0001137761 2011-12-29 2012-12-28 0001137761 plf6:S000001897Member 2011-12-29 2012-12-28 0001137761 plf6:S000001888Member 2011-12-29 2012-12-28 0001137761 plf6:S000001889Member 2011-12-29 2012-12-28 0001137761 plf6:S000001890Member 2011-12-29 2012-12-28 0001137761 plf6:S000001891Member 2011-12-29 2012-12-28 0001137761 plf6:S000001892Member 2011-12-29 2012-12-28 0001137761 plf6:S000001893Member 2011-12-29 2012-12-28 0001137761 plf6:S000001896Member 2011-12-29 2012-12-28 0001137761 plf6:S000001899Member 2011-12-29 2012-12-28 0001137761 plf6:S000001904Member 2011-12-29 2012-12-28 0001137761 plf6:S000001905Member 2011-12-29 2012-12-28 0001137761 plf6:S000001906Member 2011-12-29 2012-12-28 0001137761 plf6:S000001907Member 2011-12-29 2012-12-28 0001137761 plf6:S000017795Member 2011-12-29 2012-12-28 2012-12-28 PACIFIC LIFE FUNDS 0001137761 2012-12-28 2012-12-28 2012-03-31 false Other SUPPLEMENT DATED DECEMBER 28, 2012 TO THE PROSPECTUS FOR PACIFIC LIFE FUNDS CLASS P SHARES DATED DECEMBER 19, 2012 FOR THE PL FLOATING RATE INCOME FUND AND JULY 1, 2012 FOR ALL OTHER FUNDS This supplement revises the Pacific Life Funds Class P Shares prospectus dated December 19, 2012 for the PL Floating Rate Income Fund and July 1, 2012 for all other funds, as supplemented December 19, 2012 (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement. Remember to review the Prospectus for other important information. Disclosure Changes to the Fund Summaries section The existing Redemption Risk is deleted from the Principal risks subsections and replaced with the risk information below for the following funds: PL Managed Bond Fund, PL Short Duration Bond Fund, PL Comstock Fund, PL Growth LT Fund, PL Large-Cap Growth Fund, PL Large-Cap Value Fund, PL Main Street® Core Fund, PL Mid-Cap Equity Fund, PL Mid-Cap Growth Fund, PL Small-Cap Growth Fund, PL Small-Cap Value Fund, PL Emerging Markets Fund, PL International Large-Cap Fund and PL International Value Fund: Redemption Risk: Because the fund may serve as an Underlying Fund of a “fund of funds” of Pacific Life Funds (such as the PL Portfolio Optimization Funds) and thus a significant percentage of its outstanding shares may be held by the fund of funds, a change in asset allocation by a fund of funds could result in large redemptions out of the fund, causing potential increases in expenses to the fund and sale of securities in a short timeframe, both of which could negatively impact performance. SUPPLEMENT DATED DECEMBER 28, 2012 TO THE PROSPECTUS FOR PACIFIC LIFE FUNDS CLASS P SHARES DATED DECEMBER 19, 2012 FOR THE PL FLOATING RATE INCOME FUND AND JULY 1, 2012 FOR ALL OTHER FUNDS This supplement revises the Pacific Life Funds Class P Shares prospectus dated December 19, 2012 for the PL Floating Rate Income Fund and July 1, 2012 for all other funds, as supplemented December 19, 2012 (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement. Remember to review the Prospectus for other important information. Disclosure Changes to the Fund Summaries section The existing Redemption Risk is deleted from the Principal risks subsections and replaced with the risk information below for the following funds: PL Managed Bond Fund, PL Short Duration Bond Fund, PL Comstock Fund, PL Growth LT Fund, PL Large-Cap Growth Fund, PL Large-Cap Value Fund, PL Main Street® Core Fund, PL Mid-Cap Equity Fund, PL Mid-Cap Growth Fund, PL Small-Cap Growth Fund, PL Small-Cap Value Fund, PL Emerging Markets Fund, PL International Large-Cap Fund and PL International Value Fund: Redemption Risk: Because the fund may serve as an Underlying Fund of a “fund of funds” of Pacific Life Funds (such as the PL Portfolio Optimization Funds) and thus a significant percentage of its outstanding shares may be held by the fund of funds, a change in asset allocation by a fund of funds could result in large redemptions out of the fund, causing potential increases in expenses to the fund and sale of securities in a short timeframe, both of which could negatively impact performance. SUPPLEMENT DATED DECEMBER 28, 2012 TO THE PROSPECTUS FOR PACIFIC LIFE FUNDS CLASS P SHARES DATED DECEMBER 19, 2012 FOR THE PL FLOATING RATE INCOME FUND AND JULY 1, 2012 FOR ALL OTHER FUNDS This supplement revises the Pacific Life Funds Class P Shares prospectus dated December 19, 2012 for the PL Floating Rate Income Fund and July 1, 2012 for all other funds, as supplemented December 19, 2012 (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement. Remember