0000813900 psf1:S000026028Member 2011-05-02 2012-05-01 0000813900 psf1:S000031771Member 2011-05-02 2012-05-01 0000813900 psf1:S000031772Member 2011-05-02 2012-05-01 0000813900 psf1:S000031773Member 2011-05-02 2012-05-01 0000813900 psf1:S000031774Member 2011-05-02 2012-05-01 0000813900 psf1:S000031775Member 2011-05-02 2012-05-01 0000813900 psf1:S000026028Member psf1:C000078097Member 2011-05-02 2012-05-01 0000813900 psf1:S000026028Member psf1:C000098968Member 2011-05-02 2012-05-01 0000813900 psf1:S000031771Member psf1:C000078097Member 2011-05-02 2012-05-01 0000813900 psf1:S000031772Member psf1:C000078097Member 2011-05-02 2012-05-01 0000813900 psf1:S000031773Member psf1:C000078097Member 2011-05-02 2012-05-01 0000813900 psf1:S000031774Member psf1:C000078097Member 2011-05-02 2012-05-01 0000813900 psf1:S000031775Member psf1:C000078097Member 2011-05-02 2012-05-01 0000813900 2011-05-02 2012-05-01 0000813900 psf1:S000026044Member 2011-05-02 2012-05-01 pure iso4217:USD Your expenses (in dollars) if you sell/redeem all of your shares at the end of each period Your expenses (in dollars) if you sell/redeem all of your shares at the end of each period Your expenses (in dollars) if you sell/redeem all of your shares at the end of each period Your expenses (in dollars) if you sell/redeem all of your shares at the end of each period Your expenses (in dollars) if you sell/redeem all of your shares at the end of each period Your expenses (in dollars) if you sell/redeem all of your shares at the end of each period 1083 981 1083 478 494 543 570 591 200 180 981 80 478 83 494 543 570 591 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Other 2012-09-28 PACIFIC SELECT FUND -0.0005 -0.0005 629 568 200 180 2344 2133 -0.001 80 1075 -0.001 83 1110 -0.001 92 92 1216 -0.001 97 97 1274 -0.001 101 101 1320 <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Non-Diversification Risk: An Underlying Portfolio that is classified as non-diversified may invest a greater percentage of its assets in a single issuer or a fewer number of issuers than a diversified portfolio. This increases potential price volatility and the risk that its value could go down because of the poor performance of a single investment or a small number of investments. </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Non-Diversification Risk: An Underlying Portfolio that is classified as non-diversified may invest a greater percentage of its assets in a single issuer or a fewer number of issuers than a diversified portfolio. This increases potential price volatility and the risk that its value could go down because of the poor performance of a single investment or a small number of investments. </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Non-Diversification Risk: An Underlying Portfolio that is classified as non-diversified may invest a greater percentage of its assets in a single issuer or a fewer number of issuers than a diversified portfolio. This increases potential price volatility and the risk that its value could go down because of the poor performance of a single investment or a small number of investments. </td></tr></table> false 2012-09-28 2011-12-31 0000813900 0.002 0 0.0082 0.0082 0.0202 0.0182 629 568 0.002 0.0001 0.0088 271 271 0.0001 0.0091 0.002 280 280 0.002 0.01 308 308 0.002 0.0105 324 324 0.002 0.0109 337 337 The expense information has been restated to reflect current fees. Your expenses (in dollars) if you hold all of your shares at the end of each period April 30, 2014 <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td width="1%"> </td> <td valign="top" align="left"> Currency Risk: Securities denominated in foreign currencies may be affected by changes in rates of exchange between those currencies and the U.S. dollar. Currency exchange rates may be volatile and may be affected by, among other factors, the general economic conditions of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. </td></tr></table>   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Foreign Markets Risk: Exposure to foreign markets through issuers can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market.  </td></tr></table> The portfolio will invest primarily in securities of U.S. companies, but may invest up to 20% of its assets in securities of foreign companies, including through American Depositary Receipts (“ADRs”). The manager seeks to invest in the securities of companies that are expected to benefit from macroeconomic or company-specific factors, and that are attractively priced relative to their fundamentals. In making investment decisions, the manager considers fundamental factors such as cash flow, financial strength, profitability, statistical valuation measures, potential or actual catalysts that could move the share price, accounting practices, management quality, risk factors such as litigation, the estimated fair value of the company, general economic and industry conditions, and additional information as appropriate. Your expenses (in dollars) if you hold all of your shares at the end of each period The expense information has been restated to reflect current fees. April 30, 2013 The expense information has been restated to reflect current fees. April 30, 2013 Your expenses (in dollars) if you hold all of your shares at the end of each period The expense information has been restated to reflect current fees. April 30, 2013 Your expenses (in dollars) if you hold all of your shares at the end of each period The expense information has been restated to reflect current fees. April 30, 2013 Your expenses (in dollars) if you hold all of your shares at the end of each period April 30, 2013 The expense information has been restated to reflect current fees. Your expenses (in dollars) if you hold all of your shares at the end of each period Within the broad asset classes of debt and equity, the portfolio diversifies its holdings by investing in Underlying Portfolios that represent a variety of investment styles and security types, including alternative or non-traditional investment strategies. Alternative or non-traditional investment strategies generally are expected to have low to moderate correlation to traditional equity and fixed income investments and, as a result, may offer diversification benefits. The portion of the portfolio invested in alternative or non-traditional investment strategies may be allocated to Underlying Portfolios that, in turn, invest in equity or debt securities or other instruments, which may include, among others:   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Forward foreign currency contracts; </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Foreign currency options; </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> High yield debt securities; </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Swaps (such as interest rate, cross-currency, total return and credit default swaps); </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td valign="top" align="left"> Futures on securities, indexes, currencies and other investments; and </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Precious metals-related equity securities. </td></tr></table>The portfolio may also, at any time, invest in Underlying Portfolios that hold other debt or equity securities or other instruments. Within the broad asset classes of debt and equity, the portfolio diversifies its holdings by investing in Underlying Portfolios that represent a variety of investment styles and security types, including alternative or non-traditional investment strategies. Alternative or non-traditional investment strategies generally are expected to have low to moderate correlation to traditional equity and fixed income investments and, as a result, may offer diversification benefits. The portion of the portfolio invested in alternative or non-traditional investment strategies may be allocated to Underlying Portfolios that, in turn, invest in equity or debt securities or other instruments, which may include, among others:   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Forward foreign currency contracts; </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Foreign currency options; </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> High yield debt securities; </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Swaps (such as interest rate, cross-currency, total return and credit default swaps); </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td valign="top" align="left"> Futures on securities, indexes, currencies and other investments; and </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Precious metals-related equity securities. </td></tr></table>The portfolio may also, at any time, invest in Underlying Portfolios that hold other debt or equity securities or other instruments. Within the broad asset classes of debt and equity, the portfolio diversifies its holdings by investing in Underlying Portfolios that represent a variety of investment styles and security types, including alternative or non-traditional investment strategies. Alternative or non-traditional investment strategies generally are expected to have low to moderate correlation to traditional equity and fixed income investments and, as a result, may offer diversification benefits. The portion of the portfolio invested in alternative or non-traditional investment strategies may be allocated to Underlying Portfolios that, in turn, invest in equity or debt securities or other instruments, which may include, among others:   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Forward foreign currency contracts; </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Foreign currency options; </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> High yield debt securities; </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Swaps (such as interest rate, cross-currency, total return and credit default swaps); </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td valign="top" align="left"> Futures on securities, indexes, currencies and other investments; and </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Precious metals-related equity securities. </td></tr></table>The portfolio may also, at any time, invest in Underlying Portfolios that hold other debt or equity securities or other instruments. Within the broad asset classes of debt and equity, the portfolio diversifies its holdings by investing in Underlying Portfolios that represent a variety of investment styles and security types, including alternative or non-traditional investment strategies. Alternative or non-traditional investment strategies generally are expected to have low to moderate correlation to traditional equity and fixed income investments and, as a result, may offer diversification benefits. The portion of the portfolio invested in alternative or non-traditional investment strategies may be allocated to Underlying Portfolios that, in turn, invest in equity or debt securities or other instruments, which may include, among others:   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Forward foreign currency contracts; </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Foreign currency options; </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> High yield debt securities; </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Swaps (such as interest rate, cross-currency, total return and credit default swaps); </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td valign="top" align="left"> Futures on securities, indexes, currencies and other investments; and </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Precious metals-related equity securities. </td></tr></table>The portfolio may also, at any time, invest in Underlying Portfolios that hold other debt or equity securities or other instruments. Within the broad asset classes of debt and equity, the portfolio diversifies its holdings by investing in Underlying Portfolios that represent a variety of investment styles and security types, including alternative or non-traditional investment strategies. Alternative or non-traditional investment strategies generally are expected to have low to moderate correlation to traditional equity and fixed income investments and, as a result, may offer diversification benefits. The portion of the portfolio invested in alternative or non-traditional investment strategies may be allocated to Underlying Portfolios that, in turn, invest in equity or debt securities or other instruments, which may include, among others:   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Forward foreign currency contracts; </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Foreign currency options; </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> High yield debt securities; </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Swaps (such as interest