Smart inverters provide additional control capability to help optimize the operation of distribution systems. This paper proposes a framework for exact optimal active and reactive power dispatch of distributed photovoltaic (PV) generation, switched capacitors, and voltage regulators in large multi-phase unbalanced distribution systems. The objectives of the optimal dispatch are minimization of the energy loss, PV active power curtailment, and operations of capacitors and voltage regulators, in addition to elimination of voltage violations and reverse power flow. The optimization problem is formulated in rectangular coordinates as a nonlinear, nonconvex problem. Effective computational strategies are proposed to allow the application of predictor-corrector primal-dual interior point method to solve optimization problems in real-time with a large number of constraints and variables, including discrete variables corresponding to switched capacitors and voltage regulators. The accuracy of the numerical solution and the ability to implement the proposed framework are validated using the unbalanced multi-phase IEEE 34-bus and EPRI 2,998-bus distribution systems with 15-minute load and PV data. The results show a significant loss reduction and elimination of both voltage violations and reverse power flow.