<PAGE>
December 31, 1999 . Pacific Select
Separate Account of
Pacific Life Insurance Company
Annual
Report
Pacific Select
<PAGE>
Dear Pacific Select Policy Owner:
We are pleased to share with you the 1999 Annual Report of the Pacific
Select Separate Account ("Separate Account") of Pacific Life Insurance Company
("Pacific Life").
The Separate Account supports your Pacific Select Flexible Premium Variable
Universal Life Insurance Policy ("the Policy") from Pacific Life. The Separate
Account is divided into subaccounts, called Variable Accounts. A fixed account
option is also available.
The following indicates the Accumulated Values and Cash Surrender Values as
of December 31, 1999, assuming a hypothetical policy was purchased (1) on the
date each Variable Account began operations, and (2) on January 4, 1999, if
later. Also assumed is that 100% of the premium payment was allocated to such
Variable Account. The Policy is based on an insured male, nonsmoker, age 55,
single premium payment of $50,000 (also Guideline Single Premium), and a Level
and Initial Death Benefit of $134,671:
<TABLE>
<CAPTION>
Variable Accounts
---------------------------------------------------------------------------------------
Aggressive Emerging Multi- Equity Growth
Equity Markets Growth Equity Strategy Income LT
1/15/97* 1/15/97* 2/18/88* 5/12/98* 2/22/88* 3/21/88* 1/4/94*
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
(1) Policy Purchased On Date Variable
Account Began Operations
AV** ................................... $69,076.25 $47,562.74 $297,161.85 $73,078.05 $152,627.61 $215,708.25 $289,516.12
CSV*** ................................. 65,876.25 44,362.74 297,161.85 69,344.71 152,627.61 215,708.25 287,516.12
(2) Policy Purchased On 1/4/99
AV** ................................... 63,226.79 73,866.47 73,161.35 68,419.77 52,600.16 55,645.71 97,157.03
CSV*** ................................. 59,226.79 69,866.47 69,161.35 64,419.77 48,600.16 51,645.71 93,157.03
Equity Inter- Government Managed Money High Yield
Index national Securities Bond Market Bond
2/12/91* 2/18/88* 7/1/88* 2/22/88* 1/7/88* 7/14/88*
-----------------------------------------------------------------------------
(1) Policy Purchased On Date Variable
Account Began Operations
AV** ................................... $203,750.48 $119,679.35 $95,326.33 $100,645.30 $68,215.46 $115,409.32
CSV*** ................................. 202,917.14 119,679.35 95,326.33 100,645.30 68,215.46 115,409.32
(2) Policy Purchased On 1/4/99
AV** ................................... 59,406.18 59,075.72 48,191.34 48,238.88 51,544.47 50,486.87
CSV*** ................................. 55,406.18 55,075.72 44,191.34 44,238.88 47,544.47 46,486.87
</TABLE>
- --------------------------------------------
* Date Variable Account began operations.
** Accumulated Value: Includes deductions for all policy charges, including
cost of insurance, except surrender charges. Cost of insurance rates
vary depending on age and smoking status.
*** Cash Surrender Value: Includes deductions for all policy charges,
including surrender charges that would have been deducted if the policy
had been surrendered on December 31, 1999. Surrender charges vary by
policy.
* * * *
If you have any questions, please contact your Registered Representative,
or call Pacific Life's Marketing Department at our toll free number 1-800-800-
7681.
Sincerely,
/s/ Thomas C. Sutton
Thomas C. Sutton
Chairman and Chief Executive Officer
Pacific Life Insurance Company
1
<PAGE>
INDEPENDENT AUDITORS' REPORT
The Board of Directors
Pacific Life Insurance Company:
We have audited the accompanying includes assessing the accounting
statement of assets and liabilities principles used and significant
of Pacific Select Separate Account estimates made by management, as well
(comprised of the Aggressive Equity, as evaluating the overall financial
Emerging Markets, Growth, Equity, statement presentation. We believe
Multi-Strategy, Equity Income, Growth that our audits provide a reasonable
LT, Equity Index, International, basis for our opinion.
