Investment Options For Pacific Life’s Variable Universal Life Insurance Products

AJO • AllianceBernstein • American Century • AQR • Ashmore • BlackRock® • BlueBay • Capital Research • ClearBridge • Dreyfus • DSM • Eaton Vance • Fidelity® Investments • Franklin • Frontier • GEAM • Invesco • Ivy • JPMorgan • Janus • Lazard • Lord Abbett • MFS® • Macro Currency Group • Morgan Stanley • Neuberger Berman • Northern Cross • OFI Global • OppenheimerFunds • PIMCO • Pacific Asset Management • Pacific Life Fund Advisors • QS Investors • Royce • Scout • T. Rowe Price • UBS • VanEck • Western Asset

VLCM-OC-243H

A variable life insurance policy is primarily purchased to provide death benefit protection. Additionally, owning a policy requires decisions about allocating your net premiums and policy cash values among the product’s variable and fixed investment options.

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. 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 availability and features may vary by state. Investment and Insurance Products: Not a Deposit Not FDIC Insured

Not Insured by any Federal Government Agency

No Bank Guarantee

May Lose Value

This brochure provides an overview of the investment options available in Pacific Life’s variable universal life insurance products. Each variable investment option1 invests in a corresponding portfolio of the American Century Variable Portfolios, Inc., American Funds Insurance Series®, BlackRock Variable Series Funds, Inc., Dreyfus Variable Investment Fund, Fidelity Variable Insurance Products Funds, Franklin Templeton Variable Insurance Products Trust, GE Investments Funds, Inc., Invesco Variable Insurance Funds, Janus Aspen Series, Lazard Retirement Series, Inc., Legg Mason Partners Variable Equity Trust, Legg Mason Partners Variable Income Trust, Lord Abbett Series Fund, Inc., M Fund, Inc., MFS Variable Insurance Trust, Neuberger Berman Advisers Management Trust, Oppenheimer Variable Account Funds, PIMCO Variable Insurance Trust, Pacific Select Fund, Royce Capital Fund, T. Rowe Price Equity Series, Inc., or VanEck VIP Trust. The portfolios are managed by firms recognized in their particular fields of investment expertise. There is a greater potential for higher returns through the variable investment options, but policy values will fluctuate with the changing market value of the underlying investment. Therefore, the actual value of any policy distribution can be greater or less than its original cost. The fixed options, on the other hand, have guaranteed minimum interest rates, but can earn rates higher than the guaranteed minimum interest rates. The guarantees associated with the fixed options are subject to Pacific Life’s claims-paying ability.

1 Although some funds may have names or investment goals/objectives that resemble retail mutual funds managed by the fund manager, these funds will not have the same underlying holdings or performance as the retail mutual funds.

VALUE

BLEND

GROWTH

LARGE-CAP

LARGE-CAP

LARGE-CAP

• American Funds Insurance Series Growth-Income Cl 4 • Dividend Growth • Dreyfus VIF Appreciation Service Shares • Equity Index • Lazard Retirement U.S. Strategic Equity • Lord Abbett Series Fund Fundamental Equity VC • Main Street® Core

• American Funds Insurance Series Growth Cl 4 • ClearBridge Variable Aggressive Growth Cl II • Fidelity VIP Contrafund® Service Class 2 • Fidelity VIP Growth Service Class 2 • Focused Growth • Growth • Large-Cap Growth • M Large Cap Growth • Neuberger Berman AMT Socially Responsive – I Shares • T. Rowe Price Blue Chip Growth-II

MID-CAP

MID-CAP

• BlackRock Basic Value V.I. Cl III • Comstock • Fidelity VIP Value Strategies Service Class 2 • Large-Cap Value • M Large Cap Value • MFS Value Series Service Class • T. Rowe Price Equity Income-II • Value Advantage

MID-CAP • American Century VP Mid Cap Value II • Mid-Cap Value

SMALL-CAP • Small-Cap Equity • Small-Cap Value

• ClearBridge Variable Mid Cap Class II • Mid-Cap Equity

• Fidelity VIP Mid Cap Service Class 2 • Janus Aspen Enterprise Service Shares • M Capital Appreciation • Mid-Cap Growth

SMALL-CAP • Royce Capital Fund – Micro-Cap Service Class • Small-Cap Index

SMALL-CAP • Lord Abbett Series Fund Developing Growth VC • MFS New Discovery Series Service Class

