%
PSF Short Duration Bond Cl P (T. Rowe Price) 14.51%
PSF Managed Bond Cl P (PIMCO) 18.08%
PSF Diversified Bond Cl P (Western Asset) 27.67%
PSF Core Income Cl P (Pacific Asset Management) 3.83%
PSF Inflation Strategy Cl P (Barings) 0.72%
PSF Inflation Managed Cl P (PIMCO) 2.17%
PSF Floating Rate Income Cl P (Pacific Asset Management) 1.55%
PSF High Yield Bond Cl P (Pacific Asset Management) 6.19%
PSF Emerging Markets Debt Cl P (Ashmore) 5.47%
PSF Currency Strategies Cl P (Neuberger Berman/UBS) 1.97%
%
PSF Comstock Cl P (Invesco) 0.85%
PSF Value Advantage Cl P (JPMorgan) 1.59%
PSF Large-Cap Value Cl P (ClearBridge) 1.94%
PSF Main Street® Core Cl P (Invesco) 0.84%
PSF Equity Index Cl P (BlackRock®) 1.11%
PSF Dividend Growth Cl P (T. Rowe Price) 1.96%
PSF Large-Cap Growth Cl P (BlackRock®) 1.42%
PSF Growth Cl P (MFS®) 1.87%
Howard T. Hirakawa PSF Mid-Cap Value Cl P (Boston Partners) 1.30%
Carleton J. Muench PSF Mid-Cap Equity Cl P (Scout) 0.62%
Max Gokham PSF Mid-Cap Growth Cl P (Ivy) 0.73%
Samuel S. Park PSF International Equity Income Cl P (Cadence) 0.47%
PSF International Value Cl P (Wellington) 0.73%
PSF International Large-Cap Cl P (MFS®) 0.88%
PSF Emerging Markets Cl P (Invesco) 1.51%
%
Debt 82.17%
Equity 17.83%
%
Debt 80.00%
Equity 20.00%
Conservative
Less Risk More Risk
Risk Spectrum
Investment Summary
Pacific Select Fund
Portfolio Optimization Conservative PortfolioQuarterly Profile - As of 3/31/2020
Equity Holdings as of 3/31/2020*
Variable universal life (VUL) insurance allows policyowners to
structure their policy death benefit and premium payments based
on their insurance needs and financial objectives.
Pacific Life’s VUL insurance products offer policyowners the ability
to invest in a wide number of different investment options, which
includes the Portfolio Optimization Conservative Portfolio.
The Portfolio is an asset allocation fund-of-funds investment option
that aims to provide diversification across major asset classes by
investing in certain underlying funds of Pacific Select Fund.
Pacific Life Fund Advisors LLC (PLFA), a subsidiary of Pacific Life
Insurance Company, is the investment adviser and responsible for
determining the asset allocation mix for the Portfolio. PLFA
manages the Portfolio through a multi-step process that includes:
(1) asset allocation, (2) portfolio construction, (3) manager
oversight, and (4) investment risk management. PLFA may modify
asset class exposures and the underlying funds from time to time.
Debt Holdings as of 3/31/2020*
Current Asset Class - Allocations as of 3/31/2020*
As a fund-of-funds, the Portfolio is exposed to the same risks as the
underlying funds in which it invests in direct proportion to its
allocations to those underlying funds, along with other risks.
An asset allocation fund-of-funds that seeks current income and
preservation of capital using a target debt/equity blend of 80/20,
through investment in certain underlying funds of Pacific Select
Fund.
Investor ProfileClients who are looking for a relatively stable investment and
prefer to avoid short-term market swings.
Risk Characteristics Target Asset Class Allocation
Portfolio Managers
*Percentages shown are based on total fund assets and may not
be exact due to rounding.
Manager Tenure
2009
2009
2015
2013
MKT12-101G 1 of 5
1Expense
Ratio 1 Yr 3YR 5YR 10YR
Since
Inception
Inception
Date
0.97 -1.01 1.79 2.37 -- 3.29 5/2/11
0.77 -- -- -- -- -5.79 10/31/19
1Total Annual operating expense after fee waiver
ABOUT RISKS
Every variable investment option has some degree of risk depending
on its investments and strategies. While all variable investment
options are subject to market risk, some investment options may be
subject to greater volatility than others. The variable investment
options are not FDIC insured or guaranteed. The risks disclosed
below are intended only to illustrate certain principal risks of the
variable investment options and are not intended to be complete or
exhaustive. Before investing you should carefully read the applicable
fund prospectuses.
Active Management There is a risk that the advisor's investment
decisions fail to perform as expected, which may cause the fund to
lose value or underperform funds with similar objectives and
strategies or the market in general.
Asset Allocation Fund of Funds As a fund-of-funds, the fund typically
is exposed to the same risks as the underlying funds in which it
invests in direct to the allocation of assets among those underlying
funds. There is a risk that you could achieve better returns by
investing in an individual fund or funds representing a single asset
class or investment style rather than investing in the fund.
Bank Loans Investments in bank loans, also known as senior loans or
floating-rate loans, are rated below-investment grade and may be
subject to a greater risk of default than are investment-grade loans,
reducing the potential for income and potentially leading to impairment
of the collateral provided by the borrower.
Conflict of interest A conflict of interest may arise if the advisor makes
an investment in certain underlying funds based on the fact that those
funds are also managed by the advisor or an affiliate or because certain
underlying funds may pay higher fees to the advisor than others do. In
addition, an advisor's participation in the primary or secondary market
for loans may be deemed a conflict of interest and limit the ability of the
investment to acquire those assets.
Convertible Securities Investments in convertible securities may be
subject to increased interest rate risks, rising in value as interest rates
decline and falling in value when interest rates rise.
Correlation A Fund that represents an alternative or nontraditional
investment strategy is generally expected to have low to moderate
correlation with the performance of traditional equity and debt
investments over long-term periods; however, its actual performance
may be correlated with traditional equity and debt investments over
short- or long-term periods.
Current Allocation Target Allocation
The fund performance in this report includes only fund level fees and expenses, reinvestment of dividends, and distributions. Performance does not
include any policy charges. Policy charges are deducted monthly. The policy charges may include, but are not limited to, Cost of Insurance charges,
administrative charges, mortality and expense risk charges, coverage charges, and any rider charges. Additionally, a premium load is deducted from
each premium payment. Policy performance would be significantly lower after all policy fees and expenses are deducted and policy cash values
could be less than total premiums paid. You are encouraged to ask your life insurance producer for a personalized illustration since policy charges
can vary by product. The illustration includes an analysis of charges report, to help you understand how the policy charges affect your policy cash
values. See the applicable product prospectus and underlying fund prospectuses for more information.
Variable universal life insurance generally requires additional premium payments after the initial premium. If either no premiums are paid, or
subsequent premiums are insufficient to continue coverage, it is possible that coverage will expire.
Life insurance is subject to underwriting and approval of the application and will incur monthly policy charges.
Pacific Select Fund
Portfolio Optimization Conservative PortfolioQuarterly Profile - As of 3/31/2020
YTD
-7.14
-7.09
Performance - As of 3/31/2020
PSF Portfolio Optimization Conservative Portfolio
Cl IPSF Portfolio Optimization Conservative Portfolio
Cl P
Debt80.00
%Equity20.00%
Debt82.17
%
Equity17.83
%
2 of 5
Pacific Select Fund
Portfolio Optimization Conservative PortfolioQuarterly Profile - As of 3/31/2020
ABOUT RISKS
Credit The issuer or guarantor of a fixed- income security,
counterparty to an OTC derivatives contract, or other borrower may
not be able to make timely principal, interest, or settlement
payments on an obligation. In this event, the issuer of a fixed-income
security may have its credit rating downgraded or defaulted, which
may reduce the potential for income and value of the portfolio.
Currency Investments in securities traded in foreign currencies or
more directly in foreign currencies are subject to the risk that the
foreign currency will decline in value relative to the U.S. dollar, which
may reduce the value of the portfolio.
Debt Securities Debt securities are subject to many risks, including
interest rate risk and credit risk, which may affect their value.
Derivatives The use of forwards and future contracts, options and
swaps agreements (each a type of derivative instrument) as a
principal investment strategy subjects an investor to a number of
risks, including: counterparty risk, leverage risk, price volatility risk,
regulatory risk, liquidity and valuation risk, correlation risk, premium
risk and segregation risk. Derivatives may be riskier than other types
of investments and may increase an investment's volatility and risk of
loss.
Emerging Markets Investments in emerging- and frontier- markets
securities may be subject to greater market, credit, currency,
liquidity, legal, political, and other risks compared with assets
invested in developed foreign countries.
Equity Securities The value of equity securities, which include
common, preferred, and convertible preferred stocks, will fluctuate
based on changes in their issuers' financial conditions, as well as
overall market and economic conditions, and can decline in the event
of deteriorating issuer, market, or economic conditions.
Floating Rate Loans Floating rate loans (or bank loans) are usually
rated below investment grade. The market for floating rate loans may
be subject to irregular trading activity, wide bid/ask spreads and
delayed settlement periods.
Foreign Markets Exposure to foreign markets can involve additional
risks relating to market, economic, political, regulatory, geopolitical,
or other conditions. These factors can make foreign investments
more volatile and less liquid than U.S. investments.
Geographic Focus Focusing investments in a single country, limited
number of countries, or particular geographic region increases the
risk that economic, political, social, or other conditions in those
countries or that region will have a significant impact on
performance.
Growth Companies Growth securities may be subject to increased
volatility as the value of these securities is highly sensitive to market
fluctuations and future earnings expectations. These securities
typically trade at higher multiples of current earnings than do other
securities and may lose value if it appears their earnings expectations
may not be met.
High-Yield/High Risk or “Junk” Securities Investments in below-
investment- grade debt securities and unrated securities of similar credit
quality, commonly known as "junk bonds" or "high-yield securities," may
be subject to increased interest, credit, and liquidity risks.
Industry and Sector Investing Concentrating assets in a particular
industry, sector of the economy, or markets may increase volatility
because the investment will be more susceptible to the impact of
market, economic, regulatory, and other factors affecting that industry or
sector compared with a more broadly diversified asset allocation.
Inflation-Indexed Debt Securities The principal values of inflation-
indexed debt securities tend to increase when inflation rises and
decrease when inflation falls.
Interest Rate The value of bonds, fixed rate loans and short- term money
market instruments may fall when interest rates rise. Debt instruments
with longer durations tend to be more sensitive to changes in interest
rates, making them more volatile than debt instruments with shorter
durations or floating or adjustable interest rates.
Large Capitalization Companies Concentrating assets in large-
capitalization stocks may subject the portfolio to the risk that those
stocks underperform other capitalizations or the market as a whole.
Leverage Leverage transactions may increase volatility and result in a
significant loss of value if a transaction fails. Because leverage usually
involves investment exposure that exceeds the initial investment, the
resulting gain or loss from a relatively small change in an underlying
indicator will be disproportionately magnified.
Mid-Capitalization Companies Mid-cap companies may be subject to
increased liquidity risk compared with large-cap companies and may
experience greater price volatility than do those securities because of
more-limited product lines or financial resources, among other factors.
