How To Invest In Paxdantea Fund

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1 SEPTEMBER 30, 2016 PFDAX PACIFIC FUNDS SM SMALL/MID-CAP SUBADVISED BY: ROTHSCHILD ASSET MANAGEMENT INC. Class A Class C Advisor Class Investor Class 133 PFPCX 333 PFMDX 033 PFIRX 633 A TIME-TESTED PROCESS FOCUSED ON EXPECTATIONAL UPSIDE ANCHORED IN STYLE PURITY For over 25 years, the investment team s process has been a thoughtful approach rooted in fundamental analysis and designed to identify potential catalysts for a stock s positive relative performance. The Fund seeks to outperform its benchmark by investing in a mix of stocks the team believes is attractively valued and should provide a controlled level of risk in down markets. Stocks whose market capitalization falls within the range of the Russell 2500 Index, and are expected to achieve above-average growth relative to the market, will be selected for the Fund. AN INTEGRATED INVESTMENT PROCESS FOCUSED ON FUNDAMENTALS Idea Generation Narrow the investable universe using a proprietary ranking tool to identify: Attractive relative valuation Expectational upside Earnings quality and trends Shareholder-friendly capital allocation Portfolio Construction Seek outperformance through stringent risk management: Drive results through stock selection Minimize influence of factor-based risks Market Style Size Sector Use proprietary and externally sourced risk-management systems Deliver a diversified portfolio that is true to mandate Fundamental Analysis Focus on catalysts to seek outperformance: Evaluate potential catalysts for exceeding expectations and/or multiple expansion Assess attractiveness of valuation Understand investor sentiment Analyze financials to determine upside potential 10/ D

2 Sector Weights versus Russell 2500 Index as of 9/30/16 Top-10 Holdings as of 9/30/16 (%) Alleghany Corporation 1.13 Information Technology Industrials Consumer Discretionary Health Care 15.22% 14.93% 14.96% 14.63% 12.58% 13.59% 11.64% 20.01% NuVasive, Inc Take-Two Interactive Software, Inc Graphic Packaging Holding Company 1.06 Align Technology, Inc Radian Group Inc Laredo Petroleum, Inc Watsco, Inc Molina Healthcare, Inc Microsemi Corporation 1.05 Financials 12.59% 15.37% Holdings Based Characteristics as of 9/30/16 Real Estate Materials Utilities 5.35% 5.76% 2.97% 4.02% 9.31% 10.58% Weighted Avg. Mkt. Cap ($ billion) $3.8 Price/Cash Flow 10.1x Estimated Price/Earnings x Price/Book 2.5x Number of Holdings 140 1Excluding negative earnings. Cash and Other 2.66% 1.63% Fund Information Class A Class C Advisor Class Investor Class Energy 2.34% 4.42% Minimum Initial/ Subsequent Investment $1,000/$50 $1,000/$50 N/A N/A Consumer Staples Telecommunication Services 0.00 % 0.53% 1.63% 3.29% Pacific Funds Small/Mid-Cap Russell 2500 Index Gross Expense Ratio (%) Net Expense Ratio (%) Sales Load/ Maximum Sales Charge (%) Front-End/4.25 CDSC/1.00 None None Gross expense ratio reflects the total annual operating expenses paid by the fund. Net expense ratio reflects waivers, reductions, and reimbursements. Net and gross expense ratios are sourced from the current prospectus. The investment adviser has agreed to limit certain Other Expenses incurred by the Fund that exceed an annual rate of 0.25% for Investor Class shares, and 0.20% for Class A, Class C, and Advisor Class shares through 1/10/2019. There is no guarantee that the investment adviser will continue to cap expenses after the expiration date. Please see the current prospectus for additional information about availability. For performance data current to the most recent month-end, call Pacific Funds at (800) , option 2, or go to 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 shares, when redeemed, may be worth more or less than the original cost. Indexes are unmanaged and cannot be invested in directly. Further, they hold no cash and incur no expenses. All share classes may not be available at all firms and not all investors may be eligible for all share classes. Please see the current prospectus for additional information about availability.

