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TABLE OF CONTENTS


PACIFIC SELECT FUND

Schedules of Investments and Notes			A-1
Financial Statements:
Statements of Assets and Liabilities			B-1
Statements of Operations			B-7
Statements of Changes in Net Assets			B-13
Statements of Cash Flows			B-19
Financial Highlights			C-1
Notes to Financial Statements			D-1
Disclosure of Fund Expenses			E-1
Approval of Investment Advisory Agreement and Portfolio Management Agreements			F-1
Where to Go for More Information			F-4

The 2008 Semi-Annual Report for the American Funds^® Insurance Series (“AFIS”) will be mailed separately to all Pacific Life Insurance Company and Pacific Life & Annuity Company variable life insurance policyholders and variable annuity contract owners with allocations to the American Funds Growth-Income and American Funds Growth Portfolios of the Pacific Select Fund (“PSF”). For those policyholders and contract owners, the AFIS Semi-Annual Report should be read in conjunction with the PSF Semi-Annual Report included herein.


PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT

Schedule of Investments			G-1
Financial Statements:
Statements of Assets and Liabilities			H-1
Statements of Operations			H-3
Statements of Changes in Net Assets			H-5
Financial Highlights			I-1
Notes to Financial Statements			J-1

The 2008 Semi-Annual Reports for all underlying investment options other than Pacific Select Fund may be mailed separately to Pacific Life Insurance Company variable annuity contract owners with allocations to those options and should be read in conjunction with the Separate Account Semi-Annual Report included herein.

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT

SCHEDULE OF INVESTMENTS

JUNE 30, 2008 (Unaudited)

(in thousands)


Variable Accounts	Underlying Portfolios/Funds	Shares		Cost		Value

	Pacific Select Fund
Small-Cap Growth	Small-Cap Growth		2,367	$	18,942	$	24,029
International Value	International Value		8,509		99,853		131,426
Long/Short Large-Cap (1)	Long/Short Large-Cap		1,802		18,308		16,845
International Small-Cap	International Small-Cap		1,643		16,457		16,369
Equity Index	Equity Index		4,246		79,745		120,013
Small-Cap Index	Small-Cap Index		2,004		17,182		22,444
Diversified Research	Diversified Research		3,021		28,098		30,859
Equity	Equity		1,477		22,719		25,262
American Funds^® Growth-Income	American Funds Growth-Income		3,718		38,857		39,447
American Funds Growth	American Funds Growth		3,659		39,264		41,791
Large-Cap Value	Large-Cap Value		5,327		55,967		63,129
Technology	Technology		690		2,624		3,515
Short Duration Bond	Short Duration Bond		3,744		36,367		34,920
Floating Rate Loan	Floating Rate Loan		1,956		19,159		17,312
Diversified Bond	Diversified Bond		4,137		41,496		38,160
Growth LT	Growth LT		6,437		98,967		130,533
Focused 30	Focused 30		1,734		17,128		23,799
Health Sciences	Health Sciences		515		3,898		4,944
Mid-Cap Equity (2)	Mid-Cap Equity (2)		6,565		73,377		86,997
Large-Cap Growth	Large-Cap Growth		2,574		16,617		16,308
International Large-Cap	International Large-Cap		10,511		66,308		70,890
Small-Cap Value	Small-Cap Value		1,387		14,524		17,431
Multi-Strategy	Multi-Strategy		3,124		41,471		48,534
Main Street^® Core	Main Street Core		5,363		91,279		106,675
Emerging Markets	Emerging Markets		3,417		26,416		52,199
Money Market	Money Market		4,834		48,694		48,734
High Yield Bond	High Yield Bond		6,888		44,535		42,556
Managed Bond	Managed Bond		14,055		147,783		155,418
Inflation Managed	Inflation Managed		10,532		108,679		120,557
Comstock	Comstock		4,718		37,419		38,125
Mid-Cap Growth	Mid-Cap Growth		2,962		17,492		24,573
Real Estate	Real Estate		1,540		17,272		22,482
Small-Cap Equity	Small-Cap Equity		1,167		14,133		14,431

	AllianceBernstein Variable Products Series Fund, Inc.
AllianceBernstein VPS Balanced Wealth	AllianceBernstein VPS Balanced Wealth		96		1,134		1,095
Strategy Class B (1)	Strategy Class B

	BlackRock Variable Series Funds, Inc.
BlackRock Global Allocation V.I. Class III (1)	BlackRock Global Allocation V.I. Class III		1,040		15,261		14,796

	Franklin Templeton Variable Insurance Products Trust
Franklin Templeton VIP Founding Funds	Franklin Templeton VIP Founding Funds		53		475		437
Allocation Class 4 (1)	Allocation Class 4


(1)		Operations commenced during 2008 (See Note 1 to Financial Statements).

(2)		Formerly named Mid-Cap Value Variable Account and Mid-Cap Value Portfolio.

American Funds is a registered trademark of American Funds Distributors, Inc., and Main Street is a registered trademark of OppenheimerFunds, Inc.

See Notes to Financial Statements

G-1

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF ASSETS AND LIABILITIES

JUNE 30, 2008 (Unaudited)

(in thousands, except accumulation unit values)


	Variable Accounts
	Small-Cap		International		Long/Short		International		Equity		Small-Cap		Diversified
	Growth		Value		Large-Cap		Small-Cap		Index		Index		Research

ASSETS
Investments in portfolios, at value		$24,029		$131,426		$16,845		$16,369		$120,013		$22,444		$30,859
Receivables:
Due from Pacific Life Insurance Company		—		1		—		13		1		1		1
Fund shares redeemed		32		12		15		—		32		87		15

Total Assets		24,061		131,439		16,860		16,382		120,046		22,532		30,875

LIABILITIES
Payables:
Due to Pacific Life Insurance Company		32		12		15		—		32		87		15
Fund shares purchased		—		—		—		13		—		—		—
Other		1		—		1		—		—		—		—

Total Liabilities		33		12		16		13		32		87		15

NET ASSETS		$24,028		$131,427		$16,844		$16,369		$120,014		$22,445		$30,860

Units Outstanding		2,144		6,207		1,805		1,676		3,216		1,455		2,664

Accumulation Unit Value		$11.21		$21.18		$9.33		$9.77		$37.32		$15.42		$11.58

Cost of Investments		$18,942		$99,853		$18,308		$16,457		$79,745		$17,182		$28,098


			American Funds		American Funds		Large-Cap				Short Duration		Floating
	Equity		Growth-Income		Growth		Value		Technology		Bond		Rate Loan

ASSETS
Investments in portfolios, at value		$25,262		$39,447		$41,791		$63,129		$3,515		$34,920		$17,312
Receivables:
Due from Pacific Life Insurance Company		—		1		1		1		—		2		—
Fund shares redeemed		7		17		61		62		100		130		24

Total Assets		25,269		39,465		41,853		63,192		3,615		35,052		17,336

LIABILITIES
Payables:
Due to Pacific Life Insurance Company		7		17		61		62		100		130		24
Other		—		—		—		—		—		—		2

Total Liabilities		7		17		61		62		100		130		26

NET ASSETS		$25,262		$39,448		$41,792		$63,130		$3,515		$34,922		$17,310

Units Outstanding		1,433		3,505		3,208		4,598		609		3,344		1,833

Accumulation Unit Value		$17.63		$11.26		$13.03		$13.73		$5.77		$10.44		$9.44

Cost of Investments		$22,719		$38,857		$39,264		$55,967		$2,624		$36,367		$19,159


	Diversified		Growth		Focused		Health		Mid-Cap		Large-Cap		International
	Bond		LT		30		Sciences		Equity (1)		Growth		Large-Cap

ASSETS
Investments in portfolios, at value		$38,160		$130,533		$23,799		$4,944		$86,997		$16,308		$70,890
Receivables:
Due from Pacific Life Insurance Company		—		1		—		—		2		2		4
Fund shares redeemed		50		172		94		38		93		30		73

Total Assets		38,210		130,706		23,893		4,982		87,092		16,340		70,967

LIABILITIES
Payables:
Due to Pacific Life Insurance Company		50		172		94		38		93		30		73
Other		2		—		—		—		—		—		—

Total Liabilities		52		172		94		38		93		30		73

NET ASSETS		$38,158		$130,534		$23,799		$4,944		$86,999		$16,310		$70,894

Units Outstanding		3,816		3,475		1,754		418		4,279		2,206		6,677

Accumulation Unit Value		$10.00		$37.56		$13.57		$11.83		$20.33		$7.39		$10.62

Cost of Investments		$41,496		$98,967		$17,128		$3,898		$73,377		$16,617		$66,308


(1)		Formerly named Mid-Cap Value Variable Account.

