# EDGAR Filing Document

**Accession Number:** 0000813900
**File Stem:** 0001104659-26-051866
**Filing Date:** 2026-4
**Character Count:** 35040
**Document Hash:** a1a645aeac357cee03cadc87c33ca3a1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-051866.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001104659-26-051866

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260429

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PACIFIC SELECT FUND
- **CENTRAL INDEX KEY:** 0000813900

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-13954
- **FILM NUMBER:** 26918875

**BUSINESS ADDRESS:**
- **STREET 1:** 700 NEWPORT CTR DR
- **STREET 2:** P O BOX 7500
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660
- **BUSINESS PHONE:** 9492193233

**MAIL ADDRESS:**
- **STREET 1:** 700 NEWPORT CTR DR
- **STREET 2:** P O BOX 7500
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660

## Series and Classes Contracts Data

### PSF Avantis Balanced Allocation Portfolio (Series ID: S000053404)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000167976 | Class I      |  |
| C000211249 | Class P      |  |

![[MISSING IMAGE: psf-logo.jpg]](psf-logo.jpg)

#### Summary Prospectus dated May 1, 2026

#### Class I and Class P Shares

### PSF Avantis Balanced Allocation Portfolio
This Summary Prospectus is intended for use in connection with variable life insurance policies and variable annuity contracts issued by Pacific Life Insurance Company ("Pacific Life") and Pacific Life & Annuity Company ("PL&A") and is not intended for use by other investors.

Before you invest, you may want to review the Fund's Prospectus, as may be supplemented or amended from time to time, which contains more information about the Fund and its risks. You can find the Fund's Prospectus, reports to shareholders, and other information about the Fund online at www.pacificlife.com/PacificSelectFund.html. You can also obtain this information at no cost by sending an email request to PSFdocumentrequest@pacificlife.com or by calling (6 a.m. – 5 p.m. Pacific time, Monday through Friday):

Pacific Life Annuity Contract Owners: 1-800-722-4448 PL&A Annuity Contract Owners: 1-800-748-6907 <br> Annuity Financial Advisors: 1-800-722-2333 PL&A Life Insurance Policy Owners: 1-888-595-6997 <br> Pacific Life Insurance Policy Owners: 1-800-347-7787

The Fund's Prospectus and Statement of Additional Information, both dated May 1, 2026, as may be supplemented or amended from time to time, are incorporated by reference into this Summary Prospectus.

#### Investment Goal
This Fund seeks long-term growth of capital and low to moderate income.

#### Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Examples below. The table and Examples below also do not reflect expenses and charges that are imposed under your variable annuity contract or variable life insurance policy.** For information on these expenses and charges, please refer to the applicable contract or policy prospectus. If these fees and expenses were included, the fees and expenses shown would be higher.

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Class I**  | **Class P**  |
| Management Fee | 0.20% | 0.20% |
| Service Fee | 0.20% | N/A |
| Other Expenses | 0.04% | 0.04% |
| Acquired Fund Fees and Expenses<sup>1</sup> | 0.24% | 0.24% |
| Total Annual Fund Operating Expenses | 0.68% | 0.48% |

---

<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquired Fund Fees and Expenses are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies. As such, they are not reflected in the total annual operating expenses in the Fund's financial statements.

#### Examples
The Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other Funds of the Trust or other mutual funds. The Examples assume that you invest $10,000 for the time periods indicated, that your investment has a 5% return each year and that the Fund's annual operating expenses remain as stated in the previous table for the time periods shown. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions.

These Examples do not reflect fees and expenses of any variable annuity contract or variable life insurance policy. If these were included, the expenses (in dollars) shown would be higher. Keep in mind that this is only an estimate; actual expenses and performance may vary.