3 PACIFIC FUNDS SMALL/MID-CAP SUBADVISED BY: ROTHSCHILD ASSET MANAGEMENT INC. SEPTEMBER 30, 2016 Performance of Pacific Funds Small/Mid-Cap Total Returns (%) Annualized Total Returns (%) 3-Month YTD 1-Year Since Inception 15% % Class A NAV Class A MOP Class C NAV Class C MOP Advisor Class Investor Class Russel 2500 Index 9% 6% 3% % 3% Class A NAV Class A MOP Class C NAV Class C MOP Advisor Class Investor Class Russel 2500 Index Total Returns (%) Annualized Total Returns (%) 3-Month YTD 1-Year Since Fund Inception 12/31/14 Class A NAV Class A MOP Class C NAV Class C MOP Advisor Class Investor Class Russell 2500 Index 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 maximum sales charge. Class A, Class C, Advisor Class shares and Investor Class shares incepted on January 11, The Fund acquired the assets of the Rothschild U.S. Small/Mid-Cap Fund (the Predecessor Fund) in a reorganization transaction on January 11, The Fund s objectives (goals), policies, guidelines and restrictions are substantially the same as those of the Predecessor Fund. The performance figures for the Fund reflect the historical performance of the then-existing Institutional Class shares of the Predecessor Fund for periods prior to January 11, 2016, adjusted to reflect estimated fees and expenses of the respective share classes of the Fund. Performance data for the classes varies based on differences in their fee and expense structures. The Institutional Class shares of the Predecessor Fund commenced operations on December 31, Class 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 and Investor 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. 2 The Russell 2500 Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as smid cap. The Russell 2500 Index is a subset of the Russell 3000 Index. It includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership.

4 Performance of Comparable Accounts The performance data below is for the Rothschild U.S. Small/Mid-Cap Core Composite (the SMID Composite) and the prior performance of Rothschild Asset Management Inc. and is NOT the performance results for Pacific Funds Small/Mid-Cap. Annual Total Returns (%) as of 12/31/15 and Average Annual Total Returns (%) as of 9/30/16 for the SMID Composite 3 : Class A 5 Class C 5 Advisor Class 5 Investor Class 5 SMID Composite 6 Russell 2500 Index Year Years Years Years Since 1/1/ The performance information above shows the historical track record of Rothschild Asset Management Inc. (Rothschild), and is not intended to imply how the Fund by itself has performed or will perform. Total returns represent past performance of the composite and not the Fund. The accounts represented in the composite are: (i) managed by the same Manager that makes all investment decisions for the Fund and (ii) have substantially similar investment goals, policies, and strategies as the Fund. Thus, the performance of those accounts may be relevant for a decision to invest in the Funds. Rothschild claims compliance with the Global Investment Performance Standards ( GIPS ). Accounts that are included in the composite may not be subject to the limitations, diversification requirements, and other restrictions of the 1940 Act or Subchapter M of the IRC, which if imposed, could have affected their performance. All returns for a composite shown above that are not adjusted for Pacific Funds fees and expenses are presented after the deduction of investment advisory fees, brokerage commissions and execution costs paid by the separate account portfolios comprising the composite without provision for federal or state income taxes. These composite returns have been reduced by the amount of the highest investment advisory fee charged to any Rothschild client invested in a substantially similar strategy for the periods shown. The composites above do not reflect any custody fee charges, sales loads or placement fees as such fees are not assessed on these accounts. Rothschild calculates the composite performance and portfolio values using security prices from an independent pricing service. Expenses are deducted from the gross returns. The performance calculation methods used for each composite presented above are different from the U.S. Securities and Exchange Commission s standardized performance calculation methods applicable to registered mutual funds. Investors should also be aware that the use of a methodology different from that described above to calculate performance of the Funds could result in different performance data. 3 The SMID Composite consists of all discretionary, fee-paying, tax-exempt accounts with no client restrictions on trading or stock selection (and thereby excludes mutual funds) using the Rothschild U.S. Small/Mid-Cap strategy, a strategy substantially similar to the strategy Rothschild manages for Pacific Funds Small/Mid-Cap, and a benchmark of the Russell 2500 Index. As of 12/31/15 and 9/30/16, the SMID Composite consisted of 16 accounts comprising $557 million, and 20 accounts comprising $998 million in assets under Rothschild management, respectively. Results for the full historical period are time-weighted, meaning that the returns are adjusted in order to minimize the effect of cash flows. The SMID Composite is asset-weighted, meaning the calculations are weighted by the size of each client s account relative to the size of the total composite, using daily market value. 4 The SMID Composite incepted January 1, The rows show performance of the SMID Composite after applicable sales loads and the following estimated annual rates of fees and expenses of the share classes shown have been deducted from the SMID Composite s gross performance: Class A (130 basis points), Class C (205 basis points), Advisor Class (105 basis points), Investor Class (135 basis points). Because Class A sales loads are a front-end sales charge imposed only on an initial investment, the Class A sales load has been deducted from the initial year s composite return only. Because Class C sales loads are charged only upon a redemption of an investment within the first year and the composite returns do not assume redemptions for the periods shown and are for periods of one year or longer, the Class C sales load has not been deducted from any of the composite returns. 6 This row shows you the performance of the SMID Composite after investment advisory fees and trading costs of the accounts comprising the composite have been deducted on a monthly basis from the gross returns of the composite (estimated at an annual rate of 85 basis points). The investment advisory fee charges deducted represent the highest advisory fee charged to any account comprising the composite for the periods shown.

