# EDGAR Filing Document

**Accession Number:** 0000813900
**File Stem:** 0001104659-26-051862
**Filing Date:** 2026-4
**Character Count:** 27664
**Document Hash:** 4b7151b9d8cc2d279a3da03837398896
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-051862.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001104659-26-051862

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260429

**EFFECTIVENESS DATE**: 20260430

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-13954
- **FILM NUMBER:** 26918852

**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

### Small-Cap Equity Portfolio (Series ID: S000026018)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078087 | Class I      |  |
| C000098959 | Class P      |  |

![[MISSING IMAGE: psf-logo.jpg]](psf-logo.jpg)

#### Summary Prospectus dated May 1, 2026

#### Class I and Class P Shares

### Small-Cap Equity Portfolio
This Summary Prospectus is intended for use in connection with variable life insurance policies and variable annuity contracts issued by Pacific Life Insurance Company ("Pacific Life") and Pacific Life & Annuity Company ("PL&A") and is not intended for use by other investors.

Before you invest, you may want to review the Fund's Prospectus, as may be supplemented or amended from time to time, which contains more information about the Fund and its risks. You can find the Fund's Prospectus, reports to shareholders, and other information about the Fund online at www.pacificlife.com/PacificSelectFund.html. You can also obtain this information at no cost by sending an email request to PSFdocumentrequest@pacificlife.com or by calling (6 a.m. – 5 p.m. Pacific time, Monday through Friday):

Pacific Life Annuity Contract Owners: 1-800-722-4448 PL&A Annuity Contract Owners: 1-800-748-6907 <br> Annuity Financial Advisors: 1-800-722-2333 PL&A Life Insurance Policy Owners: 1-888-595-6997 <br> Pacific Life Insurance Policy Owners: 1-800-347-7787

The Fund's Prospectus and Statement of Additional Information, both dated May 1, 2026, as may be supplemented or amended from time to time, are incorporated by reference into this Summary Prospectus.

#### Investment Goal
This Fund seeks long-term growth of capital.

#### Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Examples below. The table and Examples below also do not reflect expenses and charges that are imposed under your variable annuity contract or variable life insurance policy.** For information on these expenses and charges, please refer to the applicable contract or policy prospectus. If these fees and expenses were included, the fees and expenses shown would be higher.

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Class I**  | **Class P**  |
| Management Fee | 0.75% | 0.75% |
| Service Fee | 0.20% | N/A |
| Other Expenses | 0.07% | 0.07% |
| Total Annual Fund Operating Expenses | 1.02% | 0.82% |
| Less Fee Waiver<sup>1</sup> | (0.10%) | (0.10%) |
|  Total Annual Fund Operating Expenses after Fee Waiver | 0.92% | 0.72% |

---

<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The investment adviser has agreed to waive 0.10% of its management fee through April 30, 2027. Thereafter, the fee waiver agreement renews annually unless terminated by the investment adviser upon at least 30 days written notice prior to the end of the contract term or upon termination of the investment advisory agreement or by the Trust upon 90 days' written notice to the investment adviser.

#### Examples
The Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other Funds of the Trust or other mutual funds. The Examples assume that you invest $10,000 for the time periods indicated, that your investment has a 5% return each year and that the Fund's annual operating expenses remain as stated in the previous table for

the time periods shown except for the fee waiver, which is only reflected for the contractual period. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions.

These Examples do not reflect fees and expenses of any variable annuity contract or variable life insurance policy. If these were included, the expenses (in dollars) shown would be higher. Keep in mind that this is only an estimate; actual expenses and performance may vary.

#### Your expenses (in dollars) if you buy, sell/redeem or hold all of your shares at the end of each period

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year**  | **3 years**  | **5 years**  | **10 years**  |
| Class I | $94 | $315 | $554 | $1239 |
| Class P | $74 | $252 | $445 | $1004 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its holdings). During the fiscal year ended December 31, 2025, the portfolio turnover rate was 76% of the average value of the Fund. A higher portfolio turnover rate reflects a greater number of securities being bought or sold, which may indicate higher transaction costs. These costs, which are not reflected in *Annual Fund Operating Expenses* or in the *Examples,* affect the Fund's performance.