See Notes to Financial Statements

H-1

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
JUNE 30, 2008 (Unaudited)
(in thousands, except accumulation unit values)


	Variable Accounts
	Small-Cap		Multi-		Main Street		Emerging		Money		High Yield		Managed
	Value		Strategy		Core		Markets		Market		Bond		Bond

ASSETS
Investments in portfolios, at value		$17,431		$48,534		$106,675		$52,199		$48,734		$42,556		$155,418
Receivables:
Due from Pacific Life Insurance Company		—		—		2		1		176		32		—
Fund shares redeemed		94		85		125		53		—		—		15

Total Assets		17,525		48,619		106,802		52,253		48,910		42,588		155,433

LIABILITIES
Payables:
Due to Pacific Life Insurance Company		94		85		125		53		—		—		15
Fund shares purchased		—		—		—		—		176		31		—

Total Liabilities		94		85		125		53		176		31		15

NET ASSETS		$17,431		$48,534		$106,677		$52,200		$48,734		$42,557		$155,418

Units Outstanding		860		1,429		3,232		2,122		3,019		1,470		5,288

Accumulation Unit Value		$20.26		$33.96		$33.00		$24.60		$16.14		$28.94		$29.39

Cost of Investments		$14,524		$41,471		$91,279		$26,416		$48,694		$44,535		$147,783


											AllianceBernstein
											VPS Balanced		BlackRock
	Inflation				Mid-Cap		Real		Small-Cap		Wealth Strategy		Global Allocation
	Managed		Comstock		Growth		Estate		Equity		Class B		V.I. Class III

ASSETS
Investments in portfolios, at value		$120,557		$38,125		$24,573		$22,482		$14,431		$1,095		$14,796
Receivables:
Due from Pacific Life Insurance Company		—		33		1		—		—		—		—
Fund shares redeemed		100		—		6		126		39		48		69

Total Assets		120,657		38,158		24,580		22,608		14,470		1,143		14,865

LIABILITIES
Payables:
Due to Pacific Life Insurance Company		100		—		6		126		39		48		69
Fund shares purchased		—		33		—		—		—		—		—
Other		—		1		—		—		1		—		1

Total Liabilities		100		34		6		126		40		48		70

NET ASSETS		$120,557		$38,124		$24,574		$22,482		$14,430		$1,095		$14,795

Units Outstanding		3,995		4,044		2,783		729		1,052		117		1,524

Accumulation Unit Value		$30.17		$9.43		$8.83		$30.84		$13.72		$9.33		$9.71

Cost of Investments		$108,679		$37,419		$17,492		$17,272		$14,133		$1,134		$15,261


	Franklin
	Templeton VIP
	Founding Funds
	Allocation
	Class 4
ASSETS
Investments in portfolios, at value		$437

Total Assets		437

NET ASSETS (1)		$437

Units Outstanding		47

Accumulation Unit Value		$9.21

Cost of Investments		$475


(1)		No outstanding liabilities for the variable account as of June 30, 2008.

See Notes to Financial Statements

H-2

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF OPERATIONS

FOR THE PERIOD ENDED JUNE 30, 2008 (Unaudited)

(in thousands)


	Variable Accounts
	Small-Cap			International			Long/Short			International			Equity			Small-Cap			Diversified
	Growth			Value			Large-Cap (1)			Small-Cap			Index			Index			Research

INVESTMENT INCOME
Dividends		$—			$32			$—			$28			$5			$3			$1
EXPENSES
Mortality and expense risk fees		153			912			35			113			774			207			244

Net Investment Loss		(153	)		(880	)		(35	)		(85	)		(769	)		(204	)		(243	)

REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) from security transactions		(154	)		(1,038	)		(10	)		(173	)		2,243			1,991			2,014
Capital gain distributions		2,252			6,148			—			—			5,409			2,146			4,939

Realized Gain (Loss)		2,098			5,110			(10	)		(173	)		7,652			4,137			6,953

CHANGE IN UNREALIZED DEPRECIATION ON INVESTMENTS		(6,655	)		(23,455	)		(1,463	)		(1,119	)		(24,592	)		(7,579	)		(10,777	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		($4,710	)		($19,225	)		($1,508	)		($1,377	)		($17,709	)		($3,646	)		($4,067	)


				American Funds			American Funds			Large-Cap						Short Duration			Floating
	Equity			Growth-Income			Growth			Value			Technology			Bond			Rate Loan

INVESTMENT INCOME
Dividends (2)		$10			$—			$—			$6			$4			$670			$633
EXPENSES
Mortality and expense risk fees		172			286			248			433			25			224			108

Net Investment Income (Loss)		(162	)		(286	)		(248	)		(427	)		(21	)		446			525

REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) from security transactions		455			239			(320	)		525			(252	)		(165	)		(149	)
Capital gain distributions		3,401			1,621			5,920			2,559			723			—			—

Realized Gain (Loss)		3,856			1,860			5,600			3,084			471			(165	)		(149	)

CHANGE IN UNREALIZED DEPRECIATION ON INVESTMENTS		(7,143	)		(7,240	)		(9,116	)		(13,036	)		(1,547	)		(1,051	)		(860	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		($3,449	)		($5,666	)		($3,764	)		($10,379	)		($1,097	)		($770	)		($484	)


	Diversified			Growth			Focused			Health			Mid-Cap			Large-Cap			International
	Bond			LT			30			Sciences			Equity (3)			Growth			Large-Cap

INVESTMENT INCOME
Dividends		$771			$60			$9			$—			$—			$—			$243
EXPENSES
Mortality and expense risk fees		256			856			138			39			601			111			478

Net Investment Income (Loss)		515			(796	)		(129	)		(39	)		(601	)		(111	)		(235	)

REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) from security transactions		(281	)		4,149			76			(211	)		172			141			(423	)
Capital gain distributions		—			17,138			1,558			679			13,057			3,407			16,045

Realized Gain (Loss)		(281	)		21,287			1,634			468			13,229			3,548			15,622

CHANGE IN UNREALIZED DEPRECIATION ON INVESTMENTS		(2,048	)		(37,503	)		(4,584	)		(1,239	)		(22,594	)		(7,071	)		(22,170	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		($1,814	)		($17,012	)		($3,079	)		($810	)		($9,966	)		($3,634	)		($6,783	)


(1)		Operations commenced during 2008 (See Note 1 to Financial Statements).

(2)		American Funds Growth Portfolio declared dividends during the six-month period ended June 30, 2008. The amount received by the American Funds Growth Variable Account in full dollars was $499 for the period and is not shown on the above Statements of Operations due to rounding.

(3)		Formerly named Mid-Cap Value Variable Account.

See Notes to Financial Statements

H-3

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS (Continued)
FOR THE PERIOD ENDED JUNE 30, 2008 (Unaudited)
(in thousands)


	Variable Accounts
	Small-Cap			Multi-			Main Street			Emerging			Money			High Yield			Managed
	Value			Strategy			Core			Markets			Market			Bond			Bond

INVESTMENT INCOME
Dividends		$2			$66			$4			$52			$608			$1,744			$2,451
EXPENSES
Mortality and expense risk fees		109			323			738			373			289			285			1,037

Net Investment Income (Loss)		(107	)		(257	)		(734	)		(321	)		319			1,459			1,414

REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) from security transactions		295			920			4,098			2,875			98			(292	)		1,178
Capital gain distributions		1,842			3,201			12,576			9,265			—			—			1,495

Realized Gain (Loss)		2,137			4,121			16,674			12,140			98			(292	)		2,673

CHANGE IN UNREALIZED DEPRECIATION ON INVESTMENTS		(2,658	)		(8,140	)		(29,096	)		(19,806	)		(73	)		(2,386	)		(4,583	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		($628	)		($4,276	)		($13,156	)		($7,987	)		$344			($1,219	)		($496	)


																AllianceBernstein
																VPS Balanced			BlackRock
	Inflation						Mid-Cap			Real			Small-Cap			Wealth Strategy			Global Allocation
	Managed			Comstock			Growth			Estate			Equity			Class B (1)			V.I. Class III (1)

INVESTMENT INCOME
Dividends		$2,421			$—			$4			$117			$1			$—			$—
EXPENSES
Mortality and expense risk fees		794			309			191			171			61			1			21

Net Investment Income (Loss)		1,627			(309	)		(187	)		(54	)		(60	)		(1	)		(21	)

REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) from security transactions		958			(1,777	)		598			2,978			(52	)		(6	)		(4	)
Capital gain distributions		597			2,027			3,181			6,617			244			—			—

Realized Gain (Loss)		1,555			250			3,779			9,595			192			(6	)		(4	)

CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS		354			(8,248	)		(7,210	)		(10,866	)		(447	)		(38	)		(464	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$3,536			($8,307	)		($3,618	)		($1,325	)		($315	)		($45	)		($489	)


	Franklin
	Templeton VIP
	Founding Funds
	Allocation
	Class 4 (1)
INVESTMENT INCOME
Dividends		$—
EXPENSES
Mortality and expense risk fees		1

Net Investment Loss		(1	)

REALIZED GAIN (LOSS) ON INVESTMENTS
Realized loss from security transactions		(3	)
Capital gain distributions		—

Realized Loss		(3	)

CHANGE IN UNREALIZED DEPRECIATION ON INVESTMENTS		(38	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		($42	)


(1)		Operations commenced during 2008 (See Note 1 to Financial Statements).

