<PAGE>
DECHERT PRICE & RHOADS
1500 K Street, N.W.
Washington, D.C. 20005-1208
Telephone: (202) 626-3300
February 27, 1996
Pacific Select Fund
700 Newport Center Drive
Newport Beach, CA 92660
Dear Sirs:
As counsel for Pacific Select Fund (the "Fund") during the fiscal year ended
December 31, 1995, we are familiar with the Fund's registration under the
Investment Company Act of 1940 and with the registration statement relating to
its shares of beneficial interest (the "Shares") under the Securities Act of
1933 (File No. 33-32704) (the "Registration Statement"). We have also examined
such other corporate records, agreements, documents and instruments as we deemed
appropriate.
Based upon the foregoing, it is our opinion with respect to the Shares the
registration of which is being made definite by the Notice pursuant to Rule
24f-2 under the Investment Company Act of 1940 ("Notice") being filed by the
Fund for its fiscal year ended December 31, 1995, assuming such Shares were
sold at the public offering price and delivered by the Fund against receipt of
the net asset value of the Shares in compliance with the terms of the
Registration Statement and the requirements of applicable law, that such Shares
were, when sold, duly and validly authorized, legally and validly issued, fully
paid, and non-assessable by the Fund.
We consent to the filing of this opinion in connection with the Notice on Form
24f-2 to be filed by the Fund with the Securities and Exchange Commission for
the Fund's fiscal year ended December 31, 1995.
Very truly yours,
/s/ DECHERT PRICE & RHOADS
Dechert Price & Rhoads
<PAGE>
APPENDIX I. U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
Read instructions at end of Form before preparing Form.
Please print or type.
- --------------------------------------------------------------------------------
1. Name and address of Issuer: PACIFIC SELECT FUND
700 NEWPORT CENTER DRIVE
NEWPORT BEACH, CA 92660
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2. Name of each series or class of funds for which this notice is filed:
SEE ATTACHED WORKSHEET
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3. Investment Company Act File Number: 811-5141
Securities Act File Number: 33-13954
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4. Last day of fiscal year for which this notice is filed:
December 31, 1995
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5. Check box if this notice is being filed more than 180 days after the close
of the issuer's fiscal year for purposes of reporting securities sold
after the close of the fiscal year but before termination of the issuer's
24f-2 declaration:
[ ]
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6. Date of termination of issuer's declaration under rule 24f-2(a)(1), if
applicable (see instruction A.6):
N/A
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7. Number and amount of securities of the same class or series which had been
registered under the Securities Act of 1933 other than pursuant to rule
24f-2 in a prior fiscal year, but which remained unsold at the beginning
of the fiscal year:
NONE
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8. Number and amount of securities registered during the fiscal year other
than pursuant to rule 24f-2:
NONE
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9. Number and aggregate sale price of securities sold during the fiscal year:
SEE ATTACHED WORKSHEET
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<PAGE>
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10. Number and aggregate sale price of securities sold during the fiscal year
in reliance upon registration pursuant to rule 24f-2:
SAME AS NUMBER 9.
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11. Number and aggregate sale price of securities issued during the fiscal
year in connection with dividend reinvestment plans, if applicable (see
instruction C.7):
Number of shares: 101,271
Aggregate sale price: $1,169,312
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12. Calculation of registration fee:
(i) Aggregate sale price of securities sold
during the fiscal year in reliance on rule
24f-2 (from item 10): $ 54,502,896
------------
(ii) Aggregate price of shares issued in connection
with dividend reinvestment plans (from item 11,
if applicable): + 1,169,312
-------------
(iii) Aggregate price of shares redeemed or repurchased
during the fiscal year (if applicable): _ 27,518,442
-------------
(iv) Aggregate price of shares redeemed or repurchased
and previously applied as a reduction to filing
fees pursuant to rule 24f-2 (if applicable): +
-------------
(v) Net aggregate price of securities sold and issued
during the fiscal year in reliance on rule 24f-2
[line(i), plus line (ii), less line (iii), plus 28,153,766
line (iv)](if applicable): -------------
(vi) Multiplier prescribed by Section 6(b) of the
Securities Act of 1933 or other applicable law
or regulation (see instruction C.6): x 1/2900
-------------
(vii) Fee due [line (i) or line (v) multiplied by 9,708.26
line (vi)]: =============
Instructions: Issuers should complete lines (ii), (iii), (iv), and (v) only
if the form is being filed within 60 days after the close of
the issuer's fiscal year. See Instruction C.3.
