September 30, 2012
PL Floating Rate Income Fund
A Shares C Shares Advisor Shares
Fund Overview CUSIP
69448A 87 0
69448A 86 2
69447T 71 4
Goal: This fund seeks a high level of
current income. The PL Floating Rate Income Fund is:
Investment Strategy: This fund ◾ Designed for Income: Constructed to seek steady streams of higher income.
generally invests at least 80% of ◾ Built for Portfolio Diversification: Floating-rate loans may complement a traditional
its assets in floating-rate loans and
floating-rate debt securities. Floating-rate
◾ Based on Experience: A portfolio management team that specializes in institutional
loans and floating-rate debt securities
fixed-income asset management.
are those with interest rates which
float, adjust, or vary periodically
based on a benchmark indicator, Fund Snapshot
a specified adjustment schedule, or
prevailing interest rates. Floating-rate The PL Floating Rate Income Fund invests primarily in floating-rate loans of non-investment-grade
loans and floating-rate debt securities companies. These investments can serve as both an income driver and a hedge against rising
in which the fund invests consist interest rates.
of senior secured and unsecured Floating-rate loans, also known as senior bank loans, are variable-rate loans made by financial
floating-rate loans, secured and institutions to companies that are generally considered to have low credit quality. Borrowers
unsecured second lien floating-rate enter into these loans to raise capital. In exchange for investing with these companies, holders
loans, and floating-rate debt securities typically receive higher levels of income.
of domestic and foreign issuers.
Life of Fund
Performance 1-Month 3-Month YTD
Investor Profile A Shares—NAV † 0.92% 2.96% 8.22% 6.66%
Designed for investors who seek a high PL Floating Rate A Shares—Load Adjusted † (2.14) (0.11) 5.01 4.09
level of current income in a diversified Income Fund C Shares—NAV † 0.97 2.79 7.77 5.98
Advisor Shares †† 0.93 2.89 8.23 6.67
Credit Suisse Leveraged Loan Index††† 1.08 3.14 7.80 5.22
Yield (as of September 30, 2012) Class A
Portfolio Manager (since inception)
Pacific Asset Management 30-Day SEC Yield 4.49%
Jason R. Rosiak †
Class A and C shares incepted on 12/29/11. ††Advisor Shares incepted on 6/29/12. Performance shown prior to that date is hypothetical
Senior Managing Director; more than and is that of Class I shares (6/30/11 inception date), restated to reflect the higher 12b-1 fees applicable to Class A, C, and Advisor shares.
18 years of investment experience
JP Leasure As with any mutual fund, the value of the fund’s holdings will fluctuate so that shares, when
Senior Managing Director; more than redeemed, may be worth more or less than their original cost. The fund is subject to interest-
15 years of investment experience rate risk (bond prices generally fall when interest rates rise) and credit risk (the risk an issuer
may be unable or unwilling to meet its financial obligations). Floating-rate loans involve risk
Michael Marzouk, CFA of default on interest or principal payments along with risks of bankruptcy and illiquidity. The
Managing Director; more than fund invests in high-yield securities, which have greater credit risk than higher-quality bonds.
14 years of investment experience The fund is subject to liquidity risk (the risk that certain investments may be difficult to purchase
Investment Advisor and sell in adverse market conditions). International investing is subject to currency fluctuations
and political changes, which may make the fund’s foreign holdings more volatile and less
Pacific Life Fund Advisors LLC (PLFA)
liquid than U.S. investments. Investments rated below investment grade are generally subject
to greater price volatility and illiquidity than higher-rated investments.
The Credit Suisse Leveraged Loan Index is an index of U.S. dollar-denominated leveraged loan market securities. The total return
No bank guarantee is equal to the change in price plus the coupon return. Index inception dates exist prior to 6/30/11. The 30-Day Standardized
Yield reflects an estimated yield to maturity. It should be regarded as an estimate of the fund’s rate of investment income, and it
Not a deposit • May lose value may not equal the fund’s actual income distribution rate, which reflects the fund’s past dividends paid to shareholders. High Yield
Not FDIC/NCUA insured Corporate Bonds and Senior Floating Rate Loans are typically non-investment grade. For performance data current to the most
recent month-end, call Pacific Life Funds at (800) 722-2333, option 2. Performance data quoted represents
Not insured by any federal past performance, which does not guarantee future results. Current performance may be lower or higher than
government agency the performance quoted. The investment return and principal value of an investment will fluctuate so, when
redeemed, may be worth more or less than the original cost.