See Notes to Financial Statements

H-4

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

(in thousands)


	Variable Accounts
	Small-Cap Growth (1)						International Value						Long/Short Large-Cap
	Period Ended			Year Ended			Period Ended			Year Ended			Period Ended
	June 30,			December 31,			June 30,			December 31,			June 30,
	2008 (2)			2007			2008 (2)			2007			2008 (2), (3)

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		($153	)		($349	)		($880	)		$1,170			($35	)
Realized gain (loss)		2,098			507			5,110			22,231			(10	)
Change in unrealized appreciation (depreciation) on investments		(6,655	)		3,227			(23,455	)		(15,098	)		(1,463	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(4,710	)		3,385			(19,225	)		8,303			(1,508	)

INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		137			322			747			1,983			34
Transfers between variable and fixed accounts, net		1,476			5,206			(6,554	)		6,791			18,705
Transfers—policy charges and deductions		(175	)		(254	)		(1,109	)		(2,604	)		(28	)
Transfers—surrenders		(1,595	)		(4,222	)		(9,066	)		(21,760	)		(358	)
Transfers—other		(1	)		—			1			(2	)		(1	)

Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(158	)		1,052			(15,981	)		(15,592	)		18,352

NET INCREASE (DECREASE) IN NET ASSETS		(4,868	)		4,437			(35,206	)		(7,289	)		16,844

NET ASSETS
Beginning of Year or Periods		28,896			24,459			166,633			173,922			—

End of Year or Periods		$24,028			$28,896			$131,427			$166,633			$16,844


	International Small-Cap						Equity Index						Small-Cap Index
	Period Ended			Year Ended			Period Ended			Year Ended			Period Ended			Year Ended
	June 30,			December 31,			June 30,			December 31,			June 30,			December 31,
	2008 (2)			2007			2008 (2)			2007			2008 (2)			2007

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		($85	)		($42	)		($769	)		$652			($204	)		($2	)
Realized gain (loss)		(173	)		(240	)		7,652			17,107			4,137			(567	)
Change in unrealized appreciation (depreciation) on investments		(1,119	)		554			(24,592	)		(11,116	)		(7,579	)		(1,343	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(1,377	)		272			(17,709	)		6,643			(3,646	)		(1,912	)

INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		164			373			405			1,625			270			457
Transfers between variable and fixed accounts, net		(1,814	)		4,602			8,176			(18,258	)		(15,679	)		5,525
Transfers—policy charges and deductions		(98	)		(250	)		(1,074	)		(2,568	)		(299	)		(602	)
Transfers—surrenders		(1,116	)		(2,639	)		(6,781	)		(18,757	)		(1,721	)		(6,636	)
Transfers—other		—			—			(1	)		—			—			2

Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(2,864	)		2,086			725			(37,958	)		(17,429	)		(1,254	)

NET INCREASE (DECREASE) IN NET ASSETS		(4,241	)		2,358			(16,984	)		(31,315	)		(21,075	)		(3,166	)

NET ASSETS

Beginning of Year or Period		20,610			18,252			136,998			168,313			43,520			46,686

End of Year or Period		$16,369			$20,610			$120,014			$136,998			$22,445			$43,520


(1)		Formerly named Fasciano Small Equity Variable Account.

(2)		Unaudited.

(3)		Operations commenced during 2008 (See Note 1 to Financial Statements).

See Notes to Financial Statements

H-5

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
(in thousands)


	Variable Accounts
	Diversified Research						Equity						American Funds Growth-Income
	Period Ended			Year Ended			Period Ended			Year Ended			Period Ended			Year Ended
	June 30,			December 31,			June 30,			December 31,			June 30,			December 31,
	2008 (1)			2007			2008 (1)			2007			2008 (1)			2007

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss		($243	)		($307	)		($162	)		($366	)		($286	)		($31	)
Realized gain		6,953			2,709			3,856			1,064			1,860			173
Change in unrealized appreciation (depreciation) on investments		(10,777	)		(2,000	)		(7,143	)		1,035			(7,240	)		1,692

Net Increase (Decrease) in Net Assets Resulting from Operations		(4,067	)		402			(3,449	)		1,733			(5,666	)		1,834

INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		239			597			75			275			317			796
Transfers between variable and fixed accounts, net		(8,319	)		(8,336	)		(596	)		74			(5,017	)		4,300
Transfers—policy charges and deductions		(289	)		(630	)		(245	)		(395	)		(250	)		(671	)
Transfers—surrenders		(2,631	)		(5,919	)		(1,861	)		(5,255	)		(2,832	)		(6,887	)
Transfers—other		1			—			1			(2	)		—			2

Net Decrease in Net Assets Derived from Contract Owner Transactions		(10,999	)		(14,288	)		(2,626	)		(5,303	)		(7,782	)		(2,460	)

NET DECREASE IN NET ASSETS		(15,066	)		(13,886	)		(6,075	)		(3,570	)		(13,448	)		(626	)

NET ASSETS
Beginning of Year or Period		45,926			59,812			31,337			34,907			52,896			53,522

End of Year or Period		$30,860			$45,926			$25,262			$31,337			$39,448			$52,896


	American Funds Growth						Large-Cap Value						Technology
	Period Ended			Year Ended			Period Ended			Year Ended			Period Ended			Year Ended
	June 30,			December 31,			June 30,			December 31,			June 30,			December 31,
	2008 (1)			2007			2008 (1)			2007			2008 (1)			2007

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss		($248	)		($379	)		($427	)		($152	)		($21	)		($54	)
Realized gain		5,600			2,965			3,084			1,567			471			278
Change in unrealized appreciation (depreciation) on investments		(9,116	)		1,893			(13,036	)		700			(1,547	)		471

Net Increase (Decrease) in Net Assets Resulting from Operations		(3,764	)		4,479			(10,379	)		2,115			(1,097	)		695

INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		279			690			487			1,298			37			60
Transfers between variable and fixed accounts, net		7,847			(6,992	)		(692	)		(7,618	)		(1,699	)		2,670
Transfers—policy charges and deductions		(175	)		(453	)		(676	)		(979	)		(9	)		(187	)
Transfers—surrenders		(3,040	)		(6,342	)		(4,402	)		(10,632	)		(264	)		(874	)
Transfers—other		—			(2	)		2			2			—			—

Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		4,911			(13,099	)		(5,281	)		(17,929	)		(1,935	)		1,669

NET INCREASE (DECREASE) IN NET ASSETS		1,147			(8,620	)		(15,660	)		(15,814	)		(3,032	)		2,364

NET ASSETS
Beginning of Year or Period		40,645			49,265			78,790			94,604			6,547			4,183

End of Year or Period		$41,792			$40,645			$63,130			$78,790			$3,515			$6,547


(1)		Unaudited.

See Notes to Financial Statements

H-6

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
(in thousands)


	Variable Accounts
	Short Duration Bond						Floating Rate Loan						Diversified Bond
	Period Ended			Year Ended			Period Ended			Period Ended			Period Ended			Year Ended
	June 30,			December 31,			June 30,			December 31,			June 30,			December 31,
	2008 (1)			2007			2008 (1)			2007 (2)			2008 (1)			2007

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income		$446			$1,321			$525			$589			$515			$1,268
Realized gain (loss)		(165	)		(753	)		(149	)		(107	)		(281	)		—
Change in unrealized appreciation (depreciation) on investments		(1,051	)		750			(860	)		(987	)		(2,048	)		(1,548	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(770	)		1,318			(484	)		(505	)		(1,814	)		(280	)

INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		254			639			128			165			321			545
Transfers between variable and fixed accounts, net		2,188			(12,566	)		1,712			18,647			800			24,481
Transfers—policy charges and deductions		(343	)		(715	)		(118	)		(108	)		(257	)		(368	)
Transfers—surrenders		(1,895	)		(5,220	)		(841	)		(1,285	)		(2,124	)		(3,820	)
Transfers—other		—			1			—			(1	)		1			(2	)

Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		204			(17,861	)		881			17,418			(1,259	)		20,836

NET INCREASE (DECREASE) IN NET ASSETS		(566	)		(16,543	)		397			16,913			(3,073	)		20,556

NET ASSETS
Beginning of Year or Periods		35,488			52,031			16,913			—			41,231			20,675

End of Year or Periods		$34,922			$35,488			$17,310			$16,913			$38,158			$41,231


	Growth LT						Focused 30						Health Sciences
	Period Ended			Year Ended			Period Ended			Year Ended			Period Ended			Year Ended
	June 30,			December 31,			June 30,			December 31,			June 30,			December 31,
	2008 (1)			2007			2008 (1)			2007			2008 (1)			2007

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss		($796	)		($1,409	)		($129	)		($185	)		($39	)		($80	)

Realized gain		21,287			15,621			1,634			357			468			98

Change in unrealized appreciation (depreciation) on investments		(37,503	)		7,909			(4,584	)		5,367			(1,239	)		774

Net Increase (Decrease) in Net Assets Resulting from Operations		(17,012	)		22,121			(3,079	)		5,539			(810	)		792

INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		499			1,708			86			220			29			37

Transfers between variable and fixed accounts, net		808			(12,996	)		1,440			7,024			(1,004	)		1,761

Transfers—policy charges and deductions		(1,273	)		(2,912	)		(86	)		(230	)		(44	)		(106	)

Transfers—surrenders		(8,367	)		(22,378	)		(1,973	)		(3,918	)		(588	)		(788	)

Transfers—other		(3	)		(1	)		(4	)		1			1			—

Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(8,336	)		(36,579	)		(537	)		3,097			(1,606	)		904

NET INCREASE (DECREASE) IN NET ASSETS		(25,348	)		(14,458	)		(3,616	)		8,636			(2,416	)		1,696

NET ASSETS
Beginning of Year or Period		155,882			170,340			27,415			18,779			7,360			5,664

End of Year or Period		$130,534			$155,882			$23,799			$27,415			$4,944			$7,360


(1)		Unaudited.

