# EDGAR Filing Document

**Accession Number:** 0000813900
**File Stem:** 0001104659-26-032812
**Filing Date:** 2026-3
**Character Count:** 8677
**Document Hash:** 42835050a88b29ac21a91ea448f27f17
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-032812.hdr.sgml**: 20260323

**ACCESSION NUMBER**: 0001104659-26-032812

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260323

**DATE AS OF CHANGE**: 20260320

**EFFECTIVENESS DATE**: 20260323

**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:** 26779345

**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

### Large-Cap Value Portfolio (Series ID: S000026014)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078083 | Class I      |  |
| C000098955 | Class P      |  |

**SUPPLEMENT DATED MARCH 23, 2026**

**TO THE PACIFIC SELECT FUND SUMMARY PROSPECTUS DATED MAY 1, 2025**

**FOR LARGE-CAP VALUE PORTFOLIO**

This supplement revises the Pacific Select Fund Summary Prospectus dated May 1, 2025, for Large-Cap Value Portfolio (the "Prospectus") and must be preceded or accompanied by the Prospectus. The changes within this supplement will be effective May 1, 2026. Remember to review the Prospectus for other important information. Capitalized terms not defined herein are as defined in the Prospectus.

At a meeting held on March 18, 2026, the Board of Trustees of the Trust, including a majority of the Independent Trustees, approved Newton Investment Management North America, LLC ("BNY Newton") to serve as the sub-adviser of the Large-Cap Value Portfolio effective May 1, 2026, replacing ClearBridge Investments, LLC. The Board also approved a management fee waiver for the Large-Cap Value Portfolio effective with the approval of BNY Newton.

In connection with this sub-adviser change, certain principal investment strategies of the Large-Cap Value Portfolio will change as described below. In order to facilitate these changes, a portion of the holdings of the Large-Cap Value Portfolio may be sold and new investments may be purchased in accordance with recommendations by BNY Newton. Pacific Life Fund Advisors LLC, the investment adviser to the Large-Cap Value Portfolio, may begin this transitioning prior to May 1, 2026 utilizing the principal investment strategies described below.

Effective May 1, 2026, the following changes will be made:

The *Annual Fund Operating Expenses* subsection will be deleted and replaced with the following:

**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 | 0.61% | 0.61% |
| Service Fee | 0.20% | N/A |
| Other Expenses | 0.06% | 0.06% |
| Total Annual Fund Operating Expenses | 0.87% | 0.67% |
| Less Fee Waiver<sup>1</sup> | (0.05%) | (0.05%) |
| Total Annual Fund Operating Expenses after Fee Waiver | 0.82% | 0.62% |

---

<sup>1</sup> The investment adviser has agreed to waive 0.05% 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.

In the *Examples* subsection, the second sentence in the first paragraph will be deleted and replaced with the following:

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.

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Also in the *Examples* subsection, the table will be deleted and replaced with the following:

 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 year** | **3 years** | **5 years** | **10 years** |
| Class I | $84 | $273 | $477 | $1068 |
| Class P | $63 | $209 | $368 | $830 |

---

The *Principal Investment Strategies* subsection will be deleted in its entirety and replaced with the following:

Under normal circumstances, this Fund invests at least 80% of its assets in common stocks of large companies. The sub-adviser generally considers a company to be a large-capitalization company if the company has a market capitalization within the range of the Russell 1000 Value Index, which measures the performance of the large-capitalization value segment of the U.S. equity universe. As of December 31, 2025, the market capitalization range of the Russell 1000 Value Index was approximately $1.3 billion to $3.8 trillion. As of December 31, 2025, the weighted average market capitalization of the Fund was approximately $431.9 billion.

The sub-adviser normally invests the Fund's assets across different groups of industries/sectors, but may invest a significant percentage of the Fund's assets in issuers in a single sector at its investment discretion in seeking the investment goal of the Fund. As of December 31, 2025, a significant portion of the Fund is represented by securities of companies in the Financial sector.

The Fund may also invest up to 30% of its assets in foreign securities that may be U.S. dollar-denominated, including American Depositary Receipts ("ADRs").

The sub-adviser looks for companies it believes are undervalued.

The sub-adviser identifies potential investments through extensive quantitative and fundamental research. The Fund focuses on individual stock selection (a "bottom-up" approach), emphasizing three key factors: intrinsic value, sound business fundamentals and positive business momentum.

The sub-adviser will consider selling a portfolio security to pursue more attractive opportunities, or when it believes the security's valuation is excessive, or when it believes that the issuer has deteriorating fundamentals.

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

**In the *Principal Risks* subsection, Currency Risk and Emerging Markets Risk will be deleted and Quantitative Modeling Risk will be added before Underlying Fund Risk as follows:**

&nbsp;&nbsp;&nbsp;&nbsp;· Quantitative Modeling Risk: In managing
the Fund, the sub-adviser employs quantitative models as an investment management technique. These models examine multiple economic factors
using various proprietary and third-party data. The results generated by quantitative analysis may perform differently than expected and
may negatively affect Fund performance for various reasons (for example, human judgment, data imprecision, software or other technology
malfunctions, or programming inaccuracies). When models and data prove to be incorrect or incomplete, any decisions made in reliance thereon
expose the Fund to potential losses. In addition, in unforeseen or certain low-probability scenarios (often involving a market disruption
of some kind), such models may produce unexpected results, which can result in losses for the Fund. There is no guarantee that the sub-adviser's
use of quantitative models will result in effective investment decisions.

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**Also in the *Principal Risks* subsection, the following will be added at the end of Foreign (Non-U.S.) Markets Risk:**

Depositary receipts are also subject to these risks.

In the *Performance* subsection, the following will be added after the last paragraph:

BNY Newton began managing the Fund on May 1, 2026. Another firm managed the Fund before that date.

In the *Management* subsection, the "Portfolio Manager and Primary Title with Sub-Adviser" table, and the paragraph immediately preceding this table, will be deleted and replaced with the following:

**Sub-Adviser —** Newton Investment Management North America, LLC ("BNY Newton"). The persons jointly and primarily responsible for day-to-day management of the Fund are:**

---

| | |
|:---|:---|
| **Portfolio Manager and Primary Title with <br> Sub-Adviser** | **Experience <br> with Fund** |
| Brian C. Ferguson, Lead Portfolio Manager | Since 2026 |
| John C. Bailer, CFA, Portfolio Manager | Since 2026 |
| Keith Howell Jr., CFA, Portfolio Manager | Since 2026 |

---

Form No. 15-54132-00

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