ASSET ALLOCATION TARGET DATE • Fidelity VIP Freedom 2010 Service Class 2 • Fidelity VIP Freedom 2015 Service Class 2 • Fidelity VIP Freedom 2020 Service Class 2 • Fidelity VIP Freedom 2025 Service Class 2 • Fidelity VIP Freedom 2030 Service Class 2 • Fidelity VIP Freedom 2035 Service Class 2 • Fidelity VIP Freedom 2045 Service Class 2 • Fidelity VIP Freedom Income Service Class 2 MONEY MARKET • Fidelity VIP Government Money Market Service Class

EMERGING MARKETS/INTERNATIONAL • Emerging Markets • Emerging Markets Debt • International Large-Cap • International Small-Cap • International Value • Invesco V.I. International Growth II • Janus Aspen Overseas Service Shares • M International Equity • Templeton Foreign VIP Class 2

STRATEGIC ASSET ALLOCATION • Pacific Dynamix – Conservative Growth • Pacific Dynamix – Growth • Pacific Dynamix – Moderate Growth • Portfolio Optimization Aggressive-Growth • Portfolio Optimization Conservative • Portfolio Optimization Growth • Portfolio Optimization Moderate • Portfolio Optimization Moderate-Conservative

TACTICAL ASSET ALLOCATION • American Funds Insurance Series Asset Allocation Cl 4 • BlackRock Global Allocation V.I. Cl III • BlackRock iShares® Dynamic Allocation V.I. Cl I • GE Investments Total Return Fund Class 3 • Lazard Retirement Global Dynamic Multi Asset • PIMCO VIT Global Multi-Asset Managed Allocation – Advisor Class • PSF DFA Balanced Allocation

FIXED INCOME • BlackRock iShares Dynamic Fixed Income V.l. Cl I • Core Income • Diversified Bond • Floating Rate Income • Floating Rate Loan • High Yield Bond • Inflation Managed • Inflation Strategy • Lord Abbett Series Fund Bond Debenture VC • Lord Abbett Series Fund Total Return VC • Managed Bond • Short Duration Bond

SECTOR • Health Sciences • MFS Utilities Series Service Class • Real Estate • Technology

GLOBAL • BlackRock iShares Equity Appreciation V.I. Cl I • Oppenheimer Global Fund/VA Service Shares • Templeton Global Bond VIP Class 2 • Western Asset Variable Global High Yield Bond Class II

ALTERNATIVE • Absolute Return • BlackRock iShares Alternative Strategies V.I. Cl I • Diversified Alternatives • Currency Strategies • Equity Long/Short • Global Absolute Return • Long/Short Large-Cap • VanEck VIP Global Hard Assets Initial Class

Investment styles and categories based on Morningstar Direct as of 12/31/15. Investment options current as of 5.2.16.

American Century Variable Portfolios, Inc. Portfolio Manager

Portfolio

Investment Summary

American Century Investment Management, Inc.

American Century VP Mid Cap Value II

Seeks long-term capital growth through investment in mid-cap stocks. Income is a secondary objective.

American Funds Insurance Series® Portfolio Manager

Portfolio

Investment Summary

Capital Research and Management Company

American Funds Insurance Series Asset Allocation FundSM Class 4

Seeks high total return (including income and capital gains) consistent with preservation of capital over the long term through investment in equity and fixed income securities of both U.S. and non-U.S. companies and in money market instruments.

American Funds Insurance Series Growth-Income FundSM Class 4

Seeks long-term growth of capital and income through investment in equity securities of both U.S. and non-U.S. companies of any size and other securities which demonstrate the potential for appreciation and/or dividends.

American Funds Insurance Series Growth FundSM Class 4

Seeks long-term growth of capital through investment in equity securities of both U.S. and non-U.S. companies of any size that appear to offer superior opportunities for growth of capital.

BlackRock Variable Series Funds, Inc. Portfolio Manager

Portfolio

Investment Summary

BlackRock Advisors, LLC

BlackRock iShares® Alternative Strategies V.I. Fund Class I

A fund-of-funds that seeks to achieve long term growth of capital and risk adjusted returns primarily through investment in a portfolio of underlying exchange-traded funds (“ETFs”) that seek to track alternative indices. Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus any borrowings for investment purposes in iShares ETFs.

