0001193125-13-011737.txt : 20130114 0001193125-13-011737.hdr.sgml : 20130114 20130114141826 ACCESSION NUMBER: 0001193125-13-011737 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 8 FILED AS OF DATE: 20130114 DATE AS OF CHANGE: 20130114 EFFECTIVENESS DATE: 20130114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PACIFIC LIFE FUNDS CENTRAL INDEX KEY: 0001137761 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-61366 FILM NUMBER: 13527562 BUSINESS ADDRESS: STREET 1: 700 NEWPORT CENTER DRIVE STREET 2: POST OFFFICE BOX 7500 CITY: NEWPORT BEACH STATE: CA ZIP: 92660 BUSINESS PHONE: 9492193233 MAIL ADDRESS: STREET 1: 700 NEWPORT CENTER DRIVE CITY: NEWPORT BEACH STATE: CA ZIP: 92660 FORMER COMPANY: FORMER CONFORMED NAME: PACIFIC FUNDS DATE OF NAME CHANGE: 20010405 0001137761 S000001887 PL PORTFOLIO OPTIMIZATION CONSERVATIVE C000004960 CLASS A POAAX C000004961 CLASS B POABX C000004962 CLASS C POACX C000004963 CLASS R POARX C000124051 ADVISOR CLASS 0001137761 S000001888 PL INTERNATIONAL VALUE FUND C000004964 CLASS P (FORMERLY CLASS A) 0001137761 S000001889 PL INTERNATIONAL LARGE-CAP FUND C000004967 CLASS P (FORMERLY CLASS A) 0001137761 S000001890 PL SMALL-CAP GROWTH FUND C000004970 CLASS P (FORMERLY CLASS A) 0001137761 S000001891 PL MAIN STREET CORE FUND C000004973 CLASS P (FORMERLY CLASS A) 0001137761 S000001892 PL EMERGING MARKETS FUND C000004974 CLASS P (FORMERLY CLASS A) 0001137761 S000001893 PL MANAGED BOND FUND C000004975 CLASS P (FORMERLY CLASS A) 0001137761 S000001894 PL INFLATION MANAGED FUND C000004978 CLASS P (FORMERLY CLASS A) 0001137761 S000001895 PL MONEY MARKET FUND C000004981 CLASS A PFAXX C000004982 CLASS B PFBXX C000004983 CLASS C PLCXX 0001137761 S000001896 PL LARGE-CAP VALUE FUND C000004984 CLASS P (FORMERLY CLASS A) 0001137761 S000001897 PL COMSTOCK FUND C000004987 CLASS P (FORMERLY CLASS A) 0001137761 S000001898 PL PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE C000004990 CLASS A POBAX C000004991 CLASS B POBBX C000004992 CLASS C POBCX C000004993 CLASS R POBRX C000124052 ADVISOR CLASS 0001137761 S000001899 PL MID-CAP GROWTH FUND C000004994 CLASS P (FORMERLY CLASS A) 0001137761 S000001900 PL REAL ESTATE FUND C000004997 CLASS P (FORMERLY CLASS A) 0001137761 S000001901 PL PORTFOLIO OPTIMIZATION MODERATE C000005000 CLASS A POCAX C000005001 CLASS B POMBX C000005002 CLASS C POMCX C000005003 CLASS R POCRX C000124053 ADVISOR CLASS 0001137761 S000001902 PL PORTFOLIO OPTIMIZATION MODERATE-AGGRESSIVE C000005004 CLASS A PODAX C000005005 CLASS B PODBX C000005006 CLASS C PODCX C000005007 CLASS R PODRX C000124054 ADVISOR CLASS 0001137761 S000001903 PL PORTFOLIO OPTIMIZATION AGGRESSIVE C000005008 CLASS A POEAX C000005009 CLASS B POEBX C000005010 CLASS C POCEX C000005011 CLASS R POERX C000124055 ADVISOR CLASS 0001137761 S000001904 PL LARGE-CAP GROWTH FUND C000005012 CLASS P (FORMERLY CLASS A) 0001137761 S000001905 PL SHORT DURATION BOND FUND C000005015 CLASS P (FORMERLY CLASS A) 0001137761 S000001906 PL GROWTH LT FUND C000005018 CLASS P (FORMERLY CLASS A) 0001137761 S000001907 PL MID-CAP EQUITY FUND C000005021 CLASS P (FORMERLY CLASS A) 0001137761 S000017795 PL Small-Cap Value Fund C000049251 CLASS P (FORMERLY CLASS A) 0001137761 S000022456 PL Floating Rate Loan Fund C000064624 CLASS P (FORMERLY CLASS A) 0001137761 S000030505 PL INCOME FUND C000093886 CLASS A PLIAX C000093887 CLASS I PLIIX C000102195 Class C PLNCX C000114643 ADVISOR CLASS PLIDX 0001137761 S000033079 PL FLOATING RATE INCOME FUND C000101967 CLASS I PLFRX C000105437 Class A PLFLX C000105438 Class C PLBCX C000114644 ADVISOR CLASS PLFDX C000124056 CLASS P 0001137761 S000034880 PL HIGH INCOME FUND C000107271 CLASS A PLAHX C000107272 CLASS C PLCHX C000107273 CLASS I PLHIX C000114645 ADVISOR CLASS PLHYX 0001137761 S000034881 PL SHORT DURATION INCOME FUND C000107274 CLASS A PLADX C000107275 CLASS C PLCSX C000107276 CLASS I PLSDX C000114646 ADVISOR CLASS PLDSX 0001137761 S000034882 PL STRATEGIC INCOME FUND C000107277 CLASS A PLSTX C000107278 CLASS C PLCNX C000107279 CLASS I PLSRX C000114647 ADVISOR CLASS PLSFX 0001137761 S000037221 PL EMERGING MARKETS DEBT FUND C000114642 CLASS P 0001137761 S000039140 PL ALTERNATIVE STRATEGIES FUND C000120411 CLASS A PAASX C000120412 CLASS C PCASX C000120413 ADVISOR CLASS PSADX 0001137761 S000039141 PL CURRENCY STRATEGIES FUND C000120414 CLASS P 0001137761 S000039142 PL GLOBAL ABSOLUTE RETURN FUND C000120415 CLASS P 0001137761 S000039143 PL PRECIOUS METALS FUND C000120416 CLASS P 497 1 d454427d497.htm LETTER TO SEC Letter to SEC

 

LOGO

January 14, 2013

Via EDGAR

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C., 20549

Re: Pacific Life Funds

(File Nos. 333-61366 and 811-10385)

Dear Sir or Madam:

On behalf of Pacific Life Funds (the “Trust”), transmitted herewith for filing pursuant to Rule 497 under the Securities Act of 1933, as amended (“Rule 497”), is the exhibit in the eXtensible Business Reporting Language (XBRL) format that reflects the risk/return summary information included in the prospectus supplement filed pursuant to Rule 497 on December 19, 2012 (accession number 0001193125-12-508392), to the Pacific Life Funds Prospectus dated December 19, 2012 for the PL Floating Rate Income Fund and July 1, 2012 for all other funds. Such supplement is incorporated by reference into this Rule 497 document.

If you have any questions or comments, please contact the undersigned at (949) 219-3391 or by e-mail at jglallande@pacificlife.com.

