June 30, 2003 ·  Pacific Corinthian Variable     Separate Account of     Pacific Life Insurance Company

Semi-Annual

    Report

PACIFIC CORINTHIAN

TABLE OF CONTENTS

PACIFIC CORINTHIAN VARIABLE SEPARATE ACCOUNT
Financial Statements:
Statements of Assets and Liabilities	1
Statements of Operations	2
Statements of Changes in Net Assets	3
Financial Highlights	5
Notes to Financial Statements	6

PACIFIC CORINTHIAN VARIABLE SEPARATE ACCOUNT

STATEMENTS OF ASSETS AND LIABILITIES

JUNE 30, 2003 (Unaudited)

(In thousands)

	Variable	Variable	Variable	Variable	Variable	Variable	Variable	Variable	Variable	Variable
	Account	Account	Account	Account	Account	Account	Account	Account	Account	Account
	I	II	IV	VII	IX	X	XI	XII	XIII	XIV
ASSETS
Investments:
Money Market Portfolio	$1,616
Equity Portfolio		$19,493
Inflation Managed Portfolio			$1,298
Main Street Core Portfolio (1)				$4,351
Multi-Strategy Portfolio					$4,241
Managed Bond Portfolio						$9,884
High Yield Bond Portfolio							$112
Equity Index Portfolio								$1,496
International Value Portfolio									$462
Growth LT Portfolio										$3,084
Receivables:
Fund shares redeemed	–	2	1	1	1	1	–	–	–	1
Total Assets	1,616	19,495	1,299	4,352	4,242	9,885	112	1,496	462	3,085
LIABILITIES
Payables:
Due to Pacific Life Insurance Company	–	2	1	1	1	1	–	–	–	1
Other liabilities	7	66	3	16	9	2	1	5	1	10
Total Liabilities	7	68	4	17	10	3	1	5	1	11
NET ASSETS	$1,609	$19,427	$1,295	$4,335	$4,232	$9,882	$111	$1,491	$461	$3,074
Shares Owned in each Portfolio	160	1,256	101	265	310	820	16	64	42	203
Cost of Investments	$1,606	$16,901	$1,047	$3,731	$3,691	$8,678	$129	$1,554	$566	$3,782

(1) Formerly named Large-Cap Core Portfolio.

See Notes to Financial Statements

1

PACIFIC CORINTHIAN VARIABLE SEPARATE ACCOUNT

STATEMENTS OF OPERATIONS

FOR THE PERIOD ENDED JUNE 30, 2003 (Unaudited)

(In thousands)

	Variable		Variable		Variable		Variable		Variable		Variable	Variable	Variable		Variable		Variable
	Account		Account		Account		Account		Account		Account	Account	Account		Account		Account
	I		II		IV		VII		IX		X	XI	XII		XIII		XIV
INVESTMENT INCOME
Dividends	$8		$–		$–		$–		$–		$193	$4	$–		$–		$–
EXPENSES
Mortality and expense risk fees and operating expenses	11		112		8		26		24		60	1	9		2		17
Net Investment Income (Loss)	(3	)	(112	)	(8	)	(26	)	(24	)	133	3	(9	)	(2	)	(17	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from security transactions	1		33		1		18		1		27	–	(47	)	(2	)	(92	)
Change in net unrealized appreciation (depreciation) on investments	(1	)	1,808		75		394		381		360	9	209		32		519
Net Gain on Investments	–		1,841		76		412		382		387	9	162		30		427
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	($3	)	$1,729		$68		$386		$358		$520	$12	$153		$28		$410

See Notes to Financial Statements

2

PACIFIC CORINTHIAN VARIABLE SEPARATE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIOD ENDED JUNE 30, 2003 (Unaudited)

(In thousands)

