# EDGAR Filing Document

**Accession Number:** 0000813900
**File Stem:** 0001398344-25-013187
**Filing Date:** 2025-7
**Character Count:** 25851
**Document Hash:** b16152bce1610bafacc2c532fa2a1ef7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-013187.hdr.sgml**: 20250716

**ACCESSION NUMBER**: 0001398344-25-013187

**CONFORMED SUBMISSION TYPE**: DEF 14C

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250716

**FILED AS OF DATE**: 20250716

**DATE AS OF CHANGE**: 20250716

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PACIFIC SELECT FUND
- **CENTRAL INDEX KEY:** 0000813900

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DEF 14C
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 811-05141
- **FILM NUMBER:** 251126385

**BUSINESS ADDRESS:**
- **STREET 1:** 700 NEWPORT CTR DR
- **STREET 2:** P O BOX 7500
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660
- **BUSINESS PHONE:** 9492193233

**MAIL ADDRESS:**
- **STREET 1:** 700 NEWPORT CTR DR
- **STREET 2:** P O BOX 7500
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660

## Series and Classes Contracts Data

### Emerging Markets Portfolio (Series ID: S000026009)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078078 | Class I      |  |
| C000098950 | Class P      |  |

**SCHEDULE 14C INFORMATION**

**Information Statement Pursuant To Section 14(c)<br> of the Securities Exchange Act 1934**

Check the appropriate box:

[ ] Preliminary Information Statement

[ ] Confidential, for Use of the Commission Only (as permitted by Rule 14c-5(d)(2))

[X] Definitive Information Statement

**Pacific Select Fund**

**(Name of Registrant as Specified In Its Charter)**

Payment of Filing Fee (Check the appropriate box):

[X] Fee not required.

[ ] Fee computed on table below per Exchange Act Rules 14c-5(g) and 0-11.

(1) Title of each class of securities to which transaction applies:

(2) Aggregate number of securities to which transaction applies:

(3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):

(4) Proposed maximum aggregate value of transaction:

(5) Total fee paid:

[ ] Fee paid previously with preliminary materials.

[ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

(1) Amount Previously Paid:

(2) Form, Schedule or Registration Statement No.:

(3) Filing Party:

(4) Date Filed:

**PACIFIC SELECT FUND**

**EMERGING MARKETS PORTFOLIO**

**INFORMATION STATEMENT DATED JULY 16, 2025**

**This document ("Information Statement") is purely for informational purposes. You are not being asked to vote or take any action on any matter. This Information Statement provides information concerning a change in sub-adviser and related new sub-advisory agreement for the Emerging Markets Portfolio that went effective on May 1, 2025, and is being sent on or about July 16, 2025, to all shareholders of record of the Emerging Markets Portfolio as of July 14, 2025.**

**<u>WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY.</u>**

**I.**  **<u>Introduction and Background</u>** 

The Pacific Select Fund (the "Trust") Board of Trustees (the "Board" or "Trustees") approved a change in sub-adviser and a new sub-advisory agreement for the Emerging Markets Portfolio (the "Fund"), effective on or about May 1, 2025. Information concerning these changes was disclosed in a supplement dated March 21, 2025, to the Trust's prospectus for Class D, Class I, and Class P shares dated May 1, 2024. Under the Investment Company Act of 1940, as amended (the "1940 Act"), a change in sub-adviser generally requires shareholder approval of a new sub-advisory agreement; however, pursuant to an exemptive order (the "Order") issued to Pacific Life Insurance Company ("Pacific Life") and the Trust by the U.S. Securities and Exchange Commission ("SEC") on October 13, 1999, Pacific Life Fund Advisors LLC ("PLFA") – the investment adviser to the Trust – can hire, terminate, and replace sub-advisers and enter into new sub-advisory agreements without shareholder approval in accordance with the requirements of the Order on behalf of the Trust (except, as a general matter, with sub-advisers affiliated with PLFA). The information herein is provided pursuant to the requirements of the Order.

At a meeting held on March 12, 2025, based upon a recommendation from PLFA, the Board, including all of the Trustees who are not "interested persons" as that term is defined in the 1940 Act ("Independent Trustees"), appointed Goldman Sachs Asset Management, L.P. ("GSAM") to serve as sub-adviser of the Fund. At that time, the Board, including all the Independent Trustees, also approved a sub-advisory agreement among the Trust, PLFA and GSAM with respect to the Fund (the "GSAM Sub-Advisory Agreement"). In connection with the change in sub-adviser, changes were also made to the Fund's principal investment strategies. All these changes went into effect on May 1, 2025. The Fund's prior sub-adviser continues to provide sub-advisory services to the Fund solely with respect to certain Russian securities held in the Fund's portfolio that are subject to sanctions and/or transfer restrictions (the "Russian Holdings").

