December 31, 2003 • • Pacific Select Fund Pacific Select Variable Annuity
Separate Account of
Pacific Life Insurance Company

Annual

          Reports

PACIFIC SELECT

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
Independent Auditors’ Report	F-1
Trustees and Officers Information	G-1
Special Meetings of Shareholders	G-3
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
Financial Statements:
Statements of Assets and Liabilities	H-1
Statements of Operations	H-5
Statements of Changes in Net Assets	H-9
Financial Highlights	I-1
Notes to Financial Statements	J-1
Independent Auditors’ Report	K-1

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF ASSETS AND LIABILITIES

DECEMBER 31, 2003

(In thousands)

	Blue Chip Variable Account	Aggressive Growth Variable Account	Diversified Research Variable Account	Small-Cap Equity Variable Account	International Large-Cap Variable Account	Short Duration Bond Variable Account	I-Net TollkeeperSM Variable Account	Financial Services Variable Account
ASSETS
Investments:
Blue Chip Portfolio	$79,865
Aggressive Growth Portfolio		$5,052
Diversified Research Portfolio			$36,382
Small-Cap Equity Portfolio				$44,897
International Large-Cap Portfolio					$85,686
Short Duration Bond Portfolio						$61,128
I-Net TollkeeperSM Portfolio							$8,944
Financial Services Portfolio								$8,789
Receivables:
Due from Pacific Life Insurance Company	19	—	1,494	—	3,613	69	—	—
Fund shares redeemed	—	22	—	43	—	—	—	1
Total Assets	79,884	5,074	37,876	44,940	89,299	61,197	8,944	8,790
LIABILITIES
Payables:
Due to Pacific Life Insurance Company	—	22	—	43	—	—	—	1
Fund shares purchased	19	—	1,494	—	3,613	69	—	—
Total Liabilities	19	22	1,494	43	3,613	69	—	1
NET ASSETS	$79,865	$5,052	$36,382	$44,897	$85,686	$61,128	$8,944	$8,789
Shares Owned in each Portfolio	10,606	640	3,415	2,422	12,798	6,158	2,269	871
Cost of Investments	$89,571	$4,127	$32,285	$39,501	$87,228	$61,542	$7,117	$7,352

See Notes to Financial Statements

H-1

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2003

(In thousands)

	Health Sciences Variable Account	Technology Variable Account	Growth LT Variable Account	Focused 30 Variable Account	Mid-Cap Value Variable Account	International Value Variable Account	Capital Opportunities Variable Account	Equity Index Variable Account
ASSETS
Investments:
Health Sciences Portfolio	$10,017
Technology Portfolio		$10,170
Growth LT Portfolio			$295,057
Focused 30 Portfolio				$6,895
Mid-Cap Value Portfolio					$97,916
International Value Portfolio						$219,306
Capital Opportunities Portfolio							$19,768
Equity Index Portfolio								$240,305
Receivables:
Due from Pacific Life Insurance Company	1	1,254	—	258	—	—	—	—
Fund shares redeemed	—	—	255	—	39	470	29	704
Total Assets	10,018	11,424	295,312	7,153	97,955	219,776	19,797	241,009
LIABILITIES
Payables:
Due to Pacific Life Insurance Company	—	—	255	—	39	470	29	704
Fund shares purchased	1	1,254	—	258	—	—	—	—
Total Liabilities	1	1,254	255	258	39	470	29	704
NET ASSETS	$10,017	$10,170	$295,057	$6,895	$97,916	$219,306	$19,768	$240,305
Shares Owned in each Portfolio	1,107	2,251	16,837	966	6,691	16,978	2,531	9,083
Cost of Investments	$8,642	$8,412	$246,882	$6,270	$74,586	$213,974	$19,544	$164,919

See Notes to Financial Statements

H-2

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2003

(In thousands)

	Small-Cap Index Variable Account	Multi- Strategy Variable Account	Main Street® Core Variable Account (1)	Emerging Markets Variable Account	Inflation Managed Variable Account	Managed Bond Variable Account	Small-Cap Value Variable Account	Money Market Variable Account
ASSETS
Investments:
Small-Cap Index Portfolio	$55,212
Multi-Strategy Portfolio		$106,037
Main Street® Core Portfolio (1)			$210,859
Emerging Markets Portfolio				$42,748
Inflation Managed Portfolio					$146,092
Managed Bond Portfolio						$270,478
Small-Cap Value Portfolio							$25,627
Money Market Portfolio								$76,551
Receivables:
Due from Pacific Life Insurance Company	—	—	—	208	1,342	—	263	343
Fund shares redeemed	330	40	100	—	—	1,304	—	—
Total Assets	55,542	106,077	210,959	42,956	147,434	271,782	25,890	76,894
LIABILITIES
Payables:
Due to Pacific Life Insurance Company	330	40	100	—	—	1,304	—	—
Fund shares purchased	—	—	—	208	1,342	—	263	343
Total Liabilities	330	40	100	208	1,342	1,304	263	343
NET ASSETS	$55,212	$106,037	$210,859	$42,748	$146,092	$270,478	$25,627	$76,551
Shares Owned in each Portfolio	4,699	6,995	11,252	4,318	11,957	24,236	2,034	7,589
Cost of Investments	$44,179	$92,926	$191,384	$28,132	$124,090	$255,842	$20,858	$76,275

(1) Formerly named Large-Cap Core Variable Account and Large-Cap Core Portfolio.

See Notes to Financial Statements

H-3

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2003

(In thousands)

	High Yield Bond Variable Account	Equity Income Variable Account	Equity Variable Account	Aggressive Equity Variable Account	Large-Cap Value Variable Account	Comstock Variable Account (1)	Real Estate Variable Account	Mid-Cap Growth Variable Account
ASSETS
Investments:
High Yield Bond Portfolio	$130,232
Equity Income Portfolio		$14,866
Equity Portfolio			$69,453
Aggressive Equity Portfolio				$38,693
Large-Cap Value Portfolio					$137,942
Comstock Portfolio (1)						$32,121
Real Estate Portfolio							$42,881
Mid-Cap Growth Portfolio								$10,573
Receivables:
Due from Pacific Life Insurance Company	31	—	—	—	—	7	464	—
Fund shares redeemed	—	36	540	40	68	—	—	265
Total Assets	130,263	14,902	69,993	38,733	138,010	32,128	43,345	10,838
LIABILITIES
Payables:
Due to Pacific Life Insurance Company	—	36	540	40	68	—	—	265
Fund shares purchased	31	—	—	—	—	7	464	—
Total Liabilities	31	36	540	40	68	7	464	265
NET ASSETS	$130,232	$14,866	$69,453	$38,693	$137,942	$32,121	$42,881	$10,573
Shares Owned in each Portfolio	18,547	1,390	3,988	4,249	11,873	3,605	2,705	1,885
Cost of Investments	$129,961	$12,143	$69,805	$35,309	$138,031	$26,876	$29,108	$8,334

(1) Formerly named Strategic Value Variable Account and Strategic Value Portfolio.