	Variable		Variable		Variable		Variable		Variable		Variable		Variable		Variable		Variable		Variable
	Account		Account		Account		Account		Account		Account		Account		Account		Account		Account
	I		II		IV		VII		IX		X		XI		XII		XIII		XIV
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	($3	)	($112	)	($8	)	($26	)	($24	)	$133		$3		($9	)	($2	)	($17	)
Net realized gain (loss) from security transactions	1		33		1		18		1		27		–		(47	)	(2	)	(92	)
Change in net unrealized appreciation (depreciation) on investments	(1	)	1,808		75		394		381		360		9		209		32		519
Net Increase (Decrease) in Net Assets Resulting from Operations	(3	)	1,729		68		386		358		520		12		153		28		410
INCREASE (DECREASE) IN NET ASSETS FROM ACCOUNT TRANSACTIONS
Transfer of net premiums	38		32		–		–		–		4		–		4		–		–
Transfers between variable accounts, net	(144	)	(211	)	(5	)	(84	)	69		(81	)	13		14		20		(22	)
Transfers—policy charges and deductions	–		(29	)	–		–		–		(35	)	–		–		–		–
Transfers—surrenders	(47	)	(418	)	(14	)	(201	)	(116	)	(271	)	–		(122	)	(1	)	(17	)
Transfers—other			(7	)	–		–		–		(1	)	(1	)	–		(1	)	(1	)
Net Increase (Decrease) in Net Assets Derived from Account Transactions	(153	)	(633	)	(19	)	(285	)	(47	)	(384	)	12		(104	)	18		(40	)
NET INCREASE (DECREASE) IN NET ASSETS	(156	)	1,096		49		101		311		136		24		49		46		370
NET ASSETS
Beginning of Period	1,765		18,331		1,246		4,234		3,921		9,746		87		1,442		415		2,704
End of Period	$1,609		$19,427		$1,295		$4,335		$4,232		$9,882		$111		$1,491		$461		$3,074

See Notes to Financial Statements

3

PACIFIC CORINTHIAN VARIABLE SEPARATE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2002

(In thousands)

	Variable		Variable		Variable		Variable		Variable		Variable		Variable		Variable		Variable		Variable
	Account		Account		Account		Account		Account		Account		Account		Account		Account		Account
	I		II		IV		VII		IX		X		XI		XII		XIII		XIV
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$4		($194	)	$14		($28	)	$84		$398		$8		$157		($2	)	($7	)
Net realized gain (loss) from security transactions	3		441		6		119		43		4		(11	)	(96	)	(29	)	(1,071	)
Change in net unrealized appreciation (depreciation) on investments	(3	)	(7,697	)	124		(2,084	)	(857	)	473		(2	)	(578	)	(50	)	(247	)
Net Increase (Decrease) in Net Assets Resulting from Operations	4		(7,450	)	144		(1,993	)	(730	)	875		(5	)	(517	)	(81	)	(1,325	)
INCREASE (DECREASE) IN NET ASSETS FROM ACCOUNT TRANSACTIONS
Transfer of net premiums	–		27		–		1		1		12		–		–		–		–
Transfers between variable accounts, net	(55	)	(718	)	5		(121	)	(79	)	–		(16	)	(162	)	(22	)	(340	)
Transfers—policy charges and deductions	(81	)	(181	)	(1	)	(179	)	(25	)	(69	)	–		(45	)	(1	)	(203	)
Transfers—surrenders	(285	)	(1,583	)	(5	)	(500	)	(503	)	(511	)	(7	)	(159	)	(14	)	(251	)
Transfers—other	–		21		(1	)	7		1		–		–		3		1		9
Net Decrease in Net Assets Derived from Account Transactions	(421	)	(2,434	)	(2	)	(792	)	(605	)	(568	)	(23	)	(363	)	(36	)	(785	)
NET INCREASE (DECREASE) IN NET ASSETS	(417	)	(9,884	)	142		(2,785	)	(1,335	)	307		(28	)	(880	)	(117	)	(2,110	)
NET ASSETS
Beginning of Year	2,182		28,215		1,104		7,019		5,256		9,439		115		2,322		532		4,814
End of Year	$1,765		$18,331		$1,246		$4,234		$3,921		$9,746		$87		$1,442		$415		$2,704

See Notes to Financial Statements

4

PACIFIC CORINTHIAN VARIABLE 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 period or year ended are presented in the table below.

