<PAGE>
SUPPLEMENT DATED JANUARY 1, 1997 TO
STATEMENT OF ADDITIONAL INFORMATION FOR PACIFIC SELECT FUND DATED APRIL 1, 1996
("SAI")
The following is added to the "Portfolio Management Agreements" provision
under the "MANAGEMENT OF THE FUND" section of the SAI:
For the services provided, Pacific Mutual pays PIMCO a fee based on a
percentage of the combined average daily net assets of these two portfolios
according to the following schedule:
MANAGED BOND AND GOVERNMENT SECURITIES PORTFOLIOS
<TABLE>
<CAPTION>
Rate (%) Break Point (assets)
-------- --------------------
<S> <C>
.50% On first $25 million
.375% On next $25 million
.25% On excess
</TABLE>
For the services provided, Pacific Mutual pays Janus a fee based on a
percentage of the average daily net assets of the Growth LT Portfolio according
to the following schedule:
GROWTH LT PORTFOLIO
<TABLE>
<CAPTION>
Rate (%) Break Point (assets)
-------- --------------------
<S> <C>
.55% On first $100 million
.50% On next $400 million
.45% On excess
</TABLE>
For the services provided, Pacific Mutual pays J.P. Morgan Investment a fee
based on a percentage of the combined average daily net assets of these two
Portfolios according to the following schedule:
EQUITY INCOME AND MULTI-STRATEGY PORTFOLIOS
<TABLE>
<CAPTION>
Rate (%) Break Point (assets)
-------- --------------------
<S> <C>
.45% On first $100 million
.40% On next $100 million
.35% On next $200 million
.30% On next $350 million
.20% On excess
</TABLE>
For the services provided, Pacific Mutual pays a fee to Greenwich Street
Advisors based on a percentage of the combined average daily net assets of these
two Portfolios according to the following fee schedule:
EQUITY AND BOND AND INCOME PORTFOLIOS
<TABLE>
<CAPTION>
Rate (%) Break Point (assets)
-------- --------------------
<S> <C>
.45% On first $100 million
.40% On next $100 million
.35% On next $200 million
.30% On next $600 million
.20% On excess
</TABLE>
<PAGE>
For the services provided, Pacific Mutual pays a fee to Columbus Circle
Investors based on a percentage of the Portfolio's average daily net assets
according to the following fee schedule:
AGGRESSIVE EQUITY PORTFOLIO
<TABLE>
<CAPTION>
Rate (%) Break Point (assets)
-------- --------------------
<S> <C>
.55% On first $100 million
.50% On next $150 million
.45% On next $250 million
.40% On excess
</TABLE>
For the services provided, Pacific Mutual pays a fee to Blairlogie based on a
percentage of the Portfolio's average daily net assets according to the
following fee schedule:
EMERGING MARKETS PORTFOLIO
<TABLE>
<CAPTION>
Rate (%) Break Point (assets)
-------- --------------------
<S> <C>
.85% On first $50 million
.75% On next $50 million
.70% On next $50 million
.65% On next $50 million
.60% On excess
</TABLE>
Form No. SSP 197