to review the Prospectus for other important information. Disclosure Changes to the Fund Summaries section The existing Redemption Risk is deleted from the Principal risks subsections and replaced with the risk information below for the following funds: PL Managed Bond Fund, PL Short Duration Bond Fund, PL Comstock Fund, PL Growth LT Fund, PL Large-Cap Growth Fund, PL Large-Cap Value Fund, PL Main Street® Core Fund, PL Mid-Cap Equity Fund, PL Mid-Cap Growth Fund, PL Small-Cap Growth Fund, PL Small-Cap Value Fund, PL Emerging Markets Fund, PL International Large-Cap Fund and PL International Value Fund: Redemption Risk: Because the fund may serve as an Underlying Fund of a “fund of funds” of Pacific Life Funds (such as the PL Portfolio Optimization Funds) and thus a significant percentage of its outstanding shares may be held by the fund of funds, a change in asset allocation by a fund of funds could result in large redemptions out of the fund, causing potential increases in expenses to the fund and sale of securities in a short timeframe, both of which could negatively impact performance. SUPPLEMENT DATED DECEMBER 28, 2012 TO THE PROSPECTUS FOR PACIFIC LIFE FUNDS CLASS P SHARES DATED DECEMBER 19, 2012 FOR THE PL FLOATING RATE INCOME FUND AND JULY 1, 2012 FOR ALL OTHER FUNDS This supplement revises the Pacific Life Funds Class P Shares prospectus dated December 19, 2012 for the PL Floating Rate Income Fund and July 1, 2012 for all other funds, as supplemented December 19, 2012 (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement. Remember to review the Prospectus for other important information. Disclosure Changes to the Fund Summaries section The existing Redemption Risk is deleted from the Principal risks subsections and replaced with the risk information below for the following funds: PL Managed Bond Fund, PL Short Duration Bond Fund, PL Comstock Fund, PL Growth LT Fund, PL Large-Cap Growth Fund, PL Large-Cap Value Fund, PL Main Street® Core Fund, PL Mid-Cap Equity Fund, PL Mid-Cap Growth Fund, PL Small-Cap Growth Fund, PL Small-Cap Value Fund, PL Emerging Markets Fund, PL International Large-Cap Fund and PL International Value Fund: Redemption Risk: Because the fund may serve as an Underlying Fund of a “fund of funds” of Pacific Life Funds (such as the PL Portfolio Optimization Funds) and thus a significant percentage of its outstanding shares may be held by the fund of funds, a change in asset allocation by a fund of funds could result in large redemptions out of the fund, causing potential increases in expenses to the fund and sale of securities in a short timeframe, both of which could negatively impact performance. SUPPLEMENT DATED DECEMBER 28, 2012 TO THE PROSPECTUS FOR PACIFIC LIFE FUNDS CLASS P SHARES DATED DECEMBER 19, 2012 FOR THE PL FLOATING RATE INCOME FUND AND JULY 1, 2012 FOR ALL OTHER FUNDS This supplement revises the Pacific Life Funds Class P Shares prospectus dated December 19, 2012 for the PL Floating Rate Income Fund and July 1, 2012 for all other funds, as supplemented December 19, 2012 (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement. Remember to review the Prospectus for other important information. Disclosure Changes to the Fund Summaries section The existing Redemption Risk is deleted from the Principal risks subsections and replaced with the risk information below for the following funds: PL Managed Bond Fund, PL Short Duration Bond Fund, PL Comstock Fund, PL Growth LT Fund, PL Large-Cap Growth Fund, PL Large-Cap Value Fund, PL Main Street® Core Fund, PL Mid-Cap Equity Fund, PL Mid-Cap Growth Fund, PL Small-Cap Growth Fund, PL Small-Cap Value Fund, PL Emerging Markets Fund, PL International Large-Cap Fund and PL International Value Fund: Redemption Risk: Because the fund may serve as an Underlying Fund of a “fund of funds” of Pacific Life Funds (such as the PL Portfolio Optimization Funds) and thus a significant percentage of its outstanding shares may be held by the fund of funds, a change in asset allocation by a fund of funds could result in large redemptions out of the fund, causing potential increases in expenses to the fund and sale of securities in a short timeframe, both of which could negatively impact performance. SUPPLEMENT DATED DECEMBER 28, 2012 TO THE PROSPECTUS FOR PACIFIC LIFE FUNDS CLASS P SHARES DATED DECEMBER 19, 2012 FOR THE PL FLOATING RATE INCOME FUND AND JULY 1, 2012 FOR ALL OTHER FUNDS This supplement revises the Pacific