Government Securities, Managed Bond,
Money Market, and High Yield Bond In our opinion, such financial
Variable Accounts) as of December 31, statements present fairly, in all
1999 and the related statement of material respects, the financial
operations for the year then ended position of each of the respective
and statement of changes in net Variable Accounts constituting
assets for each of the two years in Pacific Select Separate Account as of
the period then ended (as to the December 31, 1999 and the results of
Equity Variable Account, for the year their operations for the year then
ended December 31, 1999 and for the ended and the changes in their net
period from commencement of assets for each of the two years in
operations through December 31, the period then ended (as to the
1998). These financial statements Equity Variable Account, for the year
are the responsibility of the ended December 31, 1999 and for the
Separate Account's management. Our period from commencement of
responsibility is to express an operations through December 31,
opinion on these financial statements 1998), in conformity with generally
based on our audits. accepted accounting principles.
We conducted our audits in
accordance with generally accepted
auditing standards. Those standards DELOITTE & TOUCHE LLP
require that we plan and perform the
audit to obtain reasonable assurance Costa Mesa, California
about whether the financial statements February 7, 2000
are free of material misstatement.
An audit includes examining, on a
test basis, evidence supporting the
amounts and disclosures in the
financial statements. An audit also
2
<PAGE>
PACIFIC SELECT SEPARATE ACCOUNT
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
(In thousands)
<TABLE>
<CAPTION>
Aggressive Emerging Multi- Equity Growth
Equity Markets Growth Equity Strategy Income LT
Variable Variable Variable Variable Variable Variable Variable
Account Account Account Account Account Account Account
------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments:
Aggressive Equity Portfolio (10 shares; cost $112)... $144
Emerging Markets Portfolio (7 shares; cost $58) ..... $78
Growth Portfolio (317 shares; cost $5,749) .......... $9,448
Equity Portfolio (6 shares; cost $164) .............. $210
Multi-Strategy Portfolio (74 shares; cost $977) ..... $1,252
Equity Income Portfolio (119 shares; cost $2,192).... $3,290
Growth LT Portfolio (75 shares; cost $1,377) ........ $3,591
------------------------------------------------------------------------
Total Assets .......................................... 144 78 9,448 210 1,252 3,290 3,591
------------------------------------------------------------------------
LIABILITIES
Payables:
Mortality and expense risk fee ...................... 5 1 2 2
------------------------------------------------------------------------
Total Liabilities ..................................... 5 1 2 2
------------------------------------------------------------------------
NET ASSETS ............................................ $144 $78 $9,443 $210 $1,251 $3,288 $3,589
------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements
3
<PAGE>
PACIFIC SELECT SEPARATE ACCOUNT
STATEMENT OF ASSETS AND LIABILITIES (Continued)
DECEMBER 31, 1999
(In thousands)
<TABLE>
<CAPTION>
Govern- High
Equity Inter- ment Managed Money Yield
Index national Securities Bond Market Bond
Variable Variable Variable Variable Variable Variable
Account Account Account Account Account Account
----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments:
Equity Index Portfolio (145 shares; cost $3,261) ......... $5,554
International Portfolio (258 shares; cost $3,589) ........ $4,767
Government Securities Portfolio (24 shares; cost $260).... $247
Managed Bond Portfolio (74 shares; cost $792)............. $761
Money Market Portfolio (130 shares; cost $1,318) ......... $1,314
High Yield Bond Portfolio (714 shares; cost $6,622)....... $6,288
----------------------------------------------------------------
Total Assets ................................................. 5,554 4,767 247 761 1,314 6,288
----------------------------------------------------------------
LIABILITIES
Payables:
Mortality and expense risk fee ........................... 3 3 1 4
----------------------------------------------------------------
Total Liabilities ............................................ 3 3 1 4
----------------------------------------------------------------
NET ASSETS.................................................... $5,551 $4,764 $247 $761 $1,313 $6,284
----------------------------------------------------------------
</TABLE>
See Notes to Financial Statements
4
<PAGE>
PACIFIC SELECT SEPARATE ACCOUNT
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1999
(In thousands)
<TABLE>
<CAPTION>
Aggressive Emerging Multi- Equity Growth
Equity Markets Growth Equity Strategy Income LT
Variable Variable Variable Variable Variable Variable Variable
Account Account (1) Account Account Account Account Account
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Dividends ................... $13 $852 $1 $103 $289 $225
EXPENSES
Mortality and expense
risk fee.................... 1 $1 52 1 9 24 19
---------------------------------------------------------------------------------
Net Investment Income (Loss) .... 12 (1) 800 0 94 265 206
---------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS
Net realized gain (loss) from
security transactions....... 2 (31) 207 13 11 446 379
Net unrealized appreciation
(depreciation) on
investments................. 18 70 2,025 34 (32) (304) 1,305
---------------------------------------------------------------------------------
Net Realized and Unrealized Gain
(Loss) on Investments........... 20 39 2,232 47 (21) 142 1,684
---------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS....... $32 $38 $3,032 $47 $73 $407 $1,890
---------------------------------------------------------------------------------
</TABLE>
(1) Total dividends received in full for the year were $367.
