*Represents the aggregate ranking of the Fund’s holdings as of 3/31/2021. Certain information ©2021 MSCI ESG Research LLC. Reproduced by permission, no further distribution.

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.

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.

You 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 or PacificFunds.com. The prospectus and/or summary prospectus should be read carefully before investing. Returns reflect reinvestment of dividends and distributions. Visit PacificFunds.com/performance for performance data current to the most recent month-end.

Class A shares of the U.S. Equity Funds, Pacific Funds Core Income, Pacific Funds High Income, and Pacific Funds Strategic Income have a maximum 4.25% sales charge.

Class A shares of Pacific Funds Floating Rate Income, and Pacific Funds Short Duration Income have a maximum 3.00% sales charge.

Class A shares of the Multi-Asset Funds have a maximum 5.50% sales charge.

Class B shares include a contingent deferred sales charge (CDSC) as follows (year represents year redeemed): year 1: 5%; year 2: 4%; year 3: 4%; year 4: 3%; year 5: 2%; year 6: 2%; year 7: 1%; year 8: 0%. After eight years, Class B shares convert to Class A shares, thus reducing future annual expenses.

Class C shares of each U.S. Equity Fund, each Multi-Asset Fund, and each Fixed-Income Fund, if redeemed within one year from purchase, may be subject to a 1.00% contingent deferred sales charge (CDSC).

Advisor Class shares are sold at NAV without an initial sales charge and do not include a contingent deferred sales charge (CDSC).

Class I shares of the Fixed-Income Funds are sold at NAV without an initial sales charge and do not include a contingent deferred sales charge (CDSC).

Where a sales charge is illustrated, it is applied at the beginning of the period.

The Fund's annual operating expenses are contractual through 7/31/21. 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.

Life of Fund, 3-, 5-, and 10-year (as applicable) represents the performance of the Share Class as of the fund inception date which may differ from the Share Class inception date shown.

The U.S. Equity Funds (the Funds) acquired the assets of Rothschild U.S. Equity Funds (the Predecessor Funds) in a reorganization transaction on January 11, 2016. The Funds' objectives (goals), policies, guidelines and restrictions are substantially the same as those of the Predecessor Funds.

Pacific Funds Small-Cap, Pacific Funds Small/Mid-Cap, and Pacific Funds Small-Cap Value: The performance figures for the Fund reflect the historical performance of the then-existing Institutional Class shares of the Predecessor Funds for periods prior to January 11, 2016. Pacific Funds Large-Cap, Pacific Funds Large-Cap Value, and Pacific Funds Small-Cap Growth: The performance figures for the Funds reflect the historical performance of the then-existing Investor Class shares of the Predecessor Funds for periods prior to January 11, 2016. The performance figures for periods prior to January 11, 2016 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 Institutional Class and Investor Class shares of the Predecessor Funds commenced operations on December 31, 2014.

Pacific Funds Core Income incepted on 12/31/2010. Pacific Funds Floating Rate Income incepted on 6/30/2011. Pacific Funds Strategic Income, Pacific Funds High Income, and Pacific Funds Short Duration Income incepted on 12/19/2011. Performance shown prior to the share inception date shown is hypothetical and is that of Class I shares, restated to reflect the higher service/12B-1 fees, fee waivers and expense reimbursements for the share class reported.

MOP:  Maximum Offering Price returns reflect the deduction of an up-front sales load or a contingent deferred sales charge (CDSC) as applicable.
NAV:   Net Asset Value returns do not reflect the deduction of an up-front sales load or contingent deferred sales charge (CDSC).  If a sales charge had been deducted, the results would have been lower.

Class B shares of the Multi-Asset Funds are closed to new investors.

MSCI ESG Research LLC’s (“MSCI ESG”) Fund Metrics and Ratings (the “Information”) provide environmental, social and governance data with respect to underlying securities within more than 31,000 multi-asset class Mutual Funds and ETFs globally. MSCI ESG is a Registered Investment Adviser under the Investment Advisers Act of 1940. MSCI ESG materials have not been submitted to, nor received approval from, the US SEC or any other regulatory body. None of the Information constitutes an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product or trading strategy, nor should it be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. None of the Information can be used to determine which securities to buy or sell or when to buy or sell them. The Information is provided “as is” and the user of the Information assumes the entire risk of any use it may make or permit to be made of the Information.

The MSCI ESG Fund Ratings is designed to assess the resilience of a fund’s aggregate holdings to long term ESG risks. Highly rated funds consist of issuers with leading or improving management of key ESG risks.

AAA,AA: Leader- The companies that the fund invests in tend to show strong and/or improving management of financially relevant environmental, social and governance issues. These companies may be more resilient to disruptions arising from ESG events.

A,BB, BB: Average- The fund invests in companies that tend to show average management of ESG issues, or in a mix of companies with both above-average and below-average ESG risk management.

B,CCC: Laggard- The fund is exposed to companies that do not demonstrate adequate management of the ESG risks that they face or show worsening management of these issues. These companies may be more vulnerable to disruptions arising from ESG events.

The Fund ESG Rating is calculated as a direct mapping of “Fund ESG Quality Score” to letter rating categories.

8.6-10: AAA

7.1-8.6: AA

5.7-7.1: A

4.3-5.7: BBB

2.9-4.3: BB

1.4-2.9: B

0.0-1.4: CCC

The “Fund ESG Quality Score” assesses the resilience of a fund’s aggregate holdings to long term ESG risks. Highly rated funds consist of issuers with leading or improving management of key ESG risks, based on a granular breakdown of each issuer’s business: its core product or business segments, the locations of its assets or revenues, and other relevant measures such as outsourced production. The “Fund ESG Quality Score” is provided on a 0-10 score, with 0 and 10 being the respective lowest and highest possible fund scores.

The “Fund ESG Quality Score” is assessed using the underlying holding’s “Overall ESG Scores”, “Overall ESG Ratings”, and “Overall ESG Rating Trends”. It is calculated in a series of 3 steps.

Step1: Calculate the “Fund Weighted Average ESG Score” of the underlying holding’s “Overall ESG Scores”. The Overall ESG Scores represent either the ESG Ratings Final Industry-Adjusted Score or Government Adjusted ESG Score of the issuer. Methodology for the issuer level scores are available in the MSCI ESG Ratings Methodology document.

Step2: Calculate adjustment % based on fund exposure to “Fund ESG Laggards ()”,“Fund ESG Trend Negative ()”, and “Fund ESG Trend Positive (%)”.

Step3: Multiply the “Fund Weighted Average ESG Score” by (1 + Adjustment %).

For more information please visit https://www.msci.com/esg-fund-ratings

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

Mutual funds are offered by Pacific Funds. Pacific Funds are distributed by Pacific Select Distributors, LLC (member FINRA & SIPC), a subsidiary of Pacific Life Insurance Company (Newport Beach, CA), and are available through licensed third parties. Pacific Funds refers to Pacific Funds Series Trust.

No bank guarantee · May lose value · Not FDIC Insured.