#### Principal Investment Strategies
Under normal circumstances, the Fund invests at least 80% of its assets in securities of companies with small market capitalizations, including instruments with characteristics of small-capitalization equity securities (such as derivatives).

The Fund invests mainly in common stocks of small, publicly traded companies. As of December 31, 2025, the weighted average market capitalization of the Fund was approximately $4.6 billion.

This Fund is sub-advised by both Franklin Mutual Advisers, LLC ("Franklin") and BlackRock Investment Management, LLC

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("BlackRock"). Pacific Life Fund Advisors, LLC ("PLFA") is the Fund's investment adviser and, subject to the approval of the Trust's board of trustees, selects the Fund's sub-advisers and monitors their performance on an ongoing basis. PLFA has selected the Fund's current sub-advisers because of their different approaches to investing in securities of companies with small market capitalizations. Franklin uses an active management style; BlackRock uses an index management style and seeks to track the performance of the Fund's index. PLFA allocates the Fund's assets between Franklin and BlackRock but subject to PLFA's discretion may change the allocation or rebalance as it deems appropriate to meet the Fund's investment goal at any time without shareholder notice. PLFA allocates assets to the sub-advisers to increase diversification among securities and investment styles in seeking to increase the Fund's potential for investment return while managing its risk and volatility. In addition, PLFA analyzes the risks arising from the investments of each strategy; evaluates the impact of any risk exposures on the Fund's risk/return objectives; contemplates valuations, investor sentiment and other economic factors; and considers adjustments to strategy allocations as a result. The Fund may deviate from PLFA's intended strategy allocation due to cash flows and changes to asset values.

As of December 31, 2025, a significant portion of the Fund was represented by securities of companies in the Financial sector.

The Fund may lend its portfolio holdings to certain financial institutions.

***Franklin managed portion:*** Franklin generally considers a company to be a small-capitalization company if it has a market capitalization that is no more than: (1) the largest market capitalization of a company in the Russell 2000 Index as of the most recent month end; or (2) the average of the month end largest market capitalization of a company in the Russell 2000 Index over the prior 12 months, whichever is greater. As of December 31, 2025, those capitalization amounts were (1) $32.3 billion and (2) $22.1 billion, respectively.

Franklin generally invests its portion of the Fund's assets in common stocks that it believes are currently undervalued and have the potential for capital appreciation. In choosing investments that are undervalued, Franklin focuses on companies that have one or more of the following characteristics.

&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock prices that are low relative to current or historical or future earnings, book value, cash flow or sales — all relative to the market, a company's industry or a company's earnings history.

&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent sharp price declines but the potential for good long-term earnings prospects, in the sub-adviser's opinion.

&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuable intangibles not reflected in the stock price, such as franchises, distribution networks or market share for particular products or services, underused or understated assets or cash, or patents and trademarks.

In addition to price, Franklin, in choosing an investment, may consider a variety of other factors that may identify the issuer as a potential turnaround candidate or takeover target, such as ownership of valuable franchises, trademarks or trade names, control of distribution networks and market share for particular

products. Purchase decisions may also be influenced by income, company buy-backs, and insider purchases and sales. Environmental, social and governance ("ESG") related assessments of companies may also be considered. Franklin does not assess every investment for ESG factors and, when it does, not every ESG factor may be identified or evaluated.

Franklin employs a bottom-up stock selection process.

Franklin may invest up to 25% of its portion of the Fund's assets in securities of foreign issuers, including American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), and Global Depositary Receipts ("GDRs"), that may be U.S. dollar or foreign currency-denominated.

Franklin may sell a holding when it appreciates to a stated target, it fails to perform as expected or when other opportunities appear more attractive.