See Notes to Financial Statements

H-4

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2003

(In thousands)

	Blue Chip Variable Account		Aggressive Growth Variable Account		Diversified Research Variable Account		Small-Cap Equity Variable Account		International Large-Cap Variable Account		Short Duration Bond Variable Account (1)		I-Net Tollkeeper Variable Account		Financial Services Variable Account
INVESTMENT INCOME
Dividends	$166		$—		$107		$176		$871		$1,001		$—		$55
EXPENSES
Mortality and expense risk fees	930		53		326		394		850		483		77		79
Net Investment Income (Loss)	(764	)	(53	)	(219	)	(218	)	21		518		(77	)	(24	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss from security transactions	(10,329	)	(254	)	(1,345	)	(1,826	)	(6,416	)	(24	)	(1,834	)	(38	)
Change in net unrealized appreciation (depreciation) on investments	26,829		1,360		8,534		12,535		24,746		(414	)	4,022		1,756
Net Gain (Loss) on Investments	16,500		1,106		7,189		10,709		18,330		(438	)	2,188		1,718
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$15,736		$1,053		$6,970		$10,491		$18,351		$80		$2,111		$1,694

(1) Operations commenced during 2003 (See Note 1 to Financial Statements).

See Notes to Financial Statements

H-5

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2003

(In thousands)

	Health Sciences Variable Account		Technology Variable Account		Growth LT Variable Account		Focused 30 Variable Account		Mid-Cap Value Variable Account		International Value Variable Account		Capital Opportunities Variable Account		Equity Index Variable Account
INVESTMENT INCOME
Dividends	$—		$—		$—		$—		$454		$3,262		$69		$3,267
EXPENSES
Mortality and expense risk fees	91		76		3,540		55		1,014		2,457		225		2,968
Net Investment Income (Loss)	(91	)	(76	)	(3,540	)	(55	)	(560	)	805		(156	)	299
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from security transactions	(190	)	(318	)	(10,547	)	(907	)	(1,246	)	(20,135	)	(3,490	)	4,131
Change in net unrealized appreciation on investments	1,958		2,818		93,038		2,425		21,596		65,922		7,706		50,202
Net Gain on Investments	1,768		2,500		82,491		1,518		20,350		45,787		4,216		54,333
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$1,677		$2,424		$78,951		$1,463		$19,790		$46,592		$4,060		$54,632

See Notes to Financial Statements

H-6

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2003

(In thousands)

	Small-Cap Index Variable Account		Multi- Strategy Variable Account		Main Street Core Variable Account (1)		Emerging Markets Variable Account		Inflation Managed Variable Account		Managed Bond Variable Account		Small-Cap Value Variable Account (2)		Money Market Variable Account
INVESTMENT INCOME
Dividends	$273		$1,529		$1,883		$342		$11,163		$29,248		$191		$1,017
EXPENSES
Mortality and expense risk fees	480		1,269		2,420		383		2,259		4,005		174		1,622
Net Investment Income (Loss)	(207	)	260		(537	)	(41	)	8,904		25,243		17		(605	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from security transactions	(2,921	)	(2,132	)	(6,478	)	(1,640	)	4,131		9,154		(4	)	319
Change in net unrealized appreciation (depreciation) on investments	16,867		21,796		51,406		18,362		(1,366	)	(17,884	)	4,769		(292	)
Net Gain (Loss) on Investments	13,946		19,664		44,928		16,722		2,765		(8,730	)	4,765		27
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$13,739		$19,924		$44,391		$16,681		$11,669		$16,513		$4,782		($578	)

(1) Formerly named Large-Cap Core Variable Account.

(2) Operations commenced during 2003 (See Note 1 to Financial Statements).

See Notes to Financial Statements

H-7

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2003

(In thousands)

	High Yield Bond Variable Account		Equity Income Variable Account		Equity Variable Account		Aggressive Equity Variable Account		Large-Cap Value Variable Account		Comstock Variable Account (1)		Real Estate Variable Account	Mid-Cap Growth Variable Account
INVESTMENT INCOME
Dividends	$7,974		$167		$239		$175		$1,419		$191		$1,856	$—
EXPENSES
Mortality and expense risk fees	1,351		164		866		456		1,493		253		464	111
Net Investment Income (Loss)	6,623		3		(627	)	(281	)	(74	)	(62	)	1,392	(111	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from security transactions	(8,228	)	(757	)	(12,636	)	(7,331	)	(8,027	)	(588	)	339	(3,900	)
Change in net unrealized appreciation on investments	19,751		3,645		27,291		17,744		39,420		6,813		9,643	6,170
Net Gain on Investments	11,523		2,888		14,655		10,413		31,393		6,225		9,982	2,270
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$18,146		$2,891		$14,028		$10,132		$31,319		$6,163		$11,374	$2,159

(1) Formerly named Strategic Value Variable Account.

See Notes to Financial Statements

H-8

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

(In thousands)