Money Market Fund Money market funds are subject to the risk that
they may not be able to maintain a stable net asset value of $1.00 per
share. Investments in money market funds are not a deposit in a bank
and are not guaranteed by the FDIC, any other governmental agency, or
the advisor itself.
Mortgage-Related and Other Asset-Backed Securities Risk Mortgage-
related and other asset-backed securities are subject to certain risks
affecting the housing market or the market for the assets underlying
such securities.
Nondiversification A nondiversified investment, as defined under the
Investment Act of 1940, may have an increased potential for loss
because its portfolio includes a relatively small number of investments.
Passive Management A passively managed (or index) fund attempts to
track the performance of an unmanaged index of securities, which could
cause a fund's return to be lower than if the fund were actively managed.
3 of 5
ABOUT RISKS
Restricted/Illiquid Securities may fall in price because of an inability
to sell the securities when desired. Investing in restricted securities
may subject the portfolio to higher costs and liquidity risk.
Short Sale Selling securities short may be subject to the risk that an
advisor does not correctly predict the movement of the security,
resulting in a loss if a security must be purchased on the market
above its initial borrowing price to return to the lender.
Small-Capitalization Companies Concentrating assets in small-
capitalization stocks may subject the portfolio to the risk that those
stocks underperform other capitalizations or the market as a whole
and may be subject to increased liquidity risk compared with larger,
more established companies.
Socially responsive funds could underperform similar funds that do
not have a social policy. Among the reasons for this are: undervalued
stocks that do not meet the social criteria could outperform those
that do, economic or political changes could make certain companies
less attractive for investment, and the social policy could cause the
Fund to sell or avoid stocks that subsequently perform well.
Tracking error Performance of an investment may vary, sometimes,
substantially, from the performance of its benchmark index due to
imperfect correlation between an investment and the index.
Underlying Funds Because the Fund may serve as an underlying fund
of one or more "fund of funds" and thus have a significant
percentage of its outstanding shares held by such fund of funds, a
change in asset allocation by the fund of funds could result in large
redemptions out of the Fund, causing potential increases in expenses
to the Fund and sale of securities in a short timeframe, both of which
could negatively impact performance.
U.S. Government Securities Not all U.S. government securities are
backed or guaranteed by the U.S. government and different U.S.
government securities are subject to varying degrees of credit risk.
There is risk that the U.S. government will not make timely payments
on its debt or provide financial support to U.S. government agencies,
instrumentalities or sponsored enterprises if those entities are not
able to meet their financial obligations.
Value Companies Risk Value securities may be subject to the risk that
the determination that a stock is undervalued is not correct or
recognized in the market.
TOTAL ANNUAL OPERATING EXPENSES AFTER FEE WAIVER The annual
percentage of fund assets paid as a percentage of your investment for
the fund’s operating expenses, including management fees and
administrative expenses and distribution (12b-1) or service fees, as
applicable. These expenses are generally based on each portfolio’s
average daily net assets for the portfolio’s prior fiscal year. The
percentage shown reflects the net expenses of the fund. A net expense
reflects a deduction from total (gross) expenses. A fund-of-funds may
have higher fees and expenses than a fund that invests directly in equity
and fixed-income securities. Please see the fund prospectus for more
detailed information about a fund’s annual operating expenses.
Pacific Select Fund
Portfolio Optimization Conservative PortfolioQuarterly Profile - As of 3/31/2020
4 of 5
Pacific Life is a product provider. It is not a fiduciary and therefore does not give advice or make recommendations regarding
insurance or investment products.
Pacific Life Insurance Company
Newport Beach, CA 92660
(800) 800-7681
www.PacificLife.com
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Insurance products are issued by Pacific Life Insurance Company in all states except New York and in New York by Pacific Life & Annuity Company.
Product/Material availability and features may vary by state. Each insurance company is solely responsible for the financial obligations accruing under the products it issues. Insurance products and their guarantees, including optional benefits and any crediting rates, are
backed by the financial strength and claims-paying ability of the issuing insurance company, but they do not protect the value of the variable investment options. Look to the strength of the life insurance company with regard to such guarantees as these guara ntees are
not backed by the broker-dealer, insurance agency, or their affiliates from which products are purchased. Neither these entities nor their representatives make any representation or assurance regarding the claims-paying ability of the life insurance company. Variableinsurance products and shares of Pacific Select Fund are distributed by Pacific Select Distributors, LLC (member FINRA & SIPC), a
subsidiary of Pacific Life Insurance Company, and an affiliate of Pacific Life & Annuity Company, and are available through licensed third-party broker-dealers.
There may be multiple share classes available for each fund listed, and not all funds that appear in this flyer are available in all VUL insurance products. Please refer to a VUL insurance product prospectus for the applicable funds and share classes .
This material must be preceded or accompanied by the variable life insurance product prospectus. Contact your life insurance producer or visit www.PacificLife.com for more information, including product and underlying fund prospectuses that contain more complete
information about Pacific Life and a variable life insurance policy’s risks, charges, limitations, and expenses, as well as the risks, charges, expenses and investment goals/objectives of the underlying investment options. Read them carefully before investing or sendin g money.
BlackRock is a registered trademark of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.
MFS is a registered trademark of Massachusetts Financial Services Company. Main Street is a registered trademark of Invesco Holding Company (US) Inc., or an affiliated company.
The Russell 2000® Index and Russell 2000® Value Index (together, the “Indexes”) are calculated by Russell or its agent, are trademarks of Frank Russell Company (“Russell”), and have been licensed for use by Pacific Select Fund (“PSF”). Neither Russell nor the London Stock
Exchange Group companies (together the “Licensor Parties”) sponsor, endorse, sell or promote any portfolios of PSF, the content of this communication, or make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the Indexes, or (ii) the suitability of the Indexes for the purpose to which they are being put. The Licensor Parties do not and will not provide any financial or investment advice or recommendation in relation to the Index to Pacific Select Fund
or its clients. The Licensor Parties do not accept any liability to any person for any errors or omissions in the Russell Ind exes and are under no obligation to advise any person of any error therein.
Pacific Life & Annuity Company
Newport Beach, CA 92660
(888) 595-6996
www.PacificLife.com
MKT12-104G 15-40725-32 4/20 E1222MKT12-101G 15-40722-33 4/20 E1222
15-40721-33 4/20 E12225 of 5
%
PSF Short Duration Bond Cl P (T. Rowe Price) 7.11%
PSF Managed Bond Cl P (PIMCO) 13.76%
PSF Diversified Bond Cl P (Western Asset) 21.26%
PSF Core Income Cl P (Pacific Asset Management) 2.93%
PSF Inflation Strategy Cl P (Barings) 0.72%
PSF Inflation Managed Cl P (PIMCO) 2.17%
PSF Floating Rate Income Cl P (Pacific Asset Management) 1.50%
PSF High Yield Bond Cl P (Pacific Asset Management) 7.57%
PSF Emerging Markets Debt Cl P (Ashmore) 4.84%
PSF Currency Strategies Cl P (Neuberger Berman/UBS) 1.97%
%
PSF Comstock Cl P (Invesco) 1.57%
PSF Value Advantage Cl P (JPMorgan) 2.88%
PSF Large-Cap Value Cl P (ClearBridge) 3.44%
PSF Main Street® Core Cl P (Invesco) 1.50%
PSF Equity Index Cl P (BlackRock®) 1.97%
PSF Dividend Growth Cl P (T. Rowe Price) 3.46%
PSF Large-Cap Growth Cl P (BlackRock®) 2.55%
PSF Growth Cl P (MFS®) 3.30%
Howard T. Hirakawa PSF Mid-Cap Value Cl P (Boston Partners) 2.12%
Carleton J. Muench PSF Mid-Cap Equity Cl P (Scout) 1.03%
Max Gokham PSF Mid-Cap Growth Cl P (Ivy) 1.05%
Samuel S. Park PSF Small-Cap Value Cl P (AllianceBernstein) 0.26%
PSF Small-Cap Equity Cl P (BlackRock®/Franklin) 0.00%
PSF Small-Cap Index Cl P (BlackRock®) 0.52%
PSF Developing Growth Cl P (Lord Abbett) 0.26%
PSF International Equity Income Cl P (Cadence) 1.46%
PSF International Value Cl P (Wellington) 2.12%
PSF International Large-Cap Cl P (MFS®) 2.62%
PSF International Small-Cap Cl P (QS Batterymarch) 0.53%
PSF Emerging Markets Cl P (Invesco) 2.98%
PSF Real Estate Cl P (Principal REI) 0.54%
%
Debt 63.83%
Equity 36.17%
Moderate Conservative %
Debt 60.00%
Equity 40.00%
Less Risk More Risk
Pacific Select Fund
Portfolio Optimization Moderate-Conservative PortfolioQuarterly Profile - As of 3/31/2020
Equity Holdings as of 3/31/2020*
Variable universal life (VUL) insurance allows policyowners to
structure their policy death benefit and premium payments based
on their insurance needs and financial objectives.
Pacific Life’s VUL insurance products offer policyowners the ability
to invest in a wide number of different investment options, which
includes the Portfolio Optimization Moderate-Conservative
Portfolio.
The Portfolio is an asset allocation fund-of-funds investment option
that aims to provide diversification across major asset classes by
investing in certain underlying funds of Pacific Select Fund.
Pacific Life Fund Advisors LLC (PLFA), a subsidiary of Pacific Life
Insurance Company, is the investment adviser and responsible for
determining the asset allocation mix for the Portfolio. PLFA
manages the Portfolio through a multi-step process that includes:
(1) asset allocation, (2) portfolio construction, (3) manager
oversight, and (4) investment risk management. PLFA may modify
asset class exposures and the underlying funds from time to time.
Current Asset Class - Allocations as of 3/31/2020*
Risk Characteristics
Investment Summary
Debt Holdings as of 3/31/2020*
As a fund-of-funds, the Portfolio is exposed to the same risks as the
Underlying Funds in which it invests in direct proportion to its
allocations to those underlying funds, along with other risks.
An asset allocation fund-of-funds that seeks current income and
moderate growth of capital using a target debt/equity blend of
60/40, through investment in certain underlying funds of Pacific
Select Fund.
Clients with a focus on keeping pace with inflation and a tolerance
for a modest level of risk.
Investor Profile
Portfolio Managers Manager Tenure
*Percentages shown are based on total fund assets and may not
be exact due to rounding.
Target Asset Class Allocation
2009
2009
2015
2013
Risk Spectrum
MKT12-104G 1 of 5
1Expense
Ratio 1 Yr 3YR 5YR 10YR
Since
Inception
Inception
Date
0.99 -3.98 1.44 2.42 -- 3.80 5/2/11
0.79 -- -- -- -- -8.79 10/31/19
1Total Annual operating expense after fee waiver
ABOUT RISKS
Every variable investment option has some degree of risk depending
on its investments and strategies. While all variable investment
options are subject to market risk, some investment options may be
subject to greater volatility than others. The variable investment
options are not FDIC insured or guaranteed. The risks disclosed
below are intended only to illustrate certain principal risks of the
variable investment options and are not intended to be complete or
exhaustive. Before investing you should carefully read the applicable
fund prospectuses.
