N-30D 1 dn30d.htm PACIFIC SELECT VARIABLE ANNUITY SEMI ANNUAL REPORT Prepared by R.R. Donnelley Financial -- Pacific Select Variable Annuity Semi Annual Report
Table of Contents
June 30, 2002
      
·  Pacific Select Fund
 
·  Pacific Select Variable Annuity
    Separate Account of
    Pacific Life Insurance Company
 
Semi-Annual
    Reports
 
PACIFIC SELECT

Table of Contents
TABLE OF CONTENTS
 
PACIFIC SELECT FUND
 
Chairman’s Letter
   
A-1
Performance Discussion
   
A-2
Schedules of Investments and Notes
   
B-1
Financial Statements:
     
Statements of Assets and Liabilities
   
C-1
Statements of Operations
   
C-5
Statements of Changes in Net Assets
   
C-9
Financial Highlights
   
D-1
Notes to Financial Statements
   
E-1
 
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
 

Table of Contents
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2002 (Unaudited)
(In thousands)
 
    
Blue
Chip
    Variable    
Account
     
Aggressive
Growth
    Variable    
Account
   
Emerging
Markets
    Variable    
Account
   
Diversified Research     Variable     Account
   
Small-Cap Equity     Variable       Account  
   
International Large-Cap     Variable     Account
   
I-Net Tollkeeper     Variable     Account
     
Financial Services     Variable     Account
    
ASSETS
                                            
Investments:
                                            
Blue Chip Portfolio
   
$89,421
                                       
Aggressive Growth Portfolio
          
$4,485
                                
Emerging Markets Portfolio
               
$38,297
                           
Diversified Research Portfolio
                    
$23,634
                      
Small-Cap Equity Portfolio
                         
$46,309
                 
International Large-Cap Portfolio
                              
$79,081
            
I-Net Tollkeeper Portfolio
                                   
$4,336
       
Financial Services Portfolio
                                          
$6,639
Receivables:
                                            
Due from Pacific Life Insurance Company
   
—
     
—
   
—
   
—
   
—
   
—
   
—
     
5
Fund shares redeemed
   
14
     
58
   
112
   
762
   
167
   
27
   
5
     
—
    
Total Assets
   
89,435
     
4,543
   
38,409
   
24,396
   
46,476
   
79,108
   
4,341
     
6,644
    
LIABILITIES
                                            
Payables:
                                            
Due to Pacific Life Insurance Company
   
14
     
58
   
112
   
762
   
167
   
27
   
5
     
—
Fund shares purchased
   
—
     
—
   
—
   
—
   
—
   
—
   
—
     
5
    
Total Liabilities
   
14
     
58
   
112
   
762
   
167
   
27
   
5
     
5
    
NET ASSETS
   
$89,421
     
$4,485
   
$38,297
   
$23,634
   
$46,309
   
$79,081
   
$4,336
     
$6,639
    
Shares Owned in each Portfolio
   
13,231
     
626
   
5,976
   
2,685
   
2,893
   
13,010
   
1,517
     
748
    
Cost of Investments
   
$121,247
     
$4,853
   
$41,627
   
$27,785
   
$51,407
   
$99,970
   
$10,001
     
$6,866
    
 
See Notes to Financial Statements
 

F-1

Table of Contents
 
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
JUNE 30, 2002 (Unaudited)
(In thousands)
 
    
Health Sciences     Variable     Account
     
Technology     Variable    
Account
     
Telecom- munications
    Variable    
Account
   
Multi- Strategy     Variable     Account
   
Large-Cap Core     Variable     Account (1)
   
Strategic Value     Variable     Account
   
Growth
LT     Variable     Account
     
Focused
30     Variable     Account
    
ASSETS
                                              
Investments:
                                              
Health Sciences Portfolio
   
$7,606
                                         
Technology Portfolio
          
$3,556
                                  
Telecommunications Portfolio
                 
$859
                           
Multi-Strategy Portfolio
                      
$132,704
                      
Large-Cap Core Portfolio (1)
                           
$258,475
                 
Strategic Value Portfolio
                                
$10,439
            
Growth LT Portfolio
                                     
$386,762
       
Focused 30 Portfolio
                                            
$5,470
Receivables:
                                              
Due from Pacific Life Insurance Company
   
—
     
1
     
—
   
—
   
—
   
—
   
—
     
—
Fund shares redeemed
   
9
     
—
     
—
   
735
   
357
   
309
   
851
     
1
    
Total Assets
   
7,615
     
3,557
     
859
   
133,439
   
258,832
   
10,748
   
387,613
     
5,471
    
LIABILITIES
                                              
Payables:
                                              
Due to Pacific Life Insurance Company
   
9
     
—
     
—
   
735
   
357
   
309
   
851
     
1
Fund shares purchased
   
—
     
1
     
—
   
—
   
—
   
—
   
—
     
—
    
Total Liabilities
   
9
     
1
     
—
   
735
   
357
   
309
   
851
     
1
    
NET ASSETS
   
$7,606
     
$3,556
     
$859
   
$132,704
   
$258,475
   
$10,439
   
$386,762
     
$5,470
    
Shares Owned in each Portfolio
   
959
     
910
     
285
   
10,078
   
15,155
   
1,293
   
27,145
     
938
    
Cost of Investments
   
$7,789
     
$5,089
     
$1,481
   
$138,906
   
$273,767
   
$11,717
   
$419,421
     
$7,534
    
 
(1) Formerly named Equity Income Variable Account and Equity Income Portfolio.
 
See Notes to Financial Statements
 

F-2

Table of Contents
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
JUNE 30, 2002 (Unaudited)
(In thousands)
 
    
Mid-Cap Value     Variable     Account
     
International
Value
Variable
Account
     
Capital
Opportunities
Variable
Account
     
Mid-Cap Growth     Variable     Account
     
Global Growth     Variable     Account
     
Equity
Index     Variable     Account
     
Small-Cap Index     Variable     Account
     
Real
Estate     Variable     Account (1)
    
ASSETS
                                                      
Investments:
                                                      
Mid-Cap Value Portfolio
   
$118,703
                                                 
International Value Portfolio
          
$279,070
                                          
Capital Opportunities Portfolio
                 
$22,133
                                   
Mid-Cap Growth Portfolio
                        
$8,033
                            
Global Growth Portfolio
                               
$3,155
                     
Equity Index Portfolio
                                      
$337,339
              
Small-Cap Index Portfolio
                                             
$49,922
       
Real Estate Portfolio (1)
                                                    
$55,822
Receivables:
                                                      
Due from Pacific Life Insurance Company
   
—
     
583
     
—
     
349
     
—
     
—
     
317
     
27
Fund shares redeemed
   
661
     
—
     
15
     
—
     
13
     
633
     
—
     
—
    
Total Assets
   
119,364
     
279,653
     
22,148
     
8,382
     
3,168
     
337,972
     
50,239
     
55,849
    
LIABILITIES
                                                      
Payables:
                                                      
Due to Pacific Life Insurance Company
   
661
     
—
     
15
     
—
     
13
     
633
     
—
     
—
Fund shares purchased
   
—
     
583
     
—
     
349
     
—
     
—
     
317
     
27
    
Total Liabilities
   
661
     
583
     
15
     
349
     
13
     
633
     
317
     
27
    
NET ASSETS
   
$118,703
     
$279,070
     
$22,133
     
$8,033
     
$3,155
     
$337,339
     
$49,922
     
$55,822
    
Shares Owned in each Portfolio
   
9,252
     
22,553
     
3,240
     
1,643
     
406
     
14,288
     
5,101
     
4,041
    
Cost of Investments
   
$109,198
     
$314,867
     
$30,976
     
$12,540
     
$3,465
     
$278,604
     
$52,184
     
$46,156
    
 
(1) Formerly named REIT Variable Account and REIT Portfolio.
 