rate, cross-currency, total return and credit default swaps); </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td valign="top" align="left"> Futures on securities, indexes, currencies and other investments; and </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Precious metals-related equity securities. </td></tr></table>The portfolio may also, at any time, invest in Underlying Portfolios that hold other debt or equity securities or other instruments. <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Correlation Risk: While the performance of an Underlying Portfolio that represents an alternative or non-traditional investment strategy is generally expected to have low to moderate correlation with the performance of traditional equity and fixed income investments over long-term periods, the actual performance of such Underlying Portfolio may be correlated with those traditional investments over short- or long-term periods. Should there be periods when such Underlying Portfolio's performance is correlated with those traditional investments, any intended diversification effect of including such alternative or non-traditional Underlying Portfolio as part of an asset allocation strategy may not be achieved, thereby resulting in increased volatility of an asset allocation strategy that includes the Underlying Portfolio. </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Geographic Concentration Risk: Concentrating investments in a single country, a limited number of countries, or a particular geographic region makes the portfolio more susceptible to adverse economic, political, social, regulatory and other developments in that country, countries or region. </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Correlation Risk: While the performance of an Underlying Portfolio that represents an alternative or non-traditional investment strategy is generally expected to have low to moderate correlation with the performance of traditional equity and fixed income investments over long-term periods, the actual performance of such Underlying Portfolio may be correlated with those traditional investments over short- or long-term periods. Should there be periods when such Underlying Portfolio's performance is correlated with those traditional investments, any intended diversification effect of including such alternative or non-traditional Underlying Portfolio as part of an asset allocation strategy may not be achieved, thereby resulting in increased volatility of an asset allocation strategy that includes the Underlying Portfolio. </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Non-Diversification Risk: An Underlying Portfolio that is classified as non-diversified may invest a greater percentage of its assets in a single issuer or a fewer number of issuers than a diversified portfolio. This increases potential price volatility and the risk that its value could go down because of the poor performance of a single investment or a small number of investments. </td></tr></table>   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Short Exposure Risk: When a portfolio takes a short position using derivative instruments in anticipation of a decline in the market price (i.e., spot price or spot rate) of the underlying reference asset, such as entering into a derivative contract to sell a currency at a predetermined price for future delivery (forward foreign currency contract) in anticipation of a decline in the market price of the underlying currency, it is subject to the risk that the reference asset will increase in value, resulting in a loss. Such loss is theoretically unlimited. Short positions also may expose the portfolio to leverage risk. </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Correlation Risk: While the performance of an Underlying Portfolio that represents an alternative or non-traditional investment strategy is generally expected to have low to moderate correlation with the performance of traditional equity and fixed income investments over long-term periods, the actual performance of such Underlying Portfolio may be correlated with those traditional investments over short- or long-term periods. Should there be periods when such Underlying Portfolio's performance is correlated with those traditional investments, any intended diversification effect of including such alternative or non-traditional Underlying Portfolio as part of an asset allocation strategy may not be achieved, thereby resulting in increased volatility of an asset allocation strategy that includes the Underlying Portfolio. </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Correlation Risk: While the performance of an Underlying Portfolio that represents an alternative or non-traditional investment strategy is generally expected to have low to moderate correlation with the performance of traditional equity and fixed income investments over long-term periods, the actual performance of such Underlying Portfolio may be correlated with those traditional investments over short- or long-term periods. Should there be periods when such Underlying Portfolio's performance is correlated with those traditional investments, any intended diversification effect of including such alternative or non-traditional Underlying Portfolio as part of an asset allocation strategy may not be achieved, thereby resulting in increased volatility of an asset allocation strategy that includes the Underlying Portfolio. </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Non-Diversification Risk: An Underlying Portfolio that is classified as non-diversified may invest a greater percentage of its assets in a single issuer or a fewer number of issuers than a diversified portfolio. This increases potential price volatility and the risk that its value could go down because of the poor performance of a single investment or a small number of investments. </td></tr></table>   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Short Exposure Risk: When a portfolio takes a short position using derivative instruments in anticipation of a decline in the market price (i.e., spot price or spot rate) of the underlying reference asset, such as entering into a derivative contract to sell a currency at a predetermined price for future delivery (forward foreign currency contract) in anticipation of a decline in the market price of the underlying currency, it is subject to the risk that the reference asset will increase in value, resulting in a loss. Such loss is theoretically unlimited. Short positions also may expose the portfolio to leverage risk. </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> High-Yield or “Junk” Securities Risk: High yield securities are typically issued by companies that are highly leveraged, less creditworthy or financially distressed and are considered to be mostly speculative in nature (high risk), potentially less liquid, and subject to a greater risk of loss, that is they are more likely to default than higher rated securities. </td></tr></table>   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Short Sale Risk: A short sale involves the risk that the price at which the portfolio purchases a security to replace the borrowed security may be higher than the price that the portfolio sold the security, resulting in a loss to the portfolio. Such loss is theoretically unlimited. Short sales also involve certain costs and may expose the portfolio to leverage risk. </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Correlation Risk: While the performance of an Underlying Portfolio that represents an alternative or non-traditional investment strategy is generally expected to have low to moderate correlation with the performance of traditional equity and fixed income investments over long-term periods, the actual performance of such Underlying Portfolio may be correlated with those traditional investments over short- or long-term periods. Should there be periods when such Underlying Portfolio's performance is correlated with those traditional investments, any intended diversification effect of including such alternative or non-traditional Underlying Portfolio as part of an asset allocation strategy may not be achieved, thereby resulting in increased volatility of an asset allocation strategy that includes the Underlying Portfolio. </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Non-Diversification Risk: An Underlying Portfolio that is classified as non-diversified may invest a greater percentage of its assets in a single issuer or a fewer number of issuers than a diversified portfolio. This increases potential price volatility and the risk that its value could go down because of the poor performance of a single investment or a small number of investments. </td></tr></table>   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Short Exposure Risk: When a portfolio takes a short position using derivative instruments in anticipation of a decline in the market price (i.e., spot price or spot rate) of the underlying reference asset, such as entering into a derivative contract to sell a currency at a predetermined price for future delivery (forward foreign currency contract) in anticipation of a decline in the market price of the underlying currency, it is subject to the risk that the reference asset will increase in value, resulting in a loss. Such loss is theoretically unlimited. Short positions also may expose the portfolio to leverage risk. </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Debt Securities Risk: Debt securities are affected by many factors, including prevailing interest rates, market conditions and market liquidity. Volatility of below investment grade debt securities (including loans), may be relatively greater than for investment grade securities. </td></tr></table>   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Regulatory Impact Risk: Certain financial instruments are subject to extensive government regulation, which may change unexpectedly and frequently, and may impact a portfolio significantly. </td></tr></table>   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Short Sale Risk: A short sale involves the risk that the price at which the portfolio purchases a security to replace the borrowed security may be higher than the price that the portfolio sold the security, resulting in a loss to the portfolio. Such loss is theoretically unlimited. Short sales also involve certain costs and may expose the portfolio to leverage risk. </td></tr></table>  <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> U.S. Government Securities Risk: Not all U.S. government securities are backed or guaranteed by the U.S. government and different U.S. government securities are subject to varying degrees of credit risk. There is risk that the U.S. government will not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. </td></tr></table> 2012-05-01 SUPPLEMENT DATED SEPTEMBER 28, 2012 TO THE PROSPECTUS FOR PACIFIC SELECT FUND CLASS I AND P SHARES DATED MAY 1, 2012 This supplement revises the Pacific Select Fund Class I and P Shares prospectus dated May 1, 2012 as supplemented August 24, 2012 (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement, unless otherwise noted. Remember to review the Prospectus for other important information. Long/Short Large-Cap Portfolio – Effective October 1, 2012, the expenses associated with the Portfolio's securities lending program will increase. To minimize the impact of increased expenses to the portfolio's shareholders, Pacific Life Fund Advisors LLC (PLFA), the investment adviser to the portfolio, will waive 0.05% from its advisory fee through April 30, 2014 and the fee paid to J.P. Morgan Investment Management, Inc. for providing sub-advisory services will be reduced by 0.05%. The fee table and expense example will also be replaced with the following:   <div style="position: relative; PADDING-BOTTOM: 8px; WIDTH: 48%; PADDING-RIGHT: 9px; FLOAT: left; OVERFLOW: hidden; MARGIN-RIGHT: 1%; PADDING-TOP: 3px"> Annual Fund Operating Expenses1 (expenses that you pay each year as a percentage of the value of your investment)   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="70%"></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom" colspan="2" align="center">Class I</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" colspan="2" align="center">Class P</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Management fee</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">1.00</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">1.00</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> Service fee</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.20</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.00</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Other