Pacific Life Funds announces launch of three new funds

By Toni Weeks

San Diego, Dec. 19 - Pacific Life Funds announced in an N-1A filing with the Securities and Exchange Commission the launch of three new funds: the PL High Income Fund, PL Short Duration Income Fund and PL Strategic Income Fund.

The PL High Income Fund will seek a high level of current income by investing, under normal circumstances, at least 80% of its assets in high-yield debt instruments with intermediate to long-term maturity.

The investment adviser will be Pacific Asset Management. The portfolio managers are Jason R. Rosiak, Brian M. Robertson and Michael Long.

The maximum sales charge will be 4.25% of the offering price for class A shares and 0% for class C and class I shares. Class C shares will have a 1% maximum deferred sales charge; class A and class I shares have none. The management fee for all three classes is 0.6%, with total annual fund operating expenses totaling 1.05% for class A shares, 1.8% for class C shares and 0.8% for class I shares.

The PL Short Duration Income Fund seeks current income with capital appreciation as a secondary objective by investing, under normal circumstances, at least 70% of its assets in investment-grade corporate debt instruments, including those issued by non-U.S. entities denominated in U.S. dollars, and U.S. government and agency securities. The fund may invest up to 30% of its assets in high-yield debt instruments. The fund expects to maintain a duration position within one year of the Barclays Capital 1-3 Year Government/Credit Bond Index.

The fund's primary portfolio managers will be David Weismiller and Michael Marzouk.

Class A shares will have a maximum sales charge of 3%; class C and class I shares have none. Class C shares have a maximum deferred sales charge of 1%. The management fee for all three classes is 0.4%, with total annual fund operating expenses totaling 0.85% for class A shares, 1.6% for class C shares and 0.6% for class I shares.

The PL Strategic Income Fund seeks a high level of current income and possibly capital appreciation. It will invest at least 70% of its assets in high-yield debt instruments, including those issued by non-U.S. entities denominated in U.S. dollars, and floating-rate loans. The average portfolio duration is expected to be one to six years. The fund may also invest up to 10% of its assets, but not to exceed 20% in the aggregate, in non-U.S. dollar-denominated debt instruments, convertible securities or equity securities.

Pacific Asset Management will be the investment adviser, with Jason R. Rosiak, Brian M. Robertson and Alap Shah as portfolio managers.

Class A shares will carry a maximum sales charge of 4.25%; class C and class I shares have none. Only class C shares have a maximum deferred sales charge, which is 1%. The management fee for all three classes is 0.6%, with total annual fund operating expenses totaling 1.05% for class A shares, 1.8% for class C shares and 0.8% for class I shares.

Newport Beach, Calif.-based Pacific Asset Management also does business as Pacific Life Fund Advisors LLC.

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