(2)		Operations commenced on May 4, 2007.

See Notes to Financial Statements

H-7

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
(in thousands)


	Variable Accounts
	Mid-Cap Equity (1)						Large-Cap Growth						International Large-Cap
	Period Ended			Year Ended			Period Ended			Year Ended			Period Ended			Year Ended
	June 30,			December 31,			June 30,			December 31,			June 30,			December 31,
	2008 (2)			2007			2008 (2)			2007			2008 (2)			2007

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		($601	)		($750	)		($111	)		($355	)		($235	)		$49
Realized gain		13,229			1,651			3,548			2,524			15,622			29,645
Change in unrealized appreciation (depreciation) on investments		(22,594	)		(3,618	)		(7,071	)		3,043			(22,170	)		(19,894	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(9,966	)		(2,717	)		(3,634	)		5,212			(6,783	)		9,800

INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		747			1,838			162			521			554			1,527
Transfers between variable and fixed accounts, net		(5,832	)		(5,013	)		(3,263	)		(17,135	)		(2,625	)		(40,128	)
Transfers—policy charges and deductions		(560	)		(1,467	)		(90	)		(287	)		(377	)		(1,178	)
Transfers—surrenders		(5,703	)		(15,213	)		(1,167	)		(3,864	)		(4,875	)		(12,458	)
Transfers—other		3			3			—			3			1			8

Net Decrease in Net Assets Derived from Contract Owner Transactions		(11,345	)		(19,852	)		(4,358	)		(20,762	)		(7,322	)		(52,229	)

NET DECREASE IN NET ASSETS		(21,311	)		(22,569	)		(7,992	)		(15,550	)		(14,105	)		(42,429	)

NET ASSETS
Beginning of Year or Period		108,310			130,879			24,302			39,852			84,999			127,428

End of Year or Period		$86,999			$108,310			$16,310			$24,302			$70,894			$84,999


	Small-Cap Value						Multi-Strategy						Main Street Core
	Period Ended			Year Ended			Period Ended			Year Ended			Period Ended			Year Ended
	June 30,			December 31,			June 30,			December 31,			June 30,			December 31,
	2008 (2)			2007			2008 (2)			2007			2008 (2)			2007

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		($107	)		$78			($257	)		$920			($734	)		($237	)
Realized gain		2,137			2,081			4,121			2,805			16,674			7,463
Change in unrealized depreciation on investments		(2,658	)		(1,384	)		(8,140	)		(1,510	)		(29,096	)		(2,172	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(628	)		775			(4,276	)		2,215			(13,156	)		5,054

INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		112			262			112			638			600			1,704
Transfers between variable and fixed accounts, net		608			(4,913	)		(2,227	)		(3,023	)		(8,748	)		(2,686	)
Transfers—policy charges and deductions		(117	)		(370	)		(750	)		(1,999	)		(1,174	)		(2,660	)
Transfers—surrenders		(1,146	)		(3,207	)		(2,847	)		(7,482	)		(7,126	)		(19,526	)
Transfers—other		1			—			(1	)		1			(1	)		(1	)

Net Decrease in Net Assets Derived from Contract Owner Transactions		(542	)		(8,228	)		(5,713	)		(11,865	)		(16,449	)		(23,169	)

NET DECREASE IN NET ASSETS		(1,170	)		(7,453	)		(9,989	)		(9,650	)		(29,605	)		(18,115	)

NET ASSETS
Beginning of Year or Period		18,601			26,054			58,523			68,173			136,282			154,397

End of Year or Period		$17,431			$18,601			$48,534			$58,523			$106,677			$136,282


(1)		Formerly named Mid-Cap Value Variable Account.

(2)		Unaudited.

See Notes to Financial Statements

H-8

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
(in thousands)


	Variable Accounts
	Emerging Markets						Money Market						High Yield Bond
	Period Ended			Year Ended			Period Ended			Year Ended			Period Ended			Year Ended
	June 30,			December 31,			June 30,			December 31,			June 30,			December 31,
	2008 (1)			2007			2008 (1)			2007			2008 (1)			2007

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		($321	)		($137	)		$319			$1,607			$1,459			$3,425
Realized gain (loss)		12,140			15,353			98			70			(292	)		(52	)
Change in unrealized appreciation (depreciation) on investments		(19,806	)		2,719			(73	)		(16	)		(2,386	)		(2,627	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(7,987	)		17,935			344			1,661			(1,219	)		746

INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		291			800			252			1,895			197			551
Transfers between variable and fixed accounts, net		(6,866	)		(1,885	)		16,872			21,215			(1,072	)		(4,347	)
Transfers—policy charges and deductions		(328	)		(753	)		(1,004	)		(2,623	)		(607	)		(1,047	)
Transfers—surrenders		(4,255	)		(8,322	)		(10,733	)		(22,838	)		(3,001	)		(7,081	)
Transfers—other		1			—			1			—			—			(1	)

Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(11,157	)		(10,160	)		5,388			(2,351	)		(4,483	)		(11,925	)

NET INCREASE (DECREASE) IN NET ASSETS		(19,144	)		7,775			5,732			(690	)		(5,702	)		(11,179	)

NET ASSETS
Beginning of Year or Period		71,344			63,569			43,002			43,692			48,259			59,438

End of Year or Period		$52,200			$71,344			$48,734			$43,002			$42,557			$48,259


	Managed Bond						Inflation Managed						Comstock
	Period Ended			Year Ended			Period Ended			Year Ended			Period Ended			Year Ended
	June 30,			December 31,			June 30,			December 31,			June 30,			December 31,
	2008 (1)			2007			2008 (1)			2007			2008 (1)			2007

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		$1,414			$5,268			$1,627			$3,634			($309	)		$55
Realized gain (loss)		2,673			234			1,555			29			250			(464	)
Change in unrealized appreciation (depreciation) on investments		(4,583	)		5,952			354			6,597			(8,248	)		(3,154	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(496	)		11,454			3,536			10,260			(8,307	)		(3,563	)

INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		894			2,285			894			1,594			432			887
Transfers between variable and fixed accounts, net		(2,926	)		13,502			(732	)		15,086			(8,447	)		17,656
Transfers—policy charges and deductions		(1,587	)		(2,560	)		(1,304	)		(1,734	)		(284	)		(649	)
Transfers—surrenders		(9,851	)		(22,258	)		(7,909	)		(14,691	)		(3,038	)		(7,862	)
Transfers—other		—			(4	)		(1	)		(1	)		3			—

Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(13,470	)		(9,035	)		(9,052	)		254			(11,334	)		10,032

NET INCREASE (DECREASE) IN NET ASSETS		(13,966	)		2,419			(5,516	)		10,514			(19,641	)		6,469

NET ASSETS
Beginning of Year or Period		169,384			166,965			126,073			115,559			57,765			51,296

End of Year or Period		$155,418			$169,384			$120,557			$126,073			$38,124			$57,765


(1)		Unaudited.