A fund-of-funds that seeks to provide total return primarily through investment in a portfolio of underlying exchange-traded funds (“ETFs”) BlackRock iShares® Dynamic that seek to track equity, fixed income, and alternative indices. Under Allocation V.I. Fund Class I normal circumstances, the Fund seeks to invest at least 80% of its net assets plus any borrowings for investment purposes in iShares ETFs. A fund-of-funds that seeks to provide total return primarily through investment in a portfolio of underlying exchange-traded funds (“ETFs”) BlackRock iShares® Dynamic that seek to track fixed income indices. Under normal circumstances, the Fixed Income V.I. Fund Class I Fund seeks to invest at least 80% of its net assets plus any borrowings for investment purposes in iShares ETFs. A fund-of-funds that seeks to achieve long term growth of capital primarily through investment in a portfolio of underlying exchangeBlackRock iShares® Equity traded funds (“ETFs”) that seek to track equity indices. Under normal Appreciation V.I. Fund Class I circumstances, the Fund seeks to invest at least 80% of its net assets plus any borrowings for investment purposes in iShares ETFs. BlackRock Basic Value V.I. Fund Class III

Seeks capital appreciation through investment primarily in equity securities believed to be undervalued; income is of secondary importance.

BlackRock Global Allocation V.I. Fund Class III

Seeks high total investment return through investment in a mix of U.S. and foreign equity, debt and money market securities.

Dreyfus Variable Investment Fund Portfolio Manager

Portfolio

Investment Summary

The Dreyfus Corporation

Dreyfus VIF Appreciation Portfolio Service Shares

The fund seeks long-term capital growth consistent with the preservation of capital. Its secondary goal is current income.

Fidelity Variable Insurance Products Funds Portfolio Manager

Portfolio

Investment Summary

FMR Co., Inc.

Fidelity VIP Contrafund® Service Class 2

Seeks long-term capital appreciation through investment primarily in equity securities of companies whose value is believed to be not fully recognized by the public.

Fidelity VIP Freedom Income Service Class 2

Seeks high total return through investment in underlying Fidelity VIP equity, fixed income, and short-term funds.

Fidelity VIP Freedom 2010 Service Class 2

Seeks high total return through investment in underlying Fidelity VIP equity, fixed income, and short-term funds.

Fidelity VIP Freedom 2015 Service Class 2

Seeks high total return through investment in underlying Fidelity VIP equity, fixed income, and short-term funds.

Fidelity VIP Freedom 2020 Service Class 2

Seeks high total return through investment in underlying Fidelity VIP equity, fixed income, and short-term funds.

Fidelity VIP Freedom 2025 Service Class 2

Seeks high total return through investment in underlying Fidelity VIP equity, fixed income, and short-term funds.

Fidelity VIP Freedom 2030 Service Class 2

Seeks high total return through investment in underlying Fidelity VIP equity, fixed income, and short-term funds.

Fidelity VIP Freedom 2035 Service Class 2

Seeks high total return through investment in underlying Fidelity VIP equity, fixed income, and short-term funds.

Fidelity VIP Freedom 2045 Service Class 2

Seeks high total return through investment in underlying Fidelity VIP equity, fixed income, and short-term funds.

Fidelity VIP Growth Service Class 2

Seeks capital appreciation through investment primarily in equity securities of companies believed to have above-average growth potential.

Fidelity VIP Mid Cap Service Class 2

Seeks long-term growth of capital through investment primarily in equity securities of companies with medium market capitalization.

Fidelity VIP Government Money Market Service Class

Seeks as high a level of current income as is consistent with preservation of capital and liquidity.

Fidelity VIP Value Strategies Service Class 2

Seeks capital appreciation through investment primarily in equity securities of companies believed to be undervalued in the marketplace.

Franklin Templeton Variable Insurance Products Trust Portfolio Manager

Portfolio

Investment Summary

Franklin Advisers, Inc.

Templeton Global Bond VIP Fund Class 2

Seeks high current income, consistent with preservation of capital, with capital appreciation as a second consideration. Under normal market conditions, the fund invests at least 80% of its net assets in bonds, which include debt securities of any maturity, such as bonds, notes, bills, and debentures.

Templeton Investment Counsel, LLC

Templeton Foreign VIP Fund Class 2

Seeks long-term capital growth. Under normal market conditions, the fund invests at least 80% of its net assets in investments of issuers located outside the U.S., including those in emerging markets.

GE Investments Funds, Inc. Portfolio Manager

Portfolio

Investment Summary

GE Asset Management Inc.

GE Investments Total Return Fund Class 3

Seeks the highest total return, composed of current income and capital appreciation, as is consistent with prudent investment risk through investments primarily in a combination of U.S. and foreign (non-U.S.) equity and debt securities and cash.