GSAM's appointment as the sub-adviser and the Board's approval of the GSAM Sub-Advisory Agreement were made in accordance with the requirements of the Order and do not require shareholder approval. In order to facilitate the sub-adviser change, a portion of the Fund's holdings was sold and new investments were purchased in accordance with recommendations by GSAM. PLFA and/or the Trust retained a transition agent in order to reduce transaction costs associated with the purchase and sale of portfolio holdings in connection with the transition.

**II.**  **<u>Board Consideration of the New Sub-Advisory Agreement</u>** 

In considering the appointment of GSAM as a sub-adviser for the Fund, the Board reviewed with PLFA its rationale for recommending a change in sub-adviser for the Fund. The Board, including the Independent Trustees, also considered, among other things, the factors described below in evaluating PLFA's recommendation that GSAM be appointed as the new sub-adviser for the Fund and in evaluating the proposed GSAM Sub-Advisory Agreement. Additionally, the Board considered the process employed by PLFA in reaching a recommendation for a new sub-adviser, including due diligence conducted by PLFA on the investment resources and personnel of a potential sub-adviser and an assessment of the investment strategies used by a potential sub-adviser. In addition, the Board reviewed information provided by PLFA regarding the specific criteria and information evaluated by PLFA during the selection process of GSAM and PLFA's analysis in reaching its conclusion to recommend GSAM as sub-adviser for the Fund. The Trustees also considered that PLFA has historically exercised diligence in monitoring the performance of the sub-advisers and has recommended and taken measures to attempt to remedy relative underperformance by a Fund when PLFA and the Board believed it to be appropriate.

In evaluating the GSAM Sub-Advisory Agreement for the Fund, the Board, including all the Independent Trustees, considered the following factors, among others:

**A.** **Nature, Extent and Quality of Services to be Provided** 

The Trustees considered the benefits to shareholders of retaining GSAM as the new sub-adviser to the Fund, particularly in light of the nature, extent, and quality of the services expected to be provided by GSAM. In this regard, the Trustees considered various materials relating to GSAM, including copies of the proposed GSAM Sub-Advisory Agreement; copies of GSAM's Form ADV; financial information; a written presentation from GSAM; a comprehensive report including an assessment by PLFA; responses from GSAM to information requested by counsel to the Independent Trustees; and other information deemed relevant to the Trustees' evaluation. The Trustees also considered a verbal presentation at a meeting held on March 12, 2025 from management and investment personnel from GSAM. The Trustees noted that while PLFA recommends engaging GSAM as the primary sub-adviser for the Fund, it was proposed that the Fund's current sub-adviser provide sub-advisory services to the Fund solely with respect to the Russian Holdings.

The Trustees considered that under the GSAM Sub-Advisory Agreement, GSAM would be responsible for providing investment advisory services for the Fund's assets (other than the Russian Holdings), including providing investment research and analysis and conducting a continuous program of investment by determining which securities would be purchased or sold by the Fund. The Trustees considered the quality of the management services expected to be provided to the Fund over both the short- and long-term, the organizational depth and resources of GSAM, including the background and experience of GSAM's management and the expertise of the portfolio management team, as well as the investment strategies, processes and philosophy to be used by GSAM.

In addition, the Trustees considered that the Trust's Chief Compliance Officer ("CCO") had reviewed GSAM's written compliance policies and procedures and code of ethics. The Trustees also considered the CCO's assessment of GSAM's compliance program, as required by Rule 38a-1 under the 1940 Act, and its code of ethics. The Trustees also took note of the due diligence PLFA conducted with respect to GSAM and were aided by the assessment and recommendation of PLFA and the presentation and materials provided by GSAM.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services anticipated to be provided to the Fund by GSAM under the GSAM Sub-Advisory Agreement.

**B.** **Performance** 

The Trustees considered PLFA's efforts to identify advisory firms that are qualified to manage an emerging markets strategy and PLFA's identification of GSAM to serve as sub-adviser with regard to the Fund's day-to-day investment activities. The Trustees considered that the Fund's historical performance had been obtained under a different sub-adviser, although PLFA has managed the Fund since its inception. The Trustees considered the investment process and techniques to be used by GSAM for the Fund and GSAM's experience managing emerging markets strategies, as well as other factors concerning performance in connection with their consideration of this matter and in connection with approval of the GSAM Sub-Advisory Agreement, including the factors described below.

