<PAGE>
Supplement dated April 12, 1999 to the Statement
of Additional Information for Pacific Select Fund dated May 1, 1998 ("SAI")
The SAI is amended by replacing the table in the Section entitled "Trustees
and Officers" with the following table:
<TABLE>
<CAPTION>
Pension or
Retirement Total
Benefits Estimated Compensation
Accrued as Annual from Fund
Aggregate Part of Benefits Complex
Compensation Fund Upon Paid to
Name of Trustee from Fund Expenses Retirement Trustees
- --------------- ------------ ---------- ---------- ------------
<S> <C> <C> <C> <C>
Richard L. Nelson............... $28,500 0 0 $88,000
Lyman W. Porter................. $27,000 0 0 $84,500
Alan Richards................... $28,500 0 0 $93,000
</TABLE>
Form No.: 15-21532-00
SAI041299