	Blue Chip Variable Account				Aggressive Growth Variable Account				Diversified Research Variable Account				Small-Cap Equity Variable Account
	Year Ended December 31, 2003		Year Ended December 31, 2002		Year Ended December 31, 2003		Year Ended December 31, 2002		Year Ended December 31, 2003		Year Ended December 31, 2002		Year Ended December 31, 2003		Year Ended December 31, 2002
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	($764	)	($1,031	)	($53	)	($109	)	($219	)	($224	)	($218	)	($330	)
Net realized loss from security transactions	(10,329	)	(7,264	)	(254	)	(2,896	)	(1,345	)	(2,626	)	(1,826	)	(8,513	)
Change in net unrealized appreciation (depreciation) on investments	26,829		(21,211	)	1,360		1,672		8,534		(4,907	)	12,535		(3,800	)
Net Increase (Decrease) in Net Assets Resulting from Operations	15,736		(29,506	)	1,053		(1,333	)	6,970		(7,757	)	10,491		(12,643	)
INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS
Transfer of net premiums	1,591		1,472		133		175		383		304		275		480
Transfers between variable accounts, net	(2,278	)	6,195		1,302		(12,497	)	10,768		4,481		11,617		(2,032	)
Transfers—policy charges and deductions	(639	)	(719	)	(43	)	(96	)	(255	)	(132	)	(321	)	(355	)
Transfers—surrenders	(9,808	)	(11,655	)	(598	)	(1,018	)	(3,957	)	(3,456	)	(4,353	)	(6,200	)
Transfers—other	4		(2	)	1		1		32		2		(2	)	1
Net Increase (Decrease) in Net Assets Derived from Policy Transactions	(11,130	)	(4,709	)	795		(13,435	)	6,971		1,199		7,216		(8,106	)
NET INCREASE (DECREASE) IN NET ASSETS	4,606		(34,215	)	1,848		(14,768	)	13,941		(6,558	)	17,707		(20,749	)
NET ASSETS
Beginning of Year	75,259		109,474		3,204		17,972		22,441		28,999		27,190		47,939
End of Year	$79,865		$75,259		$5,052		$3,204		$36,382		$22,441		$44,897		$27,190

See Notes to Financial Statements

H-9

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

(In thousands)

	International Large-Cap Variable Account				Short Duration Bond Variable Account (1)		I-Net Tollkeeper Variable Account				Financial Services Variable Account
	Year Ended December 31, 2003		Year Ended December 31, 2002		Period Ended December 31, 2003		Year Ended December 31, 2003		Year Ended December 31, 2002		Year Ended December 31, 2003		Year Ended December 31, 2002
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$21		($243	)	$518		($77	)	($65	)	($24	)	($73	)
Net realized loss from security transactions	(6,416	)	(14,702	)	(24	)	(1,834	)	(7,512	)	(38	)	(1,106	)
Change in net unrealized appreciation (depreciation) on investments	24,746		(272	)	(414	)	4,022		4,393		1,756		(223	)
Net Increase (Decrease) in Net Assets Resulting from Operations	18,351		(15,217	)	80		2,111		(3,184	)	1,694		(1,402	)
INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS
Transfer of net premiums	1,371		1,085		1,184		88		67		199		92
Transfers between variable accounts, net	12,355		(8,756	)	64,729		3,264		(1,047	)	3,065		(225	)
Transfers—policy charges and deductions	(570	)	(616	)	(388	)	(49	)	(43	)	(27	)	(33	)
Transfers—surrenders	(8,388	)	(9,677	)	(4,494	)	(930	)	(505	)	(996	)	(1,126	)
Transfers—other	17		3		17		(1	)	—		1		7
Net Increase (Decrease) in Net Assets Derived from Policy Transactions	4,785		(17,961	)	61,048		2,372		(1,528	)	2,242		(1,285	)
NET INCREASE (DECREASE) IN NET ASSETS	23,136		(33,178	)	61,128		4,483		(4,712	)	3,936		(2,687	)
NET ASSETS
Beginning of Year	62,550		95,728		—		4,461		9,173		4,853		7,540
End of Year	$85,686		$62,550		$61,128		$8,944		$4,461		$8,789		$4,853

(1) Operations commenced during 2003 (See Note 1 to Financial Statements).

See Notes to Financial Statements

H-10

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

(In thousands)

	Health Sciences Variable Account				Technology Variable Account				Growth LT Variable Account				Focused 30 Variable Account
	Year Ended December 31, 2003		Year Ended December 31, 2002		Year Ended December 31, 2003		Year Ended December 31, 2002		Year Ended December 31, 2003		Year Ended December 31, 2002		Year Ended December 31, 2003		Year Ended December 31, 2002
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	($91	)	($101	)	($76	)	($48	)	($3,540	)	($915	)	($55	)	($63	)
Net realized loss from security transactions	(190	)	(710	)	(318	)	(2,128	)	(10,547	)	(39,081	)	(907	)	(2,355	)
Change in net unrealized appreciation (depreciation) on investments	1,958		(1,550	)	2,818		(562	)	93,038		(118,708	)	2,425		231
Net Increase (Decrease) in Net Assets Resulting from Operations	1,677		(2,361	)	2,424		(2,738	)	78,951		(158,704	)	1,463		(2,187	)
INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS
Transfer of net premiums	161		107		200		49		2,765		3,550		43		35
Transfers between variable accounts, net	3,366		(647	)	5,183		799		(42,824	)	(57,375	)	2,523		(2,116	)
Transfers—policy charges and deductions	(45	)	(60	)	(25	)	(22	)	(3,744	)	(4,233	)	(32	)	(63	)
Transfers—surrenders	(1,153	)	(1,301	)	(1,164	)	(689	)	(34,657	)	(59,334	)	(810	)	(897	)
Transfers—other	—		—		(1	)	2		9		22		2		—
Net Increase (Decrease) in Net Assets Derived from Policy Transactions	2,329		(1,901	)	4,193		139		(78,451	)	(117,370	)	1,726		(3,041	)
NET INCREASE (DECREASE) IN NET ASSETS	4,006		(4,262	)	6,617		(2,599	)	500		(276,074	)	3,189		(5,228	)
NET ASSETS
Beginning of Year	6,011		10,273		3,553		6,152		294,557		570,631		3,706		8,934
End of Year	$10,017		$6,011		$10,170		$3,553		$295,057		$294,557		$6,895		$3,706

See Notes to Financial Statements

H-11

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

(In thousands)