See Notes to Financial Statements

H-9

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
(in thousands)


	Variable Accounts
	Mid-Cap Growth						Real Estate						Small-Cap Equity (1)
	Period Ended			Year Ended			Period Ended			Year Ended			Period Ended			Year Ended
	June 30,			December 31,			June 30,			December 31,			June 30,			December 31,
	2008 (2)			2007			2008 (2)			2007			2008 (2)			2007

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss		($187	)		($288	)		($54	)		($166	)		($60	)		($73	)
Realized gain (loss)		3,779			(126	)		9,595			6,731			192			12
Change in unrealized appreciation (depreciation) on investments		(7,210	)		6,826			(10,866	)		(13,208	)		(447	)		214

Net Increase (Decrease) in Net Assets Resulting from Operations		(3,618	)		6,412			(1,325	)		(6,643	)		(315	)		153

INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		213			517			170			491			86			110
Transfers between variable and fixed accounts, net		(7,217	)		3,430			(4,705	)		(10,716	)		7,151			4,573
Transfers—policy charges and deductions		(173	)		(400	)		(177	)		(742	)		(35	)		(71	)
Transfers—surrenders		(2,156	)		(5,145	)		(2,006	)		(5,735	)		(668	)		(790	)
Transfers—other		1			(1	)		—			6			—			1

Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(9,332	)		(1,599	)		(6,718	)		(16,696	)		6,534			3,823

NET INCREASE (DECREASE) IN NET ASSETS		(12,950	)		4,813			(8,043	)		(23,339	)		6,219			3,976

NET ASSETS
Beginning of Year or Period		37,524			32,711			30,525			53,864			8,211			4,235

End of Year or Period		$24,574			$37,524			$22,482			$30,525			$14,430			$8,211


	AllianceBernstein VPS												Franklin Templeton VIP
	Balanced Wealth Strategy						BlackRock Global Allocation						Founding Funds Allocation
	Class B						V.I. Class III						Class 4
	Period Ended						Period Ended						Period Ended
	June 30,						June 30,						June 30,
	2008 (2), (3)						2008 (2), (3)						2008 (2), (3)

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss		($1	)					($21	)					($1	)
Realized loss		(6	)					(4	)					(3	)
Change in unrealized depreciation on investments		(38	)					(464	)					(38	)

Net Decrease in Net Assets Resulting from Operations		(45	)					(489	)					(42	)

INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		—						50						1
Transfers between variable and fixed accounts, net		1,172						15,344						511
Transfers—policy charges and deductions		(—	)					(10	)					(—	)
Transfers—surrenders		(32	)					(99	)					(32	)
Transfers—other		—						(1	)					(1	)

Net Increase in Net Assets Derived from Contract Owner Transactions		1,140						15,284						479

NET INCREASE IN NET ASSETS		1,095						14,795						437

NET ASSETS
Beginning of Periods		—						—						—

End of Periods		$1,095						$14,795						$437


(1)		Formerly named VN Small-Cap Value Variable Account.

(2)		Unaudited.

(3)		Operations commenced during 2008 (See Note 1 to Financial Statements).

See Notes to Financial Statements

H-10

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT

FINANCIAL HIGHLIGHTS

A summary of accumulation unit values (“AUV”), total units outstanding, total net assets, ratios of investment income and expenses to average daily net assets, and total returns for each year or period ended are presented in the table below.


							Ratios of			Ratios of
	At the End of Each Year or Period						Investment			Expenses
			Total Units		Total Net		Income to			to Average
Variable Accounts			Outstanding		Assets		Average Net			Net			Total
For Each Year or Period Ended	AUV		(in 000’s)		(in $000’s)		Assets (1)			Assets (2)			Returns (3)


Small-Cap Growth (4)
01/01/2008-06/30/2008 (Unaudited)	$	11.21		2,144	$	24,028		0.00	%		1.25	%		(16.41	%)
2007		13.41		2,155		28,896		0.00	%		1.25	%		13.66	%
2006		11.80		2,073		24,459		0.22	%		1.25	%		3.76	%
2005		11.37		2,998		34,092		0.21	%		1.25	%		1.39	%
2004		11.21		2,780		31,181		0.60	%		1.25	%		17.46	%
2003		9.55		4,053		38,693		0.48	%		1.25	%		31.49	%



International Value
01/01/2008-06/30/2008 (Unaudited)	$	21.18		6,207	$	131,427		0.04	%		1.25	%		(12.14	%)
2007		24.10		6,914		166,633		1.91	%		1.25	%		4.92	%
2006		22.97		7,571		173,922		1.52	%		1.25	%		24.13	%
2005		18.51		9,000		166,561		1.77	%		1.25	%		8.07	%
2004		17.12		11,798		202,043		1.46	%		1.25	%		14.97	%
2003		14.89		14,724		219,306		1.66	%		1.25	%		26.13	%



Long/Short Large-Cap (5)
05/01/2008-06/30/2008 (Unaudited)	$	9.33		1,805	$	16,844		0.00	%		1.25	%		(6.70	%)



International Small-Cap
01/01/2008-06/30/2008 (Unaudited)	$	9.77		1,676	$	16,369		0.31	%		1.25	%		(7.03	%)
2007		10.50		1,962		20,610		1.06	%		1.25	%		3.42	%
05/04/2006-12/31/2006		10.16		1,797		18,252		0.21	%		1.25	%		1.56	%



Equity Index
01/01/2008-06/30/2008 (Unaudited)	$	37.32		3,216	$	120,014		0.01	%		1.25	%		(12.59	%)
2007		42.69		3,209		136,998		1.68	%		1.25	%		3.91	%
2006		41.08		4,097		168,313		1.62	%		1.25	%		14.09	%
2005		36.01		5,326		191,778		1.36	%		1.25	%		3.37	%
2004		34.84		6,277		218,673		1.62	%		1.25	%		9.21	%
2003		31.90		7,533		240,305		1.38	%		1.25	%		26.70	%



Small-Cap Index
01/01/2008-06/30/2008 (Unaudited)	$	15.42		1,455	$	22,445		0.02	%		1.25	%		(10.02	%)
2007		17.14		2,539		43,520		1.25	%		1.25	%		(3.24	%)
2006		17.71		2,636		46,686		1.37	%		1.25	%		16.32	%
2005		15.23		3,919		59,682		0.44	%		1.25	%		3.08	%
2004		14.77		5,338		78,851		0.69	%		1.25	%		16.30	%
2003		12.70		4,347		55,212		0.71	%		1.25	%		44.71	%



Diversified Research
01/01/2008-06/30/2008 (Unaudited)	$	11.58		2,664	$	30,860		0.01	%		1.25	%		(10.45	%)
2007		12.93		3,551		45,926		0.67	%		1.25	%		(0.07	%)
2006		12.94		4,621		59,812		0.65	%		1.25	%		10.58	%
2005		11.70		4,738		55,455		0.45	%		1.25	%		3.94	%
2004		11.26		3,824		43,060		0.59	%		1.25	%		9.82	%
2003		10.25		3,548		36,382		0.41	%		1.25	%		30.98	%



Equity
01/01/2008-06/30/2008 (Unaudited)	$	17.63		1,433	$	25,262		0.08	%		1.25	%		(11.41	%)
2007		19.90		1,575		31,337		0.21	%		1.25	%		4.94	%
2006		18.96		1,841		34,907		0.33	%		1.25	%		7.30	%
2005		17.67		2,466		43,577		0.24	%		1.25	%		5.21	%
2004		16.80		3,164		53,147		0.68	%		1.25	%		3.84	%
2003		16.18		4,293		69,453		0.35	%		1.25	%		22.79	%



American Funds Growth-Income
01/01/2008-06/30/2008 (Unaudited)	$	11.26		3,505	$	39,448		0.00	%		1.25	%		(11.82	%)
2007		12.77		4,144		52,896		1.20	%		1.25	%		3.35	%
2006		12.35		4,333		53,522		1.39	%		1.25	%		13.36	%
05/02/2005-12/31/2005		10.90		2,736		29,808		1.62	%		1.25	%		8.96	%



American Funds Growth
01/01/2008-06/30/2008 (Unaudited)	$	13.03		3,208	$	41,792		0.00%	(6)		1.25	%		(8.46	%)
2007		14.23		2,856		40,645		0.41	%		1.25	%		10.53	%
2006		12.87		3,827		49,265		0.44	%		1.25	%		8.45	%
05/02/2005-12/31/2005		11.87		4,173		49,543		0.72	%		1.25	%		18.71	%



Large-Cap Value
01/01/2008-06/30/2008 (Unaudited)	$	13.73		4,598	$	63,130		0.02	%		1.25	%		(13.62	%)
2007		15.89		4,957		78,790		1.08	%		1.25	%		2.25	%
2006		15.54		6,086		94,604		1.29	%		1.25	%		16.12	%
2005		13.39		5,857		78,401		0.99	%		1.25	%		4.83	%
2004		12.77		11,131		142,135		1.21	%		1.25	%		8.56	%
2003		11.76		11,728		137,942		1.19	%		1.25	%		29.61	%

See Notes to Financial Statements

See explanation of references on page 1-4

I - 1

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
FINANCIAL HIGHLIGHTS (Continued)


							Ratios of			Ratios of
	At the End of Each Year or Period						Investment			Expenses
			Total Units		Total Net		Income to			to Average
Variable Accounts			Outstanding		Assets		Average Net			Net			Total
For Each Year or Period Ended	AUV		(in 000’s)		(in $000’s)		Assets (1)			Assets (2)			Returns (3)


