Strategy. 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 Funds 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. … Show more… 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 Funds 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 Funds exposures to the two broad asset classes of debt and equity are expected to be within the following ranges: ? 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 Funds 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 Funds 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 PLFAs 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 Funds 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 Funds risk/return objectives, to seek to ensure that each current Balanced Allocation Underlying Fund continues to be appropriate for the Funds 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 Funds 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 Funds allocations to the Balanced Allocation Underlying Funds as it deems appropriate to meet the Funds 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. Show less