	Mid-Cap Value Variable Account				International Value Variable Account				Capital Opportunities Variable Account				Equity Index Variable Account
	Year Ended December 31, 2003		Year Ended December 31, 2002		Year Ended December 31, 2003		Year Ended December 31, 2002		Year Ended December 31, 2003		Year Ended December 31, 2002		Year Ended December 31, 2003		Year Ended December 31, 2002
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	($560	)	$6,598		$805		($1,057	)	($156	)	($249	)	$299		$28,025
Net realized gain (loss) from security transactions	(1,246	)	(6,436	)	(20,135	)	(35,617	)	(3,490	)	(5,134	)	4,131		2,438
Change in net unrealized appreciation (depreciation) on investments	21,596		(20,121	)	65,922		(2,512	)	7,706		(2,664	)	50,202		(124,003	)
Net Increase (Decrease) in Net Assets Resulting from Operations	19,790		(19,959	)	46,592		(39,186	)	4,060		(8,047	)	54,632		(93,540	)
INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS
Transfer of net premiums	1,386		1,591		2,464		2,963		430		498		2,369		3,021
Transfers between variable accounts, net	10,420		(20,113	)	(3,531	)	(33,527	)	(1,178	)	(1,548	)	(33,431	)	(43,726	)
Transfers—policy charges and deductions	(703	)	(1,014	)	(2,756	)	(2,749	)	(170	)	(186	)	(4,367	)	(3,770	)
Transfers—surrenders	(11,808	)	(18,313	)	(26,393	)	(36,059	)	(2,239	)	(2,663	)	(32,096	)	(47,579	)
Transfers—other	9		8		—		—		(1	)	—		91		(9	)
Net Decrease in Net Assets Derived from Policy Transactions	(696	)	(37,841	)	(30,216	)	(69,372	)	(3,158	)	(3,899	)	(67,434	)	(92,063	)
NET INCREASE (DECREASE) IN NET ASSETS	19,094		(57,800	)	16,376		(108,558	)	902		(11,946	)	(12,802	)	(185,603	)
NET ASSETS
Beginning of Year	78,822		136,622		202,930		311,488		18,866		30,812		253,107		438,710
End of Year	$97,916		$78,822		$219,306		$202,930		$19,768		$18,866		$240,305		$253,107

See Notes to Financial Statements

H-12

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

(In thousands)

	Small-Cap Index Variable Account				Multi-Strategy Variable Account				Main Street Core Variable Account (1)				Emerging Markets Variable Account
	Year Ended December 31, 2003		Year Ended December 31, 2002		Year Ended December 31, 2003		Year Ended December 31, 2002		Year Ended December 31, 2003		Year Ended December 31, 2002		Year Ended December 31, 2003		Year Ended December 31, 2002
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	($207	)	($168	)	$260		$2,345		($537	)	($1,543	)	($41	)	($278)
Net realized loss from security transactions	(2,921	)	(5,767	)	(2,132	)	(6,311	)	(6,478	)	(20,851	)	(1,640	)	(5,289)
Change in net unrealized appreciation (depreciation) on investments	16,867		(7,026	)	21,796		(18,261	)	51,406		(75,144	)	18,362		4,442
Net Increase (Decrease) in Net Assets Resulting from Operations	13,739		(12,961	)	19,924		(22,227	)	44,391		(97,538	)	16,681		(1,125)
INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS
Transfer of net premiums	664		537		1,121		789		1,777		2,052		381		442
Transfers between variable accounts, net	11,114		26,230		(3,808	)	(18,744	)	8,561		(45,136	)	2,920		(7,046)
Transfers—policy charges and deductions	(330	)	(275	)	(2,312	)	(2,109	)	(3,432	)	(3,508	)	(317	)	(322)
Transfers—surrenders	(5,402	)	(4,747	)	(13,979	)	(19,150	)	(25,644	)	(37,664	)	(5,313	)	(5,799)
Transfers—other	6		2		(4	)	(2	)	10		(3	)	(19	)	1
Net Increase (Decrease) in Net Assets Derived from Policy Transactions	6,052		21,747		(18,982	)	(39,216	)	(18,728	)	(84,259	)	(2,348	)	(12,724)
NET INCREASE (DECREASE) IN NET ASSETS	19,791		8,786		942		(61,443	)	25,663		(181,797	)	14,333		(13,849)
NET ASSETS
Beginning of Year	35,421		26,635		105,095		166,538		185,196		366,993		28,415		42,264
End of Year	$55,212		$35,421		$106,037		$105,095		$210,859		$185,196		$42,748		$28,415

(1) Formerly named Large-Cap Core Variable Account.

See Notes to Financial Statements

H-13

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

(In thousands)

	Inflation Managed Variable Account				Managed Bond Variable Account				Small-Cap Value Variable Account (1)		Money Market Variable Account
	Year Ended December 31, 2003		Year Ended December 31, 2002		Year Ended December 31, 2003		Year Ended December 31, 2002		Period Ended December 31, 2003		Year Ended December 31, 2003		Year Ended December 31, 2002
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$8,904		$1,987		$25,243		$17,376		$17		($605	)	$293
Net realized gain (loss) from security transactions	4,131		420		9,154		3,884		(4	)	319		93
Change in net unrealized appreciation (depreciation) on investments	(1,366	)	18,685		(17,884	)	16,880		4,769		(292	)	(71	)
Net Increase (Decrease) in Net Assets Resulting from Operations	11,669		21,092		16,513		38,140		4,782		(578	)	315
INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS
Transfer of net premiums	2,270		1,535		3,704		4,554		373		2,882		3,866
Transfers between variable accounts, net	(34,281	)	89,123		(73,157	)	(86,825	)	22,118		(36,102	)	32,147
Transfers—policy charges and deductions	(2,667	)	(1,932	)	(4,886	)	(5,437	)	(109	)	(4,282	)	(4,556	)
Transfers—surrenders	(27,341	)	(28,607	)	(51,426	)	(65,776	)	(1,542	)	(49,065	)	(89,397	)
Transfers—other	118		5		246		(2	)	5		10		—
Net Increase (Decrease) in Net Assets Derived from Policy Transactions	(61,901	)	60,124		(125,519	)	(153,486	)	20,845		(86,557	)	(57,940	)
NET INCREASE (DECREASE) IN NET ASSETS	(50,232	)	81,216		(109,006	)	(115,346	)	25,627		(87,135	)	(57,625	)
NET ASSETS
Beginning of Year	196,324		115,108		379,484		494,830		—		163,686		221,311
End of Year	$146,092		$196,324		$270,478		$379,484		$25,627		$76,551		$163,686

(1) Operations commenced during 2003 (See Note 1 to Financial Statements).