#### Your expenses (in dollars) if you buy, sell/redeem or hold all of your shares at the end of each period

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year**  | **3 years**  | **5 years**  | **10 years**  |
| Class I | $69 | $218 | $379 | $847 |
| Class P | $49 | $154 | $269 | $604 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells shares of exchange-traded funds (or "turns over" its holdings). During the fiscal year ended December 31, 2025, the portfolio turnover rate was 45% of the average value of the Fund. A higher portfolio turnover rate reflects a greater number of securities being bought or sold, which may indicate higher transaction costs. These costs, which are not reflected in *Annual Fund Operating Expenses* or in the *Examples,* affect the Fund's performance.

#### Principal Investment Strategies
This Fund is a "fund of funds" that seeks to achieve its investment goal by investing in eligible third-party mutual funds, exchange-traded funds ("ETFs") and/or variable insurance trusts (the "Balanced Allocation Underlying Funds"). Substantially all of the Balanced Allocation Underlying Funds are advised by American Century Investment Management, Inc. ("American Century"), including through its division Avantis Investors (Avantis Investors and American Century are referred to together in this Prospectus as "Avantis"). Avantis is not affiliated with the Trust, the Fund or the Fund's investment adviser. PLFA may change any or all of the Balanced Allocation Underlying Funds, including to funds offered by another investment adviser, at any time in its investment discretion.

The Balanced Allocation Underlying Funds invest in U.S. and foreign equity and debt instruments. Under normal market

------

conditions, the Fund's exposures to the two broad asset classes of debt and equity are expected to be within the following ranges:

---

| | |
|:---|:---|
| **BROAD ASSET CLASS ALLOCATIONS** | **BROAD ASSET CLASS ALLOCATIONS** |
| **Debt**  | **Equity**  |
| 25 – 50%  | 50 – 75% |

---

Pacific Life Fund Advisors LLC ("PLFA"), the investment adviser to the Fund, manages and oversees the Fund through the following multi-step process:

**(1) Asset Allocation/Portfolio Construction —** PLFA manages the Fund using an approximate 10 year investment horizon. An asset class model (the "Model") for the Fund is developed that seeks to meet the Fund's investment goal over this period using both broad asset classes and narrower asset classes. The broad equity asset class includes narrower asset classes such as domestic and developed international equities, which may include small-capitalization, mid-capitalization, and large-capitalization equities that may employ growth and value strategies. The broad debt asset class includes narrower asset classes such as investment grade bonds and international debt of developed markets of varying durations.

PLFA then determines the amount of the Fund's assets to invest in each Balanced Allocation Underlying Fund in order to obtain the asset class exposures designated by the Model for the Fund.

PLFA may adjust the broad asset class allocations to any point within the above ranges, and/or adjust the narrower asset class allocations or the allocations to the Balanced Allocation Underlying Funds at any time as it deems necessary based on PLFA's views of market conditions, its outlook for various asset classes or other factors ("dynamic positioning").

For example, PLFA may engage in dynamic positioning for the Fund by adjusting the Model to reflect a shorter term view of the markets or a particular asset class, to seek to capture upside opportunities or mitigate risk from market events, or for cash management purposes. PLFA would then make the appropriate adjustments to its Balanced Allocation Underlying Fund allocations to reflect the updated asset class allocations in the Model. This dynamic positioning would be implemented consistent with the Fund's risk/return profile and investment goal.

**(2) Balanced Allocation Underlying Fund Oversight —** PLFA monitors and evaluates the Balanced Allocation Underlying Funds on an ongoing basis, including an analysis of the investment risks of the Balanced Allocation Underlying Funds and their impact on the Fund's risk/return objectives, to seek to ensure that each current Balanced Allocation Underlying Fund continues to be appropriate for the Fund's allocations. PLFA will also monitor the available Balanced Allocation Underlying Funds and consider substitution of Balanced Allocation Underlying Funds or the addition of new underlying funds should PLFA determine appropriate for the Fund's investments.

Investments of the Balanced Allocation Underlying Funds that invest primarily in equity instruments include: growth and value stocks; large-, mid- and small-capitalization companies; sector-specific stocks; and domestic and foreign stocks (which may be U.S. dollar or foreign currency-denominated).