See Notes to Financial Statements
5
<PAGE>
<TABLE>
<CAPTION>
PACIFIC SELECT SEPARATE ACCOUNT
STATEMENT OF OPERATIONS (Continued)
FOR THE YEAR ENDED DECEMBER 31, 1999
(In thousands)
Govern- High
Equity Inter- ment Managed Money Yield
Index national Securities Bond Market Bond
Variable Variable Variable Variable Variable Variable
Account Account Account Account Account Account
------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Dividends................................ $79 $192 $19 $58 $31 $537
EXPENSES
Mortality and expense
risk fee................................ 35 30 2 5 4 44
------------------------------------------------------------
Net Investment Income........................ 44 162 17 53 27 493
------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS
Net realized gain (loss) from
security transactions................... 217 85 (3) 1 1 (2)
Net unrealized appreciation
(depreciation) on
investments............................. 637 628 (22) (73) (3) (356)
-----------------------------------------------------------
Net Realized and Unrealized Gain
(Loss) on Investments....................... 854 713 (25) (72) (2) (358)
-----------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS................... $898 $875 ($8) ($19) $25 $135
-----------------------------------------------------------
</TABLE>
See Notes to Financial Statements
6
<PAGE>
PACIFIC SELECT SEPARATE ACCOUNT
STATEMENT OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1999
(In thousands)
<TABLE>
<CAPTION>
Aggressive Emerging Multi- Equity Growth
Equity Markets Growth Equity Strategy Income LT
Variable Variable Variable Variable Variable Variable Variable
Account Account Account Account Account Account Account
---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)............................... $12 ($1) $800 $94 $265 $206
Net realized gain (loss) from security transactions........ 2 (31) 207 $13 11 446 379
Net unrealized appreciation (depreciation) on investments.. 18 70 2,025 34 (32) (304) 1,305
---------------------------------------------------------------------
Net Increase in Net Assets Resulting from Operations ........ 32 38 3,032 47 73 407 1,890
---------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
FROM POLICY TRANSACTIONS
Transfers--policy charges and deductions................... (1) (57) (7) (43) (12)
Transfers in (from other variable accounts)................ 303 709 156 40 7 372
Transfers out (to other variable accounts)................. (11) (368) (869) (154) (5) (760) (367)
Transfers--other........................................... 6 (282) (14) (125) (237)
---------------------------------------------------------------------
Net Increase (Decrease) in Net Assets Derived
from Policy Transactions................................... (11) (60) (499) 2 14 (921) (244)
---------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ....................... 21 (22) 2,533 49 87 (514) 1,646
---------------------------------------------------------------------
NET ASSETS
Beginning of Year.......................................... 123 100 6,910 161 1,164 3,802 1,943
---------------------------------------------------------------------
End of Year................................................ $144 $78 $9,443 $210 $1,251 $3,288 $3,589
---------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements
7
<PAGE>
PACIFIC SELECT SEPARATE ACCOUNT
STATEMENT OF CHANGES IN NET ASSETS (Continued)
FOR THE YEAR ENDED DECEMBER 31, 1999
(In thousands)
<TABLE>
<CAPTION>
Govern- High
Equity Inter- ment Managed Money Yield
Index national Securities Bond Market Bond
Variable Variable Variable Variable Variable Variable
Account Account Account Account Account Account
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income ....................................... $44 $162 $17 $53 $27 $493
Net realized gain (loss) from security transactions ......... 217 85 (3) 1 1 (2)
Net unrealized appreciation (depreciation) on investments ... 637 628 (22) (73) (3) (356)
------------------------------------------------------------------
Net Increase (Decrease) in Net Assets Resulting
from Operations.............................................. 898 875 (8) (19) 25 135
------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
FROM POLICY TRANSACTIONS
Transfer of net premiums .................................... 502
Transfers--policy charges and deductions .................... (35) (34) (1) (5) (19) (30)
Transfers in (from other variable accounts) ................. 1,384 342 724 1,662 500
Transfers out (to other variable accounts) .................. (902) (615) (8) (651) (822) (468)
Transfers--other ............................................ (44) (61) (50) (8) (353) (18)
------------------------------------------------------------------
Net Increase (Decrease) in Net Assets Derived
from Policy Transactions .................................... 403 (368) (59) 60 970 (16)
------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ......................... 1,301 507 (67) 41 995 119
------------------------------------------------------------------
NET ASSETS
Beginning of Year ........................................... 4,250 4,257 314 720 318 6,165
------------------------------------------------------------------
End of Year ................................................. $5,551 $4,764 $247 $761 $1,313 $6,284