See Notes to Financial Statements

H-14

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

(In thousands)

	High Yield Bond Variable Account				Equity Income Variable Account (1)				Equity Variable Account				Aggressive Equity Variable Account
	Year Ended December 31, 2003		Year Ended December 31, 2002		Year Ended December 31, 2003		Period Ended December 31, 2002		Year Ended December 31, 2003		Year Ended December 31, 2002		Year Ended December 31, 2003		Year Ended December 31, 2002
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$6,623		$8,247		$3		$23		($627	)	($978	)	($281	)	($659	)
Net realized loss from security transactions	(8,228	)	(16,829	)	(757	)	(1,172	)	(12,636	)	(19,205	)	(7,331	)	(8,185	)
Change in net unrealized appreciation (depreciation) on investments	19,751		3,511		3,645		(922	)	27,291		(15,154	)	17,744		(9,248	)
Net Increase (Decrease) in Net Assets Resulting from Operations	18,146		(5,071	)	2,891		(2,071	)	14,028		(35,337	)	10,132		(18,092	)
INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS
Transfer of net premiums	1,538		991		172		183		558		946		413		603
Transfers between variable accounts, net	34,499		(9,434	)	5		18,086		(5,703	)	(21,327	)	(5,877	)	5,903
Transfers—policy charges and deductions	(1,298	)	(1,659	)	(151	)	(117	)	(1,354	)	(1,235	)	(407	)	(554	)
Transfers—surrenders	(19,272	)	(19,220	)	(2,082	)	(2,056	)	(8,966	)	(15,135	)	(5,048	)	(8,185	)
Transfers—other	40		(17	)	2		4		78		(11	)	2		5
Net Increase (Decrease) in Net Assets Derived from Policy Transactions	15,507		(29,339	)	(2,054	)	16,100		(15,387	)	(36,762	)	(10,917	)	(2,228	)
NET INCREASE (DECREASE) IN NET ASSETS	33,653		(34,410	)	837		14,029		(1,359	)	(72,099	)	(785	)	(20,320	)
NET ASSETS
Beginning of Year	96,579		130,989		14,029		—		70,812		142,911		39,478		59,798
End of Year	$130,232		$96,579		$14,866		$14,029		$69,453		$70,812		$38,693		$39,478

(1) Operations commenced on January 2, 2002.

See Notes to Financial Statements

H-15

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

(In thousands)

	Large-Cap Value Variable Account				Comstock Variable Account (1)				Real Estate Variable Account				Mid-Cap Growth Variable Account
	Year Ended December 31, 2003		Year Ended December 31, 2002		Year Ended December 31, 2003		Year Ended December 31, 2002		Year Ended December 31, 2003		Year Ended December 31, 2002		Year Ended December 31, 2003		Year Ended December 31, 2002
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	($74	)	($520	)	($62	)	($115	)	$1,392		$1,804		($111	)	($111	)
Net realized gain (loss) from security transactions	(8,027	)	(11,966	)	(588	)	(2,368	)	339		(1,734	)	(3,900	)	(2,973	)
Change in net unrealized appreciation (depreciation) on investments	39,420		(28,233	)	6,813		(442	)	9,643		(2,081	)	6,170		(3,289	)
Net Increase (Decrease) in Net Assets Resulting from Operations	31,319		(40,719	)	6,163		(2,925	)	11,374		(2,011	)	2,159		(6,373	)
INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS
Transfer of net premiums	2,454		2,145		420		64		712		538		248		162
Transfers between variable accounts, net	3,288		(4,196	)	21,400		(1,119	)	1,783		4,205		569		4,691
Transfers—policy charges and deductions	(1,358	)	(1,186	)	(170	)	(101	)	(311	)	(330	)	(106	)	(60	)
Transfers—surrenders	(15,219	)	(20,306	)	(2,316	)	(1,549	)	(6,663	)	(6,891	)	(1,443	)	(1,337	)
Transfers—other	22		17		5		15		(2	)	7		—		(1	)
Net Increase (Decrease) in Net Assets Derived from Policy Transactions	(10,813	)	(23,526	)	19,339		(2,690	)	(4,481	)	(2,471	)	(732	)	3,455
NET INCREASE (DECREASE) IN NET ASSETS	20,506		(64,245	)	25,502		(5,615	)	6,893		(4,482	)	1,427		(2,918	)
NET ASSETS
Beginning of Year	117,436		181,681		6,619		12,234		35,988		40,470		9,146		12,064
End of Year	$137,942		$117,436		$32,121		$6,619		$42,881		$35,988		$10,573		$9,146

(1) Formerly named Strategic Value Variable Account.

See Notes to Financial Statements

H-16

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 each year or period ended are presented in the table below.

For the Year or Period Ended	AUV at End of Year/Period	Number of Units Outstanding	Total Net Assets (in $000’s)	Ratios of Investment Income to Average Net Assets (1)		Ratios of Expenses to Average Net Assets (1)		Total Returns (2)
Blue Chip
2003	$7.28	10,966,798	$79,865	0.22	%	1.25	%	23.81%
2002	5.88	12,794,576	75,259	0.11	%	1.25	%	(26.86%	)
01/02/2001 – 12/31/2001	8.04	13,611,930	109,474	0.11	%	1.25	%	(19.58%	)
Aggressive Growth
2003	$7.60	664,667	$5,052	0.00	%	1.25	%	25.09%
2002	6.08	527,332	3,204	0.00	%	1.25	%	(23.30%	)
01/02/2001 – 12/31/2001	7.92	2,268,467	17,972	0.00	%	1.25	%	(20.77%	)
Diversified Research
2003	$10.25	3,548,204	$36,382	0.41	%	1.25	%	30.98%
2002	7.83	2,866,659	22,441	0.29	%	1.25	%	(25.14%	)
2001	10.46	2,773,119	28,999	0.23	%	1.25	%	(3.96%	)
Small-Cap Equity
2003	$35.84	1,252,791	$44,897	0.56	%	1.25	%	39.06%
2002	25.77	1,055,078	27,190	0.45	%	1.25	%	(24.53%	)
2001	34.15	1,403,861	47,939	14.91	%	1.25	%	(3.77%	)
International Large-Cap
2003	$6.56	13,064,458	$85,686	1.28	%	1.25	%	28.90%
2002	5.09	12,292,762	62,550	0.94	%	1.25	%	(18.65%	)
2001	6.25	15,304,319	95,728	0.84	%	1.25	%	(19.31%	)
Short Duration Bond (3)
05/01/2003 – 12/31/2003	$10.01	6,105,155	$61,128	2.57	%	1.25	%	0.13%
I-Net Tollkeeper
2003	$3.76	2,375,489	$8,944	0.00	%	1.25	%	41.44%
2002	2.66	1,675,888	4,461	0.00	%	1.25	%	(39.38%	)
2001	4.39	2,089,045	9,173	0.00	%	1.25	%	(34.72%	)
Financial Services
2003	$9.84	893,116	$8,789	0.86	%	1.25	%	27.41%
2002	7.72	628,358	4,853	0.20	%	1.25	%	(15.65%	)
01/02/2001 – 12/31/2001	9.16	823,451	7,540	0.35	%	1.25	%	(8.43%	)
Health Sciences
2003	$8.72	1,149,106	$10,017	0.00	%	1.25	%	26.24%
2002	6.91	870,570	6,011	0.00	%	1.25	%	(24.26%	)
01/02/2001 – 12/31/2001	9.12	1,126,834	10,273	0.00	%	1.25	%	(8.83%	)
Technology
2003	$4.35	2,336,882	$10,170	0.00	%	1.25	%	40.80%
2002	3.09	1,149,444	3,553	0.00	%	1.25	%	(47.01%	)
01/02/2001 – 12/31/2001	5.83	1,054,641	6,152	0.00	%	1.25	%	(41.67%	)
Growth LT
2003	$29.43	10,025,193	$295,057	0.00	%	1.25	%	32.31%
2002	22.24	13,242,258	294,557	1.03	%	1.25	%	(29.86%	)
2001	31.71	17,994,286	570,631	16.84	%	1.25	%	(30.44%	)
Focused 30
2003	$6.90	999,087	$6,895	0.00	%	1.25	%	40.49%
2002	4.91	754,441	3,706	0.16	%	1.25	%	(30.29%	)
2001	7.05	1,267,953	8,934	0.07	%	1.25	%	(14.44%	)
Mid-Cap Value
2003	$15.46	6,334,603	$97,916	0.56	%	1.25	%	27.50%
2002	12.12	6,501,783	78,822	7.04	%	1.25	%	(15.52%	)
2001	14.35	9,519,914	136,622	3.42	%	1.25	%	11.89%
International Value
2003	$14.89	14,724,076	$219,306	1.66	%	1.25	%	26.13%
2002	11.81	17,184,202	202,930	0.84	%	1.25	%	(14.98%	)
2001	13.89	22,426,166	311,488	2.65	%	1.25	%	(22.85%	)