Invesco Variable Insurance Funds Portfolio Manager

Portfolio

Investment Summary

Invesco Advisers, Inc.

Invesco V.I. International Growth Fund Series II

Seeks long-term growth of capital through investment primarily in a diversified portfolio of international equity securities whose issuers are considered to have strong earnings growth.

Portfolio Manager

Portfolio

Investment Summary

Janus Capital Management LLC

Janus Aspen Series Overseas Seeks long-term growth of capital through investment primarily in Portfolio Service Shares securities of issuers from countries outside of the United States.

Janus Aspen Series

Janus Aspen Series Enterprise Portfolio Service Shares

Seeks long‐term growth of capital through investment primarily in securities of companies with medium market capitalizations.

Lazard Retirement Series, Inc. Portfolio Manager

Portfolio

Investment Summary

Lazard Asset Management LLC

Lazard Retirement Global Dynamic Multi Asset Portfolio

Seeks total return by allocating the Portfolio’s assets among various US and non-US equity and fixed-income strategies managed by the Investment Manager in proportions consistent with the Investment Manager’s evaluation of various economic and other factors designed to estimate probabilities, including volatility.

Lazard Retirement U.S. Strategic Equity Portfolio

Seeks long-term capital appreciation through investment primarily in equity securities of U.S. companies that the Investment Manager believes are undervalued.

Legg Mason Partners Variable Equity Trust Portfolio Manager

Portfolio

Investment Summary

ClearBridge Investments, LLC

ClearBridge Variable Aggressive Growth Portfolio Class II

Seeks capital appreciation through investment in common stocks of companies the manager believes are experiencing, or will experience, growth in earnings that exceeds the average rate of earnings growth of the companies which comprised the S&P 500® index.

ClearBridge Variable Mid Cap Portfolio Class II

Seeks long-term growth of capital through investment in at least 80% of its assets equity securities of medium capitalization companies.

Legg Mason Partners Variable Income Trust Portfolio Manager

Portfolio

Investment Summary

Western Asset Management Company

Western Asset Variable Global High Yield Bond Portfolio Class II

Seeks to maximize total return through investment primarily in high yield fixed income securities issued by U.S. and foreign companies and foreign governments and their agencies and instrumentalities.

Lord Abbett Series Fund, Inc. Portfolio Manager

Portfolio

Investment Summary

Lord, Abbett & Co. LLC

Lord Abbett Series Fund Bond Debenture Portfolio VC

Seeks to deliver high current income and long-term growth of capital by investing primarily in a variety of fixed income securities and select equity-related securities.

Lord Abbett Series Fund Developing Growth Portfolio VC

Seeks to deliver long-term growth of capital by investing primarily in stocks of small U.S. companies.

Lord Abbett Series Fund Fundamental Equity Portfolio VC

Seeks to deliver long-term growth of capital by investing primarily in stocks of U.S. companies.

Lord Abbett Series Fund Total Return Portfolio VC

Seeks to deliver current income and the opportunity for capital appreciation by investing primarily in U.S. investment grade corporate, government, and mortgage- and asset-backed securities, with select exposure to high yield, emerging market, and convertible debt securities.

Portfolio Manager

Portfolio

Investment Summary

AJO, L.P.

M Large Cap Value Fund

Seeks long-term capital appreciation through investment primarily in equity securities of U.S. issuers in the large-to-medium capitalization segment of the U.S. stock market.

DSM Capital Partners LLC

M Large Cap Growth Fund

Seeks long-term capital appreciation through investment primarily in common stocks of U.S. companies that show strong earnings potential.

Frontier Capital Management Co., LLC

M Capital Appreciation Fund

Seeks maximum capital appreciation through investment primarily in common stocks of U.S. companies of all sizes.

Northern Cross, LLC

M International Equity Fund

Seeks long-term capital appreciation through investment in at least 80% of its total assets in equity securities of issuers in at least three countries other than the United States.

M Fund, Inc.

MFS Variable Insurance Trust Portfolio Manager

Portfolio

Investment Summary

MFS Investment Management

MFS Variable Insurance Trust New Discovery Series Service Class

Seeks capital appreciation and invests primarily in equity securities of small capitalization companies. Focuses on the stocks of companies believed to have above average earnings growth potential compared to other companies (growth companies).

MFS Variable Insurance Trust Utilities Series Service Class

Seeks total return and invests at least 80% of net assets in securities of issuers in the utilities industry. The fund may invest in U.S. and foreign securities, including emerging market securities.