Sincerely,

/s/ J. G. Lallande

J.G. Lallande, Esq.,
Fund Counsel

 

cc: Audrey L. Cheng, Esq., Fund Counsel

Anthony H. Zacharski, Esq., Dechert LLP

EX-101.INS 2 plf8-20121219.xml XBRL INSTANCE DOCUMENT 0001137761 2011-12-20 2012-12-19 0001137761 plf8:S000001897Member 2011-12-20 2012-12-19 0001137761 plf8:S000001904Member 2011-12-20 2012-12-19 0001137761 plf8:S000001907Member 2011-12-20 2012-12-19 Other 2012-03-31 PACIFIC LIFE FUNDS 0001137761 false 2012-12-19 2012-12-19 2012-12-19 <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:times new roman" size="2"><b>SUPPLEMENT DATED DECEMBER&nbsp;19, 2012 </b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:times new roman" size="2"><b>TO THE PROSPECTUS FOR PACIFIC LIFE FUNDS CLASS&nbsp;P SHARES </b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:times new roman" size="2"><b>DATED DECEMBER&nbsp;19, 2012 FOR THE PL FLOATING RATE INCOME FUND </b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:times new roman" size="2"><b>AND JULY&nbsp;1, 2012 FOR ALL OTHER FUNDS </b></font></p> <p style="margin-top:24px;margin-bottom:0px"><font style="font-family:times new roman" size="2">This supplement revises the Pacific Life Funds Class P Shares prospectus dated December&nbsp;19, 2012 for the PL Floating Rate Income Fund and July&nbsp;1, 2012 for all other funds (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement, unless otherwise noted below. Remember to review the Prospectus for other important information. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">All references to ClearBridge Advisors, LLC are replaced with ClearBridge Investments, LLC. </font></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><font style="font-family:times new roman" size="2"><b><u>Disclosure Changes to the </u></b><b><i><u>Fund Summaries</u></i></b><b><u> section </u></b></font></p><p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>PL Comstock Fund</b> &#150; The following is added to the <i>Principal investment strategies</i> subsection as the second and third paragraphs: </font></p> <p style="margin-top:6px;margin-bottom:0px; margin-left:4%"><font style="font-family:times new roman" size="2">The fund may invest up to 25% of its assets in securities of foreign issuers, including American Depositary Receipts (ADRs), European Depositary Receipts (EDRs), Global Depositary Receipts (GDRs) and those in emerging market countries. </font></p> <p style="margin-top:6px;margin-bottom:0px; margin-left:4%"><font style="font-family:times new roman" size="2">The manager may use foreign currency forwards, which are sold to hedge against currency fluctuations. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">In addition, the following is added to the <i>Principal risks </i>subsection: </font></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&nbsp;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#149;</font></td> <td width="1%" valign="top"><font size="1">&nbsp;</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Currency Risk:</b> Securities denominated in foreign currencies may be affected by changes in rates of exchange between those currencies and the U.S. dollar. Currency exchange rates may be volatile and may be affected by, among other factors, the general economic conditions of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. Currency risk may also entail some degree of <i>liquidity risk</i>, particularly in emerging market currencies. </font></td></tr></table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&nbsp;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#149;</font></td> <td width="1%" valign="top"><font size="1">&nbsp;</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Derivatives Risk:</b> Derivatives can be complex instruments, which may experience sudden and unpredictable changes in price or liquidity and may be difficult to value, sell or unwind. The value of derivatives is based on the value of other securities or indexes. They can also create investment exposure that is greater than their cost may suggest (known as <i>leverage risk</i>). Derivative transactions may also involve a counterparty. Such transactions are subject to the credit risk and/or the ability of the counterparty to perform in accordance with the terms of the transaction. </font></td></tr></table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&nbsp;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#149;</font></td> <td width="1%" valign="top"><font size="1">&nbsp;</font></td> <td align="left" valign="top"> <font style="font-family:times new roman" size="2"><b>Emerging Markets Risk:</b> Investments in or exposure to investments in emerging markets, such as those in Latin America, Asia, the Middle East, Eastern Europe and Africa, may be riskier than investments in or exposure to investments in U.S. and certain developed markets for many reasons, including smaller market capitalizations, greater price volatility, less liquidity, political and economic instability, less governmental regulation of the financial industry and markets, and less stringent financial reporting and accounting standards and controls. </font></td></tr></table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&nbsp;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#149;</font></td> <td width="1%" valign="top"><font size="1">&nbsp;</font></td> <td align="left" valign="top"> <font style="font-family:times new roman" size="2"><b>Foreign Markets Risk:</b> Exposure to foreign markets through issuers can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market. </font></td></tr></table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&nbsp;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#149;</font></td> <td width="1%" valign="top"><font size="1">&nbsp;</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Forward Commitments Risk:</b> Securities or currencies whose terms are defined on a date in the future or transactions that are scheduled to settle on a date in the future (beyond usual and customary settlement), called forward commitments, as well as when-issued securities, are subject to risk of default or bankruptcy of the counterparty. In forward commitment or when-issued transactions, if the counterparty fails to consummate the transaction, the fund may miss the opportunity of obtaining a price or yield considered to be advantageous. </font></td></tr></table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&nbsp;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#149;</font></td> <td width="1%" valign="top"><font size="1">&nbsp;</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Leverage Risk:</b> Leverage is investment exposure which exceeds the initial amount invested. The loss on a leveraged investment may far exceed the fund&#146;s principal amount invested. Leverage can magnify the fund&#146;s gains and losses and therefore increase its volatility. </font></td></tr></table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&nbsp;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#149;</font></td> <td width="1%" valign="top"><font size="1">&nbsp;</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Regulatory Impact Risk:</b> Certain financial instruments are subject to extensive government regulation, which may change frequently and impact a fund significantly. </font></td></tr></table> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>PL Large-Cap Growth Fund </b></font></p><p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Effective January&nbsp;1, 2013, the following replaces the disclosure in the <i>Principal investment strategies</i> subsection: </font></p> <p style="margin-top:6px;margin-bottom:0px; margin-left:4%"><font style="font-family:times new roman" size="2">Under normal circumstances, this fund invests at least 80% of its assets in equity securities of large-capitalization companies. The fund primarily invests in large-capitalization companies included in the fund&#146;s applicable benchmark index, including instruments representative of that index (such as derivatives). The fund&#146;s current benchmark index is the Russell 1000 Growth Index. As of December&nbsp;31, 2011, the market capitalization range of the Russell 1000 Growth Index was approximately $117.34 million to $401.25 billion. Generally, these securities are those that are included in the Russell 1000 Growth Index or have economic characteristics similar to securities included in that index. The Russell 1000 Growth Index measures the performance of the large-capitalization growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The manager principally invests in common stock. </font></p> <p style="margin-top:0px;margin-bottom:0px"><font size="1">&nbsp;</font></p> <p style="margin-top:0px;margin-bottom:0px; margin-left:4%"><font style="font-family:times new roman" size="2">The fund will generally hold substantially all of the stocks in the index and tries to match its sector weightings and characteristics. The manager periodically reviews and rebalances the fund&#146;s investments to more closely track the performance of the index. The manager will not actively manage the fund or carry out a financial analysis of its holdings. </font></p> <p style="margin-top:6px;margin-bottom:0px; margin-left:4%"><font style="font-family:times new roman" size="2">The manager will not deviate from the above noted strategies at any time for any reason. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Further, effective January&nbsp;1, 2013, the Active Management Risk and Small Number of Holdings Risk are deleted from the <i>Principal risks</i> subsection and the following is added: </font></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&nbsp;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#149;</font></td> <td width="1%" valign="top"><font size="1">&nbsp;</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Tracking Error Risk:</b> Performance of the fund may vary substantially from the performance of the fund&#146;s benchmark index due to imperfect correlation between the fund&#146;s investments and the index. </font></td></tr></table> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>PL Mid-Cap Equity Fund </b></font></p><p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Effective January&nbsp;1, 2013, the following replaces the second and third paragraph in the <i>Principal investment strategies</i> subsection: </font></p> <p style="margin-top:6px;margin-bottom:0px; margin-left:4%"><font style="font-family:times new roman" size="2">The fund will invest primarily in securities of U.S. companies, but may invest up to 20% of its assets in securities of foreign companies, including through American Depositary Receipts (ADRs). </font></p> <p style="margin-top:6px;margin-bottom:0px; margin-left:4%"><font style="font-family:times new roman" size="2">The manager seeks to invest in the securities of companies that are expected to benefit from macroeconomic or company-specific factors, and that are attractively priced relative to their fundamentals. In making investment decisions, the manager considers fundamental factors such as cash flow, financial strength, profitability, statistical valuation measures, potential or actual catalysts that could move the share price, accounting practices, management quality, risk factors such as litigation, the estimated fair value of the company, general economic and industry conditions, and additional information as appropriate. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Further, effective January&nbsp;1, 2013, the following is added to the <i>Principal risks </i>subsection: </font></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&nbsp;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#149;</font></td> <td width="1%" valign="top"><font size="1">&nbsp;</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Currency Risk: </b>Securities denominated in foreign currencies may be affected by changes in rates of exchange between those currencies and the U.S. dollar. Currency exchange rates may be volatile and may be affected by, among other factors, the general economic conditions of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. </font></td></tr></table> <p style="margin-top:0px;margin-bottom:0px"><font size="1">&nbsp;</font></p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&nbsp;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#149;</font></td> <td width="1%" valign="top"><font size="1">&nbsp;</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Foreign Markets Risk: </b>Exposure to foreign markets through issuers can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market. </font></td></tr></table> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:times new roman" size="2"><b>SUPPLEMENT DATED DECEMBER&nbsp;19, 2012 </b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:times new roman" size="2"><b>TO THE PROSPECTUS FOR PACIFIC LIFE FUNDS CLASS&nbsp;P SHARES </b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:times new roman" size="2"><b>DATED DECEMBER&nbsp;19, 2012 FOR THE PL FLOATING RATE INCOME FUND </b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:times new roman" size="2"><b>AND JULY&nbsp;1, 2012 FOR ALL OTHER FUNDS </b></font></p> <p style="margin-top:24px;margin-bottom:0px"><font style="font-family:times new roman" size="2">This supplement revises the Pacific Life Funds Class P Shares prospectus dated December&nbsp;19, 2012 for the PL Floating Rate Income Fund and July&nbsp;1, 2012 for all other funds (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement, unless otherwise noted below. Remember to review the Prospectus for other important information. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">All references to ClearBridge Advisors, LLC are replaced with ClearBridge Investments, LLC. </font></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><font style="font-family:times new roman" size="2"><b><u>Disclosure Changes to the </u></b><b><i><u>Fund Summaries</u></i></b><b><u> section </u></b></font></p><p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>PL Comstock Fund</b> &#150; The following is added to the <i>Principal investment strategies</i> subsection as the second and third paragraphs: </font></p> <p style="margin-top:6px;margin-bottom:0px; margin-left:4%"><font style="font-family:times new roman" size="2">The fund may invest up to 25% of its assets in securities of foreign issuers, including American Depositary Receipts (ADRs), European Depositary Receipts (EDRs), Global Depositary Receipts (GDRs) and those in emerging market countries. </font></p> <p style="margin-top:6px;margin-bottom:0px; margin-left:4%"><font style="font-family:times new roman" size="2">The manager may use foreign currency forwards, which are sold to hedge against currency fluctuations. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">In addition, the following is added to the <i>Principal risks </i>subsection: </font></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&nbsp;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#149;</font></td> <td width="1%" valign="top"><font size="1">&nbsp;</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Currency Risk:</b> Securities denominated in foreign currencies may be affected by changes in rates of exchange between those currencies and the U.S. dollar. Currency exchange rates may be volatile and may be affected by, among other factors, the general economic conditions of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. Currency risk may also entail some degree of <i>liquidity risk</i>, particularly in emerging market currencies. </font></td></tr></table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&nbsp;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#149;</font></td> <td width="1%" valign="top"><font size="1">&nbsp;</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Derivatives Risk:</b> Derivatives can be complex instruments, which may experience sudden and unpredictable changes in price or liquidity and may be difficult to value, sell or unwind. The value of derivatives is based on the value of other securities or indexes. They can also create investment exposure that is greater than their cost may suggest (known as <i>leverage risk</i>). Derivative transactions may also involve a counterparty. Such transactions are subject to the credit risk and/or the ability of the counterparty to perform in accordance with the terms of the transaction. </font></td></tr></table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&nbsp;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#149;</font></td> <td width="1%" valign="top"><font size="1">&nbsp;</font></td> <td align="left" valign="top"> <font style="font-family:times new roman" size="2"><b>Emerging Markets Risk:</b> Investments in or exposure to investments in emerging markets, such as those in Latin America, Asia, the Middle East, Eastern Europe and Africa, may be riskier than investments in or exposure to investments in U.S. and certain developed markets for many reasons, including smaller market capitalizations, greater price volatility, less liquidity, political and economic instability, less governmental regulation of the financial industry and markets, and less stringent financial reporting and accounting standards and controls. </font></td></tr></table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&nbsp;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#149;</font></td> <td width="1%" valign="top"><font size="1">&nbsp;</font></td> <td align="left" valign="top"> <font style="font-family:times new roman" size="2"><b>Foreign Markets Risk:</b> Exposure to foreign markets through issuers can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market. </font></td></tr></table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&nbsp;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#149;</font></td> <td width="1%" valign="top"><font size="1">&nbsp;</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Forward Commitments Risk:</b> Securities or currencies whose terms are defined on a date in the future or transactions that are scheduled to settle on a date in the future (beyond usual and customary settlement), called forward commitments, as well as when-issued securities, are subject to risk of default or bankruptcy of the counterparty. In forward commitment or when-issued transactions, if the counterparty fails to consummate the transaction, the fund may miss the opportunity of obtaining a price or yield considered to be advantageous. </font></td></tr></table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&nbsp;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#149;</font></td> <td width="1%" valign="top"><font size="1">&nbsp;</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Leverage Risk:</b> Leverage is investment exposure which exceeds the initial amount invested. The loss on a leveraged investment may far exceed the fund&#146;s principal amount invested. Leverage can magnify the fund&#146;s gains and losses and therefore increase its volatility. </font></td></tr></table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&nbsp;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#149;</font></td> <td