Technology
01/01/2008-06/30/2008 (Unaudited)	$	5.77		609	$	3,515		0.18	%		1.25	%		(17.91	%)
2007		7.03		932		6,547		0.06	%		1.25	%		21.50	%
2006		5.78		723		4,183		0.00	%		1.25	%		7.98	%
2005		5.36		1,499		8,030		0.00	%		1.25	%		20.20	%
2004		4.46		1,650		7,349		0.00	%		1.25	%		2.37	%
2003		4.35		2,337		10,170		0.00	%		1.25	%		40.80	%



Short Duration Bond
01/01/2008-06/30/2008 (Unaudited)	$	10.44		3,344	$	34,922		3.73	%		1.25	%		(2.06	%)
2007		10.66		3,328		35,488		4.44	%		1.25	%		3.16	%
2006		10.34		5,033		52,031		4.09	%		1.25	%		2.98	%
2005		10.04		5,264		52,850		3.00	%		1.25	%		0.31	%
2004		10.01		6,211		62,161		2.50	%		1.25	%		(0.05	%)
05/01/2003-12/31/2003		10.01		6,105		61,128		2.57	%		1.25	%		0.13	%



Floating Rate Loan
01/01/2008-06/30/2008 (Unaudited)	$	9.44		1,833	$	17,310		7.29	%		1.25	%		(2.95	%)
05/04/2007-12/31/2007		9.73		1,738		16,913		6.40	%		1.25	%		(2.70	%)



Diversified Bond
01/01/2008-06/30/2008 (Unaudited)	$	10.00		3,816	$	38,158		3.75	%		1.25	%		(4.28	%)
2007		10.45		3,946		41,231		4.92	%		1.25	%		0.05	%
05/04/2006-12/31/2006		10.44		1,980		20,675		4.65	%		1.25	%		4.43	%



Growth LT
01/01/2008-06/30/2008 (Unaudited)	$	37.56		3,475	$	130,534		0.09	%		1.25	%		(11.04	%)
2007		42.22		3,692		155,882		0.41	%		1.25	%		14.18	%
2006		36.97		4,607		170,340		0.60	%		1.25	%		8.36	%
2005		34.12		5,683		193,910		0.23	%		1.25	%		6.34	%
2004		32.09		7,734		248,156		0.00	%		1.25	%		9.03	%
2003		29.43		10,025		295,057		0.00	%		1.25	%		32.31	%



Focused 30
01/01/2008-06/30/2008 (Unaudited)	$	13.57		1,754	$	23,799		0.08	%		1.25	%		(9.62	%)
2007		15.01		1,826		27,415		0.41	%		1.25	%		30.20	%
2006		11.53		1,629		18,779		0.07	%		1.25	%		22.19	%
2005		9.44		1,073		10,124		1.11	%		1.25	%		20.56	%
2004		7.83		882		6,902		0.05	%		1.25	%		13.42	%
2003		6.90		999		6,895		0.00	%		1.25	%		40.49	%



Health Sciences
01/01/2008-06/30/2008 (Unaudited)	$	11.83		418	$	4,944		0.00	%		1.25	%		(8.60	%)
2007		12.94		569		7,360		0.00	%		1.25	%		15.02	%
2006		11.25		503		5,664		0.00	%		1.25	%		6.77	%
2005		10.54		933		9,833		0.00	%		1.25	%		13.86	%
2004		9.26		963		8,914		0.00	%		1.25	%		6.20	%
2003		8.72		1,149		10,017		0.00	%		1.25	%		26.24	%



Mid-Cap Equity (7)
01/01/2008-06/30/2008 (Unaudited)	$	20.33		4,279	$	86,999		0.00	%		1.25	%		(9.74	%)
2007		22.52		4,809		108,310		0.67	%		1.25	%		(3.37	%)
2006		23.31		5,615		130,879		0.66	%		1.25	%		13.55	%
2005		20.53		6,243		128,159		0.53	%		1.25	%		7.52	%
2004		19.09		6,090		116,274		0.36	%		1.25	%		23.52	%
2003		15.46		6,335		97,916		0.56	%		1.25	%		27.50	%



Large-Cap Growth (8)
01/01/2008-06/30/2008 (Unaudited)	$	7.39		2,206	$	16,310		0.00	%		1.25	%		(15.31	%)
2007		8.73		2,784		24,302		0.00	%		1.25	%		20.11	%
2006		7.27		5,483		39,852		0.20	%		1.25	%		(5.01	%)
2005		7.65		5,012		38,345		0.25	%		1.25	%		1.65	%
2004		7.53		11,511		86,641		0.63	%		1.25	%		3.35	%
2003		7.28		10,967		79,865		0.22	%		1.25	%		23.81	%



International Large-Cap
01/01/2008-06/30/2008 (Unaudited)	$	10.62		6,677	$	70,894		0.63	%		1.25	%		(8.25	%)
2007		11.57		7,345		84,999		1.31	%		1.25	%		7.90	%
2006		10.73		11,881		127,428		2.56	%		1.25	%		25.43	%
2005		8.55		13,462		115,110		0.80	%		1.25	%		11.30	%
2004		7.68		12,607		96,850		1.01	%		1.25	%		17.13	%
2003		6.56		13,064		85,686		1.28	%		1.25	%		28.90	%



Small-Cap Value
01/01/2008-06/30/2008 (Unaudited)	$	20.26		860	$	17,431		0.02	%		1.25	%		(3.10	%)
2007		20.91		890		18,601		1.58	%		1.25	%		1.85	%
2006		20.53		1,269		26,054		2.02	%		1.25	%		18.27	%
2005		17.36		1,666		28,920		1.05	%		1.25	%		12.24	%
2004		15.47		2,446		37,831		1.83	%		1.25	%		22.87	%
05/01/2003-12/31/2003		12.59		2,036		25,627		1.36	%		1.25	%		25.88	%

See Notes to Financial Statements

See explanation of references on page 1-4

I - 2

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
FINANCIAL HIGHLIGHTS (Continued)


							Ratios of			Ratios of
	At the End of Each Year or Period						Investment			Expenses
			Total Units		Total Net		Income to			to Average
Variable Accounts			Outstanding		Assets		Average Net			Net			Total
For Each Year or Period Ended	AUV		(in 000’s)		(in $000’s)		Assets (1)			Assets (2)			Returns (3)


Multi-Strategy
01/01/2008-06/30/2008 (Unaudited)	$	33.96		1,429	$	48,534		0.26	%		1.25	%		(7.57	%)
2007		36.74		1,593		58,523		2.67	%		1.25	%		3.04	%
2006		35.65		1,912		68,173		2.44	%		1.25	%		10.30	%
2005		32.32		2,422		78,274		2.03	%		1.25	%		2.49	%
2004		31.54		3,005		94,779		1.62	%		1.25	%		8.45	%
2003		29.08		3,646		106,037		1.51	%		1.25	%		21.74	%



Main Street Core
01/01/2008-06/30/2008 (Unaudited)	$	33.00		3,232	$	106,677		0.01	%		1.25	%		(10.19	%)
2007		36.75		3,708		136,282		1.10	%		1.25	%		3.09	%
2006		35.65		4,331		154,397		1.13	%		1.25	%		13.75	%
2005		31.34		5,618		176,067		1.04	%		1.25	%		4.68	%
2004		29.94		6,307		188,801		1.21	%		1.25	%		8.18	%
2003		27.67		7,619		210,859		0.97	%		1.25	%		25.38	%



Emerging Markets
01/01/2008-06/30/2008 (Unaudited)	$	24.60		2,122	$	52,200		0.17	%		1.25	%		(11.87	%)
2007		27.91		2,556		71,344		1.05	%		1.25	%		31.43	%
2006		21.24		2,994		63,569		0.69	%		1.25	%		22.86	%
2005		17.28		4,248		73,418		1.01	%		1.25	%		39.72	%
2004		12.37		4,459		55,166		1.79	%		1.25	%		32.95	%
2003		9.30		4,594		42,748		1.11	%		1.25	%		66.35	%



Money Market
01/01/2008-06/30/2008 (Unaudited)	$	16.14		3,019	$	48,734		2.62	%		1.25	%		0.72	%
2007		16.03		2,683		43,002		4.75	%		1.25	%		3.68	%
2006		15.46		2,826		43,692		4.58	%		1.25	%		3.39	%
2005		14.95		2,913		43,551		2.70	%		1.25	%		1.55	%
2004		14.72		3,669		54,022		0.95	%		1.25	%		(0.25	%)
2003		14.76		5,186		76,551		0.78	%		1.25	%		(0.47	%)



High Yield Bond
01/01/2008-06/30/2008 (Unaudited)	$	28.94		1,470	$	42,557		7.62	%		1.25	%		(2.67	%)
2007		29.73		1,623		48,259		7.53	%		1.25	%		1.16	%
2006		29.39		2,022		59,438		7.28	%		1.25	%		8.07	%
2005		27.20		2,560		69,615		7.05	%		1.25	%		1.10	%
2004		26.90		3,273		88,040		7.01	%		1.25	%		8.06	%
2003		24.89		5,231		130,232		7.37	%		1.25	%		18.80	%