Life Funds Class P Shares prospectus dated December 19, 2012 for the PL Floating Rate Income Fund and July 1, 2012 for all other funds, as supplemented December 19, 2012 (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement. Remember to review the Prospectus for other important information. Disclosure Changes to the Fund Summaries section The existing Redemption Risk is deleted from the Principal risks subsections and replaced with the risk information below for the following funds: PL Managed Bond Fund, PL Short Duration Bond Fund, PL Comstock Fund, PL Growth LT Fund, PL Large-Cap Growth Fund, PL Large-Cap Value Fund, PL Main Street® Core Fund, PL Mid-Cap Equity Fund, PL Mid-Cap Growth Fund, PL Small-Cap Growth Fund, PL Small-Cap Value Fund, PL Emerging Markets Fund, PL International Large-Cap Fund and PL International Value Fund: Redemption Risk: Because the fund may serve as an Underlying Fund of a “fund of funds” of Pacific Life Funds (such as the PL Portfolio Optimization Funds) and thus a significant percentage of its outstanding shares may be held by the fund of funds, a change in asset allocation by a fund of funds could result in large redemptions out of the fund, causing potential increases in expenses to the fund and sale of securities in a short timeframe, both of which could negatively impact performance. SUPPLEMENT DATED DECEMBER 28, 2012 TO THE PROSPECTUS FOR PACIFIC LIFE FUNDS CLASS P SHARES DATED DECEMBER 19, 2012 FOR THE PL FLOATING RATE INCOME FUND AND JULY 1, 2012 FOR ALL OTHER FUNDS This supplement revises the Pacific Life Funds Class P Shares prospectus dated December 19, 2012 for the PL Floating Rate Income Fund and July 1, 2012 for all other funds, as supplemented December 19, 2012 (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement. Remember to review the Prospectus for other important information. Disclosure Changes to the Fund Summaries section The existing Redemption Risk is deleted from the Principal risks subsections and replaced with the risk information below for the following funds: PL Managed Bond Fund, PL Short Duration Bond Fund, PL Comstock Fund, PL Growth LT Fund, PL Large-Cap Growth Fund, PL Large-Cap Value Fund, PL Main Street® Core Fund, PL Mid-Cap Equity Fund, PL Mid-Cap Growth Fund, PL Small-Cap Growth Fund, PL Small-Cap Value Fund, PL Emerging Markets Fund, PL International Large-Cap Fund and PL International Value Fund: Redemption Risk: Because the fund may serve as an Underlying Fund of a “fund of funds” of Pacific Life Funds (such as the PL Portfolio Optimization Funds) and thus a significant percentage of its outstanding shares may be held by the fund of funds, a change in asset allocation by a fund of funds could result in large redemptions out of the fund, causing potential increases in expenses to the fund and sale of securities in a short timeframe, both of which could negatively impact performance. SUPPLEMENT DATED DECEMBER 28, 2012 TO THE PROSPECTUS FOR PACIFIC LIFE FUNDS CLASS P SHARES DATED DECEMBER 19, 2012 FOR THE PL FLOATING RATE INCOME FUND AND JULY 1, 2012 FOR ALL OTHER FUNDS This supplement revises the Pacific Life Funds Class P Shares prospectus dated December 19, 2012 for the PL Floating Rate Income Fund and July 1, 2012 for all other funds, as supplemented December 19, 2012 (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement. Remember to review the Prospectus for other important information. Disclosure Changes to the Fund Summaries section The existing Redemption Risk is deleted from the Principal risks subsections and replaced with the risk information below for the following funds: PL Managed Bond Fund, PL Short Duration Bond Fund, PL Comstock Fund, PL Growth LT Fund, PL Large-Cap Growth Fund, PL Large-Cap Value Fund, PL Main Street® Core Fund, PL Mid-Cap Equity Fund, PL Mid-Cap Growth Fund, PL Small-Cap Growth Fund, PL Small-Cap Value Fund, PL Emerging Markets Fund, PL International Large-Cap Fund and PL International Value Fund: Redemption Risk: Because the fund may serve as an Underlying Fund of a “fund of funds” of Pacific Life Funds (such as the PL Portfolio Optimization Funds) and thus a significant percentage of its outstanding shares may be held by the fund of funds, a change in asset allocation by a fund of funds could result in large redemptions out of the fund, causing potential increases in expenses to the fund and sale of securities in a short timeframe, both of which could negatively impact