***BlackRock managed portion:*** BlackRock generally considers a company to be a small-capitalization company if the company has a market capitalization within the range of companies included in the Russell 2000 Value Index, which measures the performance of the small-capitalization value segment of the U.S. equity universe. It includes those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values. As of December 31, 2025, the market capitalization range of the Russell 2000 Value Index was approximately $5.6 million to $31.1 billion. This portion of the Fund principally invests in common stock.

This portion of the Fund will generally hold substantially all of the stocks in the index in approximately the same proportions as their weightings in the index. The sub-adviser will utilize a sampling approach to seek to replicate the performance of the Russell 2000 Value Index by investing in a portfolio of securities in the Russell 2000 Value Index that collectively has an investment profile similar to that of the Russell 2000 Value Index. The sampling approach may result in a small part of this portion of the Fund being invested in certain stocks in proportions that are not approximately the same as their index weightings, but which are expected to result in a portfolio that has, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Fund's benchmark index. This portion of the Fund will not concentrate, except to the same approximate extent as the Fund's benchmark index may concentrate, in the securities of a particular industry or group of industries (also known as a sector). The weightings of this portion of the Fund are likely to change over time as the composition of the benchmark index changes over time.

This portion of the Fund will not deviate from the above noted strategies at any time for any reason.

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#### Principal Risks
As with any mutual fund, the value of the Fund's investments, and therefore the value of your shares, may go up or down and you could lose money. There is no guarantee that the Fund will achieve its investment goal. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. *Italicized* terms refer to separate Principal Risks that are each defined in the *Principal Risks* section below.

While the Fund may be subject to various risk exposures at any given time depending on market conditions and other factors impacting holdings and investment strategies, the Fund under normal circumstances is subject to the following principal risks:

**•** **Equity Securities Risk:** Equity securities tend to go up and down in value, sometimes rapidly and unpredictably.

**•** **Small-Capitalization Companies Risk:** Small-capitalization companies may be more susceptible to *liquidity risk* and price volatility and be more vulnerable to economic, market and industry changes than larger, more established companies.

**•** **Active Management Risk:** A portfolio manager's judgments about the potential value or price appreciation of an investment may prove to be incorrect or fail to have the intended results, which could negatively impact the Fund's performance.

**•** **Passive Management Risk:** Regardless of performance, a passively managed (or index) fund generally holds constituent securities of the index for which the fund seeks corresponding investment results, which could cause the index fund's return to be lower than an actively managed fund (which generally seeks to outperform an index). An index fund will also perform poorly when such index performs poorly. In addition, an index fund has operating and other expenses while an index does not. As such, an index fund will tend to underperform the index to some degree over time even though it will attempt to track that index as closely as possible.

**•** **Index Sampling Risk:** Because index sampling relies on the sub-adviser to select securities that have economic characteristics similar to securities in the index for which the Fund seeks corresponding investment results as opposed to holding the constituent securities of that index in the same proportion as the index that holds them, index sampling may not result in the aggregate in investment performance matching that index or of other funds that purchased all or substantially all of the securities in the same index in approximately the same proportions as their weightings in the index.

**•** **Tracking Error Risk:** Performance of the Fund may vary from the performance of the index for which it seeks corresponding investment results due to imperfect correlation between the Fund's investments and that index.

**•** **Value Companies Risk:** Value companies are those that a portfolio manager believes are undervalued and trading for less than their intrinsic values. There is a risk that the determination that a stock is undervalued is not correct or is not recognized in the market.

**•** **Liquidity Risk:** Certain holdings may be difficult to purchase, sell and value, particularly during adverse market conditions, because there is a limited market for the investment

or there are restrictions on resale. The Fund may not be able to sell a holding quickly at the price it has valued the holding, may be unable to take advantage of market opportunities or may be forced to sell other more desirable, more liquid securities or sell less liquid or illiquid securities at a loss if needed to raise cash to conduct operations, including to meet redemption requests.

**•** **Financial Sector Risk:** The operations and businesses of Financial services companies are subject to extensive governmental regulation, the availability and cost of capital funds, and interest rate changes. General market downturns may affect financial services companies adversely.

