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SUPPLEMENT DATED JULY 22, 1996 TO THE
PROSPECTUS FOR PACIFIC SELECT FUND DATED APRIL 1, 1996 ("PROSPECTUS")
THE FOLLOWING PARAGRAPH UNDER THE "ORGANIZATION AND MANAGEMENT OF THE FUND"
SECTION OF THE PROSPECTUS IS AMENDED TO READ:
WHO AT TEMPLETON MANAGES THE INTERNATIONAL PORTFOLIO? Edward Ramos, Vice
President, Portfolio Management/Research, is primarily responsible for the
day-to-day investment management and implementation of Templeton's investment
strategy for the International Portfolio. He is also a portfolio manager and
research analyst covering financial services and brokers, merchandising, the
countries of Turkey and Israel, and assisting in the portfolio management of
Templeton Portfolio Advisory. Prior to joining Templeton in 1993, Mr. Ramos was
the assistant to the Chief Investment Officer of Prudential Equity Management
Associates in New Jersey. Mr. Ramos holds a bachelor of science degree in
finance from Lehigh University and an MBA from the Columbia Graduate School of
Business with emphasis in finance, accounting and international business.
Howard J, Leonard, Senior Vice President, Portfolio Management/Research, assists
Mr. Ramos in the day-to-day investment management and implementation of
Templeton's investment strategy for the International Portfolio and is the
primary back-up portfolio manager to Mr. Ramos. He also is a research analyst
whose research responsibilities include forest products and money management
industries. Prior to joining Templeton in 1989, Mr. Leonard was Director of
Investment Research at First Pennsylvania Bank, from 1986 to 1989. Mr. Leonard
holds a bachelor's degree in business administration from Temple University.
Mr. Leonard is a Chartered Financial Analyst. Peter Nori, Vice President
Portfolio Management/Research, assists Mr. Leonard in the day-to-day investment
research responsibilities and is the secondary back-up portfolio manager to Mr.
Ramos. Mr. Nori is a research analyst for Templeton Investment Counsel, Inc.
Mr. Nori's current responsibilities include covering data processing/software,
textile and apparel stocks, steel stocks and country coverage of Austria.
Additionally, Mr. Nori is back-up analyst for the Global Convertible Securities
Fund and the Global Infrastructure Fund. Mr. Nori received a bachelor of
science degree and an MBA in finance from the University of San Francisco. Mr.
Nori is a Chartered Financial Analyst and a member of the Association for
Investment Management and Research (AIMR).
THE FOLLOWING PARAGRAPH UNDER THE "ORGANIZATION AND MANAGEMENT OF THE FUND"
SECTION OF THE PROSPECTUS IS AMENDED TO READ:
WHO AT BLAIRLOGIE MANAGES THE EMERGING MARKETS PORTFOLIO? James Smith,
Chief Investment Officer and Managing Director of Blairlogie since 1992, is
primarily responsible for the day-to-day management of the Emerging Markets
portfolio. He is responsible for managing an investment team of seven
professionals, who, in turn, specialize in selection of stocks within Europe,
Asia, the Americas, and in currency and derivatives. He previously served as a
Senior Portfolio Manager at Murray Johnstone in Glasgow, Scotland, responsible
for international investment management for North American Clients, and at
Schroder Investment Management in London. Mr. Smith received his bachelor's
degree in Economics from London University and his MBA from Edinburgh
University. He is an Associate of the Institute of Investment Management and
Research. Gavin Dobson, Chief Executive Officer and Managing Director of
Blairlogie Capital Management since 1992, plays a key role in monitoring the
investment strategy of the Portfolio with Mr. Smith and oversees the
relationship with the Fund. He has 20 years of investment experience including
the position of President and Chief Operating Officer of Murray Johnstone
International in Chicago, Illinois from 1989 to 1992. Qualified as a Scottish
attorney in 1976, Mr. Dobson has degrees in Economics from Dundee University and
Law from Edinburgh University. Messrs. Dobson and Smith are co-founders of
Blairlogie.
THE FOLLOWING IS ADDED TO THE DESCRIPTION OF THE BOND AND INCOME PORTFOLIO
UNDER "THE PORTFOLIOS: INVESTMENT OBJECTIVES AND POLICIES" SECTION OF THE
PROSPECTUS:
OTHER INVESTMENT CONSIDERATIONS: The Portfolio may invest significantly in
long-term debt securities, and the average portfolio duration may exceed 10
years. Because long-term bonds generally are subject to greater price
volatility than shorter debt securities, the value of the Portfolio's shares is
expected to be more volatile than that of other fixed income funds with shorter
average portfolio durations. A discussion of "duration" is provided in the
description of the Managed Bond Portfolio under this section and in the
Statement of Additional Information.