expenses</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.82</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.82</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> Total annual operating expenses</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">2.02</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">1.82</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Less fee waiver2</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">(0.05</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">(0.05</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> Total annual operating expenses after fee waiver</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">1.97</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">1.77</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr></table> 1   The expense information has been restated to reflect current fees. 2   The investment adviser has contractually agreed to waive its management fee through April 30, 2014. The agreement will terminate: (i) if the investment advisory agreement is terminated or (ii) upon ninety days' prior written notice by the Fund. </div> <div style="position: relative; PADDING-BOTTOM: 8px; WIDTH: 48%; PADDING-RIGHT: 9px; FLOAT: right; OVERFLOW: hidden; PADDING-TOP: 3px"> Your expenses (in dollars) if you sell/redeem or hold all of your shares at the end of each period   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="70%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom" colspan="2" align="center">Class I</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom" colspan="2" align="center">Class P</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> 1 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">200</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">180</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> 3 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">629</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">568</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> 5 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">1,083</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">981</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> 10 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">2,344</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">2,133</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr></table></div> <div style="HEIGHT: 0px; CLEAR: both; FONT-SIZE: 0px"> </div> SUPPLEMENT DATED SEPTEMBER 28, 2012 TO THE PROSPECTUS FOR PACIFIC SELECT FUND CLASS I AND P SHARES DATED MAY 1, 2012 This supplement revises the Pacific Select Fund Class I and P Shares prospectus dated May 1, 2012 as supplemented August 24, 2012 (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement, unless otherwise noted. Remember to review the Prospectus for other important information. <div style="position: relative; PADDING-BOTTOM: 8px; WIDTH: 48%; PADDING-RIGHT: 9px; FLOAT: left; OVERFLOW: hidden; MARGIN-RIGHT: 1%; PADDING-TOP: 3px"> Portfolio Optimization Aggressive-Growth Portfolio Annual fund operating expenses1 (expenses that you pay each year as a percentage of the value of your investment)   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="85%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom" colspan="2" align="center">Class I</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Management fee</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.10</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> Service fee</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.20</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Other expenses</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.01</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> Acquired fund fees and expenses</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.78</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Total annual operating expenses</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">1.09</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> Less fee waiver2</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">(0.10</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Total annual operating expenses after fee waiver</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.99</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr></table> 1   The expense information has been restated to reflect current fees. 2   The investment adviser has contractually agreed to waive its management fee through April 30, 2013. The agreement will terminate: (i) if the investment advisory agreement is terminated or (ii) upon ninety days' prior written notice by the Fund. </div> <div style="position: relative; PADDING-BOTTOM: 8px; WIDTH: 48%; PADDING-RIGHT: 9px; FLOAT: right; OVERFLOW: hidden; PADDING-TOP: 3px"> Your expenses (in dollars) if you sell/redeem or hold all of your shares at the end of each period   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="85%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom" colspan="2" align="center">Class I</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> 1 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">101</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> 3 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">337</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> 5 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">591</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> 10 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">1,320</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr></table></div> <div style="HEIGHT: 0px; CLEAR: both; FONT-SIZE: 0px"> </div>  <div style="HEIGHT: 0px; CLEAR: both; FONT-SIZE: 0px"> </div>   The second sentence of the second paragraph of each Portfolio Optimization Portfolio's Principal investment strategies subsection is replaced with the following: Within the broad asset classes of debt and equity, the portfolio diversifies its holdings by investing in Underlying Portfolios that represent a variety of investment styles and security types, including alternative or non-traditional investment strategies. Alternative or non-traditional investment strategies generally are expected to have low to moderate correlation to traditional equity and fixed income investments and, as a result, may offer diversification benefits. In the same subsection, the following is added as the fourth paragraph: The portion of the portfolio invested in alternative or non-traditional investment strategies may be allocated to Underlying Portfolios that, in turn, invest in equity or debt securities or other instruments, which may include, among others:   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Forward foreign currency contracts; </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Foreign currency options; </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> High yield debt securities; </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Swaps (such as interest rate, cross-currency, total return and credit default swaps); </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td valign="top" align="left"> Futures on securities, indexes, currencies and other investments; and </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Precious metals-related equity securities. </td></tr></table> In the same subsection, the first sentence of the current fourth paragraph is replaced with the following: The portfolio may also, at any time, invest in Underlying Portfolios that hold other debt or equity securities or other instruments. The following is added to each Portfolio Optimization Portfolio's Principal risks from holdings in Underlying Portfolios subsection:   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Correlation Risk: While the performance of an Underlying Portfolio that represents an alternative or non-traditional investment strategy is generally expected to have low to moderate correlation with the performance of traditional equity and fixed income investments over long-term periods, the actual performance of such Underlying Portfolio may be correlated with those traditional investments over short- or long-term periods. Should there be periods when such Underlying Portfolio's performance is correlated with those traditional investments, any intended diversification effect of including such alternative or non-traditional Underlying Portfolio as part of an asset allocation strategy may not be achieved, thereby resulting in increased volatility of an asset allocation strategy that includes the Underlying Portfolio. </td></tr></table>Portfolio Optimization Moderate Portfolio, Portfolio Optimization Growth Portfolio and Portfolio Optimization Aggressive-Growth Portfolio: The following is added to the Principal risks from holdings in Underlying Portfolios subsection:   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Non-Diversification Risk: An Underlying Portfolio that is classified as non-diversified may invest a greater percentage of its assets in a single issuer or a fewer number of issuers than a diversified portfolio. This increases potential price volatility and the risk that its value could go down because of the poor performance of a single investment or a small number of investments. </td></tr></table>   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Short Exposure Risk: When a portfolio takes a short position using derivative instruments in anticipation of a decline in the market price (i.e., spot price or spot rate) of the underlying reference asset, such as entering into a derivative contract to sell a currency at a predetermined price for future delivery (forward foreign currency contract) in anticipation of a decline in the market price of the underlying currency, it is subject to the risk that the reference asset will increase in value, resulting in a loss. Such loss is theoretically unlimited. Short positions also may expose the portfolio to leverage risk. </td></tr></table>Portfolio Optimization Aggressive-Growth Portfolio: The following is added to the Principal risks from holdings in Underlying Portfolios subsection: <table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; "><tr><td width="5%"> </td><td width="2%" valign="top" align="left">▪</td><td width="1%" valign="top"> </td><td align="left" valign="top">Debt Securities Risk: Debt securities are affected by many factors, including prevailing interest rates, market conditions and market liquidity. Volatility of below investment grade debt securities (including loans), may be relatively greater than for investment grade securities.</td></tr></table> <table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; "><tr><td width="5%"> </td><td width="2%" valign="top" align="left">▪</td><td width="1%" valign="top"> </td><td align="left" valign="top">Regulatory Impact Risk: Certain financial instruments are subject to extensive government regulation, which may change unexpectedly and frequently, and may impact a portfolio significantly.</td></tr></table> <table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; "><tr><td width="5%"> </td><td width="2%" valign="top" align="left">▪</td><td width="1%" valign="top"> </td><td align="left" valign="top">Short Sale Risk: A short sale involves the risk that the price at which the portfolio purchases a security to replace the borrowed security may be higher than the price that the portfolio sold the security, resulting in a loss to the portfolio. Such loss is theoretically unlimited. Short sales also involve certain costs and may expose the portfolio to leverage risk.</td></tr></table> <table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; "><tr><td width="5%"> </td><td width="2%" valign="top" align="left">▪</td><td width="1%" valign="top"> </td><td align="left" valign="top">U.S. Government Securities Risk: Not all U.S. government securities are backed or guaranteed by the U.S. government and different U.S. government securities are subject to varying degrees of credit risk. There is risk that the U.S. government will not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law.