Investments of the Balanced Allocation Underlying Funds that invest primarily in debt instruments include: investment grade debt securities, including U.S. Government securities and corporate bonds; foreign debt securities of developed markets (which may be U.S. dollar or foreign currency-denominated); and debt instruments of varying duration (short, intermediate and long-term).

Certain Balanced Allocation Underlying Funds may also use derivatives such as: forward commitments; futures contracts and options on securities, indices, currencies, and other investments; and swaps (including credit default swaps). A Balanced Allocation Underlying Fund may use derivatives generally as a substitute for direct investment in a security, to attempt to hedge or reduce risk, or to seek to enhance investment returns.

Balanced Allocation Underlying Funds may include both actively managed funds and passively managed (index) funds.

The Fund, through the Balanced Allocation Underlying Funds, may invest a large percentage of its assets in issuers located in a single country, a small number of countries, or a particular geographic region.

Certain Balanced Allocation Underlying Funds may lend their portfolio securities to generate additional income.

The Fund is expected to be as fully invested as practical, although it may maintain liquidity reserves to meet redemption requests.

The Fund may invest a significant portion of its assets in any single Balanced Allocation Underlying Fund, subject to applicable regulatory limits. PLFA has sole discretion in selecting the Balanced Allocation Underlying Funds for investment and may adjust the Fund's allocations to the Balanced Allocation Underlying Funds as it deems appropriate to meet the Fund's investment goal.

The Fund may lend its holdings of ETFs to certain financial institutions.

For additional information about the Fund, please see the *Additional Information About Principal Investment Strategies and Principal Risks* section in the Prospectus.

#### Principal Risks
As with any mutual fund, the value of the Fund's investments, and therefore the value of your shares, may go up or down and you could lose money. There is no guarantee that the Fund will achieve its investment goal. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. *Italicized* terms refer to separate Principal Risks that are each defined in the *Principal Risks* section below.

As a "fund of funds," the Fund is subject to *Asset Allocation Fund of Funds Risk, Conflicts Risk*and *Securities Lending Risk*. The Fund is also subject to the risks of the Balanced Allocation Underlying Funds in which it invests, which may change based on the Fund's allocations to the Balanced Allocation Underlying Funds. Significant redemptions out of the Balanced Allocation Underlying Funds by other shareholders could cause the sale of securities in a short timeframe and potential increases in

------

expenses to the Balanced Allocation Underlying Funds and their remaining shareholders (including the Fund), both of which could negatively impact performance. The principal risks to the Fund are described further below.

#### Principal Risks at the Fund of Funds Level
**•** **Asset Allocation Fund of Funds Risk:** Asset allocation decisions, techniques, analyses, or models implemented by PLFA as the Fund's investment adviser may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment goals. Although the theory behind asset allocation is that diversification among asset classes can help reduce volatility over the long term, PLFA's assumptions about asset classes and Balanced Allocation Underlying Funds may diverge from historical performance and assumptions used to develop allocations in light of actual market conditions. There is a risk that you could achieve better returns by investing in an individual fund or funds representing a single broad asset class rather than investing in a fund of funds. The Fund's performance is also closely related to the Balanced Allocation Underlying Funds performance and ability to meet their investment goals. Fund shareholders bear indirectly the expenses of the Balanced Allocation Underlying Funds in which the Fund invests in addition to the Fund's management fee so there is a risk of an additional layer or layers of fees. The Fund's actual asset class allocations may deviate from the intended allocation because a Balanced Allocation Underlying Fund's investments can change due to market movements, the Balanced Allocation Underlying Fund Manager's investment decisions or other factors, which could result in the fund's risk/return target not being met. As a fund of funds, the Fund is exposed to the same risks as the Balanced Allocation Underlying Funds in proportion to the Fund's allocation to those Balanced Allocation Underlying Funds.