MFS Variable Insurance Trust Value Series Service Class

Seeks capital appreciation and invests primarily in equity securities of large capitalization companies. Focuses on the stocks of companies believed to be undervalued compared to their perceived worth (value companies).

Neuberger Berman Advisers Management Trust Portfolio Manager

Portfolio

Investment Summary

Neuberger Berman Management LLC

Neuberger Berman AMT Seeks long-term growth of capital by investing primarily in securities of Socially Responsive Portfolio companies that meet the Fund’s financial criteria and social policy. - I Class

Oppenheimer Variable Account Funds Portfolio Manager

Portfolio

Investment Summary

OFI Global Asset Management, Inc.

Oppenheimer Global Fund/ Seeks capital appreciation. VA Service Shares

PIMCO Variable Insurance Trust Portfolio Manager

Portfolio

Investment Summary

Pacific Investment Management Company LLC

PIMCO VIT Global Multi-Asset Managed Allocation—Advisor Class

Global asset allocation strategy that seeks total return in excess of a blended 60 equity/40 fixed income benchmark by investing in a diversified mix of individual securities and funds.

Pacific Select Fund Portfolio Manager

Portfolio

Investment Summary

AllianceBernstein

Small-Cap Value

Seeks long-term growth of capital through investment in at least 80% of its assets in small-capitalization equity securities.

AQR Capital Management, LLC

Equity Long/Short

Seeks capital appreciation and provide higher risk-adjusted returns through investment in at least 80% of its assets in equity and equity related instruments.

Ashmore Investment Management Limited

Emerging Markets Debt

Seeks to maximize total return through investment in debt instruments that are economically tied to emerging markets countries, which may be represented by instruments such as derivatives.

Equity Index

Seeks investment results that correspond to the total return of common stocks publicly traded in the U.S. through investment in at least 80% of its assets in equity securities of companies included in the portfolio’s applicable benchmark index, including derivatives.

Health Sciences

Seeks long-term growth of capital through investment in at least 80% of its assets in equity securities of companies in the health sciences sector.

Large-Cap Growth

Seeks long-term growth of capital, current income second through investment in at least 80% of its assets in equity securities of largecapitalization companies.

Small-Cap Index

Seeks investment results that correspond to the total return of an index of small capitalization companies through investment in at least 80% of its assets in securities of companies with small market capitalizations, included in the portfolio’s applicable benchmark index, including derivatives.

Small-Cap Equity

Seeks long-term growth of capital through investment in at least 80% of its assets in securities of companies with small market capitalizations, including instruments with characteristics of small-capitalization equity securities (such as derivatives).

BlackRock Investment Management, LLC

BlackRock Investment Management, LLC & Franklin Advisory Services, LLC

BlueBay Asset Management LLP Absolute Return

Seeks to provide total return through investment primarily in investment grade debt securities and derivatives and other investments that provide exposure to investment grade securities.

Boston Partners

Mid-Cap Value

Seeks long-term growth of capital through investment in at least 80% of its assets in equity securities of mid-capitalization companies.

ClearBridge Investments, LLC

Large-Cap Value

Seeks long-term growth of capital through investment in at least 80% of its assets in common stocks of large U.S. companies; current income is of secondary importance.

Eaton Vance Management

Floating Rate Loan

Seeks to provide a high level of current income by investing at least 80% of its assets in floating rate loans.

Global Absolute Return

Seeks to provide total return through investment in securities, derivatives, and other instruments to establish long and short investment exposures around the world.

Invesco Advisers, Inc.

Comstock

Seeks long-term growth of capital through investment in equity securities.

Ivy Investment Management Company

Mid-Cap Growth

Seeks long-term growth of capital through investment in at least 80% of its assets in securities of companies with medium market capitalizations.

Technology

Seeks long-term growth of capital through investment in at least 80% of its assets in equity securities of technology companies and technologyrelated companies.

Pacific Select Fund (continued) Portfolio Manager

Portfolio

Investment Summary

J.P. Morgan Investment Management, Inc.

Long/Short Large-Cap

Seeks above-average total returns through investment in at least 80% of its assets in securities of companies with large market capitalizations including both long and short positions.

International Value

Seeks long-term capital appreciation primarily through investment in equity securities of corporations domiciled in countries with developed economies and markets other than the U.S. Current income from dividends and interest will not be an important consideration.

Value Advantage

Seeks to provide long-term total return from a combination of income and capital gains primarily through investment in equity securities across all markets.