See Notes to Financial Statements
 

F-3

Table of Contents
 
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
JUNE 30, 2002 (Unaudited)
(In thousands)
 
    
Inflation Managed     Variable     Account
   
Managed
Bond
    Variable    
Account
   
Money Market     Variable     Account
   
High Yield
Bond
    Variable    
Account
   
Equity Income     Variable     Account
   
Research     Variable     Account
   
Equity     Variable     Account
   
Aggressive Equity     Variable     Account
   
Large-Cap Value     Variable     Account
    
ASSETS
                                             
Investments:
                                             
Inflation Managed Portfolio
   
$150,849
                                        
Managed Bond Portfolio
        
$425,628
                                   
Money Market Portfolio
             
$200,684
                              
High Yield Bond Portfolio
                  
$109,845
                         
Equity Income Portfolio
                       
$11,778
                    
Research Portfolio
                            
$216
               
Equity Portfolio
                                 
$103,527
          
Aggressive Equity Portfolio
                                      
$64,377
     
Large-Cap Value Portfolio
                                           
$144,870
Receivables:
                                             
Due from Pacific Life Insurance Company
   
—
   
810
   
—
   
252
   
46
   
—
   
626
   
—
   
—
Fund shares redeemed
   
108
   
—
   
1,304
   
—
   
—
   
—
   
—
   
155
   
40
    
Total Assets
   
150,957
   
426,438
   
201,988
   
110,097
   
11,824
   
216
   
104,153
   
64,532
   
144,910
    
LIABILITIES
                                             
Payables:
                                             
Due to Pacific Life Insurance Company
   
108
   
—
   
1,304
   
—
   
—
   
—
   
—
   
155
   
40
Fund shares purchased
   
—
   
810
   
—
   
252
   
46
   
—
   
626
   
—
   
—
    
Total Liabilities
   
108
   
810
   
1,304
   
252
   
46
   
—
   
626
   
155
   
40
    
NET ASSETS
   
$150,849
   
$425,628
   
$200,684
   
$109,845
   
$11,778
   
$216
   
$103,527
   
$64,377
   
$144,870
    
Shares Owned in each Portfolio
   
13,465
   
38,424
   
19,891
   
16,846
   
1,217
   
25
   
6,460
   
7,459
   
14,184
    
Cost of Investments
   
$140,646
   
$408,407
   
$200,060
   
$134,071
   
$12,393
   
$241
   
$130,068
   
$72,202
   
$174,691
    
 
See Notes to Financial Statements

F-4

Table of Contents
 
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS
FOR THE PERIOD ENDED JUNE 30, 2002 (Unaudited)
(In thousands)
 
   
Blue Chip Variable Account
       
Aggressive Growth Variable Account
       
Emerging Markets Variable Account
       
Diversified Research Variable Account
       
Small-Cap Equity     Variable     Account
       
International Large-Cap Variable Account
     
I-Net Tollkeeper Variable Account
       
Financial Services Variable Account
  
   
INVESTMENT INCOME
                                                                   
Dividends (1)
  
$12
 
     
$—
 
     
$188
 
     
$8
 
     
$40
 
     
$644
 
   
$—
 
     
$—
 
EXPENSES
                                                                   
Mortality and expense risk fees
  
626
 
     
85
 
     
266
 
     
164
 
     
311
 
     
549
 
   
40
 
     
50
 
   
Net Investment Income (Loss)
  
(614
)
     
(85
)
     
(78
)
     
(156
)
     
(271
)
     
95
 
   
(40
)
     
(50
)
   
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
                                                                   
Net realized loss
from security transactions
  
(1,943
)
     
(2,364
)
     
(2,866
)
     
(491
)
     
(2,638
)
     
(8,780
)
   
(3,791
)
     
(201
)
Net unrealized appreciation (depreciation)
on investments
  
(16,502
)
     
1,739
 
     
4,858
 
     
(4,621
)
     
(1,760
)
     
5,128
 
   
924
 
     
(130
)
   
Net Realized and Unrealized Gain (Loss)
on Investments
  
(18,445
)
     
(625
)
     
1,992
 
     
(5,112
)
     
(4,398
)
     
(3,652
)
   
(2,867
)
     
(331
)
   
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS
  
($19,059
)
     
($710
)
     
$1,914
 
     
($5,268
)
     
($4,669
)
     
($3,557
)
   
($2,907
)
     
($381
)
   
 
(1) Pacific Select Fund declared dividends on the Financial Services Portfolio during 2002. The amount received by the Financial Services Variable Account was less than $500 for the period.
 
See Notes to Financial Statements

F-5

Table of Contents
 
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS (Continued)
FOR THE PERIOD ENDED JUNE 30, 2002 (Unaudited)
(In thousands)
 
    
Health Sciences Variable Account
       
Technology Variable Account
       
Telecom- munications Variable Account
     
Multi- Strategy Variable Account
       
Large-Cap Core Variable Account (1)
     
Strategic Value Variable Account
     
Growth LT Variable Account
     
Focused 30 Variable Account
  
    
INVESTMENT INCOME
                                                              
Dividends (2)
   
$—
 
     
$—
 
     
$—
 
   
$2,370
 
     
$415
 
   
$12
 
   
$4,140
 
   
$9
 
EXPENSES
                                                              
Mortality and expense risk fees
   
56
 
     
29
 
     
8
 
   
941
 
     
1,966
 
   
78
 
   
3,018
 
   
45
 
    
Net Investment Income (Loss)
   
(56
)
     
(29
)
     
(8
)
   
1,429
 
     
(1,551
)
   
(66
)
   
1,122
 
   
(36
)
    
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
                                                              
Net realized loss
from security transactions
   
(205
)
     
(787
)
     
(492
)
   
(1,866
)
     
(5,245
)
   
(1,017
)
   
(18,724
)
   
(1,349
)
Net unrealized depreciation
on investments
   
(1,150
)
     
(1,035
)
     
(232
)
   
(15,778
)
     
(58,505
)
   
(152
)
   
(106,503
)
   
(32
)
    
Net Realized and Unrealized Loss
on Investments
   
(1,355
)
     
(1,822
)
     
(724
)
   
(17,644
)
     
(63,750
)
   
(1,169
)
   
(125,227
)
   
(1,381
)
    
NET DECREASE IN NET ASSETS
RESULTING FROM OPERATIONS
   
($1,411
)
     
($1,851
)
     
($732
)
   
($16,215
)
     
($65,301
)
   
($1,235
)
   
($124,105
)
   
($1,417
)
    
 
(1) Formerly named Equity Income Variable Account.
 
(2) Pacific Select Fund declared dividends on the Telecommunications Portfolio during 2002. The amount received by the Telecommunications Variable Account was less than $500 for the period.
 
See Notes to Financial Statements

F-6

Table of Contents
 
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS (Continued)
FOR THE PERIOD ENDED JUNE 30, 2002 (Unaudited)
(In thousands)
 
    
Mid-Cap Value     Variable     Account
       
International Value Variable Account
       
Capital Opportunities Variable Account
       
Mid-Cap Growth
    Variable    
Account
     
Global Growth Variable Account
     
Equity Index Variable Account
     
Small-Cap Index     Variable    
Account
     
Real
Estate Variable
Account (1)
  
    
INVESTMENT INCOME
                                                              
Dividends
   
$7,725
 
     
$—
 
     
$—
 
     
$—
 
   
$—
 
   
$29,279
 
   
$31
 
   
$1,448
 
EXPENSES
                                                              
Mortality and expense risk fees
   
867
 
     
1,817
 
     
166
 
     
65
 
   
19
 
   
2,481
 
   
220
 
   
281
 
    
Net Investment Income (Loss)
   
6,858
 
     
(1,817
)
     
(166
)
     
(65
)
   
(19
)
   
26,798
 
   
(189
)
   
1,167
 
    
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
                                                              
Net realized gain (loss)
from security transactions
   
(465
)
     
(14,458
)
     
(1,475
)
     
(1,322
)
   
(118
)
   
7,057
 
   
(637
)
   
(50
)
Net unrealized appreciation (depreciation)
on investments
   
(12,350
)
     
22,282
 
     
(4,026
)
     
(3,865
)
   
(161
)
   
(90,452
)
   
(3,454
)
   
3,455
 
    
Net Realized and Unrealized Gain (Loss)
on Investments
   
(12,815
)
     
7,824
 
     
(5,501
)
     
(5,187
)
   
(279
)
   
(83,395
)
   
(4,091
)
   
3,405
 
    
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS
   
($5,957
)
     
$6,007
 
     
($5,667
)
     
($5,252
)
   
($298
)
   
($56,597
)
   
($4,280
)
   
$4,572
 
    
 
(1) Formerly named REIT Variable Account.
 