**•** **Conflicts of Interest Risk:** PLFA is subject to competing interests that have the potential to influence its investment decisions for the Fund. For example, PLFA's management of the Fund and the Fund's risk/return profile may be influenced by the insurance companies that use the Fund as an investment option for their variable life and annuity contracts. These insurance companies may include affiliates of PLFA. For instance, PLFA's management of the Fund may be influenced by the insurance companies' financial interest in reducing the volatility of the overall value of variable life and annuity contracts in light of the insurance companies' obligations on various guarantees under those contracts, which may potentially conflict with the interests of contract owners who are invested in the Fund by limiting the Fund's returns. PLFA seeks to identify and address any potential conflicts in a manner that is fair for the Fund and its shareholders. PLFA has adopted a policy under which investment decisions for the Fund must be made in the best interests of the Fund and its shareholders.

**•** **Securities Lending Risk:** The Fund may engage in securities lending, which involves the risk that the Fund may suffer a loss if the borrower fails to return the loaned securities in

a timely manner or at all. The Fund could also lose money due to the decline in the value of the collateral provided or a decline in the value of any investments made with cash collateral.

#### Principal Risks from Holdings in Balanced Allocation Underlying Funds
**•** **Equity Securities Risk:** Equity securities tend to go up and down in value, sometimes rapidly and unpredictably.

**•** **Debt Securities Risk:** Debt securities and other debt instruments are subject to many risks, including *interest rate risk* and *credit risk*, which may affect their value.

**•** **Large-Capitalization Companies Risk:** Although large-capitalization companies tend to have more stable prices than smaller, less established companies, they are still subject to *equity securities risk.* In addition, large-capitalization equity security prices may not rise as much as prices of equity securities of small-capitalization companies.

**•** **Small-Capitalization Companies Risk:** Small-capitalization companies may be more susceptible to *liquidity risk* and price volatility and be more vulnerable to economic, market and industry changes than larger, more established companies.

**•** **Foreign (Non-U.S.) Markets Risk:** Investing in foreign issuers (companies or other entities) can involve more risks than investing in United States ("U.S.") issuers, such as risks relating to market, economic, political, regulatory and geopolitical conditions relevant to that market. These factors can make investments in foreign issuers more volatile and less liquid than U.S. investments. Less stringent regulatory, accounting, and disclosure requirements and general supervision for issuers and markets are more common in certain foreign countries. Enforcing legal rights can be difficult, costly, and slow in certain foreign countries, and can be particularly difficult against foreign governments. In addition, foreign markets can react differently to these conditions than the U.S. market. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in, or foreign exchange rates with, another market, country or region.

**•** **Authorized Participant Concentration Risk:** Only an authorized participant may engage in creation or redemption transactions directly with an ETF. The ETF may have a limited number of institutions that act as authorized participants. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders with respect to the ETF and no other authorized participant is able to step forward to process creation and/or redemption orders, ETF shares may trade at a discount to net asset value ("NAV") and possibly face trading halts and/or delisting. This risk may be more pronounced in volatile markets, potentially where there are significant redemptions in ETFs generally.

**•** **Cash Transactions Risk:** An ETF may effect its creations and redemptions for cash, rather than for in-kind securities. In order to effect redemptions in cash, such ETF may be required to sell portfolio securities and subsequently recognize gains on such sales that the ETF might not have recognized

------

if it were to distribute portfolio securities in-kind. Therefore, an investment in such ETF may be less tax-efficient than an investment in an ETF that effects redemptions entirely in-kind. Cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. Brokerage fees and taxes will be higher than if the ETF sold and redeemed shares in-kind.

**•** **ETF Market Trading Risk:** An ETF faces numerous market trading risks, including the potential lack of an active market for ETF shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation and/or redemption process of the ETF. Any of these factors, among others, may lead to the ETF's shares trading above NAV (at a premium) or below NAV (at a discount). Thus, an investor such as the PSF Avantis Balanced Allocation Portfolio may pay more (or less) than NAV when buying shares of the ETF in the secondary market, and may receive less (or more) than NAV when selling those shares in the secondary market. The portfolio managers cannot predict whether shares will trade at a premium or discount or at NAV.