Janus Capital Management LLC Focused Growth

Seeks long-term growth of capital through investment primarily in domestic and foreign equity securities selected for their growth potential.

Macro Currency Group & UBS Asset Management (Americas) Inc.

Currency Strategies

Seeks to provide total return through investment in derivatives and high quality debt securities to establish exposures to global currencies.

Growth

Seeks long-term growth through investment in common stocks believed to have above-average earnings growth potential compared to other companies (growth companies). While the Investment Manager may invest the portfolio’s assets in companies of any size, the manager generally focuses on companies with large capitalizations.

International Large-Cap

Seeks long-term growth of capital through investment in at least 80% of its assets in securities of companies with large market capitalizations and invests a significant amount if its assets outside the U.S.

Morgan Stanley Investment Management, Inc.

Real Estate

Seeks current income and long-term capital appreciation through investment in at least 80% of its assets in securities of companies operating in the real estate and related industries.

OppenheimerFunds, Inc.

Main Street® Core

Seeks long-term growth of capital and income and principally invests in common stocks of U.S. companies of large market capitalization.

Emerging Markets

Seeks long-term growth of capital through investment in at least 80% of its assets in securities (including American Depositary Receipts) of companies whose principal activities are conducted in countries generally regarded as emerging market countries.

Core Income

Seeks high level of current income through investment in income producing debt instruments. Capital appreciation is of secondary importance.

Floating Rate Income

Seeks a high level of current income principally through investment in income producing floating rate loans and floating rate debt securities.

High Yield Bond

Seeks a high level of current income through investment in at least 80% of its assets in non-investment grade (high yield/high risk) debt instruments or in instruments with characteristics of non-investment grade debt instruments.

Managed Bond

Seeks to maximize total return consistent with prudent investment management through investment in at least 80% of its assets in debt instruments, including instruments with characteristics of debt instruments (such as derivatives).

Inflation Managed

Seeks to maximize total return consistent with prudent investment management through investment primarily in or exposure to fixedincome securities, focusing on inflation-indexed bonds such as Treasury Inflation Protection Securities issued by the U.S. Government.

MFS Investment Management

Pacific Asset Management2

Pacific Investment Management Company LLC

2 Pacific Life Fund Advisors LLC (PLFA), the investment adviser to the Pacific Select Fund (PSF) and the manager of certain PSF portfolios, also does business under the name Pacific Asset Management and manages certain PSF portfolios under that name.

Pacific Select Fund (continued) Portfolio Manager

Portfolio

Investment Summary

Diversified Alternatives

A fund-of-funds that seeks to provide total return by gaining exposure to a number of non-traditional asset classes and alternative investment strategies through investment in a portfolio of selected underlying funds of Pacific Select Fund.

Pacific Dynamix Conservative Growth

An asset allocation fund-of-funds that seeks current income and moderate growth of capital along with a target equity/debt blend of 40/60, through investment in certain underlying portfolios of Pacific Select Fund.

Pacific Dynamix Moderate Growth

An asset allocation fund-of-funds that seeks long-term growth of capital and low to moderate income along with a target equity/debt blend of 60/40, through investment in certain underlying portfolios of Pacific Select Fund.

Pacific Dynamix - Growth

An asset allocation fund-of-funds that seeks moderately high, long-term growth of capital with low, current income along with a target equity/ debt blend of 80/20, through investment in certain underlying portfolios of Pacific Select Fund.

Portfolio Optimization Conservative

An asset allocation fund-of-funds that seeks current income and preservation of capital through investment in certain underlying portfolios of Pacific Select Fund.

Portfolio Optimization Moderate-Conservative

An asset allocation fund-of-funds that seeks current income and moderate growth of capital through investment in certain underlying portfolios of Pacific Select Fund.

Portfolio Optimization Moderate

An asset allocation fund-of-funds that seeks long-term growth of capital and low to moderate income through investment in certain underlying portfolios of Pacific Select Fund.

Portfolio Optimization Growth

An asset allocation fund-of-funds that seeks moderately high, long-term capital appreciation with low, current income through investment in certain underlying portfolios of Pacific Select Fund.

Portfolio Optimization Aggressive-Growth

An asset allocation fund-of-funds that seeks high, long-term capital appreciation through investment in certain underlying portfolios of Pacific Select Fund.

PSF DFA Balanced Allocation

An asset allocation fund-of-funds that seeks long-term growth of capital and low to moderate income through investment in certain DFA underlying funds.