See Notes to Financial Statements

F-7

Table of Contents
 
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS (Continued)
FOR THE PERIOD ENDED JUNE 30, 2002 (Unaudited)
(In thousands)
 
    
Inflation Managed Variable
Account
   
Managed
Bond Variable
Account
   
Money Market Variable Account
     
High Yield Bond Variable
Account
       
Equity Income Variable Account (1)
       
Research Variable Account (1)
     
Equity Variable Account
    
Aggressive Equity Variable Account
     
Large-Cap Value     Variable     Account
  
    
INVESTMENT INCOME
                                                               
Dividends
   
$2,973
   
$13,086
   
$1,447
 
   
$5,618
 
     
$—
 
     
$—
 
   
$—
 
   
$—
 
   
$208
 
EXPENSES
                                                               
Mortality and expense risk fees
   
785
   
2,832
   
1,229
 
   
771
 
     
35
 
     
1
 
   
790
 
   
384
 
   
1,052
 
    
Net Investment Income (Loss)
   
2,188
   
10,254
   
218
 
   
4,847
 
     
(35
)
     
(1
)
   
(790
)
   
(384
)
   
(844
)
    
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
                                                               
Net realized gain (loss)
from security transactions
   
47
   
1,000
   
29
 
   
(8,326
)
     
(65
)
     
(1
)
   
(7,954
)
   
(2,006
)
   
(3,695
)
Net unrealized appreciation (depreciation)
on investments
   
5,520
   
1,581
   
(16
)
   
(1,235
)
     
(615
)
     
(25
)
   
(14,052
)
   
(2,712
)
   
(18,546
)
    
Net Realized and Unrealized Gain (Loss)
on Investments
   
5,567
   
2,581
   
13
 
   
(9,561
)
     
(680
)
     
(26
)
   
(22,006
)
   
(4,718
)
   
(22,241
)
    
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS
   
$7,755
   
$12,835
   
$231
 
   
($4,714
)
     
($715
)
     
($27
)
   
($22,796
)
   
($5,102
)
   
($23,085
)
    
 
(1) Operations commenced during 2002 (see Note 1 to Financial Statements).
 
See Notes to Financial Statements

F-8

Table of Contents
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIOD ENDED JUNE 30, 2002 (Unaudited)
(In thousands)
 
   
Blue Chip Variable Account
       
Aggressive Growth Variable Account
     
Emerging Markets Variable Account
     
Diversified Research Variable Account
     
Small-Cap Equity     Variable     Account
       
International Large-Cap Variable Account
       
I-Net Tollkeeper Variable Account
     
Financial Services Variable Account
  
   
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
                                                             
Net investment income (loss)
  
($614
)
     
($85
)
   
($78
)
   
($156
)
   
($271
)
     
$95
 
     
($40
)
   
($50
)
Net realized loss
from security transactions
  
(1,943
)
     
(2,364
)
   
(2,866
)
   
(491
)
   
(2,638
)
     
(8,780
)
     
(3,791
)
   
(201
)
Net unrealized appreciation (depreciation)
on investments
  
(16,502
)
     
1,739
 
   
4,858
 
   
(4,621
)
   
(1.760
)
     
5,128
 
     
924
 
   
(130
)
   
Net Increase (Decrease) in Net Assets
Resulting from Operations
  
(19,059
)
     
(710
)
   
1,914
 
   
(5,268
)
   
(4,669
)
     
(3,557
)
     
(2,907
)
   
(381
)
   
INCREASE (DECREASE) IN NET ASSETS
FROM POLICY TRANSACTIONS
                                                             
Transfer of net premiums
  
776
 
     
144
 
   
246
 
   
195
 
   
298
 
     
624
 
     
36
 
   
58
 
Transfers between variable accounts, net
  
4,743
 
     
(12,143
)
   
(3,195
)
   
1,600
 
   
6,537
 
     
(8,369
)
     
(1,695
)
   
(69
)
Transfers—policy charges and deductions
  
(333
)
     
(83
)
   
(114
)
   
(67
)
   
(190
)
     
(258
)
     
(26
)
   
(12
)
Transfers—surrenders
  
(6,176
)
     
(696
)
   
(2,817
)
   
(1,824
)
   
(3,608
)
     
(5,084
)
     
(245
)
   
(501
)
Transfers—other
  
(4
)
     
1
 
   
(1
)
   
(1
)
   
2
 
     
(3
)
     
—
 
   
4
 
   
Net Increase (Decrease) in Net Assets
Derived from Policy Transactions
  
(994
)
     
(12,777
)
   
(5,881
)
   
(97
)
   
3,039
 
     
(13,090
)
     
(1,930
)
   
(520
)
   
NET DECREASE IN NET ASSETS
  
(20,053
)
     
(13,487
)
   
(3,967
)
   
(5,365
)
   
(1,630
)
     
(16,647
)
     
(4,837
)
   
(901
)
   
NET ASSETS
                                                             
Beginning of Period
  
109,474
 
     
17,972
 
   
42,264
 
   
28,999
 
   
47,939
 
     
95,728
 
     
9,173
 
   
7,540
 
   
End of Period
  
$89,421
 
     
$4,485
 
   
$38,297
 
   
$23,634
 
   
$46,309
 
     
$79,081
 
     
$4,336
 
   
$6,639
 
   
 
See Notes to Financial Statements
 

F-9

Table of Contents
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
FOR THE PERIOD ENDED JUNE 30, 2002 (Unaudited)
(In thousands)
 
    
Health
Sciences
Variable
Account
       
Technology
Variable
Account
       
Telecom-
munications
Variable
Account
     
Multi-
Strategy
Variable
Account
     
Large-Cap
Core
Variable
Account (1)
     
Strategic
Value
Variable
Account
     
Growth
LT
Variable
Account
     
Focused
30
Variable
Account
  
    
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
                                                            
Net investment income (loss)
   
($56
)
     
($29
)
     
($8
)
   
$1,429
 
   
($1,551
)
   
($66
)
   
$1,122
 
   
($36
)
Net realized loss
from security transactions
   
(205
)
     
(787
)
     
(492
)
   
(1,866
)
   
(5,245
)
   
(1,017
)
   
(18,724
)
   
(1,349
)
Net unrealized depreciation
on investments
   
(1,150
)
     
(1,035
)
     
(232
)
   
(15,778
)
   
(58,505
)
   
(152
)
   
(106,503
)
   
(32
)
    
Net Decrease in Net Assets
Resulting from Operations
   
(1,411
)
     
(1,851
)
     
(732
)
   
(16,215
)
   
(65,301
)
   
(1,235
)
   
(124,105
)
   
(1,417
)
    
INCREASE (DECREASE) IN NET ASSETS
FROM POLICY TRANSACTIONS
                                                            
Transfer of net premiums
   
58
 
     
25
 
     
16
 
   
499
 
   
1,252
 
   
40
 
   
2,171
 
   
21
 
Transfers between variable accounts, net
   
(583
)
     
(394
)
     
(18
)
   
(6,453
)
   
(20,373
)
   
325
 
   
(24,623
)
   
(1,499
)
Transfers—policy charges and deductions
   
(17
)
     
(9
)
     
(1
)
   
(1,209
)
   
(1,968
)
   
(25
)
   
(2,274
)
   
(12
)
Transfers—surrenders
   
(713
)
     
(368
)
     
(101
)
   
(10,457
)
   
(22,129
)
   
(916
)
   
(35,055
)
   
(558
)
Transfers—other
   
(1
)
     
1
 
     
(1
)
   
1
 
   
1
 
   
16
 
   
17
 
   
1
 
    
Net Decrease in Net Assets
Derived from Policy Transactions
   
(1,256
)
     
(745
)
     
(105
)
   
(17,619
)
   
(43,217
)
   
(560
)
   
(59,764
)
   
(2,047
)
    
NET DECREASE IN NET ASSETS
   
(2,667
)
     
(2,596
)
     
(837
)
   
(33,834
)
   
(108,518
)
   
(1,795
)
   
(183,869
)
   
(3,464
)
    
NET ASSETS
                                                            
Beginning of Period
   
10,273
 
     
6,152
 
     
1,696
 
   
166,538
 
   
366,993
 
   
12,234
 
   
570,631
 
   
8,934
 
    
End of Period
   
$7,606
 
     
$3,556
 
     
$859
 
   
$132,704
 
   
$258,475
 
   
$10,439
 
   
$386,762
 
   
$5,470
 
    
 
(1) Formerly named Equity Income Variable Account.
 