width="1%" valign="top"><font size="1">&nbsp;</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Regulatory Impact Risk:</b> Certain financial instruments are subject to extensive government regulation, which may change frequently and impact a fund significantly. </font></td></tr></table> <font style="font-family:times new roman" size="2"><b>PL Comstock Fund</b> &#150; The following is added to the <i>Principal investment strategies</i> subsection as the second and third paragraphs: </font><p style="margin-top:6px;margin-bottom:0px; margin-left:4%"><font style="font-family:times new roman" size="2">The fund may invest up to 25% of its assets in securities of foreign issuers, including American Depositary Receipts (ADRs), European Depositary Receipts (EDRs), Global Depositary Receipts (GDRs) and those in emerging market countries. </font></p> <p style="margin-top:6px;margin-bottom:0px; margin-left:4%"><font style="font-family:times new roman" size="2">The manager may use foreign currency forwards, which are sold to hedge against currency fluctuations. </font></p> <font style="font-family:times new roman" size="2">In addition, the following is added to the <i>Principal risks </i>subsection: </font> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&nbsp;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#149;</font></td> <td width="1%" valign="top"><font size="1">&nbsp;</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Currency Risk:</b> Securities denominated in foreign currencies may be affected by changes in rates of exchange between those currencies and the U.S. dollar. Currency exchange rates may be volatile and may be affected by, among other factors, the general economic conditions of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. Currency risk may also entail some degree of <i>liquidity risk</i>, particularly in emerging market currencies. </font></td></tr></table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&nbsp;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#149;</font></td> <td width="1%" valign="top"><font size="1">&nbsp;</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Derivatives Risk:</b> Derivatives can be complex instruments, which may experience sudden and unpredictable changes in price or liquidity and may be difficult to value, sell or unwind. The value of derivatives is based on the value of other securities or indexes. They can also create investment exposure that is greater than their cost may suggest (known as <i>leverage risk</i>). Derivative transactions may also involve a counterparty. Such transactions are subject to the credit risk and/or the ability of the counterparty to perform in accordance with the terms of the transaction. </font></td></tr></table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&nbsp;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#149;</font></td> <td width="1%" valign="top"><font size="1">&nbsp;</font></td> <td align="left" valign="top"> <font style="font-family:times new roman" size="2"><b>Emerging Markets Risk:</b> Investments in or exposure to investments in emerging markets, such as those in Latin America, Asia, the Middle East, Eastern Europe and Africa, may be riskier than investments in or exposure to investments in U.S. and certain developed markets for many reasons, including smaller market capitalizations, greater price volatility, less liquidity, political and economic instability, less governmental regulation of the financial industry and markets, and less stringent financial reporting and accounting standards and controls. </font></td></tr></table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&nbsp;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#149;</font></td> <td width="1%" valign="top"><font size="1">&nbsp;</font></td> <td align="left" valign="top"> <font style="font-family:times new roman" size="2"><b>Foreign Markets Risk:</b> Exposure to foreign markets through issuers can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market. </font></td></tr></table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&nbsp;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#149;</font></td> <td width="1%" valign="top"><font size="1">&nbsp;</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Forward Commitments Risk:</b> Securities or currencies whose terms are defined on a date in the future or transactions that are scheduled to settle on a date in the future (beyond usual and customary settlement), called forward commitments, as well as when-issued securities, are subject to risk of default or bankruptcy of the counterparty. In forward commitment or when-issued transactions, if the counterparty fails to consummate the transaction, the fund may miss the opportunity of obtaining a price or yield considered to be advantageous. </font></td></tr></table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&nbsp;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#149;</font></td> <td width="1%" valign="top"><font size="1">&nbsp;</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Leverage Risk:</b> Leverage is investment exposure which exceeds the initial amount invested. The loss on a leveraged investment may far exceed the fund&#146;s principal amount invested. Leverage can magnify the fund&#146;s gains and losses and therefore increase its volatility. </font></td></tr></table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&nbsp;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#149;</font></td> <td width="1%" valign="top"><font size="1">&nbsp;</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Regulatory Impact Risk:</b> Certain financial instruments are subject to extensive government regulation, which may change frequently and impact a fund significantly. </font></td></tr></table> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:times new roman" size="2"><b>SUPPLEMENT DATED DECEMBER&nbsp;19, 2012 </b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:times new roman" size="2"><b>TO THE PROSPECTUS FOR PACIFIC LIFE FUNDS CLASS&nbsp;P SHARES </b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:times new roman" size="2"><b>DATED DECEMBER&nbsp;19, 2012 FOR THE PL FLOATING RATE INCOME FUND </b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:times new roman" size="2"><b>AND JULY&nbsp;1, 2012 FOR ALL OTHER FUNDS </b></font></p> <p style="margin-top:24px;margin-bottom:0px"><font style="font-family:times new roman" size="2">This supplement revises the Pacific Life Funds Class P Shares prospectus dated December&nbsp;19, 2012 for the PL Floating Rate Income Fund and July&nbsp;1, 2012 for all other funds (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement, unless otherwise noted below. Remember to review the Prospectus for other important information. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">All references to ClearBridge Advisors, LLC are replaced with ClearBridge Investments, LLC. </font></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><font style="font-family:times new roman" size="2"><b><u>Disclosure Changes to the </u></b><b><i><u>Fund Summaries</u></i></b><b><u> section </u></b></font></p><p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>PL Large-Cap Growth Fund </b></font></p><p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Effective January&nbsp;1, 2013, the following replaces the disclosure in the <i>Principal investment strategies</i> subsection: </font></p> <p style="margin-top:6px;margin-bottom:0px; margin-left:4%"><font style="font-family:times new roman" size="2">Under normal circumstances, this fund invests at least 80% of its assets in equity securities of large-capitalization companies. The fund primarily invests in large-capitalization companies included in the fund&#146;s applicable benchmark index, including instruments representative of that index (such as derivatives). The fund&#146;s current benchmark index is the Russell 1000 Growth Index. As of December&nbsp;31, 2011, the market capitalization range of the Russell 1000 Growth Index was approximately $117.34 million to $401.25 billion. Generally, these securities are those that are included in the Russell 1000 Growth Index or have economic characteristics similar to securities included in that index. The Russell 1000 Growth Index measures the performance of the large-capitalization growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The manager principally invests in common stock. </font></p> <p style="margin-top:0px;margin-bottom:0px"><font size="1">&nbsp;</font></p> <p style="margin-top:0px;margin-bottom:0px; margin-left:4%"><font style="font-family:times new roman" size="2">The fund will generally hold substantially all of the stocks in the index and tries to match its sector weightings and characteristics. The manager periodically reviews and rebalances the fund&#146;s investments to more closely track the performance of the index. The manager will not actively manage the fund or carry out a financial analysis of its holdings. </font></p> <p style="margin-top:6px;margin-bottom:0px; margin-left:4%"><font style="font-family:times new roman" size="2">The manager will not deviate from the above noted strategies at any time for any reason. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Further, effective January&nbsp;1, 2013, the Active Management Risk and Small Number of Holdings Risk are deleted from the <i>Principal risks</i> subsection and the following is added: </font></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&nbsp;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#149;</font></td> <td width="1%" valign="top"><font size="1">&nbsp;</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Tracking Error Risk:</b> Performance of the fund may vary substantially from the performance of the fund&#146;s benchmark index due to imperfect correlation between the fund&#146;s investments and the index. </font></td></tr></table> <font style="font-family:times new roman" size="2">Effective January&nbsp;1, 2013, the following replaces the disclosure in the <i>Principal investment strategies</i> subsection: </font> <p style="margin-top:6px;margin-bottom:0px; margin-left:4%"><font style="font-family:times new roman" size="2">Under normal circumstances, this fund invests at least 80% of its assets in equity securities of large-capitalization companies. The fund primarily invests in large-capitalization companies included in the fund&#146;s applicable benchmark index, including instruments representative of that index (such as derivatives). The fund&#146;s current benchmark index is the Russell 1000 Growth Index. As of December&nbsp;31, 2011, the market capitalization range of the Russell 1000 Growth Index was approximately $117.34 million to $401.25 billion. Generally, these securities are those that are included in the Russell 1000 Growth Index or have economic characteristics similar to securities included in that index. The Russell 1000 Growth Index measures the performance of the large-capitalization growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The manager principally invests in common stock. </font></p> <p style="margin-top:0px;margin-bottom:0px"><font size="1">&nbsp;</font></p> <p style="margin-top:0px;margin-bottom:0px; margin-left:4%"><font style="font-family:times new roman" size="2">The fund will generally hold substantially all of the stocks in the index and tries to match its sector weightings and characteristics. The manager periodically reviews and rebalances the fund&#146;s investments to more closely track the performance of the index. The manager will not actively manage the fund or carry out a financial analysis of its holdings. </font></p> <p style="margin-top:6px;margin-bottom:0px; margin-left:4%"><font style="font-family:times new roman" size="2">The manager will not deviate from the above noted strategies at any time for any reason. </font></p> <font style="font-family:times new roman" size="2">Further, effective January&nbsp;1, 2013, the Active Management Risk and Small Number of Holdings Risk are deleted from the <i>Principal risks</i> subsection and the following is added: </font><p style="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&nbsp;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#149;</font></td> <td width="1%" valign="top"><font size="1">&nbsp;</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Tracking Error Risk:</b> Performance of the fund may vary substantially from the performance of the fund&#146;s benchmark index due to imperfect correlation between the fund&#146;s investments and the index. </font></td></tr></table> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:times new roman" size="2"><b>SUPPLEMENT DATED DECEMBER&nbsp;19, 2012 </b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:times new roman" size="2"><b>TO THE PROSPECTUS FOR PACIFIC LIFE FUNDS CLASS&nbsp;P SHARES </b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:times new roman" size="2"><b>DATED DECEMBER&nbsp;19, 2012 FOR THE PL FLOATING RATE INCOME FUND </b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:times new roman" size="2"><b>AND JULY&nbsp;1, 2012 FOR ALL OTHER FUNDS </b></font></p> <p style="margin-top:24px;margin-bottom:0px"><font style="font-family:times new roman" size="2">This supplement revises the Pacific Life Funds Class P Shares prospectus dated December&nbsp;19, 2012 for the PL Floating Rate Income Fund and July&nbsp;1, 2012 for all other funds (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement, unless otherwise noted below. Remember to review the Prospectus for other important information. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">All references to ClearBridge Advisors, LLC are replaced with ClearBridge Investments, LLC. </font></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><font style="font-family:times new roman" size="2"><b><u>Disclosure Changes to the </u></b><b><i><u>Fund Summaries</u></i></b><b><u> section </u></b></font></p><p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>PL Mid-Cap Equity Fund </b></font></p><p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Effective January&nbsp;1, 2013, the following replaces the second and third paragraph in the <i>Principal investment strategies</i> subsection: </font></p> <p style="margin-top:6px;margin-bottom:0px; margin-left:4%"><font style="font-family:times new roman" size="2">The fund will invest primarily in securities of U.S. companies, but may invest up to 20% of its assets in securities of foreign companies, including through American Depositary Receipts (ADRs). </font></p> <p style="margin-top:6px;margin-bottom:0px; margin-left:4%"><font style="font-family:times new roman" size="2">The manager seeks to invest in the securities of companies that are expected to benefit from macroeconomic or company-specific factors, and that are attractively priced relative to their fundamentals. In making investment decisions, the manager considers fundamental factors such as cash flow, financial strength, profitability, statistical valuation measures, potential or actual catalysts that could move the share price, accounting practices, management quality, risk factors such as litigation, the estimated fair value of the company, general economic and industry conditions, and additional information as appropriate. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Further, effective January&nbsp;1, 2013, the following is added to the <i>Principal risks </i>subsection: </font></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&nbsp;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#149;</font></td> <td width="1%" valign="top"><font size="1">&nbsp;</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Currency Risk: </b>Securities denominated in foreign currencies may be affected by changes in rates of exchange between those currencies and the U.S. dollar. Currency exchange rates may be volatile and may be affected by, among other factors, the general economic conditions of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. </font></td></tr></table> <p style="margin-top:0px;margin-bottom:0px"><font size="1">&nbsp;</font></p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&nbsp;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#149;</font></td> <td width="1%" valign="top"><font size="1">&nbsp;</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Foreign Markets Risk: </b>Exposure to foreign markets through issuers can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market. </font></td></tr></table> <font style="font-family:times new roman" size="2">Effective January&nbsp;1, 2013, the following replaces the second and third paragraph in the <i>Principal investment strategies</i> subsection: </font> <p style="margin-top:6px;margin-bottom:0px; margin-left:4%"><font style="font-family:times new roman" size="2">The fund will invest primarily in securities of U.S. companies, but may invest up to 20% of its assets in securities of foreign companies, including through American Depositary Receipts (ADRs). </font></p> <p style="margin-top:6px;margin-bottom:0px; margin-left:4%"><font style="font-family:times new roman" size="2">The manager seeks to invest in the securities of companies that are expected to benefit from macroeconomic or company-specific factors, and that are attractively priced relative to their fundamentals. In making investment decisions, the manager considers fundamental factors such as cash flow, financial strength, profitability, statistical valuation measures, potential or actual catalysts that could move the share price, accounting practices, management quality, risk factors such as litigation, the estimated fair value of the company, general economic and industry conditions, and additional information as appropriate. </font></p> <font style="font-family:times new roman" size="2">Further, effective January&nbsp;1, 2013, the following is added to the <i>Principal risks </i>subsection: </font> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&nbsp;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#149;</font></td> <td width="1%" valign="top"><font size="1">&nbsp;</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Currency Risk: </b>Securities denominated in foreign currencies may be affected by changes in rates of exchange between those currencies and the U.S. dollar. Currency exchange rates may be volatile and may be affected by, among other factors, the general economic conditions of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. </font></td></tr></table> <p style="margin-top:0px;margin-bottom:0px"><font size="1">&nbsp;</font></p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&nbsp;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#149;</font></td> <td width="1%" valign="top"><font size="1">&nbsp;</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Foreign Markets Risk: </b>Exposure to foreign markets through issuers can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. 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SUPPLEMENT DATED DECEMBER 19, 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 (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement, unless otherwise noted below. Remember to review the Prospectus for other important information.

