<PAGE>
Supplement to Prospectus Dated May 1, 2000 for
Pacific Select Fund
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Reorganization of the The fund's board of trustees and a majority of the
Bond and Income shareholders of the Bond and Income Portfolio have
Portfolio approved the reorganization of the Bond and Income
Portfolio into the Managed Bond Portfolio. This
transaction, referred to as a reorganization, is
scheduled to occur at or about 4:00 p.m. Eastern
time on September 22, 2000, the reorganization
date.
Under the reorganization, all of the assets of the
Bond and Income Portfolio will be transferred to
the Managed Bond Portfolio in exchange for shares
of the Managed Bond Portfolio. These shares will be
distributed to the shareholders of the Bond and
Income Portfolio and the Bond and Income Portfolio
will be liquidated and cease to exist.
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Postponement of the The reorganization date may be postponed if:
reorganization
. the New York Stock Exchange or another primary
trading market for portfolio securities of the
Bond and Income Portfolio and/or the Managed Bond
Portfolio is closed to trading or otherwise
restricted, or
. trading or the reporting of trading on the New
York Stock Exchange or other primary trading
market is disrupted and the fund's board of
trustees believes the value of the net assets in
either portfolio cannot be accurately appraised.
If either of these events occur, the reorganization
date will be postponed until the first business day
after trading is fully resumed and reporting has
been restored.
Supplement dated August 28, 2000
<PAGE>
This supplement changes page 51 of the prospectus
to read:
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Fees and expenses paid The fund pays Pacific Life an advisory fee for the
by the fund services it provides as investment adviser. It also
pays for all of the costs of its operations, as
well as for other services Pacific Life provides
through a support services agreement.
The table below shows the advisory fee as an annual
percentage of each portfolio's average daily net
assets. Pacific Life uses part of this fee to pay
for the services of the portfolio managers.
The table also shows the fund expenses for each
portfolio based on expenses in 1999, adjusted to
reflect recently reduced custody fees. To help
limit fund expenses, effective July 1, 2000 Pacific
Life has contractually agreed to waive all or part
of its investment advisory fees or otherwise
reimburse each portfolio for operating expenses
(including organizational expenses, but not
including advisory fees, additional costs
associated with foreign investing and extraordinary
expenses) that exceed an annual rate of 0.10% of
its average daily net assets. Such waiver or
reimbursement is subject to repayment to Pacific
Life to the extent such expenses fall below the
0.10% expense cap. For each portfolio, Pacific
Life's right to repayment is limited to amounts
waived and/or reimbursed that exceed the new 0.10%
expense cap, but do not exceed the previously
established 0.25% expense cap. Any amounts repaid
to Pacific Life will have the effect of increasing
expenses of the portfolio, but not above the 0.10%
expense cap. There is no guarantee that Pacific
Life will continue to cap expenses after December
31, 2001. In 1999, Pacific Life reimbursed the
Small-Cap Index Portfolio $96,949.
<TABLE>
<CAPTION>
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Less
Advisory Other Total adviser's Total net
Portfolio fee expenses expenses+ reimbursement expenses
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As an annual % of average daily net assets
<S> <C> <C> <C> <C> <C>
Aggressive Equity 0.80 0.04 0.84 -- 0.84
Emerging
Markets/1/ 1.10 0.19 1.29 -- 1.29
Diversified
Research/2/ 0.90 0.05 0.95 -- 0.95
Small-Cap Equity 0.65 0.04 0.69 -- 0.69
International
Large-Cap/2/ 1.05 0.10 1.15 -- 1.15
Bond and Income 0.60 0.05 0.65 -- 0.65
Equity 0.65 0.03 0.68 -- 0.68
I-Net
Tollkeeper/2/ 1.50 0.14 1.64 (0.04) 1.60
Multi-Strategy 0.65 0.04 0.69 -- 0.69
Equity Income 0.65 0.04 0.69 -- 0.69
Growth LT 0.75 0.03 0.78 -- 0.78
Mid-Cap Value 0.85 0.07 0.92 -- 0.92
Equity Index/3/ 0.25 0.04 0.29 -- 0.29
Small-Cap Index 0.50 0.30 0.80 (0.20) 0.60
REIT 1.10 0.15 1.25 (0.05) 1.20
International
Value 0.85 0.09 0.94 -- 0.94
Government
Securities 0.60 0.05 0.65 -- 0.65
Managed Bond/1/ 0.60 0.05 0.65 -- 0.65
Money Market/1/ 0.35 0.04 0.39 -- 0.39
High Yield Bond/1/
0.60 0.05 0.65 -- 0.65
Large-Cap Value 0.85 0.08 0.93 -- 0.93
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</TABLE>
/1/ Total adjusted net expenses for these
portfolios in 1999, after deduction of an
offset for custodian credits were: 1.28% for
Emerging Markets Portfolio, 0.64% for Managed
Bond Portfolio, 0.38% for Money Market
Portfolio, and 0.64% for High Yield Bond
Portfolio.
/2/ Expenses are estimated. There were no actual
advisory fees or expenses for these portfolios
in 1999 because the portfolios started after
December 31, 1999.
/3/ Total adjusted net expenses for the Equity
Index Portfolio in 1999, after deduction of an
offset for custodian credits, were 0.28%. The
advisory fee for the portfolio has also been
adjusted to reflect the advisory fee increase
effective January 1, 2000. The actual advisory
fee and total adjusted net expenses for this
portfolio in 1999, after deduction of an offset
for custodian credits, were 0.16% and 0.19%,
respectively.
+ The fund has adopted a brokerage enhancement
12b-1 plan, under which brokerage transactions
may be placed with broker-dealers in return for
credits, cash, or other compensation that may
be used to help promote distribution of fund
shares. There are no fees or charges to any
portfolio under this plan, although the fund's
distributor may defray expenses of up to
approximately $300,000 for the year 2000, which
it might otherwise incur for distribution. If
such defrayed amount were considered a fund
expense, it would represent approximately
.0023% or less of any portfolio's average daily
net assets.
Form No. 15-22778-00
FSUPP82800