See Notes to Financial Statements

F-10

Table of Contents
 
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
FOR THE PERIOD ENDED JUNE 30, 2002 (Unaudited)
(In thousands)
 
    
Mid-Cap Value     Variable     Account
     
International Value Variable Account
       
Capital Opportunities Variable Account
       
Mid-Cap Growth     Variable     Account
     
Global Growth Variable Account
     
Equity Index Variable Account
     
Small-Cap Index     Variable     Account
     
Real
Estate Variable Account (1)
  
    
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
                                                            
Net investment income (loss)
   
$6,858
 
   
($1,817
)
     
($166
)
     
($65
)
   
($19
)
   
$26,798
 
   
($189
)
   
$1,167
 
Net realized gain (loss)
from security transactions
   
(465
)
   
(14,458
)
     
(1,475
)
     
(1,322
)
   
(118
)
   
7,057
 
   
(637
)
   
(50
)
Net unrealized appreciation (depreciation)
on investments
   
(12,350
)
   
22,282
 
     
(4,026
)
     
(3,865
)
   
(161
)
   
(90,452
)
   
(3,454
)
   
3,455
 
    
Net Increase (Decrease) in Net Assets Resulting from Operations
   
(5,957
)
   
6,007
 
     
(5,667
)
     
(5,252
)
   
(298
)
   
(56,597
)
   
(4,280
)
   
4,572
 
    
INCREASE (DECREASE) IN NET ASSETS
FROM POLICY TRANSACTIONS
                                                            
Transfer of net premiums
   
1,032
 
   
1,666
 
     
343
 
     
115
 
   
23
 
   
1,861
 
   
252
 
   
308
 
Transfers between variable accounts, net
   
(1,843
)
   
(17,955
)
     
(1,813
)
     
1,832
 
   
919
 
   
(18,212
)
   
29,616
 
   
13,739
 
Transfers—policy charges and deductions
   
(513
)
   
(1,442
)
     
(112
)
     
(51
)
   
(25
)
   
(1,989
)
   
(105
)
   
(156
)
Transfers—surrenders
   
(10,639
)
   
(20,695
)
     
(1,429
)
     
(675
)
   
(223
)
   
(26,438
)
   
(2,197
)
   
(3,110
)
Transfers—other
   
1
 
   
1
 
     
(1
)
     
—
 
   
—
 
   
4
 
   
1
 
   
(1
)
    
Net Increase (Decrease) in Net Assets
Derived from Policy Transactions
   
(11,962
)
   
(38,425
)
     
(3,012
)
     
1,221
 
   
694
 
   
(44,774
)
   
27,567
 
   
10,780
 
    
NET INCREASE (DECREASE) IN NET ASSETS
   
(17,919
)
   
(32,418
)
     
(8,679
)
     
(4,031
)
   
396
 
   
(101,371
)
   
23,287
 
   
15,352
 
    
NET ASSETS
                                                            
Beginning of Period
   
136,622
 
   
311,488
 
     
30,812
 
     
12,064
 
   
2,759
 
   
438,710
 
   
26,635
 
   
40,470
 
    
End of Period
   
$118,703
 
   
$279,070
 
     
$22,133
 
     
$8,033
 
   
$3,155
 
   
$337,339
 
   
$49,922
 
   
$55,822
 
    
 
(1) Formerly named REIT Variable Account.
 
See Notes to Financial Statements

F-11

Table of Contents
 
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
FOR THE PERIOD ENDED JUNE 30, 2002 (Unaudited)
(In thousands)
 
   
Inflation Managed Variable Account
     
Managed Bond Variable Account
     
Money Market Variable Account
     
High Yield Bond Variable Account
     
Equity Income Variable Account (1)
       
Research Variable Account (1)
     
Equity Variable Account
     
Aggressive Equity Variable Account
     
Large-Cap Value     Variable     Account
  
   
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
                                                                
Net investment income (loss)
  
$2,188
 
   
$10,254
 
   
$218
 
   
$4,847
 
   
($35
)
     
($1
)
   
($790
)
   
($384
)
   
($844
)
Net realized gain (loss)
from security transactions
  
47
 
   
1,000
 
   
29
 
   
(8,326
)
   
(65
)
     
(1
)
   
(7,954
)
   
(2,006
)
   
(3,695
)
Net unrealized appreciation (depreciation)
on investments
  
5,520
 
   
1,581
 
   
(16
)
   
(1,235
)
   
(615
)
     
(25
)
   
(14,052
)
   
(2,712
)
   
(18,546
)
   
Net Increase (Decrease) in Net Assets
Resulting from Operations
  
7,755
 
   
12,835
 
   
231
 
   
(4,714
)
   
(715
)
     
(27
)
   
(22,796
)
   
(5,102
)
   
(23,085
)
   
INCREASE (DECREASE) IN NET ASSETS
FROM POLICY TRANSACTIONS
                                                                
Transfer of net premiums
  
560
 
   
2,336
 
   
1,901
 
   
534
 
   
71
 
     
10
 
   
631
 
   
392
 
   
1,173
 
Transfers between variable accounts, net
  
39,223
 
   
(49,439
)
   
14,021
 
   
(6,424
)
   
12,948
 
     
235
 
   
(7,836
)
   
14,373
 
   
(3,632
)
Transfers—policy charges and deductions
  
(633
)
   
(2,584
)
   
(2,885
)
   
(812
)
   
(13
)
     
—
 
   
(659
)
   
(285
)
   
(608
)
Transfers—surrenders
  
(11,165
)
   
(32,346
)
   
(33,896
)
   
(9,716
)
   
(517
)
     
(3
)
   
(8,716
)
   
(4,801
)
   
(10,660
)
Transfers—other
  
1
 
   
(4
)
   
1
 
   
(12
)
   
4
 
     
1
 
   
(8
)
   
2
 
   
1
 
   
Net Increase (Decrease) in Net Assets
Derived from Policy Transactions
  
27,986
 
   
(82,037
)
   
(20,858
)
   
(16,430
)
   
12,493
 
     
243
 
   
(16,588
)
   
9,681
 
   
(13,726
)
   
NET INCREASE (DECREASE) IN NET ASSETS
  
35,741
 
   
(69,202
)
   
(20,627
)
   
(21,144
)
   
11,778
 
     
216
 
   
(39,384
)
   
4,579
 
   
(36,811
)
   
NET ASSETS
                                                                
Beginning of Period
  
115,108
 
   
494,830
 
   
221,311
 
   
130,989
 
   
—
 
     
—
 
   
142,911
 
   
59,798
 
   
181,681
 
   
End of Period
  
$150,849
 
   
$425,628
 
   
$200,684
 
   
$109,845
 
   
$11,778
 
     
$216
 
   
$103,527
 
   
$64,377
 
   
$144,870
 
   
 
(1) Operations commenced during 2002 (see Note 1 to Financial Statements).
 
See Notes to Financial Statements

F-12

Table of Contents
 
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2001
(In thousands)
 
    
Blue
Chip Variable Account (1)
       
Aggressive Growth Variable Account (1)
     
Emerging Markets Variable Account
     
Diversified Research Variable Account
     
Small-Cap Equity     Variable     Account
       
International Large-Cap Variable Account
     
I-Net Tollkeeper Variable Account
       
Financial Services Variable Account (1)
  
    
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
                                                              
Net investment income (loss)
   
($829
)
     
($159
)
   
($556
)
   
($254
)
   
$6,882
 
     
($386
)
   
($172
)
     
($47
)
Net realized loss
from security transactions
   
(1,213
)
     
(689
)
   
(11,419
)
   
(816
)
   
(15,589
)
     
(8,860
)
   
(8,502
)
     
(278
)
Net unrealized appreciation (depreciation)
on investments
   
(15,323
)
     
(2,106
)
   
5,116
 
   
173
 
   
5,801
 
     
(12,349
)
   
1,680
 
     
(97
)
    
Net Decrease in Net Assets
Resulting from Operations
   
(17,365
)
     
(2,954
)
   
(6,859
)
   
(897
)
   
(2,906
)
     
(21,595
)
   
(6,994
)
     
(422
)
    
INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS
                                                              
Transfer of net premiums
   
1,841
 
     
307
 
   
857
 
   
792
 
   
1,035
 
     
2,560
 
   
485
 
     
269
 
Transfers between variable accounts, net
   
131,691
 
     
21,746
 
   
(1,893
)
   
6,201
 
   
(11,700
)
     
33,768
 
   
(3,843
)
     
8,363
 
Transfers—policy charges and deductions
   
(497
)
     
(69
)
   
(783
)
   
(323
)
   
(578
)
     
(1,032
)
   
(111
)
     
(59
)
Transfers—surrenders
   
(6,194
)
     
(1,062
)
   
(4,271
)
   
(2,260
)
   
(4,333
)
     
(7,947
)
   
(586
)
     
(614
)
Transfers—other
   
(2
)
     
4
 
   
24
 
   
(5
)
   
(3
)
     
(6
)
   
26
 
     
3
 
    
Net Increase (Decrease) in Net Assets
Derived from Policy Transactions
   
126,839
 
     
20,926
 
   
(6,066
)
   
4,405
 
   
(15,579
)
     
27,343
 
   
(4,029
)
     
7,962
 
    
NET INCREASE (DECREASE) IN NET ASSETS
   
109,474
 
     
17,972
 
   
(12,925
)
   
3,508
 
   
(18,485
)
     
5,748
 
   
(11,023
)
     
7,540
 
    
NET ASSETS
                                                              
Beginning of Year
   
—
 
     
—
 
   
55,189
 
   
25,491
 
   
66,424
 
     
89,980
 
   
20,196
 
     
—
 
    
End of Year
   
$109,474
 
     
$17,972
 
   
$42,264
 
   
$28,999
 
   
$47,939
 
     
$95,728
 
   
$9,173
 
     
$7,540
 
    
 
(1) Operations commenced on January 2, 2001 for the Blue Chip, Aggressive Growth, and Financial Services Variable Accounts.
 