				Ratios of		Ratios
	AUV	Number	Total	Investment		of
	at	of	Net	Income to		Expenses to
	End of	Units	Assets	Average		Average		Total
For the Period or Year Ended	Period/Year	Outstanding	(in $000's)	Net Assets (1)		Net Assets (1)		Returns (2)
I
06/30/2003 (Unaudited)	$2.20	732,045	$1,609	0.90	%	1.23	%	(0.17	%)
2002	2.20	801,386	1,765	1.41	%	1.22	%	0.18	%
2001	2.20	992,530	2,182	3.87	%	1.21	%	2.62	%
II
06/30/2003 (Unaudited)	$4.91	3,957,260	$19,427	0.00	%	1.23	%	9.73	%
2002	4.47	4,097,487	18,331	0.37	%	1.23	%	(27.40	%)
2001	6.16	4,578,403	28,215	6.33	%	1.21	%	(22.70	%)
IV
06/30/2003 (Unaudited)	$2.84	455,434	$1,295	0.00	%	1.23	%	5.52	%
2002	2.69	462,326	1,246	2.54	%	1.23	%	14.04	%
2001	2.36	467,059	1,104	3.71	%	1.20	%	3.02	%
VII
06/30/2003 (Unaudited)	$2.33	1,862,107	$4,335	0.00	%	1.23	%	9.59	%
2002	2.12	1,993,087	4,234	0.71	%	1.23	%	(29.27	%)
2001	3.00	2,336,761	7,019	1.88	%	1.21	%	(9.97	%)
IX
06/30/2003 (Unaudited)	$2.48	1,705,992	$4,232	0.00	%	1.23	%	9.14	%
2002	2.27	1,725,264	3,921	3.10	%	1.23	%	(14.13	%)
2001	2.65	1,985,813	5,256	2.67	%	1.21	%	(2.34	%)
X
06/30/2003 (Unaudited)	$1.84	5,360,037	$9,882	3.96	%	1.23	%	5.43	%
2002	1.75	5,573,069	9,746	5.40	%	1.23	%	9.58	%
2001	1.60	5,914,861	9,439	5.11	%	1.21	%	6.04	%
XI
06/30/2003 (Unaudited)	$1.44	77,431	$111	7.58	%	1.23	%	11.70	%
2002	1.29	67,462	87	8.70	%	1.22	%	(4.17	%)
2001	1.34	85,823	115	9.90	%	1.21	%	0.13	%
XII
06/30/2003 (Unaudited)	$2.12	703,313	$1,491	0.00	%	1.23	%	10.93	%
2002	1.91	754,519	1,442	9.76	%	1.23	%	(23.29	%)
2001	2.49	931,726	2,322	1.45	%	1.21	%	(13.21	%)
XIII
06/30/2003 (Unaudited)	$1.11	416,225	$461	0.00	%	1.23	%	6.18	%
2002	1.04	397,673	415	0.91	%	1.22	%	(14.96	%)
2001	1.23	433,781	532	2.68	%	1.21	%	(22.81	%)
XIV
06/30/2003 (Unaudited)	$2.22	1,382,184	$3,074	0.00	%	1.23	%	15.36	%
2002	1.93	1,402,534	2,704	1.02	%	1.23	%	(29.84	%)
2001	2.75	1,752,136	4,814	17.14	%	1.21	%	(30.40	%)

(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 (M&E) charges and operating expenses assessed through the daily accumulation unit value calculation. M&E charges are assessed at an annual rate of 1.19% of the average daily net assets of each Variable Account as discussed in Notes 5 to Financial Statements. Total returns do not include deductions at the separate account or contract level for any premium loads, 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 for periods of less than one full year are not annualized.

See Notes to Financial Statements

5

PACIFIC CORINTHIAN VARIABLE SEPARATE ACCOUNT

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

1. ORGANIZATION

Pacific Corinthian Variable Separate Account (the “Separate Account”) of Pacific Life Insurance Company (“Pacific Life”) operates as a unit investment trust under the Investment Company Act of 1940, as amended, is divided into subaccounts (“Variable Accounts”). The assets in each Variable Account invest in shares of the corresponding portfolios of Pacific Select Fund (the “Fund”) as follows:

	Portfolios
Variable Account I	Money Market Portfolio
Variable Account II	Equity Portfolio
Variable Account IV	Inflation Managed Portfolio
Variable Account VII	Main Street® Core Portfolio *
Variable Account IX	Multi-Strategy Portfolio
Variable Account X	Managed Bond Portfolio
Variable Account XI	High Yield Bond Portfolio
Variable Account XII	Equity Index Portfolio
Variable Account XIII	International Value Portfolio
Variable Account XIV	Growth LT Portfolio
* Formerly named Large-Cap Core Portfolio (Main Street is a registered trademark of Oppenheimer Funds).

