Pacific Life Annuities - Total Solution

	Portfolio Managers	\|	Selection Process	\|	Monitoring Process

Portfolio Managers

has selected managers that provide the type of investment experience previously enjoyed only by large institutions and wealthy individuals. Click a logo for more information.

This section provides a general overview of the portfolio managers, their affiliated companies, and their overall investment philosophies. Please refer to the prospectus, Statement of Additional Information, and Pacific Select Fund Annual or Semiannual Reports for more detailed information.

How Does Select Portfolio Managers?

selects established money managers with expertise in a particular asset class. uses quantitative and qualitative measures to assess portfolio managers before recommending them to the board of trustees of the Pacific Select Fund (the underlying investment vehicle for �s variable products). The portfolio manager will make a presentation to the board regarding its investment style and process, the firm's capabilities and performance. In recommending managers, here are a few of the attributes that generally looks for in portfolio managers:

Outstanding performance
		Top quartile average annual investment results over three, five and 10 years within the asset class, according to Morningstar

		Consistent long-term performance history

		Attractive risk-adjusted returns compared to peers

Style consistency

		Possess expertise in their particular investment discipline

		Employ a consistent investment style and maintain steady classifications according to Morningstar and Lipper

		Offer portfolios in asset classes that further diversify the lineup

Established Investment Firms

		Portfolios managed by tenured portfolio managers who have demonstrated skill in different market environments

		Strong reputation and brand name recognition

		Competitive fees and experienced client service quality

How Does Monitor Portfolio Managers?

has a team of investment marketing analysts dedicated to monitoring the portfolio's performance, as well as style consistency. Once a portfolio manager is selected, continues to evaluate them on a monthly, quarterly and annual basis. If experiences persistent difficulties with the portfolio manager, reserves the right to recommend that the Pacific Select Fund board replace the manager.

Analyst Review
The team of investment marketing analysts at closely review the portfolio's performance versus its benchmark and peer group as well as portfolio characteristics such as average price/earnings, median market capitalization, holdings and sector weightings.

Board Review
The Pacific Select Fund board reviews an analysis of performance, fees and investment style, with a goal of maintaining competitive performance and reasonable fees. If a portfolio underperforms for a period of time, the portfolio manager will meet with the board for a detailed review.

Due Diligence Meetings
Our analysts conduct onsite due diligence meetings with each portfolio manager.