The Trustees considered information about the historical performance of a proprietary mutual fund managed by the same GSAM portfolio management team that would manage the Fund using similar investment strategies (the "GSAM Comparable Performance"), which included a comparison of the GSAM Comparable Performance against a pertinent benchmark and an applicable peer group for the one-, three-, five- and 10-year periods as of December 31, 2024. Additionally, the Trustees considered the risk-adjusted returns of the GSAM Comparable Performance during certain periods.

The Board determined that GSAM's performance record with respect to a similarly managed mutual fund was acceptable.

**C.** **Sub-Advisory Fees** 

The Trustees considered information regarding the comparative advisory fees charged under other investment advisory contracts of GSAM with regard to other funds with substantially similar investment strategies as the Fund. The Trustees also considered that the advisory fee schedule would remain unchanged but that the sub-advisory fee would be reduced from its current levels. The Trustees considered that PLFA was proposing to share a portion of these sub-advisory fee savings with shareholders through an advisory fee waiver and that PLFA will monitor and report to the Board the competitiveness of the advisory fee and the reasonableness of the advisory fee retention going forward and recommend further changes to the Board as deemed appropriate.

The Trustees noted that the fee rates were the result of arm's-length negotiations between PLFA and GSAM, and that the Fund's sub-advisory fees are paid by PLFA and are not paid directly by the Fund. The Trustees also considered that there are certain costs associated with a sub-adviser change, but that the ongoing operating expenses paid by the shareholders were not expected to materially increase as a result of this sub-adviser change.

The Board concluded that the compensation payable under the GSAM Sub-Advisory Agreement is fair and reasonable.

**D.** **Costs, Level of Profits and Economies of Scale** 

The Trustees considered information regarding the anticipated costs to GSAM of sub-advising the Fund and the projected profitability of the GSAM Sub-Advisory Agreement to GSAM, to the extent practicable based on the information provided by GSAM. The Trustees noted that any assessment of projected profitability would involve assumptions regarding expense allocations and other factors. Given the arm's-length nature of the relationship between PLFA and GSAM with respect to the negotiation of sub-advisory fees, the fact that such fees are paid by PLFA, and the fact that the projected profitability of the GSAM Sub-Advisory Agreement to GSAM is an estimate because it had not yet begun to manage the Fund, the Trustees considered that projected profitability information for GSAM at this time was of limited utility. The Trustees also considered the impact of the sub-advisory fee change to the profitability of the PLFA advisory agreement with the Fund. In addition, the Trustees considered that in negotiating the sub-advisory fee, PLFA takes into account the current and future potential scale of the Fund.

The Trustees considered the organizational strengths of GSAM and its ability to attract and retain investment personnel over time and to sustain the staffing of investment teams that will provide services to the Fund. The Board concluded that the Fund's fee structure reflected in the GSAM Sub-Advisory Agreement is fair and reasonable.

**E.** **Ancillary Benefits** 

The Trustees received information from PLFA and GSAM concerning other benefits that may be received by GSAM and its affiliates as a result of their relationship with the Fund. The Trustees considered potential benefits to be derived by GSAM from its relationship with the Fund and that such benefits are consistent with those generally derived by sub-advisers to mutual funds or were otherwise not unusual.

**F.** **Conclusion** 

Based on its review, including the consideration of each of the factors referred to above, the Board found that: (i) the GSAM Sub-Advisory Agreement is in the best interests of the Fund and its shareholders; and (ii) the compensation payable under the GSAM Sub-Advisory Agreement is fair and reasonable. No single factor was determinative of the Board's findings, but rather the Trustees based their determination on the total mix of information available to them.

**III.**  **<u>The New Sub-Advisory Agreement</u>** 

The GSAM Sub-Advisory Agreement is substantially similar to the sub-advisory agreement with the prior sub-adviser. GSAM, subject to the supervision of PLFA, provides a continuous investment program for the Fund and determines the composition of the assets of the Fund, including the evaluation, investment, purchases and/or sales and reinvestment of the assets in accordance with the Fund's investment goals, strategies, policies, and restrictions. GSAM bears all expenses incurred by it and its staff with respect to all activities in connection with the performance of sub-advisory services under the GSAM Sub-Advisory Agreement. All other Fund expenses not specifically assumed by GSAM under the GSAM Sub-Advisory Agreement or by PLFA under the Investment Advisory Agreement are borne by the Fund.