Managed Bond
01/01/2008-06/30/2008 (Unaudited)	$	29.39		5,288	$	155,418		2.95	%		1.25	%		(0.49	%)
2007		29.53		5,735		169,384		4.42	%		1.25	%		7.18	%
2006		27.56		6,059		166,965		3.93	%		1.25	%		3.51	%
2005		26.62		7,362		195,999		3.30	%		1.25	%		1.36	%
2004		26.26		8,571		225,112		2.91	%		1.25	%		4.07	%
2003		25.24		10,717		270,478		4.25	%		1.25	%		4.91	%



Inflation Managed
01/01/2008-06/30/2008 (Unaudited)	$	30.17		3,995	$	120,557		3.80	%		1.25	%		2.77	%
2007		29.36		4,294		126,073		4.26	%		1.25	%		8.76	%
2006		27.00		4,281		115,559		3.92	%		1.25	%		(0.73	%)
2005		27.19		4,963		134,950		2.93	%		1.25	%		1.27	%
2004		26.85		5,481		147,171		0.79	%		1.25	%		7.55	%
2003		24.97		5,851		146,092		0.09	%		1.25	%		6.90	%



Comstock (9)
01/01/2008-06/30/2008 (Unaudited)	$	9.43		4,044	$	38,124		0.00	%		1.25	%		(17.03	%)
2007		11.36		5,084		57,765		1.35	%		1.25	%		(4.22	%)
2006		11.86		4,324		51,296		1.57	%		1.25	%		14.89	%
2005		10.33		3,841		39,659		1.37	%		1.25	%		3.07	%
2004		10.02		4,316		43,237		1.19	%		1.25	%		15.72	%
2003		8.66		3,710		32,121		0.94	%		1.25	%		29.76	%



Mid-Cap Growth
01/01/2008-06/30/2008 (Unaudited)	$	8.83		2,783	$	24,574		0.02	%		1.25	%		(10.46	%)
2007		9.86		3,804		37,524		0.44	%		1.25	%		21.38	%
2006		8.13		4,026		32,711		0.25	%		1.25	%		7.59	%
2005		7.55		2,300		17,370		0.00	%		1.25	%		16.44	%
2004		6.49		2,192		14,217		0.00	%		1.25	%		20.08	%
2003		5.40		1,957		10,573		0.00	%		1.25	%		28.77	%



Real Estate
01/01/2008-06/30/2008 (Unaudited)	$	30.84		729	$	22,482		0.86	%		1.25	%		(5.87	%)
2007		32.76		932		30,525		0.89	%		1.25	%		(17.21	%)
2006		39.57		1,361		53,864		2.89	%		1.25	%		36.35	%
2005		29.02		1,555		45,127		0.80	%		1.25	%		15.34	%
2004		25.16		1,991		50,109		2.48	%		1.25	%		35.91	%
2003		18.51		2,316		42,881		3.04	%		1.25	%		35.82	%

See Notes to Financial Statements

See explanation of references on page 1-4

I - 3

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
FINANCIAL HIGHLIGHTS (Continued)


							Ratios of			Ratios of
	At the End of Each Year or Period						Investment			Expenses
			Total Units		Total Net		Income to			to Average
Variable Accounts			Outstanding		Assets		Average Net			Net			Total
For Each Year or Period Ended	AUV		(in 000’s)		(in $000’s)		Assets (1)			Assets (2)			Returns (3)


Small-Cap Equity (10)
01/01/2008-06/30/2008 (Unaudited)	$	13.72		1,052	$	14,430		0.03	%		1.25	%		(2.29	%)
2007		14.04		585		8,211		0.23	%		1.25	%		4.71	%
2006		13.41		316		4,235		0.58	%		1.25	%		17.21	%
05/02/2005-12/31/2005		11.44		420		4,800		0.95	%		1.25	%		14.41	%



AllianceBernstein VPS Balanced Wealth Strategy Class B (5)
05/06/2008-06/30/2008 (Unaudited)	$	9.33		117	$	1,095		0.00	%		1.25	%		(7.34	%)



BlackRock Global Allocation V.I. Class III (5)
05/01/2008-06/30/2008 (Unaudited)	$	9.71		1,524	$	14,795		0.00	%		1.25	%		(2.93	%)



Franklin Templeton VIP Founding Funds Allocation Class 4 (5)
05/06/2008-06/30/2008 (Unaudited)	$	9.21		47	$	437		0.00	%		1.25	%		(8.37	%)


(1)		The investment income ratios represent the dividends, excluding distributions of capital gains, received by the variable accounts from the underlying portfolios/funds, divided by the average daily net assets. These ratios are before the deduction of mortality and expense risk (“M&E”) fees that are assessed against contract owner accounts. The recognition of investment income by the variable accounts is affected by the timing of the declaration of dividends by the underlying portfolios/funds in which the variable accounts invest. The ratios of investment income to average daily net assets for periods of less than one full year are annualized.

(2)		The ratios of expenses to average net assets for periods of less than one full year are annualized.

(3)		Total returns reflect changes in unit value of the underlying portfolios/funds and deductions for M&E fees assessed through the daily AUV calculation. These fees are assessed at an annual rate of 1.25% of the average daily net assets of each variable account as discussed in Note 3 to the Financial Statements. Total returns do not include deductions at the separate account or contract level for any premium loads, maintenance fees, premium tax charges, withdrawal and surrender charges, or other charges that may incur under a contract which, if incurred, would have resulted in lower returns. Total returns are not annualized for periods of less than one full year.

(4)		Prior to May 1, 2007, Small-Cap Growth Variable Account was named Fasciano Small Equity Variable Account, and prior to May 1, 2005, the variable account was named Aggressive Equity Variable Account.

(5)		Operations commenced during 2008 (See Note 1 to Financial Statements).

(6)		Amount represents less than 0.005%.

(7)		Prior to May 1, 2008, Mid-Cap Equity Variable Account was named Mid-Cap Value Variable Account.

(8)		Prior to January 1, 2006, Large-Cap Growth Variable Account was named Blue Chip Variable Account.

(9)		Prior to May 1, 2003, Comstock Variable Account was named Strategic Value Variable Account.

(10)		Prior to May 1, 2007, Small-Cap Equity Variable Account was named VN Small-Cap Value Variable Account.

See Notes to Financial Statements

I - 4

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

1. ORGANIZATION

The Pacific Select Variable Annuity Separate Account (the “Separate Account”) is registered as a unit investment trust under the Investment Company Act of 1940, as amended, and as of June 30, 2008 is comprised of thirty-six subaccounts called Variable Accounts. The assets in each of the Variable Accounts invest in the corresponding portfolios or funds (each, a “Portfolio” and collectively, the “Portfolios”) of Pacific Select Fund, AllianceBernstein Variable Products Series Fund, Inc., BlackRock Variable Series Funds, Inc., and Franklin Templeton Variable Insurance Products Trust (collectively, the “Funds”) as presented in the Schedule of Investments in Section G of this brochure.

Each Portfolio pursues different investment objectives and policies. The financial statements of the Funds, including the schedules of investments, are either included in Sections A through F of this brochure or provided separately and should be read in conjunction with the Separate Account’s financial statements.

The Separate Account organized and registered with the Securities and Exchange Commission (“SEC”) four new Variable Accounts listed in the following table:


	Commenced		Commenced
Variable Accounts	Operations on	Variable Accounts	Operations on

Long/Short Large-Cap	May 1, 2008	BlackRock Global Allocation V.I. Class III	May 1, 2008
AllianceBernstein VPS Balanced Wealth Strategy Class B	May 6, 2008	Franklin Templeton VIP Founding Funds Allocation Class 4	May 6, 2008

The net assets of the Fund’s Concentrated Growth and Capital Opportunities Portfolios, the underlying portfolios for the Concentrated Growth and Capital Opportunities Variable Accounts, respectively, were transferred to the Fund’s Equity and Main Street Core Portfolios (the “Surviving Portfolios”), the underlying portfolios for the Equity and Main Street Core Variable Accounts, respectively, in exchange for shares of the Surviving Portfolios (the “Reorganization”). The Reorganization took place on April 30, 2007. In connection with the Reorganization, a total of 395,902 outstanding accumulation units (valued at $1,942,039) of the Concentrated Growth Variable Account were exchanged for 97,532 accumulation units with equal value of the Equity Variable Account; and a total of 271,752 outstanding accumulation units (valued at $2,787,459) of the Capital Opportunities Variable Account were exchanged for 74,912 accumulation units with equal value of the Main Street Core Variable Account.

The Separate Account was established by Pacific Life Insurance Company (“Pacific Life”) on November 30, 1989 and commenced operations on July 24, 1990. Under applicable insurance law, the assets and liabilities of the Separate Account are clearly identified and distinguished from the other assets and liabilities of Pacific Life. The assets of the Separate Account will not be charged with any liabilities arising out of any other business conducted by Pacific Life, but the obligations of the Separate Account, including benefits related to variable annuity contracts, are obligations of Pacific Life.