**•** **Industry Concentration Risk:** Concentrating investments in a particular industry or group of industries makes the Fund more susceptible to adverse economic, business, regulatory or other developments affecting that industry or group of industries, which could negatively impact performance.

**•** **Foreign (Non-U.S.) Markets Risk:** Investing in foreign issuers (companies or other entities) can involve more risks than investing in United States ("U.S.") issuers, such as risks relating to market, economic, political, regulatory and geopolitical conditions relevant to that market. These factors can make investments in foreign issuers more volatile and less liquid than U.S. investments. Less stringent regulatory, accounting, and disclosure requirements and general supervision for issuers and markets are more common in certain foreign countries. Enforcing legal rights can be difficult, costly, and slow in certain foreign countries, and can be particularly difficult against foreign governments. In addition, foreign markets can react differently to these conditions than the U.S. market. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in, or foreign exchange rates with, another market, country or region. Depositary receipts are also subject to these risks.

**•** **Currency Risk:** A decline in the value of a foreign (non-U.S.) currency relative to the U.S. dollar reduces the value in U.S. dollars of the Fund's investments denominated in or with exposure to that foreign currency.

**•** **Conflicts of Interest Risk:** PLFA is subject to competing interests that have the potential to influence its investment decisions for the Fund with regard to the allocation of Fund assets among the two strategies. For example, the use of one strategy of the Fund that provides greater profitability to PLFA than the other may create an incentive for PLFA to use that strategy. PLFA seeks to identify and address any potential conflicts in a manner that is fair to the Fund and its shareholders. PLFA has adopted a policy under which investment decisions for the Fund must be made in the best interests of the Fund and its shareholders.

**•** **ESG Considerations Risk:** ESG considerations are one of a number of factors that Franklin examines when considering investments for the Fund and therefore the issuers in which the Fund invests may not be considered ESG-focused issuers. In addition, if considered, ESG considerations assessed as part of Franklin's investment process may vary across types of

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eligible investments and issuers and not every ESG factor may be identified or evaluated for every investment in the Fund. The incorporation of ESG factors may affect the Fund's exposure to certain issuers or industries and may not work as intended. The Fund may underperform other funds that do not assess an issuer's ESG factors or that use a different methodology to identify and/or incorporate ESG factors. Information used by the Fund to evaluate such factors may not be readily available, complete or accurate, and may vary across providers and issuers as ESG is not a uniformly defined characteristic. While Franklin views ESG considerations as having the potential to contribute to the Fund's long-term performance, there is no guarantee that the evaluation of ESG considerations will be additive to the Fund's performance. In addition, regulations and industry practices related to ESG are evolving rapidly, and Franklin's practices may change if required to comply with such regulations or adopt such practices.

**•** **Underlying Fund Risk:** Because the Fund is available for investment by one or more "fund of funds" of the Trust and thus may have a significant percentage of its outstanding shares held by such fund of funds, a change in asset allocation by the fund of funds could result in large redemptions out of the Fund, causing the sale of securities in a short timeframe and potential increases in expenses to the Fund and its remaining shareholders, both of which could negatively impact performance.

**•** **Securities Lending Risk:** The Fund may engage in securities lending, which involves the risk that the Fund may suffer a loss if the borrower fails to return the loaned securities in a timely manner or at all. The Fund could also lose money due to the decline in the value of the collateral provided or a decline in the value of any investments made with cash collateral.

#### Performance
The bar chart and Average Annual Total Returns table below show performance information for the Fund and provide some indication of the risk of investing in the Fund by showing changes in the performance of the Fund from year to year and showing how the Fund's average annual total returns compare to the returns of:

&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a broad-based domestic equity market index that represents the overall domestic equity market (the "Regulatory Index") which the Fund has included to comply with regulatory requirements and thus may not necessarily represent the Fund's principal investment strategies; and

&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a small-capitalization domestic equity market index that the Investment Adviser considers to be representative of the small-capitalization domestic equity markets and the Fund's principal investment strategies. The Investment Adviser considers this index to be the appropriate benchmark index for the Fund for performance comparison.