Except as may otherwise be required by the 1940 Act or the rules thereunder or other applicable law or the provisions of the GSAM Sub-Advisory Agreement, GSAM, its affiliates and control persons are not subject to any liability for, nor subject to any damages, expenses or losses in connection with, any act or omission connected with or arising out of any services rendered under the GSAM Sub-Advisory Agreement, except by reason of GSAM's willful misfeasance, bad faith or gross negligence in the performance of its duties, or by reason of reckless disregard of GSAM's obligations and duties under the GSAM Sub-Advisory Agreement.

Pursuant to the GSAM Sub-Advisory Agreement, GSAM will indemnify and hold harmless PLFA, its affiliates and control persons (collectively, the "PL Indemnified Persons") against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses), to which PLFA or such PL Indemnified Persons may become subject under the federal securities laws, under any other statute, at common law or otherwise, arising out of GSAM's responsibilities to the Trust that: (i) are based upon any willful misfeasance, bad faith, gross negligence or reckless disregard of GSAM's obligations and/or duties under the GSAM Sub-Advisory Agreement by GSAM or by any of its directors, officers or employees, or any affiliate or agent or delegate acting on behalf of GSAM (other than a PL Indemnified Person); (ii) are based upon GSAM's (or its agent's or delegate's) material breach of any provision of the GSAM Sub-Advisory Agreement, including material breach of any representation or warranty; (iii) are based upon any untrue statement or alleged untrue statement of a material fact contained in a registration statement or prospectus covering the shares of the Trust or any fund, or any amendment thereof or any supplement thereto, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, if such a statement or omission was made in reliance upon information furnished in writing to PLFA, the Trust, or any affiliated person of the Trust by GSAM or any affiliated person or agent or delegate of GSAM (other than a PL Indemnified Person); or (iv) are based upon a breach of GSAM's fiduciary duties to the Trust or violation of applicable law.

The GSAM Sub-Advisory Agreement for the Fund will continue in force for an initial period of two years from its effective date, and will continue from year to year thereafter, subject to approval annually by the Board or by the shareholders of the Fund and also, in either event, approval of a majority of the Independent Trustees. The GSAM Sub-Advisory Agreement may be terminated without penalty at any time by any of the parties upon 60 days' prior written notice to the other parties and will terminate automatically in the event of its assignment as determined under the 1940 Act and any rules adopted by the SEC thereunder.

There was no change to the advisory fee rate payable by the Fund to PLFA in connection with the GSAM Sub-Advisory Agreement; however, PLFA has contractually agreed to waive 0.03% of its advisory fee through April 30, 2026. The waiver agreement will automatically renew annually for successive one-year terms unless: (i) PLFA provides at least 30 days' written notice of termination of the agreement prior to the beginning of the next applicable one-year term, (ii) it is terminated upon 90 days' prior written notice by the Trust to PLFA, or (iii) the advisory contract is terminated. There is no guarantee that PLFA will continue the waiver after the current expiration date. The sub-advisory fee rate under the prior sub-advisory agreement and the new sub-advisory fee rate under the GSAM Sub-Advisory Agreement (both based upon the Fund's average daily net assets and paid monthly) are referenced below:

---

| | |
|:---|:---|
| **Prior Fee Schedule** | **New Fee Schedule** |
| 0.55% on first $500 million | 0.49% on first $250 million |
| 0.40% on next $750 million | 0.44% on next $250 million |
| 0.35% on next $1 billion | 0.39% on next $250 million |
| 0.25% on excess | 0.34% on next $250 million |
|  | 0.29% on excess |

---

The Fund's sub-advisory fees were paid by PLFA to the prior sub-adviser through April 30, 2025. For the fiscal year ended December 31, 2024, the Fund's sub-advisory fees paid or owed by PLFA to the prior sub-adviser totaled $3,332,073. Had the new sub-advisory fee rate been in effect for the same period, the Fund's sub-advisory fees paid or owed by PLFA would have been $2,892,084, a decrease in fees paid by PLFA of approximately 13.20%. For the Fund's fiscal year ended December 31, 2024, the Fund did not pay any brokerage commissions to an affiliated broker of GSAM.