The Separate Account funds individual flexible premium variable accumulation deferred annuity contracts (the “Contracts”). The assets of the Separate Account are carried at market value.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for investment companies which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates.

A. Valuation of Investments and Fair Value Measurements

Investments in shares of the Funds are valued at the reported net asset values of the respective Portfolios. Valuation of securities held by the Funds are discussed in the notes to their financial statements.

The Separate Account adopted Statement of Financial Accounting Standards No. 157 (“SFAS 157”), Fair Value Measurements, issued by the Financial Accounting Standards Board as of January 1, 2008. SFAS 157 clarifies the definition of fair value for financial reporting under U.S. GAAP, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. Under SFAS 157, the Separate Account is required to characterize the value of its holdings as Level 1, Level 2, or Level 3 based upon the various inputs or methodologies used to value the holdings. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

			Level 1 — Quoted prices in active markets for identical holdings

			Level 2 — Significant observable market-based inputs, other than Level 1 quoted prices, or unobservable inputs that are corroborated by market data

			Level 3 — Significant unobservable inputs that are not corroborated by observable market data

The inputs or methodologies used for valuing the Separate Account’s holdings are not necessarily an indication of risks associated with investing in those holdings. As of June 30, 2008, all of the Separate Account’s holdings as presented in the Schedule of Investments in Section G of this brochure were characterized as Level 1 as defined in SFAS 157.

J-1

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)

B. Security Transactions and Investment Income

Transactions are recorded on the trade date. Realized gains and losses on sales of investments are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date and the amounts distributed to the Separate Account for its share of dividends are reinvested in additional full and fractional shares of the related Portfolios.

C. Federal Income Taxes

The operations of the Separate Account will be reported on the Federal income tax return of Pacific Life, which is taxed as a life insurance company under the provisions of the Tax Reform Act of 1986. Under current tax law, no Federal income taxes are expected to be paid by Pacific Life with respect to the operations of the Separate Account. Pacific Life will review periodically the status of this policy in the event of changes in the tax law. A charge may be made in future years for any Federal income taxes that would be attributable to the Contracts.

3. CHARGES AND EXPENSES

Pacific Life deducts from the Separate Account daily charges for mortality and expense risks Pacific Life assumes at an annual rate of 1.25% of the average daily net assets of each Variable Account. Under the Contracts, Pacific Life makes certain deductions from the net assets of each Variable Account for administrative and contract maintenance expenses assumed, any optional benefit riders, any state and local premium tax charges, and any withdrawal and surrender charges. The operating expenses of the Separate Account are paid by Pacific Life.

4. RELATED PARTY AGREEMENT

Pacific Select Distributors, Inc., a wholly-owned subsidiary of Pacific Life, serves as principal underwriter of the Contracts funded by interests in the Separate Account, without remuneration from the Separate Account.

5. PURCHASES AND SALES OF INVESTMENTS

The cost of purchases (excluding dividend reinvestments) and proceeds from sales of investments for the periods ended June 30, 2008,were as follows (amounts in thousands):


Variable Accounts	Purchases		Sales
Small-Cap Growth	$	3,080	$	3,391
International Value		1,277		18,171
Long/Short Large-Cap (1)		18,959		640
International Small-Cap		428		3,404
Equity Index		14,645		14,693
Small-Cap Index		346		17,985
Diversified Research		991		12,235
Equity		211		3,009
American Funds Growth-Income		1,346		9,414
American Funds Growth		11,163		6,500
Large-Cap Value		1,115		6,830
Technology		1,536		3,496
Short Duration Bond		4,105		4,126
Floating Rate Loan		2,333		1,560
Diversified Bond		3,129		4,644
Growth LT		7,657		16,848
Focused 30		9,336		10,011
Health Sciences		1,966		3,610
Mid-Cap Equity (2)		745		12,692
Large-Cap Growth		678		5,146
International Large-Cap		2,658		10,459
Small-Cap Value		3,022		3,672
Multi-Strategy		336		6,372
Main Street Core		262		17,450
Emerging Markets		2,973		14,504
Money Market		30,897		25,798
High Yield Bond		2,559		7,328
Managed Bond		4,624		19,131
Inflation Managed		7,036		16,882
Comstock		1,093		12,736
Mid-Cap Growth		4,859		14,382
Real Estate		2,427		9,316
Small-Cap Equity		7,847		1,374
AllianceBernstein VPS Balanced Wealth Strategy Class B (1)
		1,280		141
BlackRock Global Allocation V.I. Class III (1)
		15,355		91
Franklin Templeton VIP Founding Funds Allocation Class 4 (1)		586		107


(1)		Operations commenced during 2008 (See Note 1 to Financial Statements).

(2)		Prior to May 1, 2008, Mid-Cap Equity Variable Account was named Mid-Cap Value Variable Account.

J-2

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

6. CHANGES IN UNITS OUTSTANDING

The changes in units outstanding for the periods ended June 30, 2008 and for the year or period ended December 31, 2007 were as follows (amounts in thousands):


	2008								2007
	Units		Units			Net Increase			Units		Units			Net Increase
Variable Accounts	Issued		Redeemed			(Decrease)			Issued		Redeemed			(Decrease)
Small-Cap Growth (1)		436		(447	)		(11	)		824		(742	)		82
International Value		365		(1,072	)		(707	)		1,221		(1,878	)		(657	)
Long/Short Large-Cap (2)		1,884		(79	)		1,805
International Small-Cap		239		(525	)		(286	)		1,100		(935	)		165
Equity Index		441		(434	)		7			418		(1,306	)		(888	)
Small-Cap Index		105		(1,189	)		(1,084	)		907		(1,004	)		(97	)
Diversified Research		228		(1,115	)		(887	)		480		(1,550	)		(1,070	)
Equity		29		(171	)		(142	)		273		(539	)		(266	)
American Funds Growth-Income		359		(998	)		(639	)		1,256		(1,445	)		(189	)
American Funds Growth		1,059		(707	)		352			1,169		(2,140	)		(971	)
Large-Cap Value		358		(717	)		(359	)		1,128		(2,257	)		(1,129	)
Technology		319		(642	)		(323	)		719		(510	)		209
Short Duration Bond		753		(737	)		16			1,049		(2,754	)		(1,705	)
Floating Rate Loan		401		(306	)		95			2,226		(488	)		1,738
Diversified Bond		730		(860	)		(130	)		2,595		(629	)		1,966
Growth LT		255		(472	)		(217	)		292		(1,207	)		(915	)
Focused 30		833		(905	)		(72	)		1,276		(1,079	)		197
Health Sciences		191		(342	)		(151	)		400		(334	)		66
Mid-Cap Equity (3)		350		(880	)		(530	)		1,003		(1,809	)		(806	)
Large-Cap Growth		284		(862	)		(578	)		1,032		(3,731	)		(2,699	)
International Large-Cap		911		(1,579	)		(668	)		1,473		(6,009	)		(4,536	)
Small-Cap Value		365		(395	)		(30	)		369		(748	)		(379	)
Multi-Strategy		35		(199	)		(164	)		130		(449	)		(319	)
Main Street Core		178		(654	)		(476	)		393		(1,016	)		(623	)
Emerging Markets		261		(695	)		(434	)		869		(1,307	)		(438	)
Money Market		2,564		(2,228	)		336			5,649		(5,792	)		(143	)
High Yield Bond		169		(322	)		(153	)		322		(721	)		(399	)
Managed Bond		623		(1,070	)		(447	)		1,250		(1,574	)		(324	)
Inflation Managed		641		(940	)		(299	)		1,058		(1,045	)		13
Comstock		461		(1,501	)		(1,040	)		2,415		(1,655	)		760
Mid-Cap Growth		892		(1,913	)		(1,021	)		1,622		(1,844	)		(222	)
Real Estate		126		(329	)		(203	)		234		(663	)		(429	)
Small-Cap Equity (1)		598		(131	)		467			487		(218	)		269
AllianceBernstein VPS Balanced Wealth
Strategy Class B (2)		134		(17	)		117
BlackRock Global Allocation V.I. Class III (2)		1,554		(30	)		1,524
Franklin Templeton VIP Founding Funds
Allocation Class 4 (2)		58		(11	)		47


(1)		Prior to May 1, 2007, Small-Cap Growth and Small-Cap Equity Variable Accounts were named Fasciano Small Equity and VN Small-Cap Value Variable Accounts, respectively.

(2)		Operations commenced during 2008 (See Note 1 to Financial Statements).

(3)		Prior to May 1, 2008, Mid-Cap Equity Variable Account was named Mid-Cap Value Variable Account.

J-3


•	Pacific Select Fund
•	Pacific Select Variable Annuity Separate Account of Pacific Life Insurance Company

Pacific Select Fund

June 30, 2008

Pacific Select Variable Annuity
Separate Account of
Pacific Life Insurance Company

Semi-Annual
Reports


		Pacific Life Insurance Company P.O. Box 2378 Omaha, NE 68103-2378 ADDRESS SERVICE REQUESTED