Mutual fund shareholders seeking income are getting three more choices from Pacific Life Funds [profile].

Chris van Mierlo, senior vice president for sales in Pacific Life's Retirement Solutions explained that the three funds are designed to provide investors with multiple approaches to meet income goals and that they are complementary to the firm's Portfolio Optimization Funds

Pacific Life Funds Launches Three New Fixed-Income Funds
Advisors have new opportunities to talk to clients about multiple investment options for seeking income

Newport Beach, Calif. (July 9, 2012) � Pacific Life Funds today announced the addition of three new mutual funds to its expanding line of options for investors seeking income. The new fixed-income funds are: the PL Short Duration Income Fund, the PL Strategic Income Fund, and the PL High Income Fund. Existing funds include the PL Income Fund and the PL Floating Rate Income Fund.

"In today's dynamic economic environment, investors seeking income should know that there are a wide range of available strategies to find income," says Chris van Mierlo, senior vice president, sales, Pacific Life�s Retirement Solutions Division. "These three new additions to our lineup of income funds�combined with asset allocation fund offerings of the PL Portfolio Optimization Funds�can provide investors with multiple approaches to helping clients meet income goals. The funds offer complementary risk/reward profiles and cater to a variety of market conditions and investor needs."

Key characteristics of the new funds are:

� PL Short Duration Income Fund�Designed for investors seeking current income with protection against sudden or large interest-rate changes. Short-term bonds provide income with less sensitivity to interest-rate movements.

� PL Strategic Income Fund�Designed to seek higher levels of income through non-investment-grade corporate debt and has the flexibility to adapt to changing market conditions.

� PL High Income Fund�Designed to produce high income through disciplined, active portfolio management focused primarily on high-yield corporate bonds.

There is no guarantee that the Funds' investment strategies will achieve the Funds' investment goals under all marketing conditions.

Pacific Asset Management, wholly owned by Pacific Life Insurance Company, is the portfolio manager for the fixed-income funds. Pacific Asset Management offers investors two advantages rarely found in the same entity; speed and size. Organized like a boutique firm, Pacific Asset Management is able to act quickly on investment ideas while being supported by the scale and infrastructure of Pacific Life. The portfolio management and research group is a cohesive team with professionals who, on average, possess more than a decade of investment experience. Pacific Asset Management specializes in credit investments, applying its depth of experience to identify opportunities and value in multiple areas of the credit market. To learn more about Pacific Asset Management, visit www.PAM.PacificLife.com.

The PL Short Duration Income Fund is offered in Class A (PLADX), Class C (PLCSX), and Advisor (PLDSX) shares; the PL Strategic Income Fund is offered in Class A (PLSTX), Class C (PLCNX), and Advisor (PLSFX) shares; and the PL High Income Fund is also offered in Class A (PLAHX), Class C (PLCHX), and Advisor (PLHYX) shares. To learn more, visit Pacific Life Funds at www.PLFunds.com.

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. Each PL Portfolio Optimization Fund, a fund-of-funds, is exposed to the same risks as the underlying funds in direct proportion to the allocation of assets, among other risks. It also bears its own direct expenses and indirect expenses for the underlying funds, which together can be higher than expenses incurred when investing directly in an underlying fund. Asset allocation does not guarantee future results, ensure a profit, or protect against loss.

The fixed-income funds are subject to interest-rate risk (bond prices generally fall when interest rates rise) and credit risk (the risk that an issuer may be unable or unwilling to meet its financial obligations). Floating-rate loans involve risk of default on interest or principal payments along with risks of bankruptcy and illiquidity.

Fixed-income funds may be subject to liquidity risk (the risk that certain investments may be difficult to purchase and sell in adverse market conditions). International investing is subject to currency fluctuations and political changes, which may make the funds� foreign holdings more volatile and less liquid than U.S. investments. The funds that invest in high-yield securities have greater credit risk than higher-quality bonds.

Investments rated below investment grade are generally subject to greater price volatility and illiquidity than higher-rated investments. A nondiversified fund that invests in securities of fewer issuers may be subject a fund to greater market fluctuations and price volatility than a diversified fund.

About Pacific Life

Offering insurance since 1868, Pacific Life provides a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Pacific Life counts more than half of the 100 largest U.S. companies as its clients. For additional company information, including current financial strength ratings, visit Pacific Life online at www.PacificLife.com.

Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company.

Client count as of May 2012 is compiled by Pacific Life using the 2012 FORTUNE 500� list. You should carefully consider an investment�s goals, risks, charges, strategies, and expenses. This and other information about Pacific Life Funds are in the prospectus available from your financial advisor or by calling (800) 722-2333, option 2. Read the 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 Life Funds (PLF) and the manager of certain PLF funds. PLFA also does business under the name Pacific Asset Management and manages certain PLF funds under that name.

Insurance products are issued by Pacific Life Insurance Company in all states except New York and in New York by Pacific Life & Annuity Company. Product availability and features may vary by state. Each company is solely responsible for the financial obligations accruing under the products it issues. Insurance product and rider guarantees are backed by the financial strength and claims-paying ability of the issuing company.

Mutual funds are offered by Pacific Life Funds. Pacific Life Funds are distributed by Pacific Select Distributors, Inc. (member FINRA & SIPC), a subsidiary of Pacific Life Insurance Company (Newport Beach, CA), and are available through licensed third-party broker/dealers.

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