Strategy. Under normal circumstances, this Fund invests at least 80% of its assets in debt securities. The Fund may invest in debt securities of any maturity and credit quality. The Fund is divided into two portions, each of which is managed by a different portfolio management team at the Funds sub-adviser. Each team uses different investment strategies in seeking to achieve the investment goal of the Fund. Pacific Life Fund Advisors, LLC (PLFA) is the Funds investment adviser and selected these two strategies, the Core Plus Full Discretion and Core Plus Relative Return strategies, to be utilized by the Fund because of their different approaches to investing in fixed income. PLFA monitors the performance of each strategy on an ongoing basis. … Show more… Under normal circumstances, this Fund invests at least 80% of its assets in debt securities. The Fund may invest in debt securities of any maturity and credit quality. The Fund is divided into two portions, each of which is managed by a different portfolio management team at the Funds sub-adviser. Each team uses different investment strategies in seeking to achieve the investment goal of the Fund. Pacific Life Fund Advisors, LLC (PLFA) is the Funds investment adviser and selected these two strategies, the Core Plus Full Discretion and Core Plus Relative Return strategies, to be utilized by the Fund because of their different approaches to investing in fixed income. PLFA monitors the performance of each strategy on an ongoing basis. PLFA generally allocates the Funds assets equally between the two strategies but, subject to PLFAs discretion, may change the allocation or rebalance as it deems appropriate to meet the Funds investment goal at any time without shareholder notice. PLFA allocates assets to each strategy in an effort to increase diversification among securities and investment strategies in seeking to increase the Funds potential for investment return while managing its risk and volatility. In addition, PLFA analyzes the risks arising from the investments of each strategy; evaluates the impact of any risk exposures on the Funds risk/return objectives; contemplates valuations, investor sentiment and other economic factors; and considers adjustments to strategy allocations as a result. The Fund may deviate from PLFAs intended strategy allocation due to cash flows and changes to asset values. The Fund may lend its portfolio holdings to certain financial institutions. The two portions and their corresponding investment strategies are as follows: Core Plus Full Discretion portion: This strategy employs an opportunistic style based on a bottom-up value-driven investment process combined with a macroeconomic and credit cycle perspective (the sub-advisers framework for identifying improving or deteriorating credit fundamentals). The strategy emphasizes a long-term view of market developments, with the intention to hold securities through a credit cycle as their fundamental credit characteristics improve. The strategy views the entire spectrum of fixed income markets as a global opportunity set from which to choose the most attractive total return opportunities, regardless of the sector. Fixed income investments for this portion of the Fund may include securities issued by U.S. and foreign corporations and governments, bank loans and collateralized loan obligations (CLOs), commercial and residential mortgage-backed securities and other asset-backed securities, convertible securities, securities issued pursuant to Rule 144A under the Securities Act of 1933 (Rule 144A securities) and structured notes. This portion of the Fund will normally invest at least 80% of its assets in investment grade fixed income investments and may invest up to 15% of its assets in fixed income securities that are rated non-investment grade (high yield/high risk, sometimes called junk bonds) or, if unrated, are of comparable quality as determined by the sub-adviser. This portion of the Fund may invest up to 30% of its assets in foreign securities (including emerging markets securities), which includes up to 20% in foreign currency-denominated securities. This portion of the Fund may also invest in obligations of supranational entities without limit (supranational entities are entities designated or supported by national governments to promote economic reconstruction, development or trade amongst nations, such as the World Bank). This portion of the Fund may use futures contracts, forward commitments and swaps ( i.e., derivatives) for hedging and investment purposes. This portion of the Fund expects to maintain a weighted average effective duration within five years (plus or minus) of the Funds benchmark index, the Bloomberg U.S. Aggregate Bond Index. Duration is often used to measure a bonds sensitivity to interest rates. The longer a funds duration, the more sensitive it is to interest rate risk . The shorter a funds duration, the less sensitive it is to interest rate risk . As of December 31, 2024, the duration of the Bloomberg US Aggregate Bond Index was 6.04 years, the duration of this portion of the Fund was 6.20 years, and the duration of the Fund was 6.36 years. When selecting securities to buy or sell for this portion of the Fund, the team considers the financial strength of the issuer, current interest rates, current valuations, the teams expectations regarding future changes in interest rates and comparisons of the level of risk associated with particular investments with the teams expectations concerning the potential return of those investments. Core Plus Relative Return portion: This strategy focuses on the credit cycle as the primary driver of interest rates and credit spreads. The investment process primarily looks at macroeconomic factors in its analyses, and is designed to balance yield with capital preservation. The strategy will generally take on greater risk in stable and improving environments when credit valuations are considered to be undervalued, while emphasizing liquidity and quality through economic downturns. The strategy uses security selection based on fundamental, bottom-up credit analysis as an additional source of added value. The strategy is benchmark-aware, and seeks to outperform the Funds benchmark. The strategy also performs risk management analyses relative to the Funds benchmark to manage the volatility of this portion of the Fund. Traditional risk analytics (including tracking error) are complemented by forward-looking scenario analyses for a more comprehensive risk picture. Fixed income investments for this portion of the Fund may include securities issued by U.S. and foreign corporations and governments, securities issued by supranational entities, U.S. government-sponsored agency debenture and pass-through securities, commercial mortgage-backed and other asset-backed securities, and inflation-linked securities. This portion of the Fund may also invest in Rule 144A securities, structured notes, foreign securities (including those in emerging markets) and mortgage-related securities. This portion of the Fund will normally invest at least 80% of its assets in investment-grade fixed income securities, and may invest up to 20% of its assets in securities that are rated non-investment grade (high yield/high risk, sometimes called junk bonds) or if unrated, are of comparable quality as determined by the sub-adviser. This portion of the Fund may use futures contracts, forward commitments and swaps ( i.e., derivatives) for hedging and investment purposes. This portion of the Fund expects to maintain a weighted average effective duration within two years (plus or minus) of the Funds benchmark index, the Bloomberg US Aggregate Bond Index. Duration is often used to measure a bonds sensitivity to interest rates. The longer a funds duration, the more sensitive it is to interest rate risk . The shorter a funds duration, the less sensitive it is to interest rate risk . As of December 31, 2024, the duration of the Bloomberg US Aggregate Bond Index was 6.04 years, the duration of this portion of the Fund was 6.52 years, and the duration of the Fund was 6.36 years. When selecting securities for this portion of the Fund, purchase and sale considerations by the team include overall portfolio yield, interest rate sensitivity across different maturities held, fixed-income sector fundamentals and outlook, technical supply/?demand factors, credit risk, cash flow variability, security-specific characteristics, as well as potential currency and liquidity risk. The team also considers economic factors. Individual securities are assessed on a risk/return basis, both on a benchmark-relative and on an absolute return basis, and on their fit within the overall strategy. Show less