5 U.S. EQUITY SPECIALISTS Rothschild Asset Management Inc. (Rothschild) is the subadvisor to Pacific Funds Small/Mid-Cap. Headquartered in New York, the firm managed $7.0 billion in assets as of 9/30/16, across a range of U.S. equity strategies that encompasses large-cap, small/mid-cap, small-cap, and growth and value strategies. Rothschild manages assets for a broad range of clients including corporations, endowments, foundations, healthcare organizations, high-net-worth investors, public pensions, and Taft-Hartley plans. Investment Philosophy Rothschild Asset Management s investment philosophy focuses on three areas: Bottom-Up Stock Selection The investment team conducts bottom-up stock selection using a process that integrates the use of a proprietary screening tool, which contributes to idea generation, rigorous fundamental stock analysis, and style-specific portfolio construction. The team targets companies that they believe will outperform market expectations in order to design a portfolio that seeks consistent returns that outpace the fund s benchmark. Experienced Portfolio Management Investment Management Sub-Adviser Rothschild Asset Management Inc. Investment Adviser Pacific Life Fund Advisors LLC R. Daniel Oshinskie, CFA Chief Investment Officer 29 years of Joseph Bellantoni, CFA Managing Director 32 years of Tina Jones, CFA Managing Director 20 years of Risk Management In addition to consistent returns, the team seeks to provide downside risk protection. Portfolio managers seek to minimize downside risk through sector diversification and by strictly adhering to each fund s asset class/style. As a result, overall portfolio volatility should be lower than that of the fund s benchmark index. Douglas J. Levine, CFA Managing Director 19 years of Disciplined Investment Approach The team s investment process is rooted in fundamental analysis. The investment team consists of analysts and portfolio managers who meet daily to discuss new and existing holdings in the funds. Stock selection emerges from collaborative research and discussion among the investment teams, with the portfolio managers making the decision to buy or sell a stock in the fund.

6 Speak with your consultative wholesaler today about investing in Pacific Funds Small/Mid-Cap. For additional information, call us at (800) , option 2, or visit About Risk As with any mutual fund, the value of the fund s holdings will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. 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, in response to many factors, including a company s historical and prospective earnings, the value of its assets, general economic conditions, interest rates, investor perceptions, and market liquidity. Mid-capitalization companies may be subject to greater price volatility risk and more vulnerable to economic, market and industry changes than larger, more established companies. Small-capitalization companies may be more susceptible to liquidity risk and price volatility risk, and more vulnerable to economic, market and industry changes than larger, more established companies. There is a risk that the determination that a stock is undervalued is not correct or is not recognized in the market. Diversification does not guarantee future results, ensure a profit, or protect against loss. Investors should consider a fund s investment goal, risks, charges, and expenses carefully before investing. The prospectus and/or summary prospectus should be read carefully before investing. Third-party trademarks and service marks are the property of their respective owners. Pacific Funds Small/Mid-Cap is 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. Pacific Life Fund Advisors LLC (PLFA), a wholly owned subsidiary of Pacific Life Insurance Company, is the investment adviser to the Pacific Funds. PLFA also does business under the name Pacific Asset Management and manages certain funds under that name. Rothschild Asset Management Inc. is unaffiliated with Pacific Life Insurance Company D No bank guarantee Not a deposit May lose value Not FDIC/NCUA insured Not insured by any federal government agency