Contact: June Arce (949) 219-6916 or (800) 722-2333 x 6316

For Immediate Release

NEWPORT BEACH — (Oct. 3, 2005)—Pacific Funds now offers R shares of its Portfolio Optimization Funds.  The five “fund-of-funds” give plan sponsors the ability to offer automatic diversification to plan participants in a single security. Portfolio Optimization Funds will be the first multi-manager fund-of-funds with a Class R share in addition to offering Class A, B and C shares.

Available October 3, 2005, each of the five Portfolio Optimization Funds may be diversified among up to 16 individual mutual funds and 11 money managers and asset classes.  Adding Portfolio Optimization Funds to a retirement plan lineup gives plan participants access to a diversified fund that may suit their investment objectives, time horizon and risk tolerance.

Pacific Funds R shares are designed specifically for the small market segment of the qualified plan marketplace, (plans between $1 and 10 million dollars in assets). The funds will be available to 401(k) plans sold through broker/dealers that have agreements with Pacific Funds.

“With Portfolio Optimization Funds, investment professionals can match plan participants to a diversified fund by using an ‘Easy-Score Questionnaire,’” says Kathleen McWard, CFP®, vice president of Marketing, Annuities & Mutual Funds. “It’s asset allocation made easy.”

Developed by Pacific Life with asset allocation modeling by Ibbotson Associates, Portfolio Optimization Funds offers the financial expertise of two leading firms.

Pacific Life (investment adviser to the Pacific Funds) is a recognized leader in the financial industry providing asset allocation services to its variable annuity clients for more than a decade and to its mutual funds clients for four years.

Ibbotson Associates was one of the first to develop asset allocation methodologies based on Dr. Harry Markowitz’s Nobel Prize-winning modern portfolio theory.  As a consultant to Pacific Life, Ibbotson applies its investment methodology to review and construct the asset allocation of the funds.

You should carefully consider the fund investment objectives, risks, charges, limitations and expenses of Pacific Funds. This and other information about Pacific Funds is in the Class R prospectus available from your registered representative or by calling (800)722-2333.  Read the prospectus carefully before investing.  Share values will fluctuate and, when redeemed may be worth more or less than the original cost.

Founded in 1868, Pacific Life provides life insurance products, individual annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses and pension plans. Pacific Life counts more than half of the 100 largest U.S. companies as clients¹ and is a member of Insurance Marketplace Standards Association (IMSA), whose membership promotes high ethical standards for the sale of individual life insurance and annuities.

Pacific Funds are distributed by Pacific Select Distributors, Inc. (member MSRB, NASD & SIPC), a subsidiary of Pacific Life Insurance Company, and are available through licensed third party broker/dealers.

¹ Data compiled by Pacific Life using the FORTUNE 500 list as of April 2005.