Active Management There is a risk that the advisor's investment
decisions fail to perform as expected, which may cause the fund to
lose value or underperform funds with similar objectives and
strategies or the market in general.
Asset Allocation Fund of Funds As a fund-of-funds, the fund typically
is exposed to the same risks as the underlying funds in which it
invests in direct to the allocation of assets among those underlying
funds. There is a risk that you could achieve better returns by
investing in an individual fund or funds representing a single asset
class or investment style rather than investing in the fund.
Bank Loans Investments in bank loans, also known as senior loans or
floating-rate loans, are rated below-investment grade and may be
subject to a greater risk of default than are investment-grade loans,
reducing the potential for income and potentially leading to impairment
of the collateral provided by the borrower.
Conflict of interest A conflict of interest may arise if the advisor makes
an investment in certain underlying funds based on the fact that those
funds are also managed by the advisor or an affiliate or because certain
underlying funds may pay higher fees to the advisor than others do. In
addition, an advisor's participation in the primary or secondary market
for loans may be deemed a conflict of interest and limit the ability of the
investment to acquire those assets.
Convertible Securities Investments in convertible securities may be
subject to increased interest rate risks, rising in value as interest rates
decline and falling in value when interest rates rise.
Correlation A Fund that represents an alternative or nontraditional
investment strategy is generally expected to have low to moderate
correlation with the performance of traditional equity and debt
investments over long-term periods; however, its actual performance
may be correlated with traditional equity and debt investments over
short- or long-term periods.
Current Allocation Target Allocation
The fund performance in this report includes only fund level fees and expenses, reinvestment of dividends, and distributions. Performance does not
include any policy charges. Policy charges are deducted monthly. The policy charges may include, but are not limited to, Cost of Insurance charges,
administrative charges, mortality and expense risk charges, coverage charges, and any rider charges. Additionally, a premium load is deducted from
each premium payment. Policy performance would be significantly lower after all policy fees and expenses are deducted and policy cash values
could be less than total premiums paid. You are encouraged to ask your life insurance producer for a personalized illustration since policy charges
can vary by product. The illustration includes an analysis of charges report, to help you understand how the policy charges affect your policy cash
values. See the applicable product prospectus and underlying fund prospectuses for more information.
Variable universal life insurance generally requires additional premium payments after the initial premium. If either no premiums are paid, or
subsequent premiums are insufficient to continue coverage, it is possible that coverage will expire.
Life insurance is subject to underwriting and approval of the application and will incur monthly policy charges.
Pacific Select Fund
Portfolio Optimization Moderate-Conservative PortfolioQuarterly Profile - As of 3/31/2020
YTD
-11.05
-11.01
Performance - As of 3/31/2020
PSF Portfolio Optimization Moderate-
Conservative Portfolio Cl IPSF Portfolio Optimization Moderate-
Conservative Portfolio Cl P
Debt60.00
%Equity40.00%
Debt63.83
%Equity36.17
%
2 of 5
Pacific Select Fund
Portfolio Optimization Moderate-Conservative PortfolioQuarterly Profile - As of 3/31/2020
ABOUT RISKS
Credit The issuer or guarantor of a fixed- income security,
counterparty to an OTC derivatives contract, or other borrower may
not be able to make timely principal, interest, or settlement
payments on an obligation. In this event, the issuer of a fixed-income
security may have its credit rating downgraded or defaulted, which
may reduce the potential for income and value of the portfolio.
Currency Investments in securities traded in foreign currencies or
more directly in foreign currencies are subject to the risk that the
foreign currency will decline in value relative to the U.S. dollar, which
may reduce the value of the portfolio.
Debt Securities Debt securities are subject to many risks, including
interest rate risk and credit risk, which may affect their value.
Derivatives The use of forwards and future contracts, options and
swaps agreements (each a type of derivative instrument) as a
principal investment strategy subjects an investor to a number of
risks, including: counterparty risk, leverage risk, price volatility risk,
regulatory risk, liquidity and valuation risk, correlation risk, premium
risk and segregation risk. Derivatives may be riskier than other types
of investments and may increase an investment's volatility and risk of
loss.
Emerging Markets Investments in emerging- and frontier- markets
securities may be subject to greater market, credit, currency,
liquidity, legal, political, and other risks compared with assets
invested in developed foreign countries.
Equity Securities The value of equity securities, which include
common, preferred, and convertible preferred stocks, will fluctuate
based on changes in their issuers' financial conditions, as well as
overall market and economic conditions, and can decline in the event
of deteriorating issuer, market, or economic conditions.
Floating Rate Loans Floating rate loans (or bank loans) are usually
rated below investment grade. The market for floating rate loans may
be subject to irregular trading activity, wide bid/ask spreads and
delayed settlement periods.
Foreign Markets Exposure to foreign markets can involve additional
risks relating to market, economic, political, regulatory, geopolitical,
or other conditions. These factors can make foreign investments
more volatile and less liquid than U.S. investments.
Geographic Focus Focusing investments in a single country, limited
number of countries, or particular geographic region increases the
risk that economic, political, social, or other conditions in those
countries or that region will have a significant impact on
performance.
Growth Companies Growth securities may be subject to increased
volatility as the value of these securities is highly sensitive to market
fluctuations and future earnings expectations. These securities
typically trade at higher multiples of current earnings than do other
securities and may lose value if it appears their earnings expectations
may not be met.
High-Yield/High Risk or “Junk” Securities Investments in below-
investment- grade debt securities and unrated securities of similar credit
quality, commonly known as "junk bonds" or "high-yield securities," may
be subject to increased interest, credit, and liquidity risks.
Industry and Sector Investing Concentrating assets in a particular
industry, sector of the economy, or markets may increase volatility
because the investment will be more susceptible to the impact of
market, economic, regulatory, and other factors affecting that industry or
sector compared with a more broadly diversified asset allocation.
Inflation-Indexed Debt Securities The principal values of inflation-
indexed debt securities tend to increase when inflation rises and
decrease when inflation falls.
Interest Rate The value of bonds, fixed rate loans and short- term money
market instruments may fall when interest rates rise. Debt instruments
with longer durations tend to be more sensitive to changes in interest
rates, making them more volatile than debt instruments with shorter
durations or floating or adjustable interest rates.
Large Capitalization Companies Concentrating assets in large-
capitalization stocks may subject the portfolio to the risk that those
stocks underperform other capitalizations or the market as a whole.
Leverage Leverage transactions may increase volatility and result in a
significant loss of value if a transaction fails. Because leverage usually
involves investment exposure that exceeds the initial investment, the
resulting gain or loss from a relatively small change in an underlying
indicator will be disproportionately magnified.
Mid-Capitalization Companies Mid-cap companies may be subject to
increased liquidity risk compared with large-cap companies and may
experience greater price volatility than do those securities because of
more-limited product lines or financial resources, among other factors.
Money Market Fund Money market funds are subject to the risk that
they may not be able to maintain a stable net asset value of $1.00 per
share. Investments in money market funds are not a deposit in a bank
and are not guaranteed by the FDIC, any other governmental agency, or
the advisor itself.
Mortgage-Related and Other Asset-Backed Securities Risk Mortgage-
related and other asset-backed securities are subject to certain risks
affecting the housing market or the market for the assets underlying
such securities.
Nondiversification A nondiversified investment, as defined under the
Investment Act of 1940, may have an increased potential for loss
because its portfolio includes a relatively small number of investments.
Passive Management A passively managed (or index) fund attempts to
track the performance of an unmanaged index of securities, which could
cause a fund's return to be lower than if the fund were actively managed.
3 of 5
ABOUT RISKS
Restricted/Illiquid Securities may fall in price because of an inability
to sell the securities when desired. Investing in restricted securities
may subject the portfolio to higher costs and liquidity risk.
Short Sale Selling securities short may be subject to the risk that an
advisor does not correctly predict the movement of the security,
resulting in a loss if a security must be purchased on the market
above its initial borrowing price to return to the lender.
Small-Capitalization Companies Concentrating assets in small-
capitalization stocks may subject the portfolio to the risk that those
stocks underperform other capitalizations or the market as a whole
and may be subject to increased liquidity risk compared with larger,
more established companies.
Socially responsive funds could underperform similar funds that do
not have a social policy. Among the reasons for this are: undervalued
stocks that do not meet the social criteria could outperform those
that do, economic or political changes could make certain companies
less attractive for investment, and the social policy could cause the
Fund to sell or avoid stocks that subsequently perform well.
Tracking error Performance of an investment may vary, sometimes,
substantially, from the performance of its benchmark index due to
imperfect correlation between an investment and the index.
Underlying Funds Because the Fund may serve as an underlying fund
of one or more "fund of funds" and thus have a significant
percentage of its outstanding shares held by such fund of funds, a
change in asset allocation by the fund of funds could result in large
redemptions out of the Fund, causing potential increases in expenses
to the Fund and sale of securities in a short timeframe, both of which
could negatively impact performance.
U.S. Government Securities Not all U.S. government securities are
backed or guaranteed by the U.S. government and different U.S.
government securities are subject to varying degrees of credit risk.
There is risk that the U.S. government will not make timely payments
on its debt or provide financial support to U.S. government agencies,
instrumentalities or sponsored enterprises if those entities are not
able to meet their financial obligations.
Value Companies Risk Value securities may be subject to the risk that
the determination that a stock is undervalued is not correct or
recognized in the market.
TOTAL ANNUAL OPERATING EXPENSES AFTER FEE WAIVER The annual
percentage of fund assets paid as a percentage of your investment for
the fund’s operating expenses, including management fees and
administrative expenses and distribution (12b-1) or service fees, as
applicable. These expenses are generally based on each portfolio’s
average daily net assets for the portfolio’s prior fiscal year. The
percentage shown reflects the net expenses of the fund. A net expense
reflects a deduction from total (gross) expenses. A fund-of-funds may
have higher fees and expenses than a fund that invests directly in equity
and fixed-income securities. Please see the fund prospectus for more
detailed information about a fund’s annual operating expenses.
Pacific Select Fund
Portfolio Optimization Moderate-Conservative PortfolioQuarterly Profile - As of 3/31/2020
4 of 5
Pacific Life is a product provider. It is not a fiduciary and therefore does not give advice or make recommendations regarding
insurance or investment products.
Pacific Life Insurance Company
Newport Beach, CA 92660
(800) 800-7681
www.PacificLife.com
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Insurance products are issued by Pacific Life Insurance Company in all states except New York and in New York by Pacific Life & Annuity Company.
Product/Material availability and features may vary by state. Each insurance company is solely responsible for the financial obligations accruing under the products it issues. Insurance products and their guarantees, including optional benefits and any crediting rates, are
backed by the financial strength and claims-paying ability of the issuing insurance company, but they do not protect the value of the variable investment options. Look to the strength of the life insurance company with regard to such guarantees as these guara ntees are
not backed by the broker-dealer, insurance agency, or their affiliates from which products are purchased. Neither these entities nor their representatives make any representation or assurance regarding the claims-paying ability of the life insurance company. Variableinsurance products and shares of Pacific Select Fund are distributed by Pacific Select Distributors, LLC (member FINRA & SIPC), a
subsidiary of Pacific Life Insurance Company, and an affiliate of Pacific Life & Annuity Company, and are available through licensed third-party broker-dealers.