**•** **Currency Risk:** A decline in the value of a foreign (non-U.S.) currency relative to the U.S. dollar reduces the value in U.S. dollars of a Balanced Allocation Underlying Fund's investments denominated in or with exposure to that foreign currency.

**•** **Derivatives Risk:** The use of forward commitments, futures contracts, options or swaps (each a type of derivative instrument) as a principal investment strategy subjects a Balanced Allocation Underlying Fund to a number of risks, including: counterparty risk, leverage risk, market risk, regulatory risk, liquidity and valuation risk, operational risk, correlation risk, legal risk and premium risk. Derivatives may be riskier than other types of investments and may increase a Balanced Allocation Underlying Fund's volatility and risk of loss.

**•** **Credit Risk:** An issuer or guarantor of a debt instrument might be unable or unwilling to meet its financial obligations and might not make interest or principal payments on an instrument when those payments are due ("default"). The risk of a default is higher for debt instruments that are non-investment grade and lower for debt instruments that are of higher quality. Defaults may potentially reduce a Balanced Allocation Underlying Fund's income or ability to recover amounts due and may reduce the value of the debt instrument, sometimes dramatically.

**•** **Interest Rate Risk:** When interest rates rise, the value of debt investments will generally decrease. During periods when the Federal Reserve raises interest rates, a Balanced Allocation Underlying Fund may be subject to heightened levels of interest rate risk. During periods when interest rates are low or there are negative interest rates, a Balanced Allocation Underlying Fund's yield (and total return) also may be low and a Balanced Allocation Underlying Fund may experience low or negative returns. Debt instruments with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt instruments with shorter durations or floating or adjustable interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;

**•** **Liquidity Risk:** Certain holdings may be difficult to purchase, sell and value, particularly during adverse market conditions, because there is a limited market for the investment or there are restrictions on resale. A Balanced Allocation Underlying Fund may not be able to sell a holding quickly at the price it has valued the holding, may be unable to take advantage of market opportunities or may be forced to sell other more desirable, more liquid securities or sell less liquid or illiquid securities at a loss if needed to raise cash to conduct operations, including to meet redemption requests.

**•** **U.S. Government Securities Risk:** Not all U.S. government securities are backed or guaranteed by the U.S. government and different U.S. government securities are subject to varying degrees of *credit risk*. There is a risk that the U.S. government will not make timely payments on its debt or provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if those entities are not able to meet their financial obligations.

**•** **Geographic Focus Risk:** If a Balanced Allocation Underlying Fund invests a significant portion of its assets in a single country, limited number of countries, or particular geographic region, then the risk increases that economic, political, social, or other conditions in those countries or that region will have a significant impact on the Balanced Allocation Underlying Fund's performance. As a result, the Balanced Allocation Underlying Fund's performance may be more volatile than the performance of more geographically diversified funds.

**•** **Securities Lending Risk:** If securities for a Balanced Allocation Underlying Fund are loaned to brokers, dealers or financial institutions, there is a risk that the loaned securities will not be returned or that their return will be delayed, as well as a risk of a loss of rights in the collateral should the borrower or lending agent become insolvent or not meet its contractual obligations. Further, investing the proceeds from the securities loaned subjects the Fund to *leverage risk*.

**•** **Leverage Risk:** A Balanced Allocation Underlying Fund may lend its securities or use derivatives instruments, which give rise to a form of leverage. Leverage is investment exposure that exceeds the initial amount invested. The loss on a leveraged investment may far exceed a Balanced Allocation Underlying Fund's principal amount invested. Leverage can magnify a Balanced Allocation Underlying Fund's gains and losses and therefore increase its volatility.