Each portfolio pursues different investment objectives and policies. The financial statements of the Fund, including the schedules of investments, are provided separately and should be read in conjunction with the Separate Account’s financial statements.

The Separate Account held by Pacific Life represents funds from individual flexible premium deferred annuity and variable accumulation contracts (the “Contract”). The assets of the Separate Account are carried at market value.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America 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.

3. DIVIDENDS

During the six-month period ended June 30, 2003, the Fund declared dividends for the Money Market, Managed Bond, and High Yield Bond 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 portfolio.

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.

5. CONTRACT CHARGES

A contingent deferred sales charge may be deducted upon partial or complete withdrawal or upon annuitization of a Contract.

An annual contract maintenance charge of $30 is imposed on all Contracts on December 31 of each year. The charge covers the cost of Contract administration and is apportioned equally among the Variable Accounts to which the Contract Value is allocated.

Mortality and expense risks assumed by Pacific Life are compensated for by a charge equivalent to an annual rate of 1.19% of the value of each Variable Account’s net assets of which approximately 1.00% is for assuming mortality risks and 0.19% is for assuming expense risks.

In addition, the Separate Account bears certain of its operating expenses, subject to Pacific Life’s guarantee that such expenses will not exceed 0.25% of each Variable Account’s average daily net assets annually. For the period ended June 30, 2003, these operating expenses for each of the Variable Accounts were below the 0.25% expense cap. Pacific Life further guarantees that the ordinary operating expenses of a Variable Account together with the operating expenses incurred by its underlying Fund’s portfolio, exclusive of advisory and management fees, interest, taxes, brokerage commissions, transaction costs or extraordinary expenses, will not exceed 0.60% of average daily net assets annually after consideration for any adjustment by the Fund’s Investment Adviser for Fund expenses in excess of state expense limitations, except that additional custodial costs associated with holding foreign securities and foreign taxes on dividends, interests and gains will also be excluded with respect to the underlying International Value Portfolio of the Fund. For the period ended June 30, 2003, these combined operating expenses for each of the Variable Accounts were below the 0.60% expense cap.

6

PACIFIC CORINTHIAN VARIABLE SEPARATE ACCOUNT

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

6. 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 fees and operating expenses (M&E). A reconciliation of total cost and market value of the Separate Account's investments in the Fund as of June 30, 2003, were as follows (amounts in thousands):

	Variable Accounts
	I	II		IV		VII		IX
Total cost of investments at beginning of period	$1,761	$17,607		$1,073		$4,023		$3,760
Add: Total net proceeds from policy and M&E transactions	59	119		24		–		98
Reinvested distributions from the Fund	8	–		–		–		–
Sub-Total	1,828	17,726		1,097		4,023		3,858
Less: Cost of investments disposed during the period	222	825		50		292		167
Total cost of investments at end of period	1,606	16,901		1,047		3,731		3,691
Add: Unrealized appreciation	10	2,592		251		620		550
Total market value of investments at end of period	$1,616	$19,493		$1,298		$4,351		$4,241
	X	XI		XII		XIII		XIV
Total cost of investments at beginning of period	$8,902	$113		$1,713		$552		$3,930
Add: Total net proceeds from policy and M&E transactions	179	13		59		20		21
Reinvested distributions from the Fund	193	4		–		–		–
Sub-Total	9,274	130		1,772		572		3,951
Less: Cost of investments disposed during the period	596	1		218		6		169
Total cost of investments at end of period	8,678	129		1,554		566		3,782
Add: Unrealized appreciation (depreciation)	1,206	(17	)	(58	)	(104	)	(698	)
Total market value of investments at end of period	$9,884	$112		$1,496		$462		$3,084

7

Semi-Annual Report

as of June 30, 2003

•  Pacific Corinthian Variable

   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 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. 1211-3A