ADDING MULTIMEDIA Pacific Life Reduces Expenses.

NEWPORT BEACH, Calif. -- Pacific Life announced today that it will reduce the expense cap on all individual Pacific Funds by 0.15 percent effective Sept. 1, 2006 (see below). This change will reduce the net-expense ratios of all individual Pacific Funds. This also benefits the Portfolio Optimization Funds, which invest exclusively in these funds.

"Asset allocation funds are enjoying a tremendous surge in popularity," said Kathleen McWard, CFP(R), vice president of marketing, Annuities & Mutual Funds Division. "The expense reductions can potentially enhance the performance of the funds. We are delighted to offer both existing and future shareholders these reductions. Pacific Life has a long history of making its financial products investor friendly."

Pacific Life launched its five asset allocation funds -- Portfolio Optimization Funds -- in January 2004 and currently offers Class A, B, C and R shares, Individual and Roth 401(k) Plans and the MT 529 College Savings Plan. Portfolio Optimization Funds are diversified among up to 12 money managers and 16 individual mutual funds that represent 11 different asset classes and styles. Each Portfolio Optimization Fund has exposure to between 800-1,100 unique securities because of its investment in the underlying Pacific Funds. An "Easy-Score Questionnaire" is available to assist investors and their financial professionals in selecting an appropriate Portfolio Optimization Fund.

Founded in 1868, Pacific Life provides life insurance products, 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 clients(1) and is a member of the Insurance Marketplace Standards Association (IMSA), whose membership promotes high ethical standards for the sale of individual life insurance and annuities. For additional information about Pacific Life, including its current financial strength ratings from A.M. Best, Fitch Ratings, Standard & Poor's, and Moody's, visit the company Web site at www.PacificLife.com.

The expense cap reduction is effective (9/01/06 - 12/31/07).

(1) Data compiled by Pacific Life using the FORTUNE 500(R) list as of
    April 2006.

You should carefully consider a mutual fund's investment objectives, risks, charges, limitations and expenses. This and other information about Pacific Funds are in the prospectus available from your registered representative or by calling 800-722-2333. Read the prospectus carefully before investing.

Asset allocations may vary from target allocations. Asset allocation does not guarantee future results, assure a profit or protect against loss. Investment in an individual fund or funds in a single asset class may outperform or underperform an asset allocation fund. Share values will fluctuate and, when redeemed, may be worth more or less than the original cost.

Pacific Funds have no bank guarantee and may lose value. They are not a deposit, nor are they insured by the FDIC, NCUA or any federal government agency.

Pacific Funds are distributed by Pacific Select Distributors Inc. (member NASD & SIPC), a subsidiary of Pacific Life Insurance Company, and are available through licensed third-party broker/dealers. Pacific Funds 529 College Savings Plans are underwritten and distributed by Pacific Select Distributors Inc. (member NASD & SIPC, registered with the MSRB), a subsidiary of Pacific Life Insurance Company and are available through licensed third-party broker/dealers. Pacific Funds 529 College Savings Plans may only be sold through broker/dealers that are registered with the MSRB.