October 2015 Barclays High Yield Index refers to the Barclays U.S. High-Yield Index, which covers the universe of fixed rate, non-investment-grade debt. Terminal level or terminal rate is the rate at which the Fed will end the next hiking cycle. About Pacific Asset Management Founded in 2007, Pacific Asset Management specializes in credit-oriented fixed-income strategies. Pacific Asset Management is a division of Pacific Life Fund Advisors LLC, an SEC-registered investment adviser and a wholly owned subsidiary of Pacific Life Insurance Company (Pacific Life). As of September 30, 2015, Pacific Asset Management managed approximately $5.59 billion. Assets managed by Pacific Asset Management include assets managed at Pacific Life by the investment professionals of Pacific Asset Management. This publication is provided by Pacific Funds.

These views represent the opinions of Pacific Asset Management and are presented for informational purposes only. These views should not be construed as investment advice, the offer or sale of any investment, or to predict performance of any investment. All material is compiled from sources believed to be reliable, but accuracy cannot be guaranteed.

The opinions expressed herein are based on current market conditions, are as of October 2015, and are subject to change without notice. All investing involves risk, including the possible loss of the principal amount invested. Past performance does not guarantee future results. Bank loan, corporate securities, and high-yield bonds involve risk of default on interest and principal payments or price changes due to changes in credit quality of the borrower, among other risks. You should carefully consider an investment’s goals, risks, charges, strategies, and expenses.

This and other information about Pacific Funds are in the prospectus and/or applicable summary prospectus available from your financial advisor or by calling (800) 722-2333, option 2. Read the prospectus and/or summary prospectus carefully before investing. Pacific Life Fund Advisors LLC (PLFA), a wholly owned subsidiary of Pacific Life Insurance Company, is the investment advisor to the Pacific Funds. PLFA also does business under the name Pacific Asset Management and manages certain funds under that name. Effective December 31, 2014, Pacific Life Funds and its family of mutual funds changed its name to Pacific Funds. In addition, individual funds were also renamed.

For more information, please visit www.PacificFunds.com. 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-party broker/dealers. Pacific Funds refers to Pacific Funds Series Trust. W30757-15A 4 of 4 Mailing address: P.O.

Box 9768, Providence, RI 02940-9768 (800) 722-2333, Option 2 • www.PacificFunds.com 4 of 4 .