All references to ClearBridge Advisors, LLC are replaced with ClearBridge Investments, LLC.

Disclosure Changes to the Fund Summaries section

PL Comstock Fund – The following is added to the Principal investment strategies subsection as the second and third paragraphs:

The fund may invest up to 25% of its assets in securities of foreign issuers, including American Depositary Receipts (ADRs), European Depositary Receipts (EDRs), Global Depositary Receipts (GDRs) and those in emerging market countries.

The manager may use foreign currency forwards, which are sold to hedge against currency fluctuations.

In addition, the following is added to the Principal risks subsection:

 

    Currency Risk: Securities denominated in foreign currencies may be affected by changes in rates of exchange between those currencies and the U.S. dollar. Currency exchange rates may be volatile and may be affected by, among other factors, the general economic conditions of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. Currency risk may also entail some degree of liquidity risk, particularly in emerging market currencies.

 

    Derivatives Risk: Derivatives can be complex instruments, which may experience sudden and unpredictable changes in price or liquidity and may be difficult to value, sell or unwind. The value of derivatives is based on the value of other securities or indexes. They can also create investment exposure that is greater than their cost may suggest (known as leverage risk). Derivative transactions may also involve a counterparty. Such transactions are subject to the credit risk and/or the ability of the counterparty to perform in accordance with the terms of the transaction.

 

    Emerging Markets Risk: Investments in or exposure to investments in emerging markets, such as those in Latin America, Asia, the Middle East, Eastern Europe and Africa, may be riskier than investments in or exposure to investments in U.S. and certain developed markets for many reasons, including smaller market capitalizations, greater price volatility, less liquidity, political and economic instability, less governmental regulation of the financial industry and markets, and less stringent financial reporting and accounting standards and controls.

 

    Foreign Markets Risk: Exposure to foreign markets through issuers can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market.

 

    Forward Commitments Risk: Securities or currencies whose terms are defined on a date in the future or transactions that are scheduled to settle on a date in the future (beyond usual and customary settlement), called forward commitments, as well as when-issued securities, are subject to risk of default or bankruptcy of the counterparty. In forward commitment or when-issued transactions, if the counterparty fails to consummate the transaction, the fund may miss the opportunity of obtaining a price or yield considered to be advantageous.

 

    Leverage Risk: Leverage is investment exposure which exceeds the initial amount invested. The loss on a leveraged investment may far exceed the fund’s principal amount invested. Leverage can magnify the fund’s gains and losses and therefore increase its volatility.

 

    Regulatory Impact Risk: Certain financial instruments are subject to extensive government regulation, which may change frequently and impact a fund significantly.

PL Large-Cap Growth Fund

Effective January 1, 2013, the following replaces the disclosure in the Principal investment strategies subsection:

Under normal circumstances, this fund invests at least 80% of its assets in equity securities of large-capitalization companies. The fund primarily invests in large-capitalization companies included in the fund’s applicable benchmark index, including instruments representative of that index (such as derivatives). The fund’s current benchmark index is the Russell 1000 Growth Index. As of December 31, 2011, the market capitalization range of the Russell 1000 Growth Index was approximately $117.34 million to $401.25 billion. Generally, these securities are those that are included in the Russell 1000 Growth Index or have economic characteristics similar to securities included in that index. The Russell 1000 Growth Index measures the performance of the large-capitalization growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The manager principally invests in common stock.

 

The fund will generally hold substantially all of the stocks in the index and tries to match its sector weightings and characteristics. The manager periodically reviews and rebalances the fund’s investments to more closely track the performance of the index. The manager will not actively manage the fund or carry out a financial analysis of its holdings.

The manager will not deviate from the above noted strategies at any time for any reason.

Further, effective January 1, 2013, the Active Management Risk and Small Number of Holdings Risk are deleted from the Principal risks subsection and the following is added:

 

    Tracking Error Risk: Performance of the fund may vary substantially from the performance of the fund’s benchmark index due to imperfect correlation between the fund’s investments and the index.

PL Mid-Cap Equity Fund

Effective January 1, 2013, the following replaces the second and third paragraph in the Principal investment strategies subsection:

The fund will invest primarily in securities of U.S. companies, but may invest up to 20% of its assets in securities of foreign companies, including through American Depositary Receipts (ADRs).

The manager seeks to invest in the securities of companies that are expected to benefit from macroeconomic or company-specific factors, and that are attractively priced relative to their fundamentals. In making investment decisions, the manager considers fundamental factors such as cash flow, financial strength, profitability, statistical valuation measures, potential or actual catalysts that could move the share price, accounting practices, management quality, risk factors such as litigation, the estimated fair value of the company, general economic and industry conditions, and additional information as appropriate.

Further, effective January 1, 2013, the following is added to the Principal risks subsection:

 

    Currency Risk: Securities denominated in foreign currencies may be affected by changes in rates of exchange between those currencies and the U.S. dollar. Currency exchange rates may be volatile and may be affected by, among other factors, the general economic conditions of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency.

 

    Foreign Markets Risk: Exposure to foreign markets through issuers can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market.
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Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName PACIFIC LIFE FUNDS
Prospectus Date rr_ProspectusDate Dec. 19, 2012
Supplement [Text Block] plf8_SupplementTextBlock

SUPPLEMENT DATED DECEMBER 19, 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 (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement, unless otherwise noted below. Remember to review the Prospectus for other important information.

All references to ClearBridge Advisors, LLC are replaced with ClearBridge Investments, LLC.

Disclosure Changes to the Fund Summaries section

PL Comstock Fund – The following is added to the Principal investment strategies subsection as the second and third paragraphs:

The fund may invest up to 25% of its assets in securities of foreign issuers, including American Depositary Receipts (ADRs), European Depositary Receipts (EDRs), Global Depositary Receipts (GDRs) and those in emerging market countries.

The manager may use foreign currency forwards, which are sold to hedge against currency fluctuations.

In addition, the following is added to the Principal risks subsection:

 

    Currency Risk: Securities denominated in foreign currencies may be affected by changes in rates of exchange between those currencies and the U.S. dollar. Currency exchange rates may be volatile and may be affected by, among other factors, the general economic conditions of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. Currency risk may also entail some degree of liquidity risk, particularly in emerging market currencies.

 

    Derivatives Risk: Derivatives can be complex instruments, which may experience sudden and unpredictable changes in price or liquidity and may be difficult to value, sell or unwind. The value of derivatives is based on the value of other securities or indexes. They can also create investment exposure that is greater than their cost may suggest (known as leverage risk). Derivative transactions may also involve a counterparty. Such transactions are subject to the credit risk and/or the ability of the counterparty to perform in accordance with the terms of the transaction.

 

    Emerging Markets Risk: Investments in or exposure to investments in emerging markets, such as those in Latin America, Asia, the Middle East, Eastern Europe and Africa, may be riskier than investments in or exposure to investments in U.S. and certain developed markets for many reasons, including smaller market capitalizations, greater price volatility, less liquidity, political and economic instability, less governmental regulation of the financial industry and markets, and less stringent financial reporting and accounting standards and controls.

