<PAGE>
DECHERT PRICE & RHOADS
1500 K Street, N.W.
Washington, D.C. 20005-1208
Telephone: (202) 626-3300
February 28, 1997
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, 1996, 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. 33-13954) (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 166,749,901 Shares
for valuable consideration in the amount of $2,141,201,788, 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, 1996, 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, 1996.
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
- --------------------------------------------------------------------------------
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, 1996
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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:
[_]
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
8. Number and amount of securities registered during the fiscal year other than
pursuant to rule 24f-2:
NONE
- --------------------------------------------------------------------------------
9. Number and aggregate sale price of securities sold during the fiscal year:(1)
SEE ATTACHED WORKSHEET
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
10. Number and aggregate sale price of securities sold during the fiscal year
in reliance upon registration pursuant to rule 24f-2: (1)
SAME AS NUMBER 9
- --------------------------------------------------------------------------------
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): (1)
Number of shares: 307,071
Aggregate sale price: $3,831,659
- --------------------------------------------------------------------------------
12. Calculation of registration fee:
<TABLE>
<S> <C>
(i) Aggregate sale price of securities sold
during the fiscal year in reliance on rule
24f-2 (from item 10): $ 205,311,723
-------------
(ii) Aggregate price of shares issued in connection
with dividend reinvestment plans (from item 11,
if applicable): + 3,831,659
-------------
(iii) Aggregate price of shares redeemed or repurchased
during the fiscal year (if applicable): - 27,440,588
-------------
(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
Line (iv)] (if applicable): 181,702,794
-------------
(vi) Multiplier prescribed by Section 6(b) of the
Securities Act of 1933 or other applicable law
or regulation (see instruction C.6): x 1/3300
-------------
(vii) Fee due [line (I) or line (v) multiplied by
Line (vi)]: 55,061.45
=============
</TABLE>
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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(1) The Pacific Select Fund (the "Fund") hereby makes definite the registration
of 166,749,901 shares of the Fund under the Securities Act of 1933, as
amended. Pursuant to the position of the Securities and Exchange
Commission ("SEC") as set forth in instruction B.5. to Form 24f-2, the Fund
calculates and pays registration fees pursuant to Rule 24f-2, under the
Investment Company Act of 1940, as amended, only on those shares issued in
the previous fiscal year to separate accounts, qualified plans, and other
entities that are not registered with, and that do not pay registration
fees to, the SEC.
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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 25, 1997
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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) /s/ DIANE N. LEDGER
--------------------------------------------------
Date February 27, 1997 Diane N. Ledger, Vice President and
----------------- Assistant Secretary
--------------------------------------------------
Please print the name and title of the signing officer below the signature.
- --------------------------------------------------------------------------------
<PAGE>
PACIFIC SELECT FUND
FOR THE YEAR ENDED 12/31/96
RULE 24F-2 FEE
<TABLE>
<CAPTION>
#OF DIVIDEND # OF
PACIFIC SELECT FUND SALES SHARES REINVESTED SHARES
------------ ---------- -------------- ------------
<S> <C> <C> <C> <C>
Money Market 156,564,609 15,730,145 787,101 78,448
Managed Bond 8,411,482 879,405 1,067,297 100,379
Government Securities 623,503 72,720 127,830 12,396
High Yield Bond 504,568 56,459 44,851 4,613
Growth 6,331,850 347,189 509,928 27,202
Equity Income 4,685,848 260,033 274,740 14,946
Multi-Strategy 5,282,589 422,160 591,260 42,617
International 5,207,753 377,094 200,888 13,652
Equity Index 8,839,758 489,077 167,606 8,989
Growth LT 8,816,171 572,003 60,158 3,829
Agressive Equity 31,353 2,902 0 0
Emerging Markets 12,239 1,262 0 0
------------ ---------- -------------- ------------
205,311,723 19,210,448 3,831,659 307,071
------------ ---------- -------------- ------------
<CAPTION>
# OF
REDEMPTIONS SHARES
------------ ----------
<S> <C> <C>
Money Market 19,990,805 1,990,631
Managed Bond 1,107,604 104,924
Government Securities 847,392 83,145
High Yield Bond 16,910 1,738
Growth 1,365,226 72,198
Equity Income 298,071 16,173
Multi-Strategy 732,706 51,475
International 1,144,512 83,828
Equity Index 1,383,992 71,035
Growth LT 549,393 35,801
Agressive Equity 244 23
Emerging Markets 3,733 366
------------ ----------
27,440,588 2,511,336
------------ ----------
</TABLE>
<PAGE>
PACIFIC SELECT FUND
FOR THE YEAR ENDED 12/31/96
RULE 24F-2 FEE
<TABLE>
<CAPTION>
(A) (B) (C) (D)
TOTAL NET
TOTAL DIVIDEND TOTAL SALES
SALES REINVESTED REDEMPTIONS (REDEMPTIONS)
----------- ---------- ----------- ---------------
(A) + (B) - (C)
<S> <C> <C> <C> <C>
Money Market 156,564,609 787,101 19,990,805 137,360,905
Managed Bond 8,411,482 1,067,297 1,107,604 8,371,175
Government Securities 623,503 127,830 847,392 (96,059)
High Yield Bond 504,568 44,851 16,910 532,509
Growth 6,331,850 509,928 1,365,226 5,476,552
Equity Income 4,685,848 274,740 298,071 4,662,517
Multi-Strategy 5,282,589 591,260 732,706 5,141,143
International 5,207,753 200,888 1,144,512 4,264,129
Equity Index 8,839,758 167,606 1,383,992 7,623,372
Growth LT 8,816,171 60,158 549,393 8,326,936
Aggressive Equity 31,353 0 244 31,109
Emerging Markets 12,239 0 3,733 8,506
----------- ---------- ----------- ---------------
TOTAL 205,311,723 3,831,659 27,440,588 181,702,794
----------- ---------- ----------- ---------------
</TABLE>
FEE CALCULATION:
<TABLE>
<CAPTION>
EDGAR 1/33 of 1%
Method Method
----------- -----------
(a/b) (a*b)
<S> <C> <C>
Sales Less Redemptions (a) 181,702,794 181,702,794
Rate (b) 3,300 0.00030303
----------- ------------
Filing Fee 55,061.45 55,061.40
----------- ------------
</TABLE>
Fee due payable will be the higher of the two methods. If less than zero, no
amount due.
-----------
AMOUNT DUE 55,061.45
-----------