**•** **Floating Rate Loan Risk:** Floating rate loans (or bank loans) are usually rated below investment grade and thus are subject to *high yield/high risk or "junk" securities risk*. The market for floating rate loans is a private interbank resale market and thus may be subject to irregular trading activity, wide bid/ask spreads and delayed settlement periods. Purchases and sales of loans are generally subject to contractual restrictions that must be fulfilled before a loan can be bought or sold. These restrictions may hamper a Balanced Allocation Underlying Fund's ability to buy or sell loans and negatively affect the transaction price. A significant portion of the floating rate loans held by a Balanced Allocation Underlying Fund may be "covenant lite" loans that contain fewer or less restrictive constraints on the borrower or other

------

borrower-friendly characteristics and offer less protections for investors than covenant loans. It may take longer than seven days for transactions in loans to settle. This may result in cash proceeds not being immediately available to a Balanced Allocation Underlying Fund, requiring a Balanced Allocation Underlying Fund to borrow cash which would increase a Balanced Allocation Underlying Fund's expenses. A Balanced Allocation Underlying Fund is also subject to *credit risk* with respect to the issuer of the loan. Investments in junior loans involve a higher degree of overall risk.

U.S. federal securities laws afford certain protections against fraud and misrepresentation in connection with the offering or sale of a security, as well as against manipulation of trading markets for securities. However, it is unclear whether these protections are available to an investment in a loan.

**•** **Growth Companies Risk:** Growth companies are those that a portfolio manager believes have the potential for above average or rapid growth but may be subject to greater price volatility than investments in "undervalued" companies.

**•** **Value Companies Risk:** Value companies are those that a portfolio manager believes are undervalued and trading for less than their intrinsic values. There is a risk that the determination that a stock is undervalued is not correct or is not recognized in the market.

**•** **Mid-Capitalization Companies Risk:** Mid-capitalization companies may be subject to greater price volatility and may be more vulnerable to economic, market and industry changes than larger, more established companies.

**•** **High Yield/High Risk or "Junk" Securities Risk:** High yield/high risk securities are typically issued by companies that are highly leveraged, less creditworthy or financially distressed and are considered to be mostly speculative in nature (high risk), subject to greater *liquidity risk*, and subject to a greater risk of default than higher rated securities. High yield/high risk securities (including loans) may be more volatile than investment grade securities.

**•** **Active Management Risk:** A portfolio manager's judgments about the potential value or price appreciation of an investment may prove to be incorrect or fail to have the intended results, which could negatively impact a Balanced Allocation Underlying Fund's performance.

**•** **Passive Management Risk:** Regardless of performance, a passively managed (or index) fund generally holds constituent securities of the index for which the fund seeks corresponding investment results, which could cause the index fund's return to be lower than an actively managed fund (which generally seeks to outperform an index). An index fund will also perform poorly when such index performs poorly. In addition, an index fund has operating and other expenses while an index does not. As such, an index fund will tend to underperform the index to some degree over time even though it will attempt to track that index as closely as possible.

**•** **Tracking Error Risk:** Performance of a Balanced Allocation Underlying Fund that is a passively managed fund may vary from the performance of the index for which it seeks

corresponding investment results due to imperfect correlation between a Balanced Allocation Underlying Fund's investments and that index.

#### Performance
The bar chart and Average Annual Total Returns table below provide some indication of the risk of investing in the Fund by showing changes in the performance of the Fund from year to year and showing how the Fund's average annual total returns compare to two broad-based market indices representing the domestic equity market and the domestic debt market that correspond to the Fund's two broad asset classes. To further assist in performance comparison, a composite benchmark is presented that is comprised of certain broad-based market indices based on the broad asset class allocations for the Fund. The composite benchmark is comprised of 45% S&P 500, 40% Bloomberg US Aggregate Bond and 15% MSCI EAFE Indices. The bar chart shows the performance of the Fund's Class I shares (formerly named Class D shares, with different fees and expenses). Returns do not reflect fees and expenses of any variable annuity contract or variable life insurance policy; if these fees and expenses were included, the returns shown would be lower. Past performance is not necessarily an indication of how the Fund will perform in the future. Performance reflects fee waivers or expense limitations, if any, that were in effect during the periods presented.