See Notes to Financial Statements See explanation of references on I-3

I-1

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT

FINANCIAL HIGHLIGHTS (Continued)

For the Year or Period Ended	AUV at End of Year/Period	Number of Units Outstanding	Total Net Assets (in $000’s)	Ratios of Investment Income to Average Net Assets (1)		Ratios of Expenses to Average Net Assets (1)		Total Returns (2)
Capital Opportunities
2003	$7.57	2,609,867	$19,768	0.39	%	1.25	%	25.55%
2002	6.03	3,127,234	18,866	0.18	%	1.25	%	(27.69%	)
01/02/2001 – 12/31/2001	8.34	3,693,166	30,812	0.17	%	1.25	%	(16.57%	)
Equity Index
2003	$31.90	7,533,380	$240,305	1.38	%	1.25	%	26.70%
2002	25.18	10,053,324	253,107	9.54	%	1.25	%	(23.31%	)
2001	32.83	13,363,360	438,710	1.40	%	1.25	%	(13.25%	)
Small-Cap Index
2003	$12.70	4,346,805	$55,212	0.71	%	1.25	%	44.71%
2002	8.78	4,035,481	35,421	0.78	%	1.25	%	(22.17%	)
2001	11.28	2,361,793	26,635	8.50	%	1.25	%	0.46%
Multi-Strategy
2003	$29.08	3,646,300	$106,037	1.51	%	1.25	%	21.74%
2002	23.89	4,399,716	105,095	3.02	%	1.25	%	(14.15%	)
2001	27.82	5,985,636	166,538	2.68	%	1.25	%	(2.39%	)
Main Street Core (4)
2003	$27.67	7,619,421	$210,859	0.97	%	1.25	%	25.38%
2002	22.07	8,390,555	185,196	0.67	%	1.25	%	(29.29%	)
2001	31.22	11,756,550	366,993	1.72	%	1.25	%	(10.01%	)
Emerging Markets
2003	$9.30	4,593,945	$42,748	1.11	%	1.25	%	66.35%
2002	5.59	5,080,084	28,415	0.51	%	1.25	%	(4.27%	)
2001	5.84	7,233,057	42,264	0.13	%	1.25	%	(9.82%	)
Inflation Managed
2003	$24.97	5,851,255	$146,092	6.19	%	1.25	%	6.90%
2002	23.36	8,405,588	196,324	2.47	%	1.25	%	14.02%
2001	20.48	5,619,239	115,108	3.65	%	1.25	%	2.96%
Managed Bond
2003	$25.24	10,717,247	$270,478	9.15	%	1.25	%	4.91%
2002	24.06	15,775,303	379,484	5.30	%	1.25	%	9.55%
2001	21.96	22,535,629	494,830	5.12	%	1.25	%	5.99%
Small-Cap Value (3)
05/01/2003 – 12/31/2003	$12.59	2,035,868	$25,627	1.36	%	1.25	%	25.88%
Money Market
2003	$14.76	5,185,940	$76,551	0.78	%	1.25	%	(0.47%	)
2002	14.83	11,037,212	163,686	1.40	%	1.25	%	0.15%
2001	14.81	14,945,680	221,311	3.71	%	1.25	%	2.57%
High Yield Bond
2003	$24.89	5,231,336	$130,232	7.37	%	1.25	%	18.80%
2002	20.96	4,608,773	96,579	8.70	%	1.25	%	(4.21%	)
2001	21.88	5,987,487	130,989	9.73	%	1.25	%	0.08%
Equity Income
2003	$10.65	1,396,267	$14,866	1.27	%	1.25	%	24.67%
01/02/2002 – 12/31/2002	8.54	1,642,668	14,029	1.48	%	1.25	%	(14.60%	)
Equity
2003	$16.18	4,293,338	$69,453	0.35	%	1.25	%	22.79%
2002	13.17	5,374,870	70,812	0.31	%	1.25	%	(27.42%	)
2001	18.15	7,872,674	142,911	5.99	%	1.25	%	(22.74%	)
Aggressive Equity
2003	$9.55	4,052,716	$38,693	0.48	%	1.25	%	31.49%
2002	7.26	5,437,137	39,478	0.00	%	1.25	%	(26.03%	)
2001	9.82	6,092,175	59,798	0.00	%	1.25	%	(18.28%	)

See Notes to Financial Statements See explanation of references on I-3

I-2

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT

FINANCIAL HIGHLIGHTS (Continued)