performance. SUPPLEMENT DATED DECEMBER 28, 2012 TO THE PROSPECTUS FOR PACIFIC LIFE FUNDS CLASS P SHARES DATED DECEMBER 19, 2012 FOR THE PL FLOATING RATE INCOME FUND AND JULY 1, 2012 FOR ALL OTHER FUNDS This supplement revises the Pacific Life Funds Class P Shares prospectus dated December 19, 2012 for the PL Floating Rate Income Fund and July 1, 2012 for all other funds, as supplemented December 19, 2012 (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement. Remember to review the Prospectus for other important information. Disclosure Changes to the Fund Summaries section The existing Redemption Risk is deleted from the Principal risks subsections and replaced with the risk information below for the following funds: PL Managed Bond Fund, PL Short Duration Bond Fund, PL Comstock Fund, PL Growth LT Fund, PL Large-Cap Growth Fund, PL Large-Cap Value Fund, PL Main Street® Core Fund, PL Mid-Cap Equity Fund, PL Mid-Cap Growth Fund, PL Small-Cap Growth Fund, PL Small-Cap Value Fund, PL Emerging Markets Fund, PL International Large-Cap Fund and PL International Value Fund: Redemption Risk: Because the fund may serve as an Underlying Fund of a “fund of funds” of Pacific Life Funds (such as the PL Portfolio Optimization Funds) and thus a significant percentage of its outstanding shares may be held by the fund of funds, a change in asset allocation by a fund of funds could result in large redemptions out of the fund, causing potential increases in expenses to the fund and sale of securities in a short timeframe, both of which could negatively impact performance. SUPPLEMENT DATED DECEMBER 28, 2012 TO THE PROSPECTUS FOR PACIFIC LIFE FUNDS CLASS P SHARES DATED DECEMBER 19, 2012 FOR THE PL FLOATING RATE INCOME FUND AND JULY 1, 2012 FOR ALL OTHER FUNDS This supplement revises the Pacific Life Funds Class P Shares prospectus dated December 19, 2012 for the PL Floating Rate Income Fund and July 1, 2012 for all other funds, as supplemented December 19, 2012 (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement. Remember to review the Prospectus for other important information. Disclosure Changes to the Fund Summaries section The existing Redemption Risk is deleted from the Principal risks subsections and replaced with the risk information below for the following funds: PL Managed Bond Fund, PL Short Duration Bond Fund, PL Comstock Fund, PL Growth LT Fund, PL Large-Cap Growth Fund, PL Large-Cap Value Fund, PL Main Street® Core Fund, PL Mid-Cap Equity Fund, PL Mid-Cap Growth Fund, PL Small-Cap Growth Fund, PL Small-Cap Value Fund, PL Emerging Markets Fund, PL International Large-Cap Fund and PL International Value Fund: Redemption Risk: Because the fund may serve as an Underlying Fund of a “fund of funds” of Pacific Life Funds (such as the PL Portfolio Optimization Funds) and thus a significant percentage of its outstanding shares may be held by the fund of funds, a change in asset allocation by a fund of funds could result in large redemptions out of the fund, causing potential increases in expenses to the fund and sale of securities in a short timeframe, both of which could negatively impact performance. SUPPLEMENT DATED DECEMBER 28, 2012 TO THE PROSPECTUS FOR PACIFIC LIFE FUNDS CLASS P SHARES DATED DECEMBER 19, 2012 FOR THE PL FLOATING RATE INCOME FUND AND JULY 1, 2012 FOR ALL OTHER FUNDS This supplement revises the Pacific Life Funds Class P Shares prospectus dated December 19, 2012 for the PL Floating Rate Income Fund and July 1, 2012 for all other funds, as supplemented December 19, 2012 (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement. Remember to review the Prospectus for other important information. Disclosure Changes to the Fund Summaries section The existing Redemption Risk is deleted from the Principal risks subsections and replaced with the risk information below for the following funds: PL Managed Bond Fund, PL Short Duration Bond Fund, PL Comstock Fund, PL Growth LT Fund, PL Large-Cap Growth Fund, PL Large-Cap Value Fund, PL Main Street® Core Fund, PL Mid-Cap Equity Fund, PL Mid-Cap Growth Fund, PL Small-Cap Growth Fund, PL Small-Cap Value Fund, PL Emerging Markets Fund, PL International Large-Cap Fund and PL International Value Fund: Redemption Risk: Because the fund may serve as an Underlying Fund of a “fund of funds” of Pacific Life Funds (such as the PL Portfolio Optimization Funds) and thus a significant percentage of its outstanding shares may be held by the fund of funds, a change in asset