------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements
8
<PAGE>
PACIFIC SELECT SEPARATE ACCOUNT
STATEMENT OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1998
(In thousands)
<TABLE>
Aggresive Emerging Multi- Equity Growth
Equity Markets Growth Equity Strategy Income LT
Variable Variable Variable Variable Variable Variable Variable
Account Account Account Account(1) Account Account Account
--------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss) ................................. ($1) $673 ($1) $96 $406 $55
Net realized gain (loss) from security transactions .......... 1 ($29) 148 33 86 14
Net unrealized appreciation (depreciation) on investments .... 14 (19) (668) 13 47 235 636
--------------------------------------------------------------------
Net Increase (Decrease) in Net Assets Resulting
from Operations............................................... 14 (48) 153 12 176 727 705
--------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
FROM POLICY TRANSACTIONS
Transfers--policy charges and deductions ..................... (3) (71) (1) (8) (55) (9)
Transfers in (from other variable accounts) .................. 104 79 443 150 11 32 49
Transfers out (to other variable accounts) ................... (14) (129) (315) (6) (118) (21)
Transfers--other ............................................. 1 2 (157) (100) (57) (16)
--------------------------------------------------------------------
Net Increase (Decrease) in Net Assets Derived
from Policy Transactions ..................................... 91 (51) (100) 149 (103) (198) 3
--------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ......................... 105 (99) 53 161 73 529 708
--------------------------------------------------------------------
NET ASSETS
Beginning of Year ............................................ 18 199 6,857 1,091 3,273 1,235
--------------------------------------------------------------------
End of Year .................................................. $123 $100 $6,910 $161 $1,164 $3,802 $1,943
--------------------------------------------------------------------
</TABLE>
(1) For the period from May 12, 1998 (commencement of operations) to
December 31, 1998.
See Notes to Financial Statements
9
<PAGE>
PACIFIC SELECT SEPARATE ACCOUNT
STATEMENT OF CHANGES IN NET ASSETS (Continued)
FOR THE YEAR ENDED DECEMBER 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Govern- High
Equity Inter- ment Managed Money Yield
Index national Securities Bond Market Bond
Variable Variable Variable Variable Variable Variable
account Account Account Account Account Account
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income................................ $53 $337 $19 $38 $10 $509
Net realized gain from security transactions......... 97 50 1 4 9
Net unrealized appreciation (depreciation)
on investments....................................... 780 (184) 5 12 (410)
----------------------------------------------------------------------------
Net Increase in Net Assets Resulting
from Operations...................................... 930 203 25 54 10 108
----------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
FROM POLICY TRANSACTIONS
Transfers--policy charges and deductions............. (42) (50) (1) (5) (9) (39)
Transfers in (from other variable accounts).......... 131 95 1 142 570 116
Transfers out (to other variable accounts)........... (193) (187) (2) (97) (478) (133)
Transfers--other..................................... (13) (26) (37) (2) 8 12
----------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets Derived
from Policy Transactions............................. (117) (168) (39) 38 91 (44)
----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS................. 813 35 (14) 92 101 64
----------------------------------------------------------------------------
NET ASSETS
Beginning of Year.................................... 3,437 4,222 328 628 217 6,101
----------------------------------------------------------------------------
End of Year.......................................... $4,250 $4,257 $314 $720 $318 $6,165
----------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements
10
<PAGE>
PACIFIC SELECT SEPARATE ACCOUNT
NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES
The Pacific Select Separate Account (the "Separate Account") is registered as
a unit investment trust under the Investment Company Act of 1940, as amended,
and is currently comprised of fourteen subaccounts called Variable Accounts: the
Aggressive Equity Variable Account, the Emerging Markets Variable Account, the
Growth Variable Account, the Bond and Income Variable Account, the Equity
Variable Account, the Multi-Strategy Variable Account, the Equity Income
Variable Account, the Growth LT Variable Account, the Equity Index Variable
Account, the International Variable Account, the Government Securities Variable
Account, the Managed Bond Variable Account, the Money Market Variable Account,
and the High Yield Bond Variable Account. There was no operational activity or
outstanding positions in the Bond and Income Variable Account through December
31, 1999. 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 provided separately and
should be read in conjunction with the Separate Account's financial statements.
