Pacific Funds^SM High Income

Pacific Funds High Income is a mutual fund:

• Designed for Income: Constructed to seek steady streams of higher income.
• Focused on High-Yield Bonds: An asset class offering an attractive risk/return profile.
• Based on Experience: A portfolio management team that specializes in fixed-income asset management based on a foundation of corporate credit research.

Fund Snapshot

Pacific Funds High Income seeks to generate higher levels of income. The Fund does this primarily through investments in high-yield corporate bonds, which typically generate higher levels of income than most investment-grade instruments.

Fund Literature

Investment Management

Sub-advised by Pacific Asset Management LLC

Portfolio Managers:

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

C. Robert Boyd: Senior Managing Director; 22 years of investment experience

Investment Adviser

Pacific Life Fund Advisors LLC

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 issuer 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.

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.

Pacific Funds and Pacific Asset Management are registered service marks of Pacific Life Insurance Company. Third-party trademarks and service marks are the property of their respective owners.

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