Manager Profile This general information is provided by and used with the permission of this manager. It may not contain information about the Pacific Select Fund portfolios managed by this manager. Pacific Select Fund portfolios are available only through variable products. Highland Capital Management, L.P. Founded in 1993, Highland Capital Management, L.P. ("Highland") is a market-leading SEC-Registered Investment Advisor, specializing in fixed income alternative investment strategies. Headquartered in Dallas, with an office in New York and an investment subsidiary in London, and with over $35 billion in assets under management as of February 28, 2007, Highland has become one of the largest investment managers in the loan asset class not only in terms of assets, but also investment professionals with over 80 investment specialists. Highland employs a fundamental, bottoms-up investment approach that is enhanced by an industry focused structure that enables our professionals to spend more time focusing on individual credits compared to other managers. Our investment process is further enhanced by a fund-specific, top-down analysis at the portfolio management level. Highland believes the disciplined application of these two processes results in consistent out-performance/alpha generation. Bios Neuberger Bio Senior Vice President Summary PL Floating Rate Loan Objectives and Investments High level of current income through investments in interests in floating rate senior loans. Benchmark    CS Leveraged Loan Index The Credit Suisse Leveraged Loan Index is an index of Credit Suisse First Boston designed to mirror the investible universe of the U.S. dollar denominated leveraged loan market. Senior Loans in this index are typically rated BB+ or lower by Standard & Poor's and/or BB (high) or lower by Dominion Bond Rating Service (DBRS). Investment Style    Floating Rate Loan Based on information from Morningstar, Inc., 2007.

Highland Capital Management, L.P. Portfolios PL Floating Rate Loan Highland Capital Management, L.P. Managers Company Profile Select a Manager AlgerAllianceBernsteinAmerican FundsAnalytic InvestorsBatterymarchBlackRockCapital GuardianClearBridgeColumbia ManagementGoldman SachsFranklin TempletonHighlandJPMorganJanusJennison AssociatesLazardLoomis SaylesMFSNFJOppenheimerFundsPIMCOPAMVan KampenVaughan Nelson