See Notes to Financial Statements

F-13

Table of Contents
 
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
FOR THE YEAR ENDED DECEMBER 31, 2001
(In thousands)
 
    
Health Sciences Variable Account (1)
       
Technology Variable Account (1)
       
Telecom-
munications Variable Account (1)
     
Multi- Strategy Variable Account
     
Large-Cap Core Variable Account (2)
     
Strategic Value Variable Account
     
Growth LT Variable Account
     
Focused 30 Variable Account
  
    
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
                                                            
Net investment income (loss)
   
($105
)
     
($50
)
     
($20
)
   
$2,588
 
   
$2,160
 
   
($115
)
   
$115,651
 
   
($113
)
Net realized loss
from security transactions
   
(382
)
     
(1,882
)
     
(1,052
)
   
(2,469
)
   
(19,429
)
   
(789
)
   
(66,088
)
   
(2,017
)
Net unrealized appreciation (depreciation)
on investments
   
967
 
     
(497
)
     
(390
)
   
(4,639
)
   
(37,811
)
   
(967
)
   
(350,840
)
   
138
 
    
Net Increase (Decrease) in Net Assets
Resulting from Operations
   
480
 
     
(2,429
)
     
(1,462
)
   
(4,520
)
   
(55,080
)
   
(1,871
)
   
(301,277
)
   
(1,992
)
    
INCREASE (DECREASE) IN NET ASSETS
FROM POLICY TRANSACTIONS
                                                            
Transfer of net premiums
   
345
 
     
184
 
     
88
 
   
1,990
 
   
6,508
 
   
370
 
   
8,737
 
   
253
 
Transfers between variable accounts, net
   
10,427
 
     
9,118
 
     
3,377
 
   
(12,761
)
   
(187,957
)
   
4,839
 
   
(121,037
)
   
721
 
Transfers—policy charges and deductions
   
(49
)
     
(76
)
     
(24
)
   
(4,380
)
   
(10,212
)
   
(202
)
   
(15,034
)
   
(142
)
Transfers—surrenders
   
(930
)
     
(646
)
     
(282
)
   
(18,406
)
   
(43,000
)
   
(1,787
)
   
(66,974
)
   
(1,077
)
Transfers—other
   
—
 
     
1
 
     
(1
)
   
—
 
   
19
 
   
(3
)
   
123
 
   
8
 
    
Net Increase (Decrease) in Net Assets
Derived from Policy Transactions
   
9,793
 
     
8,581
 
     
3,158
 
   
(33,557
)
   
(234,642
)
   
3,217
 
   
(194,185
)
   
(237
)
    
NET INCREASE (DECREASE) IN NET ASSETS
   
10,273
 
     
6,152
 
     
1,696
 
   
(38,077
)
   
(289,722
)
   
1,346
 
   
(495,462
)
   
(2,229
)
    
NET ASSETS
                                                            
Beginning of Year
   
—
 
     
—
 
     
—
 
   
204,615
 
   
656,715
 
   
10,888
 
   
1,066,093
 
   
11,163
 
    
End of Year
   
$10,273
 
     
$6,152
 
     
$1,696
 
   
$166,538
 
   
$366,993
 
   
$12,234
 
   
$570,631
 
   
$8,934
 
    
 
(1) Operations commenced on January 2, 2001 for the Health Sciences, Technology, and Telecommunications Variable Accounts.
 
(2) Formerly named Equity Income Variable Account.
 
See Notes to Financial Statements

F-14

Table of Contents
 
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
FOR THE YEAR ENDED DECEMBER 31, 2001
(In thousands)
 
    
Mid-Cap Value     Variable     Account
     
International Value Variable Account
       
Capital Opportunities Variable Account (1)
     
Mid-Cap Growth Variable Account (1)
       
Global Growth Variable Account (1)
     
Equity Index Variable Account
     
Small-Cap Index     Variable     Account
     
Real
Estate Variable Account (2)
  
    
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
                                                            
Net investment income (loss)
   
$2,529
 
   
$5,436
 
     
($216
)
   
($96
)
     
($24
)
   
$790
 
   
$1,532
 
   
$928
 
Net realized gain (loss)
from security transactions
   
(2,824
)
   
(21,165
)
     
(909
)
   
(1,089
)
     
(241
)
   
38,709
 
   
17
 
   
(202
)
Net unrealized appreciation (depreciation)
on investments
   
10,862
 
   
(96,385
)
     
(4,817
)
   
(642
)
     
(148
)
   
(128,175
)
   
(877
)
   
1,576
 
    
Net Increase (Decrease) in Net Assets
Resulting from Operations
   
10,567
 
   
(112,114
)
     
(5,942
)
   
(1,827
)
     
(413
)
   
(88,676
)
   
672
 
   
2,302
 
    
INCREASE (DECREASE) IN NET ASSETS
FROM POLICY TRANSACTIONS
                                                            
Transfer of net premiums
   
2,795
 
   
6,062
 
     
541
 
   
481
 
     
91
 
   
7,726
 
   
511
 
   
784
 
Transfers between variable accounts, net
   
53,062
 
   
(88,189
)
     
37,742
 
   
14,615
 
     
3,198
 
   
(149,047
)
   
100
 
   
2,101
 
Transfers—policy charges and deductions
   
(1,278
)
   
(8,204
)
     
(113
)
   
(138
)
     
(14
)
   
(11,207
)
   
(180
)
   
(550
)
Transfers—surrenders
   
(10,606
)
   
(36,085
)
     
(1,421
)
   
(1,080
)
     
(106
)
   
(48,201
)
   
(2,085
)
   
(3,657
)
Transfers—other
   
13
 
   
69
 
     
5
 
   
13
 
     
3
 
   
11
 
   
2
 
   
6
 
    
Net Increase (Decrease) in Net Assets
Derived from Policy Transactions
   
43,986
 
   
(126,347
)
     
36,754
 
   
13,891
 
     
3,172
 
   
(200,718
)
   
(1,652
)
   
(1,316
)
    
NET INCREASE (DECREASE) IN NET ASSETS
   
54,553
 
   
(238,461
)
     
30,812
 
   
12,064
 
     
2,759
 
   
(289,394
)
   
(980
)
   
986
 
    
NET ASSETS
                                                            
Beginning of Year
   
82,069
 
   
549,949
 
     
  —
 
   
—
 
     
—
 
   
728,104
 
   
27,615
 
   
39,484
 
    
End of Year
   
$136,622
 
   
$311,488
 
     
$30,812
 
   
$12,064
 
     
$2,759
 
   
$438,710
 
   
$26,635
 
   
$40,470
 
    
 
(1) Operations commenced on January 2, 2001 for the Capital Opportunities, Mid-Cap Growth, and Global Growth Variable Accounts.
 
(2) Formerly named REIT Variable Account.
 