</td></tr></table> SUPPLEMENT DATED SEPTEMBER 28, 2012 TO THE PROSPECTUS FOR PACIFIC SELECT FUND CLASS I AND P SHARES DATED MAY 1, 2012 This supplement revises the Pacific Select Fund Class I and P Shares prospectus dated May 1, 2012 as supplemented August 24, 2012 (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement, unless otherwise noted. Remember to review the Prospectus for other important information. Portfolio Optimization Growth PortfolioAnnual fund operating expenses1 (expenses that you pay each year as a percentage of the value of your investment) <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="border-collapse: collapse; "><tr><td width="85%"></td><td valign="bottom" width="8%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom"> </td><td valign="bottom">  </td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">Class I</td><td valign="bottom"> </td></tr><tr bgcolor="#cceeff"><td valign="top" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">Management fee</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); "> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">0.10</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td></tr><tr><td valign="top" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">Service fee</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); "> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">0.20</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td></tr><tr bgcolor="#cceeff"><td valign="top" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">Other expenses</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); "> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">0.01</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td></tr><tr><td valign="top" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">Acquired fund fees and expenses</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); "> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">0.74</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td></tr><tr bgcolor="#cceeff"><td valign="top" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">Total annual operating expenses</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); "> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">1.05</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td></tr><tr><td valign="top" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">Less fee waiver2</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); "> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">(0.10</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">) </td></tr><tr bgcolor="#cceeff"><td valign="top" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">Total annual operating expenses after fee waiver</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); "> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">0.95</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td></tr></table>1   The expense information has been restated to reflect current fees.2   The investment adviser has contractually agreed to waive its management fee through April 30, 2013. The agreement will terminate: (i) if the investment advisory agreement is terminated or (ii) upon ninety days' prior written notice by the Fund.Your expenses (in dollars) if you sell/redeem or hold all of your shares at the end of each period <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="border-collapse: collapse; "><tr><td width="85%"></td><td valign="bottom" width="8%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom"> </td><td valign="bottom">  </td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">Class I</td><td valign="bottom"> </td></tr><tr bgcolor="#cceeff"><td valign="top" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">1 year</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">$</td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">97</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td></tr><tr><td valign="top" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">3 year</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">$</td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">324</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td></tr><tr bgcolor="#cceeff"><td valign="top" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">5 year</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">$</td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">570</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td></tr><tr><td valign="top" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">10 year</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">$</td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">1,274</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td></tr></table> The second sentence of the second paragraph of each Portfolio Optimization Portfolio's Principal investment strategies subsection is replaced with the following:Within the broad asset classes of debt and equity, the portfolio diversifies its holdings by investing in Underlying Portfolios that represent a variety of investment styles and security types, including alternative or non-traditional investment strategies. Alternative or non-traditional investment strategies generally are expected to have low to moderate correlation to traditional equity and fixed income investments and, as a result, may offer diversification benefits.In the same subsection, the following is added as the fourth paragraph:The portion of the portfolio invested in alternative or non-traditional investment strategies may be allocated to Underlying Portfolios that, in turn, invest in equity or debt securities or other instruments, which may include, among others: <table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; "><tr><td width="9%"> </td><td width="3%" valign="top" align="left">▪</td><td width="1%" valign="top"> </td><td align="left" valign="top">Forward foreign currency contracts;</td></tr></table><table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; "><tr><td width="9%"> </td><td width="3%" valign="top" align="left">▪</td><td width="1%" valign="top"> </td><td align="left" valign="top">Foreign currency options;</td></tr></table><table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; "><tr><td width="9%"> </td><td width="3%" valign="top" align="left">▪</td><td width="1%" valign="top"> </td><td align="left" valign="top">High yield debt securities;</td></tr></table><table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; "><tr><td width="9%"> </td><td width="3%" valign="top" align="left">▪</td><td width="1%" valign="top"> </td><td align="left" valign="top">Swaps (such as interest rate, cross-currency, total return and credit default swaps);</td></tr></table><table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; "><tr><td width="9%"> </td><td width="3%" valign="top" align="left">▪</td><td width="1%" valign="top"> </td><td align="left" valign="top">Futures on securities, indexes, currencies and other investments; and</td></tr></table><table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; "><tr><td width="9%"> </td><td width="3%" valign="top" align="left">▪</td><td width="1%" valign="top"> </td><td align="left" valign="top">Precious metals-related equity securities.</td></tr></table>In the same subsection, the first sentence of the current fourth paragraph is replaced with the following:The portfolio may also, at any time, invest in Underlying Portfolios that hold other debt or equity securities or other instruments.The following is added to each Portfolio Optimization Portfolio's Principal risks from holdings in Underlying Portfolios subsection: <table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; "><tr><td width="5%"> </td><td width="2%" valign="top" align="left">▪</td><td width="1%" valign="top"> </td><td align="left" valign="top">Correlation Risk: While the performance of an Underlying Portfolio that represents an alternative or non-traditional investment strategy is generally expected to have low to moderate correlation with the performance of traditional equity and fixed income investments over long-term periods, the actual performance of such Underlying Portfolio may be correlated with those traditional investments over short- or long-term periods. Should there be periods when such Underlying Portfolio's performance is correlated with those traditional investments, any intended diversification effect of including such alternative or non-traditional Underlying Portfolio as part of an asset allocation strategy may not be achieved, thereby resulting in increased volatility of an asset allocation strategy that includes the Underlying Portfolio.</td></tr></table>Portfolio Optimization Moderate Portfolio, Portfolio Optimization Growth Portfolio and Portfolio Optimization Aggressive-Growth Portfolio: The following is added to the Principal risks from holdings in Underlying Portfolios subsection: <table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; "><tr><td width="5%"> </td><td width="2%" valign="top" align="left">▪</td><td width="1%" valign="top"> </td><td align="left" valign="top">Non-Diversification Risk: An Underlying Portfolio that is classified as non-diversified may invest a greater percentage of its assets in a single issuer or a fewer number of issuers than a diversified portfolio. This increases potential price volatility and the risk that its value could go down because of the poor performance of a single investment or a small number of investments.</td></tr></table> <table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; "><tr><td width="5%"> </td><td width="2%" valign="top" align="left">▪</td><td width="1%" valign="top"> </td><td align="left" valign="top">Short Exposure Risk: When a portfolio takes a short position using derivative instruments in anticipation of a decline in the market price (i.e., spot price or spot rate) of the underlying reference asset, such as entering into a derivative contract to sell a currency at a predetermined price for future delivery (forward foreign currency contract) in anticipation of a decline in the market price of the underlying currency, it is subject to the risk that the reference asset will increase in value, resulting in a loss. Such loss is theoretically unlimited. Short positions also may expose the portfolio to leverage risk.</td></tr></table>Portfolio Optimization Growth Portfolio: The following is added to the Principal risks from holdings in Underlying Portfolios subsection: <table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; "><tr><td width="5%"> </td><td width="2%" valign="top" align="left">▪</td><td width="1%" valign="top"> </td><td align="left" valign="top">High-Yield or "Junk" Securities Risk: High yield securities are typically issued by companies that are highly leveraged, less creditworthy or financially distressed and are considered to be mostly speculative in nature (high risk), potentially less liquid, and subject to a greater risk of loss, that is they are more likely to default than higher rated securities.</td></tr></table> <table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; "><tr><td width="5%"> </td><td width="2%" valign="top" align="left">▪</td><td width="1%" valign="top"> </td><td align="left" valign="top">Short Sale Risk: A short sale involves the risk that the price at which the portfolio purchases a security to replace the borrowed security may be higher than the price that the portfolio sold the security, resulting in a loss to the portfolio. Such loss is theoretically unlimited. Short sales also involve certain costs and may expose the portfolio to leverage risk.</td></tr></table> SUPPLEMENT DATED SEPTEMBER 28, 2012 TO THE PROSPECTUS FOR PACIFIC SELECT FUND CLASS I AND P SHARES DATED MAY 1, 2012 This supplement revises the Pacific Select Fund Class I and P Shares prospectus dated May 1, 2012 as supplemented August 24, 2012 (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement, unless otherwise noted. Remember to review the Prospectus for other important information. <div style="position: relative; PADDING-BOTTOM: 8px; WIDTH: 48%; PADDING-RIGHT: 9px; FLOAT: left; OVERFLOW: hidden; MARGIN-RIGHT: 1%; PADDING-TOP: 3px"> Portfolio Optimization Moderate Portfolio Annual fund operating expenses1 (expenses that you pay each year as a percentage of the value of your investment)   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="85%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom" colspan="2" align="center">Class I</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Management fee</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.10</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> Service fee</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.20</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Other expenses</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.01</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> Acquired fund fees and expenses</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.69</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Total annual operating expenses</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">1.00</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> Less fee waiver2</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">(0.10</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Total annual operating expenses after fee waiver</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.90</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr></table> 1   The expense information has been restated to reflect current fees. 2   The investment adviser has contractually agreed to waive its management fee through April 30, 