PLFA selected Balanced Allocation Underlying Funds managed by Avantis beginning November 1, 2022. PLFA selected Balanced Allocation Underlying Funds managed by another firm before that date.

------

#### Calendar Year Total Returns (%)
![[MISSING IMAGE: past-performance.jpg]](past-performance.jpg)

#### Best and worst quarterly performance reflected within the bar chart: Q2 2020: 14.15%; Q1 2020: (14.71%)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | | |
| (For the periods ended <br>December 31, 2025) | **1 year** | <br>**5 years** | <br>**Since <br>Inception** |
| Class I *(incepted April 29, 2016)* | 15.22% | 6.95% | 7.99% |
| Class P *(incepted October 31, 2019)* | 15.45% | 7.20% | 8.43% |
|  *S&P 500 Index (reflects no deductions for fees, expenses, or taxes) (based on Class I inception date)*  | *17.88%*  | *14.42%*  | *15.15%*  |
|  *Bloomberg US Aggregate Bond Index (reflects no deductions for fees, expenses, or taxes) (based on Class I inception date)*  | *7.30%*  | *(0.36%)*  | *1.72%*  |
|  *PSF Avantis Balanced Allocation Composite Benchmark (reflects no deductions for fees, expenses, or taxes) (based on Class I inception date)*  | *15.57%*  | *7.69%*  | *8.88%*  |

---

#### Management
**Investment Adviser —** Pacific Life Fund Advisors LLC. The persons jointly and primarily responsible for day-to-day management of the Fund are:

---

| | |
|:---|:---|
| **Portfolio Manager and Primary Title with <br>Investment Adviser** | **Experience <br>with Fund** |
|  Howard T. Hirakawa, CFA, Senior Vice President and Portfolio Manager | Since 2016 <br>(Fund Inception) |
|  Carleton J. Muench, CFA, Vice President and Portfolio Manager | Since 2016 <br>(Fund Inception) |
|  Edward Sheng, PhD, CFA, CAIA, Assistant Vice President and Portfolio Manager | Since 2021 |
|  Jordan Fettman, CFA, CAIA, Assistant Vice President and Portfolio Manager | Since 2023 |

---

#### Purchase and Sale of Fund Shares
The Fund is offered at net asset value ("NAV") and is available as an underlying investment option for variable life insurance policies and variable annuity contracts ("variable products") issued by Pacific Life and PL&A. You do not buy, sell or exchange shares of the Fund — you choose investment options through your variable product. The life insurance companies then invest in the Fund if you choose it as an investment option and redeem shares of the Fund if you choose to decrease that investment option. Any minimum initial or subsequent investment requirements and procedures for purchase or redemption of shares of the Fund that apply to your variable product are described in the prospectus for the variable product.

#### Tax Information
Because the only shareholders of the Fund are the insurance companies offering the variable products and as applicable certain funds of funds of the Trust, no discussion is included here about the federal income tax consequences at the shareholder level. The federal income tax consequences for purchasers of a variable product are described in the prospectus for the variable product.

#### Payments to Broker-Dealers and Other Financial Intermediaries
Pacific Select Distributors, LLC ("PSD"), the distributor for the Fund and for the variable products, may pay broker-dealers or other financial intermediaries (such as insurance companies) for the sale of the variable products and related services, including shareholder servicing. The Fund's service fee, which is paid to PSD, can be used for a part of these payments. These payments may create a conflict of interest by influencing the financial intermediary and your salesperson to recommend the variable product, a share class and/or the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information. Class P shares do not pay a service fee to PSD.

------

[This page is intentionally left blank.]

------