Portfolio Managers Portfolio Managers We have 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. Domestic Equity | Bond | Additional | -- Select a Portfolio --AIM V.I. PowerShares ETF Allocation FundAmerican Funds Asset AllocationAmerican Funds GrowthAmerican Funds Growth-Income Capital OpportunitiesComstockDiversified BondDiversified ResearchEmerging MarketsEquityEquity IndexFloating Rate LoanFocused 30GE Investments Total Return FundGlobal Allocation V.I. FundGrowth LTHealth SciencesHigh Yield BondInflation ManagedInternational Large-CapInternational Small-CapInternational ValueLarge-Cap GrowthLarge-Cap ValueLIT Global Tactical Asset Allocation PortfolioLong/Short Large-CapMain Street CoreManaged BondMid-Cap GrowthMid-Cap EquityMid-Cap ValueMoney MarketMulti-StrategyPacific Dynamix–Conservative Growth Pacific Dynamix–GrowthPacific Dynamix–Moderate GrowthReal Estate Short Duration BondSmall-Cap IndexSmall-Cap EquitySmall-Cap GrowthSmall-Cap ValueTechnology VIP Founding FundsVPS Balanced Wealth Strategy Our variable annuity products offer various investment options to choose from. DOMESTIC EQUITY PORTFOLIOS CAPITALIZATION STYLE LARGE MEDIUM SMALL Growth Relative price/earnings, price/book above average Large-Cap Growth Diversified Research Equity Focused 30 Growth LT American Funds® Growth Mid-Cap Growth Small-Cap Growth Blend Relative price/earnings, price/book average Equity Index Long/Short Large-Cap Main Street® Core American Funds®    Growth-Income Pacific Dynamix–Growth Mid-Cap Value Small-Cap Index Small-Cap Equity Value Relative price/earnings, price/book below average Large-Cap Value Comstock Mid-Cap Equity Small-Cap Value Capitalization — Company's current market value based on its share price multiplied by the number of outstanding shares. BOND PORTFOLIOS AVERAGE MATURITY IN YEARS AVERAGE CREDIT QUALITY SHORT INTERMEDIATE High AAA to AA Money Market Short Duration Bond Managed Bond Inflation Managed Medium BBB TO AA Diversified Bond Low Below BBB Floating Rate Loan High Yield Bond ADDITIONAL PORTFOLIOS ETF AIM V.I. PowerShares ETF Allocation Fund Moderate Allocation American Funds Asset Allocation Franklin Templeton VIP Founding Funds GE Investments Total Return Fund Multi-Strategy Pacific Dynamix–Conservative Growth Pacific Dynamix–Moderate Growth VPS Balanced Wealth Strategy International /Global Emerging Markets Global Allocation V.I. Fund International Large-Cap International Small-Cap International Value LIT Global Tactical Asset Allocation Portfolio Real Estate Real Estate Sector Health Sciences Technology

The Money Market portfolio is not FDIC insured or guaranteed; its net asset value is not constant and will change with the value of investments. High yield bonds have greater credit risk than higher quality bonds. Small-cap, mid-cap, and emerging-growth stocks may be riskier and more volatile than larger, more established stocks. International investing is subject to currency fluctuations and political changes. Floating rate loans involve risk of default on interest and principal payments or price changes due to changes in credit quality of the issuer. The value can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments. Real estate investments involve risks such as refinancing, economic impact on industry, changes in property values, dependency on management skills, and risks similar to small company investing. Sector and concentrated portfolios with fewer securities may be subject to greater price volatility. A fund-of-funds is subject to the risks associated with the underlying funds in which it invests. Exchange-traded funds (ETFs) are not actively managed and are subject to risks similar to stocks, including those related to short selling and margin maintenance. Short positions pose a risk because they lose value as a security's price increases; therefore, the loss on a short sale is theoretically unlimited. Leverage can increase market exposure and magnify investment risk. The value of the variable investment options will fluctuate, and when redeemed, may be worth more or less than the original cost.