed of investment-grade U.S. government and corporate bonds, mortgage pass-through securities, and asset-backed securities.

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

Without fee waivers and expense reimbursements, the 30-Day SEC Yield is 2.25%.

⁶The 30-Day SEC Yield represents the net investment income earned over the 30-day period ending on the above date and includes any fee waivers and expense reimbursements. It is an annualized rate calculated under a methodology prescribed by the Securities and Exchange Commission (SEC). Yields for other share classes will vary.

Fund Composition (as of 9/30/19)

Ratings received from S&P^®, Moody’s, and/or Fitch and measured on a scale that generally ranges from AAA (highest) to D (lowest) and may change over time. The higher rating is used when rating agencies rate a security differently. All ratings are converted to the equivalent S&P major rating category for purposes of the category shown.

Based on country of risk which may differ from country of incorporation.

About Principal Risks

All investing involves risks including the possible loss of the principal amount invested. There is no guarantee the Fund will achieve its investment goal. Corporate bonds are subject to issue risk in that their value may decline for reasons directly related to the issuer of the security. Not all U.S. government securities are checked or guaranteed by the U.S. government, and different government securities are subject to varying degrees of credit risk. Mortgage-related and other asset-backed securities are subject to certain rules affecting the housing market or the market for the assets underlying such securities. The Fund is subject to liquidity risk (the risk that an investment may be difficult to purchase, value, and sell particularly during adverse market conditions, because there is a limited market for the investment, or there are restrictions on resale) and credit risk (the risk an issuer may be unable or unwilling to meet its financial obligations, risking default). High-yield/high-risk bonds (“junk bonds”) and floating-rate loans (usually rated below investment grade) have greater risk of default than higher-rated securities/higher-quality bonds that may have a lower yield. The Fund is also subject to foreign-markets risk.

Investment Management

Portfolio Managers: Pacific Asset Management

David Weismiller, CFA: Managing Director and Lead Portfolio Manager; 23 years of investment experience

Michael Marzouk, CFA: Managing Director; 23 years of investment experience

Brian M. Robertson, CFA: Managing Director; 17 years of investment experience

Investment Adviser

Pacific Life Fund Advisors LLC

Fund Information (as of 9/30/19)

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.

Duration measures a fund’s sensitivity to interest-rate risk where the longer a fund’s duration, the more sensitive, and vice versa. Maturity of a debt instrument, refers to the specific period of time until final payment (principal and any applicable interest) is due.

Pacific Funds and Pacific Asset Management (PAM) are registered service marks of Pacific Life Insurance Company (“Pacific Life”). S&P is a registered trademark of Standard & Poor’s Financial Services LLC. All third party trademarks referenced by Pacific Life, such as S&P, belong to their respective owners. References of third party trademarks do not indicate or signify any relationship, sponsorship or endorsement between Pacific Life and the owners of referenced trademarks.

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