PL Floating Rate Income Fund September 30, 2012
Asset Allocation Credit Quality Allocation Industry Diversification
Floating Rate Loans 91.97% of Bonds
High Yield Bonds 6.82 BBB and Above 4.41%
Investment-Grade BB 53.19
Bonds B 37.15
Cash and Other 0.91 CCC and Below 5.25
Pacific Asset Management (PAM) receives credit quality ratings on underlying securities of the Fund
from major rating agencies – S&P, Moody’s, and/or Fitch. The credit quality allocation is provided
by PAM. When the rating agencies rate a security differently, PAM uses the higher rating. Below
investment-grade is represented by a rating of BB and below. PAM converts all ratings to the
equivalent S&P major rating category for purposes of the category shown. Ratings and portfolio
credit quality may change over time. Unrated securities do not necessarily indicate low quality.
Healthcare 14.77% Gaming/Leisure 6.24%
Media/Telcom 12.11% Financial 5.23%
Duration 0.55 years
Retail 9.55% Transportation 4.44%
Weighted Average Maturity 4.90 years
Food/Tobacco 7.67% Forest/Containers 3.04%
Average Price 100.56
Service 7.02% Manufacturing 3.03%
Number of Issues 119
Top 10 Holdings Maturity Weight
Bausch & Lomb Parent 05/18/19 1.66%
A Shares C Shares Advisor Shares
SUPERVALU 08/30/18 1.65
Inception Date 12/29/11 12/29/11 6/29/12
Minimum Initial/ WaveDivision Holdings 07/18/19 1.65
$1,000/$50 $1,000/$50 N/A†
Subsequent Investment Sealed Air Corporation 10/03/18 1.63
Sales Load/Maximum U.S. Foodservice Incremental 05/11/17 1.60
Front-End/3.0% CDSC/1.0% None
Capsugel Holdings US, Inc. 08/01/18 1.56
Net/Gross Expense Ratio 1.06%/1.34% 1.81%/2.09% 0.81%/1.09%
EP Energy 05/24/18 1.38
Distributions Monthly Dividends/Annual Capital Gains
DaVita Inc. 08/01/19 1.37
PLFA has contractually agreed to limit certain operating expenses incurred by the PL Floating Rate
Income Fund that exceed an annual rate of 0.15% through 12/31/14. There is no guarantee that DJO Finance LLC 09/15/17 1.37
PLFA will continue to cap expenses after the expiration date. Intelsat Jackson Holdings SA 7.25% 10/15/20 1.21
Contact your financial advisor.
This material must be preceded or accompanied by the Pacific Life Funds prospectus and/or applicable summary prospectus.
Contact your financial advisor or visit www.PLFunds.com for more information, including the prospectus and/or summary
prospectus that contains more complete information, as well as the risks, charges, expenses, and investment goals of
Pacific Life Funds. Read them carefully before investing.
Duration is a measure of a portfolio’s price sensitivity expressed in years. Average price is a measure of a range of prices that is calculated by taking the sum of the values and dividing it by the number
of prices being examined.
Total annual operating expenses reflect the current gross expenses paid by the fund. Net operating expenses reflect waivers, reductions, and reimbursements. Total annual operating expenses and net
operating expenses are sourced from the amended and restated prospectus dated July 1, 2012. Expense cap waivers are reevaluated annually. Class A shares have a maximum 3.0% sales charge.
Class C shares have a maximum 1.0% sales charge. Where sales charge is illustrated it is applied at the beginning of the period. Please see the prospectus for more information.
The PL Floating Rate Income Fund is offered by Pacific Life Funds. Pacific Life Funds are distributed by Pacific Select Distributors, Inc. (member FINRA & SIPC), a subsidiary of Pacific Life Insurance Company
(Newport Beach, CA), and are available through licensed third-party broker/dealers.
Pacific Life Fund Advisors LLC (PLFA), a wholly owned subsidiary of Pacific Life Insurance Company, is the investment advisor to the Pacific Life Funds (PLF)
and the manager of certain PLF funds. PLFA also does business under the name Pacific Asset Management and manages certain PLF funds under that name. 30656-12D
P.O. Box 9768, Providence, RI 02940-9768
(800) 722-2333, Option 2 • www.PLFunds.com