The bar chart shows the performance of the Fund's Class I shares. Returns do not reflect fees and expenses of any variable annuity contract or variable life insurance policy; if these fees and expenses were included, the returns shown would be lower. Past performance

is not necessarily an indication of how the Fund will perform in the future. Performance reflects fee waivers or expense limitations, if any, that were in effect during the periods presented.

#### Calendar Year Total Returns (%)
![[MISSING IMAGE: past-performance.jpg]](past-performance.jpg)

#### Best and worst quarterly performance reflected within the bar chart: Q4 2020: 30.28%; Q1 2020: (34.04%)

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br>(For the periods ended <br>December 31, 2025) | <br>**1 year** | <br>**5 years** | <br>**10 years** |
| Class I *(incepted May 2, 2005)* | 7.83% | 8.03% | 9.03% |
| Class P *(incepted May 2, 2011)* | 8.05% | 8.25% | 9.25% |
|  S&P 500 Index (*reflects no deductions for fees, expenses, or taxes*) *(Regulatory Index)* | 17.88% | 14.42% | 14.82% |
|  *Russell 2000 Value Index (reflects no deductions for fees, expenses, or taxes)* | 12.59% | 8.88% | 9.27% |

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#### Management

#### Investment Adviser — Pacific Life Fund Advisors LLC
**Sub-Advisers —** Franklin Mutual Advisers, LLC and BlackRock Investment Management, LLC. The persons jointly and primarily responsible for day-to-day management of the Fund are:

#### Franklin Mutual Advisers, LLC

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| | |
|:---|:---|
| **Portfolio Manager and Primary Title with <br>Sub-Adviser** | **Experience <br>with Fund** |
|  Steven B. Raineri, Senior Vice President, Lead Portfolio Manager | Since 2012 |
| Christopher M. Meeker, CFA, Portfolio Manager | Since 2015 |
| Nicholas A. Karzon, CFA, Portfolio Manager | Since 2019 |

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#### BlackRock Investment Management, LLC

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| | |
|:---|:---|
| **Portfolio Manager and Primary Title with <br>Sub-Adviser** | **Experience with <br>Fund** |
| Jennifer Hsui, CFA, Chief Investment Officer, Managing Director and Portfolio Manager | Since 2019 |
|  Peter Sietsema, CFA, Director and Senior Portfolio Manager | Since 2023 |
|  Matt Waldron, CFA, Managing Director and Portfolio Manager | Since 2025 |
| Steven White, Director and Portfolio Manager | Since 2025 |

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#### Purchase and Sale of Fund Shares
The Fund is offered at net asset value ("NAV") and is available as an underlying investment option for variable life insurance policies and variable annuity contracts ("variable products") issued by Pacific Life and PL&A. You do not buy, sell or exchange

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shares of the Fund — you choose investment options through your variable product. The life insurance companies then invest in the Fund if you choose it as an investment option and redeem shares of the Fund if you choose to decrease that investment option. Any minimum initial or subsequent investment requirements and procedures for purchase or redemption of shares of the Fund that apply to your variable product are described in the prospectus for the variable product.

#### Tax Information
Because the only shareholders of the Fund are the insurance companies offering the variable products and as applicable certain funds of funds of the Trust, no discussion is included here about the federal income tax consequences at the shareholder level. The federal income tax consequences for purchasers of a variable product are described in the prospectus for the variable product.

#### Payments to Broker-Dealers and Other Financial Intermediaries
Pacific Select Distributors, LLC ("PSD"), the distributor for the Fund and for the variable products, may pay broker-dealers or other financial intermediaries (such as insurance companies) for the sale of the variable products and related services, including shareholder servicing. The Fund's service fee, which is paid to PSD, can be used for a part of these payments. These payments may create a conflict of interest by influencing the financial intermediary and your salesperson to recommend the variable product, a share class and/or the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information. Class P shares do not pay a service fee to PSD.

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