497 1 a24028ae497.htm VALUE PROSPECTUS SUPPLEMENT e497
 

Supplement dated October 9, 2006 to the Prospectus dated May 1, 2006

for the Pacific Value, Pacific Portfolios, Pacific Innovations Select, Pacific One Select, Pacific Odyssey, Pacific Innovations, Pacific One, Pacific Select Variable Annuity and Pacific Select Variable Annuity II variable annuity contracts issued by Pacific Life Insurance Company

Capitalized terms used in this supplement are defined in the Prospectuses referred to above unless otherwise defined herein. For more complete information on the portfolios of Pacific Select Fund, including a discussion of each portfolio’s investment techniques and the risks associated with its investments, see the Pacific Select Fund prospectus as supplemented.

This supplement must be preceded or accompanied by the applicable Prospectus dated May 1, 2006. The changes in this supplement are effective December 1, 2006.

The Portfolio Manager for the Equity Index and Small-Cap Index Portfolios will be changed to the following:

BlackRock Investment Management, LLC

The Portfolio Manager for the Large-Cap Value Portfolio will be changed to the following:

ClearBridge Advisors, LLC

The YOUR INVESTMENT OPTIONS section is amended as follows:

The disclosure regarding the Equity Index, Small-Cap Index and Large-Cap Value Portfolios in the Your Investment Options chart will be replaced with the following:

             
PACIFIC SELECT FUND THE PORTFOLIO’S PORTFOLIO
PORTFOLIO INVESTMENT GOAL MAIN INVESTMENTS MANAGER
Equity Index   Investment results that correspond to the total return of common stocks publicly traded in the U.S.   Equity securities of companies that are included in or representative of the S&P 500 Index® (including derivatives).   BlackRock Investment Management, LLC
 
Small-Cap Index
  Investment results that correspond to the total return of an index of small capitalization companies.   Equity securities of small companies that are included in or representative of the Russell 2000 Index (including derivatives).   BlackRock Investment Management, LLC
 
Large-Cap Value
  Long-term growth of capital (current income is of secondary importance).   Equity securities of large U.S. companies.   ClearBridge Advisors, LLC