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Supplement dated November 13, 1998 to Pacific Select Fund Prospectus
dated May 1, 1998 ("Prospectus")
The Prospectus is amended by adding the following to the Section entitled "Who
is the Portfolio Manager of the Emerging Markets Portfolio?"
It is anticipated that PIMCO Advisors L.P. will sell all of its direct and
indirect ownership interest in Blairlogie Capital Management to subsidiaries of
Alleghany Asset Management, Inc. ("Alleghany") on or before March 31, 1999 (the
"Transaction"). The Transaction is subject to a number of U.S. and U.K.
regulatory and standard conditions. However, due to the change in ownership
contemplated by the Transaction, the shareholders of record of the Emerging
Markets Portfolio will be required to vote on a new Portfolio Management
Agreement with Blairlogie. Upon completion of the Transaction and subject to
shareholder approval, Blairlogie would continue to serve as Portfolio Manager of
the Emerging Markets Portfolio. Blairlogie and Alleghany have represented that
they expect no material change in Blairlogie's management, investment advisory
personnel or research and support personnel as a direct result of the
Transaction.
Alleghany is a wholly-owned subsidiary of Alleghany Corporation. Through its
investment advisory affiliates, Alleghany manages approximately $33.1 billion in
assets for institutional and private clients and nine mutual funds.
The Prospectus will be supplemented if the Transaction does not occur
substantially in accordance with the above schedule.
Form No.: 15-21361-00
VA111398