allocation by a fund of funds could result in large redemptions out of the fund, causing potential increases in expenses to the fund and sale of securities in a short timeframe, both of which could negatively impact performance. SUPPLEMENT DATED DECEMBER 28, 2012 TO THE PROSPECTUS FOR PACIFIC LIFE FUNDS CLASS P SHARES DATED DECEMBER 19, 2012 FOR THE PL FLOATING RATE INCOME FUND AND JULY 1, 2012 FOR ALL OTHER FUNDS This supplement revises the Pacific Life Funds Class P Shares prospectus dated December 19, 2012 for the PL Floating Rate Income Fund and July 1, 2012 for all other funds, as supplemented December 19, 2012 (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement. Remember to review the Prospectus for other important information. Disclosure Changes to the Fund Summaries section The existing Redemption Risk is deleted from the Principal risks subsections and replaced with the risk information below for the following funds: PL Managed Bond Fund, PL Short Duration Bond Fund, PL Comstock Fund, PL Growth LT Fund, PL Large-Cap Growth Fund, PL Large-Cap Value Fund, PL Main Street® Core Fund, PL Mid-Cap Equity Fund, PL Mid-Cap Growth Fund, PL Small-Cap Growth Fund, PL Small-Cap Value Fund, PL Emerging Markets Fund, PL International Large-Cap Fund and PL International Value Fund: Redemption Risk: Because the fund may serve as an Underlying Fund of a “fund of funds” of Pacific Life Funds (such as the PL Portfolio Optimization Funds) and thus a significant percentage of its outstanding shares may be held by the fund of funds, a change in asset allocation by a fund of funds could result in large redemptions out of the fund, causing potential increases in expenses to the fund and sale of securities in a short timeframe, both of which could negatively impact performance. SUPPLEMENT DATED DECEMBER 28, 2012 TO THE PROSPECTUS FOR PACIFIC LIFE FUNDS CLASS P SHARES DATED DECEMBER 19, 2012 FOR THE PL FLOATING RATE INCOME FUND AND JULY 1, 2012 FOR ALL OTHER FUNDS This supplement revises the Pacific Life Funds Class P Shares prospectus dated December 19, 2012 for the PL Floating Rate Income Fund and July 1, 2012 for all other funds, as supplemented December 19, 2012 (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement. Remember to review the Prospectus for other important information. Disclosure Changes to the Fund Summaries section The existing Redemption Risk is deleted from the Principal risks subsections and replaced with the risk information below for the following funds: PL Managed Bond Fund, PL Short Duration Bond Fund, PL Comstock Fund, PL Growth LT Fund, PL Large-Cap Growth Fund, PL Large-Cap Value Fund, PL Main Street® Core Fund, PL Mid-Cap Equity Fund, PL Mid-Cap Growth Fund, PL Small-Cap Growth Fund, PL Small-Cap Value Fund, PL Emerging Markets Fund, PL International Large-Cap Fund and PL International Value Fund: Redemption Risk: Because the fund may serve as an Underlying Fund of a “fund of funds” of Pacific Life Funds (such as the PL Portfolio Optimization Funds) and thus a significant percentage of its outstanding shares may be held by the fund of funds, a change in asset allocation by a fund of funds could result in large redemptions out of the fund, causing potential increases in expenses to the fund and sale of securities in a short timeframe, both of which could negatively impact performance. SUPPLEMENT DATED DECEMBER 28, 2012 TO THE PROSPECTUS FOR PACIFIC LIFE FUNDS CLASS P SHARES DATED DECEMBER 19, 2012 FOR THE PL FLOATING RATE INCOME FUND AND JULY 1, 2012 FOR ALL OTHER FUNDS This supplement revises the Pacific Life Funds Class P Shares prospectus dated December 19, 2012 for the PL Floating Rate Income Fund and July 1, 2012 for all other funds, as supplemented December 19, 2012 (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement. Remember to review the Prospectus for other important information. Disclosure Changes to the Fund Summaries section The existing Redemption Risk is deleted from the Principal risks subsections and replaced with the risk information below for the following funds: PL Managed Bond Fund, PL Short Duration Bond Fund, PL Comstock Fund, PL Growth LT Fund, PL Large-Cap Growth Fund, PL Large-Cap Value Fund, PL Main Street® Core Fund, PL Mid-Cap Equity Fund, PL Mid-Cap Growth Fund, PL Small-Cap Growth Fund, PL Small-Cap Value Fund, PL Emerging Markets Fund, PL International Large-Cap Fund and PL International Value Fund: Redemption Risk: Because the fund may