QS Investors, LLC

International Small-Cap

Seeks long-term growth of capital through investment in at least 80% of its assets in securities of companies with small market capitalization. Generally, these companies are located in developed, foreign countries.

Scout Investments, Inc.

Mid-Cap Equity

Seeks capital appreciation through investment in at least 80% of its assets in equity securities of companies with medium market capitalizations.

T. Rowe Price Associates, Inc.

Short Duration Bond

Seeks current income by normally investing in at least 80% of its assets in fixed income securities, including short- and intermediate-term investmentgrade corporate, government, and mortgage-backed securities.

Dividend Growth

Seeks dividend income and long-term growth of capital by normally investing in at least 65% of its assets in equity securities of dividend paying companies that the manager expects to increase their dividends over time and also provide long-term appreciation.

Diversified Bond

Seeks to maximize total return consistent with prudent investment management through investment in at least 80% of its assets in fixed income securities.

Inflation Strategy

Seeks to maximize total return consistent with prudent investment management through investment in or exposure to inflation-indexed bonds.

Pacific Life Fund Advisors LLC

Western Asset Management Company









Royce Capital Fund Portfolio Manager

Portfolio

Investment Summary

Royce & Associates, LLC

Micro-Cap Portfolio Service Class

Seeks long-term growth of capital through investment primarily in equity securities of micro-cap companies with stock market capitalizations up to $750 million.

T. Rowe Price Equity Series, Inc. Portfolio Manager

Portfolio

Investment Summary

T. Rowe Price Associates, Inc.

T. Rowe Price Blue Chip Growth Portfolio-II

Seeks long-term capital growth through investment primarily in equity securities of large- and medium-sized “blue chip” growth companies; income is a secondary objective.

T. Rowe Price Equity Income Portfolio-II

Seeks a high level of dividend income and long-term capital growth primarily through investments in stocks, with an emphasis on largecapitalization stocks that have a strong track record of paying dividends or that are believed to be undervalued.

Portfolio Manager

Portfolio

Investment Summary

VanEck

VanEck VIP Global Hard Assets Fund Initial Class

Seeks long-term capital appreciation by investing primarily in hard asset securities. Income is of secondary importance.

VanEck VIP Trust

About Risks

Every variable investment option has some degree of risk depending on what it invests in and what strategies it uses. 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. Asset allocation is the process of distributing a fund’s investments among varying asset classes of investments (e.g., stocks and bonds). It does not guarantee diversification, assure a profit, or protect against loss. Convertible securities are generally subject to equity securities risk when the underlying stock price is high relative to the conversion price and to the risks of debt securities when the underlying stock price is low relative to the conversion price. They also tend to be of lower credit quality. Currency exposure subjects a fund to changes in exchange rates between currencies, which may result in increased volatility. The values of Debt Securities are affected by many factors, including prevailing interest rates and the outlook for changes in interest rates, market conditions and market liquidity. Derivatives can be complex instruments that may experience sudden changes in price and liquidity, may be difficult to value, sell or unwind and may be leveraged, which can cause very large swings in value. Privately negotiated derivatives are further subject to the counterparty’s ability to satisfy its obligation under the derivatives contract. Commonly-used derivatives include forward commitments and futures contracts - which obligate a purchaser to purchase, and a seller to sell, a specific amount of an asset at a specified future date and price; options – where, for a premium payment or fee, the purchaser of the option is given the right but not the obligation to buy (a call option) or sell (a put option) the underlying asset, or settle for cash an amount based on the underlying asset, at a specified price during a period of time or on a specified date; and swap agreements – where the parties agree to exchange the returns earned on specific assets, and are subject to risks specific to these derivatives. Emerging market securities tend to be more volatile and less liquid than those in developed countries.

Equity Securities tend to go up or down in value, sometimes rapidly and unpredictably, in response to many factors, including for reasons related to the particular issuer, general economic conditions and investor perceptions. The Fidelity VIP Government Money Market Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other agency. Although the fund seeks to preserve the value of a shareholder’s investment at $1.00 per share, it is possible to lose money by investing in the fund. Floating rate loans are usually rated below investment grade and thus are subject to greater risk of default than higher rated securities. In addition, their extended trade settlement periods may result in cash not being immediately available to a fund, thus subjecting the fund to greater liquidity risk. Investments in foreign markets are subject to regulatory, political, economic, market and other conditions of those markets, which can make these investments more volatile and less liquid than U.S. investments. Fund-of-funds are subject to risks at the fund-of-funds level and risks of the underlying funds in which they invest in proportion to their allocations to those underlying funds. They are also subject to their own expenses along with the expenses of the underlying funds, which can be higher than expenses incurred when investing directly in an underlying fund. Better returns could be achieved by investing in an individual fund or funds representing a single asset class rather than using asset allocation. High yield/high risk bonds (also known as “junk bonds”) have greater risk of default than higher quality bonds that may have a lower yield. Growth companies are considered to have potential for above-average or rapid growth but may be subject to greater price volatility than value companies; value companies are considered undervalued so there is a risk that the determination that a value company’s stock is undervalued is not correct or not recognized in the market. The performance of index funds, whose investments track an index, may vary, sometimes substantially, from the performance of the fund’s benchmark index due to imperfect correlation between the fund’s investments and the index. An index fund should perform poorly when its index performs poorly, as opposed to an actively managed fund which generally seeks to outperform a benchmark index.