There may be multiple share classes available for each fund listed, and not all funds that appear in this flyer are available in all VUL insurance products. Please refer to a VUL insurance product prospectus for the applicable funds and share classes .
This material must be preceded or accompanied by the variable life insurance product prospectus. Contact your life insurance producer or visit www.PacificLife.com for more information, including product and underlying fund prospectuses that contain more complete
information about Pacific Life and a variable life insurance policy’s risks, charges, limitations, and expenses, as well as the risks, charges, expenses and investment goals/objectives of the underlying investment options. Read them carefully before investing or sendin g money.
BlackRock is a registered trademark of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.
MFS is a registered trademark of Massachusetts Financial Services Company. Main Street is a registered trademark of Invesco Holding Company (US) Inc., or an affiliated company.
The Russell 2000® Index and Russell 2000® Value Index (together, the “Indexes”) are calculated by Russell or its agent, are trademarks of Frank Russell Company (“Russell”), and have been licensed for use by Pacific Select Fund (“PSF”). Neither Russell nor the London Stock
Exchange Group companies (together the “Licensor Parties”) sponsor, endorse, sell or promote any portfolios of PSF, the content of this communication, or make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the Indexes, or (ii) the suitability of the Indexes for the purpose to which they are being put. The Licensor Parties do not and will not provide any financial or investment advice or recommendation in relation to the Index to Pacific Select Fund
or its clients. The Licensor Parties do not accept any liability to any person for any errors or omissions in the Russell Ind exes and are under no obligation to advise any person of any error therein.
Pacific Life & Annuity Company
Newport Beach, CA 92660
(888) 595-6996
www.PacificLife.com
5 of 5
15-40725-32 4/20 E1222MKT12-104G
%
PSF Short Duration Bond Cl P (T. Rowe Price) 4.22%
PSF Managed Bond Cl P (PIMCO) 11.87%
PSF Diversified Bond Cl P (Western Asset) 18.25%
PSF Core Income Cl P (Pacific Asset Management) 2.50%
PSF Inflation Strategy Cl P (Barings) 0.24%
PSF Inflation Managed Cl P (PIMCO) 0.71%
PSF Floating Rate Income Cl P (Pacific Asset Management) 0.99%
PSF High Yield Bond Cl P (Pacific Asset Management) 4.50%
PSF Emerging Markets Debt Cl P (Ashmore) 3.83%
PSF Currency Strategies Cl P (Neuberger Berman/UBS) 1.46%
%
PSF Comstock Cl P (Invesco) 2.13%
PSF Value Advantage Cl P (JPMorgan) 3.88%
PSF Large-Cap Value Cl P (ClearBridge) 4.64%
PSF Main Street® Core Cl P (Invesco) 2.27%
PSF Equity Index Cl P (BlackRock®) 3.00%
PSF Dividend Growth Cl P (T. Rowe Price) 5.24%
PSF Large-Cap Growth Cl P (BlackRock®) 4.40%
PSF Growth Cl P (MFS®) 5.80%
Howard T. Hirakawa PSF Mid-Cap Value Cl P (Boston Partners) 2.49%
Carleton J. Muench PSF Mid-Cap Equity Cl P (Scout) 1.34%
Max Gokham PSF Mid-Cap Growth Cl P (Ivy) 1.93%
Samuel S. Park PSF Small-Cap Value Cl P (AllianceBernstein) 0.37%
PSF Small-Cap Equity Cl P (BlackRock®/Franklin) 0.37%
PSF Small-Cap Index Cl P (BlackRock®) 0.63%
PSF Developing Growth Cl P (Lord Abbett) 0.21%
PSF International Equity Income Cl P (Cadence) 1.66%
PSF International Value Cl P (Wellington) 2.47%
PSF International Large-Cap Cl P (MFS®) 3.07%
PSF International Small-Cap Cl P (QS Batterymarch) 0.52%
PSF Emerging Markets Cl P (Invesco) 3.93%
PSF Real Estate Cl P (Principal REI) 1.08%
%
Debt 48.57%
Equity 51.43%
Moderate %
Debt 45.00%
Equity 55.00%
Less Risk More Risk
Pacific Select Fund
Portfolio Optimization Moderate PortfolioQuarterly Profile - As of 3/31/2020
Equity Holdings as of 3/31/2020*
Variable universal life (VUL) insurance allows policyowners to
structure their policy death benefit and premium payments based
on their insurance needs and financial objectives.
Pacific Life’s VUL insurance products offer policyowners the ability
to invest in a wide number of different investment options, which
includes the Portfolio Optimization Moderate Portfolio.
The Portfolio is an asset allocation fund-of-funds investment option
that aims to provide diversification across major asset classes by
investing in certain underlying funds of Pacific Select Fund.
Pacific Life Fund Advisors LLC (PLFA), a subsidiary of Pacific Life
Insurance Company, is the investment adviser and responsible for
determining the asset allocation mix for the Portfolio. PLFA
manages the Portfolio through a multi-step process that includes:
(1) asset allocation, (2) portfolio construction, (3) manager
oversight, and (4) investment risk management. PLFA may modify
asset class exposures and the underlying funds from time to time.
Risk Spectrum
Investment Summary
Debt Holdings as of 3/31/2020*
As a fund-of-funds, the Portfolio is exposed to the same risks as the
Underlying Funds in which it invests in direct proportion to its
allocations to those underlying funds, along with other risks.
Investor Profile
Risk Characteristics
An asset allocation fund-of-funds that seeks long-term growth of
capital and low to moderate income using a target equity/debt
blend of 55/45,through investment in certain underlying funds of
Pacific Select Fund.
Portfolio Managers
Clients who want the opportunity for moderate long-term growth
and can tolerate a moderate level of risk.
*Percentages shown are based on total fund assets and may not
be exact due to rounding.
Target Asset Class Allocation
Current Asset Class - Allocations as of 3/31/2020*
Manager Tenure
2009
2009
2015
2013
MKT12-103G 1 of 5
1Expense
Ratio 1 Yr 3YR 5YR 10YR
Since
Inception
Inception
Date
0.98 -5.36 1.42 2.76 -- 4.36 5/2/11
0.78 -- -- -- -- -10.51 10/31/19
1Total Annual operating expense after fee waiver
ABOUT RISKS
Every variable investment option has some degree of risk depending
on its investments and strategies. While all variable investment
options are subject to market risk, some investment options may be
subject to greater volatility than others. The variable investment
options are not FDIC insured or guaranteed. The risks disclosed
below are intended only to illustrate certain principal risks of the
variable investment options and are not intended to be complete or
exhaustive. Before investing you should carefully read the applicable
fund prospectuses.
Active Management There is a risk that the advisor's investment
decisions fail to perform as expected, which may cause the fund to
lose value or underperform funds with similar objectives and
strategies or the market in general.
Asset Allocation Fund of Funds As a fund-of-funds, the fund typically
is exposed to the same risks as the underlying funds in which it
invests in direct to the allocation of assets among those underlying
funds. There is a risk that you could achieve better returns by
investing in an individual fund or funds representing a single asset
class or investment style rather than investing in the fund.
Bank Loans Investments in bank loans, also known as senior loans or
floating-rate loans, are rated below-investment grade and may be
subject to a greater risk of default than are investment-grade loans,
reducing the potential for income and potentially leading to impairment
of the collateral provided by the borrower.
Conflict of interest A conflict of interest may arise if the advisor makes
an investment in certain underlying funds based on the fact that those
funds are also managed by the advisor or an affiliate or because certain
underlying funds may pay higher fees to the advisor than others do. In
addition, an advisor's participation in the primary or secondary market
for loans may be deemed a conflict of interest and limit the ability of the
investment to acquire those assets.
Convertible Securities Investments in convertible securities may be
subject to increased interest rate risks, rising in value as interest rates
decline and falling in value when interest rates rise.
Correlation A Fund that represents an alternative or nontraditional
investment strategy is generally expected to have low to moderate
correlation with the performance of traditional equity and debt
investments over long-term periods; however, its actual performance
may be correlated with traditional equity and debt investments over
short- or long-term periods.
Current Allocation Target Allocation
The fund performance in this report includes only fund level fees and expenses, reinvestment of dividends, and distributions. Performance does not
include any policy charges. Policy charges are deducted monthly. The policy charges may include, but are not limited to, Cost of Insurance charges,
administrative charges, mortality and expense risk charges, coverage charges, and any rider charges. Additionally, a premium load is deducted from
each premium payment. Policy performance would be significantly lower after all policy fees and expenses are deducted and policy cash values
could be less than total premiums paid. You are encouraged to ask your life insurance producer for a personalized illustration since policy charges
can vary by product. The illustration includes an analysis of charges report, to help you understand how the policy charges affect your policy cash
values. See the applicable product prospectus and underlying fund prospectuses for more information.
Variable universal life insurance generally requires additional premium payments after the initial premium. If either no premiums are paid, or
subsequent premiums are insufficient to continue coverage, it is possible that coverage will expire.
Life insurance is subject to underwriting and approval of the application and will incur monthly policy charges.
Pacific Select Fund
Portfolio Optimization Moderate PortfolioQuarterly Profile - As of 3/31/2020
YTD
-13.39
-13.35
Performance - As of 3/31/2020
PSF Portfolio Optimization Moderate Portfolio Cl
IPSF Portfolio Optimization Moderate Portfolio Cl
P
Debt45.00
%
Equity55.00%
Debt48.57
%
Equity51.43
%
2 of 5
Pacific Select Fund
Portfolio Optimization Moderate PortfolioQuarterly Profile - As of 3/31/2020
ABOUT RISKS
Credit The issuer or guarantor of a fixed- income security,
counterparty to an OTC derivatives contract, or other borrower may
not be able to make timely principal, interest, or settlement
payments on an obligation. In this event, the issuer of a fixed-income
security may have its credit rating downgraded or defaulted, which
may reduce the potential for income and value of the portfolio.
Currency Investments in securities traded in foreign currencies or
more directly in foreign currencies are subject to the risk that the
foreign currency will decline in value relative to the U.S. dollar, which
may reduce the value of the portfolio.
Debt Securities Debt securities are subject to many risks, including
interest rate risk and credit risk, which may affect their value.
Derivatives The use of forwards and future contracts, options and
swaps agreements (each a type of derivative instrument) as a
principal investment strategy subjects an investor to a number of
risks, including: counterparty risk, leverage risk, price volatility risk,
regulatory risk, liquidity and valuation risk, correlation risk, premium
risk and segregation risk. Derivatives may be riskier than other types
of investments and may increase an investment's volatility and risk of
loss.
Emerging Markets Investments in emerging- and frontier- markets
securities may be subject to greater market, credit, currency,
liquidity, legal, political, and other risks compared with assets
invested in developed foreign countries.