2013. The agreement will terminate: (i) if the investment advisory agreement is terminated or (ii) upon ninety days' prior written notice by the Fund. </div> <div style="position: relative; PADDING-BOTTOM: 8px; WIDTH: 48%; PADDING-RIGHT: 9px; FLOAT: right; OVERFLOW: hidden; PADDING-TOP: 3px"> Your expenses (in dollars) if you sell/redeem or hold all of your shares at the end of each period   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="85%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom" colspan="2" align="center">Class I</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> 1 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">92</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> 3 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">308</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> 5 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">543</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> 10 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">1,216</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr></table></div> <div style="HEIGHT: 0px; CLEAR: both; FONT-SIZE: 0px"> </div>  <div style="HEIGHT: 0px; CLEAR: both; FONT-SIZE: 0px"> </div>   The second sentence of the second paragraph of each Portfolio Optimization Portfolio's Principal investment strategies subsection is replaced with the following: Within the broad asset classes of debt and equity, the portfolio diversifies its holdings by investing in Underlying Portfolios that represent a variety of investment styles and security types, including alternative or non-traditional investment strategies. Alternative or non-traditional investment strategies generally are expected to have low to moderate correlation to traditional equity and fixed income investments and, as a result, may offer diversification benefits. In the same subsection, the following is added as the fourth paragraph: The portion of the portfolio invested in alternative or non-traditional investment strategies may be allocated to Underlying Portfolios that, in turn, invest in equity or debt securities or other instruments, which may include, among others:   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Forward foreign currency contracts; </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Foreign currency options; </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> High yield debt securities; </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Swaps (such as interest rate, cross-currency, total return and credit default swaps); </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td valign="top" align="left"> Futures on securities, indexes, currencies and other investments; and </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Precious metals-related equity securities. </td></tr></table> In the same subsection, the first sentence of the current fourth paragraph is replaced with the following: The portfolio may also, at any time, invest in Underlying Portfolios that hold other debt or equity securities or other instruments. The following is added to each Portfolio Optimization Portfolio's Principal risks from holdings in Underlying Portfolios subsection:   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Correlation Risk: While the performance of an Underlying Portfolio that represents an alternative or non-traditional investment strategy is generally expected to have low to moderate correlation with the performance of traditional equity and fixed income investments over long-term periods, the actual performance of such Underlying Portfolio may be correlated with those traditional investments over short- or long-term periods. Should there be periods when such Underlying Portfolio's performance is correlated with those traditional investments, any intended diversification effect of including such alternative or non-traditional Underlying Portfolio as part of an asset allocation strategy may not be achieved, thereby resulting in increased volatility of an asset allocation strategy that includes the Underlying Portfolio. </td></tr></table>Portfolio Optimization Moderate Portfolio, Portfolio Optimization Growth Portfolio and Portfolio Optimization Aggressive-Growth Portfolio: The following is added to the Principal risks from holdings in Underlying Portfolios subsection:   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Non-Diversification Risk: An Underlying Portfolio that is classified as non-diversified may invest a greater percentage of its assets in a single issuer or a fewer number of issuers than a diversified portfolio. This increases potential price volatility and the risk that its value could go down because of the poor performance of a single investment or a small number of investments. </td></tr></table>   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Short Exposure Risk: When a portfolio takes a short position using derivative instruments in anticipation of a decline in the market price (i.e., spot price or spot rate) of the underlying reference asset, such as entering into a derivative contract to sell a currency at a predetermined price for future delivery (forward foreign currency contract) in anticipation of a decline in the market price of the underlying currency, it is subject to the risk that the reference asset will increase in value, resulting in a loss. Such loss is theoretically unlimited. Short positions also may expose the portfolio to leverage risk. </td></tr></table> SUPPLEMENT DATED SEPTEMBER 28, 2012 TO THE PROSPECTUS FOR PACIFIC SELECT FUND CLASS I AND P SHARES DATED MAY 1, 2012 This supplement revises the Pacific Select Fund Class I and P Shares prospectus dated May 1, 2012 as supplemented August 24, 2012 (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement, unless otherwise noted. Remember to review the Prospectus for other important information. Portfolio Optimization Moderate-Conservative PortfolioAnnual fund operating expenses1 (expenses that you pay each year as a percentage of the value of your investment) <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="border-collapse: collapse; "><tr><td width="85%"></td><td valign="bottom" width="8%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom"> </td><td valign="bottom">  </td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">Class I</td><td valign="bottom"> </td></tr><tr bgcolor="#cceeff"><td valign="top" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">Management fee</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); "> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">0.10</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td></tr><tr><td valign="top" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">Service fee</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); "> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">0.20</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td></tr><tr bgcolor="#cceeff"><td valign="top" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">Other expenses</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); "> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">0.01</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td></tr><tr><td valign="top" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">Acquired fund fees and expenses</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); "> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">0.60</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td></tr><tr bgcolor="#cceeff"><td valign="top" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">Total annual operating expenses</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); "> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">0.91</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td></tr><tr><td valign="top" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">Less fee waiver2</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); "> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">(0.10</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">) </td></tr><tr bgcolor="#cceeff"><td valign="top" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">Total annual operating expenses after fee waiver</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); "> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">0.81</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td></tr></table>1   The expense information has been restated to reflect current fees.2   The investment adviser has contractually agreed to waive its management fee through April 30, 2013. The agreement will terminate: (i) if the investment advisory agreement is terminated or (ii) upon ninety days' prior written notice by the Fund.Your expenses (in dollars) if you sell/redeem or hold all of your shares at the end of each period <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="border-collapse: collapse; "><tr><td width="85%"></td><td valign="bottom" width="8%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom"> </td><td valign="bottom">  </td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">Class I</td><td valign="bottom"> </td></tr><tr bgcolor="#cceeff"><td valign="top" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">1 year</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">$</td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">83</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td></tr><tr><td valign="top" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">3 year</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">$</td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">280</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td></tr><tr bgcolor="#cceeff"><td valign="top" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">5 year</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">$</td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">494</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td></tr><tr><td valign="top" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">10 year</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">  </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">$</td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">1,110</td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); ">   </td></tr></table>The second sentence of the second paragraph of each Portfolio Optimization Portfolio's Principal investment strategies subsection is replaced with the following:Within the broad asset classes of debt and equity, the portfolio diversifies its holdings by investing in Underlying Portfolios that represent a variety of investment styles and security types, including alternative or non-traditional investment strategies. Alternative or non-traditional investment strategies generally are expected to have low to moderate correlation to traditional equity and fixed income investments and, as a result, may offer diversification benefits.In the same subsection, the following is added as the fourth paragraph:The portion of the portfolio invested in alternative or non-traditional investment strategies may be allocated to Underlying Portfolios that, in turn, invest in equity or debt securities or other instruments, which may include, among others: <table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; "><tr><td width="9%"> </td><td width="3%" valign="top" align="left">▪</td><td width="1%" valign="top"> </td><td align="left" valign="top">Forward foreign currency contracts;</td></tr></table><table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; "><tr><td width="9%"> </td><td width="3%" valign="top" align="left">▪</td><td width="1%" valign="top"> </td><td align="left" valign="top">Foreign currency options;</td></tr></table><table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; "><tr><td width="9%"> </td><td width="3%" valign="top" align="left">▪</td><td width="1%" valign="top"> </td><td align="left" valign="top">High yield debt securities;</td></tr></table><table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; "><tr><td width="9%"> </td><td width="3%" valign="top" align="left">▪</td><td width="1%" valign="top"> </td><td align="left" valign="top">Swaps (such as interest rate, cross-currency, total return and credit default swaps);</td></tr></table><table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; "><tr><td width="9%"> </td><td width="3%" valign="top" align="left">▪</td><td width="1%" valign="top"> </td><td align="left" valign="top">Futures on securities, indexes, currencies and other investments; and</td></tr></table><table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; "><tr><td width="9%"> </td><td width="3%" valign="top" align="left">▪</td><td width="1%" valign="top"> </td><td align="left" valign="top">Precious metals-related equity securities.