serve as an Underlying Fund of a “fund of funds” of Pacific Life Funds (such as the PL Portfolio Optimization Funds) and thus a significant percentage of its outstanding shares may be held by the fund of funds, a change in asset allocation by a fund of funds could result in large redemptions out of the fund, causing potential increases in expenses to the fund and sale of securities in a short timeframe, both of which could negatively impact performance. SUPPLEMENT DATED DECEMBER 28, 2012 TO THE PROSPECTUS FOR PACIFIC LIFE FUNDS CLASS P SHARES DATED DECEMBER 19, 2012 FOR THE PL FLOATING RATE INCOME FUND AND JULY 1, 2012 FOR ALL OTHER FUNDS This supplement revises the Pacific Life Funds Class P Shares prospectus dated December 19, 2012 for the PL Floating Rate Income Fund and July 1, 2012 for all other funds, as supplemented December 19, 2012 (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement. Remember to review the Prospectus for other important information. Disclosure Changes to the Fund Summaries section The existing Redemption Risk is deleted from the Principal risks subsections and replaced with the risk information below for the following funds: PL Managed Bond Fund, PL Short Duration Bond Fund, PL Comstock Fund, PL Growth LT Fund, PL Large-Cap Growth Fund, PL Large-Cap Value Fund, PL Main Street® Core Fund, PL Mid-Cap Equity Fund, PL Mid-Cap Growth Fund, PL Small-Cap Growth Fund, PL Small-Cap Value Fund, PL Emerging Markets Fund, PL International Large-Cap Fund and PL International Value Fund: Redemption Risk: Because the fund may serve as an Underlying Fund of a “fund of funds” of Pacific Life Funds (such as the PL Portfolio Optimization Funds) and thus a significant percentage of its outstanding shares may be held by the fund of funds, a change in asset allocation by a fund of funds could result in large redemptions out of the fund, causing potential increases in expenses to the fund and sale of securities in a short timeframe, both of which could negatively impact performance. Redemption Risk: Because the fund may serve as an Underlying Fund of a “fund of funds” of Pacific Life Funds (such as the PL Portfolio Optimization Funds) and thus a significant percentage of its outstanding shares may be held by the fund of funds, a change in asset allocation by a fund of funds could result in large redemptions out of the fund, causing potential increases in expenses to the fund and sale of securities in a short timeframe, both of which could negatively impact performance. Redemption Risk: Because the fund may serve as an Underlying Fund of a “fund of funds” of Pacific Life Funds (such as the PL Portfolio Optimization Funds) and thus a significant percentage of its outstanding shares may be held by the fund of funds, a change in asset allocation by a fund of funds could result in large redemptions out of the fund, causing potential increases in expenses to the fund and sale of securities in a short timeframe, both of which could negatively impact performance. Redemption Risk: Because the fund may serve as an Underlying Fund of a “fund of funds” of Pacific Life Funds (such as the PL Portfolio Optimization Funds) and thus a significant percentage of its outstanding shares may be held by the fund of funds, a change in asset allocation by a fund of funds could result in large redemptions out of the fund, causing potential increases in expenses to the fund and sale of securities in a short timeframe, both of which could negatively impact performance. Redemption Risk: Because the fund may serve as an Underlying Fund of a “fund of funds” of Pacific Life Funds (such as the PL Portfolio Optimization Funds) and thus a significant percentage of its outstanding shares may be held by the fund of funds, a change in asset allocation by a fund of funds could result in large redemptions out of the fund, causing potential increases in expenses to the fund and sale of securities in a short timeframe, both of which could negatively impact performance. Redemption Risk: Because the fund may serve as an Underlying Fund of a “fund of funds” of Pacific Life Funds (such as the PL Portfolio Optimization Funds) and thus a significant percentage of its outstanding shares may be held by the fund of funds, a change in asset allocation by a fund of funds could result in large redemptions out of the fund, causing potential increases in expenses to the fund and sale of securities in a short timeframe, both of which could negatively