Interest rate changes, or expectations about such changes, may cause the value of debt securities to fluctuate. Debt securities with longer durations or fixed interest rates tend to be more sensitive to changes in interest rates, making them generally more volatile than debt securities with shorter durations or floating or adjustable interest rates. Leverage is investment exposure that exceeds the initial amount invested. Leverage can magnify gains and losses and therefore can increase volatility and market exposure, and may subject a fund to a loss far greater than the initial amount invested. The value of mortgage-related and other asset-backed securities will be affected by factors affecting the housing market or the respective market for the assets underlying these securities. Borrowers or issuers may pay principal later than expected (causing these securities to increase in duration and be more volatile in rising interest rate conditions) or pay principal sooner than expected, causing proceeds to be reinvested at lower prevailing interest rates. A non-diversified fund may invest a greater percentage of its assets in a single issuer than a diversified fund thereby increasing its volatility. Non-traditional or alternative investment funds typically seek one or more of the following: (1) low to moderate correlation with performance of traditional equity and debt investments; (2) to reduce losses during adverse and volatile market conditions; or (3) to outperform the broad equity or debt markets over a complete market cycle; however, these funds may not achieve their intended purpose. Sector and concentrated funds, which invest significantly in an industry or sector, or geographically concentrated funds, which invest significantly in a single or limited number of countries or particular geographic region, may be subject to greater price volatility. Short positions, whether taken through a derivative instrument or by conducting a short sale, lose value as the security’s or reference asset’s price increases; therefore, the loss on a short position is theoretically unlimited. Short positions are subject to leverage risk because they may result in investment exposure in an amount exceeding the initial investment. Generally, stocks of small-cap and mid-cap companies may be riskier and more volatile than those of larger, more established, or large-cap, companies, though all are subject to equity securities risk.

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. Not all U.S. government securities are backed or guaranteed by the U.S. government and there is a 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 these entities cannot meet their financial obligations.

Pacific Life Insurance Company Newport Beach, CA 92660 (800) 800-7681 • www.PacificLife.com

Pacific Life & Annuity Company Newport Beach, CA 92660 (888) 595-6996 • 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 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 guarantees 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. Variable insurance 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. 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 sending money. Non-guaranteed/current elements are not guaranteed by definition. As such, Pacific Life reserves the right to change or modify any of these elements. This right to change these elements is not limited to a specific time or reason. American Century Investment Services, Inc., American Funds Distributors, Inc., BlackRock Investments, LLC, Fidelity Distributors Corporation, Franklin Templeton Distributors, Inc., GE Investment Distributors, Inc., Invesco Distributors, Inc., Janus Distributors LLC, Lazard Asset Management Securities LLC, Legg Mason Investor Services, LLC, Lord Abbett Distributor LLC, MBSC Securities Corporation, M Holdings Securities, Inc., MFS Fund Distributors, Inc., Neuberger Berman Management LLC, OppenheimerFunds Distributor, Inc., PIMCO Investments LLC, Royce Fund Services, Inc., T. Rowe Price Investment Services, Inc., and Van Eck Securities Corporation, and the products each distributes, are not affiliated with Pacific Life and Pacific Select Distributors, LLC. All American Funds trademarks referenced in this publication are registered trademarks owned by American Funds Distributors, Inc. BlackRock and iShares are registered trademark of BlackRock, Inc. All other trademarks are property of their respective owners. Fidelity and Contrafund are registered trademarks of FMR LLC. Janus is a registered trademark of Janus International Holding LLC. MFS is a registered trademark of Massachusetts Financial Services Company. Main Street is a registered trademark of OppenheimerFunds, Inc. VLCM-OC-243H

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