</td></tr></table>In the same subsection, the first sentence of the current fourth paragraph is replaced with the following:The portfolio may also, at any time, invest in Underlying Portfolios that hold other debt or equity securities or other instruments.The following is added to each Portfolio Optimization Portfolio's Principal risks from holdings in Underlying Portfolios subsection: <table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; "><tr><td width="5%"> </td><td width="2%" valign="top" align="left">▪</td><td width="1%" valign="top"> </td><td align="left" valign="top">Correlation Risk: While the performance of an Underlying Portfolio that represents an alternative or non-traditional investment strategy is generally expected to have low to moderate correlation with the performance of traditional equity and fixed income investments over long-term periods, the actual performance of such Underlying Portfolio may be correlated with those traditional investments over short- or long-term periods. Should there be periods when such Underlying Portfolio's performance is correlated with those traditional investments, any intended diversification effect of including such alternative or non-traditional Underlying Portfolio as part of an asset allocation strategy may not be achieved, thereby resulting in increased volatility of an asset allocation strategy that includes the Underlying Portfolio.</td></tr></table> SUPPLEMENT DATED SEPTEMBER 28, 2012 TO THE PROSPECTUS FOR PACIFIC SELECT FUND CLASS I AND P SHARES DATED MAY 1, 2012 This supplement revises the Pacific Select Fund Class I and P Shares prospectus dated May 1, 2012 as supplemented August 24, 2012 (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement, unless otherwise noted. Remember to review the Prospectus for other important information. Each Portfolio Optimization Portfolio's Annual fund operating expenses table and expense example are replaced with the following:   <div style="position: relative; PADDING-BOTTOM: 8px; WIDTH: 48%; PADDING-RIGHT: 9px; FLOAT: left; OVERFLOW: hidden; MARGIN-RIGHT: 1%; PADDING-TOP: 3px"> Portfolio Optimization Conservative Portfolio Annual fund operating expenses1 (expenses that you pay each year as a percentage of the value of your investment)   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="85%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom" colspan="2" align="center">Class I</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Management fee</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.10</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> Service fee</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.20</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Other expenses</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.01</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> Acquired fund fees and expenses</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.57</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Total annual operating expenses</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.88</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> Less fee waiver2</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">(0.10</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Total annual operating expenses after fee waiver</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.78</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr></table> 1   The expense information has been restated to reflect current fees. 2   The investment adviser has contractually agreed to waive its management fee through April 30, 2013. The agreement will terminate: (i) if the investment advisory agreement is terminated or (ii) upon ninety days' prior written notice by the Fund. </div> <div style="position: relative; PADDING-BOTTOM: 8px; WIDTH: 48%; PADDING-RIGHT: 9px; FLOAT: right; OVERFLOW: hidden; PADDING-TOP: 3px"> Your expenses (in dollars) if you sell/redeem or hold all of your shares at the end of each period   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="85%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom" colspan="2" align="center">Class I</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> 1 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">80</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> 3 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">271</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> 5 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">478</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> 10 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">1,075</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr></table></div> <div style="HEIGHT: 0px; CLEAR: both; FONT-SIZE: 0px"> </div>  <div style="HEIGHT: 0px; CLEAR: both; FONT-SIZE: 0px"> </div>   The second sentence of the second paragraph of each Portfolio Optimization Portfolio's Principal investment strategies subsection is replaced with the following: Within the broad asset classes of debt and equity, the portfolio diversifies its holdings by investing in Underlying Portfolios that represent a variety of investment styles and security types, including alternative or non-traditional investment strategies. Alternative or non-traditional investment strategies generally are expected to have low to moderate correlation to traditional equity and fixed income investments and, as a result, may offer diversification benefits. In the same subsection, the following is added as the fourth paragraph: The portion of the portfolio invested in alternative or non-traditional investment strategies may be allocated to Underlying Portfolios that, in turn, invest in equity or debt securities or other instruments, which may include, among others:   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Forward foreign currency contracts; </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Foreign currency options; </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> High yield debt securities; </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Swaps (such as interest rate, cross-currency, total return and credit default swaps); </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td valign="top" align="left"> Futures on securities, indexes, currencies and other investments; and </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Precious metals-related equity securities. </td></tr></table> In the same subsection, the first sentence of the current fourth paragraph is replaced with the following: The portfolio may also, at any time, invest in Underlying Portfolios that hold other debt or equity securities or other instruments. The following is added to each Portfolio Optimization Portfolio's Principal risks from holdings in Underlying Portfolios subsection:   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Correlation Risk: While the performance of an Underlying Portfolio that represents an alternative or non-traditional investment strategy is generally expected to have low to moderate correlation with the performance of traditional equity and fixed income investments over long-term periods, the actual performance of such Underlying Portfolio may be correlated with those traditional investments over short- or long-term periods. Should there be periods when such Underlying Portfolio's performance is correlated with those traditional investments, any intended diversification effect of including such alternative or non-traditional Underlying Portfolio as part of an asset allocation strategy may not be achieved, thereby resulting in increased volatility of an asset allocation strategy that includes the Underlying Portfolio. </td></tr></table> Portfolio Optimization Conservative Portfolio: The following is added to the Principal risks from holdings in Underlying Portfolios subsection:   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Geographic Concentration Risk: Concentrating investments in a single country, a limited number of countries, or a particular geographic region makes the portfolio more susceptible to adverse economic, political, social, regulatory and other developments in that country, countries or region. </td></tr></table> SUPPLEMENT DATED SEPTEMBER 28, 2012 TO THE PROSPECTUS FOR PACIFIC SELECT FUND CLASS I AND P SHARES DATED MAY 1, 2012 This supplement revises the Pacific Select Fund Class I and P Shares prospectus dated May 1, 2012 as supplemented August 24, 2012 (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement, unless otherwise noted. Remember to review the Prospectus for other important information.   Mid-Cap Equity Portfolio – Effective January 1, 2013, the following replaces the second and third paragraph in the Principal investment strategies subsection: The portfolio will invest primarily in securities of U.S. companies, but may invest up to 20% of its assets in securities of foreign companies, including through American Depositary Receipts (“ADRs”). The manager seeks to invest in the securities of companies that are expected to benefit from macroeconomic or company-specific factors, and that are attractively priced relative to their fundamentals. In making investment decisions, the manager considers fundamental factors such as cash flow, financial strength, profitability, statistical valuation measures, potential or actual catalysts that could move the share price, accounting practices, management quality, risk factors such as litigation, the estimated fair value of the company, general economic and industry conditions, and additional information as appropriate. Further, effective January 1, 2013, the following is added to the Principal risks subsection:   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td width="1%"> </td> <td valign="top" align="left"> Currency Risk: Securities denominated in foreign currencies may be affected by changes in rates of exchange between those currencies and the U.S. dollar. Currency exchange rates may be volatile and may be affected by, among other factors, the general economic conditions of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. </td></tr></table>   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Foreign Markets Risk: Exposure to foreign markets through issuers can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market.  </td></tr></table> SUPPLEMENT DATED SEPTEMBER 28, 2012 TO THE PROSPECTUS FOR PACIFIC SELECT FUND CLASS I AND P SHARES DATED MAY 1, 2012 This supplement revises the Pacific Select Fund Class I and P Shares prospectus dated May 1, 2012 as supplemented August 24, 2012 (Prospectus), and must be preceded or accompanied by the Prospectus. The changes within this supplement are effective as of the date of the supplement, unless otherwise noted. Remember to review the Prospectus for other important information. Disclosure Changes to the Portfolio summaries section Long/Short Large-Cap Portfolio – Effective October 1, 2012, the expenses associated with the Portfolio's securities lending program will increase. To minimize the impact of increased expenses to the portfolio's shareholders, Pacific Life Fund Advisors LLC (PLFA), the investment adviser to the portfolio, will waive 0.05% from its advisory fee through April 30, 2014 and the fee paid to J.P. Morgan Investment Management, Inc. for providing sub-advisory services will be reduced by 0.05%. The fee table and expense example will also be replaced with the following:   <div style="position: relative; PADDING-BOTTOM: 8px; WIDTH: 48%; PADDING-RIGHT: 9px; FLOAT: left; OVERFLOW: hidden; MARGIN-RIGHT: 1%; PADDING-TOP: 3px"> Annual Fund Operating Expenses1 (expenses that you pay each year as a percentage of the value of your investment)   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="70%"></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom" colspan="2" align="center">Class I</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" colspan="2" align="center">Class P</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Management fee</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">1.00</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">1.00</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> Service fee</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.20</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.00</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Other expenses</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.82</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.82</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> Total annual operating expenses</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">2.02</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">1.82</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Less fee waiver2</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">(0.05</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">(0.05</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> Total