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Supplement dated June 23, 2000 to
Statement of Additional Information ("SAI") Dated May 1, 2000
For Pacific One Variable Annuity
Issued by Pacific Life Insurance Company
This supplement amends page 4 in the SAI to read as follows:
The results shown in this section are not an estimate or guarantee of future
investment performance.
Historical Separate Account Performance
Annualized Rates of Return for Periods Ended December 31, 1999**
All numbers are expressed as a percentage
<TABLE>
<CAPTION>
Since
1 Year 3 Year Inception
------ ------ ---------
Variable Accounts FWV FWV FWV
----------------- ------ ------ ---------
<S> <C> <C> <C>
Aggressive Equity 4/17/96*............................. 25.58 12.75 12.02
Emerging Markets 4/17/96*.............................. 51.43 1.88 0.32
Small-Cap Equity 10/1/99*.............................. 27.98
Bond and Income 1/2/96*................................ (8.68) 4.00 2.43
Equity 1/2/96*......................................... 36.62 26.92 26.70
Multi-Strategy 1/2/96*................................. 5.51 13.20 12.48
Equity Income 1/2/96*.................................. 11.64 20.15 19.25
Growth LT 1/2/96*...................................... 95.33 49.40 40.32
Mid-Cap Value 1/4/99*.................................. 3.75
Equity Index 1/2/96*................................... 18.87 25.46 24.00
Small-Cap Index 1/4/99*................................ 17.87
REIT 1/4/99*........................................... (1.46)
International Value 1/2/96*............................ 21.06 10.73 12.63
Government Securities 1/2/96*.......................... (3.36) 3.94 3.30
Managed Bond 1/2/96*................................... (3.33) 4.08 3.74
Money Market 1/2/96*................................... 3.43 3.66 3.63
High Yield Bond 1/2/96*................................ 1.42 3.38 4.90
Large-Cap Value 1/4/99*................................ 9.98
</TABLE>
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* Date Variable Account commenced operations.
** Effective June 1, 1997 Morgan Stanley Asset Management became the Portfolio
Manager of the International Portfolio. Effective May 1, 1998, Alliance
Capital Management L.P. ("Alliance Capital") became the Portfolio Manager
of the Aggressive Equity Portfolio and Goldman Sachs Asset Management
became the Portfolio Manager of the Equity and Bond and Income Portfolios;
prior to May 1, 1998 some of the investment policies of the Aggressive
Equity, Equity, and Bond and Income Portfolios and the investment objective
of the Bond and Income Portfolio differed. Effective January 1, 2000,
Alliance Capital became the Portfolio Manager of the Emerging Markets
Portfolio and Mercury Asset Management US became the Portfolio Manager of
the Equity Index and Small-Cap Index Portfolios.
The Diversified Research, International Large-Cap and I-Net Tollkeeper
Subaccounts started operations after December 31, 1999 and there is no
historical value available for the Subaccounts.
In order to help you understand how investment performance can affect your
Variable Account Value, we are including performance information based on the
historical performance of the operating Portfolios.
The Separate Account commenced operations as of January 2, 1996. Therefore, no
historical performance data exists for the Subaccounts prior to that date. The
following table represents what the performance of the Subaccounts would have
been if the Subaccounts had been both in existence and invested in the
corresponding Portfolio since the date of the Portfolio's (or predecessor
series') inception or for the indicated time period. Nine of the Portfolios of
the Fund available under the Contract have been in operation since January 4,
1988 (January 30, 1991 in the case of the Equity Index Portfolio, January 4,
1994 in the case of the Growth LT Portfolio, April 1, 1996 in the case of the
Aggressive Equity Portfolio and Emerging Markets Portfolios and January 4,
1999 in the case of the Mid-Cap Value, Small-Cap Index, REIT, and Large-Cap
Value Portfolios). Historical performance information for each of the Equity
Portfolio and the Bond and Income Portfolio is based in part on the
performance of that Portfolio's predecessor; each predecessor series was a
series of Pacific Corinthian Variable Fund and began its first full year of
operations in 1984, the assets of which were acquired by the Fund on December
31, 1994. Because the Subaccounts had not commenced operations until January
2, 1996 or later, as indicated in the chart above, and because the Contracts
were not available until then, these are not actual performance numbers for
the Subaccounts or for the Contract.
Form No. POSAI0600