**IV.**  **<u>Information Regarding GSAM</u>** 

The Goldman Sachs Group, Inc. is the ultimate parent company of GSAM. GSAM Holdings LLC, a wholly owned subsidiary of The Goldman Sachs Group, Inc., is the general partner of GSAM. GSAM Holdings II LLC, a wholly-owned subsidiary of GSAM Holdings LLC, is the limited partner of GSAM. As of March 31, 2025, the total assets under management of GSAM were approximately $2.85 trillion.

The address for all the entities above is 200 West Street, New York, NY 10282.

GSAM acts as investment adviser or sub-adviser to the following registered investment companies that have similar investment objectives as the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Net Assets**<br> **(as of May 1, 2025)** | **Compensation Rate**<br> **(Advisory or Sub-Advisory Fee)** | **Waived/Reduced/**<br> **Agreed to Reduce**<br> **(Yes or No)** |
| Account #1 | $541.09 million | 0.36% on first $100 million<br> 0.34% on next $100 million<br> 0.32% on next $300 million<br> 0.30% over $500 million | No |
| Goldman Sachs Emerging Markets Equity Insights Fund | $2.162 billion | 1.00% on first $2 billion<br> 0.90% on next $3 billion<br> 0.86% on next $3 billion<br> 0.84% over $8 billion | Yes\* |

---

\* GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.92% as an annual percentage rate of average daily net assets of the Goldman Sachs Emerging Markets Equity Insights Fund. These arrangements will remain in effect through at least February 28, 2026, and prior to such date, GSAM may not terminate the arrangement without the approval of the Board of Trustees.

The names, principal occupations and addresses of the principal executive officers and directors of GSAM are set forth below:

---

| | |
|:---|:---|
| **Name<sup>1</sup>** | **Title(s) and Principal Occupation** |
| Judith Leah Shandling | Chief Compliance Officer |
| David Seth Plutzer | Chief Legal Officer |
| Marc Otto Nachmann | Chief Executive Officer |
| William Charles Bousquette | Chief Operating Officer |

---

 

<sup>1</sup> The address for all individuals listed above with respect to their positions with GSAM is 200 West Street, New York, NY 10282.

No Officer or Trustee of the Trust is an officer, director, or shareholder of GSAM (including its affiliates).

**Additional Information**

Additional information about GSAM is available in the Trust's Statement of Additional Information, a copy of which may be obtained by contacting the Trust through one of the methods provided below.

\*\*\*\*\*\*

The Trust's semi-annual tailored shareholder report for the fiscal half-year period ended June 30, 2025 will be sent to shareholders and may be requested without charge once available by referring to the Trust's contact information below. The Trust's annual tailored shareholder report for the fiscal year ended December 31, 2024, and the Trust's semi-annual tailored shareholder report for the fiscal half-year period ended June 30, 2024, including financial statements and related notes, were both previously made available to shareholders and are available upon request without charge by contacting the Trust by:

*Email:* *PSFdocumentrequest@pacificlife.com*

*Regular mail:* Pacific Select Fund, P.O. Box 9000, Newport Beach, CA 92660

*Express mail:* Pacific Select Fund, 700 Newport Center Drive, Newport Beach, CA 92660

*Telephone:* Pacific Life Annuity Contract Owners: 1-800-722-4448

Pacific Life Insurance Policy Owners: 1-800-347-7787

Pacific Life Annuity Financial Professionals: 1-800-722-2333

Pacific Life Insurance Financial Professionals: 1-800-347-7787

Pacific Life & Annuity Company ("PL&A") Annuity Contract Owners: 1-800-748-6907

PL&A Insurance Policy Owners: 1-888-595-6997

PL&A Annuity Financial Professionals: 1-800-722-2333

PL&A Insurance Financial Professionals: 1-888-595-6997

*Website:* www.PacificLife.com/PacificSelectFund.html

To help reduce expenses, environmental waste, and the volume of mail you receive, only one copy of this Information Statement may be sent to shareholders who share the same household address ("Householding"). You may elect to not participate in Householding by contacting the Trust through one of the methods provided above. If you are not currently participating in Householding, you may elect to do so by writing to the Trust.

The Trust's investment adviser is PLFA. PLFA and Pacific Life provide administrative services to the Trust. They are located at 700 Newport Center Drive, Newport Beach, CA 92660.

The Trust's principal underwriter and distributor is Pacific Select Distributors, LLC, 700 Newport Center Drive, P.O. Box 9000, Newport Beach, CA 92660.

**PLEASE RETAIN THIS INFORMATION STATEMENT FOR FUTURE REFERENCE**

15-54124-00

EMIS0725