annual operating expenses after fee waiver</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">1.97</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">1.77</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr></table> 1   The expense information has been restated to reflect current fees. 2   The investment adviser has contractually agreed to waive its management fee through April 30, 2014. The agreement will terminate: (i) if the investment advisory agreement is terminated or (ii) upon ninety days' prior written notice by the Fund. </div> <div style="position: relative; PADDING-BOTTOM: 8px; WIDTH: 48%; PADDING-RIGHT: 9px; FLOAT: right; OVERFLOW: hidden; PADDING-TOP: 3px"> Your expenses (in dollars) if you sell/redeem or hold all of your shares at the end of each period   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="70%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom" colspan="2" align="center">Class I</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom" colspan="2" align="center">Class P</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> 1 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">200</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">180</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> 3 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">629</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">568</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> 5 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">1,083</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">981</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> 10 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">2,344</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">2,133</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr></table></div> <div style="HEIGHT: 0px; CLEAR: both; FONT-SIZE: 0px"> </div>   Mid-Cap Equity Portfolio – Effective January 1, 2013, the following replaces the second and third paragraph in the Principal investment strategies subsection: The portfolio will invest primarily in securities of U.S. companies, but may invest up to 20% of its assets in securities of foreign companies, including through American Depositary Receipts (“ADRs”). The manager seeks to invest in the securities of companies that are expected to benefit from macroeconomic or company-specific factors, and that are attractively priced relative to their fundamentals. In making investment decisions, the manager considers fundamental factors such as cash flow, financial strength, profitability, statistical valuation measures, potential or actual catalysts that could move the share price, accounting practices, management quality, risk factors such as litigation, the estimated fair value of the company, general economic and industry conditions, and additional information as appropriate. Further, effective January 1, 2013, the following is added to the Principal risks subsection:   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td width="1%"> </td> <td valign="top" align="left"> Currency Risk: Securities denominated in foreign currencies may be affected by changes in rates of exchange between those currencies and the U.S. dollar. Currency exchange rates may be volatile and may be affected by, among other factors, the general economic conditions of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. </td></tr></table>   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Foreign Markets Risk: Exposure to foreign markets through issuers can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market.  </td></tr></table>Portfolio Optimization Conservative Portfolio, Portfolio Optimization Moderate-Conservative Portfolio, Portfolio Optimization Moderate Portfolio, Portfolio Optimization Growth Portfolio and Portfolio Optimization Aggressive-Growth Portfolio (the “Portfolio Optimization Portfolios”): Each Portfolio Optimization Portfolio's Annual fund operating expenses table and expense example are replaced with the following:   <div style="position: relative; PADDING-BOTTOM: 8px; WIDTH: 48%; PADDING-RIGHT: 9px; FLOAT: left; OVERFLOW: hidden; MARGIN-RIGHT: 1%; PADDING-TOP: 3px"> Portfolio Optimization Conservative Portfolio Annual fund operating expenses1 (expenses that you pay each year as a percentage of the value of your investment)   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="85%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom" colspan="2" align="center">Class I</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Management fee</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.10</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> Service fee</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.20</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Other expenses</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.01</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> Acquired fund fees and expenses</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.57</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Total annual operating expenses</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.88</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> Less fee waiver2</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">(0.10</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Total annual operating expenses after fee waiver</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.78</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr></table> 1   The expense information has been restated to reflect current fees. 2   The investment adviser has contractually agreed to waive its management fee through April 30, 2013. The agreement will terminate: (i) if the investment advisory agreement is terminated or (ii) upon ninety days' prior written notice by the Fund. </div> <div style="position: relative; PADDING-BOTTOM: 8px; WIDTH: 48%; PADDING-RIGHT: 9px; FLOAT: right; OVERFLOW: hidden; PADDING-TOP: 3px"> Your expenses (in dollars) if you sell/redeem or hold all of your shares at the end of each period   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="85%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom" colspan="2" align="center">Class I</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> 1 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">80</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> 3 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">271</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> 5 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">478</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> 10 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">1,075</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr></table></div> <div style="HEIGHT: 0px; CLEAR: both; FONT-SIZE: 0px"> </div>   <div style="position: relative; PADDING-BOTTOM: 8px; WIDTH: 48%; PADDING-RIGHT: 9px; FLOAT: left; OVERFLOW: hidden; MARGIN-RIGHT: 1%; PADDING-TOP: 3px"> Portfolio Optimization Moderate-Conservative Portfolio Annual fund operating expenses1 (expenses that you pay each year as a percentage of the value of your investment)   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="85%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom" colspan="2" align="center">Class I</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Management fee</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.10</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> Service fee</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.20</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Other expenses</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.01</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> Acquired fund fees and expenses</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.60</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Total annual operating expenses</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.91</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> Less fee waiver2</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">(0.10</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Total annual operating expenses after fee waiver</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.81</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr></table> 1   The expense information has been restated to reflect current fees. 2   The investment adviser has contractually agreed to waive its management fee through April 30, 2013. The agreement will terminate: (i) if the investment advisory agreement is terminated or (ii) upon ninety days' prior written notice by the Fund. Your expenses (in dollars) if you sell/redeem or hold all of your shares at the end of each period   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="85%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom" colspan="2" align="center">Class I</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> 1 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">83</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> 3 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">280</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> 5 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">494</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> 10 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">1,110</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr></table> Portfolio Optimization Moderate Portfolio Annual fund operating expenses1 (expenses that you pay each year as a percentage of the value of your investment)   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="85%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom" colspan="2" align="center">Class I</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Management fee</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.10</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> Service fee</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.20</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Other expenses</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.01</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> Acquired fund fees and expenses</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.69</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Total annual operating expenses</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">1.00</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> Less fee waiver2</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">(0.10</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Total annual operating expenses after fee waiver</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.90</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr></table> 1   The expense information has been restated to reflect current fees. 2   The investment adviser has contractually agreed to waive its management fee through April 30, 2013. The agreement will terminate: (i) if the investment advisory agreement is terminated or (ii) upon ninety days' prior written notice by the Fund. </div> <div style="position: relative; PADDING-BOTTOM: 8px; WIDTH: 48%; PADDING-RIGHT: 9px; FLOAT: right; OVERFLOW: hidden; PADDING-TOP: 3px"> Your expenses (in dollars) if you sell/redeem or hold all of your shares at the end of each period   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="85%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom" colspan="2" align="center">Class I</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> 1 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">92</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> 3 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">308</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> 5 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">543</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> 10 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">1,216</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr></table> Portfolio Optimization Growth Portfolio Annual fund operating expenses1 (expenses that you pay each year as a percentage of the value of your investment)   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="85%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom" colspan="2" align="center">Class I</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Management fee</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.10</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> Service fee</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.20</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Other expenses</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.01</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> Acquired fund fees and expenses</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.74</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Total annual