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13. Check box if fees are being remitted to the Commission's lockbox
depository as described in section 3a of the Commission's Rules of
Informal and Other Procedures (17 CFR 202.3a).
[X]
Date of mailing or wire transfer of filing fees to the Commission's
lockbox depository:
February 27, 1996
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SIGNATURES
This report has been signed below by the following persons on behalf
of the issuer and in the capacities and on the dates indicated.
By (Signature and Title) Diane N. Ledger
---------------------------------------------
Vice President and Assistant Secretary
---------------------------------------------
Date February 28, 1996
------------------------------
Please print the name and title of the signing officer below the signature.
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<PAGE>
PACIFIC SELECT FUND
FOR THE YEAR ENDED 12/31/95
RULE 24F-2 FEE
# OF DIVIDEND # OF
PACIFIC SELECT FUND SALES SHARES REINVESTED SHARES
---------- --------- ---------- -------
Money Market 17,267,354 1,715,728 196,926 19,652
Managed Bond 11,172,513 1,050,286 417,731 39,173
Government Securities 2,068,770 206,007 109,768 10,605
High Yield Bond 168,810 17,529 10,091 1,055
Growth 5,758,483 343,280 25,043 1,434
Equity Income 2,601,415 157,076 27,356 1,631
Multi-Strategy 5,727,554 428,065 79,853 5,847
International 4,767,620 383,524 84,710 6,517
Equity Index 1,913,022 124,749 17,779 1,109
Growth LT 3,057,355 240,723 200,055 14,248
---------- --------- --------- -------
54,502,896 4,666,967 1,169,312 101,271
---------- --------- --------- -------
# OF
REDEMPTIONS SHARES
----------- ---------
Money Market 20,819,113 2,069,799
Managed Bond 936,955 87,926
Government Securities 1,089,418 104,098
High Yield Bond 13,071 4,417
Growth 1,311,316 78,785
Equity Income 130,930 15,701
Multi-Strategy 570,111 44,606
International 917,862 67,688
Equity Index 858,461 53,216
Growth LT 871,205 70,640
---------- ---------
27,518,442 2,596,876
<PAGE>
PACIFIC SELECT FUND
FOR THE YEAR ENDED 12/31/95
RULE 24F-2 FEE
(A) (B) (C) (D)
TOTAL NET
TOTAL DIVIDEND TOTAL SALES
PACIFIC SELECT FUND SALES REINVESTED REDEMPTIONS (REDEMPTIONS)
---------- ---------- ----------- -------------
(A)+(B)-(C)
Money Market 17,267,354 196,926 20,819,113 (3,354,833)
Managed Bond 11,172,513 417,731 936,955 10,653,289
Government Securities 2,068,770 109,768 1,089,418 1,089,120
High Yield Bond 168,810 10,091 13,071 165,830
Growth 5,758,483 25,043 1,311,316 4,472,210
Equity Income 2,601,415 27,356 130,930 2,497,841
Multi-Strategy 5,727,554 79,853 570,111 5,237,296
International 4,767,620 84,710 917,862 3,934,468
Equity Index 1,913,022 17,779 858,461 1,072,340
Growth LT 3,057,355 200,055 871,205 2,386,205
---------- --------- ---------- -----------
TOTAL 54,502,896 1,169,312 27,518,442 28,153,766
---------- --------- ---------- -----------
FEE CALCULATION:
EDGAR 1/29 of 1%
Method Method
---------- ----------
(a/b) (a*b)
Sales Less Redemptions (a) 28,153,766 28,153,766
Rate (b) 2,900 0.00034483
---------- ----------
Filing Fee 9,708.20 9,708.26
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Fee due payable will be the higher of the two methods. If less than zero, no
amount due.
---------
AMOUNT DUE: 9,708.26
---------