Equity Securities The value of equity securities, which include
common, preferred, and convertible preferred stocks, will fluctuate
based on changes in their issuers' financial conditions, as well as
overall market and economic conditions, and can decline in the event
of deteriorating issuer, market, or economic conditions.
Floating Rate Loans Floating rate loans (or bank loans) are usually
rated below investment grade. The market for floating rate loans may
be subject to irregular trading activity, wide bid/ask spreads and
delayed settlement periods.
Foreign Markets Exposure to foreign markets can involve additional
risks relating to market, economic, political, regulatory, geopolitical,
or other conditions. These factors can make foreign investments
more volatile and less liquid than U.S. investments.
Geographic Focus Focusing investments in a single country, limited
number of countries, or particular geographic region increases the
risk that economic, political, social, or other conditions in those
countries or that region will have a significant impact on
performance.
Growth Companies Growth securities may be subject to increased
volatility as the value of these securities is highly sensitive to market
fluctuations and future earnings expectations. These securities
typically trade at higher multiples of current earnings than do other
securities and may lose value if it appears their earnings expectations
may not be met.
High-Yield/High Risk or “Junk” Securities Investments in below-
investment- grade debt securities and unrated securities of similar credit
quality, commonly known as "junk bonds" or "high-yield securities," may
be subject to increased interest, credit, and liquidity risks.
Industry and Sector Investing Concentrating assets in a particular
industry, sector of the economy, or markets may increase volatility
because the investment will be more susceptible to the impact of
market, economic, regulatory, and other factors affecting that industry or
sector compared with a more broadly diversified asset allocation.
Inflation-Indexed Debt Securities The principal values of inflation-
indexed debt securities tend to increase when inflation rises and
decrease when inflation falls.
Interest Rate The value of bonds, fixed rate loans and short- term money
market instruments may fall when interest rates rise. Debt instruments
with longer durations tend to be more sensitive to changes in interest
rates, making them more volatile than debt instruments with shorter
durations or floating or adjustable interest rates.
Large Capitalization Companies Concentrating assets in large-
capitalization stocks may subject the portfolio to the risk that those
stocks underperform other capitalizations or the market as a whole.
Leverage Leverage transactions may increase volatility and result in a
significant loss of value if a transaction fails. Because leverage usually
involves investment exposure that exceeds the initial investment, the
resulting gain or loss from a relatively small change in an underlying
indicator will be disproportionately magnified.
Mid-Capitalization Companies Mid-cap companies may be subject to
increased liquidity risk compared with large-cap companies and may
experience greater price volatility than do those securities because of
more-limited product lines or financial resources, among other factors.
Money Market Fund Money market funds are subject to the risk that
they may not be able to maintain a stable net asset value of $1.00 per
share. Investments in money market funds are not a deposit in a bank
and are not guaranteed by the FDIC, any other governmental agency, or
the advisor itself.
Mortgage-Related and Other Asset-Backed Securities Risk Mortgage-
related and other asset-backed securities are subject to certain risks
affecting the housing market or the market for the assets underlying
such securities.
Nondiversification A nondiversified investment, as defined under the
Investment Act of 1940, may have an increased potential for loss
because its portfolio includes a relatively small number of investments.
Passive Management A passively managed (or index) fund attempts to
track the performance of an unmanaged index of securities, which could
cause a fund's return to be lower than if the fund were actively managed.
3 of 5
ABOUT RISKS
Restricted/Illiquid Securities may fall in price because of an inability
to sell the securities when desired. Investing in restricted securities
may subject the portfolio to higher costs and liquidity risk.
Short Sale Selling securities short may be subject to the risk that an
advisor does not correctly predict the movement of the security,
resulting in a loss if a security must be purchased on the market
above its initial borrowing price to return to the lender.
Small-Capitalization Companies Concentrating assets in small-
capitalization stocks may subject the portfolio to the risk that those
stocks underperform other capitalizations or the market as a whole
and may be subject to increased liquidity risk compared with larger,
more established companies.
Socially responsive funds could underperform similar funds that do
not have a social policy. Among the reasons for this are: undervalued
stocks that do not meet the social criteria could outperform those
that do, economic or political changes could make certain companies
less attractive for investment, and the social policy could cause the
Fund to sell or avoid stocks that subsequently perform well.
Tracking error Performance of an investment may vary, sometimes,
substantially, from the performance of its benchmark index due to
imperfect correlation between an investment and the index.
Underlying Funds Because the Fund may serve as an underlying fund
of one or more "fund of funds" and thus have a significant
percentage of its outstanding shares held by such fund of funds, a
change in asset allocation by the fund of funds could result in large
redemptions out of the Fund, causing potential increases in expenses
to the Fund and sale of securities in a short timeframe, both of which
could negatively impact performance.
U.S. Government Securities Not all U.S. government securities are
backed or guaranteed by the U.S. government and different U.S.
government securities are subject to varying degrees of credit risk.
There is risk that the U.S. government will not make timely payments
on its debt or provide financial support to U.S. government agencies,
instrumentalities or sponsored enterprises if those entities are not
able to meet their financial obligations.
Value Companies Risk Value securities may be subject to the risk that
the determination that a stock is undervalued is not correct or
recognized in the market.
TOTAL ANNUAL OPERATING EXPENSES AFTER FEE WAIVER The annual
percentage of fund assets paid as a percentage of your investment for
the fund’s operating expenses, including management fees and
administrative expenses and distribution (12b-1) or service fees, as
applicable. These expenses are generally based on each portfolio’s
average daily net assets for the portfolio’s prior fiscal year. The
percentage shown reflects the net expenses of the fund. A net expense
reflects a deduction from total (gross) expenses. A fund-of-funds may
have higher fees and expenses than a fund that invests directly in equity
and fixed-income securities. Please see the fund prospectus for more
detailed information about a fund’s annual operating expenses.
Pacific Select Fund
Portfolio Optimization Moderate PortfolioQuarterly Profile - As of 3/31/2020
4 of 5
Pacific Life is a product provider. It is not a fiduciary and therefore does not give advice or make recommendations regarding
insurance or investment products.
Pacific Life Insurance Company
Newport Beach, CA 92660
(800) 800-7681
www.PacificLife.com
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Insurance products are issued by Pacific Life Insurance Company in all states except New York and in New York by Pacific Life & Annuity Company.
Product/Material availability and features may vary by state. Each insurance company is solely responsible for the financial obligations accruing under the products it issues. Insurance products and their guarantees, including optional benefits and any crediting rates, are
backed by the financial strength and claims-paying ability of the issuing insurance company, but they do not protect the value of the variable investment options. Look to the strength of the life insurance company with regard to such guarantees as these guara ntees are
not backed by the broker-dealer, insurance agency, or their affiliates from which products are purchased. Neither these entities nor their representatives make any representation or assurance regarding the claims-paying ability of the life insurance company. Variableinsurance products and shares of Pacific Select Fund are distributed by Pacific Select Distributors, LLC (member FINRA & SIPC), a
subsidiary of Pacific Life Insurance Company, and an affiliate of Pacific Life & Annuity Company, and are available through licensed third-party broker-dealers.
There may be multiple share classes available for each fund listed, and not all funds that appear in this flyer are available in all VUL insurance products. Please refer to a VUL insurance product prospectus for the applicable funds and share classes .
This material must be preceded or accompanied by the variable life insurance product prospectus. Contact your life insurance producer or visit www.PacificLife.com for more information, including product and underlying fund prospectuses that contain more complete
information about Pacific Life and a variable life insurance policy’s risks, charges, limitations, and expenses, as well as the risks, charges, expenses and investment goals/objectives of the underlying investment options. Read them carefully before investing or sendin g money.
BlackRock is a registered trademark of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.
MFS is a registered trademark of Massachusetts Financial Services Company. Main Street is a registered trademark of Invesco Holding Company (US) Inc., or an affiliated company.
The Russell 2000® Index and Russell 2000® Value Index (together, the “Indexes”) are calculated by Russell or its agent, are trademarks of Frank Russell Company (“Russell”), and have been licensed for use by Pacific Select Fund (“PSF”). Neither Russell nor the London Stock
Exchange Group companies (together the “Licensor Parties”) sponsor, endorse, sell or promote any portfolios of PSF, the content of this communication, or make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the Indexes, or (ii) the suitability of the Indexes for the purpose to which they are being put. The Licensor Parties do not and will not provide any financial or investment advice or recommendation in relation to the Index to Pacific Select Fund
or its clients. The Licensor Parties do not accept any liability to any person for any errors or omissions in the Russell Ind exes and are under no obligation to advise any person of any error therein.
Pacific Life & Annuity Company
Newport Beach, CA 92660
(888) 595-6996
www.PacificLife.com
MKT12-101G 15-40722-33 4/20 E1222
5 of 5
15-40724-32 4/20 E1222MKT12-103G
%
PSF Short Duration Bond Cl P (T. Rowe Price) 2.31%
PSF Managed Bond Cl P (PIMCO) 7.33%
PSF Diversified Bond Cl P (Western Asset) 11.32%
PSF Core Income Cl P (Pacific Asset Management) 1.55%
PSF Inflation Managed Cl P (PIMCO) 0.00%
PSF Floating Rate Income Cl P (Pacific Asset Management) 0.98%
PSF High Yield Bond Cl P (Pacific Asset Management) 2.96%
PSF Emerging Markets Debt Cl P (Ashmore) 2.84%
PSF Currency Strategies Cl P (Neuberger Berman/UBS) 1.44%
%
PSF Comstock Cl P (Invesco) 2.73%
PSF Value Advantage Cl P (JPMorgan) 4.90%
PSF Large-Cap Value Cl P (ClearBridge) 5.90%
PSF Main Street® Core Cl P (Invesco) 2.91%
PSF Equity Index Cl P (BlackRock®) 3.88%
PSF Dividend Growth Cl P (T. Rowe Price) 6.77%
PSF Large-Cap Growth Cl P (BlackRock®) 5.84%
PSF Growth Cl P (MFS®) 7.77%
PSF Mid-Cap Value Cl P (Boston Partners) 3.72%
Howard T. Hirakawa PSF Mid-Cap Equity Cl P (Scout) 1.94%
Carleton J. Muench PSF Mid-Cap Growth Cl P (Ivy) 2.64%
Max Gokham PSF Small-Cap Value Cl P (AllianceBernstein) 0.52%
Samuel S. Park PSF Small-Cap Equity Cl P (BlackRock®/Franklin) 0.57%
PSF Small-Cap Index Cl P (BlackRock®) 0.93%
PSF Developing Growth Cl P (Lord Abbett) 0.58%
PSF International Equity Income Cl P (Cadence) 2.47%
PSF International Value Cl P (Wellington) 3.68%
PSF International Large-Cap Cl P (MFS®) 4.56%
PSF International Small-Cap Cl P (QS Batterymarch) 1.04%
PSF Emerging Markets Cl P (Invesco) 4.85%
PSF Real Estate Cl P (Principal REI) 1.07%
%
Debt 30.73%
Equity 69.27%
%
Debt 25.00%
Moderately Aggressive Equity 75.00%
Less Risk More Risk
Debt Holdings as of 3/31/2020*
Risk Characteristics
Pacific Select Fund
Portfolio Optimization Growth PortfolioQuarterly Profile - As of 3/31/2020
Variable universal life (VUL) insurance allows policyowners to
structure their policy death benefit and premium payments based
on their insurance needs and financial objectives.