The Separate Account was established by Pacific Life Insurance Company
("Pacific Life") on November 20, 1986 and commenced operations on January 7,
1988. 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 life insurance, are obligations of Pacific Life.
The Separate Account held by Pacific Life represents funds from individual
flexible premium variable life insurance policies. The assets of the Separate
Account are carried at market value.
The preparation of the accompanying financial statements requires management
to make estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts of
income and expenses during the reporting period. 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
Transactions are recorded on the trade date. Realized gains and losses on
sales of investments are determined on the basis of identified cost.
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 1999, the Fund declared dividends for each portfolio. 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.
3. CHARGES AND EXPENSES
Pacific Life charges the Separate Account daily for mortality and expense
risks assumed with respect to variable life insurance policies funded by the
Separate Account at an annual rate of 0.70% of the average daily net assets of
each Variable Account. Under the policies, Pacific Life makes certain
deductions from the net assets of each Variable Account for sales load,
administrative expenses, state premium taxes, cost of insurance and charges for
optional benefits. The operating expenses of the Separate Account are paid by
Pacific Life.
4. RELATED PARTY AGREEMENT
Pacific Mutual Distributors, Inc., a wholly-owned subsidiary of Pacific Life,
serves as principal underwriter of variable life insurance policies funded by
interests in the Separate Account, without remuneration from the Separate
Account.
11
<PAGE>
PACIFIC SELECT SEPARATE ACCOUNT
NOTES TO FINANCIAL STATEMENTS (Continued)
5. SEPARATE ACCOUNT'S COST OF INVESTMENTS IN THE FUND SHARES
The investment 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). Total cost and market
value of the Separate Account's investments in the Fund as of December 31, 1999
were as follows (amounts in thousands):
<TABLE>
<CAPTION>
Variable Accounts
-----------------------------------------------------------------
Aggressive Emerging Multi-
Equity Markets Growth Equity Strategy
-----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Total cost of investments at beginning of year $108 $150 $5,239 $149 $858
Add: Total net proceeds from policy and M&E transactions 44 74 156 40
Reinvested distributions from the Fund:
(a) Net investment income 16 31
(b) Net realized gain 13 836 1 72
-----------------------------------------------------------------
Sub-Total 121 194 6,165 306 1,001
Less: Cost of investments disposed during the year 9 136 416 142 24
-----------------------------------------------------------------
Total cost of investments at end of year 112 58 5,749 164 977
Add: Unrealized appreciation 32 20 3,699 46 275
-----------------------------------------------------------------
Total market value of investments at end of year $144 $78 $9,448 $210 $1,252
-----------------------------------------------------------------
Equity Growth Equity Inter- Government
Income LT Index national Securities
-----------------------------------------------------------------
Total cost of investments at beginning of year $2,402 $1,035 $2,597 $3,709 $306
Add: Total net proceeds from policy and M&E transactions 24 372 822 59
Reinvested distributions from the Fund:
(a) Net investment income 29 56 31 15
(b) Net realized gain 260 225 23 161 4
-----------------------------------------------------------------
Sub-Total 2,715 1,632 3,498 3,960 325
Less: Cost of investments disposed during the year 523 255 237 371 65
-----------------------------------------------------------------
Total cost of investments at end of year 2,192 1,377 3,261 3,589 260
Add: Unrealized appreciation (depreciation) 1,098 2,214 2,293 1,178 (13)
-----------------------------------------------------------------
Total market value of investments at end of year $3,290 $3,591 $5,554 $4,767 $247
-----------------------------------------------------------------
Managed Money High Yield
Bond Market Bond
--------------------------------------------