See Notes to Financial Statements

F-15

Table of Contents
 
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
FOR THE YEAR ENDED DECEMBER 31, 2001
(In thousands)
 
   
Inflation Managed Variable Account
     
Managed Bond Variable Account
     
Money Market Variable Account
     
High Yield Bond Variable Account
     
Equity Variable Account
       
Aggressive Equity Variable Account
     
Large-Cap Value     Variable     Account
  
   
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
                                                  
Net investment income (loss)
  
$3,329
 
   
$18,455
 
   
$5,745
 
   
$12,743
 
   
$8,885
 
     
($948
)
   
$4,354
 
Net realized gain (loss)
from security transactions
  
1,291
 
   
(781
)
   
70
 
   
(17,134
)
   
(10,872
)
     
(9,034
)
   
(2,443
)
Net unrealized appreciation (depreciation)
on investments
  
(139
)
   
9,165
 
   
8
 
   
4,787
 
   
(55,062
)
     
(8,740
)
   
(15,776
)
   
Net Increase (Decrease) in Net Assets
Resulting from Operations
  
4,481
 
   
26,839
 
   
5,823
 
   
396
 
   
(57,049
)
     
(18,722
)
   
(13,865
)
   
INCREASE (DECREASE) IN NET ASSETS
FROM POLICY TRANSACTIONS
                                                  
Transfer of net premiums
  
2,971
 
   
8,294
 
   
10,838
 
   
2,383
 
   
2,360
 
     
1,191
 
   
2,952
 
Transfers between variable accounts, net
  
(34,524
)
   
75,823
 
   
86,625
 
   
(7,349
)
   
(55,494
)
     
(26,947
)
   
151,176
 
Transfers—policy charges and deductions
  
(3,476
)
   
(9,170
)
   
(11,094
)
   
(3,898
)
   
(4,359
)
     
(1,378
)
   
(1,279
)
Transfers—surrenders
  
(17,227
)
   
(46,268
)
   
(87,945
)
   
(15,839
)
   
(18,231
)
     
(7,555
)
   
(13,164
)
Transfers—other
  
12
 
   
14
 
   
8
 
   
3
 
   
47
 
     
34
 
   
7
 
   
Net Increase (Decrease) in Net Assets
Derived from Policy Transactions
  
(52,244
)
   
28,693
 
   
(1,568
)
   
(24,700
)
   
(75,677
)
     
(34,655
)
   
139,692
 
   
NET INCREASE (DECREASE) IN NET ASSETS
  
(47,763
)
   
55,532
 
   
4,255
 
   
(24,304
)
   
(132,726
)
     
(53,377
)
   
125,827
 
   
NET ASSETS
                                                  
Beginning of Year
  
162,871
 
   
439,298
 
   
217,056
 
   
155,293
 
   
275,637
 
     
113,175
 
   
55,854
 
   
End of Year
  
$115,108
 
   
$494,830
 
   
$221,311
 
   
$130,989
 
   
$142,911
 
     
$59,798
 
   
$181,681
 
   
 
See Notes to Financial Statements

F-16

Table of Contents
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
FINANCIAL HIGHLIGHTS
 
Selected accumulation unit value (AUV), total units outstanding, total net assets, ratios of investment income and expenses to average daily net assets, and total returns for the period ended June 30, 2002 and the year ended December 31, 2001 were as follows:
 
For the Period or Year
Ended
   
AUV
at
End
of Period/ Year
  
Number
of
Units
Outstanding
  
Total
Net
Assets
(in $000’s)
   
Ratios of
Investment
Income to
Average Net
Assets (1)
   
Total
Returns (2)
Blue Chip
                       
06/30/2002 (Unaudited)
   
$6.64
  
13,468,396
  
$89,421
   
0.02%
   
(17.45%)
01/02/2001 – 12/31/2001
   
8.04
  
13,611,930
  
109,474
   
0.11%
   
(19.58%)
Aggressive Growth
                       
06/30/2002 (Unaudited)
   
$7.04
  
637,475
  
$4,485
   
0.00%
   
(11.19%)
01/02/2001 – 12/31/2001
   
7.92
  
2,268,467
  
17,972
   
0.00%
   
(20.77%)
Emerging Markets
                       
06/30/2002 (Unaudited)
   
$6.09
  
6,290,997
  
$38,297
   
0.87%
   
4.18%
2001
   
5.84
  
7,233,057
  
42,264
   
0.13%
   
(9.82%)
Diversified Research
                       
06/30/2002 (Unaudited)
   
$8.58
  
2,753,448
  
$23,634
   
0.06%
   
(17.92%)
2001
   
10.46
  
2,773,119
  
28,999
   
0.23%
   
(3.96%)
Small-Cap Equity
                       
06/30/2002 (Unaudited)
   
$31.24
  
1,482,416
  
$46,309
   
0.16%
   
(8.52%)
2001
   
34.15
  
1,403,861
  
47,939
   
14.91%
   
(3.77%)
International Large-Cap
                       
06/30/2002 (Unaudited)
   
$5.99
  
13,205,718
  
$79,081
   
1.45%
   
(4.26%)
2001
   
6.25
  
15,304,319
  
95,728
   
0.84%
   
(19.31%)
I-Net Tollkeeper
                       
06/30/2002 (Unaudited)
   
$2.78
  
1,559,217
  
$4,336
   
0.00%
   
(36.67%)
2001
   
4.39
  
2,089,045
  
9,173
   
0.00%
   
(34.72%)
Financial Services
                       
06/30/2002 (Unaudited)
   
$8.74
  
759,663
  
$6,639
   
0.00%
   
(4.55%)
01/02/2001 – 12/31/2001
   
9.16
  
823,451
  
7,540
   
0.35%
   
(8.43%)
Health Sciences
                       
06/30/2002 (Unaudited)
   
$7.79
  
976,503
  
$7,606
   
0.00%
   
(14.56%)
01/02/2001 – 12/31/2001
   
9.12
  
1,126,834
  
10,273
   
0.00%
   
(8.83%)
Technology
                       
06/30/2002 (Unaudited)
   
$3.83
  
927,503
  
$3,556
   
0.00%
   
(34.27%)
01/02/2001 – 12/31/2001
   
5.83
  
1,054,641
  
6,152
   
0.00%
   
(41.67%)
Telecommunications
                       
06/30/2002 (Unaudited)
   
$2.96
  
290,486
  
$859
   
0.01%
   
(43.80%)
01/02/2001 – 12/31/2001
   
5.26
  
322,367
  
1,696
   
0.09%
   
(47.38%)
Multi-Strategy
                       
06/30/2002 (Unaudited)
   
$24.97
  
5,313,539
  
$132,704
   
3.12%
   
(10.24%)
2001
   
27.82
  
5,985,636
  
166,538
   
2.68%
   
(2.39%)
Large-Cap Core (3)
                       
06/30/2002 (Unaudited)
   
$25.26
  
10,233,808
  
$258,475
   
0.26%
   
(19.09%)
2001
   
31.22
  
11,756,550
  
366,993
   
1.72%
   
(10.01%)
Strategic Value
                       
06/30/2002 (Unaudited)
   
$7.94
  
1,313,979
  
$10,439
   
0.19%
   
(8.46%)
2001
   
8.68
  
1,409,565
  
12,234
   
0.37%
   
(10.99%)
Growth LT
                       
06/30/2002 (Unaudited)
   
$24.39
  
15,860,556
  
$386,762
   
1.71%
   
(23.10%)
2001
   
31.71
  
17,994,286
  
570,631
   
16.84%
   
(30.44%)
Focused 30
                       
06/30/2002 (Unaudited)
   
$5.75
  
951,728
  
$5,470
   
0.25%
   
(18.43%)
2001
   
7.05
  
1,267,953
  
8,934
   
0.07%
   
(14.44%)
Mid-Cap Value
                       
06/30/2002 (Unaudited)
   
$13.69
  
8,669,630
  
$118,703
   
11.04%
   
(4.59%)
2001
   
14.35
  
9,519,914
  
136,622
   
3.42%
   
11.89%
International Value
                       
06/30/2002 (Unaudited)
   
$14.16
  
19,703,322
  
$279,070
   
0.00%
   
1.97%
2001
   
13.89
  
22,426,166
  
311,488
   
2.65%
   
(22.85%)
 
See Notes to Financial Statements
   
See explanation of references on G-2

G-1

Table of Contents
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
FINANCIAL HIGHLIGHTS (Continued)
For the Period or Year
Ended
   
AUV
at
End
of Period/ Year
  
Number
of
Units
Outstanding
  
Total
Net
Assets
(in $000’s)
   
Ratios of
Investment
Income to
Average Net
Assets (1)
   
Total
Returns (2)
Capital Opportunities
                       
06/30/2002 (Unaudited)
   
$6.71
  
3,296,261
  
$22,133
   
0.00%
   
(19.52%)
01/02/2001 – 12/31/2001
   
8.34
  
3,693,166
  
30,812
   
0.17%
   
(16.57%)
Mid-Cap Growth
                       
06/30/2002 (Unaudited)
   