Pacific Life’s VUL insurance products offer policyowners the ability
to invest in a wide number of different investment options, which
includes the Portfolio Optimization Growth Portfolio.
The Portfolio is an asset allocation fund-of-funds investment option
that aims to provide diversification across major asset classes by
investing in certain underlying funds of Pacific Select Fund.
Pacific Life Fund Advisors LLC (PLFA), a subsidiary of Pacific Life
Insurance Company, is the investment adviser and responsible for
determining the asset allocation mix for the Portfolio. PLFA
manages the Portfolio through a multi-step process that includes:
(1) asset allocation, (2) portfolio construction, (3) manager
oversight, and (4) investment risk management. PLFA may modify
asset class exposures and the underlying funds from time to time.
Portfolio Managers Manager Tenure
2009
2009
2015
2013
Equity Holdings as of 3/31/2020*
*Percentages shown are based on total fund assets and may not
be exact due to rounding.
Current Asset Class - Allocations as of 3/31/2020*
Target Asset Class Allocation
Risk Spectrum
Investment Summary
As a fund-of-funds, the Portfolio is exposed to the same risks as the
Underlying Funds in which it invests in direct proportion to its
allocations to those underlying funds, along with other risks.
An asset allocation fund-of-funds that seeks moderately high, long-
term capital appreciation with low, current income, using a target
equity/debt blend of 75/25, through investment in certain
underlying funds of Pacific Select Fund.
Clients who want an investment that is geared for growth and are
willing to accept above average risk.
Investor Profile
MKT12-102G 1 of 5
1Expense
Ratio 1 Yr 3YR 5YR 10YR
Since
Inception
Inception
Date
0.98 -8.36 0.93 2.70 -- 4.67 5/2/11
0.78 -- -- -- -- -13.51 10/31/19
1Total Annual operating expense after fee waiver
ABOUT RISKS
Every variable investment option has some degree of risk depending
on its investments and strategies. While all variable investment
options are subject to market risk, some investment options may be
subject to greater volatility than others. The variable investment
options are not FDIC insured or guaranteed. The risks disclosed
below are intended only to illustrate certain principal risks of the
variable investment options and are not intended to be complete or
exhaustive. Before investing you should carefully read the applicable
fund prospectuses.
Active Management There is a risk that the advisor's investment
decisions fail to perform as expected, which may cause the fund to
lose value or underperform funds with similar objectives and
strategies or the market in general.
Asset Allocation Fund of Funds As a fund-of-funds, the fund typically
is exposed to the same risks as the underlying funds in which it
invests in direct to the allocation of assets among those underlying
funds. There is a risk that you could achieve better returns by
investing in an individual fund or funds representing a single asset
class or investment style rather than investing in the fund.
Bank Loans Investments in bank loans, also known as senior loans or
floating-rate loans, are rated below-investment grade and may be
subject to a greater risk of default than are investment-grade loans,
reducing the potential for income and potentially leading to impairment
of the collateral provided by the borrower.
Conflict of interest A conflict of interest may arise if the advisor makes
an investment in certain underlying funds based on the fact that those
funds are also managed by the advisor or an affiliate or because certain
underlying funds may pay higher fees to the advisor than others do. In
addition, an advisor's participation in the primary or secondary market
for loans may be deemed a conflict of interest and limit the ability of the
investment to acquire those assets.
Convertible Securities Investments in convertible securities may be
subject to increased interest rate risks, rising in value as interest rates
decline and falling in value when interest rates rise.
Correlation A Fund that represents an alternative or nontraditional
investment strategy is generally expected to have low to moderate
correlation with the performance of traditional equity and debt
investments over long-term periods; however, its actual performance
may be correlated with traditional equity and debt investments over
short- or long-term periods.
Current Allocation Target Allocation
The fund performance in this report includes only fund level fees and expenses, reinvestment of dividends, and distributions. Performance does not
include any policy charges. Policy charges are deducted monthly. The policy charges may include, but are not limited to, Cost of Insurance charges,
administrative charges, mortality and expense risk charges, coverage charges, and any rider charges. Additionally, a premium load is deducted from
each premium payment. Policy performance would be significantly lower after all policy fees and expenses are deducted and policy cash values
could be less than total premiums paid. You are encouraged to ask your life insurance producer for a personalized illustration since policy charges
can vary by product. The illustration includes an analysis of charges report, to help you understand how the policy charges affect your policy cash
values. See the applicable product prospectus and underlying fund prospectuses for more information.
Variable universal life insurance generally requires additional premium payments after the initial premium. If either no premiums are paid, or
subsequent premiums are insufficient to continue coverage, it is possible that coverage will expire.
Life insurance is subject to underwriting and approval of the application and will incur monthly policy charges.
Pacific Select Fund
Portfolio Optimization Growth PortfolioQuarterly Profile - As of 3/31/2020
YTD
-17.13
-17.09
Performance - As of 3/31/2020
PSF Portfolio Optimization Growth Portfolio Cl I
PSF Portfolio Optimization Growth Portfolio Cl P
Debt25.00
%Equity75.00%
Debt30.73
%
Equity69.27
%
2 of 5
Pacific Select Fund
Portfolio Optimization Growth PortfolioQuarterly Profile - As of 3/31/2020
ABOUT RISKS
Credit The issuer or guarantor of a fixed- income security,
counterparty to an OTC derivatives contract, or other borrower may
not be able to make timely principal, interest, or settlement
payments on an obligation. In this event, the issuer of a fixed-income
security may have its credit rating downgraded or defaulted, which
may reduce the potential for income and value of the portfolio.
Currency Investments in securities traded in foreign currencies or
more directly in foreign currencies are subject to the risk that the
foreign currency will decline in value relative to the U.S. dollar, which
may reduce the value of the portfolio.
Debt Securities Debt securities are subject to many risks, including
interest rate risk and credit risk, which may affect their value.
Derivatives The use of forwards and future contracts, options and
swaps agreements (each a type of derivative instrument) as a
principal investment strategy subjects an investor to a number of
risks, including: counterparty risk, leverage risk, price volatility risk,
regulatory risk, liquidity and valuation risk, correlation risk, premium
risk and segregation risk. Derivatives may be riskier than other types
of investments and may increase an investment's volatility and risk of
loss.
Emerging Markets Investments in emerging- and frontier- markets
securities may be subject to greater market, credit, currency,
liquidity, legal, political, and other risks compared with assets
invested in developed foreign countries.
Equity Securities The value of equity securities, which include
common, preferred, and convertible preferred stocks, will fluctuate
based on changes in their issuers' financial conditions, as well as
overall market and economic conditions, and can decline in the event
of deteriorating issuer, market, or economic conditions.
Floating Rate Loans Floating rate loans (or bank loans) are usually
rated below investment grade. The market for floating rate loans may
be subject to irregular trading activity, wide bid/ask spreads and
delayed settlement periods.
Foreign Markets Exposure to foreign markets can involve additional
risks relating to market, economic, political, regulatory, geopolitical,
or other conditions. These factors can make foreign investments
more volatile and less liquid than U.S. investments.
Geographic Focus Focusing investments in a single country, limited
number of countries, or particular geographic region increases the
risk that economic, political, social, or other conditions in those
countries or that region will have a significant impact on
performance.
Growth Companies Growth securities may be subject to increased
volatility as the value of these securities is highly sensitive to market
fluctuations and future earnings expectations. These securities
typically trade at higher multiples of current earnings than do other
securities and may lose value if it appears their earnings expectations
may not be met.
High-Yield/High Risk or “Junk” Securities Investments in below-
investment- grade debt securities and unrated securities of similar credit
quality, commonly known as "junk bonds" or "high-yield securities," may
be subject to increased interest, credit, and liquidity risks.
Industry and Sector Investing Concentrating assets in a particular
industry, sector of the economy, or markets may increase volatility
because the investment will be more susceptible to the impact of
market, economic, regulatory, and other factors affecting that industry or
sector compared with a more broadly diversified asset allocation.
Inflation-Indexed Debt Securities The principal values of inflation-
indexed debt securities tend to increase when inflation rises and
decrease when inflation falls.
Interest Rate The value of bonds, fixed rate loans and short- term money
market instruments may fall when interest rates rise. Debt instruments
with longer durations tend to be more sensitive to changes in interest
rates, making them more volatile than debt instruments with shorter
durations or floating or adjustable interest rates.
Large Capitalization Companies Concentrating assets in large-
capitalization stocks may subject the portfolio to the risk that those
stocks underperform other capitalizations or the market as a whole.
Leverage Leverage transactions may increase volatility and result in a
significant loss of value if a transaction fails. Because leverage usually
involves investment exposure that exceeds the initial investment, the
resulting gain or loss from a relatively small change in an underlying
indicator will be disproportionately magnified.
Mid-Capitalization Companies Mid-cap companies may be subject to
increased liquidity risk compared with large-cap companies and may
experience greater price volatility than do those securities because of
more-limited product lines or financial resources, among other factors.
Money Market Fund Money market funds are subject to the risk that
they may not be able to maintain a stable net asset value of $1.00 per
share. Investments in money market funds are not a deposit in a bank
and are not guaranteed by the FDIC, any other governmental agency, or
the advisor itself.
Mortgage-Related and Other Asset-Backed Securities Risk Mortgage-
related and other asset-backed securities are subject to certain risks
affecting the housing market or the market for the assets underlying
such securities.
Nondiversification A nondiversified investment, as defined under the
Investment Act of 1940, may have an increased potential for loss
because its portfolio includes a relatively small number of investments.
Passive Management A passively managed (or index) fund attempts to
track the performance of an unmanaged index of securities, which could
cause a fund's return to be lower than if the fund were actively managed.
3 of 5
ABOUT RISKS
Restricted/Illiquid Securities may fall in price because of an inability
to sell the securities when desired. Investing in restricted securities
may subject the portfolio to higher costs and liquidity risk.
Short Sale Selling securities short may be subject to the risk that an
advisor does not correctly predict the movement of the security,
resulting in a loss if a security must be purchased on the market
above its initial borrowing price to return to the lender.
Small-Capitalization Companies Concentrating assets in small-
capitalization stocks may subject the portfolio to the risk that those
stocks underperform other capitalizations or the market as a whole
and may be subject to increased liquidity risk compared with larger,
more established companies.
Socially responsive funds could underperform similar funds that do
not have a social policy. Among the reasons for this are: undervalued
stocks that do not meet the social criteria could outperform those
that do, economic or political changes could make certain companies
less attractive for investment, and the social policy could cause the
Fund to sell or avoid stocks that subsequently perform well.
Tracking error Performance of an investment may vary, sometimes,
substantially, from the performance of its benchmark index due to
imperfect correlation between an investment and the index.