impact performance. Redemption Risk: Because the fund may serve as an Underlying Fund of a “fund of funds” of Pacific Life Funds (such as the PL Portfolio Optimization Funds) and thus a significant percentage of its outstanding shares may be held by the fund of funds, a change in asset allocation by a fund of funds could result in large redemptions out of the fund, causing potential increases in expenses to the fund and sale of securities in a short timeframe, both of which could negatively impact performance. Redemption Risk: Because the fund may serve as an Underlying Fund of a “fund of funds” of Pacific Life Funds (such as the PL Portfolio Optimization Funds) and thus a significant percentage of its outstanding shares may be held by the fund of funds, a change in asset allocation by a fund of funds could result in large redemptions out of the fund, causing potential increases in expenses to the fund and sale of securities in a short timeframe, both of which could negatively impact performance. Redemption Risk: Because the fund may serve as an Underlying Fund of a “fund of funds” of Pacific Life Funds (such as the PL Portfolio Optimization Funds) and thus a significant percentage of its outstanding shares may be held by the fund of funds, a change in asset allocation by a fund of funds could result in large redemptions out of the fund, causing potential increases in expenses to the fund and sale of securities in a short timeframe, both of which could negatively impact performance. Redemption Risk: Because the fund may serve as an Underlying Fund of a “fund of funds” of Pacific Life Funds (such as the PL Portfolio Optimization Funds) and thus a significant percentage of its outstanding shares may be held by the fund of funds, a change in asset allocation by a fund of funds could result in large redemptions out of the fund, causing potential increases in expenses to the fund and sale of securities in a short timeframe, both of which could negatively impact performance. Redemption Risk: Because the fund may serve as an Underlying Fund of a “fund of funds” of Pacific Life Funds (such as the PL Portfolio Optimization Funds) and thus a significant percentage of its outstanding shares may be held by the fund of funds, a change in asset allocation by a fund of funds could result in large redemptions out of the fund, causing potential increases in expenses to the fund and sale of securities in a short timeframe, both of which could negatively impact performance. Redemption Risk: Because the fund may serve as an Underlying Fund of a “fund of funds” of Pacific Life Funds (such as the PL Portfolio Optimization Funds) and thus a significant percentage of its outstanding shares may be held by the fund of funds, a change in asset allocation by a fund of funds could result in large redemptions out of the fund, causing potential increases in expenses to the fund and sale of securities in a short timeframe, both of which could negatively impact performance. Redemption Risk: Because the fund may serve as an Underlying Fund of a “fund of funds” of Pacific Life Funds (such as the PL Portfolio Optimization Funds) and thus a significant percentage of its outstanding shares may be held by the fund of funds, a change in asset allocation by a fund of funds could result in large redemptions out of the fund, causing potential increases in expenses to the fund and sale of securities in a short timeframe, both of which could negatively impact performance. Redemption Risk: Because the fund may serve as an Underlying Fund of a “fund of funds” of Pacific Life Funds (such as the PL Portfolio Optimization Funds) and thus a significant percentage of its outstanding shares may be held by the fund of funds, a change in asset allocation by a fund of funds could result in large redemptions out of the fund, causing potential increases in expenses to the fund and sale of securities in a short timeframe, both of which could negatively impact performance. Redemption Risk: Because the fund may serve as an Underlying Fund of a “fund of funds” of Pacific Life Funds (such as the PL Portfolio Optimization Funds) and thus a significant percentage of its outstanding shares may be held by the fund of funds, a change in asset allocation by a fund of funds could result in large redemptions out of the fund, causing potential increases in expenses to the fund and sale of securities in a short timeframe, both of which could negatively impact performance.