Total cost of investments at beginning of year $678 $318 $6,147
Add: Total net proceeds from policy and M&E transactions 155 1,536 86
Reinvested distributions from the Fund:
(a) Net investment income 41 31 537
(b) Net realized gain 17
--------------------------------------------
Sub-Total 891 1,885 6,770
Less: Cost of investments disposed during the year 99 567 148
--------------------------------------------
Total cost of investments at end of year 792 1,318 6,622
Add: Unrealized depreciation (31) (4) (334)
--------------------------------------------
Total market value of investments at end of year $761 $1,314 $6,288
--------------------------------------------
</TABLE>
12
<PAGE>
PACIFIC SELECT SEPARATE ACCOUNT
NOTES TO FINANCIAL STATEMENTS (Continued)
6. TRANSACTIONS IN SEPARATE ACCOUNT UNITS AND SELECTED ACCUMULATION UNIT **
INFORMATION
Transactions in Separate Account units for the year ended December 31, 1999
and the selected accumulation unit information as of December 31, 1999 were as
follows:
<TABLE>
<CAPTION> Variable Accounts
------------------------------------------------------------
Aggressive Emerging Multi-
Equity Markets Growth Equity Strategy
------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Total units outstanding at beginning of year 10,759 14,939 154,387 14,925 35,445
Increase (decrease) in units resulting from
policy transactions:
(a) Transfer of net premiums 1
(b) Transfers--policy charges and deductions (6) (133) (1,167) (31) (218)
(c) Transfers in (from other variable accounts) 36,222 14,912 13,340 1,124
(d) Transfers out (to other variable accounts) (812) (43,906) (18,286) (14,083) (145)
(e) Transfers--other 531 (5,921) (72) (392)
------------------------------------------------------------
Sub-Total (818) (7,285) (10,462) (846) 369
------------------------------------------------------------
Total units outstanding at end of year 9,941 7,654 143,925 14,079 35,814
------------------------------------------------------------
Accumulation Unit Value: At beginning of year $11.43 $6.69 $44.76 $10.81 $32.85
At end of year $14.46 $10.20 $65.61 $14.92 $34.93
------------------------------------------------------------
Equity Growth Equity Inter- Government
Income LT Index national Securities
------------------------------------------------------------
Total units outstanding at beginning of year 87,745 62,601 113,573 183,341 13,791
Increase (decrease) in units resulting from
policy transactions:
(a) Transfer of net premiums
(b) Transfers--policy charges and deductions (937) (292) (884) (1,417) (38)
(c) Transfers in (from other variable accounts) 160 5,717 35,192 14,080 7
(d) Transfers out (to other variable accounts) (16,749) (5,647) (22,936) (25,340) (373)
(e) Transfers--other (2,760) (3,632) (1,135) (2,485) (2,261)
------------------------------------------------------------
Sub-Total (20,286) (3,854) 10,237 (15,162) (2,665)
------------------------------------------------------------
Total units outstanding at end of year 67,459 58,747 123,810 168,179 11,126
------------------------------------------------------------
Accumulation Unit Value: At beginning of year $43.33 $31.03 $37.42 $23.22 $22.78
At end of year $48.74 $61.10 $44.83 $28.33 $22.17
------------------------------------------------------------
Managed Money High Yield
Bond Market Bond
---------------------------------
Total units outstanding at beginning of year 29,885 19,262 238,261
Increase (decrease) in units resulting from
policy transactions:
(a) Transfer of net premiums 29,333
(b) Transfers--policy charges and deductions (196) (1,119) (1,137)
(c) Transfers in (from other variable accounts) 30,596 98,671 19,452
(d) Transfers out (to other variable accounts) (27,479) (48,812) (18,202)
(e) Transfers--other (362) (20,869) (730)
---------------------------------
Sub-Total 2,559 57,204 (617)
---------------------------------
Total units outstanding at end of year 32,444 76,466 237,644
---------------------------------
Accumulation Unit Value: At beginning of year $24.08 $16.48 $25.88
At end of year $23.45 $17.18 $26.44
---------------------------------
</TABLE>
- ------------------------------------
** Accumulation Unit: unit of measure used to calculate the value of a Policy
Owner's interest in a Variable Account during the accumulation period.
13
