<PAGE>
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
+A registration statement for Pacific Select Fund relating to shares of the +
+Focused 30 and Strategic Value Portfolios has been filed with the Securities +
+and Exchange Commission, but has not yet become effective. The information in +
+the prospectus is not complete and may be changed. Interests in the new +
+investment options and shares of the Focused 30 and Strategic Value +
+Portfolios may not be sold until the Fund's registration statements are +
+effective. This supplement and preliminary prospectus are not offers to sell +
+interests in the investment options or shares of the Focused 30 and Strategic +
+Value Portfolios and do not solicit an offer to buy interests or shares in +
+any state where the offer or sale is not permitted. +
+ +
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Supplement to Prospectus Dated May 1, 2000 for M's Versatile Product,
a flexible premium variable life insurance policy (the "policy")
issued by Pacific Life Insurance Company
Date of Supplement: August 7, 2000
This supplement changes the prospectus to reflect the
following:
---------------------------------------------------------
Two new variable The new investment options will invest in two new
investment options portfolios of the Pacific Select Fund called the
will be available Focused 30 and Strategic Value Portfolios. Below is
October 2, 2000 information summarizing the new portfolios.
. Focused 30 Pacific Life Insurance Company, the adviser, and the
. Strategic Value fund have retained Janus Capital Corporation as
portfolio manager.
<TABLE>
---------------------------------------------------------------------
<CAPTION>
The Portfolio's The Portfolio's
Portfolio Investment Goal Main Investments
---------------------------------------------------------------------
<S> <C> <C>
Focused 30 Long-term growth of capital. Common stocks selected
for their growth
potential.
Strategic Value Long-term growth of capital. Common stocks with the
potential for long-term
growth of capital.
---------------------------------------------------------------------
</TABLE>
This chart is only a summary. For more complete
information on the portfolios, including a discussion
of each portfolio's investment techniques and the risks
associated with its investments, see the accompanying
fund preliminary prospectus. You should read the
prospectus carefully.
---------------------------------------------------------
An overview of M's The following is added to the chart under Fees and
Versatile Product Expenses Paid by the Pacific Select Fund:
is amended
<TABLE>
<CAPTION> -----------------------------------------------------------------------
Total
Portfolio Advisory fee Other expenses* expenses
-----------------------------------------------------------------------
As an annual % of average daily net assets
<S> <C> <C> <C>
Focused 30 0.95% 0.08% 1.03%
Strategic Value 0.95% 0.08% 1.03%
-----------------------------------------------------------------------
</TABLE>
* Other expenses are estimated. There were no actual
advisory fees or expenses for these portfolios in
1999 because the portfolios will start on October
2, 2000. See page 7 of the preliminary prospectus
for information about expense caps through December
31, 2001 for these portfolios.
---------------------------------------------------------
Allocating your This information is added to the discussion in the
premiums is prospectus on Allocating your premiums.
amended
You may instruct us to allocate all or part of your net
premiums to the Focused 30 and Strategic Value
investment options on or after October 2, 2000. You may
not instruct us to allocate your net premiums to these
investment options prior to October 2, 2000, when the
options first become available. Your net premium or
policy's accumulated value may be invested in up to 20
investment options at any one time.
<PAGE>
---------------------------------------------------------
Transferring among This information is added to the discussion in the
investment options prospectus on Transferring among investment options.
is amended
You may instruct us to transfer accumulated value to a
variable investment option and specify a future date on
which the accumulated value is to be transferred. This
instruction may cover any variable investment option
currently available under your contract and the Focused
30 and Strategic Value investment options, subject to
the limitation on investment options described above.
For the Focused 30 and Strategic Value investment
options, you may not specify a date prior to October 2,
2000, when the options first become available. If you
specify October 2, 2000 for the Focused 30 and
Strategic Value investment options, and we receive the
instructions prior to that date, the requested amount
will be transferred effective as of the close of
business on October 2, 2000, or, if we hold your net
premiums in the Money Market investment option, your
free-look transfer date, whichever is later. You may
revoke your transfer instructions at any time before we
transfer accumulated value by providing us with a
revocation in proper form, which we must receive no
later than 4:00 p.m. Eastern time on the last business
day before the date you have specified for a transfer.
While highly remote, there is a possibility that the
Focused 30 and Strategic Value investment options will
not become effective on October 2, 2000, in which case
we would not effect the transfer to these options, and
your accumulated value would remain in the investment
option from which you requested it be transferred until
the day the Focused 30 and Strategic Value Portfolios
become effective, if ever, or your free-look transfer
date, unless you instruct us otherwise.
2