Underlying Funds Because the Fund may serve as an underlying fund
of one or more "fund of funds" and thus have a significant
percentage of its outstanding shares held by such fund of funds, a
change in asset allocation by the fund of funds could result in large
redemptions out of the Fund, causing potential increases in expenses
to the Fund and sale of securities in a short timeframe, both of which
could negatively impact performance.
U.S. Government Securities Not all U.S. government securities are
backed or guaranteed by the U.S. government and different U.S.
government securities are subject to varying degrees of credit risk.
There is risk that the U.S. government will not make timely payments
on its debt or provide financial support to U.S. government agencies,
instrumentalities or sponsored enterprises if those entities are not
able to meet their financial obligations.
Value Companies Risk Value securities may be subject to the risk that
the determination that a stock is undervalued is not correct or
recognized in the market.
TOTAL ANNUAL OPERATING EXPENSES AFTER FEE WAIVER The annual
percentage of fund assets paid as a percentage of your investment for
the fund’s operating expenses, including management fees and
administrative expenses and distribution (12b-1) or service fees, as
applicable. These expenses are generally based on each portfolio’s
average daily net assets for the portfolio’s prior fiscal year. The
percentage shown reflects the net expenses of the fund. A net expense
reflects a deduction from total (gross) expenses. A fund-of-funds may
have higher fees and expenses than a fund that invests directly in equity
and fixed-income securities. Please see the fund prospectus for more
detailed information about a fund’s annual operating expenses.
Pacific Select Fund
Portfolio Optimization Growth PortfolioQuarterly Profile - As of 3/31/2020
4 of 5
Pacific Life is a product provider. It is not a fiduciary and therefore does not give advice or make recommendations regarding
insurance or investment products.
Pacific Life Insurance Company
Newport Beach, CA 92660
(800) 800-7681
www.PacificLife.com
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Insurance products are issued by Pacific Life Insurance Company in all states except New York and in New York by Pacific Life & Annuity Company.
Product/Material availability and features may vary by state. Each insurance company is solely responsible for the financial obligations accruing under the products it issues. Insurance products and their guarantees, including optional benefits and any crediting rates, are
backed by the financial strength and claims-paying ability of the issuing insurance company, but they do not protect the value of the variable investment options. Look to the strength of the life insurance company with regard to such guarantees as these guara ntees are
not backed by the broker-dealer, insurance agency, or their affiliates from which products are purchased. Neither these entities nor their representatives make any representation or assurance regarding the claims-paying ability of the life insurance company. Variableinsurance products and shares of Pacific Select Fund are distributed by Pacific Select Distributors, LLC (member FINRA & SIPC), a
subsidiary of Pacific Life Insurance Company, and an affiliate of Pacific Life & Annuity Company, and are available through licensed third-party broker-dealers.
There may be multiple share classes available for each fund listed, and not all funds that appear in this flyer are available in all VUL insurance products. Please refer to a VUL insurance product prospectus for the applicable funds and share classes .
This material must be preceded or accompanied by the variable life insurance product prospectus. Contact your life insurance producer or visit www.PacificLife.com for more information, including product and underlying fund prospectuses that contain more complete
information about Pacific Life and a variable life insurance policy’s risks, charges, limitations, and expenses, as well as the risks, charges, expenses and investment goals/objectives of the underlying investment options. Read them carefully before investing or sendin g money.
BlackRock is a registered trademark of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.
MFS is a registered trademark of Massachusetts Financial Services Company. Main Street is a registered trademark of Invesco Holding Company (US) Inc., or an affiliated company.
The Russell 2000® Index and Russell 2000® Value Index (together, the “Indexes”) are calculated by Russell or its agent, are trademarks of Frank Russell Company (“Russell”), and have been licensed for use by Pacific Select Fund (“PSF”). Neither Russell nor the London Stock
Exchange Group companies (together the “Licensor Parties”) sponsor, endorse, sell or promote any portfolios of PSF, the content of this communication, or make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the Indexes, or (ii) the suitability of the Indexes for the purpose to which they are being put. The Licensor Parties do not and will not provide any financial or investment advice or recommendation in relation to the Index to Pacific Select Fund
or its clients. The Licensor Parties do not accept any liability to any person for any errors or omissions in the Russell Ind exes and are under no obligation to advise any person of any error therein.
Pacific Life & Annuity Company
Newport Beach, CA 92660
(888) 595-6996
www.PacificLife.com
MKT12-101G 15-40722-33 4/20 E1222
5 of 5
15-40723-32 4/20 E1222MKT12-102G
%
PSF Short Duration Bond Cl P (T. Rowe Price) 0.92%
PSF Managed Bond Cl P (PIMCO) 3.28%
PSF Diversified Bond Cl P (Western Asset) 5.10%
PSF Core Income Cl P (Pacific Asset Management) 0.67%
PSF Floating Rate Income Cl P (Pacific Asset Management) 0.48%
PSF High Yield Bond Cl P (Pacific Asset Management) 2.93%
PSF Emerging Markets Debt Cl P (Ashmore) 2.81%
PSF Currency Strategies Cl P (Neuberger Berman/UBS) 0.95%
%
PSF Comstock Cl P (Invesco) 2.91%
PSF Value Advantage Cl P (JPMorgan) 5.21%
PSF Large-Cap Value Cl P (ClearBridge) 6.30%
PSF Main Street® Core Cl P (Invesco) 3.09%
PSF Equity Index Cl P (BlackRock®) 4.16%
PSF Dividend Growth Cl P (T. Rowe Price) 7.21%
PSF Large-Cap Growth Cl P (BlackRock®) 6.25%
PSF Growth Cl P (MFS®) 8.25%
PSF Mid-Cap Value Cl P (Boston Partners) 4.89%
PSF Mid-Cap Equity Cl P (Scout) 2.63%
Howard T. Hirakawa PSF Mid-Cap Growth Cl P (Ivy) 3.80%
Carleton J. Muench PSF Small-Cap Value Cl P (AllianceBernstein) 0.72%
Max Gokham PSF Small-Cap Equity Cl P (BlackRock®/Franklin) 0.77%
Samuel S. Park PSF Small-Cap Index Cl P (BlackRock®) 1.13%
PSF Developing Growth Cl P (Lord Abbett) 0.99%
PSF International Equity Income Cl P (Cadence) 3.26%
PSF International Value Cl P (Wellington) 4.91%
PSF International Large-Cap Cl P (MFS®) 5.98%
PSF International Small-Cap Cl P (QS Batterymarch) 1.55%
PSF Emerging Markets Cl P (Invesco) 6.73%
PSF Real Estate Cl P (Principal REI) 2.12%
%
Debt 17.15%
Equity 82.85%
%
Debt 10.00%
Aggressive Equity 90.00%
Less Risk More Risk
*Percentages shown are based on total fund assets and may not
be exact due to rounding.
Current Asset Class - Allocations as of 3/31/2020*
Target Asset Class Allocation
Risk Spectrum
Investor ProfileClients who are aggressive investors and can tolerate short-term
market swings.
Risk CharacteristicsAs a fund-of-funds, the Portfolio is exposed to the same risks as the
Underlying Funds in which it invests in direct proportion to its
allocations to those underlying funds, along with other risks.
Variable universal life (VUL) insurance allows policyowners to
structure their policy death benefit and premium payments based
on their insurance needs and financial objectives.
Pacific Life’s VUL insurance products offer policyowners the ability
to invest in a wide number of different investment options, which
includes the Portfolio Optimization Aggressive-Growth Portfolio.
The Portfolio is an asset allocation fund-of-funds investment option
that aims to provide diversification across major asset classes by
investing in certain underlying funds of Pacific Select Fund.
Pacific Life Fund Advisors LLC (PLFA), a subsidiary of Pacific Life
Insurance Company, is the investment adviser and responsible for
determining the asset allocation mix for the Portfolio. PLFA
manages the Portfolio through a multi-step process that includes:
(1) asset allocation, (2) portfolio construction, (3) manager
oversight, and (4) investment risk management. PLFA may modify
asset class exposures and the underlying funds from time to time.
Pacific Select Fund
Portfolio Optimization Aggressive-Growth PortfolioQuarterly Profile - As of 3/31/2020
Investment SummaryAn asset allocation fund-of-funds that seeks high, long-term capital
appreciation using a target equity/debt blend of 90/10 through
investment in certain underlying funds of Pacific Select Fund.
Equity Holdings as of 3/31/2020*
Debt Holdings as of 3/31/2020*
Portfolio Managers Manager Tenure
2009
2009
2015
2013
MKT12-100G 1 of 5
1Expense
Ratio 1 Yr 3YR 5YR 10YR
Since
Inception
Inception
Date
0.99 -11.88 0.04 2.19 -- 4.50 5/2/11
0.79 -- -- -- -- -16.78 10/31/19
1Total Annual operating expense after fee waiver
ABOUT RISKS
Every variable investment option has some degree of risk depending
on its investments and strategies. While all variable investment
options are subject to market risk, some investment options may be
subject to greater volatility than others. The variable investment
options are not FDIC insured or guaranteed. The risks disclosed
below are intended only to illustrate certain principal risks of the
variable investment options and are not intended to be complete or
exhaustive. Before investing you should carefully read the applicable
fund prospectuses.
Active Management There is a risk that the advisor's investment
decisions fail to perform as expected, which may cause the fund to
lose value or underperform funds with similar objectives and
strategies or the market in general.
Asset Allocation Fund of Funds As a fund-of-funds, the fund typically
is exposed to the same risks as the underlying funds in which it
invests in direct to the allocation of assets among those underlying
funds. There is a risk that you could achieve better returns by
investing in an individual fund or funds representing a single asset
class or investment style rather than investing in the fund.
Bank Loans Investments in bank loans, also known as senior loans or
floating-rate loans, are rated below-investment grade and may be
subject to a greater risk of default than are investment-grade loans,
reducing the potential for income and potentially leading to impairment
of the collateral provided by the borrower.
Conflict of interest A conflict of interest may arise if the advisor makes
an investment in certain underlying funds based on the fact that those
funds are also managed by the advisor or an affiliate or because certain
underlying funds may pay higher fees to the advisor than others do. In
addition, an advisor's participation in the primary or secondary market
for loans may be deemed a conflict of interest and limit the ability of the
investment to acquire those assets.
Convertible Securities Investments in convertible securities may be
subject to increased interest rate risks, rising in value as interest rates
decline and falling in value when interest rates rise.
Correlation A Fund that represents an alternative or nontraditional
investment strategy is generally expected to have low to moderate
correlation with the performance of traditional equity and debt
investments over long-term periods; however, its actual performance
may be correlated with traditional equity and debt investments over
short- or long-term periods.
Current Allocation Target Allocation
The fund performance in this report includes only fund level fees and expenses, reinvestment of dividends, and distributions. Performance does not
include any policy charges. Policy charges are deducted monthly. The policy charges may include, but are not limited to, Cost of Insurance charges,
administrative charges, mortality and expense risk charges, coverage charges, and any rider charges. Additionally, a premium load is deducted from
each premium payment. Policy performance would be significantly lower after all policy fees and expenses are deducted and policy cash values
could be less than total premiums paid. You are encouraged to ask your life insurance producer for a personalized illustration since policy charges
can vary by product. The illustration includes an analysis of charges report, to help you understand how the policy charges affect your policy cash
values. See the applicable product prospectus and underlying fund prospectuses for more information.