operating expenses</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">1.05</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> Less fee waiver2</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">(0.10</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Total annual operating expenses after fee waiver</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.95</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr></table> 1   The expense information has been restated to reflect current fees. 2   The investment adviser has contractually agreed to waive its management fee through April 30, 2013. The agreement will terminate: (i) if the investment advisory agreement is terminated or (ii) upon ninety days' prior written notice by the Fund. Your expenses (in dollars) if you sell/redeem or hold all of your shares at the end of each period   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="85%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom" colspan="2" align="center">Class I</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> 1 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">97</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> 3 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">324</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> 5 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">570</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> 10 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">1,274</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr></table></div> <div style="HEIGHT: 0px; CLEAR: both; FONT-SIZE: 0px"> </div>   <div style="position: relative; PADDING-BOTTOM: 8px; WIDTH: 48%; PADDING-RIGHT: 9px; FLOAT: left; OVERFLOW: hidden; MARGIN-RIGHT: 1%; PADDING-TOP: 3px"> Portfolio Optimization Aggressive-Growth Portfolio Annual fund operating expenses1 (expenses that you pay each year as a percentage of the value of your investment)   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="85%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom" colspan="2" align="center">Class I</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Management fee</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.10</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> Service fee</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.20</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Other expenses</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.01</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> Acquired fund fees and expenses</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.78</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Total annual operating expenses</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">1.09</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> Less fee waiver2</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">(0.10</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> Total annual operating expenses after fee waiver</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">0.99</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr></table> 1   The expense information has been restated to reflect current fees. 2   The investment adviser has contractually agreed to waive its management fee through April 30, 2013. The agreement will terminate: (i) if the investment advisory agreement is terminated or (ii) upon ninety days' prior written notice by the Fund. </div> <div style="position: relative; PADDING-BOTTOM: 8px; WIDTH: 48%; PADDING-RIGHT: 9px; FLOAT: right; OVERFLOW: hidden; PADDING-TOP: 3px"> Your expenses (in dollars) if you sell/redeem or hold all of your shares at the end of each period   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="85%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom" colspan="2" align="center">Class I</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> 1 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">101</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> 3 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">337</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom: #000000 1px solid" valign="top"> 5 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">591</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td style="border-bottom: #000000 1px solid" valign="top"> 10 year</td> <td style="border-bottom: #000000 1px solid" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid" valign="bottom">$</td> <td style="border-bottom: #000000 1px solid" valign="bottom" align="right">1,320</td> <td style="border-bottom: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td></tr></table></div> <div style="HEIGHT: 0px; CLEAR: both; FONT-SIZE: 0px"> </div>   The second sentence of the second paragraph of each Portfolio Optimization Portfolio's Principal investment strategies subsection is replaced with the following: Within the broad asset classes of debt and equity, the portfolio diversifies its holdings by investing in Underlying Portfolios that represent a variety of investment styles and security types, including alternative or non-traditional investment strategies. Alternative or non-traditional investment strategies generally are expected to have low to moderate correlation to traditional equity and fixed income investments and, as a result, may offer diversification benefits. In the same subsection, the following is added as the fourth paragraph: The portion of the portfolio invested in alternative or non-traditional investment strategies may be allocated to Underlying Portfolios that, in turn, invest in equity or debt securities or other instruments, which may include, among others:   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Forward foreign currency contracts; </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Foreign currency options; </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> High yield debt securities; </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Swaps (such as interest rate, cross-currency, total return and credit default swaps); </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td valign="top" align="left"> Futures on securities, indexes, currencies and other investments; and </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="9%"> </td> <td width="3%" align="left"></td> <td width="1%"> </td> <td align="left"> Precious metals-related equity securities. </td></tr></table> In the same subsection, the first sentence of the current fourth paragraph is replaced with the following: The portfolio may also, at any time, invest in Underlying Portfolios that hold other debt or equity securities or other instruments. The following is added to each Portfolio Optimization Portfolio's Principal risks from holdings in Underlying Portfolios subsection:   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Correlation Risk: While the performance of an Underlying Portfolio that represents an alternative or non-traditional investment strategy is generally expected to have low to moderate correlation with the performance of traditional equity and fixed income investments over long-term periods, the actual performance of such Underlying Portfolio may be correlated with those traditional investments over short- or long-term periods. Should there be periods when such Underlying Portfolio's performance is correlated with those traditional investments, any intended diversification effect of including such alternative or non-traditional Underlying Portfolio as part of an asset allocation strategy may not be achieved, thereby resulting in increased volatility of an asset allocation strategy that includes the Underlying Portfolio. </td></tr></table> Portfolio Optimization Conservative Portfolio: The following is added to the Principal risks from holdings in Underlying Portfolios subsection:   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Geographic Concentration Risk: Concentrating investments in a single country, a limited number of countries, or a particular geographic region makes the portfolio more susceptible to adverse economic, political, social, regulatory and other developments in that country, countries or region. </td></tr></table> Portfolio Optimization Moderate Portfolio, Portfolio Optimization Growth Portfolio and Portfolio Optimization Aggressive-Growth Portfolio: The following is added to the Principal risks from holdings in Underlying Portfolios subsection:   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Non-Diversification Risk: An Underlying Portfolio that is classified as non-diversified may invest a greater percentage of its assets in a single issuer or a fewer number of issuers than a diversified portfolio. This increases potential price volatility and the risk that its value could go down because of the poor performance of a single investment or a small number of investments. </td></tr></table>   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Short Exposure Risk: When a portfolio takes a short position using derivative instruments in anticipation of a decline in the market price (i.e., spot price or spot rate) of the underlying reference asset, such as entering into a derivative contract to sell a currency at a predetermined price for future delivery (forward foreign currency contract) in anticipation of a decline in the market price of the underlying currency, it is subject to the risk that the reference asset will increase in value, resulting in a loss. Such loss is theoretically unlimited. Short positions also may expose the portfolio to leverage risk. </td></tr></table> Portfolio Optimization Growth Portfolio: The following is added to the Principal risks from holdings in Underlying Portfolios subsection:   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> High-Yield or “Junk” Securities Risk: High yield securities are typically issued by companies that are highly leveraged, less creditworthy or financially distressed and are considered to be mostly speculative in nature (high risk), potentially less liquid, and subject to a greater risk of loss, that is they are more likely to default than higher rated securities. </td></tr></table>   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Short Sale Risk: A short sale involves the risk that the price at which the portfolio purchases a security to replace the borrowed security may be higher than the price that the portfolio sold the security, resulting in a loss to the portfolio. Such loss is theoretically unlimited. Short sales also involve certain costs and may expose the portfolio to leverage risk. </td></tr></table> Portfolio Optimization Aggressive-Growth Portfolio: The following is added to the Principal risks from holdings in Underlying Portfolios subsection:   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Debt Securities Risk: Debt securities are affected by many factors, including prevailing interest rates, market conditions and market liquidity. Volatility of below investment grade debt securities (including loans), may be relatively greater than for investment grade securities. </td></tr></table>   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Regulatory Impact Risk: Certain financial instruments are subject to extensive government regulation, which may change unexpectedly and frequently, and may impact a portfolio significantly. </td></tr></table>   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Short Sale Risk: A short sale involves the risk that the price at which the portfolio purchases a security to replace the borrowed security may be higher than the price that the portfolio sold the security, resulting in a loss to the portfolio. Such loss is theoretically unlimited. Short sales also involve certain costs and may expose the portfolio to leverage risk. </td></tr></table>  <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> U.S. Government Securities Risk: Not all U.S. government securities are backed or guaranteed by the U.S. government and different U.S. government securities are subject to varying degrees of credit risk. There is risk that the U.S. government will not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. </td></tr></table> 0.01 0.01 0.0197 0.0177 2344 2133 0.001 0.0057 0.0078 1075 0.001 0.006 0.0081 1110 0.001 0.0001 0.0069 0.009 1216 0.001 0.0001 0.0074 0.0095 1274 0.001 0.0001 0.0078 0.0099 1320 The expense information has been restated to reflect current fees. The investment adviser has contractually agreed to waive its management fee through April 30, 2014. The agreement will terminate: (i) if the investment advisory agreement is terminated or (ii) upon ninety days' prior written notice by the Fund. The investment adviser has contractually agreed to waive its management fee through April 30, 2013. The agreement will terminate: (i) if the investment advisory agreement is terminated or (ii) upon ninety days' prior written notice by the Fund.