$4.80
  
1,673,572
  
$8,033
   
0.00%
   
(40.15%)
01/02/2001 – 12/31/2001
   
8.02
  
1,504,437
  
12,064
   
0.00%
   
(19.81%)
Global Growth
                       
06/30/2002 (Unaudited)
   
$7.62
  
414,094
  
$3,155
   
0.00%
   
(9.26%)
01/02/2001 – 12/31/2001
   
8.40
  
328,537
  
2,759
   
0.00%
   
(16.03%)
Equity Index
                       
06/30/2002 (Unaudited)
   
$28.28
  
11,928,012
  
$337,339
   
14.64%
   
(13.85%)
2001
   
32.83
  
13,363,360
  
438,710
   
1.40%
   
(13.25%)
Small-Cap Index
                       
06/30/2002 (Unaudited)
   
$10.65
  
4,686,482
  
$49,922
   
0.17%
   
(5.54%)
2001
   
11.28
  
2,361,793
  
26,635
   
8.50%
   
0.46%
Real Estate (4)
                       
06/30/2002 (Unaudited)
   
$15.29
  
3,651,470
  
$55,822
   
6.35%
   
10.39%
2001
   
13.85
  
2,922,345
  
40,470
   
3.70%
   
7.19%
Inflation Managed
                       
06/30/2002 (Unaudited)
   
$21.73
  
6,942,278
  
$150,849
   
4.66%
   
6.07%
2001
   
20.48
  
5,619,239
  
115,108
   
3.65%
   
2.96%
Managed Bond
                       
06/30/2002 (Unaudited)
   
$22.58
  
18,853,213
  
$425,628
   
5.72%
   
2.82%
2001
   
21.96
  
22,535,629
  
494,830
   
5.12%
   
5.99%
Money Market
                       
06/30/2002 (Unaudited)
   
$14.82
  
13,537,123
  
$200,684
   
1.46%
   
0.11%
2001
   
14.81
  
14,945,680
  
221,311
   
3.71%
   
2.57%
High Yield Bond
                       
06/30/2002 (Unaudited)
   
$20.98
  
5,234,729
  
$109,845
   
9.03%
   
(4.08%)
2001
   
21.88
  
5,987,487
  
130,989
   
9.73%
   
0.08%
Equity Income (5)
                       
01/02/2002 – 06/30/2002 (Unaudited)
   
$9.62
  
1,224,450
  
$11,778
   
0.00%
   
(3.81%)
Research (5)
                       
01/02/2002 – 06/30/2002 (Unaudited)
   
$8.52
  
25,375
  
$216
   
0.00%
   
(14.75%)
Equity
                       
06/30/2002 (Unaudited)
   
$15.05
  
6,879,701
  
$103,527
   
0.00%
   
(17.10%)
2001
   
18.15
  
7,872,674
  
142,911
   
5.99%
   
(22.74%)
Aggressive Equity
                       
06/30/2002 (Unaudited)
   
$9.18
  
7,013,116
  
$64,377
   
0.00%
   
(6.48%)
2001
   
9.82
  
6,092,175
  
59,798
   
0.00%
   
(18.28%)
Large-Cap Value
                       
06/30/2002 (Unaudited)
   
$10.33
  
14,023,662
  
$144,870
   
0.24%
   
(13.39%)
2001
   
11.93
  
15,232,214
  
181,681
   
4.35%
   
(4.85%)
 
(1)
 
The ratios of investment income to average daily net assets are annualized.
 
(2)
 
Total returns reflect a deduction for mortality and expense risk charges assessed through the daily accumulation unit value calculation and these charges 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 Financial Statements. Total returns do not include deductions at the separate account or contract level for any premium loads, administrative charges, maintenance fees, premium tax charges, surrender charges, or other charges that may be incurred 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.
 
(3)
 
Large-Cap Core Variable Account was formerly named Equity Income Variable Account.
 
(4)
 
Real Estate Variable Account was formerly named REIT Variable Account.
 
(5)
 
Operations commenced during 2002 (See Note 1 to Financial Statements).
 
See Notes to Financial Statements
     

G-2

Table of Contents
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES
 
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, 2002 is comprised of thirty-three subaccounts called Variable Accounts: the Blue Chip, Aggressive Growth, Emerging Markets, Diversified Research, Small-Cap Equity, International Large-Cap, I-Net Tollkeeper, Financial Services, Health Sciences, Technology, Telecommunications, Multi-Strategy, Large-Cap Core (formerly Equity Income), Strategic Value, Growth LT, Focused 30, Mid-Cap Value, International Value, Capital Opportunities, Mid-Cap Growth, Global Growth, Equity Index, Small-Cap Index, Real Estate (formerly REIT), Inflation Managed, Managed Bond, Money Market, High Yield Bond, Equity Income, Research, Equity, Aggressive Equity, and Large-Cap Value Variable Accounts. The assets in each Variable Account are invested in shares of the corresponding portfolios of Pacific Select Fund (the “Fund”), each of which pursues different investment objectives and policies. The financial statements of the Fund, including the schedules of investments, are included in Sections B through E of this report 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 two new Variable Accounts which commenced operations on January 2, 2002: the Equity Income and Research Variable Accounts.
 
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 annuities, are obligations of Pacific Life.
 
The Separate Account held by Pacific Life represents funds from individual flexible premium variable accumulation deferred annuity contracts (the “Contracts”). The assets of the Separate Account are carried at market value.
 
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America 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
 
Investments in shares of the Fund are valued at the reported net asset values of the respective portfolios. Valuation of securities held by the Fund is discussed in the notes to its financial statements.
 
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.
 
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.
 
2. DIVIDENDS
 
During the six-month period ended June 30, 2002, the Fund declared dividends for each portfolio, except for the Aggressive Growth, I-Net Tollkeeper, Health Sciences, Technology, International Value, Capital Opportunities, Mid-Cap Growth, Global Growth, Equity Income, Research, Equity, and Aggressive Equity Portfolios. The amounts accrued by the Separate Account for its share of the dividends were reinvested in additional full and fractional shares of the related portfolios.
 
3. CHARGES AND EXPENSES
 
    Pacific Life charges the Separate Account daily for mortality and expense risks assumed with respect to the Contracts funded by the Separate Account 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 expenses, contract maintenance, any state premium taxes, and any 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 variable annuity contracts funded by interests in the Separate Account, without remuneration from the Separate Account.

H-1

Table of Contents
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
 
5. SEPARATE ACCOUNT’S COST OF INVESTMENTS IN THE FUND SHARES
 
The investments in the Fund shares are carried at identified cost, which represents the amount available for investment (including reinvested distributions of net investment income and realized gains) in such shares after deduction of mortality and expense risk charges (M&E). A reconciliation of total cost and market value of the Separate Account’s investments in the Fund as of June 30, 2002 were as follows (amounts in thousands):
    
Variable Accounts
  
    
    
Blue
Chip
     
Aggressive Growth
     
Emerging Markets
     
Diversified Research
     
Small-Cap Equity
     
International Large-Cap
  
    
Total cost of investments at beginning of period
   
$124,797
 
   
$20,078
 
   
$50,451
 
   
$28,529
 
   
$51,278
 
   
$121,745
 
Add:    Total net proceeds from policy and M&E transactions
   
5,964
 
   
2,809
 
   
4,521
 
   
6,036
 
   
9,324
 
   
4,678
 
  Reinvested distributions from the Fund:
                                          
  (a) Net investment income
   
12
 
   
—
 
   
188
 
   
8
 
   
40
 
   
644
 
  (b) Net realized gain
   
—
 
   
—
 
   
—
 
   
—
 
   
—
 
   
—
 
    
Sub-Total
   
130,773
 
   
22,887
 
   
55,160
 
   
34,573
 
   
60,642
 
   
127,067
 
Less:    Cost of investments disposed during the period
   
9,526
 
   
18,034
 
   
13,533
 
   
6,788
 
   
9,235
 
   
27,097
 
    
Total cost of investments at end of period
   
121,247
 
   
4,853
 
   
41,627
 
   
27,785
 
   
51,407
 
   
99,970
 
Add:    Unrealized depreciation
   
(31,826
)
   
(368
)
   
(3,330
)
   
(4,151
)
   
(5,098
)
   
(20,889
)
    