Variable universal life insurance generally requires additional premium payments after the initial premium. If either no premiums are paid, or
subsequent premiums are insufficient to continue coverage, it is possible that coverage will expire.
Life insurance is subject to underwriting and approval of the application and will incur monthly policy charges.
Pacific Select Fund
Portfolio Optimization Aggressive-Growth PortfolioQuarterly Profile - As of 3/31/2020
YTD
-20.81
-20.77
Performance - As of 3/31/2020
PSF Portfolio Optimization Aggressive-Growth
Portfolio Cl IPSF Portfolio Optimization Aggressive-Growth
Portfolio Cl P
Debt10.00
% Equity90.00%
Debt17.15
%Equity82.85
%
2 of 5
Pacific Select Fund
Portfolio Optimization Aggressive-Growth PortfolioQuarterly Profile - As of 3/31/2020
ABOUT RISKS
Credit The issuer or guarantor of a fixed- income security,
counterparty to an OTC derivatives contract, or other borrower may
not be able to make timely principal, interest, or settlement
payments on an obligation. In this event, the issuer of a fixed-income
security may have its credit rating downgraded or defaulted, which
may reduce the potential for income and value of the portfolio.
Currency Investments in securities traded in foreign currencies or
more directly in foreign currencies are subject to the risk that the
foreign currency will decline in value relative to the U.S. dollar, which
may reduce the value of the portfolio.
Debt Securities Debt securities are subject to many risks, including
interest rate risk and credit risk, which may affect their value.
Derivatives The use of forwards and future contracts, options and
swaps agreements (each a type of derivative instrument) as a
principal investment strategy subjects an investor to a number of
risks, including: counterparty risk, leverage risk, price volatility risk,
regulatory risk, liquidity and valuation risk, correlation risk, premium
risk and segregation risk. Derivatives may be riskier than other types
of investments and may increase an investment's volatility and risk of
loss.
Emerging Markets Investments in emerging- and frontier- markets
securities may be subject to greater market, credit, currency,
liquidity, legal, political, and other risks compared with assets
invested in developed foreign countries.
Equity Securities The value of equity securities, which include
common, preferred, and convertible preferred stocks, will fluctuate
based on changes in their issuers' financial conditions, as well as
overall market and economic conditions, and can decline in the event
of deteriorating issuer, market, or economic conditions.
Floating Rate Loans Floating rate loans (or bank loans) are usually
rated below investment grade. The market for floating rate loans may
be subject to irregular trading activity, wide bid/ask spreads and
delayed settlement periods.
Foreign Markets Exposure to foreign markets can involve additional
risks relating to market, economic, political, regulatory, geopolitical,
or other conditions. These factors can make foreign investments
more volatile and less liquid than U.S. investments.
Geographic Focus Focusing investments in a single country, limited
number of countries, or particular geographic region increases the
risk that economic, political, social, or other conditions in those
countries or that region will have a significant impact on
performance.
Growth Companies Growth securities may be subject to increased
volatility as the value of these securities is highly sensitive to market
fluctuations and future earnings expectations. These securities
typically trade at higher multiples of current earnings than do other
securities and may lose value if it appears their earnings expectations
may not be met.
High-Yield/High Risk or “Junk” Securities Investments in below-
investment- grade debt securities and unrated securities of similar credit
quality, commonly known as "junk bonds" or "high-yield securities," may
be subject to increased interest, credit, and liquidity risks.
Industry and Sector Investing Concentrating assets in a particular
industry, sector of the economy, or markets may increase volatility
because the investment will be more susceptible to the impact of
market, economic, regulatory, and other factors affecting that industry or
sector compared with a more broadly diversified asset allocation.
Inflation-Indexed Debt Securities The principal values of inflation-
indexed debt securities tend to increase when inflation rises and
decrease when inflation falls.
Interest Rate The value of bonds, fixed rate loans and short- term money
market instruments may fall when interest rates rise. Debt instruments
with longer durations tend to be more sensitive to changes in interest
rates, making them more volatile than debt instruments with shorter
durations or floating or adjustable interest rates.
Large Capitalization Companies Concentrating assets in large-
capitalization stocks may subject the portfolio to the risk that those
stocks underperform other capitalizations or the market as a whole.
Leverage Leverage transactions may increase volatility and result in a
significant loss of value if a transaction fails. Because leverage usually
involves investment exposure that exceeds the initial investment, the
resulting gain or loss from a relatively small change in an underlying
indicator will be disproportionately magnified.
Mid-Capitalization Companies Mid-cap companies may be subject to
increased liquidity risk compared with large-cap companies and may
experience greater price volatility than do those securities because of
more-limited product lines or financial resources, among other factors.
Money Market Fund Money market funds are subject to the risk that
they may not be able to maintain a stable net asset value of $1.00 per
share. Investments in money market funds are not a deposit in a bank
and are not guaranteed by the FDIC, any other governmental agency, or
the advisor itself.
Mortgage-Related and Other Asset-Backed Securities Risk Mortgage-
related and other asset-backed securities are subject to certain risks
affecting the housing market or the market for the assets underlying
such securities.
Nondiversification A nondiversified investment, as defined under the
Investment Act of 1940, may have an increased potential for loss
because its portfolio includes a relatively small number of investments.
Passive Management A passively managed (or index) fund attempts to
track the performance of an unmanaged index of securities, which could
cause a fund's return to be lower than if the fund were actively managed.
3 of 5
ABOUT RISKS
Restricted/Illiquid Securities may fall in price because of an inability
to sell the securities when desired. Investing in restricted securities
may subject the portfolio to higher costs and liquidity risk.
Short Sale Selling securities short may be subject to the risk that an
advisor does not correctly predict the movement of the security,
resulting in a loss if a security must be purchased on the market
above its initial borrowing price to return to the lender.
Small-Capitalization Companies Concentrating assets in small-
capitalization stocks may subject the portfolio to the risk that those
stocks underperform other capitalizations or the market as a whole
and may be subject to increased liquidity risk compared with larger,
more established companies.
Socially responsive funds could underperform similar funds that do
not have a social policy. Among the reasons for this are: undervalued
stocks that do not meet the social criteria could outperform those
that do, economic or political changes could make certain companies
less attractive for investment, and the social policy could cause the
Fund to sell or avoid stocks that subsequently perform well.
Tracking error Performance of an investment may vary, sometimes,
substantially, from the performance of its benchmark index due to
imperfect correlation between an investment and the index.
Underlying Funds Because the Fund may serve as an underlying fund
of one or more "fund of funds" and thus have a significant
percentage of its outstanding shares held by such fund of funds, a
change in asset allocation by the fund of funds could result in large
redemptions out of the Fund, causing potential increases in expenses
to the Fund and sale of securities in a short timeframe, both of which
could negatively impact performance.
U.S. Government Securities Not all U.S. government securities are
backed or guaranteed by the U.S. government and different U.S.
government securities are subject to varying degrees of credit risk.
There is risk that the U.S. government will not make timely payments
on its debt or provide financial support to U.S. government agencies,
instrumentalities or sponsored enterprises if those entities are not
able to meet their financial obligations.
Value Companies Risk Value securities may be subject to the risk that
the determination that a stock is undervalued is not correct or
recognized in the market.
TOTAL ANNUAL OPERATING EXPENSES AFTER FEE WAIVER The annual
percentage of fund assets paid as a percentage of your investment for
the fund’s operating expenses, including management fees and
administrative expenses and distribution (12b-1) or service fees, as
applicable. These expenses are generally based on each portfolio’s
average daily net assets for the portfolio’s prior fiscal year. The
percentage shown reflects the net expenses of the fund. A net expense
reflects a deduction from total (gross) expenses. A fund-of-funds may
have higher fees and expenses than a fund that invests directly in equity
and fixed-income securities. Please see the fund prospectus for more
detailed information about a fund’s annual operating expenses.
Pacific Select Fund
Portfolio Optimization Aggressive-Growth PortfolioQuarterly Profile - As of 3/31/2020
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Pacific Life is a product provider. It is not a fiduciary and therefore does not give advice or make recommendations regarding
insurance or investment products.
Pacific Life Insurance Company
Newport Beach, CA 92660
(800) 800-7681
www.PacificLife.com
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Insurance products are issued by Pacific Life Insurance Company in all states except New York and in New York by Pacific Life & Annuity Company.
Product/Material availability and features may vary by state. Each insurance company is solely responsible for the financial obligations accruing under the products it issues. Insurance products and their guarantees, including optional benefits and any crediting rates, are
backed by the financial strength and claims-paying ability of the issuing insurance company, but they do not protect the value of the variable investment options. Look to the strength of the life insurance company with regard to such guarantees as these guara ntees are
not backed by the broker-dealer, insurance agency, or their affiliates from which products are purchased. Neither these entities nor their representatives make any representation or assurance regarding the claims-paying ability of the life insurance company. Variableinsurance products and shares of Pacific Select Fund are distributed by Pacific Select Distributors, LLC (member FINRA & SIPC), a
subsidiary of Pacific Life Insurance Company, and an affiliate of Pacific Life & Annuity Company, and are available through licensed third-party broker-dealers.
There may be multiple share classes available for each fund listed, and not all funds that appear in this flyer are available in all VUL insurance products. Please refer to a VUL insurance product prospectus for the applicable funds and share classes .
This material must be preceded or accompanied by the variable life insurance product prospectus. Contact your life insurance producer or visit www.PacificLife.com for more information, including product and underlying fund prospectuses that contain more complete
information about Pacific Life and a variable life insurance policy’s risks, charges, limitations, and expenses, as well as the risks, charges, expenses and investment goals/objectives of the underlying investment options. Read them carefully before investing or sendin g money.
BlackRock is a registered trademark of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.
MFS is a registered trademark of Massachusetts Financial Services Company. Main Street is a registered trademark of Invesco Holding Company (US) Inc., or an affiliated company.
The Russell 2000® Index and Russell 2000® Value Index (together, the “Indexes”) are calculated by Russell or its agent, are trademarks of Frank Russell Company (“Russell”), and have been licensed for use by Pacific Select Fund (“PSF”). Neither Russell nor the London Stock
Exchange Group companies (together the “Licensor Parties”) sponsor, endorse, sell or promote any portfolios of PSF, the content of this communication, or make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the Indexes, or (ii) the suitability of the Indexes for the purpose to which they are being put. The Licensor Parties do not and will not provide any financial or investment advice or recommendation in relation to the Index to Pacific Select Fund
or its clients. The Licensor Parties do not accept any liability to any person for any errors or omissions in the Russell Ind exes and are under no obligation to advise any person of any error therein.
Pacific Life & Annuity Company
Newport Beach, CA 92660
(888) 595-6996
www.PacificLife.com
MKT12-101G 15-40722-33 4/20 E1222MKT12-102G 15-40723-32 4/20 E1222MKT12-100G 15-40721-33 4/20 E1222
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