For the Year or Period Ended	AUV at End of Year/Period	Number of Units Outstanding	Total Net Assets (in $000’s)	Ratios of Investment Income to Average Net Assets (1)		Ratios of Expenses to Average Net Assets (1)		Total Returns (2)
Large-Cap Value
2003	$11.76	11,727,947	$137,942	1.19	%	1.25	%	29.61%
2002	9.07	12,940,961	117,436	0.90	%	1.25	%	(23.92%	)
2001	11.93	15,232,214	181,681	4.35	%	1.25	%	(4.85%	)
Comstock (5)
2003	$8.66	3,710,085	$32,121	0.94	%	1.25	%	29.76%
2002	6.67	992,013	6,619	0.12	%	1.25	%	(23.12%	)
2001	8.68	1,409,565	12,234	0.37	%	1.25	%	(10.99%	)
Real Estate
2003	$18.51	2,316,021	$42,881	4.99	%	1.25	%	35.82%
2002	13.63	2,639,881	35,988	5.30	%	1.25	%	(1.56%	)
2001	13.85	2,922,345	40,470	3.70	%	1.25	%	7.19%
Mid-Cap Growth
2003	$5.40	1,957,362	$10,573	0.00	%	1.25	%	28.77%
2002	4.19	2,180,363	9,146	0.00	%	1.25	%	(47.69%	)
01/02/2001 – 12/31/2001	8.02	1,504,437	12,064	0.00	%	1.25	%	(19.81%	)

(1) The ratios of investment income and expenses to average daily net assets for periods of less than one full year 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 5 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, withdrawal and surrender charges, or other charges that may be incurred under a contract which, if incurred, would have resulted in lower returns. Total returns for periods of less than one full year are not annualized.

(3) Operations commenced during 2003 (See Note 1 to Financial Statements).

(4) The Main Street Core Variable Account was formerly named Large-Cap Core Variable Account.

(5) The Comstock Variable Account was formerly named Strategic Value Variable Account.

See Notes to Financial Statements

I-3

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT

NOTES TO FINANCIAL STATEMENTS

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 December 31, 2003 is comprised of thirty-two subaccounts called Variable Accounts: the Blue Chip, Aggressive Growth, Diversified Research, Small-Cap Equity, International Large-Cap, Short Duration Bond, I-Net Tollkeeper^SM, Financial Services, Health Sciences, Technology, Growth LT, Focused 30, Mid-Cap Value, International Value, Capital Opportunities, Equity Index, Small-Cap Index, Multi-Strategy, Main Street^® Core (formerly Large-Cap Core), Emerging Markets, Inflation Managed, Managed Bond, Small-Cap Value, Money Market, High Yield Bond, Equity Income, Equity, Aggressive Equity, Large-Cap Value, Comstock (formerly Strategic Value), Real Estate, and Mid-Cap Growth Variable Accounts. (I-Net Tollkeeper is a service mark of Goldman, Sachs & Co., and Main Street is a registered trademark of OppenheimerFunds.) The assets in each Variable Account invest 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 F of this brochure 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 that began operations in 2003: the Short Duration Bond and Small-Cap Value Variable Accounts. Both Variable Accounts commenced operations on May 1, 2003.

On December 31, 2003, the net assets of the Fund’s Research, Global Growth, and Telecommunications Portfolios (the “Acquired Portfolios”), the underlying portfolios for the Research, Global Growth, and Telecommunications Variable Accounts, were transferred to the Fund’s Diversified Research, International Large-Cap, and Technology Portfolios (the “Surviving Portfolios”), respectively, in exchange for shares of the respective Surviving Portfolios (the “Reorganization”). In connection with the Reorganization, a total of 102,754 outstanding accumulation units (valued at $986,927) of the Research Variable Account were exchanged for 96,251 accumulation units with equal value of the Diversified Research Variable Account; a total of 415,089 outstanding accumulation units (valued at $3,624,470) of the Global Growth Variable Account were exchanged for 552,621 accumulation units with equal value of the International Large-Cap Variable Account; and a total of 336,902 outstanding accumulation units (valued at $1,252,142) of the Telecommunications Variable Account were exchanged for 287,717 accumulation units with equal value of the Technology 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 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 2003, the Fund declared dividends for each portfolio, except for the Aggressive Growth, I-Net Tollkeeper, Health Sciences, Technology, Growth LT, Focused 30, and Mid-Cap Growth 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. RELATED PARTY AGREEMENT

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

J-1

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT

NOTES TO FINANCIAL STATEMENTS (Continued)

4. SEPARATE ACCOUNT’S COST OF INVESTMENTS IN THE FUND SHARES

The cost of investments in the Fund shares are determined on an identified cost basis, 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 December 31, 2003, were as follows (amounts in thousands):