Total market value of investments at end of period
   
$89,421
 
   
$4,485
 
   
$38,297
 
   
$23,634
 
   
$46,309
 
   
$79,081
 
    
    
I-Net
Tollkeeper
     
Financial
Services
     
Health
Sciences
     
Tech-
nology
     
Telecom-
munications
     
Multi-
Strategy
  
                 
    
Total cost of investments at beginning of period
   
$15,762
 
   
$7,637
 
   
$9,306
 
   
$6,649
 
   
$2,086
 
   
$156,962
 
Add:    Total net proceeds from policy and M&E transactions
   
580
 
   
2,665
 
   
2,126
 
   
1,487
 
   
361
 
   
2,598
 
Reinvested distributions from the Fund:
                                          
  (a) Net investment income
   
—
 
   
—
 
   
—
 
   
—
 
   
—
 
   
879
 
  (b) Net realized gain
   
—
 
   
—
 
   
—
 
   
—
 
   
—
 
   
1,491
 
    
Sub-Total
   
16,342
 
   
10,302
 
   
11,432
 
   
8,136
 
   
2,447
 
   
161,930
 
Less:    Cost of investments disposed during the period
   
6,341
 
   
3,436
 
   
3,643
 
   
3,047
 
   
966
 
   
23,024
 
    
Total cost of investments at end of period
   
10,001
 
   
6,866
 
   
7,789
 
   
5,089
 
   
1,481
 
   
138,906
 
Add:    Unrealized depreciation
   
(5,665
)
   
(227
)
   
(183
)
   
(1,533
)
   
(622
)
   
(6,202
)
    
Total market value of investments at end of period
   
$4,336
 
   
$6,639
 
   
$7,606
 
   
$3,556
 
   
$859
 
   
$132,704
 
    
    
Large-Cap
Core (1)
     
Strategic
Value
     
Growth
LT
     
Focused
30
     
Mid-Cap
Value
     
International
Value
  
                 
    
Total cost of investments at beginning of period
   
$323,780
 
   
$13,360
 
   
$496,786
 
   
$10,966
 
   
$114,767
 
   
$369,566
 
Add:    Total net proceeds from policy and M&E transactions
   
2,427
 
   
5,785
 
   
10,671
 
   
651
 
   
26,831
 
   
15,413
 
  Reinvested distributions from the Fund:
                                          
  (a) Net investment income
   
415
 
   
12
 
   
4,140
 
   
9
 
   
106
 
   
—
 
  (b) Net realized gain
   
—
 
   
—
 
   
—
 
   
—
 
   
7,619
 
   
—
 
    
Sub-Total
   
326,622
 
   
19,157
 
   
511,597
 
   
11,626
 
   
149,323
 
   
384,979
 
Less:    Cost of investments disposed during the period
   
52,855
 
   
7,440
 
   
92,176
 
   
4,092
 
   
40,125
 
   
70,112
 
    
Total cost of investments at end of period
   
273,767
 
   
11,717
 
   
419,421
 
   
7,534
 
   
109,198
 
   
314,867
 
Add:    Unrealized appreciation (depreciation)
   
(15,292
)
   
(1,278
)
   
(32,659
)
   
(2,064
)
   
9,505
 
   
(35,797
)
    
Total market value of investments at end of period
   
$258,475
 
   
$10,439
 
   
$386,762
 
   
$5,470
 
   
$118,703
 
   
$279,070
 
    
    
Capital
Opportuni-
ties
     
Mid-Cap
Growth
     
Global
Growth
     
Equity
Index
     
Small-Cap
Index
     
Real
Estate (2)
  
                 
                 
    
Total cost of investments at beginning of period
   
$35,629
 
   
$12,706
 
   
$2,907
 
   
$289,523
 
   
$25,443
 
   
$34,259
 
Add:    Total net proceeds from policy and M&E transactions
   
1,651
 
   
4,230
 
   
1,280
 
   
14,088
 
   
39,136
 
   
17,611
 
  Reinvested distributions from the Fund:
                                          
  (a) Net investment income
   
—
 
   
—
 
   
—
 
   
1,085
 
   
31
 
   
112
 
  (b) Net realized gain
   
—
 
   
—
 
   
—
 
   
28,194
 
   
—
 
   
1,336
 
    
Sub-Total
   
37,280
 
   
16,936
 
   
4,187
 
   
332,890
 
   
64,610
 
   
53,318
 
Less:    Cost of investments disposed during the period
   
6,304
 
   
4,396
 
   
722
 
   
54,286
 
   
12,426
 
   
7,162
 
    
Total cost of investments at end of period
   
30,976
 
   
12,540
 
   
3,465
 
   
278,604
 
   
52,184
 
   
46,156
 
Add:    Unrealized appreciation (depreciation)
   
(8,843
)
   
(4,507
)
   
(310
)
   
58,735
 
   
(2,262
)
   
9,666
 
    
Total market value of investments at end of period
   
$22,133
 
   
$8,033
 
   
$3,155
 
   
$337,339
 
   
$49,922
 
   
$55,822
 
    
(1) Large-Cap Core Variable Account was formerly named Equity Income Variable Account.
(2) Real Estate Variable Account was formerly named REIT Variable Account.

H-2

Table of Contents

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
 
   
Variable Accounts
  
   
   
Inflation Managed
    
Managed Bond
    
Money
Market
  
High Yield Bond
     
Equity Income (1)
     
Research (1)
    
Equity
  
   
Total cost of investments at beginning of period
  
$110,426
 
  
$479,190
 
  
$220,672
  
$153,980
 
   
$—
 
   
$—
 
  
$155,400
 
Add:    Total net proceeds from policy and M&E transactions
  
46,086
 
  
5,698
 
  
71,979
  
8,856
 
   
14,416
 
   
257
 
  
10,430
 
  Reinvested distributions from the Fund:
                                          
  (a) Net investment income
  
748
 
  
9,661
 
  
1,447
  
5,618
 
   
—
 
   
—
 
  
—
 
  (b) Net realized gain
  
2,225
 
  
3,425
 
  
—
  
—
 
   
—
 
   
—
 
  
—
 
   
Sub-Total
  
159,485
 
  
497,974
 
  
294,098
  
168,454
 
   
14,416
 
   
257
 
  
165,830
 
Less:    Cost of investments disposed during the period
  
18,839
 
  
89,567
 
  
94,038
  
34,383
 
   
2,023
 
   
16
 
  
35,762
 
   
Total cost of investments at end of period
  
140,646
 
  
408,407
 
  
200,060
  
134,071
 
   
12,393
 
   
241
 
  
130,068
 
Add:    Unrealized appreciation (depreciation)
  
10,203
 
  
17,221
 
  
624
  
(24,226
)
   
(615
)
   
(25
)
  
(26,541
)
   
Total market value of investments at end of period
  
$150,849
 
  
$425,628
 
  
$200,684
  
$109,845
 
   
$11,778
 
   
$216
 
  
$103,527
 
   
   
Aggressive Equity
    
Large-Cap       Value      
                                
   
                             
Total cost of investments at beginning of period
  
$64,911
 
  
$192,956
 
                              
Add:    Total net proceeds from policy and M&E transactions
  
21,453
 
  
9,387
 
                              
  Reinvested distributions from the Fund:
                                          
  (a) Net investment income
  
—
 
  
208
 
                              
  (b) Net realized gain
  
—
 
  
—
 
                              
   
                             
Sub-Total
  
86,364
 
  
202,551
 
                              
Less:    Cost of investments disposed during the period
  
14,162
 
  
27,860
 
                              
   
                             
Total cost of investments at end of period
  
72,202
 
  
174,691
 
                              
Add:    Unrealized depreciation
  
(7,825
)
  
(29,821
)
                              
   
                             
Total market value of investments at end of period
  
$64,377
 
  
$144,870
 
                              
   
                             
 
(1) Operations commenced during 2002 (see Note 1 to Financial Statements).
 

H-3

Table of Contents
Semi-Annual Reports
as of June 30, 2002
 
•  Pacific Select Fund
 
•  Pacific Select Variable Annuity
   Separate Account of
   Pacific Life Insurance Company
 
Accountants
Deloitte & Touche LLP
695 Town Center Drive
Suite 1200
Costa Mesa, CA 92626
 
Counsel
Dechert
1775 Eye Street, N.W.
Washington, D.C. 20006-2401
Pacific Life Insurance Company
P.O. Box 7187
Pasadena, California 91109-7187
 
ADDRESS SERVICE REQUESTED
 
 
Form No. 142-2A