 

    Foreign Markets Risk: Exposure to foreign markets through issuers can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market.

 

    Forward Commitments Risk: Securities or currencies whose terms are defined on a date in the future or transactions that are scheduled to settle on a date in the future (beyond usual and customary settlement), called forward commitments, as well as when-issued securities, are subject to risk of default or bankruptcy of the counterparty. In forward commitment or when-issued transactions, if the counterparty fails to consummate the transaction, the fund may miss the opportunity of obtaining a price or yield considered to be advantageous.

 

    Leverage Risk: Leverage is investment exposure which exceeds the initial amount invested. The loss on a leveraged investment may far exceed the fund’s principal amount invested. Leverage can magnify the fund’s gains and losses and therefore increase its volatility.

 

    Regulatory Impact Risk: Certain financial instruments are subject to extensive government regulation, which may change frequently and impact a fund significantly.

PL Large-Cap Growth Fund

Effective January 1, 2013, the following replaces the disclosure in the Principal investment strategies subsection:

Under normal circumstances, this fund invests at least 80% of its assets in equity securities of large-capitalization companies. The fund primarily invests in large-capitalization companies included in the fund’s applicable benchmark index, including instruments representative of that index (such as derivatives). The fund’s current benchmark index is the Russell 1000 Growth Index. As of December 31, 2011, the market capitalization range of the Russell 1000 Growth Index was approximately $117.34 million to $401.25 billion. Generally, these securities are those that are included in the Russell 1000 Growth Index or have economic characteristics similar to securities included in that index. The Russell 1000 Growth Index measures the performance of the large-capitalization growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The manager principally invests in common stock.

 

The fund will generally hold substantially all of the stocks in the index and tries to match its sector weightings and characteristics. The manager periodically reviews and rebalances the fund’s investments to more closely track the performance of the index. The manager will not actively manage the fund or carry out a financial analysis of its holdings.

The manager will not deviate from the above noted strategies at any time for any reason.

Further, effective January 1, 2013, the Active Management Risk and Small Number of Holdings Risk are deleted from the Principal risks subsection and the following is added:

 

    Tracking Error Risk: Performance of the fund may vary substantially from the performance of the fund’s benchmark index due to imperfect correlation between the fund’s investments and the index.

PL Mid-Cap Equity Fund

Effective January 1, 2013, the following replaces the second and third paragraph in the Principal investment strategies subsection:

The fund will invest primarily in securities of U.S. companies, but may invest up to 20% of its assets in securities of foreign companies, including through American Depositary Receipts (ADRs).

The manager seeks to invest in the securities of companies that are expected to benefit from macroeconomic or company-specific factors, and that are attractively priced relative to their fundamentals. In making investment decisions, the manager considers fundamental factors such as cash flow, financial strength, profitability, statistical valuation measures, potential or actual catalysts that could move the share price, accounting practices, management quality, risk factors such as litigation, the estimated fair value of the company, general economic and industry conditions, and additional information as appropriate.

Further, effective January 1, 2013, the following is added to the Principal risks subsection:

 

    Currency Risk: Securities denominated in foreign currencies may be affected by changes in rates of exchange between those currencies and the U.S. dollar. Currency exchange rates may be volatile and may be affected by, among other factors, the general economic conditions of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency.

 

    Foreign Markets Risk: Exposure to foreign markets through issuers can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market.
PL Comstock Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] plf8_SupplementTextBlock

SUPPLEMENT DATED DECEMBER 19, 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 (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement, unless otherwise noted below. Remember to review the Prospectus for other important information.

All references to ClearBridge Advisors, LLC are replaced with ClearBridge Investments, LLC.

Disclosure Changes to the Fund Summaries section

PL Comstock Fund – The following is added to the Principal investment strategies subsection as the second and third paragraphs:

The fund may invest up to 25% of its assets in securities of foreign issuers, including American Depositary Receipts (ADRs), European Depositary Receipts (EDRs), Global Depositary Receipts (GDRs) and those in emerging market countries.

The manager may use foreign currency forwards, which are sold to hedge against currency fluctuations.

In addition, the following is added to the Principal risks subsection:

 

    Currency Risk: Securities denominated in foreign currencies may be affected by changes in rates of exchange between those currencies and the U.S. dollar. Currency exchange rates may be volatile and may be affected by, among other factors, the general economic conditions of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. Currency risk may also entail some degree of liquidity risk, particularly in emerging market currencies.

 

    Derivatives Risk: Derivatives can be complex instruments, which may experience sudden and unpredictable changes in price or liquidity and may be difficult to value, sell or unwind. The value of derivatives is based on the value of other securities or indexes. They can also create investment exposure that is greater than their cost may suggest (known as leverage risk). Derivative transactions may also involve a counterparty. Such transactions are subject to the credit risk and/or the ability of the counterparty to perform in accordance with the terms of the transaction.

 

    Emerging Markets Risk: Investments in or exposure to investments in emerging markets, such as those in Latin America, Asia, the Middle East, Eastern Europe and Africa, may be riskier than investments in or exposure to investments in U.S. and certain developed markets for many reasons, including smaller market capitalizations, greater price volatility, less liquidity, political and economic instability, less governmental regulation of the financial industry and markets, and less stringent financial reporting and accounting standards and controls.

 

    Foreign Markets Risk: Exposure to foreign markets through issuers can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market.

 

    Forward Commitments Risk: Securities or currencies whose terms are defined on a date in the future or transactions that are scheduled to settle on a date in the future (beyond usual and customary settlement), called forward commitments, as well as when-issued securities, are subject to risk of default or bankruptcy of the counterparty. In forward commitment or when-issued transactions, if the counterparty fails to consummate the transaction, the fund may miss the opportunity of obtaining a price or yield considered to be advantageous.

 

    Leverage Risk: Leverage is investment exposure which exceeds the initial amount invested. The loss on a leveraged investment may far exceed the fund’s principal amount invested. Leverage can magnify the fund’s gains and losses and therefore increase its volatility.

 

    Regulatory Impact Risk: Certain financial instruments are subject to extensive government regulation, which may change frequently and impact a fund significantly.
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock PL Comstock Fund – The following is added to the Principal investment strategies subsection as the second and third paragraphs:

The fund may invest up to 25% of its assets in securities of foreign issuers, including American Depositary Receipts (ADRs), European Depositary Receipts (EDRs), Global Depositary Receipts (GDRs) and those in emerging market countries.

The manager may use foreign currency forwards, which are sold to hedge against currency fluctuations.

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock In addition, the following is added to the Principal risks subsection:

 

    Currency Risk: Securities denominated in foreign currencies may be affected by changes in rates of exchange between those currencies and the U.S. dollar. Currency exchange rates may be volatile and may be affected by, among other factors, the general economic conditions of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. Currency risk may also entail some degree of liquidity risk, particularly in emerging market currencies.

 

    Derivatives Risk: Derivatives can be complex instruments, which may experience sudden and unpredictable changes in price or liquidity and may be difficult to value, sell or unwind. The value of derivatives is based on the value of other securities or indexes. They can also create investment exposure that is greater than their cost may suggest (known as leverage risk). Derivative transactions may also involve a counterparty. Such transactions are subject to the credit risk and/or the ability of the counterparty to perform in accordance with the terms of the transaction.