	Variable Accounts
	Blue Chip		Aggressive Growth	Diversified Research	Small-Cap Equity	International Large-Cap		Short Duration Bond (1)
Total cost of investments at beginning of year	$111,794		$3,639	$26,878	$34,329	$88,839		$—
Add:    Total net proceeds from policy and M&E transactions	10,391		3,762	12,962	17,738	15,539		63,870
Reinvested distributions from the Fund	166		—	107	176	871		1,001
Sub-Total	122,351		7,401	39,947	52,243	105,249		64,871
Less: Cost of investments disposed during the year	32,780		3,274	7,662	12,742	18,021		3,329
Total cost of investments at end of year	89,571		4,127	32,285	39,501	87,228		61,542
Add: Unrealized appreciation (depreciation)	(9,706	)	925	4,097	5,396	(1,542	)	(414	)
Total market value of investments at end of year	$79,865		$5,052	$36,382	$44,897	$85,686		$61,128
	I-Net Tollkeeper		Financial Services	Health Sciences	Technology	Growth LT		Focused 30
Total cost of investments at beginning of year	$6,656		$5,173	$6,595	$4,613	$339,420		$5,507
Add:    Total net proceeds from policy and M&E transactions	7,536		7,916	8,104	26,986	39,760		4,088
Reinvested distributions from the Fund	—		55	—	—	—		—
Sub-Total	14,192		13,144	14,699	31,599	379,180		9,595
Less: Cost of investments disposed during the year	7,075		5,792	6,057	23,187	132,298		3,325
Total cost of investments at end of year	7,117		7,352	8,642	8,412	246,882		6,270
Add: Unrealized appreciation	1,827		1,437	1,375	1,758	48,175		625
Total market value of investments at end of year	$8,944		$8,789	$10,017	$10,170	$295,057		$6,895
	Mid-Cap Value		International Value	Capital Opportunities	Equity Index	Small-Cap Index		Multi-Strategy
Total cost of investments at beginning of year	$77,088		$263,521	$26,348	$227,924	$41,255		$113,780
Add:    Total net proceeds from policy and M&E transactions	24,540		22,473	2,771	28,067	26,659		3,131
Reinvested distributions from the Fund	454		3,262	69	3,267	273		1,529
Sub-Total	102,082		289,256	29,188	259,258	68,187		118,440
Less: Cost of investments disposed during the year	27,496		75,282	9,644	94,339	24,008		25,514
Total cost of investments at end of year	74,586		213,974	19,544	164,919	44,179		92,926
Add: Unrealized appreciation	23,330		5,332	224	75,386	11,033		13,111
Total market value of investments at end of year	$97,916		$219,306	$19,768	$240,305	$55,212		$106,037
	Main Street Core (2)		Emerging Markets	Inflation Managed	Managed Bond	Small-Cap Value (1)		Money Market
Total cost of investments at beginning of year	$217,127		$32,160	$172,957	$346,965	$—		$163,118
Add:    Total net proceeds from policy and M&E transactions	22,370		8,234	26,130	5,761	21,450		174,907
Reinvested distributions from the Fund	1,883		342	11,163	29,248	191		1,017
Sub-Total	241,380		40,736	210,250	381,974	21,641		339,042
Less: Cost of investments disposed during the year	49,996		12,604	86,160	126,132	783		262,767
Total cost of investments at end of year	191,384		28,132	124,090	255,842	20,858		76,275
Add: Unrealized appreciation	19,475		14,616	22,002	14,636	4,769		276
Total market value of investments at end of year	$210,859		$42,748	$146,092	$270,478	$25,627		$76,551

(1) Operations commenced during 2003 (See Note 1 to Financial Statements).

(2) The Main Street Core Variable Account was formerly named Large-Cap Core Variable Account.

J-2

PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT

NOTES TO FINANCIAL STATEMENTS (Continued)

	Variable Accounts
	High Yield Bond	Equity Income	Equity		Aggressive Equity	Large-Cap Value		Comstock (1)
Total cost of investments at beginning of year	$116,059	$14,951	$98,456		$53,840	$156,944		$8,187
Add:    Total net proceeds from policy and M&E transactions	47,864	3,747	15,376		16,920	9,052		21,684
Reinvested distributions from the Fund	7,974	167	239		175	1,419		191
Sub-Total	171,897	18,865	114,071		70,935	167,415		30,062
Less: Cost of investments disposed during the year	41,936	6,722	44,266		35,626	29,384		3,186
Total cost of investments at end of year	129,961	12,143	69,805		35,309	138,031		26,876
Add: Unrealized appreciation (depreciation)	271	2,723	(352	)	3,384	(89	)	5,245
Total market value of investments at end of year	$130,232	$14,866	$69,453		$38,693	$137,942		$32,121
	Real Estate	Mid-Cap Growth
Total cost of investments at beginning of year	$31,858	$13,077
Add:    Total net proceeds from policy and M&E transactions	6,673	12,092
Reinvested distributions from the Fund	1,856	—
Sub-Total	40,387	25,169
Less: Cost of investments disposed during the year	11,279	16,835
Total cost of investments at end of year	29,108	8,334
Add: Unrealized appreciation	13,773	2,239
Total market value of investments at end of year	$42,881	$10,573

5. 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 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.

6. SUBSEQUENT EVENT

On February 24, 2004, the Pacific Select Fund’s Board approved a Plan of Reorganization (the “Reorganization”) whereby, subject to approval of shareholders of the Small-Cap Equity Portfolio, the underlying portfolio for the Small-Cap Equity Variable Account, the Small-Cap Index Portfolio, the underlying portfolio for the Small-Cap Index Variable Account, will acquire all of the assets and the liabilities of the Small-Cap Equity Portfolio. The Reorganization is expected to be effective as the close of business on April 30, 2004, or on a later date as the parties may agree.

(1) The Comstock Variable Account was formerly named Strategic Value Variable Account.

J-3

INDEPENDENT AUDITORS’ REPORT

The Board of Directors

Pacific Life Insurance Company:

We have audited the accompanying statements of assets and liabilities of Pacific Select Variable Annuity Separate Account (the “Separate Account”) (comprised of Blue Chip, Aggressive Growth, Diversified Research, Small-Cap Equity, International Large-Cap, Short Duration Bond, I-Net Tollkeeper, Financial Services, Health Sciences, Technology, Growth LT, Focused 30, Mid-Cap Value, International Value, Capital Opportunities, Equity Index, Small-Cap Index, Multi-Strategy, Main Street Core (formerly Large-Cap Core), Emerging Markets, Inflation Managed, Managed Bond, Small-Cap Value, Money Market, High Yield Bond, Equity Income, Equity, Aggressive Equity, Large-Cap Value, Comstock (formerly Strategic Value), Real Estate, and Mid-Cap Growth Variable Accounts, collectively, the “Variable Accounts”) as of December 31, 2003, the related statements of operations for the year then ended (as to the Short Duration Bond and Small-Cap Value Variable Accounts, for the period from commencement of operations through December 31, 2003), the statements of changes in net assets for each of the two years in the period then ended (as to the Equity Income Variable Account, for the year ended December 31, 2003, and for the period from commencement of operations through December 31, 2002, and as to the Short Duration Bond and Small-Cap Value Variable Accounts, for the period from commencement of operations through December 31, 2003), and the financial highlights for each of the three years in the period then ended (as to the Blue Chip, Aggressive Growth, Short Duration Bond, Financial Services, Health Sciences, Technology, Capital Opportunities, Small-Cap Value, Equity Income, and Mid-Cap Growth Variable Accounts, for the periods from commencement of operations through December 31, 2003). These financial statements and financial highlights are the responsibility of the Separate Account’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2003. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements and financial highlights presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective Variable Accounts constituting Pacific Select Variable Annuity Separate Account as of December 31, 2003, the results of their operations, the changes in their net assets, and the related financial highlights for the respective stated periods, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Costa Mesa, California

February 24, 2004

K-1

Annual Reports

as of December 31, 2003

• 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, LLP

1775 I 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. 302-4A