Supplement dated April 12, 1999 to the 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 Equity Index Portfolio?"
On March 11, 1999, Bankers Trust Company ("Bankers Trust") announced that it
had reached an agreement with the United States Attorney's Office in the
Southern District of New York to resolve an investigation concerning
inappropriate transfers of unclaimed funds and related recordkeeping problems
that occurred between 1994 and early 1996. Pursuant to its agreement with the
U.S. Attorney's Office, Bankers Trust pleaded guilty to misstating entries in
the bank's books and records and agreed to pay a $60 million fine to federal
authorities. Separately, Bankers Trust agreed to pay a $3.5 million fine to
the State of New York. The events leading up to the guilty pleas did not
arise out of the investment advisory or mutual fund management activities of
Bankers Trust or its affiliates.
As a result of the plea, absent an order from the SEC, Bankers Trust may not
be able to continue to provide investment advisory services to the Fund. The
SEC has granted a temporary order to permit Bankers Trust and its affiliates
to continue to provide investment advisory services to registered investment
companies. Bankers Trust has applied to the SEC for a permanent order, but
there is no assurance that the SEC will grant a permanent order. In the event
that the SEC does not grant the permanent order, the Board of Trustees would
consider appropriate action.
Form No.: 15-21361-00
VA041299