 

    Emerging Markets Risk: Investments in or exposure to investments in emerging markets, such as those in Latin America, Asia, the Middle East, Eastern Europe and Africa, may be riskier than investments in or exposure to investments in U.S. and certain developed markets for many reasons, including smaller market capitalizations, greater price volatility, less liquidity, political and economic instability, less governmental regulation of the financial industry and markets, and less stringent financial reporting and accounting standards and controls.

 

    Foreign Markets Risk: Exposure to foreign markets through issuers can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market.

 

    Forward Commitments Risk: Securities or currencies whose terms are defined on a date in the future or transactions that are scheduled to settle on a date in the future (beyond usual and customary settlement), called forward commitments, as well as when-issued securities, are subject to risk of default or bankruptcy of the counterparty. In forward commitment or when-issued transactions, if the counterparty fails to consummate the transaction, the fund may miss the opportunity of obtaining a price or yield considered to be advantageous.

 

    Leverage Risk: Leverage is investment exposure which exceeds the initial amount invested. The loss on a leveraged investment may far exceed the fund’s principal amount invested. Leverage can magnify the fund’s gains and losses and therefore increase its volatility.

 

    Regulatory Impact Risk: Certain financial instruments are subject to extensive government regulation, which may change frequently and impact a fund significantly.
PL Large-Cap Growth Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] plf8_SupplementTextBlock

SUPPLEMENT DATED DECEMBER 19, 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 (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement, unless otherwise noted below. Remember to review the Prospectus for other important information.

All references to ClearBridge Advisors, LLC are replaced with ClearBridge Investments, LLC.

Disclosure Changes to the Fund Summaries section

PL Large-Cap Growth Fund

Effective January 1, 2013, the following replaces the disclosure in the Principal investment strategies subsection:

Under normal circumstances, this fund invests at least 80% of its assets in equity securities of large-capitalization companies. The fund primarily invests in large-capitalization companies included in the fund’s applicable benchmark index, including instruments representative of that index (such as derivatives). The fund’s current benchmark index is the Russell 1000 Growth Index. As of December 31, 2011, the market capitalization range of the Russell 1000 Growth Index was approximately $117.34 million to $401.25 billion. Generally, these securities are those that are included in the Russell 1000 Growth Index or have economic characteristics similar to securities included in that index. The Russell 1000 Growth Index measures the performance of the large-capitalization growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The manager principally invests in common stock.

 

The fund will generally hold substantially all of the stocks in the index and tries to match its sector weightings and characteristics. The manager periodically reviews and rebalances the fund’s investments to more closely track the performance of the index. The manager will not actively manage the fund or carry out a financial analysis of its holdings.

The manager will not deviate from the above noted strategies at any time for any reason.

Further, effective January 1, 2013, the Active Management Risk and Small Number of Holdings Risk are deleted from the Principal risks subsection and the following is added:

 

    Tracking Error Risk: Performance of the fund may vary substantially from the performance of the fund’s benchmark index due to imperfect correlation between the fund’s investments and the index.
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock Effective January 1, 2013, the following replaces the disclosure in the Principal investment strategies subsection:

Under normal circumstances, this fund invests at least 80% of its assets in equity securities of large-capitalization companies. The fund primarily invests in large-capitalization companies included in the fund’s applicable benchmark index, including instruments representative of that index (such as derivatives). The fund’s current benchmark index is the Russell 1000 Growth Index. As of December 31, 2011, the market capitalization range of the Russell 1000 Growth Index was approximately $117.34 million to $401.25 billion. Generally, these securities are those that are included in the Russell 1000 Growth Index or have economic characteristics similar to securities included in that index. The Russell 1000 Growth Index measures the performance of the large-capitalization growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The manager principally invests in common stock.

 

The fund will generally hold substantially all of the stocks in the index and tries to match its sector weightings and characteristics. The manager periodically reviews and rebalances the fund’s investments to more closely track the performance of the index. The manager will not actively manage the fund or carry out a financial analysis of its holdings.

The manager will not deviate from the above noted strategies at any time for any reason.

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock Further, effective January 1, 2013, the Active Management Risk and Small Number of Holdings Risk are deleted from the Principal risks subsection and the following is added:

 

    Tracking Error Risk: Performance of the fund may vary substantially from the performance of the fund’s benchmark index due to imperfect correlation between the fund’s investments and the index.
PL Mid-Cap Equity Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] plf8_SupplementTextBlock

SUPPLEMENT DATED DECEMBER 19, 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 (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement, unless otherwise noted below. Remember to review the Prospectus for other important information.

All references to ClearBridge Advisors, LLC are replaced with ClearBridge Investments, LLC.

Disclosure Changes to the Fund Summaries section

PL Mid-Cap Equity Fund

Effective January 1, 2013, the following replaces the second and third paragraph in the Principal investment strategies subsection:

The fund will invest primarily in securities of U.S. companies, but may invest up to 20% of its assets in securities of foreign companies, including through American Depositary Receipts (ADRs).

The manager seeks to invest in the securities of companies that are expected to benefit from macroeconomic or company-specific factors, and that are attractively priced relative to their fundamentals. In making investment decisions, the manager considers fundamental factors such as cash flow, financial strength, profitability, statistical valuation measures, potential or actual catalysts that could move the share price, accounting practices, management quality, risk factors such as litigation, the estimated fair value of the company, general economic and industry conditions, and additional information as appropriate.

Further, effective January 1, 2013, the following is added to the Principal risks subsection:

 

    Currency Risk: Securities denominated in foreign currencies may be affected by changes in rates of exchange between those currencies and the U.S. dollar. Currency exchange rates may be volatile and may be affected by, among other factors, the general economic conditions of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency.

 

    Foreign Markets Risk: Exposure to foreign markets through issuers can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market.
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock Effective January 1, 2013, the following replaces the second and third paragraph in the Principal investment strategies subsection:

The fund will invest primarily in securities of U.S. companies, but may invest up to 20% of its assets in securities of foreign companies, including through American Depositary Receipts (ADRs).

The manager seeks to invest in the securities of companies that are expected to benefit from macroeconomic or company-specific factors, and that are attractively priced relative to their fundamentals. In making investment decisions, the manager considers fundamental factors such as cash flow, financial strength, profitability, statistical valuation measures, potential or actual catalysts that could move the share price, accounting practices, management quality, risk factors such as litigation, the estimated fair value of the company, general economic and industry conditions, and additional information as appropriate.

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock Further, effective January 1, 2013, the following is added to the Principal risks subsection:

 

    Currency Risk: Securities denominated in foreign currencies may be affected by changes in rates of exchange between those currencies and the U.S. dollar. Currency exchange rates may be volatile and may be affected by, among other factors, the general economic conditions of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency.

 

    Foreign Markets Risk: Exposure to foreign markets through issuers can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market.
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Document and Entity Information
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Dec. 19, 2012
Risk/Return:  
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Registrant Name PACIFIC LIFE FUNDS
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Document Creation Date Dec. 19, 2012
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName PACIFIC LIFE FUNDS
Prospectus Date rr_ProspectusDate Dec. 19, 2012
Document Creation Date dei_DocumentCreationDate Dec. 19, 2012
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